INTERIM FINANCIAL INFORMATIONFRONTLINE PLC

FIRST QUARTER 2024
30 May 2024

FRONTLINE PLC REPORTS RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2024
Frontline plc (the “Company” or “Frontline”), today reported unaudited results for the three months ended March
31, 2024:

Highlights
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Profit of $180.8 million, or $0.81 per share for the first quarter of 2024.
Adjusted profit of $137.9 million, or $0.62 per share for the first quarter of 2024.
Declared a cash dividend of $0.62 per share for the first quarter of 2024.
Reported revenues of $578.4 million for the first quarter of 2024.
Took delivery of the remaining 13 VLCCs from Euronav NV ("Euronav") as part of the acquisition of 24 VLCCs(the "Acquisition").
Achieved average daily spot VLCC time charter equivalent earnings (”TCEs”)1 of $48,100 per day , comprisedof $54,200 per day for the Company’s existing VLCC fleet prior to the Acquisition and $42,300 for the VLCCs
delivered as a result of the Acquisition. The TCEs for the VLCCs delivered were primarily impacted bypositioning and $4,900 per day due to ballast days.
Entered into agreements to sell its five oldest VLCCs, built in 2009 and 2010, and two of its oldest Suezmax
tankers, built in 2010, for an aggregate net sales price of $382.0 million. After repayment of existing debt on
the vessels the transactions are expected to generate net cash proceeds of approximately $275.0 million.
Refinanced eight LR2 tankers, generating net cash proceeds of approximately $139.0 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 is expected to generate net cash proceeds of approximately$278.0 million.
The net cash proceeds of approximately $692.0 million expected to be generated from the sales andrefinancing of vessels enabled us in April 2024 to repay the $100.0 million drawn under the $275.0 million
senior unsecured revolving credit facility with an affiliate of Hemen and will enable us to repay the $295.0
million drawn under the Hemen shareholder loan in relation to the Acquisition.
Entered into a fixed rate time charter-out contract in March 2024 for one VLCC to a third party on a threeyear time charter at a daily base rate of $51,500.
Entered into a time charter-out contract in April 2024 for one Suezmax tanker to a third party on a threeyear time charter at a daily base rate of $32,950 plus 50% profit share.

Lars H. Barstad, Chief Executive Officer of Frontline Management AS, commented:"During the first quarter of 2024, Frontline took delivery of the remaining 13 of the 24 VLCCs acquired from Euronav
last year. Our scalable business model has proven efficient as the vessels entered the Frontline fleet smoothly,
growing our vessel day exposure by approximately one-third. Our first quarter earnings were solid, as markets
remained firm throughout the quarter, and LR2 rates offered proper volatility as returns reached six digits in January
2024. The asset classes we deploy have gradually offered better returns as we progress in 2024.”
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:“The net cash proceeds of approximately $692.0 million expected to be generated from the sales and refinancing ofvessels enabled us in April 2024 to repay the $100.0 million drawn under the $275.0 million senior unsecured
revolving credit facility with an affiliate of Hemen and will enable us to repay the $295.0 million drawn under the
Hemen shareholder loan in relation to the Acquisition. This completes our strategy of freeing up capital through releveraging part of the existing fleet and the sale of older non eco vessels to finance the Acquisition."
Average daily TCEs and estimated cash breakeven rates($ per day)

VLCC
Suezmax
LR2 / Aframax

Estimatedaverage
Spot TCE% Covered daily cash
estimates
breakevenrates

Spot TCE

Q1 2024
48,10045,80054,300Q4 2023
42,30045,70042,9002023
50,30052,60046,800Q2 2024
60,40078%
46,40073%
64,70072%

2024
31,20023,50022,200In December 2023, the Company took delivery of 11 VLCCs as part of the Acquisition. These vessels contributed 184
trading days net of offhire in the fourth quarter of 2023, of which 150 were ballast days. This negatively impacted
the overall VLCC spot rate in the fourth quarter of 2023 by $3,100 per day as limited revenues were recorded inrelation to these vessels, whereas the Company includes all trading days in the VLCC spot rate. The 2023 spot TCE
actuals presented in the table above exclude the impact of the vessels delivered as a result of the Acquisition.
The spot TCE actuals in the first quarter of 2024 and the spot TCE estimates in the second quarter of 2024 include
the impact of all the vessels delivered as a result of the Acquisition. We expect the spot TCEs for the full second
quarter of 2024 to be lower than the TCEs currently contracted, due to the impact of ballast days at the end of thefirst quarter of 2024. The number of ballast days at the end of the first quarter of 2024 was 984 days for VLCCs, 393
days for Suezmax tankers and 212 days for LR2/Aframax tankers.

