Group 1 - The article discusses TORM plc (NASDAQ: TRMD) and its stock performance amidst challenges in the shipping sector due to trade tensions [1] - The author emphasizes a value-focused investment strategy, targeting stocks that are undervalued and have upcoming catalysts [1] - The investment horizon mentioned ranges from one quarter to two years, indicating a medium-term investment approach [1] Group 2 - The author has over three years of active investing experience, including roles as a buy-side analyst at boutique research firms and family offices [1]

Exhibit 99.1 Highlights "TORM delivered a solid first-quarter result in line with our expectations despite continued geopolitical uncertainty," says Jacob Meldgaard. In the first quarter of 2025, TORM generated time charter equivalent earnings (TCE) of USD 214.0m including unrealized losses on derivatives of USD 2.1m (2024, same period: USD 330.7m including unrealized losses on derivatives of USD 1.4 m). Adjusted EBITDA totaled USD 137.7m (2024, same period: USD 267.2m), while net profit for the period amou ...

分组1 - TORM PLC reported quarterly earnings of $0.62 per share, missing the Zacks Consensus Estimate of $0.64 per share, and down from $2.26 per share a year ago, representing an earnings surprise of -3.12% [1] - The company posted revenues of $218.7 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 3.26%, but down from $444.1 million year-over-year [2] - TORM has surpassed consensus EPS estimates three times over the last four quarters and has topped consensus revenue estimates three times as well [2] 分组2 - TORM shares have lost about 15.1% since the beginning of the year, compared to the S&P 500's decline of -4.3% [3] - The current consensus EPS estimate for the coming quarter is $0.58 on revenues of $205.2 million, and for the current fiscal year, it is $3.01 on revenues of $887.5 million [7] - The Transportation - Shipping industry, to which TORM belongs, is currently in the bottom 11% of the Zacks industry rankings, indicating potential underperformance compared to higher-ranked industries [8]

Group 1 - The shipping industry has been significantly impacted by the ongoing trade war initiated by the US, leading to a decline in shipping stocks [1] - Many shipping stocks are experiencing a normalization of Time Charter Equivalent (TCE) rates, indicating a shift in market dynamics [1]

Core Points - TORM plc has increased its share capital by 262,294 A-shares, resulting from the exercise of Restricted Share Units, with a nominal value of USD 2,622.94 [1] - The new shares are issued at DKK 0.08 per A-share and are expected to be listed on Nasdaq Copenhagen [1][3] - After the capital increase, TORM's total share capital is USD 982,518.10, consisting of 98,251,808 A-shares, one B-share, and one C-share [4] Company Overview - TORM is a leading carrier of refined oil products, operating a fleet of product tanker vessels with a focus on safety, environmental responsibility, and customer service [5] - The company was founded in 1889 and conducts business globally, with shares listed on Nasdaq Copenhagen and Nasdaq New York [5]

Core Insights - TORM plc reported earnings for the quarter ended December 31, 2024, showing satisfactory results with revenue and earnings per share (EPS) exceeding expectations [1] Financial Performance - The earnings release indicated a beat on both revenue and EPS, although many metrics experienced a decline [1]

