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Research

TORM (One-pager): Strongest quarter of the year and raised mid-point guidance

Torm
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Summary

  • TORM reported its strongest quarter of 2025 with TCE earnings of USD 236 million and adjusted EBITDA of USD 159 million, an increase from USD 129 million in Q2.
  • Management raised the midpoint of full-year 2025 guidance, now expecting TCE earnings of USD 875–925 million and EBITDA of USD 540–590 million.
  • A dividend of USD 0.62/share was declared, representing a 78% payout ratio, indicating strong cash generation and a robust balance sheet.

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Read the latest TORM One-pager update following the Q3 2025 results. The One-pager includes a brief description of TORM, an update on the product tanker market, the latest financials, and valuation perspectives relative to peers. It also outlines several key investment risks and key investment reasons.

TORM delivered its strongest quarter of 2025 with time charter equivalent (TCE) earnings of USD 236 million and adjusted EBITDA of USD 159 million, up from USD 129 million in Q2. Freight rates strengthened during the quarter, supported by firm US Gulf exports, recovering East–West middle distillate flows, and reduced crude tanker cannibalization. 

Management narrowed and raised the midpoint of full-year 2025 guidance, now expecting TCE earnings of USD 875–925 million (previously 800–950 million) and EBITDA of USD 540–590 million (previously 475–625 million). TORM also declared a dividend of USD 0.62/share, equivalent to a 78% payout ratio, reflecting continued strong cash generation and a robust balance sheet.

To learn more about TORM, its updated outlook for 2025, and beyond, read the full One-pager or catch up on the latest Q3 2025 earnings presentation with CFO Kim Balle (in Danish). Link: https://www.inderes.dk/videos/torm-praesentation-af-regnskabet-for-3-kvartal-2025

Disclaimer: HC Andersen Capital receives payment from TORM for a digitalIR/corporate visibility subscription agreement. / Philip Coombes 09:53 11/11/2025.

TORM is a leading international owner and operator of product tankers, transporting refined oil products. TORM is listed on Nasdaq Copenhagen and on the Nasdaq US, with a wholly owned fleet of approx. 90 vessels (mostly scrubber-fitted), spanning all large product tanker vessel segments with a focus on LR2, LR1, and MR. TORM has a majority shareholder in Oaktree Capital Management (55%). TORM engages in vessel trading to ensure fleet renewal and pursue secondary market opportunities that are accretive to NAV.

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