First Quarter 2024 Results
The Company reports profit of $180.8 million for the first quarter ended March 31, 2024, compared with profit of$118.4 million in the previous quarter. The adjusted profit2 was $137.9 million for the first quarter of 2024 comparedwith adjusted profit of $102.2 million in the previous quarter. The adjustments in the first quarter of 2024 consist ofa $42.7 million gain on the sale of vessels, a $1.3 million loss on marketable securities, a $1.2 million share of results
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.

of associated companies, a $0.8 million unrealized gain on derivatives, $0.9 million of debt extinguishment costs and$0.3 million relating to dividends received. The increase in adjusted profit from the previous quarter was primarily
due to an increase in our TCE earnings from $251.3 million in the previous quarter to $369.7 million in the current
quarter, due to the delivery of 24 VLCCs from Euronav in the fourth quarter of 2023 and first quarter of 2024 andhigher TCE rates, partially offset by an increase in ship operating expenses, depreciation and finance expense as aresult of the delivery of 24 VLCCs from Euronav.

Tanker Market Update
Global oil consumption, as reported by the Energy Information Administration (“EIA”), averaged 102.1 million barrels
per day (“mbpd”) in the first quarter of 2024. This figure, while 0.3 mbpd lower than the previous quarter, represents
a significant 1.2 mbpd increase year on year. Notably, Asia, led by China, India, and Japan, contributed 0.6 mbpd tothis growth, underscoring the region's pivotal role in the global oil market. Looking ahead, demand is projected toaccelerate in the second half of the year, potentially reaching 104.8 mbpd by December 2024. Oil supply remained
stable in the first quarter, averaging 101.8 mbpd. The Organization of the Petroleum Exporting Countries’ (“OPEC”)
supply cut strategy remains in effect, resulting in an average production decrease of 0.7 mbpd compared to the firstquarter of 2023. This, coupled with Angola's departure as a member of OPEC and the rise in non-OPEC output, has
led to a decline in OPEC's market share. Non-OPEC countries, in contrast, have increased their production by 1.4
mbpd since the first quarter of 2023. The EIA anticipates further non-OPEC production growth, with an estimatedincrease of 3.1 mbpd expected by the end of 2025 as compared to the first quarter of 2024. The United States
continues to lead as the world's largest producer, and production growth in the Americas is expected to support
longer trades, benefiting the tanker fleet, particularly VLCCs.
Geopolitical tension continues to affect the freight market, altering trading patterns and growing ton miles. The
Houthi movement in Yemen continue to attack merchant vessels, and it is becoming more apparent that the conflictand disruption in the Red Sea will last longer than initially anticipated. Most trade routes between Europe and Asia
now require vessels to sail the longer distance around Africa. However, we still see some market players willing totransit at the cost of their crew's safety. Volumes from Russia and Iran keep flowing to China and India at an attractive
discount compared to non-sanctioned oil. Additionally, the United States and the United Kingdom have increased
scrutiny on vessels and companies involved in transporting Russian oil and products. Although we have yet to see asignificant impact on volumes, it causes friction, and more prominent players in the East might want to secure
incremental barrels from compliant markets West of Suez. We expect additional refinery capacity in Mexico andNigeria, as well as the expansion of the Trans Mountain pipeline (“TMX”) in Canada, to affect trade patterns in the
future. The TMX will add about 0.6 mbpd of additional export capacity to Canada's pacific coast. Industry sources
expect the cargoes to be delivered to Chinese and Californian refineries. Port restrictions at the Westbridge Marine
Terminal in Canada allow only for Aframax tankers to load, but will indirectly affect VLCCs and Suezmax tankers by
way of ship-to-ship transfers to achieve benefits of scale for longer trades. Increased activity in the Pacific market islikely to increase ton miles in general.
The overall tanker order book for the asset classes that Frontline owns is now 11.5% of the existing global fleet, with
41, 65, and 116 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 fleet in the nearterm due to the general age profile of the existing fleet. By 2027 19 % of the global fleet will be older than 20 years,
an increase from 12 % today and 14% by the end of 2024. Stricter environmental regulations also weigh on theefficiency of the current global fleet, especially on older tonnage.

