Torm Plc (TRMD) financial statements: income statement, balance sheet and cash flow
Torm Plc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Torm Plc reported revenue of $1.3B (-14.1% year on year).
Income statement
Torm Plc income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Revenue
$1.3B
$1.6B
$1.5B
$1.4B
Port expenses, bunkers, commissions, and other cost of goods and services sold
($421.6M)
($418.5M)
($430.3M)
($459.5M)
Operating expenses
($252.4M)
($245.1M)
($216.0M)
($202.1M)
Profit from sale of vessels
$19.0M
$51.3M
$50.4M
$10.2M
Administrative expenses
($113.8M)
($95.6M)
($82.9M)
($55.0M)
Other operating income and expenses
$100.0K
($500.0K)
$6.4M
$6.0M
Depreciation and amortization
($214.5M)
($192.0M)
($149.3M)
($139.0M)
Operating profit (EBIT)
$356.3M
$658.8M
$698.6M
$601.4M
Financial income
$13.3M
$24.8M
$14.3M
$4.0M
Financial expenses
($74.4M)
($74.1M)
($60.9M)
($48.8M)
Profit before tax
$295.2M
$609.5M
$652.0M
$556.7M
Tax
($9.2M)
$2.0M
($4.0M)
$5.9M
Net profit for the year
$286.0M
$611.5M
$648.0M
$562.6M
TORM plc shareholders
$285.3M
$612.5M
$648.3M
$562.8M
Non-controlling interest
$700.0K
($1.0M)
($298.0K)
($180.0K)
Basic earnings per share (in USD per share)
$2.91
$6.54
$7.75
$6.92
Diluted earnings per share (in USD per share)
$2.85
$6.36
$7.48
$6.80
Torm Plc income statement, quarters
Line item
Jun 30, 2026 · YTD
Jun 30, 2025 · YTD
Jun 30, 2024 · YTD
Sep 30, 2023 · YTD
Revenue
$1.1B
$644.3M
$881.7M
$1.1B
Port expenses, bunkers, commissions, and other cost of goods and services sold
($264.5M)
($215.3M)
($222.7M)
($309.6M)
Operating expenses
($140.3M)
($130.7M)
($119.3M)
($161.0M)
Profit from sale of vessels
$4.0M
$14.9M
$27.6M
$10.5M
Administrative expenses
($47.2M)
($50.5M)
($50.0M)
($58.5M)
Other operating income and expenses
($300.0K)
($300.0K)
($400.0K)
($400.0K)
Depreciation and amortization
($120.1M)
($105.4M)
($89.9M)
($110.3M)
Operating profit (EBIT)
$496.4M
$157.0M
$427.0M
$503.3M
Financial income
$3.9M
$7.5M
$14.1M
$10.8M
Financial expenses
($37.2M)
($35.7M)
($37.2M)
($46.9M)
Profit before tax
$463.1M
$128.8M
$403.9M
$467.2M
Tax
($2.4M)
($7.2M)
($500.0K)
($3.8M)
TORM plc shareholders
$460.7M
$120.9M
$404.3M
$463.7M
Non-controlling interest
$0
$700.0K
($900.0K)
($300.0K)
Net profit for the period
$460.7M
$121.6M
$403.4M
$463.4M
Basic earnings per share (in USD per share)
$4.52
$1.24
$4.40
$5.57
Diluted earnings per share (in USD per share)
$4.43
$1.20
$4.28
$5.37
Balance sheet
Torm Plc balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Goodwill
$1.8M
$1.7M
$1.8M
$1.8M
Other intangible assets
$4.0M
$2.0M
