TORM plc Q3 2026 Results, Dividend Distribution, and Financial Outlook 2026
The guidance floors increased by USD 50m each, while fleet investments establish a delivery pipeline through 2030.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
TORM (TRMD) reported third-quarter 2026 net profit of USD 199m, alongside a higher dividend and raised full-year guidance floors. Profit compared with USD 78m a year earlier; basic earnings per share rose to USD 1.94 from USD 0.79. Time charter equivalent earnings, a shipping earnings measure, reached USD 353m versus USD 236m, while EBITDA rose to USD 274m from USD 152m.
The quarterly dividend increased to USD 1.35 per share from USD 0.62, payable on 02 December 2026. TORM expects full-year shipping earnings of USD 1,750–1,900m and EBITDA of USD 1,350–1,500m, raising each lower bound by USD 50m. It exercised options for two additional MR newbuildings and, after quarter-end, agreed to eight LR2 newbuildings through a 50/50 joint venture. As of 28 October, 88% of full-year earning days were fixed; 4,060 days remained open to market fluctuations.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major point. Forward-looking: it has not happened yet and may not happen.2026 shipping earnings guidance increased to USD 1,750–1,900m from USD 1,700–1,900m.
- Moderate pointQ3 net profit increased to USD 199m from USD 78m in Q3 2025.
- Moderate pointQ3 time charter equivalent earnings increased to USD 353m from USD 236m a year earlier.
- Moderate pointQ3 EBITDA rose to USD 274m from USD 152m a year earlier.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Q3 dividend increased to USD 1.35 per share from USD 0.62; expected total payment is USD 139m. 3.4% of market cap
- Moderate pointNine-month net profit increased to USD 660m from USD 199m in the same 2025 period.
- Moderate pointNine-month shipping earnings increased to USD 1,151m from USD 659m in the same 2025 period.
- Moderate pointNine-month EBITDA increased to USD 891m from USD 414m in the same 2025 period.
- Moderate pointNine-month dividends per share rose to USD 4.45 from USD 1.42 in the same 2025 period.
- Moderate pointQ3 return on invested capital increased to 26.3% from 13.8% a year earlier.
- Moderate pointFleet market value reached USD 4,333m at 30 September 2026 versus USD 2,864m a year earlier, excluding undelivered newbuildings.
- Moderate pointNet asset value per share rose to USD 39.60 from USD 24.50 at the same September date in 2025.
- Moderate pointFleet renewal includes six MR resales acquired in Q2, six MR newbuildings ordered in Q3, and two additional options exercised.
- Moderate pointEight LR2 newbuildings were agreed after quarter-end through a 50/50 joint venture.
- Moderate pointQ4 coverage reached 53% of earning days at USD/day 78,419 as of 28 October 2026.
- Moderate pointFull-year coverage reached 88% of earning days at USD/day 50,487 as of 28 October 2026.
7 minor points
- Minor pointQ3 basic EPS rose to USD 1.94 from USD 0.79 a year earlier.
- Minor point. Forward-looking: it has not happened yet and may not happen.2026 EBITDA guidance increased to USD 1,350–1,500m from USD 1,300–1,500m.
- Minor pointNine-month basic EPS increased to USD 6.46 from USD 2.03 in the same 2025 period.
- Minor pointQ3 fleet-wide daily shipping earnings rose to USD 40,102 from USD 31,012 a year earlier.
- Minor pointNine-month daily shipping earnings rose to USD 44,803 from USD 28,151 in the same 2025 period.
- Minor pointQ3 available earning days increased to 8,799 from 7,859 a year earlier.
- Minor point. Forward-looking: it has not happened yet and may not happen.Two additional MR newbuilding options were secured after quarter-end; the investment pipeline extends through 2030.
Negative
- Moderate point. Forward-looking: it has not happened yet and may not happen.4,060 remaining 2026 earning days remain exposed to market fluctuations; a USD/day 1,000 freight-rate change affects EBITDA by approximately USD 4m.
Key Figures
- Q3 TCE earnings
- USD 353m
- Third quarter of 2026
- Q3 EBITDA
- USD 274m
- Third quarter of 2026
- Q3 net profit
- USD 199m
- Third quarter of 2026
- Basic EPS
- USD 1.94
- Third quarter of 2026
- Interim dividend per share
- USD 1.35
- Third quarter of 2026
- Expected total dividend payment
- USD 139m
- Third quarter of 2026 interim dividend
- 2026 TCE guidance
- USD 1,750–1,900m
- Full-year 2026 outlook
- 2026 EBITDA guidance
- USD 1,350–1,500m
- Full-year 2026 outlook
Previous Dividends,earnings Reports
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Reported Q2 2026 earnings, approved a dividend, and raised full-year guidance.
-
Reported Q1 2026 earnings, approved a dividend, and upgraded 2026 guidance.
-
Reported Q3 2025 earnings and approved an interim dividend.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
time charter equivalent earnings financial
ebitda financial
return on invested capital financial
net asset value financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
HELLERUP,
Financial Results
In the third quarter of 2026, TORM (NASDAQ: TRMD) or (NASDAQ: TRMD A) generated time charter equivalent earnings (TCE) of
During the quarter, tanker freight markets were supported by continued disruptions to global oil trade flows stemming from the conflict involving the US and
In this market, TORM achieved fleet-wide TCE rates of USD/day 40,102 on average (2025, same period: USD/day 31,012), and available earning days increased to 8,799 (2025, same period: 7,859). Our vessel class LR2 achieved TCE rates of USD/day 52,575, the LR1 vessels achieved TCE rates of USD/day 38,667, and the MR vessels achieved TCE rates of USD/day 36,137.
