CMB.TECH (NYSE: CMBT) grows 2025 revenue but profit and EBITDA fall sharply
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
CMB.TECH reported full-year 2025 results showing rapid growth in scale but sharply lower bottom-line profit. Revenue rose to USD 1,666.1 million from USD 940.2 million, helped by higher shipping income, while gains on vessel disposals fell to USD 192.6 million from USD 635.0 million.
Profit for 2025 dropped to USD 139.1 million from USD 870.8 million, with basic earnings per share down to USD 0.70 from USD 4.44. EBITDA declined to USD 944.2 million from USD 1,169.4 million, reflecting higher operating and finance expenses.
The company continued an extensive fleet rejuvenation, taking delivery of 17 newbuilds, selling 12 older vessels and ordering 9 additional vessels. Total assets more than doubled to USD 8,405.6 million, with equity of USD 2,623.3 million and significantly higher bank loans and other borrowings. Capital gains on vessel sales are expected to reach about USD 269.3 million in Q1 2026.
Positive
- Revenue growth and scale-up: Full-year 2025 revenue rose to USD 1,666.1 million from USD 940.2 million, reflecting strong expansion in shipping income and a larger operating platform.
- Fleet renewal and capital gains: The company rejuvenated its fleet with 17 newbuild deliveries, 12 older vessel sales and 9 new orders, generating USD 192.6 million capital gains in 2025 and indicating about USD 269.3 million capital gains on vessel sales in Q1 2026.
Negative
- Sharp earnings decline: Profit for 2025 fell to USD 139.1 million from USD 870.8 million, and basic EPS dropped to USD 0.70 from USD 4.44, driven by lower disposal gains and much higher net finance expenses.
- Higher leverage and weaker EBITDA: EBITDA declined to USD 944.2 million from USD 1,169.4 million while bank loans and other borrowings increased markedly, raising the importance of future cash generation to support the expanded balance sheet.
Insights
Strong revenue and asset growth, but earnings and leverage trends are more cautious.
CMB.TECH significantly expanded operations in 2025. Revenue increased to USD 1,666.1 million from USD 940.2 million, supported by a larger, modernised fleet and higher shipping activity. The fleet program added 17 newbuilds, 12 vessel disposals and 9 new orders, positioning the group across dry bulk, tankers and offshore wind.
However, profitability weakened. Profit for the period fell to USD 139.1 million from USD 870.8 million, as gains on vessel sales dropped and net finance expenses rose to USD 406.9 million. EBITDA eased to USD 944.2 million from USD 1,169.4 million, indicating higher operating and financing costs despite stronger revenue.
The balance sheet shows much larger scale: total assets reached USD 8,405.6 million versus USD 3,905.0 million, with equity at USD 2,623.3 million. Bank loans and other borrowings increased substantially, reflecting vessel investments, acquisitions and a merger. Future disclosures on charter rates, capital gains – including the indicated USD 269.3 million Q1 2026 vessel-sale gain – and debt service will be key to understanding earnings quality from 2026 onward.
Key Figures
Revenue 2025: USD 1,666.1 million
Revenue 2024: USD 940.2 million
Profit for the period 2025: USD 139.1 million
+5 more
8 metrics
Revenue 2025
USD 1,666.1 million
For the year ended December 31, 2025
Revenue 2024
USD 940.2 million
For the year ended December 31, 2024
Profit for the period 2025
USD 139.1 million
Year ended December 31, 2025
Profit for the period 2024
USD 870.8 million
Year ended December 31, 2024
EBITDA 2025
USD 944.2 million
EBITDA, non-IFRS, year ended December 31, 2025
Basic EPS 2025
USD 0.70 per share
Basic earnings per share, 2025
Total assets 2025
USD 8,405.6 million
Condensed statement of financial position, December 31, 2025
Equity 2025
USD 2,623.3 million
Equity attributable to owners, December 31, 2025
Key Terms
EBITDA, time charter equivalent rates, non-IFRS measure, International Financial Reporting Standards, +2 more
6 terms
EBITDA financial
"EBITDA (a non-IFRS measure) for the same period was USD 323.4 million"
EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.
time charter equivalent rates financial
"The average daily time charter equivalent rates (TCE, a non IFRS-measure) can be summarised as follows"
A time charter equivalent (TCE) rate is the average daily revenue a ship earns after subtracting voyage-related costs such as fuel, port fees and canal charges, expressed per operating day. Investors use it like a “take-home pay per day” gauge of fleet profitability because it standardizes earnings across different trip lengths and ship types, making it easier to compare performance and cash flow potential between companies.
non-IFRS measure financial
"EBITDA (a non-IFRS measure) for the same period was USD 323.4 million"
A non-IFRS measure is a financial number a company reports that is calculated outside standard accounting rules; it adjusts or removes items such as one-time costs, taxes, or accounting entries to highlight what management sees as the business’s recurring performance. Investors use these figures like a tailored snapshot to understand underlying trends — similar to a chef sharing a simplified recipe — but because they are not standardized, they require careful comparison and scrutiny.
International Financial Reporting Standards regulatory
"All figures, except for EBITDA, have been prepared under IFRS as adopted by the EU (International Financial Reporting Standards)"
International Financial Reporting Standards are a common set of accounting rules used by companies in many countries to prepare and present their financial statements. They matter to investors because they make results easier to compare across borders — like using the same measuring tape — so investors can assess profitability, cash flow and risk more reliably and spot differences that come from business performance rather than differing accounting methods.
