INTERIM FINANCIAL INFORMATIONFRONTLINE PLC

SECOND QUARTER 2024
30 August 2024

FRONTLINE PLC REPORTS RESULTS FOR THE SECOND QUARTER ENDED JUNE 30, 2024
Frontline plc (the “Company” or “Frontline”), today reported unaudited results for the six months ended June 30,
2024:

Highlights
•
•
•
•
•
•

•
•

•

Profit of $187.6 million, or $0.84 per share for the second quarter of 2024.
Adjusted profit of $138.2 million, or $0.62 per share for the second quarter of 2024.
Declared a cash dividend of $0.62 per share for the second quarter of 2024.
Reported revenues of $556.0 million for the second quarter of 2024.
Achieved average daily spot time charter equivalent earnings ("TCEs")1 for VLCCs, Suezmax tankers andLR2/Aframax tankers in the second quarter of $49,600, $45,600 and $53,100 per day, respectively.
Entered into an agreement to sell its oldest Suezmax tanker built in 2010, for a net sales price of $48.5
million. After repayment of existing debt, the transaction is expected to generate net cash proceeds ofapproximately $36.5 million.
Entered into a senior secured term loan facility in an amount of up to $606.7 million to refinance eight
Suezmax tankers and eight LR2 tankers, which generated net cash proceeds of approximately $275.0 million.
Repaid an aggregate of $395.0 million under both the shareholder loan with Hemen Holding Limited(“Hemen”), our largest shareholder, and the $275.0 million senior unsecured revolving credit facility with anaffiliate of Hemen in the second and third quarters of 2024.
Secured a commitment for a sale-and-leaseback agreement in an amount of up to $512.1 million torefinance 10 Suezmax tankers, which is subject to execution of final transaction documents to both parties'
satisfaction. The refinancing is expected to generate net cash proceeds of approximately $101.0 million in
the fourth quarter of 2024, which is expected to be partly used to repay the remaining $75.0 million drawn
under the $275.0 million senior unsecured revolving credit facility with an affiliate of Hemen.

Lars H. Barstad, Chief Executive Officer of Frontline Management AS, commented:“The second quarter of 2024 was very much in line with first quarter. Markets carried on at the same pace withpositive volatility in an increasingly complicated geo-political landscape. Frontline continued optimizing its position
by divesting older assets, consolidating our financials and executing on our strategy of efficiently running one of thelargest modern fleets in the tanker market to enhance shareholder returns. Seasonality has a big effect on tanker
markets, and as most of the global population lives in the northern hemisphere, the summer is the soft period.
Historically, refinery utilization increases from here, as the world begins to prepare for winter and volatility in thetanker markets resumes.”

1

This press release describes Time Charter Equivalent earnings and related per day amounts, which are not measures prepared inaccordance with IFRS (“non-GAAP”). See Appendix 1 for a full description of the measures and reconciliation to the nearest IFRS measure.

Inger M. Klemp, Chief Financial Officer of Frontline Management AS, added:“In the second and third quarters of 2024 we completed our strategy of freeing up capital by re-leveraging part ofthe existing fleet and selling older non-Eco vessels enabling us to repay an aggregate of $395.0 million, which was
drawn under the Hemen shareholder loan and our $275.0 million senior unsecured revolving credit facility with anaffiliate of Hemen to partly finance the acquisition of the 24 VLCCs from Euronav NV. In the third quarter, we further
secured a commitment for a sale-and-leaseback agreement to refinance 10 Suezmax tankers. The refinancing is
expected to generate net cash proceeds of approximately $101.0 million in the fourth quarter of 2024, which will
enable us to repay the remaining $75.0 million drawn under our $275.0 million senior unsecured revolving credit
facility with an affiliate of Hemen.”
Average daily TCEs and estimated cash breakeven rates($ per day)

VLCC
Suezmax
LR2 / Aframax

Spot TCE

2024
48,80045,70053,700Q2 2024
49,60045,60053,100Q1 2024
48,10045,80054,300Spot TCE
currently
contracted% CoveredQ3 2024
47,40079%
41,90085%
50,10065%

Estimatedaverage daily
cash
breakevenrates for the
next 12months29,60022,30021,200We expect the spot TCEs for the full third quarter of 2024 to be lower than the spot TCE currently contracted, due
to the impact of ballast days at the end of the third quarter of 2024. The number of ballast days at the end of thesecond quarter of 2024 was 1,043 days for VLCCs, 306 days for Suezmax tankers and 147 days for LR2/Aframax
tankers.

