Third Quarter Presentation Nov 2025 Forward Looking Statements MATTERS DISCUSSED IN THIS DOCUMENT 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 INCLUDE STATEMENTS CONCERNING PLANS, OBJECTIVES, GOALS, STRATEGIES, FUTURE EVENTS OR PERFORMANCE, AND UNDERLYING ASSUMPTIONS AND OTHER STA ...

Core Insights - Frontline plc is scheduled to present its third quarter 2025 results on November 21, 2025, at 15:00 CET [1] Company Information - The presentation is part of a webcast/conference call format [1] - The information is disclosed in accordance with the Norwegian Securities Trading Act [1]

Core Insights - Frontline plc reported a profit of $40.3 million, or $0.18 per share, for Q3 2025, with adjusted profit at $42.5 million, or $0.19 per share, alongside revenues of $432.7 million [6] - The company declared a cash dividend of $0.19 per share for the third quarter of 2025 [6] - The freight markets, particularly for VLCCs, showed strength as the quarter progressed, with global oil demand remaining resilient [2] Financial Performance - Average daily spot time charter equivalent (TCE) earnings for VLCCs, Suezmax tankers, and LR2/Aframax tankers in Q3 2025 were $34,300, $35,100, and $31,400 respectively [6] - The company converted $405.5 million in term loan balances into revolving credit facilities, allowing for efficient cash management and a reduction in average cash breakeven rates by approximately $1,300 per day for the next 12 months [3][6] - The sale of the oldest Suezmax tanker generated net cash proceeds of approximately $23.7 million after debt repayment [6] Market Conditions - The third quarter began with typical seasonal trends but saw strengthening freight markets, particularly for VLCCs, as the quarter progressed [2] - The U.S. moved past peak refinery runs, while India reduced its intake of Russian feedstock, creating a ton-mile intensive arbitrage opportunity between the Americas and Asia [2] - The gradual reversal of OPEC+ production cuts is beginning to reflect in higher export volumes, indicating strong fundamentals as the company enters the winter market [2]

Core Viewpoint - Frontline Ltd. has shown a significant increase in its stock price target, reflecting a more optimistic outlook from analysts due to strong fundamentals and favorable macro trends in the oil shipping industry [2][3][6]. Company Overview - Frontline Ltd. is a major player in the global seaborne transportation industry, focusing on crude oil and oil products, with a fleet of 70 vessels as of the end of 2021 [1]. Price Target Trends - The consensus price target for Frontline's stock has increased from $21.16 to $26 over the past year, indicating a stable short-term outlook and no major shifts in analysts' expectations over the last three months [2][3][6]. - The average price target remained at $26 in the last quarter, suggesting consistency in market perceptions [2]. Analyst Insights - Analysts have become more optimistic about Frontline's prospects, with Evercore ISI's Jonathan Chappell highlighting a price target of $25 that aligns with positive trends in the shipping industry [3]. Growth Prospects - Frontline's strong fundamentals, including maintained profitability and rising dividends, support its growth prospects [4]. - Favorable macro trends in the oil shipping industry, along with increased political pushback against sanctioned crude, provide additional tailwinds that could boost Frontline's earnings [4][6]. Investor Considerations - Changes in the consensus price target offer valuable insights into market perceptions of Frontline's future performance, making it crucial for investors to monitor company news related to stock target prices and earnings [5].

Core Points - Frontline plc has announced that its 2025 Annual General Meeting will take place on December 8, 2025 [1] - The Notice of Annual General Meeting and the Company's Annual Report on Form 20-F for 2024 are available on the company's website [1] - This announcement is in compliance with the disclosure requirements of the Norwegian Securities Trading Act [1] Related Documents - The attachments include the Notice of Annual General Meeting 2025, Annual Report 2024, Annual Report 2024_20-F, Directors Report, and Remuneration Report 2024 [2]

Core Viewpoint - Frontline plc is set to release its preliminary third quarter 2025 results on November 21, 2025, with a webcast and conference call scheduled for 3:00 p.m. CET (9:00 a.m. U.S. Eastern Time) [1][2] Group 1 - The results presentation will be available for download from the Investor Relations section of the company's website prior to the conference call [1] - Participants can attend the conference call via a webcast or by registering online for dial-in details [2] - A Q&A session will follow the teleconference/webcast, with instructions for submitting questions provided at the beginning of the session [2]

Core Points - The 2025 Annual General Meeting of Frontline plc is scheduled for December 8, 2025 [1] - The record date for voting at the Annual General Meeting is set for November 10, 2025 [1] - Notice, agenda, and associated materials will be distributed prior to the meeting [1] - This information complies with the disclosure requirements of the Norwegian Securities Trading Act [1]

