Major Estimate Revision • Apr 14
Consensus EPS estimates increase by 19% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from US$1.14b to US$1.18b. EPS estimate increased from US$2.91 to US$3.45 per share. Net income forecast to grow 27% next year vs 35% growth forecast for Oil and Gas industry in Denmark. Consensus price target of kr.167 unchanged from last update. Share price was steady at kr.191 over the past week. New Risk • Mar 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Danish stocks, typically moving 6.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 16% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (115% cash payout ratio). Share price has been volatile over the past 3 months (6.3% average weekly change). Profit margins are more than 30% lower than last year (21% net profit margin). Significant insider selling over the past 3 months (kr.17m sold). Major Estimate Revision • Mar 05
Consensus revenue estimates increase by 22% The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from US$983.5m to US$1.20b. EPS estimate unchanged from US$3.82 at last update. Oil and Gas industry in Denmark expected to see average net income growth of 26% next year. Consensus price target up from kr.146 to kr.165. Share price rose 4.1% to kr.193 over the past week. Declared Dividend • Mar 02
Fourth quarter dividend of US$0.70 announced Shareholders will receive a dividend of US$0.70. Ex-date: 11th March 2026 Payment date: 13th March 2026 Dividend yield will be 5.3%, which is lower than the industry average of 6.4%. Sustainability & Growth Dividend is covered by earnings (73% earnings payout ratio) but not covered by cash flows (114% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 56% over the next 3 years. Since a fall of 19% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Reported Earnings • Feb 27
Full year 2025 earnings released: EPS: US$2.91 (vs US$6.54 in FY 2024) Full year 2025 results: EPS: US$2.91 (down from US$6.54 in FY 2024). Revenue: US$1.34b (down 14% from FY 2024). Net income: US$285.3m (down 53% from FY 2024). Profit margin: 21% (down from 39% in FY 2024). The decrease in margin was primarily driven by lower revenue. Revenue is expected to decline by 16% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Europe are expected to grow by 2.0%. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Board Change • Jan 08
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Non-Executive Independent Director Annette Beate Wacknitz Justad was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jan 07
TORM plc Announces Departure of Deputy Chairman and Senior Independent Director David Weinstein and Board Structure Changes, Effective January 6, 2026 TORM plc announced that as the ownership stake held by Oaktree Capital Management, L.P. and its affiliates is now below the one-third threshold, the position and authority of the B-Director is extinguished. As a result, Deputy Chairman and Senior Independent Director, David Weinstein, will leave the Board effective as of January 6, 2026. Upon his departure from the Board, the Company has retained Mr. Weinstein in an ongoing capacity as a Special Advisor to the Board. The limitations on TORM plc's actions set out in Article 137 stop having effect immediately at the threshold date and no approvals will be needed other than any provided under the legislation for any reserved matter after that time. The B- and C-shares are in the process of being redeemed and cancelled in accordance with the Articles and no further B- or C-shares can then be issued. The C-share right to vote 350,000,000 shares has ceased as from the threshold date. The right of the B-share to one vote continues until it is redeemed. Therefore, from the threshold date, the voting rights are 101,332,707 A-shares and one B-share, each with one vote per share. After the redemption/cancellation, TORM plc's share capital will amount to USD 1,013,327.07 dividend into 101,332,707 A-shares of USD 0.01 each. Announcement • Dec 24
Hafnia Limited (OB:HAFNI) completed the acquisition of 13.97% stake in TORM plc (CPSE:TRMD A) from Oaktree Capital Management, L.P. and and its affiliates. Hafnia Limited (OB:HAFNI) enters into a preliminary agreement to acquire 14.45% stake in TORM plc (CPSE:TRMD A) from Oaktree Capital Management, L.P. and and its affiliates for approximately $310 million on September 3, 2025. Hafnia Limited entered into a binding share purchase agreement to acquire 14.45% stake in TORM plc on September 11, 2025. A cash consideration valued at $22 per share will be paid by Hafnia Limited.
The Announcement notes that completion of the Share Purchase is subject to entry into a definitive agreement and the fulfilment of customary conditions precedent, including among others, obtaining any required regulatory clearances and approvals, the satisfaction of certain covenants, The appointment of a new independent board chairman of TORM and approval of the Transaction by the Administrative Council for Economic Defense (Conselho Administrativo de Defesa Econômica – CADE) in Brazil.
As of December 18, 2025, all conditions precedent required for the completion of Hafnia’s acquisition of approximately 14.1 million A-shares in TORM plc have been satisfied. Since September 11, 2025, TORM has announced to have increased its issued share capital by 3,380,278 new A-shares. Consequently, Hafnia’s acquisition of approximately 14.1 million A-shares will represent approximately 13.97% of TORM’s issued share capital as per the date hereof. Upon completion, Hafnia will hold approximately 13.97% of the issued share capital of TORM.