Financial Data and Key Metrics Changes - TORM reported TCE earnings of $1.135 billion for the full year 2024, achieving a net profit of $612 million and a return on invested capital of 24.3% [6][24][25] - In Q4 2024, TCE amounted to $215 million, with EBITDA of $142 million and net profit of $77 million [23][24] - Fleet-wide rates decreased to $25,775 per day in Q4, down from $39,626 per day in the first three quarters [5][30] Business Line Data and Key Metrics Changes - Clean product tanker ton miles increased by 9% in 2024, but due to crude clean-ups, product tankers benefited from only two-thirds of that increase [11][12] - Fleet-wide rates declined by about 40% from Q1 to Q4, while TCE saw a smaller decline of 35% [30] Market Data and Key Metrics Changes - European diesel imports are down by 30%, affecting trade volumes on routes impacted by the Red Sea disruption [13] - The average age of the fleet is the highest in two decades, with 50% of the fleet being more than 20 years old [18] Company Strategy and Development Direction - The company remains focused on fleet efficiency, disciplined cost management, and a well-executed commercial strategy despite geopolitical risks [7][8] - TORM plans to maintain its fleet strategy, selling older vessels and ensuring the average age aligns with the global product tanker fleet [52][54] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that geopolitical developments and trade flow shifts will shape market conditions, impacting freight rates and fleet utilization [8][20] - For 2025, TORM forecasts TCE earnings of $650 million to $950 million and EBITDA of $350 million to $650 million, reflecting expectations of lower freight rates year-on-year [45] Other Important Information - The Board of Directors declared a dividend of $0.60 per share for Q4 2024, maintaining a payout ratio of 75% [28][39] - TORM has made significant strides in sustainability reporting, aiming for a 45% reduction in carbon intensity by 2030 and net zero CO2 emissions by 2050 [40][43] Q&A Session Summary Question: How does TORM's strategy change with the current market uncertainty? - Management confirmed that there will be no change in strategy regarding operations, fleet evolution, or capital structure, emphasizing agility and preparedness for various scenarios [49][54] Question: What is the current state of crude cannibalization on traditional product trades? - Management indicated that currently, 3% of CPP on water is on VLs and Suezmaxes, down from 8% at the peak last year, suggesting a return to normalized levels [65] Question: How does TORM view seasonality in the current market? - Management acknowledged that while seasonality exists, geopolitical factors are currently more impactful, and they do not have a specific view on how it will play out this year [71][72] Question: Has the U.S. proposal of taxing Chinese tonnage affected TORM's operations? - Management stated that TORM has no new builds and a relatively low percentage of Chinese-built vessels, indicating no immediate plans to change operations due to the proposal [76][79] Question: What is TORM's outlook on fleet renewal and market activity? - Management expects an uptick in transactions as the market recalibrates to new price levels, indicating that liquidity will return as earning potential stabilizes [85][86]

FULL-YEAR RESULTS 2024 06 MARCH 2025 Safe Harbor Statement as to the Future Matters discussed in this presentation material 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 con ...