capital gain on vessel sales financial
"The total capital gain on vessel sales in 2025 amounted to USD 192.6 million"
Non-controlling interest financial
"Non-controlling interest | (21,554) | —"
Non-controlling interest represents the portion of ownership in a company held by investors who do not have a controlling stake, meaning they do not have enough voting power to make major decisions. It is similar to owning a minority share of a business partner’s company—while they benefit from profits, they cannot control how the company is run. This matters to investors because it shows how much of the company's value is owned by outside shareholders and affects overall financial reporting.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 2026
Commission File Number: 001-36810
CMB.TECH NV
De Gerlachekaai 20
2000 Antwerp
Belgium
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [ ]
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached hereto as Exhibit 99.1 is a copy of
the press release of CMB.TECH NV (the “Company”), dated March 31, 2026, reporting the Company’s financial results for the year ended December 31, 2025.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
|
|
CMB.TECH NV
|
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
|
Dated: April 1, 2026
|
|
|
|
|
|
|
|
|
|
|
By:
|
/s/ Ludovic Saverys
|
|
|
|
|
Ludovic Saverys
|
|
|
|
|
Chief Financial Officer
|
|
  |
PRESS RELEASE
|
|
Tuesday 31 March 2026 – 22:00. CET
|
|
|
Regulated information
|
|
CMB.TECH ANNOUNCES FINAL YEAR RESULTS
ANTWERP, Belgium, 31 March 2026 – CMB.TECH NV (“CMBT”, “CMB.TECH” of “the company” (NYSE: CMBT, Euronext Brussels: CMBT and Euronext Oslo
Børs: CMBTO) reported its final financial results today for the full year ended 31 December 2025.
HIGHLIGHTS 2025
Financial highlights:
|
•
|
Profit of USD 89.1 million in Q4 2025 bringing full year profit to USD 139.1 million
|
|
•
|
No major changes compared to the preliminary figures published on 26/2/26
|
|
•
|
Total contract backlog increased to USD 3.05 billion
|
Fleet highlights:
|
•
|
CMB.TECH focused on its fleet rejuvenation with 17 newbuild deliveries
|
|
➢
|
8 Newcastlemaxes
|
|
➢
|
1 Crude oil tanker
|
|
➢
|
1 Chemical tanker
|
|
➢
|
5 CTVs
|
|
➢
|
2 CSOVs
|
|
•
|
Further fleet expansion with 9 vessels ordered (6 chemical tankers, 2 CTVs and 1 MP-ASV)
|
|
•
|
Sale of 12 older vessels (5 VLCCs, 2 Suezmaxes, 2 Capesizes, 2 Panamaxes and 1 CTV)
|
|
•
|
Fortescue and CMB.TECH signed agreement for ammonia-powered Newcastlemax
|
|
•
|
CMB.TECH and MOL signed landmark agreement for nine ammonia-powered vessels
|
Corporate highlights:
|
•
|
On March 4 2025, CMB.TECH announced that it entered into a share purchase agreement with Hemen Holding Limited for the acquisition of 81,363,730 shares
in Golden Ocean Group Limited.
|
|
•
|
Completed merger with Golden Ocean on 20 August
|
|
•
|
Additional listing: CMB.TECH is now listed on NYSE (CMBT), EURONEXT Brussels (CMBT) and EURONEXT Oslo (CMBTO)
|
|
•
|
CMB.TECH is investing in the Chinese ammonia supply chain
|
|
•
|
Supervisory Board changes
|
HIGHLIGHTS Q1 2026
|
•
|
Sale of stake in Tankers International Pool, closed on 27 January 2026.
|
|
•
|
Management Board changes: resignation of Mr. Benoit Timmermans
|
|
•
|
Sale of 8 VLCCs and 2 Capesize vessels Q1 to date
|
|
•
|
Delivery of 3 vessels in Q1 to date
|
For the fourth quarter of 2025, the company realised a net gain of USD 89.1 million or USD 0.31 per share (fourth quarter 2024: a net gain of
93.1 USD million or USD 0.48 per share). EBITDA (a non-IFRS measure) for the same period was USD 323.4 million (fourth quarter 2024: USD 180.4 million).
|
CMB.TECH w Contact
|
||||||
|
Head of Marketing & Communications
Katrien Hennin
|
Tel: +32 499393470
katrien.hennin@cmb.tech
|
Head of Investor Relations
Joris Daman
|
Tel: +32 498617111
joris.daman@cmb.tech
|
|||
Page 1 of 18
|
|
PRESS RELEASE
|
|
Tuesday 31 March 2026 – 22:00. CET
|
|
|
Regulated information
|
|
CMB.TECH FLEET DEVELOPMENTS
RECAP 2025
In 2025, CMB.TECH focused on its fleet rejuvenation with 17 newbuild deliveries (8 Newcastlemaxes, 1 crude oil tanker, 1 chemical tanker, 5
CTVs & 2 CSOVs) and the sale of 12 older vessels (5 VLCCs, 2 Suezmaxes, 2 Capesize vessels, 2 Panamaxes and 1 CTV). Furthermore, the company also ordered an additional 9 vessels (6 chemical tankers, 2 CTVs and 1 MPSAV).
CAPITAL GAIN IN USD
The total capital gain on vessel sales in 2025 amounted to USD 192.6 million and in Q1 2026 the capital gain on vessel sales will amount to
approximately USD 269.3 million.
MARKET & OUTLOOK
An overview and outlook of the markets can be found in the Q4 2025 press release.
