TORM Reports 2025 Earnings Slide with $910M TCE, $286M Profit and $2.12 Dividend
TORM plc reported 2025 time charter equivalent earnings of $910 million, down from $1,135 million, with adjusted EBITDA of $578 million and net profit of $286 million. The board set a $2.12-per-share dividend (74% payout) and executed nine vessel acquisitions plus conversion of 14 leaseback vessels, while ROIC fell to 11.5%.
1. 2025 Financial Performance
TORM posted full-year 2025 TCE of $909.7 million versus $1,134.8 million in 2024, with adjusted EBITDA down to $577.5 million from $844.2 million and net profit of $286.0 million versus $611.5 million. Average daily TCE rates fell to $28,783 from $36,061, reflecting normalized freight markets amid geopolitical disruptions.
2. Dividend and Capital Returns
The board proposed a dividend of $2.12 per share, representing a 74% payout ratio versus 79% last year. Basic EPS declined to $2.91 from $6.54, while return on invested capital decreased to 11.5% from 24.3%, signaling normalization of earnings.
3. Fleet Renewal and Acquisitions
During 2025, TORM acquired nine second-hand vessels and exercised purchase options on 14 leaseback vessels, transitioning them to full ownership. In Q4 alone, eight product tankers were agreed and one older LR2 was divested for delivery in early 2026, reinforcing fleet quality.
4. Outlook for 2026
Management views the 2026 market environment as favorable, citing the resilience of its integrated platform and disciplined commercial approach. The company believes it is well positioned to capitalize on emerging opportunities and maintain its industry benchmark for shareholder value.