Completion of the acquisition is expected to take place shortly.
Dan Schuster-Woldan, Matthew Hearn, Ross Ferguson, Christopher J. Cummings, Deeksha Rathi of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to Oaktree Capital Management, L.P., and its affiliates in the sale of stake in TORM. Henrik Laursen, Janus Jepsen, Peter E. Stassen, Lise Aaby Nielsen, Lynge Daugaard Jensen of Plesner Advokatpartnerselskab acted as legal advisor to Hafnia Limited.
Hafnia Limited (OB:HAFNI) completed the acquisition of 13.97% stake in TORM plc (CPSE:TRMD A) from Oaktree Capital Management, L.P. and and its affiliates on December 22, 2025. Recent Insider Transactions • Dec 23
CEO & Executive Director recently sold kr.17m worth of stock On the 19th of December, Jacob Meldgaard sold around 132k shares on-market at roughly kr.128 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Jacob's only on-market trade for the last 12 months. Announcement • Dec 20
TORM plc, Annual General Meeting, Apr 15, 2026 TORM plc, Annual General Meeting, Apr 15, 2026. Recent Insider Transactions Derivative • Nov 17
CEO & Executive Director exercised options to buy kr.85m worth of stock. On the 14th of November, Jacob Meldgaard exercised options to buy 585k shares at a strike price of around kr.20.39, costing a total of kr.12m. This transaction amounted to 320% of their direct individual holding at the time of the trade. Since March 2025, Jacob's direct individual holding has increased from 85.07k shares to 182.79k. Company insiders have collectively bought kr.12m more than they sold, via options and on-market transactions, in the last 12 months. Declared Dividend • Nov 09
Third quarter dividend of US$0.62 announced Shareholders will receive a dividend of US$0.62. Ex-date: 19th November 2025 Payment date: 21st November 2025 Dividend yield will be 6.7%, which is higher than the industry average of 6.4%. Sustainability & Growth Dividend is not covered by earnings (180% earnings payout ratio) nor is it covered by cash flows (203% cash payout ratio). The dividend has increased by an average of 23% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 100% to bring the payout ratio under control. However, EPS is expected to decline by 57% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: US$0.79 (vs US$1.38 in 3Q 2024) Third quarter 2025 results: EPS: US$0.79 (down from US$1.38 in 3Q 2024). Revenue: US$342.6m (down 7.9% from 3Q 2024). Net income: US$77.6m (down 41% from 3Q 2024). Profit margin: 23% (down from 35% in 3Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue is expected to decline by 28% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Europe are expected to grow by 1.6%. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Aug 20
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from US$869.9m to US$888.2m. EPS estimate increased from US$2.26 to US$2.52 per share. Net income forecast to shrink 18% next year vs 23% growth forecast for Oil and Gas industry in Denmark . Consensus price target up from kr.132 to kr.141. Share price rose 4.3% to kr.128 over the past week. Reported Earnings • Aug 14
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: US$0.60 (down from US$2.08 in 2Q 2024). Revenue: US$315.2m (down 28% from 2Q 2024). Net income: US$58.6m (down 70% from 2Q 2024). Profit margin: 19% (down from 44% in 2Q 2024). The decrease in margin was primarily driven by lower revenue. Revenue exceeded analyst estimates by 52%. Earnings per share (EPS) also surpassed analyst estimates by 8.0%. Revenue is expected to decline by 26% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Europe are expected to grow by 12%. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Jun 04
TORM plc (CPSE:TRMD A) acquired remaining 25% stake in ME Production A/S from Jens Peter Faldt. TORM plc (CPSE:TRMD A) acquired remaining 25% stake in ME Production A/S from Jens Peter Faldt on June 3, 2025.