|
CMB.TECH w Contact
|
||||||
|
Head of Marketing & Communications
Katrien Hennin
|
Tel: +32 499393470
katrien.hennin@cmb.tech
|
Head of Investor Relations
Joris Daman
|
Tel: +32 498617111
joris.daman@cmb.tech
|
|||
Page 2 of 18
|
|
PRESS RELEASE
|
|
Tuesday 31 March 2026 – 22:00. CET
|
|
|
Regulated information
|
|
Key figures
|
The most important key figures are:
|
|||||||||||
|
(in thousands of USD)
|
Fourth Quarter 2025
|
Fourth Quarter 2024
|
YTD 2025
|
YTD 2024
|
|||||||
|
Revenue
|
588,980
|
226,029
|
1,666,080
|
940,246
|
|||||||
|
Other operating income
|
1,504
|
8,254
|
29,756
|
50,660
|
|||||||
|
Raw materials and consumables
|
(3,769)
|
(1,576)
|
(10,265)
|
(3,735)
|
|||||||
|
Voyage expenses and commissions
|
(128,169)
|
(42,692)
|
(362,155)
|
(174,310)
|
|||||||
|
Vessel operating expenses
|
(128,067)
|
(52,817)
|
(420,409)
|
(199,646)
|
|||||||
|
Charter hire expenses
|
(415)
|
(3)
|
(3,124)
|
(138)
|
|||||||
|
General and administrative expenses
|
(51,504)
|
(24,616)
|
(141,975)
|
(77,766)
|
|||||||
|
Net gain (loss) on disposal of tangible assets
|
49,489
|
71,114
|
192,564
|
635,017
|
|||||||
|
Depreciation and amortisation
|
(114,526)
|
(43,911)
|
(387,968)
|
(166,029)
|
|||||||
|
Impairment losses
|
(2,081)
|
(1,847)
|
(5,354)
|
(1,847)
|
|||||||
|
Net finance expenses
|
(113,308)
|
(47,096)
|
(406,941)
|
(130,650)
|
|||||||
|
Share of profit (loss) of equity accounted investees
|
(2,599)
|
(1,418)
|
(882)
|
920
|
|||||||
|
Result before taxation
|
95,535
|
89,421
|
149,327
|
872,722
|
|||||||
|
Income tax benefit (expense)
|
(6,476)
|
3,709
|
(10,185)
|
(1,893)
|
|||||||
|
Profit (loss) for the period
|
89,059
|
93,130
|
139,142
|
870,829
|
|||||||
|
Attributable to:
|
|||||||||||
|
Owners of the Company
|
89,059
|
93,130
|
160,696
|
870,829
|
|||||||
|
Non-controlling interest
|
—
|
—
|
(21,554)
|
—
|
|||||||
|
Earnings per share:
|
||||||||||
|
(in USD per share)
|
Fourth Quarter 2025
|
Fourth Quarter 2024
|
YTD 2025
|
YTD 2024
|
||||||
|
Weighted average number of shares (basic) *
|
290,169,769
|
194,216,835
|
229,443,392
|
196,041,579
|
||||||
|
Basic earnings per share
|
0.31
|
0.48
|
0.70
|
4.44
|
||||||
|
*
|
The number of shares issued on 31 December 2025 is 315,977,647. However, the number of shares excluding the owned shares held by CMB.TECH at
31 December 2025 is 290,169,769.
|
|
EBITDA reconciliation:
|
|||||||||||||||||||
|
(in thousands of USD)
|
Fourth Quarter 2025
|
Fourth Quarter 2024
|
YTD 2025
|
YTD 2024
|
|||||||||||||||
|
Profit (loss) for the period
|
89,059
|
93,130
|
139,142
|
870,829
|
|||||||||||||||
|
+ Net finance expenses
|
113,308
|
47,096
|
406,941
|
130,650
|
|||||||||||||||
|
+ Depreciation and amortisation
|
114,526
|
43,911
|
387,968
|
166,029
|
|||||||||||||||
|
+ Income tax expense (benefit)
|
6,476
|
(3,709)
|
10,185
|
1,893
|
|||||||||||||||
|
EBITDA
|
323,369
|
180,428
|
944,236
|
1,169,401
|
|||||||||||||||
|
CMB.TECH w Contact
|
|||||||||||||||||||
|
Head of Marketing & Communications
Katrien Hennin
|
Tel: +32 499393470
katrien.hennin@cmb.tech
|
Head of Investor Relations
Joris Daman
|
Tel: +32 498617111
joris.daman@cmb.tech
|
||||||||||||||||
Page 3 of 18
|
|
PRESS RELEASE
|
|
Tuesday 31 March 2026 – 22:00. CET
|
|
|
Regulated information
|
|
|
EBITDA per share:
|
|||||||||||
|
(in USD per share)
|
Fourth Quarter 2025
|
Fourth Quarter 2024
|
YTD 2025
|
YTD 2024
|
|||||||
|
Weighted average number of shares (basic)
|
290,169,769
|
194,216,835
|
229,443,392
|
196,041,579
|
|||||||
|
EBITDA
|
1.11
|
0.93
|
4.12
|
5.97
|
|||||||
All figures, except for EBITDA, have been prepared under IFRS as adopted by the EU (International Financial Reporting Standards)
and have not been audited nor reviewed by the statutory auditor.
|
CMB.TECH w Contact
|
||||||
|
Head of Marketing & Communications
Katrien Hennin
|
Tel: +32 499393470
katrien.hennin@cmb.tech
|
Head of Investor Relations
Joris Daman
|
Tel: +32 498617111
joris.daman@cmb.tech
|
|||
Page 4 of 18
|
|
PRESS RELEASE
|
|
Tuesday 31 March 2026 – 22:00. CET
|
|
|
Regulated information
|
|
TCE
The average daily time charter equivalent rates (TCE, a non IFRS-measure) can be summarised as follows:
|
In USD per day
|
Full year 2025
|
Full year 2024
|
|
DRY BULK VESSELS
|
||
|
Newcastlemax average spot rate(1)
|
27,614
|
30,600
|
|
Newcastlemax average time charter rate
|
21,457
|
NA
|
|
Capesize average spot rate(1)
|
22,346
|
NA
|
|
Panamax/Kamsarmax average spot rate(1)
|
13,000
|
NA
|
|
Panamax/Kamsarmax average time charter rate
|
13,552
|
NA
|
|
TANKERS
|
||
|
VLCC average spot rate(2)
|
45,251
|
44,600
|
|
VLCC average time charter rate
|
45,912
|
45,912
|
|
Suezmax average spot rate(1) (3)
|
46,508
|
45,600
|
|
Suezmax average time charter rate
|
34,838
|
31,000
|
|
FSO Average time charter rate
|
86,689
|
87,330
|
|
CONTAINER VESSELS
|
||
|
Average time charter rate
|
29,378
|
29,378
|
|
CHEMICAL TANKERS
|
||
|
Average spot rate(2)
|
20,675
|
25,600
|
|
Average time charter rate
|
19,306
|
19,306
|
|
OFFSHORE WIND (CTV)
|
||
|
CSOV Average time charter rate
|
81,307
|
NA
|
|
CTV Average time charter rate
|
3,033
|
2,973
|
(1) Reporting load-to-discharge, in line with IFRS 15, net of commission
(2) CMB.TECH owned ships in TI Pool or Stolt Pool (excluding technical off hire days)
(3) Including profit share where applicable
|
CMB.TECH w Contact
|
||||||
|
Head of Marketing & Communications
Katrien Hennin
|
Tel: +32 499393470
katrien.hennin@cmb.tech
|
Head of Investor Relations
Joris Daman
|
Tel: +32 498617111
joris.daman@cmb.tech
|
|||
Page 5 of 18
|
|
PRESS RELEASE
|
|
Tuesday 31 March 2026 – 22:00. CET
|
|
|
Regulated information
|
|
Difference between Q4 2025 preliminary results and Q4 2025 final results
Next to some reclasses in statement of financial position and statement of profit or loss, net result for the period decreased with USD 1.0
million related to additional accrued expenses.
