Q3 is done and dusted. FRO reported below expectations, missing consensus EBITDA and EPS by -10% and -32%. As reflected in the share price reaction (+3.6% in the US), we argue that the market turned its attention to Q4/25 and Q1/26 a long time ago. For Q4, FRO has fixed 75% of its Vs at USD 83.3k/d, which leaves our Q4 EBITDA estimate at USD 409.5m, 5% above street expectations. At current levels, EPS generation is going through the roof, and while most will be visible in Q1 we still see a Q4 DP ....