Second Quarter 2024 Results
The Company reported profit of $187.6 million for the second quarter ended June 30, 2024, compared with profitof $180.8 million in the previous quarter. The adjusted profit2 was $138.2 million for the second quarter of 2024
compared with adjusted profit of $137.9 million in the previous quarter. The adjustments in the second quarter of2024 consist of a $51.5 million gain on the sale of vessels, a $2.1 million gain on marketable securities, $0.4 million
debt extinguishment gains, $1.0 million relating to dividends received, a $2.1 million share of losses of associatedcompanies and a $3.4 million unrealized loss on derivatives. The adjusted profit in the second quarter of 2024 wascomparable to the first quarter of 2024 as the decrease in our TCE earnings from $369.7 million in the previous
quarter to $357.7 million in the current quarter as a result of the disposal of two VLCCs and two Suezmax tankers

2This press release describes adjusted profit and related per share amounts, which are not measures prepared in accordancewith IFRS (“non-GAAP”). See Appendix 1 for a reconciliation to the nearest IFRS measure.

was offset by a decrease in ship operating expenses, administrative expenses, depreciation and finance expense, as
well as an increase in interest income.

Tanker Market Update
Global oil consumption, as reported by the Energy Information Administration (“EIA”), averaged 102.8 million barrels
per day (“mbpd”) in the second quarter of 2024, 1.0 mbpd higher than the previous quarter. Looking ahead, demandis projected to accelerate in the second half of the year, potentially reaching 104.9 mbpd in December 2024.
Oil supply remained stable in the second quarter of 2024, averaging 102.1 mbpd. The Organization of the Petroleum
Exporting Countries’ (“OPEC”) supply cut strategy remains in effect, resulting in an average production decrease of
0.6 mbpd compared to the second quarter of 2023. We continue to observe the trend where countries outside ofOPEC are increasing their production. Compared to the same quarter last year non-OPEC countries increased theirproduction with 1.2 mbpd. Looking one year ahead, the EIA anticipates additional non-OPEC production growth of
1.5 mbpd, potentially reaching an output of 71.7 mbpd.
However, the crude oil markets are seeing concerning developments. According to industry sources and based on
the tracking of oil movements, the volume of oil exported from sanctioned countries has increased in the recent
years, now amounting to 18.0% of all waterborne crude and condensate, estimated to be around 41.0 mbpd. Russia
makes up a large portion of this and as EU and G7 sanctions continue to tighten, the transportation of Russian oiland products appears to attract a growing number of non-compliant vessels often referred to as the ‘grey fleet’. With
such a large part of the trade employing questionable actors, an approximately 6% of the global VLCC, Suezmax andAframax tanker fleet is reported to be sanctioned by the U.S. Office of Foreign Asset Control (OFAC). The averageage of the global tanker fleet continues to rise with 13.0% of the above-mentioned asset classes over 20 years ofage. This generation of tonnage are not normally used for oil transportation by compliant charterers and owners.
The International Maritime Organization (IMO) has stated a clear regulatory path to reduce the industry’s carbon
footprint with 20 to 30% by 2030. In addition, the UN organization’s commitment to the safety and security ofshipping has placed increasing scrutiny on vessel owners. We believe it will be challenging to meet these ambitious
goals since the environmental credentials of a tanker built prior to 2004 will not change without significant andpotentially prohibitive investment.
The overall tanker order book for the asset classes that Frontline owns is now 15.3% of the existing global fleet, with54, 94, and 147 vessels on order for VLCCs, Suezmax tankers and LR2 tankers, respectively. According to industry
sources, only one VLCC is expected for delivery in the remainder of 2024 and five are expected to be delivered in
2025, thus increasing optimism for this asset class in particular. The growth in the order books is predominantly fordeliveries scheduled in 2026 and 2027 and is not expected to affect the overall outlook of the tanker market in thenear term due to the general age profile of the existing fleet.