Group 1 - On October 27, Hengli Heavy Industry signed a contract with Greek shipowner Efnav for the construction of six 82,000 deadweight ton bulk carriers, which are recognized for their "green, environmentally friendly, energy-saving, and safe" features, meeting international maritime organization emission standards [1] - Efnav is a well-known ship management company in Greece, known for its solid management and operational efficiency, which reflects the recognition of Hengli Heavy Industry's efficiency and quality [1] - Hengli Heavy Industry has been actively expanding its presence in the Greek market, establishing good relationships with several prominent Greek shipowners and signing a series of shipbuilding contracts [1] Group 2 - Hengli Heavy Industry has recently experienced a surge in orders, signing contracts for 12 very large crude carriers (VLCCs) within two weeks, with a total order value exceeding 10 billion [2] - The company has also secured contracts for various types of vessels, including VLCCs, Capesize bulk carriers, and Panamax bulk carriers, indicating a robust order intake and construction activity [2] - The collaboration with major international shipping companies, including Frontline and Dynacom, enhances Hengli Heavy Industry's position in the international shipbuilding market and meets the global shipping market's demand for high-quality vessels [2] Group 3 - Following the recent contracts, Hengli Heavy Industry signed additional agreements with Greek shipowner Capital and domestic shipping company Shandong Ocean for one VLCC, two Capesize bulk carriers, and one ultra-Panamax bulk carrier, showcasing its comprehensive capabilities in high-end large vessel design and construction [3] - The company also signed contracts for five new vessels with European shipowners, including four Kamsarmax and one Capesize bulk carrier, with a total contract value exceeding 1.5 billion, indicating its growing market share in Europe [3] - Hengli Heavy Industry's continuous expansion in the European market is expected to further enhance its market presence and competitiveness in the global shipping industry [3]

Investment Logic - China will impose a special port fee on U.S. vessels starting October 14, 2025, targeting U.S.-owned, operated, and flagged ships, as well as those built in the U.S. [1][7] - The fee will be collected by local maritime authorities, with a standard charge of 400 RMB (approximately 56 USD) per net ton, increasing annually [1][8]. Affected Capacity - The affected capacity includes U.S.-owned and flagged vessels, with container ships totaling 352,500 TEU (1.1% of global capacity), oil tankers at 20.418 million dwt (1.9%), and dry bulk carriers at 14.907 million dwt (2.1%) [2][12]. - The actual impact on U.S. capacity is reduced due to exemptions for Chinese-built vessels, resulting in effective percentages of 0.86% for container ships, 1.64% for oil tankers, and 0.95% for dry bulk carriers [13][14]. Economic Impact on Shipping Rates - The special port fee significantly affects oil and dry bulk shipping rates, with the fee accounting for approximately 89% of the current rate for VLCCs on the U.S. Gulf to Far East route and 123% on the Middle East to Far East route [25][26]. - For dry bulk carriers, the fee represents 76% of the rate for the Brazil to China route and 133% for the Australia to China route, indicating a loss of economic viability [28][29]. Short-term Effects on Shipping Companies - The imposition of the fee is expected to lead to a short-term supply shortage, driving up shipping rates as U.S. operators may cancel voyages or switch to transshipment routes [29][30]. - The efficiency loss from these changes will likely result in increased shipping costs and a reconfiguration of shipping routes, particularly affecting U.S. oil and dry bulk shipping to China [29][30]. Impact on Port Operations - The special port fee will not directly benefit port companies, as the fee is collected by maritime authorities rather than port operators [30]. - However, the reduction in U.S. shipping activity may lead to decreased throughput at affected ports, although this could be mitigated by other international operators filling the gap [30][33]. Investment Recommendations - Companies in the oil and dry bulk shipping sectors are recommended for investment due to potential rate increases stemming from supply disruptions [34]. - Ports with key transshipment hubs, particularly those oriented towards Southeast Asia, are also expected to benefit from shifts in trade flows [34].

Core Viewpoint - The decision to hold an investment is more crucial than the decision to buy it, emphasizing the importance of long-term commitment to growth stocks [13]. Group 1: Investment Philosophy - Many investors struggle to hold onto high-performing stocks, often selling too early due to short-term price increases or perceived overvaluation [4][5]. - Successful investors recognize that the true value of a company lies in its potential for future growth rather than its current valuation metrics [8][10]. - The concept of "let winners run" is essential for avoiding premature sales of growth stocks [6]. Group 2: Long-term Holding Strategies - Establishing a deep connection with a company through consistent engagement can provide investors with the confidence to hold their investments long-term [11]. - A steadfast belief in value investment principles is necessary, especially during market downturns, to maintain faith in the eventual recognition of a company's true value [12]. - Historical examples, such as the long-term holdings of successful investors, illustrate the benefits of patience and commitment to quality companies [13]. Group 3: Valuation and Growth - Investors should focus on the future growth potential of companies rather than solely relying on static financial statements [8][9]. - The ability to assess a company's future cash flows and growth prospects is critical for making informed investment decisions [8]. - The journey of companies from perceived overvaluation to reasonable price-to-earnings ratios can highlight the dynamic nature of growth investing [8].