TORM GAAP EPS of $0.60; raises FY outlook

* TORM press release [https://seekingalpha.com/pr/20200513-torm-plc-q2-2025-results-dividend-distribution-and-financial-outlook-2025] (NASDAQ:TRMD [https://seekingalpha.com/symbol/TRMD]): Q2 GAAP EPS of $0.60.
* In the second quarter of 2025 TORM or (NASDAQ: TRMD A) generated time charter equivalent earnings (TCE) of USD 208.2m including unrealized losses on derivatives of USD -2.2m (2024, same period: USD 325.9m including unrealized losses on derivatives of USD 0.0m).
* Adjusted EBITDA totaled USD 129.0m (2024, same period: USD 251.1m), while net profit for the period amounted to USD 58.7m (2024, same period: USD 194.2m).
* In the second quarter of 2025, TORM sold and delivered the 2008-built LR2 vessel TORM Mathilde. In addition, the two 2008-built MR vessels TORM Voyager and TORM Discoverer were sold, with TORM Discoverer delivered to its new owner in July, and TORM Voyager scheduled for delivery later in the third quarter of the year.
*
As of 04 August 2025, TORM had covered 56% of the Q3 2025 earning days at an average rate of USD/day 30,617 . By vessel class, coverage stood at 63% for LR2s at USD/day 36,670, 54% for LR1s at USD/day 29,285 and 54% for MRs at USD/day 28,436

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FOR THE FULL YEAR 2025 66% of the earning days have been fixed at an average rate of USD/day 27,833. The remaining 34% of the earning days in 2025 - equivalent to 10,892 days - remain open and thus subject to market fluctuations. A change in freight rates of USD/day 1,000 will, all else equal, impact EBITDA by approximately USD 11m.

Based on the earnings realized in the first half of the year as well as the outlook for the remaining part of the year, TORM increases the full-year 2025 guidance. Thus, TCE earnings are expected to be in the range of USD 800 - 950m (previous guidance USD 700 - 900,m) and EBITDA is expected to be in the range of USD 475 - 625m (previous guidance USD 400 - 600m) based on the current fleet size.

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