The Fleet
As of June 30, 2024, the Company’s fleet consisted of 82 vessels owned by the Company (41 VLCCs, 23 Suezmax
tankers, 18 LR2/Aframax tankers), with an aggregate capacity of approximately 17.9 million DWT. As of June 30, 2024,
99% of the Company's fleet were Eco vessels and 56% were scrubber-fitted vessels with a total average age of 6.2
years, making it one of the youngest and most energy-efficient fleets in the industry.
In January 2024, the Company announced that it has entered into an agreement to sell its five oldest VLCCs, built in2009 and 2010, for an aggregate net sale price of $290.0 million. Three of the vessels were delivered to the newowner during the first quarter of 2024, and the two remaining vessels were delivered in the second quarter of 2024
(one of which was classified as held for sale as of March 31, 2024). After repayment of existing debt on the fivevessels, the transaction generated net cash proceeds of approximately $208.0 million. The Company recorded a gainof $42.7 million in the first quarter of 2024 in relation to the three vessels delivered in the period and recorded again of $25.9 million in the second quarter of 2024 in relation to the delivery of the remaining two vessels.
In January 2024, the Company entered into an agreement to sell one of its oldest Suezmax tankers, built in 2010, fora net sale price of $45.0 million. The vessel was delivered to the new owner during the second quarter of 2024. After
repayment of existing debt on the vessel, the transaction generated net cash proceeds of approximately$32.0 million, and the Company recorded a gain of $11.8 million in the second quarter of 2024.
In March 2024, the Company entered into an agreement to sell another one of its oldest Suezmax tankers, built in
2010, for a net sale price of $46.9 million. The vessel was delivered to the new owner during the second quarter of2024. After repayment of existing debt on the vessel, the transaction generated net cash proceeds of approximately$34.0 million, and the Company recorded a gain of $13.8 million in the second quarter of 2024.
In June 2024, the Company entered into an agreement to sell its oldest Suezmax tanker, built in 2010, for a net saleprice of $48.5 million. The vessel is expected to be delivered to the new owner during the fourth quarter of 2024.
After repayment of existing debt on the vessel, the transaction is expected to generate net cash proceeds ofapproximately $36.5 million, and the Company expects to record a gain of approximately $18.0 million in the fourth
quarter of 2024.
In March 2024, the Company entered into a fixed rate time charter-out contract for one VLCC to a third party on athree-year time charter at a daily base rate of $51,500. The charter commenced in the third quarter of 2024.
In April 2024, the Company entered into a time charter-out contract for one Suezmax tanker to a third party on athree-year time charter at a daily base rate of $32,950 plus 50% profit share.

Corporate Update
In June 2024, the Company attended an introductory hearing before the Enterprise Court in Antwerp, Belgium, in
response to a summons received from certain funds managed by FourWorld Capital Management LLC (“FourWorld”)
in connection with their claims pertaining to the integrated solution for the strategic and structural deadlock within

Euronav NV ("Euronav") announced on October 9, 2023, and Euronav’s acquisition of CMB.TECH NV. FourWorld
claims that the transactions should be rescinded and in addition has requested the court to order Compagnie
Maritime Belge NV and Frontline to pay damages in an amount to be determined in the course of the proceedings.
A procedural calendar has been agreed and the case is scheduled for oral court pleadings in May 2026, after which
a judgment will be rendered. The Company finds the claims to be without merit and intends to vigorously defend
against them.
The Board of Directors declared a dividend of $0.62 per share for the second quarter of 2024. The record date forthe dividend will be September 13, 2024, the ex-dividend date is expected to be September 13, 2024, for shares
listed on the New York Stock Exchange and September 12, 2024, for shares listed on the Oslo Stock Exchange, andthe dividend is scheduled to be paid on or about September 30, 2024.
The Company had 222,622,889 ordinary shares outstanding as of June 30, 2024. The weighted average number ofshares outstanding for the purpose of calculating basic and diluted earnings per share for the second quarter of 2024
was 222,622,889.