$1.9M
$1.9M
Total intangible assets
$5.8M
$3.7M
$3.6M
$3.8M
Land and buildings
$9.7M
$8.1M
$5.5M
$3.8M
Vessels and capitalized dry-docking
$2.8B
$2.8B
$2.1B
$1.9B
Prepayments on vessels
$14.1M
$0
$86.0M
—
Other non-current assets under construction
$3.4M
$4.6M
$4.2M
—
Other plant and operating equipment
$2.5M
$3.3M
$4.4M
$5.6M
Total tangible fixed assets
$2.8B
$2.8B
$2.2B
$1.9B
Investments in joint ventures
$0
$100.0K
$76.0K
$76.0K
Loan receivables
$4.4M
$4.5M
$4.5M
$4.6M
Deferred tax asset
$300.0K
$3.1M
$432.0K
$555.0K
Other investments
$2.7M
$200.0K
$1.0K
$197.0K
Total financial assets
$7.4M
$7.9M
$5.0M
$5.4M
Total non-current assets
$2.8B
$2.9B
$2.2B
$1.9B
Inventories
$66.5M
$68.4M
$61.7M
$72.0M
Trade receivables
$214.7M
$183.9M
$211.0M
$259.5M
Other receivables
$23.7M
$59.6M
$60.5M
$74.0M
Prepayments
$39.1M
$12.2M
$15.2M
$10.4M
Cash and cash equivalents incl. restricted cash
$163.5M
$291.2M
$295.6M
$323.8M
Current assets excluding assets held for sale
$507.5M
$615.3M
$644.1M
$739.7M
Assets held for sale
$24.4M
$0
$47.2M
—
Total current assets
$531.9M
$615.3M
$691.3M
$739.7M
TOTAL ASSETS
$3.4B
$3.5B
$2.9B
$2.6B
Common shares
1.0M
1.0M
862.0K
823.0K
Share premium
$110.2M
$271.0M
$260.0M
$167.5M
Treasury shares
0
-4.2M
-4.2M
-4.2M
Hedging reserves
$6.6M
$15.5M
$25.6M
$39.9M
Translation reserves
($200.0K)
($800.0K)
($474.0K)
($439.0K)
Other reserves
$296.1M
$320.0M
—
—
Retained profit
$1.8B
$1.5B
$1.4B
$1.3B
Equity attributable to TORM plc shareholders
$2.2B
$2.1B
$1.7B
$1.5B
Non-controlling interest
$0
$800.0K
$2.0M
$2.4M
Total equity
$2.2B
$2.1B
$1.7B
$1.5B
Non-current tax liability related to held-over gains
$45.2M
$45.2M
$45.2M
$45.2M
Deferred tax liability
$200.0K
—
—
$6.1M
Borrowings
$714.3M
$1.1B
$886.9M
$849.8M
Other non-current liabilities
$3.3M
$2.9M
$3.0M
$3.0M
Total non-current liabilities
$763.0M
$1.1B
$938.7M
$904.1M
Borrowings
$288.8M
$165.3M
$172.7M
$117.1M
Trade payables
$41.0M
$50.0M
$43.1M
$48.5M
Current tax liabilities
$300.0K
$700.0K
$650.0K
$2.0M
Other liabilities
$68.3M
$61.3M
$45.2M
$31.1M
Provisions
$700.0K
$600.0K
$564.0K
$6.8M
Prepayments from customers
$2.3M
$7.5M
$3.4M
$885.0K
Torm Plc balance sheet, quarters
Line item
Jun 30, 2026
Jun 30, 2025
Jun 30, 2024
Sep 30, 2023
Goodwill
$1.9M
$1.8M
$1.8M
$1.7M
Other intangible assets
$4.2M
$2.3M
$2.2M
$1.7M
Total intangible assets
$6.1M
$4.1M
$4.0M
$3.4M
Land and buildings
$8.3M
$8.3M
$4.1M
$5.9M
Vessels and capitalized dry-docking
$2.9B
$2.7B
$2.5B
$2.1B
Prepayments on vessels
$29.3M
—
$0
$3.8M
Other non-current assets under construction
$4.5M
$2.2M
$3.9M
—
