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v3.25.4

STAFF COSTS (Tables) | 12 Months Ended
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Dec. 31, 2025
STAFF COSTS |
Schedule of staff costs and average number of employees |
USDm |  | 2025 |  | 2024 |  | 2023
Total staff costs |  |  |  |  |  |
Staff costs included in operating expenses |  | 9.9 |  | 9.6 |  | 8.6
Staff costs included in administrative expenses |  | 87.4 |  | 77.3 |  | 69.3
Total |  | 97.3 |  | 86.9 |  | 77.9
Staff costs comprise the following |  |  |  |  |  |
Wages and salaries |  | 55.3 |  | 47.3 |  | 46.9
Share-based compensation |  | 34.1 |  | 30.3 |  | 23.0
Pension costs |  | 4.7 |  | 4.2 |  | 3.8
Other social security costs |  | 0.6 |  | 0.4 |  | 1.4
Other staff costs |  | 2.6 |  | 4.7 |  | 2.8
Total |  | 97.3 |  | 86.9 |  | 77.9
Average number of permanent employees |  |  |  |  |  |
Seafarers |  | 105 |  | 109 |  | 105
Land-based |  | 529 |  | 498 |  | 468
Total |  | 634 |  | 607 |  | 573
Schedule of key management personnel compensation |
USD '000 |  | 2025 |  | 2024 |  | 2023
Non-Executive Board and Committee remuneration, short term |  |  |  |  |  |
Christopher H. Boehringer |  | 231 |  | 212 |  | 214
David N. Weinstein |  | 257 |  | 217 |  | 219
Göran Trapp |  | 200 |  | 163 |  | 164
Annette Malm Justad |  | 229 |  | 163 |  | 164
Total |  | 917 |  | 755 |  | 761
USD '000 |  | Salary |  | Taxable benefits |  | Annual performance bonus |  | Share-based payment |  | Total
Executive Management remuneration |  |  |  |  |  |  |  |  |  |
Jacob Meldgaard |  |  |  |  |  |  |  |  |  |
2023, TORM A/S¹⁾ |  | 1,119 |  | 40 |  | 1,277 |  | — |  | 2,436
2023, TORM plc¹⁾ |  | 77 |  | — |  | — |  | 4,383 |  | 4,460
2024, TORM A/S¹⁾ |  | 1,141 |  | 40 |  | 1,233 |  | — |  | 2,414
2024, TORM plc¹⁾ |  | 76 |  | — |  | — |  | 5,530 |  | 5,606
2025, TORM A/S¹⁾ |  | 1,233 |  | 42 |  | 1,393 |  | — |  | 2,668
2025, TORM plc¹⁾ |  | 80 |  | — |  | — |  | 6,574 |  | 6,654
1) Paid by legal entity as noted.
Disclosure of number and weighted average exercise prices of other equity instruments | LTIP element of CEO Jacob Meldgaard's remuneration package:
| Retention |  | Ordinary |  | Ordinary |  | Ordinary |  | Retention
Grant Date | Sep 23, 2025 |  | Mar 06, 2025 |  | Mar 07, 2024 |  | Mar 29, 2023 |  | Mar 29, 2023
RSU LTIP grant¹⁾ | 500,000 |  | 255,200 |  | 255,200 |  | 255,200 |  | 300,000
Exercise price per share | $0.01 |  | DKK 162.38 |  | DKK 258.40 |  | DKK 220.60 |  | $0.01
RSU grant value assuming 100% vesting | $9.1m |  | $0.7m |  | $1.9m |  | $2.5m |  | $10.7m
Schedule of reconciliation number of other equity instruments | The program comprises the following number of shares in TORM plc:
Number of shares (1,000) |  | 2025 |  | 2024 |  | 2023
Outstanding as of January 01 |  | 4,456.6 |  | 4,417.7 |  | 2,424.0
Granted during the period¹⁾ |  | 4,597.6 |  | 1,506.4 |  | 3,136.6
Exercised during the period |  | (3,263.5) |  | (1,345.4) |  | (1,137.6)
Expired/forfeited during the period |  | (934.2) |  | (122.1) |  | (5.3)
Outstanding as of December 31 |  | 4,856.5 |  | 4,456.6 |  | 4,417.7
Exercisable as of December 31 |  | — |  | — |  | —
1) In cludes additional 1,158,938 (2024: 36,259, 2023: 0) RSUs granted in 2025 to adjust for the impact of dividends on the share price in accordance with the original terms of the grant. No modifications to the terms of the grant in the RSU program have occurred.

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