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EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS | 12 Months Ended
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Dec. 31, 2025
EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS |
Effective interest rate, outstanding borrowings | NOTE 19 – EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS
|  |  |  | 2025 |  | 2024 |  | 2023
USDm |  | Fixed/ floating |  | Maturity | Effective interest¹⁾ |  | Carrying value²⁾ |  | Maturity | Effective interest¹⁾ |  | Carrying value²⁾ |  | Maturity | Effective interest¹⁾ |  | Carrying value²⁾
Borrowings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bond Facility⁵⁾ |  | Fixed |  | 2029 |  | 10.2 | % | 200.0 |  | 2029 |  | 9.9 | % | 200.0 |  | — |  | — |  | —
CMBFL³⁾ |  | Fixed |  | 2026 |  | 10.8 | % | 106.7 |  | 2033 |  | 5.8 | % | 159.5 |  | 2033 |  | 5.7 | % | 195.8
Springliner (USD)³⁾ |  | Fixed |  | 2026 |  | 4.8 | % | 21.9 |  | 2026 |  | 4.8 | % | 25.0 |  | 2026 |  | 4.8 | % | 27.9
CDBL³⁾ |  | Fixed |  | — |  | — | % | — |  | 2032 |  | 6.1 | % | 136.5 |  | 2032 |  | 5.7 | % | 149.0
BoComm 2 (USD)³⁾ |  | Floating |  | 2026 |  | 17.0 | % | 28.9 |  | 2032 |  | 7.6 | % | 62.1 |  | 2032 |  | 7.0 | % | 66.7
Credit Agricole Facility⁵⁾ |  | Floating |  | 2031 |  | 5.8 | % | 68.6 |  | — |  | — |  | — |  | — |  | — |  | —
DSF Facility⁵⁾ |  | Floating |  | 2031 |  | 5.6 | % | 107.6 |  | 2029 |  | 6.4 | % | 123.8 |  | 2029 |  | 5.9 | % | 140.1
DSF Facility 2⁵⁾ |  | Floating |  | 2029 |  | 5.4 | % | 76.0 |  | 2029 |  | 6.2 | % | 92.0 |  | 2029 |  | 5.8 | % | 52.5
DSF Facility 3⁵⁾ |  | Floating |  | 2031 |  | 5.6 | % | 27.4 |  | 2031 |  | 6.2 | % | 29.8 |  | — |  | — |  | —
HCOB Facility⁵⁾ |  | Floating |  | 2031 |  | 7.0 | % | 43.8 |  | 2031 |  | 7.4 | % | 87.5 |  | 2029 |  | 7.8 | % | 31.2
ING⁵⁾ |  | Floating |  | 2029 |  | 5.7 | % | 44.8 |  | 2029 |  | 6.4 | % | 51.4 |  | 2029 |  | 5.9 | % | 57.9
KFW Facility⁵⁾ |  | Floating |  | 2032 |  | 6.4 | % | 28.8 |  | 2032 |  | 7.1 | % | 31.8 |  | 2032 |  | 6.4 | % | 34.8
Syndicate Facility 2025⁵⁾ |  | Floating |  | 2030 |  | 5.7 | % | 248.1 |  | — |  | — | % | — |  | — |  | — | % | —
Other credit facilities |  | Floating |  | 2026 |  | 4.0 | % | 3.0 |  | 2026 |  | 4.3 | % | 1.8 |  | 2026 |  | 4.7 | % | 4.8
BoComm 3 (USD)³⁾ |  | Floating |  | — |  | — | % | — |  | 2029 |  | 7.9 | % | 73.5 |  | 2029 |  | 7.3 | % | 82.2
Syndicate Facility 2023⁵⁾ |  | Floating |  | — |  | — | % | — |  | 2029 |  | 7.2 | % | 160.0 |  | 2028 |  | 6.6 | % | 224.0
Total borrowings and weighted average effective interest rate⁴⁾ |  |  |  |  |  | 7.5 | % | 1,005.6 |  |  |  | 7.1 | % | 1,234.7 |  |  |  | 6.2 | % | 1,066.9
Borrowing costs |  |  |  |  |  |  |  | (13.2) |  |  |  |  |  | (17.0) |  |  |  |  |  | (13.9)
Right-of-use lease liabilities |  |  |  |  |  |  |  | 10.7 |  |  |  |  |  | 8.6 |  |  |  |  |  | 6.6
Total |  |  |  |  |  |  |  | 1,003.1 |  |  |  |  |  | 1,226.3 |  |  |  |  |  | 1,059.6
Hereof non-current |  |  |  |  |  |  |  | 714.3 |  |  |  |  |  | 1,061.0 |  |  |  |  |  | 886.9
Hereof current |  |  |  |  |  |  |  | 288.8 |  |  |  |  |  | 165.3 |  |  |  |  |  | 172.7
