FRO - Fourth Quarter and Full Year 2025 Results

FRONTLINE PLC REPORTS RESULTS FOR THE FOURTH QUARTER ENDED DECEMBER 31, 2025

Frontline plc (the “Company”, “Frontline,” “we,” “us,” or “our”), today reported unaudited results for the three and twelve months ended December 31, 2025:

Highlights

• Profit of $227.9 million, or $1.02 per share for the fourth quarter of 2025.
• Adjusted profit of $230.4 million, or $1.03 per share for the fourth quarter of 2025.
• Declared a cash dividend of $1.03 per share for the fourth quarter of 2025.
• Reported revenues of $624.5 million for the fourth quarter of 2025.
• Achieved average daily spot time charter equivalent earnings ("TCEs")¹ for VLCCs, Suezmax tankers and LR2/Aframax tankers in the fourth quarter of $74,200, $53,800 and $33,500 per day, respectively.
• Entered into agreements to sell eight of our oldest first-generation ECO VLCCs, built between 2015 and 2016 to an unrelated third party, for a total sales price of $831.5 million and to acquire nine latest generation scrubber-fitted ECO VLCC newbuildings from affiliates of Hemen Holding Limited, the Company’s largest shareholder (“Hemen”), for an aggregate purchase price of $1,224.0 million.
• Entered into one-year time charter-out agreements for seven of our VLCCs, built between 2016 to 2018, at an average rate of $76,900 per day.
• Entered into a one-year time charter-out agreement for one of our VLCCs, built in 2019, at a rate of $93,500 per day.

Lars H. Barstad, Chief Executive Officer of Frontline Management AS, commented:

“The fourth quarter of 2025 reinforced the positive momentum established in the third quarter. For several years, Frontline has maintained that the growing imbalance between oil demand growth and limited fleet supply would create a constructive market environment and the firm trend has carried into the first quarter of 2026. Periods of volatility tend to create opportunities, and Frontline has moved decisively, both in renewing its VLCC fleet and in securing attractive fixed revenue, as we enter what may prove to be an unprecedented period for the tanker industry. Our team brings decades of experience navigating comparable cycles, and Frontline’s business model is set to capitalize on such environments, positioning the Company to generate material shareholder returns as we proceed.”

 Average daily TCEs and estimated cash breakeven rates

We expect the spot TCEs for the full first quarter of 2026 to be lower than the spot TCEs currently contracted, due to the impact of ballast days during the first quarter of 2026. See Appendix 1 for further details.

The Board of Directors
Frontline plc
Limassol, Cyprus
February 26, 2026

Ola Lorentzon - Chairman and Director
John Fredriksen - Director
James O'Shaughnessy - Director
Cato Stonex - Director
Ørjan Svanevik - Director
Dr. Maria Papakokkinou - Director
Richard C. Prince - Director

Questions should be directed to:

Lars H. Barstad: Chief Executive Officer, Frontline Management AS
+47 23 11 40 00

Inger M. Klemp: Chief Financial Officer, Frontline Management AS
+47 23 11 40 00

Forward-Looking Statements

Matters discussed in this report may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements, which include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

Frontline plc and its subsidiaries, or the Company, desire to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. This report and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial performance and are not intended to give any assurance as to future results. When used in this document, the words "believe," "anticipate," "intend," "estimate," "forecast," "project," "plan," "potential," "will," "may," "should," "expect" and similar expressions, terms or phrases may identify forward-looking statements.

The forward-looking statements in this report are based upon various assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

In addition to these important factors and matters discussed elsewhere herein, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include:

