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SEGMENT | 12 Months Ended
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Dec. 31, 2025
Disclosure of operating segments [abstract] |
Segment | NOTE 3 – SEGMENT Segment Reporting - Consolidated Income Statement
USDm |  | 2025 |  | 2024 |  | 2023
|  | Tanker segment | Marine Engineering segment | Inter- segment elimination | Total |  | Tanker segment | Marine Engineering segment | Inter- segment elimination | Total |  | Tanker segment | Marine Engineering segment | Inter- segment elimination | Total
Revenue |  | 1,314.2 | 37.2 | (11.9) | 1,339.5 |  | 1,544.0 | 29.6 | (14.4) | 1,559.2 |  | 1,491.4 | 48.0 | (19.0) | 1,520.4
Port expenses, bunkers, and commissions |  | (404.5) | — | — | (404.5) |  | (409.2) | — | — | (409.2) |  | (407.6) | — | — | (407.6)
Other cost of goods and services sold |  | — | (24.6) | 7.5 | (17.1) |  | — | (18.5) | 9.2 | (9.3) |  | — | (36.6) | 13.9 | (22.7)
Operating expenses |  | (253.1) | — | 0.7 | (252.4) |  | (245.6) | — | 0.5 | (245.1) |  | (216.4) | — | 0.4 | (216.0)
Profit from sale of vessels |  | 17.8 | — | 1.2 | 19.0 |  | 51.3 | — | — | 51.3 |  | 50.4 | — | — | 50.4
Administrative expenses |  | (106.5) | (7.3) | — | (113.8) |  | (87.9) | (7.7) | — | (95.6) |  | (76.5) | (6.4) | — | (82.9)
Other operating income and expenses |  | — | 0.1 | — | 0.1 |  | (0.6) | 0.1 | — | (0.5) |  | 6.0 | 0.3 | — | 6.3
Depreciation and amortization |  | (213.5) | (1.0) | — | (214.5) |  | (191.2) | (0.8) | — | (192.0) |  | (148.2) | (1.1) | — | (149.3)
Operating profit (EBIT) |  | 354.4 | 4.4 | (2.5) | 356.3 |  | 660.8 | 2.7 | (4.7) | 658.8 |  | 699.1 | 4.2 | (4.7) | 698.6
Financial income |  | 13.1 | 0.2 | — | 13.3 |  | 24.7 | 0.1 | — | 24.8 |  | 14.3 | — | — | 14.3
Financial expenses |  | (74.2) | (0.2) | — | (74.4) |  | (73.9) | (0.2) | — | (74.1) |  | (60.5) | (0.4) | — | (60.9)
Profit before tax |  | 293.3 | 4.4 | (2.5) | 295.2 |  | 611.6 | 2.6 | (4.7) | 609.5 |  | 652.9 | 3.8 | (4.7) | 652.0
Tax |  | (8.5) | (0.7) | — | (9.2) |  | 2.5 | (0.5) | — | 2.0 |  | (4.0) | — | — | (4.0)
Net profit for the year |  | 284.8 | 3.7 | (2.5) | 286.0 |  | 614.1 | 2.1 | (4.7) | 611.5 |  | 648.9 | 3.8 | (4.7) | 648.0
The eliminations above represent revenue and other costs of goods and services sold from the installation of scrubbers and related services performed by the Marine Engineering entities on tanker vessels within the Tanker segment. All revenue from the Tanker segment is derived from external customers. NOTE 3 – continued
USDm | 2025 | 2024 | 2023
Geographical allocation of revenue |  |  |
UK | 68.7 | 88.9 | 88.0
All other countries | 1,270.8 | 1,470.3 | 1,432.4
Total | 1,339.5 | 1,559.2 | 1,520.4
Below is presented the countries contributing more than 10% of TORM's revenue.
