TORM (TRMD) Q4 2025 earnings summary

Executive summary

• Delivered strong Q4 2025 results with TCE of $251m, EBITDA of $156m, and net profit of $87m, capping a robust year despite a softer full-year performance compared to 2024.

• Full-year 2025 TCE was $910m, EBITDA $571m, and net profit $286m, all down year-over-year due to normalization from exceptional 2024 levels.

• Fleet expanded to 93 vessels, with acquisitions of eight modern ships and one sale, supporting operational scale.

• Maintained high operational reliability and market-leading execution, leveraging integrated platform for efficiency.

Financial highlights

• Q4 2025 TCE rose to $251m from $236m in Q3; EBITDA increased to $156m from $152m; net profit up to $87m from $78m.

• Full-year 2025 TCE of $910m (down from $1,135m in 2024), EBITDA $571m (down from $851m), net profit $286m (down from $612m).

• Dividend for 2025 was $212m, a decrease from $485m in 2024.

• Basic EPS for 2025 was $2.91, down from $6.54 in 2024.

• Dividend payout ratio for 2025 was 74%.

Outlook and guidance

• 2026 TCE guidance: $850m–$1,250m; EBITDA guidance: $500m–$900m.

• Q1 2026 coverage: 70% at $34,926/day, indicating a solid start to the year.

• Key market drivers remain supportive: geopolitical tensions, sanctions, refinery closures, and robust oil demand.