• the strength of world economies;
• fluctuations in currencies and interest rates, including inflationary pressures and central bank policies intended to combat overall inflation and high interest rates and foreign exchange rates;
• the impact that any discontinuance, modification or other reform or the establishment of alternative reference rates have on the Company’s floating interest rate debt instruments;
• general market conditions, including fluctuations in charter hire rates and vessel values;
• changes in the supply and demand for vessels comparable to ours and the number of newbuildings under construction;
• the highly cyclical nature of the industry that we operate in;
• the loss of a large customer or significant business relationship;
• changes in worldwide oil production and consumption and storage;
• changes in OPEC and non-OPEC production decisions and geopolitical developments affecting oil supply
• and trade flows;
• changes in the Company's operating expenses, including bunker prices, dry docking, crew costs and insurance costs;
• planned, pending or recent acquisitions, business strategy and expected capital spending or operating expenses, including dry docking, repairs, surveys and upgrades;
• risks associated with any future vessel construction;
• our expectations regarding the availability of vessel acquisitions and our ability to complete vessel acquisition transactions as planned;
• our ability to successfully compete for and enter into new time charters or other employment arrangements for our existing vessels after our current time charters expire and our ability to earn income in the spot market;
• availability of financing and refinancing, our ability to obtain financing and comply with the restrictions and other covenants in our financing arrangements;
• availability of skilled crew members and other employees and the related labor costs;
• work stoppages or other labor disruptions by our employees or the employees of other companies in related industries;
• compliance with governmental, tax, environmental and safety regulation, any non-compliance with U.S. or European Union regulations;
• the impact of increasing scrutiny and changing expectations from investors, lenders and other market participants with respect to our Environmental, Social and Governance policies;
• compliance with the Foreign Corrupt Practices Act of 1977 or other applicable regulations relating to bribery;
• general economic conditions and conditions in the oil industry;
• effects of new products and new technology in our industry, including the potential for technological innovation to reduce the value of our vessels and charter income derived therefrom;
• new environmental regulations and restrictions, whether at a global level stipulated by the International Maritime Organization, and/or imposed by regional or national authorities such as the European Union or individual countries;
• vessel breakdowns and instances of off-hire;
• cost and effects of cybersecurity incidents or other failures, interruptions, or security breaches of our systems or those of our customers or third-party providers, including software failures, unforeseeable security breaches, or incidents stemming from the misuse of intentional or unintentional misapplication of artificial intelligence in our business;
• our ability to successfully adopt artificial intelligence and digital logistics into our operating systems;
• risks associated with potential cybersecurity or other privacy threats and data security breaches;
• potential conflicts of interest involving members of our Board of Directors and senior management;
• the failure of counter parties to fully perform their contracts with us;
• changes in credit risk with respect to our counterparties on contracts;
• our dependence on key personnel and our ability to attract, retain and motivate key employees;
• adequacy and cost of insurance coverage;
• our ability to obtain indemnities from customers;
• changes in laws, treaties or regulations;
• the volatility of the price of our ordinary shares;
• our incorporation under the laws of Cyprus and the different rights to relief that may be available compared to other countries, including the United States;
• changes in governmental rules and regulations or actions taken by regulatory authorities;
• government requisition of our vessels during a period of war or emergency;
• potential liability from pending or future litigation and potential costs due to environmental damage and vessel collisions;
• the arrest of our vessels by maritime claimants;
• general domestic and international political conditions or events, including “trade wars”;
• any further changes in U.S. trade policy that could trigger retaliatory actions by the affected countries;
• potential disruption of shipping routes due to accidents, environmental factors, political events, public health threats, international sanctions and international hostilities including the war between Russia and Ukraine and the developments in the Middle East, including vessel attacks in the Red Sea and Gulf of Aden and Israel-Iran conflict, acts by terrorists or acts of piracy on ocean-going vessels;
• the impact of restriction on trade, including the imposition of new tariffs, port fees and other import restrictions by the United States on its trading partners and the imposition of retaliatory tariffs by China and the European Union on the United States, and potential further protectionist measures and/or further retaliatory actions by others, including the imposition of tariffs or penalties on vessels calling in key export and import ports such as the United States, European Union and/or China;
• the length and severity of epidemics and pandemics and their impact on the demand for seaborne transportation of crude oil and refined products;
• the impact of port or canal congestion;
• business disruptions due to adverse weather, natural disasters or other disasters outside our control; and
• other important factors described from time to time in the reports filed by the Company with the U.S Securities and Exchange Commission.
  
  

We caution readers of this report not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are no guarantee of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

¹ This press release describes Time Charter Equivalent earnings and related per day amounts and spot TCE currently contracted, which are not measures prepared in accordance with IFRS (“non-GAAP”). See Appendix 1 for a full description of the measures and reconciliation to the nearest IFRS measure.

Attachment

• 4th Quarter 2025 Results