Independent auditor's procedures
The statutory auditor, BDO Bedrijfsrevisoren - Réviseurs d’Entreprises, represented by Veerle Catry, has confirmed that the audit procedures,
which have been in relation to the financial information for the year ended 31 December 2025 in accordance with the International Standards on Auditing are substantially completed and have not revealed any material corrections required to be made to
the financial information included in the company’s annual announcement.
|
CMB.TECH highlights in 2025
7 January
The company took delivery of the Newcastlemax Mineral Portugal (2025 - 210,754 dwt).
13 January
Windcat Workboats International BV, a subsidiary of CMB.TECH, has ordered a newbuild hydrogen-powered (dual fuel)
multifunctional harbour utility vessel (MPHUV) with Neptune Construction. Delivery is scheduled in 2026.
13 January
The company took delivery of the Newcastlemax Mineral Osterreich (2025 - 210,761 dwt).
27 January
The VLCC Alsace (2012 - 299,999 DWT) was successfully delivered to its new owner. A capital gain of approximately USD 27.46
million was booked in Q1 2025.
4 March
CMB.TECH NV announced that it had entered into a share purchase agreement with Hemen Holding Limited, through its subsidiary,
for the acquisition of 81,363,730 shares in Golden Ocean Group Limited (representing ca. 40.8% of Golden Ocean’s outstanding shares and votes which includes all Golden Ocean shares controlled by Hemen),
24 March
CMB.TECH announced that it signed an agreement with Mitsui O.S.K. Lines, Ltd. (“MOL”) and MOL CHEMICAL TANKERS PTE. LTD.
(“MOLCT”) for nine ammonia-powered vessels.
26 March
The company took delivery of the CTV Hydrocat 60.
27 March
CMB.TECH NV filed a Schedule 13D/A to report that CMB.TECH NV indirectly acquired 7,347,277 additional shares in Golden Ocean
in the open market following the Share Purchase.
3 April
CMB.TECH NV filed a Schedule 13D/A to report that CMB.TECH NV indirectly acquired 9,689,297 additional shares in Golden Ocean
in the open market following the Share Purchase.
9 April
The Company took delivery of the CTV TSM Windcat 59.
|
|
CMB.TECH w Contact
|
||||||
|
Head of Marketing & Communications
Katrien Hennin
|
Tel: +32 499393470
katrien.hennin@cmb.tech
|
Head of Investor Relations
Joris Daman
|
Tel: +32 498617111
joris.daman@cmb.tech
|
|||
Page 6 of 18
|
|
PRESS RELEASE
|
|
Tuesday 31 March 2026 – 22:00. CET
|
|
|
Regulated information
|
|
|
10 April
The company took delivery of the Newcastlemax Mineral Suomi (2025 - 210,000 dwt).
14 April
CMB.TECH announced that it signed an agreement with Fortescue to charter a new ammonia-powered vessel featuring a dual fuel
engine.
22 April
CMB.TECH and Golden Ocean announced that they signed a term sheet (the “Term Sheet”) for a contemplated stock-for-stock merger,
with CMB.TECH as the surviving entity, based on an exchange ratio of 0.95 shares of CMB.TECH for each share of Golden Ocean (the “Exchange Ratio”), subject to customary adjustments..
23 April
The company took delivery of the Newcastlemax Mineral Sverige (2025 - 210,000 dwt).
30 April
CMB.TECH announced that it had sold three VLCCs, Iris (2012 - 314,000 dwt), Hakata (2010 - 302,550 dwt) & Hakone (2010 -
302,624 dwt) as part of its fleet rejuvenation. The sales generated a total capital gain of 96.4 million USD.
23 May
The company took delivery of the Newcastlemax Mineral Polska (2025 - 210,000 dwt).
28 May
CMB.TECH and Golden Ocean announced that they signed an agreement and plan of merger (the “Merger Agreement”) for a
stock-for-stock merger, as contemplated by the term sheet previously announced on 22 April 2025.
23 June
The company took delivery of the Newcastlemax Mineral Cesko (2025 - 210,000 dwt).
2 July
The CTV TSM Windcat 58was delivered.
3 July
The company entered into an agreement to sell the Capesize vessel Golden Zhoushan for a sale price of USD 22.1 million, less a
1% commission. The vessel was delivered to its new owner in the third quarter of 2025.
24 July
The CSOV Windcat Rotterdam was delivered.
8 August
The company took delivery of Newcastlemax Mineral Slovensko (2025- 210,761 dwt).
19 August
Golden Ocean held a Special General Meeting to vote on the proposed merger. The merger was approved by shareholders holding
92.72% of the shares present or represented at the meeting.
20 August
The merger with Golden Ocean was closed.
|
|
CMB.TECH w Contact
|
||||||
|
Head of Marketing & Communications
Katrien Hennin
|
Tel: +32 499393470
katrien.hennin@cmb.tech
|
Head of Investor Relations
Joris Daman
|
Tel: +32 498617111
joris.daman@cmb.tech
|
|||
Page 7 of 18
|
|
PRESS RELEASE
|
|
Tuesday 31 March 2026 – 22:00. CET
|
|
|
Regulated information
|
|
|
25 August
The company entered into an agreement to sell the Suezmax Sofia (2010 - 165,000 dwt) for a net sale price of USD 40.1 million.
The sale generated a capital gain of approximately USD 20.4 million and was delivered to its new owner in the fourth quarter of 2025.