The Fleet
As of March 31, 2024, the Company’s fleet consisted of 86 vessels owned by the Company (43 VLCCs, 25 Suezmax
tankers, 18 LR2/Aframax tankers), with an aggregate capacity of approximately 18.8 million DWT.
On October 9, 2023, Frontline entered into a Framework Agreement (the "Framework Agreement") with Euronav.
Pursuant to the Framework Agreement, the Company agreed to purchase 24 VLCCs with an average age of 5.3 years,
for an aggregate purchase price of $2,350.0 million from Euronav.
All of the agreements relating to the Acquisition came into effect in November 2023. In December 2023, theCompany took delivery of 11 of the vessels for consideration of $1,112.2 million. In the first quarter of 2024, theCompany took delivery of the 13 remaining vessels for consideration of $1,237.8 million.
In January 2024, the Company announced that it has entered into an agreement whereby the Company will sell its
five oldest VLCCs, built in 2009 and 2010, for an aggregate net sale price of $290.0 million. Three of the vessels weredelivered to the new owner during the first quarter of 2024, and the two remaining vessels were delivered in thesecond quarter of 2024 (one of which was classified as held for sale as of March 31, 2024). After repayment ofexisting debt on the five vessels, the transaction generated net cash proceeds of approximately $208.0 million. The
Company recorded a gain of $42.7 million in the first quarter of 2024 in relation to the three vessels delivered in the
period and expects to record a gain of approximately $30.8 million in the second quarter of 2024 for 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 expects to record a gain in the second quarter of 2024 of approximately$11.0 million.
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 expects to record a gain in the second quarter of 2024 of approximately$14.0 million.
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.

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.
As of March 31, 2024, the Company’s fleet included 49 scrubber fitted vessels (27 VLCCs, 18 Suezmax tankers andfour LR2/Aframax tankers), which represents 57% of our fleet. Following the sale of two VLCCs and two Suezmax
tankers in the second quarter of 2024, 56% of the Company's fleet will consist of scrubber fitted vessels.
As of March 31, 2024, the Company's fleet consists of 97% ECO vessels and has an average age of 6.3 years, making
it one of the youngest and most energy-efficient fleets in the industry. Following the sale of two VLCCs and two
Suezmax tankers in the second quarter of 2024 and based on the data as of March 31, 2024, the Company's fleet
will consist of 99% ECO vessels and will have an average age of 5.9 years.

Corporate Update
In April 2024, the Company received a summons from certain funds managed by FourWorld Capital Management,
LLC to appear before the Enterprise Court in Antwerp, Belgium, in connection with their claims pertaining to theintegrated solution for the strategic and structural deadlock within Euronav announced on October 9, 2023, andEuronav’s acquisition of CMB.TECH NV. 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 first quarter of 2024. The record date for thedividend will be June 14, 2024, the ex-dividend date is expected to be June 14, 2024, for shares listed on the New
York Stock Exchange and June 13, 2024, for shares listed on the Oslo Stock Exchange, and the dividend is scheduled
to be paid on or about June 28, 2024.
The Company had 222,622,889 ordinary shares outstanding as of March 31, 2024. The weighted average number ofshares outstanding for the purpose of calculating basic and diluted earnings per share for the first 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 partially finance the Acquisition. The facility has a tenorof five years, carries an interest rate of Secured Overnight Financing Rate (“SOFR”) plus a margin in line with theCompany’s existing loan facilities and has an amortization profile of 20 years commencing on the delivery date fromthe yard. In December 2023, the Company drew down $891.3 million under the facility to partly finance theAcquisition. Up to $518.7 million remained available and undrawn under the facility as of December 31, 2023 all ofwhich was drawn down to partially finance the remaining 13 vessels delivered as a result of the Acquisition in thefirst 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 facility has a tenor of five years and carries aninterest 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 facility to partly finance theAcquisition. Up to $304.9 million remained available to be drawn as of December 31, 2023. In January 2024, theCompany drew down $60.0 million to partially finance the remaining 13 vessels delivered as a result of theAcquisition in the first quarter of 2024.
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, the Company's largest shareholder, 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 February 2024, the Company entered into a secured term loan facility in an amount of up to $94.5 million withKFW Bank to refinance two LR2 tankers. The new facility has a tenor of five years, carries an interest rate of SOFR
plus a margin of 180 basis points and has an amortization profile of 20 years commencing on the delivery date fromthe yard. The refinancing generated net cash proceeds of approximately $38.0 million.
In March 2024, the Company entered into a senior secured term loan facility in an amount of up to $219.6 million
with a syndicate of banks to refinance six LR2 tankers. The new facility has a tenor of five years, carries an interest
rate of SOFR plus a margin of 180 basis points and has an amortization profile of 18 years commencing on the delivery
date from the yard. The refinancing generated net cash proceeds of approximately $101.0 million.
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. The refinancing is expected to generate net cash proceeds ofapproximately $278.0 million.

