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22.05.2026 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 
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. Full report Frontline Plc. press release 
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