28 August
Mr. Marc Saverys decided to resign as member and chairman of the Supervisory Board of CMB.TECH. Mr. Patrick de Brabandere, as
representative of Debemar BV was appointed to succeed Mr. Marc Saverys as chairman of the Supervisory Board.
The Supervisory Board further decided to co-opt Mrs. Gudrun Janssens as independent member within the Supervisory Board.
18 September
The company took delivery of Chemical tanker Bochem Santos (2025 -25,000 dwt).
25 September
On 25 September 2025, CMB.TECH announced that Mrs. Julie De Nul decided to resign as member of the Supervisory Board of
CMB.TECH NV. The Supervisory Board decided to co-opt Mr. Carl Steen as independent member within the Supervisory Board. Mr. Carl Steen was appointed to succeed Mrs. Julie de Nul as chairman of the Remuneration committee.
26 September
The company took delivery of Newcastlemax Mineral Slovenija (2025, 210,000 dwt).
20 October
CMB.TECH announced the sale of the capesize Battersea (2009, 169.390 dwt). The sale generated a total capital gain of 2.4
million USD. The vessel was delivered to its new owner during Q4 2025.
10 November
The company took delivery of VLCC Atrebates (2025, 319,000 dwt).
12 November
The company took delivery of the CTV Windcat 61.
12 December
CMB.TECH took delivery of the CTV Windcat 62.
19 December
The company took delivery of the CSOV Windcat Amsterdam.
|
|
Events occurring after the end of the financial year ending 31 December 2025
In January 2026, the company invested in the Chinese ammonia supply chain. CMB.TECH has signed an off-take agreement for
green ammonia produced by CEEC Hydrogen Energy (“CEEC”) in Jilin Province and owns a minority share in privately owned Jiangsu Andefu Energy Technology Co., Ltd. (“Andefu”) one of China's largest ammonia supply chain companies.
On 7 January 2026 CMB.TECH NV announced that it had sold eight vessels, generating a capital gain of approximately 269.2
million USD in total. CMB.TECH sold six VLCCs: Daishan (2007, 306,005 dwt), Hirado (2011, 302,550 dwt), Hojo (2013, 302,965 dwt),Dia (2015, 299,999 dwt), Antigone (2015, 299,421 dwt), and Aegean (2016, 299,999 dwt) and two
|
|
CMB.TECH w Contact
|
||||||
|
Head of Marketing & Communications
Katrien Hennin
|
Tel: +32 499393470
katrien.hennin@cmb.tech
|
Head of Investor Relations
Joris Daman
|
Tel: +32 498617111
joris.daman@cmb.tech
|
|||
Page 8 of 18
|
|
PRESS RELEASE
|
|
Tuesday 31 March 2026 – 22:00. CET
|
|
|
Regulated information
|
|
|
Capesize vessels: Golden Magnum (2009, 179,790 dwt), and Belgravia (2009, 169,390 dwt). The vessels have been delivered to their new owners in Q1 2026.
On 12 January 2026, CMB.TECH took delivery of the VLCC Eburones (2026, 319,000 dwt).
On 13 January 2026, CMB.TECH took delivery of the chemical tanker Bochem Callao (2026, 25,000 dwt).
On 9 February 2026, CMB.TECH announced it has sold two VLCCs: Ingrid (2012, 314,000 dwt) and Ilma (2012, 314,000 dwt). The sale
will generate a capital gain of approximately 98.2 million USD in Q2 2026, based on the net sales price and book values. The vessels will be delivered to their new owner in Q2 2026.
On 26 February, CMB.TECH announced that Mr. Benoit Timmermans has decided to resign as member of the Management Board of
CMB.TECH with effect as of 1 May 2026. Mr. Benoit Timmermans joined the Management Board of CMB.TECH as Chief Strategy Officer and has assisted the company in the transition from a pure-play crude oil tanker player to a large and
diversified maritime group. For the time being, Mr. Timmermans will not be replaced. His responsibilities will be taken over by the current members of the Management Board.
On 26 February, CMB.TECH announced CMB.TECH has sold its share in the Tankers International (TI) Pool to International Seaways
(INSW), closed on 27 January 2026.
On 23 March 2026, CMB.TECH took delivery of the VLCC Menapii (2026, 319,000 dwt).
|
|
Financial calendar 2026
21 April 2026
Annual report 2025 available on the website
19 May 2026
Announcement of first quarter results 2026
21 May 2026
Annual General Meeting of Shareholders
27 August 2026
Announcement of second quarter results 2026
27 August 2026
Half year report 2026 available on website
26 November 2026
Announcement of third quarter results 2026
|
|
CMB.TECH w Contact
|
||||||
|
Head of Marketing & Communications
Katrien Hennin
|
Tel: +32 499393470
katrien.hennin@cmb.tech
|
Head of Investor Relations
Joris Daman
|
Tel: +32 498617111
joris.daman@cmb.tech
|
|||
Page 9 of 18
|
|
PRESS RELEASE
|
|
Tuesday 31 March 2026 – 22:00. CET
|
|
|
Regulated information
|
|
The Supervisory
Board, represented by Patrick de Brabandere, its Chairman, and the Management Board, represented by Alexander Saverys, Chief Executive Officer, and Ludovic Saverys, Chief Financial Officer, hereby confirm, in the name and for account of CMB.TECH
that, to the best of their knowledge the consolidated financial statements as of and for the year ended 31 December 2025 presented herein were established in accordance with applicable accounting
standards (IFRS as adopted by the EU) and give a true and fair view, as defined by these standards, of the assets, liabilities, financial position and results of CMB.TECH NV.
On behalf of the Supervisory Board and the Management Board:
|
Alexander Saverys
|
Patrick de Brabandere
|
||
|
Chief Executive Officer
|
Chairman of the Supervisory Board
|
|
CMB.TECH w Contact
|
||||||
|
Head of Marketing & Communications
Katrien Hennin
|
Tel: +32 499393470
katrien.hennin@cmb.tech
|
Head of Investor Relations
Joris Daman
|
Tel: +32 498617111
joris.daman@cmb.tech
|
|||
Page 10 of 18
|
|
PRESS RELEASE
|
|
Tuesday 31 March 2026 – 22:00. CET
|
|
|
Regulated information
|
|
Annual report available on the website – 21 April 2026
About CMB.TECH
CMB.TECH (all capitals) is one of the largest listed, diversified and future-proof maritime groups in the world with a combined fleet of
about 250 vessels: dry bulk vessels, crude oil tankers, chemical tankers, container vessels, offshore energy vessels and port vessels. CMB.TECH also offers hydrogen and ammonia fuel to customers, through own production or third-party producers.