TORM plc (CPSE:TRMD A) Completed the acquisition of remaining 25% stake in ME Production A/S from Jens Peter Faldt on June 3, 2025. Announcement • May 09
TORM plc Narrows Earnings Guidance for the Full Year of 2025 TORM plc narrowed earnings guidance for the full year of 2025. Based on the earnings realized in the first quarter of the year as well as the coverage for the remaining part of the year, the company narrows the full-year 2025 guidance. Thus, TCE earnings are expected to be in the range of USD 700 million to USD 900 million (2024: USD 1,135 million). Reported Earnings • May 09
First quarter 2025 earnings released: EPS: US$0.64 (vs US$2.34 in 1Q 2024) First quarter 2025 results: EPS: US$0.64 (down from US$2.34 in 1Q 2024). Revenue: US$329.1m (down 26% from 1Q 2024). Net income: US$62.3m (down 70% from 1Q 2024). Profit margin: 19% (down from 47% in 1Q 2024). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to decline by 27% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • May 09
TORM plc Approves Interim Dividend for the First Quarter of 2025, Payable on 04 June 2025 TORM's Board of Directors has approved an interim dividend for the first quarter of 2025 of USD 0.40 per share to be paid to the shareholders corresponding to an expected total dividend payment of USD 39.1 million. The distribution for the quarter is equivalent to 62% of net profit and reflects the Distribution Policy. The payment date is 04 June 2025 to all shareholders on record as of 22 May 2025, and the ex-dividend date is 21 May 2025 for the shares listed on Nasdaq OMX Copenhagen and 22 May 2025 for the shares listed on Nasdaq New York. Recent Insider Transactions • Apr 04
Non-Executive Independent Director recently sold kr.308k worth of stock On the 1st of April, Annette Beate Wacknitz Justad sold around 3k shares on-market at roughly kr.114 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr.60m more than they bought in the last 12 months. Upcoming Dividend • Mar 12
Upcoming dividend of US$0.60 per share Eligible shareholders must have bought the stock before 19 March 2025. Payment date: 02 April 2025. Payout ratio is a comfortable 74% but the company is paying out more than the cash it is generating. Trailing yield: 33%. Within top quartile of Danish dividend payers (5.7%). Higher than average of industry peers (6.9%). Buy Or Sell Opportunity • Mar 11
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to kr.117. The fair value is estimated to be kr.151, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 41% in 2 years. Earnings are forecast to decline by 48% in the next 2 years. Reported Earnings • Mar 06
Third quarter 2024 earnings released: EPS: US$1.38 (vs US$1.47 in 3Q 2023) Third quarter 2024 results: EPS: US$1.38. Revenue: US$372.1m (up 3.9% from 3Q 2023). Net income: US$130.5m (up 5.0% from 3Q 2023). Profit margin: 35% (in line with 3Q 2023). Revenue is forecast to decline by 23% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Europe are expected to remain flat. Major Estimate Revision • Mar 06
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from US$1.02b to US$984.3m. EPS estimate also fell from US$3.49 per share to US$2.89 per share. Net income forecast to shrink 48% next year vs 16% growth forecast for Oil and Gas industry in Denmark . Consensus price target down from kr.162 to kr.150. Share price rose 3.7% to kr.133 over the past week. New Risk • Mar 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Danish stocks, typically moving 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 45% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (181% cash payout ratio). Share price has been volatile over the past 3 months (6.5% average weekly change). Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to kr.140, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 7x in the Oil and Gas industry in Europe. Total returns to shareholders of 406% over the past three years. Major Estimate Revision • Nov 17
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$1.38b to US$1.33b. EPS estimate also fell from US$7.84 per share to US$6.79 per share. Net income forecast to shrink 33% next year vs 25% growth forecast for Oil and Gas industry in Denmark . Consensus price target of kr.242 unchanged from last update. Share price fell 2.1% to kr.164 over the past week. Declared Dividend • Nov 10
Third quarter dividend of US$1.20 announced Shareholders will receive a dividend of US$1.20. Ex-date: 20th November 2024 Payment date: 4th December 2024 Dividend yield will be 20%, which is higher than the industry average of 6.4%. Sustainability & Growth Dividend is covered by earnings (73% earnings payout ratio) but not covered by cash flows (178% cash payout ratio). The dividend has increased by an average of 28% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to decline by 47% over the next 2 years. Since a fall of 19% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Reported Earnings • Nov 08
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: EPS: US$1.38. Revenue: US$372.1m (up 3.9% from 3Q 2023). Net income: US$130.5m (up 5.0% from 3Q 2023). Profit margin: 35% (in line with 3Q 2023). Revenue exceeded analyst estimates by 17%. Earnings per share (EPS) missed analyst estimates by 21%. Revenue is forecast to decline by 19% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Europe are expected to remain flat. Announcement • Nov 08
TORM plc, Annual General Meeting, Apr 16, 2025 TORM plc, Annual General Meeting, Apr 16, 2025. Recent Insider Transactions • Oct 09
CEO & Executive Director recently sold kr.58m worth of stock On the 4th of October, Jacob Meldgaard sold around 261k shares on-market at roughly kr.223 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Jacob has been a net seller over the last 12 months, reducing personal holdings by kr.167m. Reported Earnings • Aug 16
Second quarter 2024 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2024 results: EPS: US$2.08. Revenue: US$437.7m (up 14% from 2Q 2023). Net income: US$194.5m (up 4.7% from 2Q 2023). Profit margin: 44% (down from 48% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 29%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is expected to fall by 19% p.a. on average during the next 3 years compared to a 1.0% decline forecast for the Oil and Gas industry in Europe. Announcement • May 31
TORM plc has filed a Follow-on Equity Offering. TORM plc has filed a Follow-on Equity Offering.
