Frontline Plc — Earnings Release 2026

May 22, 2026

FRO - First Quarter 2026 Results

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

+-------------------------------------+---------------+---------+--------------+

| | | | Estimated |

| | | |average daily |

| | Spot TCE | |cash breakeven|

| | currently | |rates for the |

| ($ per day) Spot TCE | contracted |% Covered|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.

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(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.