LIQUIDITY, CAPITAL RESOURCES AND SUBSEQUENT EVENTS (Tables)

12 Months Ended

Dec. 31, 2025

LIQUIDITY, CAPITAL RESOURCES AND SUBSEQUENT EVENTS

Disclosure of detailed information about 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).