TORO CORP.

The company operates tanker vessels for the worldwide transportation of crude oil, refined petroleum products, and liquefied petroleum gas (LPG). During the years ended December 31, 2023, 2024, and 2025, the company utilized Aframax/LR2 tankers for crude oil, MR2/Handysize tankers for refined petroleum products, and, starting from their first acquisition in the second quarter of 2023, 5,000 cbm LPG carriers for liquefied petroleum gas. Following the sale of the M/T Wonder Sirius in January 2024, the company no longer operated Aframax/LR2 vessels, and this segment's results are reported as discontinued operations. Effective from the second quarter of 2024, the company operated in two reportable segments: the Handysize tanker segment and the LPG carrier segment, reflecting differences in characteristics, trade, routes, charterers, and cargo handling between refined petroleum products and LPG. Following the Robin Spin-Off of a Handysize tanker vessel and the acquisition of the new MR (MR2 class) tanker vessel, M/T Wonder Altair (built in 2021) on July 11, 2025, the Handysize segment was renamed "MR (Handysize/MR2)." The company further reassessed its segments after acquiring the MR (MR2 class) tanker vessel, M/T Wonder Maia (built in 2014) on September 29, 2025, considering its eco-design technical characteristics.