v3.25.4
STAFF COSTS (Tables)
 12 Months Ended
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) Includes 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.