TORM plc (TRMD) Form 6-K — Aug 26, 2026
TORM plc reported the strongest quarterly results in its history for Q2 2026, with net profit of USD 338m versus USD 59m a year earlier, revenue of USD 663m (up 110%), and basic EPS of USD 3.31. Fleet-wide time charter equivalent rates averaged USD 59,301 per day as the US-Iran conflict and the closure of the Strait of Hormuz disrupted global oil trade flows. Management raised full-year 2026 guidance by USD 200m: TCE earnings are now expected at USD 1,400-1,600m (from USD 1,150-1,450m) and EBITDA at USD 1,000-1,200m (from USD 800-1,100m). As of 18 August 2026, 70% of 2026 earning days were fixed at an average rate of USD 45,391 per day, leaving 10,271 open days exposed to market swings.
Key figures
- Eps
- USD 3.31 basic / USD 3.25 diluted (Q2 2026); USD 4.52 basic (H1 2026)
- Revenue
- USD 662.8m (Q2 2026); USD 1,064.8m (H1 2026)
- Guidance
- FY 2026 TCE earnings raised to USD 1,400-1,600m (from USD 1,150-1,450m); FY 2026 EBITDA raised to USD 1,000-1,200m (from USD 800-1,100m)
- Net Income
- USD 338.3m (Q2 2026, all-time high); USD 460.7m (H1 2026)
- Total Debt
- USD 1,076.2m total borrowings; USD 715.0m net interest-bearing debt
- Revenue Yoy
- +110% (Q2 2026 vs Q2 2025); H1 up USD 421m YoY
- Total Assets
- USD 3,823m
- Cash Position
- USD 368.2m cash incl. restricted (30 June 2026); total liquidity USD 804m incl. USD 436m undrawn facilities
- Shares Outstanding
- 102.4m (end of Q2 2026, excl. treasury)
- Net ltv
- 22.4%
- Roic q2
- 44.2% (vs 10.0% Q2 2025)
- Ebitda q2
- USD 416m (vs USD 127m Q2 2025)
- Fleet size
- 97
- Nav per share
- USD 36.50 (vs USD 23.50 a year earlier)
- Tce per day q2
- USD 59,301 (vs USD 26,672 Q2 2025)
- Fy2026 coverage
- 70% of earning days fixed at USD/day 45,391; 10,271 days open
- Tce earnings q2
- USD 512m (vs USD 208m Q2 2025)
- Q3 2026 coverage
- 73% of earning days fixed at USD/day 38,606 (as of 18 Aug 2026)
- Fleet market value
- USD 4,056m per broker valuations at 30 June 2026
- Freight sensitivity
- USD 1,000/day change in freight rates ≈ USD 10m EBITDA impact
- Subsequent financing
- USD 217m secured post-quarter for ten vessels
- Dividend per share q2
- USD 2.40 (total USD 245.7m, 73% payout)
AI analysis
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