Financial Performance - Revenue for 2024 reached $1,559 million, a 2.6% increase from $1,520 million in 2023[15] - EBITDA for 2024 was $851 million, compared to $848 million in 2023, reflecting a slight increase[15] - Net profit for the year was $612 million, a decrease from $648 million in 2023[15] - Return on Equity (ROE) decreased to 32.7% from 40.9% in 2023[15] - Adjusted Return on Invested Capital (ROIC) was 22.2%, down from 27.6% in 2023[15] - The company declared a dividend of $5.10 per share, down from $5.78 in 2023[15] - TORM achieved a net profit of USD 611.5 million in 2024, driven by high freight rates[41] - TORM reported time charter equivalent (TCE) earnings of USD 1,134.8 million and Group EBITDA of USD 850.8 million for 2024, meeting recent market guidance[152] - Net profit for the year was USD 614.1 million, a decrease of USD 34.8 million compared to 2023[159] Operational Metrics - Time charter equivalent earnings (TCE) per day was $36,061, down 2.9% from $37,124 in 2023[15] - Gross profit margin remained stable at 57.4%, slightly down from 57.5% in 2023[15] - The average fleet-wide TCE rates fluctuated from USD 43,152 per day in Q1 to USD 25,775 per day in Q4, reflecting volatile freight rates throughout the year[152] - Operating expenses (OPEX) rose by USD 29.2 million to USD 245.6 million in 2024, driven by 2,250 additional operating days and a 5.8% increase in expenses per day[167] - Administrative expenses increased by USD 11.4 million to USD 87.9 million in 2024, primarily due to a retention program for employees[169] Fleet and Assets - Total assets increased to $3,470 million from $2,870 million in 2023[15] - TORM's fleet was modernized with the delivery of 19 vessels and the divestment of 7 older vessels, bringing the total fleet to 94 vessels[40] - Total assets for the Tanker segment increased by USD 602.6 million to USD 3,456.0 million as of December 31, 2024, mainly due to increased vessel acquisitions[174] - Total liabilities for the Tanker segment rose by USD 191.0 million to USD 1,383.1 million, primarily due to increased borrowings for vessel acquisitions[181] Environmental and Social Responsibility - The company achieved a 40% reduction in carbon intensity compared to 2008, surpassing the IMO 2030 target ahead of schedule[42] - TORM's absolute Scope 1 GHG emissions were reported at 1,594,793 metric tons, with a target to reduce to ≤1,500,000 metric tons[24] - The company aims for net-zero Scope 2 GHG emissions by reducing them from 832 metric tons to ≤600 metric tons[24] - TORM achieved a 40% reduction in CO2 intensity by 2025 compared to 2008, one year ahead of its target, with a future goal of 45% reduction by 2030 and net-zero emissions by 2050[85][86] - TORM's employee engagement score was reported at 8.7, exceeding the target of ≥8.2[29] - The company has set a target of 40% underrepresented gender in the Board of Directors by 2030, up from the current 20%[29] Market Outlook and Strategy - The company expects robust tanker earnings in 2025, supported by steady capacity utilization and balanced market fundamentals[44] - The average freight rate level is expected to remain strong, despite increased volatility in the freight market due to geopolitical events[123] - TORM focuses on maintaining a high-quality fleet and actively manages fleet deployment between spot and time charters[190] - TORM's strategy includes capturing increased profit margins during favorable market conditions through spot market operations[195] Risk Management - TORM's risk management framework includes an annual Enterprise Risk Management process to identify and mitigate principal and emerging risks[108] - TORM's risk assessment for 2024 concluded an appropriate balance between risk tolerance and net severity for top risks, including severe vessel accidents[130] - TORM's operational risks related to oil major approvals are low, with a focus on efficient controls to prevent environmental disasters[124] - The company has temporarily halted transit through the Bab-el-Mandeb Strait due to piracy and terrorism risks, while other regions have seen reduced risks[126] Cash Flow and Financing - Net cash flow from operating activities was USD 826.8 million, an increase from USD 805.0 million in 2023, driven by higher TCE[185] - Net cash flow from investing activities was USD -442.1m in 2024, compared to USD -370.6m in 2023, reflecting a decrease of USD 71.5m[188] - Net cash flow from financing activities improved to USD -378.3m in 2024 from USD -489.4m in 2023, an increase of USD 111.1m[188] - Total available liquidity as of December 31, 2024, was USD 615m, including a cash position of USD 291m[200] - Net interest-bearing debt stood at USD 948m, with a net debt loan-to-value ratio of 26.8% for the tanker segment[200]