CMB.TECH is headquartered in Antwerp, Belgium, and has offices across Europe, Asia and Africa.
CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol “CMBT” and on Euronext Oslo Børs under the ticker symbol
“CMBTO”.
More information can be found at https://cmb.tech
Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995
provides safe harbour protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies,
future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbour provisions of the Private Securities Litigation Reform Act of
1995 and is including this cautionary statement in connection with this safe harbour legislation. The words "believe", "anticipate", "intends", "estimate", "forecast", "project", "plan", "potential", "may", "should", "expect", "pending" and similar
expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further
assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third 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 and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs
or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those
discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel
values, changes in demand for tanker vessel capacity, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance,
ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and
international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the United States Securities and Exchange
Commission for a more complete discussion of these and other risks and uncertainties.
|
CMB.TECH w Contact
|
||||||
|
Head of Marketing & Communications
Katrien Hennin
|
Tel: +32 499393470
katrien.hennin@cmb.tech
|
Head of Investor Relations
Joris Daman
|
Tel: +32 498617111
joris.daman@cmb.tech
|
|||
Page 11 of 18
|
|
PRESS RELEASE
|
|
Tuesday 31 March 2026 – 22:00. CET
|
|
|
Regulated information
|
|
Condensed consolidated statement of financial position
(in thousands of USD)
|
December 31, 2025
|
December 31, 2024
|
|||||||||||||
|
ASSETS
|
||||||||||||||
|
Non-current assets
|
||||||||||||||
|
Vessels
|
6,323,773
|
2,617,484
|
||||||||||||
|
Assets under construction
|
738,298
|
628,405
|
||||||||||||
|
Right-of-use assets
|
4,847
|
1,910
|
||||||||||||
|
Other tangible assets
|
23,981
|
21,628
|
||||||||||||
|
Prepayments
|
1,075
|
1,657
|
||||||||||||
|
Intangible assets
|
12,710
|
16,187
|
||||||||||||
|
Goodwill
|
177,022
|
—
|
||||||||||||
|
Receivables
|
97,116
|
75,076
|
||||||||||||
|
Investments
|
111,346
|
61,806
|
||||||||||||
|
Deferred tax assets
|
2,850
|
10,074
|
||||||||||||
|
Total non-current assets
|
7,493,018
|
3,434,227
|
||||||||||||
|
Current assets
|
||||||||||||||
|
Inventory
|
77,175
|
26,500
|
||||||||||||
|
Trade and other receivables
|
320,843
|
235,883
|
||||||||||||
|
Current tax assets
|
4,912
|
3,984
|
||||||||||||
|
Cash and cash equivalents
|
146,529
|
38,869
|
||||||||||||
|
549,459
|
305,236
|
|||||||||||||
|
Non-current assets held for sale
|
363,097
|
165,583
|
||||||||||||
|
Total current assets
|
912,556
|
470,819
|
||||||||||||
|
TOTAL ASSETS
|
8,405,574
|
3,905,046
|
||||||||||||
|
EQUITY and LIABILITIES
|
||||||||||||||
|
Equity
|
||||||||||||||
|
Share capital
|
343,440
|
239,148
|
||||||||||||
|
Share premium
|
1,817,557
|
460,486
|
||||||||||||
|
Translation reserve
|
9,502
|
(2,045)
|
||||||||||||
|
Hedging reserve
|
90
|
2,145
|
||||||||||||
|
Treasury shares
|
(284,508)
|
(284,508)
|
||||||||||||
|
Retained earnings
|
737,239
|
777,098
|
||||||||||||
|
Equity attributable to owners of the Company
|
2,623,320
|
1,192,324
|
||||||||||||
|
Non-current liabilities
|
||||||||||||||
|
Bank loans
|
2,839,590
|
1,450,869
|
||||||||||||
|
Other notes
|
—
|
198,887
|
||||||||||||
|
Other borrowings
|
1,876,795
|
667,361
|
||||||||||||
|
Lease liabilities
|
3,368
|
1,451
|
||||||||||||
|
CMB.TECH w Contact
|
||||||||||||||
|
Head of Marketing & Communications
Katrien Hennin
|
Tel: +32 499393470
katrien.hennin@cmb.tech
|
Head of Investor Relations
Joris Daman
|
Tel: +32 498617111
joris.daman@cmb.tech
|
|||||||||||
Page 12 of 18
|
|
PRESS RELEASE
|
|
Tuesday 31 March 2026 – 22:00. CET
|
|
|
Regulated information
|
|
|
Other payables
|
20
|
—
|
||||
|
Employee benefits
|
1,180
|
1,060
|
||||
|
Deferred tax liabilities
|
485
|
438
|
||||
|
Total non-current liabilities
|
4,721,438
|
2,320,066
|
||||
|
Current liabilities
|
||||||
|
Trade and other payables
|
222,492
|
79,591
|
||||
|
Current tax liabilities
|
8,288
|
9,104
|
||||
|
Bank loans
|
351,170
|
201,937
|
||||
|
Other notes
|
203,287
|
3,733
|
||||
|
Other borrowings
|
273,898
|
95,724
|
||||
|
Lease liabilities
|
1,681
|
2,293
|
||||
|
Provisions
|
—
|
274
|
||||
