TORM plc Q1 2026 Results, Dividend Distribution, and Financial Outlook 2026
Rhea-AI Summary
TORM (NASDAQ: TRMD) reported strong Q1 2026 results driven by high freight rates. Time charter equivalent earnings were USD 286m, EBITDA USD 201m, and net profit USD 122m, with ROIC of 18% and EPS of USD 1.21.
The board approved a USD 0.70 per-share interim dividend (USD 72m, 58% payout) with payment on 11 June 2026. TORM is expanding its fleet toward 103 vessels and upgraded 2026 guidance to TCE of USD 1,150–1,450m and EBITDA of USD 800–1,100m.
Positive
- Q1 2026 TCE earnings of USD 286m, up from USD 214m year-on-year
- Q1 2026 EBITDA of USD 201m versus USD 136m a year earlier
- Net profit USD 122m in Q1 2026, almost double prior year
- Basic EPS increased to USD 1.21 from USD 0.64 year-on-year
- Interim dividend of USD 0.70 per share, total about USD 72m
- Upgraded 2026 TCE guidance to USD 1,150–1,450m
- Upgraded 2026 EBITDA guidance to USD 800–1,100m
- Fleet market value rose to USD 3,619m from USD 3,112m year-on-year
- NAV increased to USD 3,036m from USD 2,511m year-on-year
- Fleet expected to grow to 103 vessels after deliveries and resales
Negative
- Q1 2026 EBITDA includes USD 5m unrealized losses on financial instruments
- 58% of 2026 earning days remain open and exposed to freight markets
- A USD/day 1,000 freight rate change may shift EBITDA by about USD 20m
- Significant capital commitments for six MR resale vessels through 2028
News Market Reaction – TRMD
In the May 13 session, TRMD declined 5.58%, reflecting a notable negative market reaction. Argus tracked a trough of -2.8% from its starting point during tracking. Our momentum scanner triggered 27 alerts that day, indicating elevated trading interest and price volatility. Trading volume was above average at 1.7x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
HELLERUP,
INSIDE INFORMATION
"TORM delivered a strong quarter supported by high freight rates, consistent execution, and our One TORM platform," said Jacob Meldgaard, adding: "Rates rose to record levels in April, prompting an upward revision of our full-year guidance while continuing to monitor global developments. We also invested selectively in fleet renewal, including six resale vessels, reflecting our long-term view of the market."
Financial Results
In the first quarter of 2026, TORM (NASDAQ: TRMD) (NASDAQ: TRMD-A) generated time charter equivalent earnings (TCE) of
In this market, TORM achieved fleet-wide TCE rates of USD/day 34,937 on average (2025, same period: USD/day 26,807), and available earning days increased to 8,325 (2025, same period: 8,061). Our vessel class LR2 achieved TCE rates of USD/day 41,062, the LR1 vessels achieved TCE rates of USD/day 34,903, and the MR vessels achieved TCE rates of USD/day 32,946.
For the first quarter of 2026, Return on Invested Capital amounted to
Key Figures
USDm | Q1 2026 | Q1 2025 | Change |
Time charter equivalent earnings (TCE) | 286 | 214 | 72 |
EBITDA | 201 | 136 | 65 |
Adjusted EBITDA* | 206 | 138 | 68 |
Net profit/(loss) for the period | 122 | 63 | 59 |
TCE per day (USD)* | 34,937 | 26,807 | 8,130 |
Basic earnings/(loss) per share (USD) | 1.21 | 0.64 | +0.57 |
Dividend per share (USD) | 0.70 | 0.40 | 0.30 |
Dividend pay-out ratio | 58 % | 63 % | -5 % |
*Excludes unrealized gains/losses on derivatives.
Business Highlights
In the first quarter of 2026, TORM took delivery of two 2016-built LR2 vessels and one 2018-built MR vessel, now renamed TORM Helga, TORM Hedwig and TORM Fortune. Further, TORM delivered the 2008-built LR2 vessel TORM Maren to its new owner. Also, TORM entered into an agreement to purchase two 2015-built MR vessels with delivery in the second quarter of 2026. The vessels will be named TORM Dehradun and TORM Dapitan.
Further, after the end of the quarter, TORM has purchased a total of six MR resales, with the first two vessels scheduled for delivery already in the first quarter of 2027, followed by two additional deliveries in 2027 and the remaining two in 2028.
Thus, after completion of the deliveries, TORM's fleet size will increase to 103 vessels.
Based on broker valuations, TORM's fleet had a market value of
Distribution of Dividend
TORM's Board of Directors has today approved an interim dividend for the first quarter of 2026 of
Financial Outlook 2026 - INSIDE INFORMATION
As of 07 May 2026, TORM had covered
For the full year 2025
Based on the earnings realized this far as well as the outlook for the remaining part of the year, TORM upgrades its full-year guidance.
For the full year 2026, TCE earnings are now expected to exceed the previous guidance and are now estimated to be
EBITDA for the full year 2026 is expected to be in the range of
Webcast and Conference Call
TORM will host a webcast and conference call for investors and analysts today, Wednesday 13 May at 10:00 am Eastern Time / 04:00 pm Central European Time.
Participants joining webcast:
Please access the webcast here
Participants joining by telephone:
Please call one of the dial-in numbers below at least ten minutes prior to the start (Conference ID: 5986716):
Contacts
Mikael Bo Larsen, Head of Investor Relations
Tel.: +45 5143 8002
About TORM
TORM is one of the world's leading carriers of refined oil products. TORM operates a fleet of product tanker vessels with a strong commitment to safety. environmental responsibility and customer service. TORM was founded in 1889 and conducts business worldwide. TORM's shares are listed on Nasdaq in
Safe Harbor Statement as to the Future
Matters discussed in this release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are statements other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. Words such as, but not limited to, "expects," "anticipates," "intends," "plans," "believes," "estimates," "targets," "projects," "forecasts," "potential," "continue," "possible," "likely," "may," "could," "should" and similar expressions or phrases may identify forward-looking statements.
The forward-looking statements in this release are based upon various assumptions, many of which are, in turn, based upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond our control, the Company cannot guarantee that it will achieve or accomplish these expectations, beliefs, or projections.
Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to, our future operating or financial results; changes in governmental rules and regulations or actions taken by regulatory authorities; inflationary pressure and central bank policies intended to combat overall inflation and rising interest rates and foreign exchange rates; general domestic and international political conditions or events, including "trade wars" and the war between
In the light of these risks and uncertainties, undue reliance should not be placed on forward-looking statements contained in this release because they are statements about events that are not certain to occur as described or at all. These forward-looking statements are not guarantees of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements.
Except to the extent required by applicable law or regulation, the Company undertakes no obligation to release publicly any revisions or updates to these forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. Please see TORM's filings with the
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The following files are available for download:
Q1 2026 Report | |
https://mb.cision.com/Public/21247/4347665/9bb75ece33eb0722.pdf | 12-2026 - TORM plc Q1 2026 Results Dividend Distribution and Financial Outlook 2026 |
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SOURCE Torm PLC