Countries contributing more than 10% of TORM's revenue | 2025 | 2024 | 2023
USDm | % of total | USDm | % of total | USDm | % of total
Switzerland | 205.4 | 15.3% | 264.3 | 17.0% | 242.5 | 16.0%
United States | 199.1 | 14.9% | 243.1 | 15.6% | 182.7 | 12.0%
United Arab Emirates | — | —% | 160.5 | 10.3% | — | —%
Revenue is allocated to countries based on the customer’s ultimate parent domicile. NOTE 3 – continued Segment Reporting - Consolidated Balance Sheet
USDm | 2025 |  | 2024 |  | 2023
| Tanker segment | Marine Engineering segment | Inter- segment elimination | Total |  | Tanker segment | Marine Engineering segment | Inter- segment elimination | Total |  | Tanker segment | Marine Engineering segment | Inter- segment elimination | Total
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill | — | 1.8 | — | 1.8 |  | — | 1.7 | — | 1.7 |  | — | 1.8 | — | 1.8
Other intangible assets | 1.6 | 2.4 | — | 4.0 |  | 1.1 | 0.9 | — | 2.0 |  | 0.9 | 0.9 | — | 1.8
Total intangible assets | 1.6 | 4.2 | — | 5.8 |  | 1.1 | 2.6 | — | 3.7 |  | 0.9 | 2.7 | — | 3.6
Tangible fixed assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land and buildings | 7.7 | 2.0 | — | 9.7 |  | 8.1 | — | — | 8.1 |  | 4.9 | 0.6 | — | 5.5
Vessels and capitalized dry-docking | 2,806.8 | — | (14.6) | 2,792.2 |  | 2,843.9 | — | (17.2) | 2,826.7 |  | 2,081.7 | — | (11.5) | 2,070.2
Prepayments on vessels | 14.1 | — | — | 14.1 |  | — | — | — | — |  | 86.0 | — | — | 86.0
Other non-current assets under construction | — | 3.4 | — | 3.4 |  | — | 4.8 | (0.2) | 4.6 |  | — | 4.5 | (0.3) | 4.2
Other plant and operating equipment | 1.4 | 1.1 | — | 2.5 |  | 2.1 | 1.2 | — | 3.3 |  | 3.3 | 1.1 | — | 4.4
Total tangible fixed assets | 2,830.0 | 6.5 | (14.6) | 2,821.9 |  | 2,854.1 | 6.0 | (17.4) | 2,842.7 |  | 2,175.9 | 6.2 | (11.8) | 2,170.3
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments in joint ventures | — | — | — | — |  | 0.1 | — | — | 0.1 |  | 0.1 | — | — | 0.1
Loan receivables | 4.4 | — | — | 4.4 |  | 4.5 | — | — | 4.5 |  | 4.5 | — | — | 4.5
Deferred tax asset | 0.3 | — | — | 0.3 |  | 3.1 | — | — | 3.1 |  | 0.4 | — | — | 0.4
Other investments | 2.7 | — | — | 2.7 |  | 0.2 | — | — | 0.2 |  | — | — | — | —
Total financial assets | 7.4 | — | — | 7.4 |  | 7.9 | — | — | 7.9 |  | 5.0 | — | — | 5.0
Total non-current assets | 2,839.0 | 10.7 | (14.6) | 2,835.1 |  | 2,863.1 | 8.6 | (17.4) | 2,854.3 |  | 2,181.8 | 8.9 | (11.8) | 2,178.9
Inventories | 63.8 | 2.7 | — | 66.5 |  | 62.6 | 5.8 | — | 68.4 |  | 58.0 | 3.7 | — | 61.7
Trade receivables | 209.8 | 4.9 | — | 214.7 |  | 179.1 | 4.8 | — | 183.9 |  | 206.2 | 5.0 | (0.2) | 211.0
Other receivables | 16.9 | 6.8 | — | 23.7 |  | 54.7 | 4.9 | — | 59.6 |  | 58.8 | 1.7 | — | 60.5
Prepayments | 38.4 | 0.7 | — | 39.1 |  | 11.6 | 0.6 | — | 12.2 |  | 10.7 | 4.5 | — | 15.2
Cash and cash equivalents incl. restricted cash | 155.6 | 7.9 | — | 163.5 |  | 284.9 | 6.3 | — | 291.2 |  | 290.7 | 4.9 | — | 295.6
Current assets excluding assets held for sale | 484.5 | 23.0 | — | 507.5 |  | 592.9 | 22.4 | — | 615.3 |  | 624.4 | 19.8 | (0.2) | 644.0
Assets held for sale | 24.4 | — | — | 24.4 |  | — | — | — | — |  | 47.2 | — | — | 47.2
Total current assets | 508.9 | 23.0 | — | 531.9 |  | 592.9 | 22.4 | — | 615.3 |  | 671.6 | 19.8 | (0.2) | 691.2
TOTAL ASSETS | 3,347.9 | 33.7 | (14.6) | 3,367.0 |  | 3,456.0 | 31.0 | (17.4) | 3,469.6 |  | 2,853.4 | 28.7 | (12.0) | 2,870.1
NOTE 3 – continued Segment Reporting - Consolidated Balance Sheet
USDm | 2025 |  | 2024 |  | 2023
| Tanker segment | Marine Engineering segment | Inter- segment elimination | Total |  | Tanker segment | Marine Engineering segment | Inter- segment elimination | Total |  | Tanker segment | Marine Engineering segment | Inter- segment elimination | Total
EQUITY AND LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total equity | 2,196.5 | 18.4 | (12.3) | 2,202.6 |  | 2,072.9 | 11.7 | (9.8) | 2,074.8 |  | 1,661.3 | 9.9 | (5.2) | 1,666.0
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