For the third quarter of 2026, Return on Invested Capital amounted to
Consequently, TORM delivered a strong financial performance in the first nine months of 2026, generating TCE earnings of
Key Figures
|
USDm |
Q3 2026 |
Q3 2025 |
Change |
9M 2026 |
9M 2025 |
change |
|
Time charter equivalent earnings (TCE) |
353 |
236 |
117 |
1,151 |
659 |
492 |
|
EBITDA |
274 |
152 |
122 |
891 |
414 |
477 |
|
Adjusted EBITDA* |
274 |
159 |
115 |
889 |
426 |
463 |
|
Net profit/(loss) for the period |
199 |
78 |
121 |
660 |
199 |
461 |
|
TCE per day (USD)* |
40,102 |
31,012 |
9,090 |
44,803 |
28,151 |
16,652 |
|
Basic earnings/(loss) per share (USD) |
1.94 |
0.79 |
1.15 |
6.46 |
2.03 |
4.43 |
|
Dividend per share (USD) |
1.35 |
0.62 |
0.73 |
4.45 |
1.42 |
3.03 |
|
Dividend pay-out ratio** |
75 % |
73 % |
-2 % |
71 % |
73 % |
-2 % |
|
*Excludes unrealized gains/losses on derivatives. |
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|
**Dividend / Net profit excluding non-recurring items. |
||||||
Business Highlights
In the third quarter of 2026, TORM sold the 2007-built LR1 vessel TORM Venture and the 2008-built MR vessel TORM Laura. Following these divestments TORM's fleet comprised 95 vessels, excluding vessels on order.
During the third quarter, TORM continued to advance its fleet renewal and growth agenda. Following the acquisition of six MR resale vessels during the second quarter and the previously announced order of six MR newbuildings during the third quarter, TORM exercised options for an additional two MR newbuildings. Subsequent to quarter-end, TORM entered into agreements for eight LR2 newbuildings to be held through a 50/50 joint venture structure and secured options for an additional two MR newbuildings. Collectively, these investments establish a significant pipeline of future fleet deliveries through 2030, reinforcing TORM's commitment to a modern and efficient fleet while supporting future earnings growth and long-term shareholder value creation.
Based on broker valuations as of 30 September 2026 of TORM's existing fleet in operation (excluding the value of newbuildings not yet delivered), TORM's fleet had a market value of
Distribution of Dividend
Today, TORM's Board of Directors approved an interim dividend for the third quarter of 2026 of
The dividend will be paid on 02 December 2026 to shareholders of record as of 17 November 2026. The ex-dividend date will be 16 November 2026 for shares listed on Nasdaq Copenhagen and 17 November 2026 for shares listed on Nasdaq New York.
Financial Outlook 2026
Based on the strong coverage and expectations for continued market strength during the remainder of the fourth quarter of 2026, TORM has raised the lower end of its full-year guidance by
Thus, full-year 2026 TCE is now expected to be in the range of
As of 28 October 2026, TORM had covered
For the full year 2026,
Webcast and Conference Call
TORM will host a webcast and conference call for investors and analysts today, Wednesday 04 November 2026 at 09:00 am Eastern Time / 03:00 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: 4701027):
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 Copenhagen and on Nasdaq in New York (ticker: TRMD A and TRMD. ISIN: GB00BZ3CNK81). For further information. Please visit www.torm.com.
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 Russia and Ukraine, the conflicts in the Middle East; international sanctions against Russian oil and oil products; changes in economic and competitive conditions affecting our business, including market fluctuations in charter rates and charterers' abilities to perform under existing time charters; changes in the supply and demand for vessels comparable to ours and the number of newbuildings under construction; the highly cyclical nature of the industry that we operate in; the loss of a large customer or significant business relationship; changes in worldwide oil production and consumption and storage; risks associated with any future vessel construction; our expectations regarding the availability of vessel acquisitions and our ability to complete acquisition transactions planned; availability of skilled crew members other employees and the related labor costs; work stoppages or other labor disruptions by our employees or the employees of other companies in related industries; effects of new products and new technology in our industry; new environmental regulations and restrictions; the impact of an interruption in or failure of our information technology and communications systems, including the impact of cyber-attacks, upon our ability to operate; potential conflicts of interest involving members of our Board of Directors and Senior Management; the failure of counterparties to fully perform their contracts with us; changes in credit risk with respect to our counterparties on contracts; adequacy of insurance coverage; our ability to obtain indemnities from customers; changes in laws, treaties or regulations; our incorporation under the laws of England and Wales and the different rights to relief that may be available compared to other countries, including the United States; government requisition of our vessels during a period of war or emergency; the arrest of our vessels by maritime claimants; any further changes in U.S. trade policy that could trigger retaliatory actions by the affected countries; the impact of the U.S. presidential and congressional election results affecting the economy, future government laws and regulations and trade policy matters, such as the imposition of tariffs and other import restrictions; potential disruption of shipping routes due to accidents, climate-related incidents, adverse weather and natural disasters, environmental factors, political events, public health threats, acts by terrorists or acts of piracy on ocean-going vessels; damage to storage and receiving facilities; potential liability from future litigation and potential costs due to environmental damage and vessel collisions; and the length and number of off-hire periods and dependence on third-party managers.
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 U.S. Securities and Exchange Commission for a more complete discussion of certain of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.
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The following files are available for download:
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TORM Q3 2026 Report |
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https://mb.cision.com/Public/21247/4419525/8748bd016201d12d.pdf |
39-2026 - TORM plc Q3 2026 Results Dividend Distribution and Financial Outlook 2026 |
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SOURCE Torm PLC
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