FRO – First Quarter 2026 Results

FRONTLINE PLC REPORTS RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2026

Frontline plc (the “Company”, “Frontline,” “we,” “us,” or “our”), today reported unaudited results for the three months ended March 31, 2026:

Highlights

Profit of $559.1 million, or $2.51 per share for the first quarter of 2026.
Adjusted profit of $344.9 million for the first quarter of 2026, the strongest since the fourth quarter of 2004, or $1.55 per share.
Declared a cash dividend of $1.55 per share for the first quarter of 2026.
Reported revenues of $714.2 million for the first quarter of 2026.
Achieved average daily spot time charter equivalent earnings ("TCEs")¹ for VLCCs, Suezmax tankers and LR2/Aframax tankers in the first quarter of $103,500, $72,400 and $50,700 per day, respectively.
Delivered eight of our oldest first-generation ECO VLCCs, built between 2015 and 2016, to an unrelated third party in the first quarter of 2026, resulting in a gain on sale of $210.9 million.
Entered into a senior secured revolving reducing credit facility and secured a commitment for a senior secured term loan facility in April and May 2026 totaling up to $737.0 million to partially finance the nine latest generation scrubber-fitted ECO VLCC newbuildings acquired from affiliates of Hemen Holding Limited, the Company’s largest shareholder (“Hemen”).
Entered into agreements to sell our two oldest Suezmax tankers built in 2014 and 2015 in April 2026 for a total sales price of $140.0 million.
Entered into one and secured commitment for another senior secured revolving reducing credit facility in May 2026 totaling up to $237.5 million to refinance the outstanding debt on three VLCCs and additionally, provide revolving credit capacity totaling up to $88.8 million.
Entered into two one-year time charter-out agreements for two VLCC newbuildings delivered on April 30, 2026, and May 20, 2026, at a rate of $110,000 per day per vessel.

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

“The first quarter of 2026 was marked by high volatility. Tanker markets are said to thrive in unstable conditions, and the effective closure of the Strait of Hormuz led to rapid shifts in trading patterns and owners’ behavior. While removing roughly one-fifth of global seaborne oil exports was expected to materially weaken markets, increased ton-miles, longer trade lanes, and broader inefficiencies supported vessel utilization and kept Frontline’s earnings strong throughout the quarter. Despite the opaque situation in the Middle East, the fundamentally firm market has carried into the second quarter, and Frontline has sought to secure parts of its near-term revenues during these extraordinary market conditions.

We are increasingly constructive on the longer-term outlook, believing heightened global focus on energy security, together with more diversified oil sourcing by key importers in Asia, will benefit the tanker market for years to come. With its efficient business model and substantial tanker exposure, Frontline is ready to continue optimizing shareholder returns as we proceed.”

Inger M. Klemp, Chief Financial Officer of Frontline Management AS, added:

“In the second quarter of 2026 we have entered into one and secured commitment for another loan facility totaling up to $737.0 million to partially finance the nine latest generation scrubber-fitted ECO VLCC newbuildings acquired from Hemen. We have also entered into one and secured commitment for another loan facility totaling up to $237.5 million to refinance the outstanding debt on three VLCCs, and additionally, provide revolving credit capacity totaling up to $88.8 million.

We believe the new financing and the refinancing of existing debt have been achieved at highly attractive terms, further strengthening our liquidity position while reducing our borrowing costs and cash breakeven rates. We continue to focus on maintaining our competitive cost structure, breakeven levels and solid balance sheet to ensure that we are well positioned to generate significant cash flow and create value for our shareholders.”

Average daily TCEs and estimated cash breakeven rates

($ per day)	Spot TCE			Spot TCE currently contracted	% Covered	Estimated average daily cash breakeven rates for the next 12 months
	Q1 2026	Q4 2025	Q1 2025	Q2 2026
VLCC	103,500	74,200	37,200	181,700	82%	24,300
Suezmax	72,400	53,800	31,200	131,300	79%	24,300
LR2 / Aframax	50,700	33,500	22,300	125,000	68%	23,600

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

The Board of Directors
Frontline plc
Limassol, Cyprus
May 21, 2026

Ola Lorentzon - Chairman and Director
John Fredriksen - Director
James O'Shaughnessy - Director
Cato Stonex - Director
Dr. Maria Papakokkinou - Director
Mikkel Storm Weum - 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;
supply chain disruptions affecting shipyards, spare parts or critical equipment, including delays in newbuilding deliveries or vessel maintenance;
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. European Union and other international 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 at key maritime transit regions, such as the Red Sea, Gulf of Aden and Strait of Hormuz, acts of terrorism, piracy, cyber threats or other security risks affecting ocean-going vessels or maritime infrastructure;
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

1st Quarter 2026 Results

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