Financing Update
In November 2023, the Company entered into a senior secured term loan facility in an amount of up to $1,410.0
million with a group of our relationship banks to partly finance the acquisition of 24 VLCCs from Euronav (the“Acquisition”). The facility has a tenor of five years, carries an interest rate of Secured Overnight Financing Rate(“SOFR”) plus a margin in line with the Company’s existing loan facilities and has an amortization profile of 20 years
commencing on the delivery date from the yard. In December 2023, the Company drew down $891.3 million under
the facility to partly finance the Acquisition. Up to $518.7 million remained available and undrawn under the facility
as of December 31, 2023, all of which was drawn down to partly finance the remaining 13 vessels delivered as aresult of the Acquisition in the first quarter of 2024.
In November 2023, the Company entered into a subordinated unsecured shareholder loan in an amount of up to$539.9 million with Hemen to partly finance the Acquisition (the “Hemen shareholder loan”). The Hemenshareholder loan has a tenor of five years and carries an interest rate of SOFR plus a margin equal to the$1,410.0 million facility, in line with the Company’s existing loan facilities. In December 2023, the Company drew
down $235.0 million under the Hemen shareholder loan to partly finance the Acquisition. Up to $304.9 million
remained available to be drawn as of December 31, 2023. In January 2024, the Company drew down $60.0 million
to partly finance the remaining 13 vessels delivered as a result of the Acquisition in the first quarter of 2024. In June
2024, the Company repaid $147.5 million under the Hemen shareholder loan. In August 2024, the Company repaid
the Hemen shareholder loan in full.
In December 2023, the Company drew down $99.7 million under its $275.0 million senior unsecured revolving credit
facility with an affiliate of Hemen to partly finance the Acquisition. In April 2024, the Company repaid $100.0 million
under the facility. Up to $200.0 million remains available to be drawn following the repayment.

In May 2024, the Company entered into a senior secured term loan facility in an amount of up to $606.7 million with
China Exim Bank and DNB, insured by China Export and Credit Insurance Corporation, to refinance eight Suezmax
tankers and eight LR2 tankers. The facility has a tenor of approximately nine years, carries an interest rate of SOFR
plus a margin in line with the Company’s existing loan facilities and has an amortization profile of approximately 19.7
years commencing on the delivery date from the yard. In June 2024, the Company drew down $306.5 million under
the facility. Up to $300.2 million remained available and undrawn as of June 30, 2024, all of which was drawn downin August 2024. The refinancing generated net cash proceeds of approximately $275.0 million, of which $135.3
million was generated in the second quarter of 2024.
In July 2024, the Company secured a commitment from CMB Financial Leasing Co., Ltd (“CMB”) for a sale-andleaseback agreement in an amount of up to $512.1 million to refinance a sale-and-leaseback agreement for 10
Suezmax tankers, which is subject to execution of final transaction documents to both parties' satisfaction. The leasefinancing has a tenor of 10 years, carries an interest rate of SOFR plus a margin of 180 basis points and has anamortization profile of 20.6 years commencing on the delivery date from the yard and includes purchase options for
Frontline throughout the period. The refinancing is expected to generate net cash proceeds of approximately $101.0
million in the fourth quarter, which is expected to be partly used to repay the remaining $75.0 million drawn underthe $275.0 million senior unsecured revolving credit facility with an affiliate of Hemen.

Conference Call and Webcast
On August 30, 2024, at 9:00 A.M. ET (3:00 P.M. CET), the Company's management will host a conference call to
discuss the results.
Presentation materials and a webcast of the conference call may be accessed on the Company’s website,www.frontlineplc.cy, under the ‘Webcast’ link. The link can also be accessed here.
Telephone conference:
Participants are required to register in advance of the conference using the link provided below. Upon registering,each participant will be provided with Participant Dial In Numbers, and a unique Personal PIN.
In the 10 minutes prior to call start time, participants will need to use the conference access information provided
in the e-mail received at the point of registering. Participants may also use the call me feature instead of dialing thenearest dial in number.
Online Registration to the call may be accessed via the following link:
Online registration
A replay of the conference call will be available following the live call. Please use below link to access the webcast:Replay of conference call
None of the information contained in or that forms a part of the Company’s conference calls, website or audio
webcasts is incorporated into or forms part of this release.

Forward-Looking Statements
Matters discussed in this report may constitute forward-looking statements. The Private Securities Litigation ReformAct of 1995 provides safe harbor protections for forward-looking statements, which include statements concerningplans, 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, desires to take advantage of the safe harbor provisions of thePrivate Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with thissafe 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 performanceand 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" andsimilar 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 fromthird 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 andare 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;•

the impact that any discontinuance, modification or other reform or the establishment of alternativereference rates have on the Company’s floating interest rate debt instruments;••

general market conditions, including fluctuations in charter hire rates and vessel values;

•
•
•
•

the highly cyclical nature of the industry that we operate in;•planned, pending or recent acquisitions, business strategy and expected capital spending or operating
expenses, including dry docking, surveys and upgrades;

fluctuations in currencies and interest rates, including inflationary pressures and central bank policies
intended to combat overall inflation and rising interest rates and foreign exchange rates;changes in the supply and demand for vessels comparable to ours and the number of newbuildings underconstruction;
the loss of a large customer or significant business relationship;changes in worldwide oil production and consumption and storage;changes in the Company's operating expenses, including bunker prices, dry docking, crew costs andinsurance costs;

