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Jun 30
Torm PLC Q2 2025 Earnings Report
TORM delivered a solid Q2 2025 performance despite a normalization in freight rates, maintaining profitability and raising full-year guidance.
Key Takeaways
TORM reported Q2 2025 revenue of $315.2M and net income of $58.7M, down year-over-year as freight rates returned to more normalized levels. Despite a 28% revenue drop, the company demonstrated operational strength and upgraded its full-year outlook.
Revenue fell 28% YoY to $315.2M due to normalized freight rates
Net income totaled $58.7M and EPS came in at $0.60
Declared $0.40/share dividend, equivalent to 67% payout ratio
Raised FY2025 EBITDA guidance to $475–625M on stronger H2 outlook
Torm PLC
Torm PLC
Torm PLC Revenue by Segment
Revenue by Segment
Tanker Revenue
CapyFin.comMarine Engineering Revenue
CapyFin.com Forward Guidance
TORM increased its FY2025 guidance based on H1 performance and stronger Q3 rate coverage.
Positive Outlook
- TCE guidance raised to $800–950M
- EBITDA guidance raised to $475–625M
- 66% of FY2025 earning days already covered
- Q3 2025 earning days 56% covered at $30,617/day
- Improved capital flexibility with $857M refinancing commitments
Challenges Ahead
- Freight rates remain lower than 2024 highs
- Revenue declined 28% YoY
- Geopolitical instability continues to affect tanker routes
- Cash flow from operations declined YoY
- Gross margin dropped to 46.3% from 60.5% YoY
Revenue & Expenses
Visualization of income flow from segment revenue to net income