Other plant and operating equipment
$1.9M
$2.6M
$3.5M
$4.3M
Total tangible fixed assets
$3.0B
$2.7B
$2.5B
$2.1B
Investments in joint ventures
$0
$100.0K
$100.0K
$100.0K
Loan receivables
$4.4M
$4.5M
$4.5M
$4.6M
Deferred tax asset
$300.0K
$300.0K
$300.0K
$400.0K
Other investments
$3.0M
$100.0K
$500.0K
—
Total financial assets
$7.7M
$5.0M
$5.4M
$5.1M
Total non-current assets
$3.0B
$2.7B
$2.5B
$2.1B
Inventories
$111.8M
$69.5M
$69.4M
$70.6M
Trade receivables
$322.4M
$170.9M
$244.1M
$203.7M
Other receivables
$28.1M
$30.9M
$45.4M
$89.3M
Prepayments
$16.1M
$10.6M
$12.2M
$13.0M
Cash and cash equivalents incl. restricted cash
$368.2M
$369.8M
$532.4M
$270.7M
Current assets excl. assets held for sale
$846.6M
$651.7M
$903.5M
$647.3M
Assets held for sale
$0
$31.1M
$12.4M
$27.8M
Total current assets
$846.6M
$682.8M
$915.9M
$675.1M
TOTAL ASSETS
$3.8B
$3.4B
$3.5B
$2.8B
Common shares
1.0M
1.0M
1.0M
800.0K
Share premium
$131.6M
$91.1M
$167.1M
$222.0M
Hedging reserves
$7.1M
$12.8M
$24.8M
$35.7M
Translation reserves
($400.0K)
($100.0K)
($600.0K)
($700.0K)
Other reserves
$153.1M
$398.1M
$320.0M
—
Retained profit
$2.3B
$1.6B
$1.5B
$1.3B
Total equity
$2.6B
$2.1B
$2.0B
$1.6B
Non-current tax liability related to held-over gains
$45.2M
$45.2M
$45.2M
$45.2M
Deferred tax liability
$2.0M
$300.0K
$2.4M
$7.5M
Borrowings
$839.2M
$969.8M
$1.1B
$893.8M
Other non-current liabilities
$13.8M
$8.0M
$3.5M
$3.0M
Total non-current liabilities
$900.2M
$1.0B
$1.1B
$949.5M
Borrowings
$237.0M
$156.2M
$175.0M
$194.2M
Trade payables
$81.8M
$45.2M
$47.4M
$45.6M
Current tax liabilities
$100.0K
$1.3M
$1.5M
$1.6M
Other liabilities
$46.8M
$57.1M
$57.1M
$39.3M
Provisions
$400.0K
$700.0K
$600.0K
$6.9M
Prepayments from customers
$6.6M
$5.6M
$6.1M
$1.9M
Total current liabilities
$372.7M
$266.1M
$287.7M
$289.5M
Total liabilities
$1.3B
$1.3B
$1.4B
$1.2B
TOTAL EQUITY AND LIABILITIES
$3.8B
$3.4B
$3.5B
$2.8B
Cash flow statement
Torm Plc cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net profit for the year
$286.0M
$611.5M
$648.0M
$562.6M
Profit from sale of vessels
($19.0M)
($51.3M)
($50.4M)
($10.2M)
Depreciation and amortization
$214.5M
$192.0M
$149.3M
$139.0M
Financial income
($13.3M)
($24.8M)
($14.3M)
($4.0M)
Financial expenses
$74.4M
$74.1M
$60.9M
$48.8M
Tax expenses/(income)
$9.2M
($2.0M)
$4.0M
($5.9M)
Other non-cash movements
$41.4M
$22.9M
$14.6M
($3.7M)
Interest received and realized exchange gains
$11.9M
$24.8M
$14.3M
$4.0M
Interest paid and realized exchange losses
($70.0M)
($66.9M)
($66.0M)
($49.6M)
Income taxes paid
($2.7M)
($1.3M)
($3.1M)
($658.0K)
Change in inventories, receivables and payables, etc.