••risks associated with any future vessel construction;•

our ability to successfully compete for and enter into new time charters or other employment arrangementsfor 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 andother covenants in our financing arrangements;••

availability of skilled crew members and other employees and the related labor costs;•

compliance with governmental, tax, environmental and safety regulation, any non-compliance with U.S.
regulations;•the impact of increasing scrutiny and changing expectations from investors, lenders and other market
participants with respect to our ESG policies;•••

Foreign Corrupt Practices Act of 1977 or other applicable regulations relating to bribery;•

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 orindividual countries;••

vessel breakdowns and instances of off-hire;

•
•
•
•
•
•
•
•
•

potential conflicts of interest involving members of our board of directors and senior management;•••changes in governmental rules and regulations or actions taken by regulatory authorities;••

the arrest of our vessels by maritime claimants;

our expectations regarding the availability of vessel acquisitions and our ability to complete vesselacquisition transactions as planned;

work stoppages or other labor disruptions by our employees or the employees of other companies in relatedindustries;

general economic conditions and conditions in the oil industry;effects of new products and new technology in our industry, including the potential for technologicalinnovation to reduce the value of our vessels and charter income derived therefrom;the impact of an interruption in or failure of our information technology and communications systems,
including the impact of cyber-attacks upon our ability to operate;
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 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 comparedto other countries, including the United States;
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 andvessel collisions;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;•

the length and severity of epidemics and pandemics and their impacts on the demand for seaborne
transportation of crude oil and refined products;•••

the impact of port or canal congestion;

potential disruption of shipping routes due to accidents, environmental factors, political events, publichealth threats, international hostilities including the ongoing developments in the Ukraine region and thedevelopments in the Middle East, including the armed conflict in Israel and the Gaza Strip, acts by terrorists
or acts of piracy on ocean-going vessels;

business disruptions due to adverse weather, natural disasters or other disasters outside our control; andother important factors described from time to time in the reports filed by the Company with the 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.
The Board of Directors
Frontline plc
Limassol, Cyprus
August 29, 2024
Ola Lorentzon - Chairman and Director
John Fredriksen - Director
Ole B. Hjertaker - Director
James O'Shaughnessy - Director
Steen Jakobsen - Director
Marios Demetriades - Director
Cato Stonex - 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

INTERIM FINANCIAL INFORMATIONSECOND QUARTER 2024

Index
CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS (UNAUDITED)CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)FRONTLINE PLC CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
2023
Apr-JunCONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR
2024
LOSS
Apr-Jun(in thousands of $, except per share data)

512,763
9,391
522,154556,026 Revenues
51,487 Other operating income
607,513 Total revenues and other operating income

156,610
43,772
11,70157,096269,179
252,975
4,855(32,390)(20,795)
1,217
24,973230,835

2024
Jan-Jun

2023
Jan-Jun2023
Jan-Dec

1,134,423
94,2291,228,652

1,010,095
23,6801,033,775

1,802,184
24,0801,826,264

197,795 Voyage expenses and commission
57,519 Ship operating expenses
12,566 Administrative expenses
83,714 Depreciation
351,594 Total operating expenses
255,919 Net operating income

404,983
117,345
27,412
171,726
721,466
507,186

315,437
87,49024,339112,642539,908
493,867

618,595
176,533
53,528230,942
1,079,598
746,666

5,647 Finance income(73,380) Finance expense
2,088 Gain (loss) on marketable securities(2,134) Share of results of associated company
975 Dividends received
189,115 Profit before income taxes

7,874(144,756)
815
(920)
1,283
371,482

7,728(77,807)(23,968)
4,955
25,500430,275

18,065(171,336)
22,9893,383
36,852656,619(1,541) Income tax benefit (expense)(3,089)25(205)

230,674$1.04

187,574 Profit for the period$0.84 Basic and diluted earnings per share

368,393$1.65

430,300$1.93

656,414$2.95

2023
Apr-Jun

2024
Jan-Jun

2023
Jan-Jun2023
Jan-Dec

230,6742024 CONDENSED CONSOLIDATED STATEMENTS OF
Apr-Jun COMPREHENSIVE INCOME(in thousands of $)187,574 Profit for the period

368,393

430,300

656,41477
77
230,751

Items that may be reclassified to profit or loss:(214) Foreign currency exchange gain (loss)(214) Other comprehensive income (loss)
187,360 Comprehensive income