Conference Call and Webcast
On May 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;•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;••

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

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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;••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;

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potential conflicts of interest involving members of our board of directors and senior management;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;

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;

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adequacy of insurance coverage;•••changes in governmental rules and regulations or actions taken by regulatory authorities;

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the arrest of our vessels by maritime claimants;•

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;

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;
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
May 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 INFORMATIONFIRST 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)CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS(in thousands of $, except per share data)
Revenues
Other operating income
Total revenues and other operating income

2024
Jan-Mar578,397
42,742
621,139

2023
Jan-Mar497,332
14,289511,6212023
Jan-Dec
1,802,184
24,0801,826,264

Voyage expenses and commission
Ship operating expenses
Administrative expenses
Depreciation
Total operating expenses
Net operating income
Finance income
Finance expense
Gain (loss) on marketable securities
Share of results of associated company
Dividends received
Profit before income taxes

207,188
59,826
14,84688,012369,872251,267
2,227(71,376)(1,273)
1,214
308
182,367

158,827
43,718
12,63855,546
270,729
240,892
2,873(45,417)(3,173)
3,738
527
199,440

618,595
176,533
53,528230,942
1,079,598
746,666
18,065(171,336)
22,9893,383
36,852656,619

Income tax benefit (expense)
Profit for the period
Basic and diluted earnings per share(1,548)
180,819$0.81

186
199,626
$0.90

(205)
656,414$2.95

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(in thousands of $)2024
Jan-Mar

2023
Jan-Mar2023
Jan-Dec

Profit for the period
Items that may be reclassified to profit or loss:
Foreign currency exchange gain (loss)
Other comprehensive income (loss)
Comprehensive income

180,819

199,626

656,414660
660
181,479

53
53
199,679(39)(39)
656,375

FRONTLINE PLC CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION(in thousands of $)ASSETS
Current assets
Cash and cash equivalents
Marketable securities
Assets held for sale
Other current assets
Total current assets

Mar 312024

Dec 31
2023

297,351
6,159
45,517490,678
839,705

308,322
7,432—
412,172
727,926

5,620,472
2,006
112,452
13,600—35,6595,784,189
6,623,894

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

324,530
1,116
153,461
479,107261,999
1,104
145,951
409,054

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

3,766,684
1,188
460
3,768,332

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

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

2,376,927(472)
2,376,455
6,623,894

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

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)CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands of $)OPERATING ACTIVITIES

2024
Jan-Mar

2023
Jan-Mar2023
Jan-Dec

Profit for the period

180,819

199,626

656,414

Net finance expense

69,15042,544

153,271

Depreciation

88,01255,546230,942(Gain) on sale of vessels and equipment(42,742)(12,709)(21,959)(Gain) loss on marketable securities

1,273

3,173

(22,989)

Share of results of associated company(1,214)(3,738)(3,383)

Other, net

4,946

10,68518,199Change in operating assets and liabilities(66,974)

7,116(8,512)

Debt issuance costs paid

(7,533)(27)(20,020)

Interest paid

(62,795)(40,039)(165,193)

8,391

7,837

39,411

171,333

270,014856,181

Additions to newbuildings, vessels and equipment(899,059)(150,714)(1,631,423)

Proceeds from sale of vessels

174,000

99,130142,740

Cash inflow on repayment of loan to associated company

—

1,388

1,388

Proceeds from sale of marketable securities——

251,839(725,059)(50,196)(1,235,456)

Proceeds from issuance of debt

892,784

130,000

1,609,449

Repayment of debt

(267,430)(140,572)(536,587)

(229)

(204)

(862)

Dividends paid

(82,370)(238,206)(638,928)

Net cash provided by (used in) financing activities

542,755(248,982)

433,072

Net change in cash and cash equivalents(10,971)(29,164)

53,797

Cash and cash equivalents at start of period

308,322

254,525

254,525

Cash and cash equivalents at end of period

297,351

225,361

308,322

Adjustments to reconcile profit to net cash provided by operating activities:

Interest received
Net cash provided by operating activities
INVESTING ACTIVITIESNet cash used in investing activities
FINANCING ACTIVITIES

Repayment of obligations under leases

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

2023
Jan-Mar2023
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
660
1,075

454
53
507

454
(39)
415

445,999
180,819(82,370)
544,448

428,513
199,626(238,206)
389,933

428,513
656,414(638,928)
445,999

EQUITY ATTRIBUTABLE TO THE COMPANY

2,376,927

2,221,844

2,277,818

NON-CONTROLLING INTEREST
Balance at beginning and end of period
TOTAL EQUITY(472)
2,376,455(472)
2,221,372(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
RETAINED EARNINGS
Balance at beginning of period
Profit for the period
Cash dividends
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 $)Q1 2024

FY 2023

Q4 2023

Q1 2023

180,819

656,414118,371

199,626

1,273

23,968—3,173

Share of losses of associated companies

—

1,690

—

—

Unrealized loss on derivatives (1)—20,95013,211

7,364

Debt extinguishment costs

936

—

—

—

(815)

(6,075)———(46,957)(29,074)—

Share of results of associated companies(1,214)(5,073)(118)(3,738)Gain on sale of vessels(42,742)(21,960)—(12,709)(308)(36,852)

(240)

(527)

—

(397)

—

(397)

137,949585,708

102,150

192,792

222,623

222,623

222,623

222,623

0.62

2.63

0.46

0.87

Adjusted profit
Profit
Add back:
Loss on marketable securities

Less:
Unrealized gain on derivatives (1)Gain on marketable securities

Dividends received
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. A reconciliation of the gain/loss onderivatives is as follows:(in thousands of $)Q1 2024

FY 2023

Q4 2023

Q1 2023815(14,875)(13,211)(7,364)

Interest income on derivatives

6,164

22,914

6,283

4,964

Gain (loss) on derivatives

6,979

8,039

(6,928)(2,400)

Unrealized gain (loss) on derivatives

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 $)Q1 2024

FY 2023

Q4 2023

Q1 2023

Revenues

578,397 1,802,184

415,004

497,332(207,188)(618,595)(158,107)(158,827)

Other non-vessel items(1,491)(13,524)(5,625)(1,155)

Total TCE

369,718 1,170,065

251,272

337,350

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 onhire days during a reporting period. Onhire days are calculated on a vessel by vessel
basis and represent the net of available days and offhire 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.
Offhire days for a vessel during a reporting period is the number of days the vessel is in our possession during theperiod but is not operational as a result of unscheduled repairs, scheduled dry docking or special or intermediatesurveys and lay-ups, if any.

Q1 2024

FY 2023

Q4 2023

Q1 2023

LR2

14,05745,586

14,226

5,802

Total Time charter TCE

14,05745,586

14,226

5,802

VLCCs ex. vessels acquired from Euronav

100,969

395,51483,511

100,245

VLCCs acquired from Euronav

84,265

1,054

1,054

—

VLCCs total

185,234

396,568

84,565100,245

Suezmax

101,543

480,346

97,382

152,564LR2

68,884

247,565

55,09978,739Total Spot TCE

355,661 1,124,479

237,046

331,548

Total TCE

369,718 1,170,065

251,272

337,350

Time charter TCE (in thousands of $)Spot TCE (in thousands of $)Spot days (available days less offhire days)
VLCCs ex. vessels acquired from Euronav

1,864

7,869

1,975

1,909

VLCCs acquired from Euronav

1,990

184

184

—

VLCCs total

3,854

8,053

2,159

1,909

Suezmax

2,218

9,140

2,130

2,384

LR2

1,268

5,294

1,285

1,398

VLCCs ex. vessels acquired from Euronav

54,20050,30042,30052,500

VLCCs acquired from Euronav

42,300

5,700

5,700

—

VLCCs total

48,10049,20039,20052,500Suezmax

45,80052,60045,70064,000LR254,30046,80042,90056,300Spot 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 remainder of the year.
Spot TCE estimates
Spot estimates 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 second 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 ballast days at theend of the quarter will limit the amount of additional revenues to be booked on a load-to-discharge basis. Ballastdays are days when a vessel is sailing without cargo and therefore, we are unable to recognize revenues on suchdays. 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 first quarter of 2024 was 984 days for VLCCs, 393 days for Suezmax tankers and 212 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.