The earnings call presents a balanced view with strong TCE performance and cash generation potential as highlights. However, concerns over decreased adjusted profit, increased operating costs, and global growth prospects present challenges. The market dynamics are influenced by sanctions, providing opportunities for compliant oil demand. Overall, the sentiment is cautiously optimistic with a mix of opportunities and challenges.

Company Guidance -

Q2 2025

During the Q1 2025 earnings call, Frontline plc provided guidance that highlighted various operational and financial metrics. The company's CEO, Lars Barstad, reported that the VLCC fleet achieved a TCE of $37,200 per day, Suezmax $31,200 per day, and LR2/Aframax $22,300 per day. For the ongoing quarter, 68% of VLCC days were booked at $56,400 per day, 69% of Suezmax at $44,900 per day, and 66% of LR2/Aframax at $36,100 per day. Financially, the company reported a profit of $33.3 million, or $0.15 per share, and an adjusted profit of $40.4 million, or $0.18 per share. Time charter revenues decreased to $241 million from $249 million in the prior quarter. Frontline maintained strong liquidity with $805 million in cash and cash equivalents and reported no meaningful debt maturities until 2030. The fleet, consisting of 41 VLCCs, 22 Suezmax, and 18 LR2 tankers, averaged 6.8 years in age, with 99% being ECO vessels. Additionally, the company projected cash generation potential of $332 million or $1.49 per share, with a 30% increase from current spot market levels potentially doubling this figure.

Strong TCE Performance

Frontline achieved $37,200 per day on VLCC fleet, $31,200 per day on Suezmax fleet, and $22,300 per day on LR2/Aframax fleet in Q1 2025. An increase in booking rates for Q1 with 68% of VLCC days at $56,400 per day, 69% of Suezmax days at $44,900 per day, and 66% of LR2/Aframax days at $36,100 per day.

Solid Liquidity Position

Frontline reported strong liquidity of $805 million in cash and cash equivalents with no meaningful debt maturities until 2030 and no new building commitments.

Substantial Cash Generation Potential

Frontline has a cash generation potential of $332 million or $1.49 per share, with the potential to increase by 100% with a 30% increase from current spot market rates.

Positive Impact of Sanctions

Sanctions leading to a more compliant market, with India and China shunning OFAC-listed vessels, and the potential for increased compliant oil demand.

Frontline (FRO) Earnings, Revenues Date & History

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FRO Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Aug 29, 2025	2025 (Q2)	0.44 / -	0.84	―	―	―
May 23, 2025	2025 (Q1)	0.19 / 0.15	0.81	-81.48% (-0.66)
Feb 28, 2025	2024 (Q4)	0.25 / 0.30	0.53	-43.40% (-0.23)
Nov 27, 2024	2024 (Q3)	0.36 / 0.27	0.48	-43.75% (-0.21)
Aug 30, 2024	2024 (Q2)	0.76 / 0.84	1.04	-19.23% (-0.20)
May 30, 2024	2024 (Q1)	0.86 / 0.81	0.9	-10.00% (-0.09)
Feb 29, 2024	2023 (Q4)	0.51 / 0.53	1.08	-50.93% (-0.55)
Nov 30, 2023	2023 (Q3)	0.47 / 0.48	0.69	-30.43% (-0.21)
Aug 24, 2023	2023 (Q2)	0.84 / 1.04	0.23	352.17% (+0.81)
May 31, 2023	2023 (Q1)	0.95 / 0.90	0.153	488.24% (+0.75)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

FRO Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
May 23, 2025	$17.01	$18.16	+6.76%
Feb 28, 2025	$14.96	$15.68	+4.81%
Nov 27, 2024	$17.26	$16.02	-7.18%
Aug 30, 2024	$21.66	$22.42	+3.51%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.