446
446
368,839131
131
430,431(39)(39)
656,375(161)

FRONTLINE PLC CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION(in thousands of $)Jun 302024

Dec 31
2023

359,2368,247
491,785
859,268

308,322
7,432
412,172
727,926

5,435,574
1,864
112,452
11,467—30,7905,592,147
6,451,415

4,633,169
2,236
112,452
12,386349,151
45,446
5,154,840
5,882,766

455,040
1,130
165,638
621,808

261,999
1,104
145,951
409,054

Non-current liabilities
Long-term debt
Obligations under leases
Other non-current payables
Total non-current liabilities

3,402,413
942
463
3,403,818

3,194,464
1,430
472
3,196,366

Commitments and contingencies
EquityFrontline plc equity
Non-controlling interest
Total equity
Total liabilities and equity

2,426,261(472)
2,425,789
6,451,415

2,277,818(472)
2,277,346
5,882,766

ASSETS
Current assets
Cash and cash equivalents
Marketable securities
Other current assets
Total current assets
Non-current assets
Vessels and equipment
Right-of-use assets
Goodwill
Investment in associated company
Prepaid consideration
Other non-current assets
Total non-current assets
Total assets
LIABILITIES AND EQUITYCurrent liabilities
Short-term debt and current portion of long-term debt
Current portion of obligations under leases
Other current payables
Total current liabilities

FRONTLINE PLC CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
2023
Apr-Jun2024
Apr-Jun

230,674

CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS
(in thousands of $)2024
Jan-Jun

2023
Jan-Jun2023
Jan-Dec

187,574 Profit for the period
Adjustments to reconcile profit to net cash provided byoperating activities:
67,732 Net finance expense

368,393

430,300

656,414

136,882

70,079153,271

171,726

112,642

230,942(9,251)

83,714 Depreciation(51,487) (Gain) on sale of vessels and equipment(94,229)(21,960)(21,959)

20,795(2,088) (Gain) loss on marketable securities(815)

23,968(22,989)(1,217)

2,134 Share of results of associated company

920(4,955)(3,383)

(27)

7,865

10,65818,199(8,033)2,919 Other, net
12,387 Change in operating assets and liabilities(54,587)(917)(8,512)(1,298)(11,241) Debt issuance costs paid

(18,774)(1,325)(20,020)(43,142)(70,554) Interest paid

(133,349)(83,181)(165,193)

10,008

11,587 Interest received

19,978

17,84539,411

283,140

232,677 Net cash provided by operating activities

404,010553,154856,181(9,434) Additions to newbuildings, vessels and equipment
208,350 Proceeds from sale of vessels
Cash inflow on repayment of loan to associated—company— Proceeds from sale of marketable securities(908,493)(153,280) (1,631,423)

382,350

142,740

142,740

—

1,388

1,388

—

—

251,839

198,916 Net cash used in investing activities(526,143)(9,152) (1,235,456)

OPERATING ACTIVITIES

27,53557,096INVESTING ACTIVITIES(2,566)
43,610——41,044

FINANCING ACTIVITIES
129,375

462,253 Proceeds from issuance of debt

1,355,037

259,375

1,609,449(216,053)(693,702) Repayment of debt

(961,132)(356,625)(536,587)

(462)

(411)

(862)

(207)

(233) Repayment of obligations under leases(155,837)(138,026) Dividends paid

(220,396)(394,043)(638,928)(242,722)(369,708) Net cash provided by (used in) financing activities

173,047(491,704)

433,072

81,462

61,885 Net change in cash and cash equivalents

50,91452,29853,797225,361

297,351 Cash and cash equivalents at start of period

308,322

254,525

254,525

306,823359,236 Cash and cash equivalents at end of period

359,236

306,823

308,322

FRONTLINE PLC CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)2024
Jan-Jun

2023
Jan-Jun2023
Jan-Dec

NUMBER OF SHARES OUTSTANDING
Balance at beginning and end of period

222,622,889

222,622,889

222,622,889

SHARE CAPITAL
Balance at beginning and end of period

222,623

222,623

222,623ADDITIONAL PAID IN CAPITAL
Balance at beginning and end of period

604,687

604,687

604,687

CONTRIBUTED SURPLUS
Balance at beginning and end of period

1,004,094

1,004,094

1,004,094

415
446
861

454
131
585

454
(39)
415

RETAINED EARNINGS
Balance at beginning of period
Profit for the period
Cash dividends
Balance at end of period