NON-CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-current tax liability related to held-over gains | 45.2 | — | — | 45.2 |  | 45.2 | — | — | 45.2 |  | 45.2 | — | — | 45.2
Deferred tax liability | — | 0.2 | — | 0.2 |  | — | 0.3 | — | 0.3 |  | 3.3 | 0.3 | — | 3.6
Borrowings | 712.8 | 1.5 | — | 714.3 |  | 1,060.8 | 0.2 | — | 1,061.0 |  | 884.0 | 2.9 | — | 886.9
Other non-current liabilities | 2.7 | 0.6 | — | 3.3 |  | 2.3 | 0.6 | — | 2.9 |  | 2.2 | 0.8 | — | 3.0
Total non-current liabilities | 760.7 | 2.3 | — | 763.0 |  | 1,108.3 | 1.1 | — | 1,109.4 |  | 934.7 | 4.0 | — | 938.7
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings | 285.2 | 3.6 | — | 288.8 |  | 163.5 | 1.8 | — | 165.3 |  | 169.7 | 3.0 | — | 172.7
Trade payables | 38.8 | 2.2 | — | 41.0 |  | 46.2 | 3.8 | — | 50.0 |  | 39.6 | 3.4 | — | 43.0
Current tax liabilities | 0.1 | 0.2 | — | 0.3 |  | 0.4 | 0.3 | — | 0.7 |  | 0.6 | — | — | 0.6
Other liabilities | 66.6 | 1.7 | — | 68.3 |  | 60.7 | 0.6 | — | 61.3 |  | 44.8 | 0.5 | (0.1) | 45.2
Provisions | — | 0.7 | — | 0.7 |  | — | 0.6 | — | 0.6 |  | — | 0.6 | — | 0.6
Prepayments from customers | — | 4.6 | (2.3) | 2.3 |  | 4.0 | 11.1 | (7.6) | 7.5 |  | 2.7 | 7.3 | (6.7) | 3.3
Total current liabilities | 390.7 | 13.0 | (2.3) | 401.4 |  | 274.8 | 18.2 | (7.6) | 285.4 |  | 257.4 | 14.8 | (6.8) | 265.4
Total liabilities | 1,151.4 | 15.3 | (2.3) | 1,164.4 |  | 1,383.1 | 19.3 | (7.6) | 1,394.8 |  | 1,192.1 | 18.8 | (6.8) | 1,204.1
TOTAL EQUITY AND LIABILITIES | 3,347.9 | 33.7 | (14.6) | 3,367.0 |  | 3,456.0 | 31.0 | (17.4) | 3,469.6 |  | 2,853.4 | 28.7 | (12.0) | 2,870.1
Non-current asset additions during the year: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill | — | — | — | — |  | — | — | — | — |  | — | — | — | —
Other intangible assets | 0.9 | 1.7 | — | 2.6 |  | 0.5 | 0.5 | — | 1.0 |  | 0.6 | — | — | 0.6
Land and buildings | 2.1 | 2.4 | — | 4.5 |  | 5.6 | — | — | 5.6 |  | 4.4 | — | — | 4.4
Vessels and capitalized dry-docking | 297.0 | — | 1.4 | 298.4 |  | 798.5 | — | (5.8) | 792.7 |  | 520.4 | — | (4.0) | 516.4
Prepayments on vessels | 17.5 | — | — | 17.5 |  | 111.5 | — | — | 111.5 |  | 86.0 | — | — | 86.0
Other non-current assets under construction | — | — | — | — |  | — | 0.4 | (0.2) | 0.2 |  | — | 4.5 | (0.3) | 4.2
Other plant and operating equipment | 0.8 | 0.2 | — | 1.0 |  | 0.7 | 0.6 | — | 1.3 |  | 1.1 | 0.2 | — | 1.3
Total non-current asset additions | 318.3 | 4.3 | 1.4 | 324.0 |  | 916.8 | 1.5 | (6.0) | 912.3 |  | 612.5 | 4.7 | (4.3) | 612.9
NOTE 3 – continued The Company’s non-current assets are based on domicile of the legal entity ownership in the following countries:
USDm |  | 2025 |  | 2024 |  | 2023
UK |  | 499.0 |  | 357.2 |  | 0.2
Denmark |  | 1,411.1 |  | 1,604.2 |  | 1,746.6
Singapore |  | 835.8 |  | 799.7 |  | 336.7
USA |  | 76.8 |  | 76.0 |  | 79.8
Other countries |  | 7.7 |  | 9.7 |  | 10.6
Non-current assets |  | 2,830.4 |  | 2,846.8 |  | 2,173.9
Accounting Policies The segmentation is based on the Group’s internal management and reporting structure. The Group has two operating segments, the Tanker segment, for which the services provided primarily comprise transportation of refined oil products such as gasoline, jet fuel, and naphtha, and the Marine Engineering segment for which the services provided primarily comprise developing and producing advanced and green marine equipment. Transactions between the segments are based on market-related prices and are eliminated at Group level. TORM considers the global product tanker market as a whole, and as the individual vessels are not limited to specific parts of the world, the Group has only one geographical segment for the Tanker segment. Further, the internal management reporting does not provide geographical information for either the Tanker segment or the Marine Engineering segment. Consequently, geographical segment information on revenue from external customers or non-current segment assets for the Tanker segment or the Marine Engineering segment are not provided.

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