Security Name: Class A Common Shares
Security Type: Common Stock
Securities Offered: 6,896,552 New Risk • May 13
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 47% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 19% per year for the foreseeable future. Minor Risks High level of debt (47% net debt to equity). Dividend is not well covered by cash flows (184% cash payout ratio). Shareholders have been diluted in the past year (13% increase in shares outstanding). Declared Dividend • May 12
First quarter dividend of US$1.50 announced Shareholders will receive a dividend of US$1.50. Ex-date: 21st May 2024 Payment date: 4th June 2024 Dividend yield will be 13%, which is higher than the industry average of 6.4%. Sustainability & Growth Dividend is covered by earnings (70% earnings payout ratio) but not covered by cash flows (226% cash payout ratio). The dividend has increased by an average of 28% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to decline by 67% over the next 3 years. Since a fall of 22% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Reported Earnings • May 08
First quarter 2024 earnings released: EPS: US$2.34 (vs US$1.88 in 1Q 2023) First quarter 2024 results: EPS: US$2.34 (up from US$1.88 in 1Q 2023). Revenue: US$444.1m (up 14% from 1Q 2023). Net income: US$209.7m (up 37% from 1Q 2023). Profit margin: 47% (up from 39% in 1Q 2023). Revenue is expected to fall by 19% p.a. on average during the next 3 years compared to a 1.5% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 66% per year, which means it is significantly lagging earnings growth. Announcement • Apr 11
TORM plc Approves a Final Dividend for the Year Ended 31 December 2023 TORM plc approved a final dividend of USD 1.36 per A-share for the year ended 31 December 2023. Recent Insider Transactions Derivative • Apr 11
CEO & Executive Director exercised options to buy kr.64m worth of stock. On the 5th of April, Jacob Meldgaard exercised options to buy 255k shares at a strike price of around kr.63.45, costing a total of kr.16m. Since June 2023, Jacob's direct individual holding has decreased from 510.61k shares to 255.20k. Company insiders have collectively sold kr.94m more than they bought, via options and on-market transactions in the last 12 months. Upcoming Dividend • Apr 08
Upcoming dividend of US$1.36 per share Eligible shareholders must have bought the stock before 15 April 2024. Payment date: 24 April 2024. Payout ratio is a comfortable 75% but the company is paying out more than the cash it is generating. Trailing yield: 16%. Within top quartile of Danish dividend payers (5.6%). Higher than average of industry peers (6.2%). Major Estimate Revision • Mar 14
Consensus revenue estimates increase by 18% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from US$1.17b to US$1.38b. EPS estimate increased from US$7.16 to US$7.30 per share. Net income forecast to grow 4.7% next year vs 5.4% growth forecast for Oil and Gas industry in Denmark. Consensus price target up from kr.266 to kr.274. Share price rose 2.3% to kr.236 over the past week. Announcement • Mar 08
TORM plc Provides Earnings Guidance for the Year 2024 TORM plc provided earnings guidance for the year 2024. For the full year 2024, TCE earnings are expected to be in the range of USD 1.0 billion – 1.35 billion. Reported Earnings • Mar 07
Full year 2023 earnings: EPS in line with analyst expectations despite revenue beat Full year 2023 results: EPS: US$7.75 (up from US$6.92 in FY 2022). Revenue: US$1.52b (up 5.3% from FY 2022). Net income: US$648.3m (up 15% from FY 2022). Profit margin: 43% (up from 39% in FY 2022). Revenue exceeded analyst estimates by 16%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is expected to fall by 21% p.a. on average during the next 3 years compared to a 2.0% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 61% per year, which means it is significantly lagging earnings growth. Announcement • Mar 07
TORM plc Recommends Final Dividend for the Financial Year Ended 31 December 2023, Payable on 24 April 2024 According to the TORM plc’s Distribution Policy, the Company intends to declare a quarterly dividend based on the cash position at the end of each quarter. The Board is recommending a final dividend for the financial year ended 31 December 2023 of USD 1.36 per A-share. When taking into account share issuances that are expected to take place prior to the dividend record date, this is expected to equate to an aggregate dividend payment of USD 126.3 million. This dividend is expected to be paid on 24 April 2024 to all shareholders appearing on the register of members as of 16 April 2024. The payment of the dividend is not conditional on the proposed Capital Reduction. Announcement • Jan 19
TORM plc has completed a Follow-on Equity Offering in the amount of $19.100624 million. TORM plc has completed a Follow-on Equity Offering in the amount of $19.100624 million.
Security Name: Class A shares
Security Type: Common Stock
Securities Offered: 616,746
Price\Range: $30.97 