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EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS (Tables) | 12 Months Ended
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Dec. 31, 2025
EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS |
Schedule of borrowings | TORM has the following debt facilities as of December 31, 2025.
Debt Facility |  | Maturity | Outstanding amount 2025 (USDm) | Outstanding amount 2024 (USDm) | Outstanding amount 2023 (USDm)
Senior Unsecured Bonds |  | 2029 | 200.0 | 200.0 | —
Syndicated Facilities 2023 |  | Repaid | — | 160.0 | 224.0
Syndicated Facilities 2025 |  | 2030 | 248.1 | — | —
Danish Ship Finance Facility 2020 |  | 2031 | 211.0 | 245.6 | 192.6
ING Facility 2023 |  | 2029 | 44.8 | 51.4 | 57.9
HCOB Facility 2023 |  | Repaid | — | — | 31.2
HCOB Facility 2024 |  | 2031 | 43.8 | 87.5 | —
KfW Facility 2019 |  | 2032 | 28.8 | 31.8 | 34.8
Credit Agricole Facility 2025 |  | 2031 | 68.6 | — | —
Other credit facilities |  | 2026 | 3.0 | 1.8 | 4.8
Total |  |  | 848.1 | 778.1 | 545.3
TORM has the following undrawn facilities as of December 31, 2025.
Undrawn Facility |  | Maturity | Undrawn amount 2025 (USDm) | Undrawn amount 2024 (USDm) | Undrawn amount 2023 (USDm)
Syndicated Facilities 2025 - RCF |  | 2030 | 285.0 | — | —
Credit Agricole Facility 2025 - RCF |  | 2031 | 68.6 | — | —
HCOB Facility 2024 - RCF |  | 2031 | 45.2 | 74.1 | —
Syndicated Facilities 2023 - RCF |  | Cancelled | — | 100.0 | 100.0
Syndicated Facilities 2024 - RCF |  | Cancelled | — | 149.5 | —
HCOB Facility 2023 - RCF |  | Cancelled | — | — | 24.9
DSF Additional Facility |  | Cancelled | — | — | 52.6
Syndicated Bridge to Bond Facility |  | Cancelled | — | — | 165.0
Total |  |  | 398.8 | 323.6 | 342.5
Lease Facility |  | Maturity | Outstanding amount 2025 (USDm) | Outstanding amount 2024 (USDm) | Outstanding amount 2023 (USDm)
Bocomm Leasing Facilities 2019-2021 |  | 2026 | 28.9 | 135.6 | 148.9
Springliner Leases |  | 2026 | 21.9 | 25.0 | 27.9
China Development Bank Financial Leasing |  | Repaid | — | 136.5 | 149.0
China Merchant Bank Financial Leasing |  | 2026 | 106.7 | 159.5 | 195.8
Total |  |  | 157.5 | 456.6 | 521.6
|  |  |  | 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).
Schedule of reconciliation of liabilities arising from financing activities | 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

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