The earnings call presents a mixed sentiment. While Frontline has demonstrated robust financial metrics, strong TCE rates, and a solid fleet composition, challenges such as decreased adjusted profits, increased operational costs, and global market uncertainties persist.

Company Guidance

During the Q1 2025 earnings call for Frontline plc, CEO Lars Barstad and CFO Inger Klemp provided detailed guidance on the company's financial and operational metrics. Frontline achieved time charter equivalent (TCE) rates of $37,200 per day for its VLCC fleet, $31,200 per day for Suezmax, and $22,300 per day for LR2/Aframax in the first quarter. Booking rates for the same fleets in Q1 were higher, with 68% of VLCC days booked at $56,400, 69% of Suezmax days at $44,900, and 66% of LR2/Aframax days at $36,100. 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. Frontline maintains a strong liquidity position with $805 million in cash and no significant debt maturities until 2030. The fleet, comprising 41 VLCCs, 22 Suezmax, and 18 LR2 tankers, has an average age of 6.8 years, with 99% ECO vessels and 56% scrubber-fitted. The estimated cash breakeven rates for the next 12 months are approximately $29,700 per day for VLCCs, $24,300 for Suezmax, and $23,300 for LR2s, excluding drydock costs.

Strong Time Charter Equivalent (TCE) Rates

Frontline achieved $37,200 per day on the VLCC fleet, $31,200 per day on the Suezmax fleet, and $22,300 per day on the LR2/Aframax fleet in Q1 2025. Booked rates for Q1 2025 were substantially higher, with VLCCs at $56,400 per day, Suezmax at $44,900 per day, and LR2/Aframax at $36,100 per day.

Robust Financial Position

Frontline 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. The company has strong liquidity of $805 million in cash and cash equivalents, with no meaningful debt maturities until 2030.

Fleet Composition and Eco Vessels

Frontline’s fleet consists of 41 VLCCs, 22 Suezmax tankers, and 18 LR2 tankers, with an average age of 6.8 years and 99% ECO vessels, 56% of which are scrubber fitted.

Sanctions Impact and Compliance Benefits

Sanctions have increased the demand for compliant vessels as non-compliant vessels, especially in India and China, are shunned. This has positive implications for Frontline's compliant fleet.

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.