Quarterly ResultMay 14, 2026, 04:15 PM
TORM Q1 Net Profit $122M; Upgrades Full-Year Guidance
AI Summary
TORM plc reported a strong first quarter 2026 with net profit surging to $122 million, a 93.7% increase year-over-year, driven by high freight rates amid geopolitical tensions. The company also significantly upgraded its full-year 2026 guidance for TCE earnings to $1,150-$1,450 million and EBITDA to $800-$1,100 million. TORM declared an interim dividend of $0.70 per share and continued its fleet renewal strategy, including the acquisition of nine vessels and the divestment of one, increasing its future fleet size to 103 vessels.
Key Highlights
- Net profit for Q1 2026 increased 93.7% to $122 million from $63 million in Q1 2025.
- Time charter equivalent (TCE) earnings rose 33.6% to $286 million in Q1 2026.
- EBITDA for Q1 2026 grew 47.8% to $201 million from $136 million in Q1 2025.
- Full-year 2026 TCE guidance upgraded to $1,150-$1,450 million (from $850-$1,250 million).
- Full-year 2026 EBITDA guidance upgraded to $800-$1,100 million (from $500-$900 million).
- Declared an interim dividend of $0.70 per share for Q1 2026, totaling $71.5 million.
- Fleet-wide TCE rates averaged $34,937/day in Q1 2026, up 30.3% year-over-year.
- Acquired nine vessels (three delivered, two for Q2 2026, six resales for 2027-2028), increasing fleet to 103.