|
Total current liabilities
|
1,060,816
|
392,656
|
||||
|
TOTAL EQUITY and LIABILITIES
|
8,405,574
|
3,905,046
|
||||
|
CMB.TECH w Contact
|
||||||
|
Head of Marketing & Communications
Katrien Hennin
|
Tel: +32 499393470
katrien.hennin@cmb.tech
|
Head of Investor Relations
Joris Daman
|
Tel: +32 498617111
joris.daman@cmb.tech
|
|||
|
|
PRESS RELEASE
|
|
Tuesday 31 March 2026 – 22:00. CET
|
|
|
Regulated information
|
|
Condensed consolidated statement of profit or loss
(in thousands of USD except per share amounts)
|
2025
|
2024
|
|||||
|
Jan. 1 - Dec. 31, 2025
|
Jan. 1 - Dec. 31, 2024
|
|||||
|
Shipping income
|
||||||
|
Revenue
|
1,666,080
|
940,246
|
||||
|
Gains on disposal of vessels/other tangible assets
|
192,568
|
635,019
|
||||
|
Other operating income
|
29,756
|
50,660
|
||||
|
Total shipping income
|
1,888,404
|
1,625,925
|
||||
|
Operating expenses
|
||||||
|
Raw materials and consumables
|
(10,265)
|
(3,735)
|
||||
|
Voyage expenses and commissions
|
(362,155)
|
(174,310)
|
||||
|
Vessel operating expenses
|
(420,409)
|
(199,646)
|
||||
|
Charter hire expenses
|
(3,124)
|
(138)
|
||||
|
Loss on disposal of vessels/other tangible assets
|
(4)
|
(2)
|
||||
|
Depreciation tangible assets
|
(384,684)
|
(163,148)
|
||||
|
Amortisation intangible assets
|
(3,284)
|
(2,881)
|
||||
|
Impairment losses
|
(5,354)
|
(1,847)
|
||||
|
General and administrative expenses
|
(141,975)
|
(77,766)
|
||||
|
Total operating expenses
|
(1,331,254)
|
(623,473)
|
||||
|
RESULT FROM OPERATING ACTIVITIES
|
557,150
|
1,002,452
|
||||
|
Finance income
|
22,876
|
38,689
|
||||
|
Finance expenses
|
(429,817)
|
(169,339)
|
||||
|
Net finance expenses
|
(406,941)
|
(130,650)
|
||||
|
Share of profit (loss) of equity accounted investees (net of income tax)
|
(882)
|
920
|
||||
|
PROFIT (LOSS) BEFORE INCOME TAX
|
149,327
|
872,722
|
||||
|
Income tax benefit (expense)
|
(10,185)
|
(1,893)
|
||||
|
PROFIT (LOSS) FOR THE PERIOD
|
139,142
|
870,829
|
||||
|
Attributable to:
|
||||||
|
Owners of the company
|
160,696
|
870,829
|
||||
|
Non-controlling interest
|
(21,554)
|
—
|
||||
|
Basic earnings per share
|
0.70
|
4.44
|
||||
|
Diluted earnings per share
|
0.70
|
4.44
|
||||
|
Weighted average number of shares (basic)
|
229,443,392
|
196,041,579
|
||||
|
Weighted average number of shares (diluted)
|
229,443,392
|
196,041,579
|
||||
|
CMB.TECH w Contact
|
||||||
|
Head of Marketing & Communications
Katrien Hennin
|
Tel: +32 499393470
katrien.hennin@cmb.tech
|
Head of Investor Relations
Joris Daman
|
Tel: +32 498617111
joris.daman@cmb.tech
|
|||
Page 13 of 18
|
|
PRESS RELEASE
|
|
Tuesday 31 March 2026 – 22:00. CET
|
|
|
Regulated information
|
|
Condensed consolidated statement of comprehensive income
(in thousands of USD)
|
2025
|
2024
|
|||||
|
Jan. 1 - Dec. 31, 2025
|
Jan. 1 - Dec. 31, 2024
|
|||||
|
Profit/(loss) for the period
|
139,142
|
870,829
|
||||
|
Other comprehensive income (expense), net of tax
|
||||||
|
Items that will never be reclassified to profit or loss:
|
||||||
|
Remeasurements of the defined benefit liability (asset)
|
88
|
200
|
||||
|
Items that are or may be reclassified to profit or loss:
|
||||||
|
Foreign currency translation differences
|
11,547
|
(2,280)
|
||||
|
Cash flow hedges - effective portion of changes in fair value
|
(2,055)
|
1,005
|
||||
|
Other comprehensive income (expense), net of tax
|
9,580
|
(1,075)
|
||||
|
Total comprehensive income (expense) for the period
|
148,722
|
869,754
|
||||
|
Attributable to:
|
||||||
|
Owners of the company
|
170,276
|
869,754
|
||||
|
Non-controlling interest
|
(21,554)
|
—
|
||||
|
CMB.TECH w Contact
|
||||||
|
Head of Marketing & Communications
Katrien Hennin
|
Tel: +32 499393470
katrien.hennin@cmb.tech
|
Head of Investor Relations
Joris Daman
|
Tel: +32 498617111
joris.daman@cmb.tech
|
|||
Page 14 of 18
|
|
PRESS RELEASE
|
|
Tuesday 31 March 2026 – 22:00. CET
|
|
|
Regulated information
|
|
Condensed consolidated statement of changes in equity
(in thousands of USD)
|
Share capital
|
Share premium
|
Translation reserve
|
Hedging reserve
|
Treasury shares
|
Retained earnings
|
Equity attributable to owners of the Company
|
Non-controlling interest
|
Total equity
|
|
|
Balance at January 1, 2024
|
239,148
|
1,466,529
|
235
|
1,140
|
(157,595)
|
807,916
|
2,357,373
|
—
|
2,357,373
|
|
Profit (loss) for the period
|
—
|
—
|
—
|
—
|
—
|
870,829
|
870,829
|
—
|
870,829
|
|
Total other comprehensive income (expense)
|
—
|
—
|
(2,280)
|
1,005
|
—
|
200
|
(1,075)
|
—
|
(1,075)
|
|
Total comprehensive income (expense)
|
—
|
—
|
(2,280)
|
1,005
|
—
|
871,029
|
869,754
|
—
|
869,754
|
|