Financial Performance - In 2023, the company realized Time Charter Equivalent (TCE) rates of $37,124/day, with a projected TCE rate of $36,061/day for 2024[33]. - The average spot TCE earnings for the product tanker fleet in 2024 were $36,061 per day[136]. - The average age of the company's vessels is 11 years as of December 31, 2024, which may impact competitiveness against newer, more efficient vessels[130]. - The company is heavily dependent on spot charters, with fluctuations in spot charter rates significantly affecting earnings[135]. - In 2024, 20 customers accounted for approximately 69% of the company's revenue, indicating a high dependency on a limited customer base[150]. Market Conditions - The product tanker market is cyclical, with freight rates declining from a high of $26,458/day in mid-2008 to an average of approximately $14,200/day from 2009 to 2014[33]. - The product tanker sector is characterized by volatility, which may lead to reductions in charter rates and vessel values[29]. - Seasonal fluctuations in demand for product tankers may result in quarter-to-quarter volatility in revenues, with typically stronger performance in fall and winter months[56]. - The oversupply of product tankers may lead to reduced charter hire rates and profitability, impacting future performance and cash flows[54]. - The demand for product tankers is influenced by external factors such as global economic conditions and changes in energy consumption patterns[39]. Regulatory and Compliance Risks - The company is subject to complex laws and regulations, including environmental regulations, which can adversely affect its financial position[30]. - The company is subject to various international and U.S. environmental regulations, including the U.S. Oil Pollution Act of 1990 and the International Maritime Organization's regulations, which could lead to significant penalties and operational disruptions if not complied with[73][74][77]. - Compliance with complex environmental regulations may require costly operational changes, affecting the company's financial position[71]. - The European Commission's Emission Trading Scheme (ETS) will require shipowners to purchase emission allowances starting in 2024, with compliance costs expected to increase over the following years[88]. - The FuelEU Maritime regulation, effective January 2025, mandates shipping companies to gradually lower the GHG intensity of fuels consumed on voyages involving EU ports, potentially increasing operational costs[90]. Financial Risks - The company has a significant amount of financial debt, which limits funds available for other corporate purposes and may restrict operational flexibility[34]. - As of December 31, 2024, the company had interest-bearing debt totaling $1,238.8 million and cash and cash equivalents of $291.2 million, resulting in a net debt of $947.6 million[198]. - The company may experience difficulties obtaining financing in the future due to changes in lending practices and economic conditions[44]. - The company may incur additional debt in the future, which could adversely affect its ability to obtain financing on favorable terms[199]. - The company is subject to financial covenants that restrict its operational flexibility, including maintaining specified minimum liquidity and equity requirements[205]. Operational Risks - The company faces risks related to international operations, including political instability and economic sanctions, which could adversely affect its business[30]. - The company faces risks from geopolitical conflicts, including political instability in the Middle East and Ukraine, which may adversely affect its operations[110]. - The ongoing conflict in Ukraine could lead to further economic sanctions, impacting the company's business and financial condition[114]. - Labor interruptions could have a material adverse effect on the company's operations and financial position if not resolved timely[109]. - The company may experience unexpected costs and delays due to operational risks inherent in the product tanker industry[104]. Customer and Counterparty Risks - A substantial portion of the company's revenues is derived from a limited number of customers, making it vulnerable to revenue loss if any of these customers are lost[30]. - The company is exposed to counterparty risks that could lead to significant losses if counterparties fail to meet their obligations[140]. - The company has received two cargo claims related to a customer's inability to honor indemnification obligations, which could adversely affect business[143]. - The company may face reputational damage and regulatory claims if contraband is found on its vessels[133]. Environmental and ESG Considerations - A shift in consumer demand away from oil products towards renewable energy sources may adversely affect the demand for product tankers[60]. - The company faces risks related to compliance with evolving Environmental, Social, and Governance (ESG) standards, which may impact its reputation and access to capital if not adequately addressed[97][98]. - Unfavorable ESG ratings could lead to negative investor sentiment and impact the company's access to capital[101]. - The company may incur additional costs and require resources to comply with ESG requirements, which could adversely affect its financial condition[1]. Tax and Legal Risks - The company is subject to a 4% U.S. federal income tax on gross shipping income attributable to transportation that begins or ends in the U.S., unless exempt under Section 883 of the U.S. Internal Revenue Code[175]. - As of December 31, 2024, the company estimates a non-current tax liability of $45.2 million related to held over gains if it abandons participation in the tonnage tax scheme[178]. - Changes in tax laws or tonnage tax regimes could materially affect the company's future performance and financial position[179]. Cybersecurity and Fraud Risks - Cybersecurity incidents could negatively impact the company's operations and financial position, despite the implementation of a 24/7 Security Operations Center for monitoring[194]. - The company has established internal controls to mitigate fraud risks, but there is no assurance that these measures will be sufficient to prevent future fraudulent behavior[192]. Shareholder and Governance Risks - The majority of Class A common shares are held by a limited number of shareholders, including Njord Luxco, which holds approximately 41.49% of the shares, potentially leading to conflicts of interest[214]. - The company cannot guarantee the declaration of dividends, as the Board of Directors has discretion over dividend payments based on available funds[221].