445,999
368,393(220,396)
593,996428,513430,300(394,043)
464,770428,513
656,414(638,928)
445,999

EQUITY ATTRIBUTABLE TO THE COMPANY

2,426,261

2,296,759

2,277,818

NON-CONTROLLING INTEREST
Balance at beginning and end of period
TOTAL EQUITY(472)
2,425,789(472)
2,296,287(472)
2,277,346

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY(in thousands of $ except number of shares)

ACCUMULATED OTHER RESERVES
Balance at beginning of period
Other comprehensive income (loss)
Balance at end of period

APPENDIX I - Non-GAAP measures
Reconciliation of adjusted profit
This press release describes adjusted profit and related per share amounts, which are not measures prepared inaccordance with IFRS (“non-GAAP”). We believe the non-GAAP financial measures provide investors with a meansof analyzing and understanding the Company's ongoing operating performance. The non-GAAP financial measures
should not be considered in isolation from, as substitutes for, or superior to financial measures prepared inaccordance with IFRS.
(in thousands of $)YTD 2024

Q2 2024

Q1 2024

FY 2023

Q2 2023

368,393

187,574

180,819

656,414230,674

Loss on marketable securities

1,273

—

1,273

23,96820,795

Share of losses of associated companies

2,134

2,134

—

1,690

—

Unrealized loss on derivatives (1)

3,385

3,385

—

20,950

—

936

—

936

—

—

(815)

—

(815)

(6,075)(6,075)Gain on marketable securities(2,088)(2,088)—(46,957)—

Share of results of associated companies(1,214)—(1,214)(5,073)(1,217)

Gain on sale of vessels(94,229)(51,487)(42,742)(21,960)(9,251)Dividends received(1,283)

(975)

(308)

(36,852)(24,973)

(354)

(354)

—

—

—

—
276,138—
138,189—
137,949(397)
585,708—
209,953

222,623

222,623

222,623

222,623

222,623

1.24

0.62

0.62

2.63

0.94

Adjusted profit
Profit
Add back:

Debt extinguishment losses
Less:
Unrealized gain on derivatives (1)Debt extinguishment gains
Gain on settlement of insurance and other claims
Adjusted profit(in thousands)
Weighted average number of ordinary shares(in $)
Adjusted basic and diluted earnings per share(1) Adjusted profit has been revised to only exclude the unrealized gain/loss on derivatives to give effect to theeconomic benefit/cost provided by our interest rate swap agreements. The components of the gain/loss onderivatives are as follows:(in thousands of $)YTD 2024

Q2 2024

Q1 2024

FY 2023

Q2 2023

Unrealized gain (loss) on derivatives(2,570)(3,385)815(14,875)

6,075Interest income on derivatives

12,418

6,254

6,164

22,914

5,551

Gain (loss) on derivatives

9,848

2,869

6,979

8,039

11,626

Reconciliation of Total operating revenues to Time Charter Equivalent and Time Charter Equivalent per day
Consistent with general practice in the shipping industry, we use TCE as a measure to compare revenue generated
from a voyage charter to revenue generated from a time charter. We define TCE as operating revenues less voyage
expenses and commission, administrative income, finance lease interest income and other non-vessel related
income. Under time charter agreements, voyage costs, such as bunker fuel, canal and port charges and commissions
are borne and paid by the charterer whereas under voyage charter agreements, voyage costs are borne and paid by
the owner. TCE is a common shipping industry performance measure used primarily to compare period-to-periodchanges in a shipping company’s performance despite changes in the mix of charter types (i.e., spot charters andtime charters) under which the vessels may be employed between the periods. Time charter equivalent, a non-GAAP
measure, provides additional meaningful information in conjunction with operating revenues, the most directlycomparable IFRS measure, because it assists management in making decisions regarding the deployment and use of
our vessels and in evaluating their financial performance, regardless of whether a vessel has been employed on atime charter or a voyage charter.
(in thousands of $)YTD 20242024
1,134,423

Q2 2024

Q1 2024

FY 2023

Q2 2023

556,026

578,397 1,802,184

512,763(404,983)(197,795)(207,188)(618,595)(156,610)