1) Effective interest rate includes deferred borrowing costs. 2) Because of the floating interest rate, the carrying value of the Group's borrowings is approximately equal to the fair value except for fixed rate borrowings, where the fair value amounts to $321.4m (2024: $544.8m, 2023: $402.8m (compared to a total carrying value as of December 31, 2025 of $328.6m, 2024: $521.0m, 2023: $372.7m). 3) Lease debt recognized under sale and leaseback arrangement with repurchase options (accounted for as finance transactions). 4) Please refer to Note 23 for average interest rate including hedges. 5) Facility with financial covenant. Total carrying value amounts to $845.0m as of December 31, 2025 (2024: $776.3m, 2023: $540.5m). In addition to the facilities above, TORM had undrawn credit facilities of $398.8m as of December 31, 2025. Please refer to Note 2 for further information on the Company’s liquidity and capital resources and Notes 23 and 24 for further information on interest rate swaps and financial risks. NOTE 19 – continued The following table summarizes the reconciliation of liabilities arising from financing activities:
|  |  |  | Cash movements | Non-cash movements |  |  |
USDm |  | Opening balance as of January 01, 2025 |  | Borrowings |  | Repayments |  | Other changes |  | End balance as of December 31, 2025
Borrowings |  | 1,226.3 |  | 338.0 |  | (567.7) |  | 6.5 |  | 1,003.1
Total |  | 1,226.3 |  | 338.0 |  | (567.7) |  | 6.5 |  | 1,003.1
|  |  |  | Cash movements | Non-cash movements |  |  |
USDm |  | Opening balance as of January 01, 2024 |  | Borrowings |  | Repayments |  | Other changes |  | End balance as of December 31, 2024
Borrowings |  | 1,059.6 |  | 419.4 |  | (256.3) |  | 3.6 |  | 1,226.3
Total |  | 1,059.6 |  | 419.4 |  | (256.3) |  | 3.6 |  | 1,226.3
|  |  |  | Cash movements | Non-cash movements |  |  |
USDm |  | Opening balance as of January 01, 2023 |  | Borrowings |  | Repayments |  | Other changes |  | End balance as of December 31, 2023
Borrowings |  | 966.9 |  | 676.4 |  | (585.4) |  | 1.7 |  | 1,059.6
Total |  | 966.9 |  | 676.4 |  | (585.4) |  | 1.7 |  | 1,059.6
Accounting Policies Borrowings consist of mortgage debt, bank loans, bonds and lease liabilities. Borrowings are initially measured at fair value less transaction costs. Mortgage debt and bank loans are subsequently measured at amortized cost. This means that the difference between the net proceeds at the time of borrowing and the nominal amount of the loan is recognized in the income statement as a financial expense over the term of the loan applying the effective interest method. When terms of existing financial liabilities are renegotiated, or other changes regarding the effective interest rate occur, TORM performs a test to evaluate whether the new terms are substantially different from the original terms. If the new terms are substantially different from the original terms, TORM accounts for the change as an extinguishment of the original financial liability and the recognition of a new financial liability.

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- Definition The disclosure of borrowings. [Refer: Borrowings] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Note Expiry date 2027-01-01 -Name IAS -Number 1 -IssueDate 2025-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2025-en-b&anchor=para_10_e&doctype=Standard -URIDate 2025-03-27 + Details
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- Definition Disclosure of Effective Interest Rate, Outstanding Mortgage Debt And Bank Loans [Abstract] + References No definition available. + Details
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