TORM (TRMD) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum and introduction of board and management present, with only one director attending in person as agreed by the board.

• Agenda included a review of 2024 performance, outlook for 2025, and formal voting on resolutions.

Financial performance review

• Achieved all-time high time-charter earnings of $1,135 million, EBITDA of $851 million, and net profit of $612 million for 2024.

• Return on invested capital reached 24.3% for the year.

• Fleet expanded to 94 vessels, with operational efficiency supporting resilience amid market volatility.

• Q4 saw a 40% decline in freight rates from Q1, but still delivered EBITDA of $142 million and net profit of $77 million.

• Returned close to 80% of free cash flow to shareholders, maintaining a high payout ratio.

Strategic initiatives and plans

• Achieved IMO 2030 target of 40% carbon intensity reduction ahead of schedule.

• Continued focus on ESG, safety, gender diversity, and environmental responsibility.

• Projected 2025 time-charter earnings of $650–950 million and EBITDA of $350–650 million, reflecting expectations of lower average freight rates.

• Liquidity and debt maturity profiles remain strong, with major maturities not until 2029.