($33.5M)
$47.8M
$47.8M
($180.9M)
Net cash flow from operating activities
$498.9M
$826.8M
$805.0M
$501.9M
Investment in tangible fixed assets
($308.5M)
($582.4M)
($509.6M)
($119.3M)
Investment in intangible fixed assets
($1.8M)
($1.1M)
($563.0K)
($618.0K)
Sale of tangible fixed assets
$143.8M
$130.6M
$166.4M
$106.6M
Change in restricted cash
$13.9M
$10.8M
($26.7M)
$23.5M
Net cash flow from investing activities
($152.6M)
($442.1M)
($370.6M)
$11.3M
Proceeds, borrowings
$338.0M
$419.4M
$676.4M
$96.3M
Repayment, borrowings
($567.7M)
($256.3M)
($585.4M)
($275.2M)
Vessel lease extinguishment prepayment
($29.1M)
—
—
—
Dividends paid
($199.7M)
($553.3M)
($586.4M)
($166.7M)
Capital increase
2.3M
12.5M
6.2M
8.0M
Transaction costs share issue
($100.0K)
($600.0K)
($167.0K)
($31.0K)
Transactions with non-controlling interests
($3.8M)
—
—
—
Net cash flow from financing activities
($460.1M)
($378.3M)
($489.4M)
($337.6M)
Net cash flow from operating, investing, and financing activities
($113.8M)
$6.4M
($54.9M)
$175.6M
Cash and cash equivalents as of January 01
$271.9M
$265.5M
$320.5M
$144.8M
Cash and cash equivalents as of December 31
$158.1M
$271.9M
—
—
Restricted cash as of December 31
$5.4M
$19.3M
$30.1M
$3.3M
Cash and cash equivalents, including restricted cash as of December 31
$163.5M
$291.2M
$295.6M
$323.8M
Torm Plc cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Jun 30, 2025 · YTD
Jun 30, 2024 · YTD
Sep 30, 2023 · YTD
Net profit for the period
$460.7M
$121.6M
$403.4M
$463.4M
Profit from sale of vessels
($4.0M)
($14.9M)
($27.6M)
($10.5M)
Depreciation and amortization
$120.1M
$105.4M
$89.9M
$110.3M
Financial income
($3.9M)
($7.5M)
($14.1M)
($10.8M)
Financial expenses
$37.2M
$35.7M
$37.2M
$46.9M
Tax
$2.4M
$7.2M
$500.0K
$3.8M
Other non-cash movements
$5.4M
$18.3M
$16.6M
$2.6M
Interest received and realized exchange gains
$3.4M
$7.7M
$14.1M
$10.8M
Interest paid and realized exchange losses
($33.1M)
($34.1M)
($30.2M)
($50.0M)
Income taxes paid
($1.7M)
($1.2M)
($600.0K)
($1.6M)
Change in inventories, receivables and payables, etc.
($131.1M)
$6.2M
($20.8M)
$45.2M
Net cash flow from operating activities
$455.4M
$244.4M
$468.4M
$610.1M
Investment in tangible fixed assets
($256.9M)
($55.7M)
($262.3M)
($357.5M)
Investment in intangible fixed assets
($1.5M)
($400.0K)
($900.0K)
($200.0K)
Sale of tangible fixed assets
$29.3M
$95.3M
$88.4M
$34.3M
Change in restricted cash
$2.9M
$9.3M
$24.8M
($27.1M)
Net cash flow from investing activities
($226.2M)
$48.5M
($150.0M)
($350.5M)
Proceeds, borrowings
$294.5M
$100.0K
$302.2M
$565.9M
Repayment, borrowings
($194.5M)
($103.8M)
($101.4M)
($448.5M)
Vessel lease extinguishment prepayment
$0
—
—
—
Dividend paid
($143.0M)
($97.7M)
($267.7M)
($463.2M)
Capital increase
21.4M
200.0K
10.6M
6.2M
Transaction costs share issue
$0
($100.0K)
($500.0K)
($200.0K)
Transactions with non-controlling interests
$0
($3.7M)
—
—
Net cash flow from financing activities
($21.6M)
($205.0M)
($56.8M)
($339.8M)
Net cash flow from operating, investing and financing activities
$207.6M
$87.9M
$261.6M
($80.2M)
Cash and cash equivalents beginning balance
$158.1M
$271.9M
$265.5M
$320.5M
Cash and cash equivalents ending balance
$365.7M
$359.8M
$527.1M
$240.3M
Restricted cash equivalents ending balance
$2.5M
$10.0M
$5.3M
$30.4M
Cash and cash equivalents including restricted cash ending balance