Frontline

FRO

Market cap $5.85B

Frontline is upgraded from sell to buy following a transformative fleet renewal and sector tailwinds. FRO will sell eight older VLCCs, acquire nine newbuilds, and may divest LR2s, positioning it as the largest and youngest public tanker fleet. The return of Venezuelan oil to legitimate markets and strong sector sentiment are key catalysts supporting elevated rates and yields.

Acquisition and Sale of VLCCs Frontline plc (“Frontline”) (NYSE: FRO – OSE: FRO) announces a strategic fleet renewal initiative, involving both the acquisition of new vessels and the sale of older vessels. Sale of eight of its oldest 1 st generation ECO VLCCs The Company has entered into an agreement to sell eight of its oldest 1st generation ECO Very Large Crude Carriers (VLCCs), built between 2015 and 2016.

Frontline plc (FRO) remains a buy but is now best suited for aggressive investors due to a lower yield and higher valuation. FRO faces ongoing geopolitical risks and insurance costs, but the recent Red Sea ceasefire and sanctions on Russian oil create positive macro tailwinds. Q3 earnings missed expectations, but a surge in VLCC bookings and higher rates signal a potentially strong Q4 performance.

Frontline plc ( FRO ) Q3 2025 Earnings Call November 21, 2025 9:00 AM EST Company Participants Lars Barstad - Chief Executive Officer of Frontline Management AS Inger Klemp - Chief Financial Officer of Frontline Management AS Conference Call Participants Jonathan Chappell - Evercore ISI Institutional Equities, Research Division Sherif Elmaghrabi - BTIG, LLC, Research Division Omar Nokta - Jefferies LLC, Research Division Presentation Operator Good day, and thank you for standing by. Welcome to the Third Quarter 2025 Frontline Earnings Conference Call and Webcast.

FRONTLINE PLC REPORTS RESULTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2025 Frontline plc (the “Company”, “Frontline,” “we,” “us,” or “our”), today reported unaudited results for the three and nine months ended September 30, 2025: Highlights Profit of $40.3 million, or $0.18 per share for the third quarter of 2025. Adjusted profit of $42.5 million, or $0.19 per share for the third quarter of 2025.

Markets carried their momentum into the third quarter of 2025, even as political uncertainty and softer labor data kept investors cautious.

Investors love dividend stocks, especially high-yield varieties, because they offer a significant income stream and have substantial total return potential.

Frontline plc remains a buy, due to strong fundamentals and favorable macro trends in oil shipping, including continued profitability and a (relatively) rising dividend. The company experienced a positive summer, validating my previous optimistic outlook. Shipping industry tailwinds continue to support Frontline's growth prospects and earnings potential, including increased political pushback against sanctioned crude.

Frontline plc (NYSE:FRO ) Q2 2025 Earnings Conference Call August 29, 2025 9:00 AM ET Company Participants Inger Marie Klemp - Chief Financial Officer of Frontline Management AS Lars H. Barstad - Chief Executive Officer of Frontline Management AS Conference Call Participants Omar Mostafa Nokta - Jefferies LLC, Research Division Operator Good day, and thank you for standing by.

Frontline (FRO) came out with quarterly earnings of $0.36 per share, missing the Zacks Consensus Estimate of $0.42 per share. This compares to earnings of $0.62 per share a year ago.