Other non-vessel items(2,066)(575)(1,491)(13,524)(3,810)Total TCE

727,374

357,656

369,718 1,170,065

352,343

Revenues
Less
Voyage expenses and commission

Time charter equivalent per day
Time charter equivalent per day (TCE rate" or "TCE per day") represents the weighted average daily TCE income ofvessels of different sizes in our fleet.
TCE per day is a measure of the average daily income performance. Our method of calculating TCE per day isdetermined by dividing TCE by on hire days during a reporting period. On hire days are calculated on a vessel-by vessel basis and represent the net of available days and off hire days for each vessel (owned or chartered in) in ourpossession during a reporting period. Available days for a vessel during a reporting period is the number of days thevessel (owned or chartered in) is in our possession during the period. By definition, available days for an owned
vessel equal the calendar days during a reporting period, unless the vessel is delivered by the yard during the relevant
period whereas available days for a chartered-in vessel equal the tenure in days of the underlying time charter
agreement, pro-rated to the relevant reporting period if such tenure overlaps more than one reporting period. Off
hire days for a vessel during a reporting period is the number of days the vessel is in our possession during the period
but is not operational as a result of unscheduled repairs, scheduled dry docking or special or intermediate surveys
and lay-ups, if any.

YTD 2024

Q2 2024

Q1 2024

FY 2023

Q2 2023

Suezmax

2,566

2,566

—

—

—

LR2

28,101

14,044

14,05745,586

11,337

Total Time charter TCE

30,667

16,61014,05745,586

11,337

VLCCs ex. vessels acquired from Euronav

179,858

78,889100,969

395,514126,102

VLCCs acquired from Euronav

187,658

103,393

84,265

1,054—

VLCCs total

367,516

182,282

185,234

396,568

126,102

Suezmax

193,036

91,493

101,543

480,346

144,669LR2

136,155

67,271

68,884

247,565

70,235

Total Spot TCE

696,707341,046

355,661 1,124,479

341,006

Total TCE

727,374

357,656

369,718 1,170,065

352,343

VLCCs ex. vessels acquired from Euronav

3,357

1,493

1,864

7,869

1,971

VLCCs acquired from Euronav

4,170

2,180

1,990

184

—

VLCCs total

7,527

3,673

3,854

8,053

1,971

Suezmax

4,223

2,005

2,218

9,140

2,344

LR2

2,535

1,267

1,268

5,294

1,328

VLCCs ex. vessels acquired from Euronav

53,60052,80054,20050,30064,000

VLCCs acquired from Euronav

45,00047,40042,3005,700—

VLCCs total

48,80049,60048,10049,20064,000Suezmax

45,70045,60045,80052,60061,700LR253,70053,10054,30046,80052,900Time charter TCE (in thousands of $)Spot TCE (in thousands of $)Spot days (available days less off hire days)

Spot TCE per day (in $ per day)Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided andper day amounts may not precisely reflect the absolute figures.
Estimated average daily cash breakeven rates
The estimated average daily cash breakeven rates are the daily TCE rates our vessels must earn to cover operating
expenses including dry docks, repayments of loans, interest on loans, bareboat hire, time charter hire and net
general and administrative expenses for the next 12 months.

Spot TCE currently contracted
Spot TCE currently contracted are provided on a load-to-discharge basis, whereby the Company recognizes revenues
over time ratably from commencement of cargo loading until completion of discharge of cargo. The rates reported
are for all contracted days up until the last contracted discharge of cargo for each vessel in the quarter. The actual
rates to be earned in the third quarter of 2024 will depend on the number of additional days that we can contract,
and more importantly the number of additional days that each vessel is laden. Therefore, a high number of ballastdays at the end of the quarter will limit the amount of additional revenues to be booked on a load-to-discharge basis.
Ballast days are days when a vessel is sailing without cargo and therefore, we are unable to recognize revenues onsuch days. Furthermore, when a vessel remains uncontracted at the end of the quarter, the Company will recognize
certain costs during the uncontracted days up until the end of the period, whereas if a vessel is contracted, thencertain costs can be deferred and recognized over the load-to-discharge period. The number of ballast days at theend of the second quarter of 2024 was 1,043 days for VLCCs, 306 days for Suezmax tankers and 147 days for
LR2/Aframax tankers.
The recognition of revenues on a load-to-discharge basis results in revenues being recognized over fewer days, but
at a higher rate for those days. Over the life of a voyage there is no difference in the total revenues and costs to berecognized as compared to a discharge-to-discharge basis.
When expressing TCE per day the Company uses the total available days, net of off hire days and not just the numberof days the vessel is laden.