Transactions with owners of the company
|
|||||||||
|
Business Combination
|
—
|
—
|
—
|
—
|
—
|
(796,970)
|
(796,970)
|
—
|
(796,970)
|
|
Dividends to equity holders
|
—
|
(1,006,043)
|
—
|
—
|
—
|
(104,877)
|
(1,110,920)
|
(1,110,920)
|
|
|
Treasury shares acquired
|
—
|
—
|
—
|
—
|
(126,913)
|
—
|
(126,913)
|
—
|
(126,913)
|
|
Total transactions with owners
|
—
|
(1,006,043)
|
—
|
—
|
(126,913)
|
(901,847)
|
(2,034,803)
|
—
|
(2,034,803)
|
|
Balance at December 31, 2024
|
239,148
|
460,486
|
(2,045)
|
2,145
|
(284,508)
|
777,098
|
1,192,324
|
—
|
1,192,324
|
|
CMB.TECH w Contact
|
||||||
|
Head of Marketing & Communications
Katrien Hennin
|
Tel: +32 499393470
katrien.hennin@cmb.tech
|
Head of Investor Relations
Joris Daman
|
Tel: +32 498617111
joris.daman@cmb.tech
|
|||
Page 15 of 18
|
|
PRESS RELEASE
|
|
Tuesday 31 March 2026 – 22:00. CET
|
|
|
Regulated information
|
|
|
Share capital
|
Share premium
|
Translation reserve
|
Hedging reserve
|
Treasury shares
|
Retained earnings
|
Equity attributable to owners of the Company
|
Non-controlling interest
|
Total equity
|
|
|
Balance at January 1, 2025
|
239,148
|
460,486
|
(2,045)
|
2,145
|
(284,508)
|
777,098
|
1,192,324
|
—
|
1,192,324
|
|
Profit (loss) for the period
|
—
|
—
|
—
|
—
|
—
|
160,696
|
160,696
|
(21,554)
|
139,142
|
|
Total other comprehensive income (expense)
|
—
|
—
|
11,547
|
(2,055)
|
—
|
88
|
9,580
|
—
|
9,580
|
|
Total comprehensive income (expense)
|
—
|
—
|
11,547
|
(2,055)
|
—
|
160,784
|
170,276
|
(21,554)
|
148,722
|
|
Transactions with owners of the company
|
|||||||||
|
Business Combination - Initial purchase
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
1,453,575
|
1,453,575
|
|
Business Combination - Subsequent purchases
|
—
|
—
|
—
|
—
|
—
|
72,726
|
72,726
|
(209,792)
|
(137,066)
|
|
Merger
|
104,292
|
1,357,071
|
—
|
—
|
—
|
(244,352)
|
1,217,011
|
(1,217,011)
|
—
|
|
Dividends to equity holders
|
—
|
—
|
—
|
—
|
—
|
(29,017)
|
(29,017)
|
—
|
(29,017)
|
|
Dividends to non-controlling interest
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
(5,218)
|
(5,218)
|
|
Total transactions with owners
|
104,292
|
1,357,071
|
—
|
—
|
—
|
(200,643)
|
1,260,720
|
21,554
|
1,282,274
|
|
Balance at December 31, 2025
|
343,440
|
1,817,557
|
9,502
|
90
|
(284,508)
|
737,239
|
2,623,320
|
—
|
2,623,320
|
|
CMB.TECH w Contact
|
||||||
|
Head of Marketing & Communications
Katrien Hennin
|
Tel: +32 499393470
katrien.hennin@cmb.tech
|
Head of Investor Relations
Joris Daman
|
Tel: +32 498617111
joris.daman@cmb.tech
|
|||
Page 16 of 18
|
|
PRESS RELEASE
|
|
Tuesday 31 March 2026 – 22:00. CET
|
|
|
Regulated information
|
|
Condensed consolidated statement of cash flows
(in thousands of USD)
|
2025
|
2024
|
|||||
|
Jan. 1 - Dec. 31, 2025
|
Jan. 1 - Dec. 31, 2024
|
|||||
|
Cash flows from operating activities
|
||||||
|
Profit (loss) for the period
|
139,142
|
870,829
|
||||
|
Adjustments for:
|
618,492
|
(355,549)
|
||||
|
Depreciation of tangible assets
|
384,684
|
163,148
|
||||
|
Amortisation of intangible assets
|
3,284
|
2,881
|
||||
|
Impairment losses (reversals)
|
5,354
|
1,847
|
||||
|
Provisions
|
(274)
|
(325)
|
||||
|
Income tax (benefits)/expenses
|
10,185
|
1,893
|
||||
|
Share of profit of equity-accounted investees, net of tax
|
882
|
(920)
|
||||
|
Net finance expense
|
406,941
|
130,650
|
||||
|
(Gain)/loss on disposal of assets
|
(192,564)
|
(635,017)
|
||||
|
(Gain)/loss on disposal of subsidiaries
|
—
|
(19,706)
|
||||
|
Changes in working capital requirements
|
7,264
|
39,307
|
||||
|
Change in cash guarantees
|
(8,986)
|
(46,869)
|
||||
|
Change in inventory
|
(28,477)
|
5,197
|
||||
|
Change in receivables from contracts with customers
|
38,631
|
95,930
|
||||
|
Change in accrued income
|
(17,957)
|
7,410
|
||||
|
Change in deferred charges
|
8,104
|
(6,065)
|
||||
|
Change in other receivables
|
30,230
|
3,317
|
||||
|
Change in trade payables
|
34,687
|
(14,867)
|
||||
|
Change in accrued payroll
|
4,155
|
(94)
|
||||
|
Change in accrued expenses
|
(37,031)
|
(18,999)
|
||||
|
Change in deferred income
|
19,280
|
6,602
|
||||
|
Change in other payables
|
(35,438)
|
7,758
|
||||
|
Change in provisions for employee benefits
|
66
|
(13)
|
||||
|
Income taxes paid during the period
|
(4,657)
|
(4,549)
|
||||
|
Interest paid
|
(340,615)
|
(109,136)
|
||||
|
Interest received
|
6,414
|
17,112
|
||||
|
Net cash from (used in) operating activities
|
426,040
|
458,014
|
||||
|
CMB.TECH w Contact
|
||||||
|
Head of Marketing & Communications
Katrien Hennin
|
Tel: +32 499393470
katrien.hennin@cmb.tech
|
Head of Investor Relations
Joris Daman
|
Tel: +32 498617111
joris.daman@cmb.tech
|
|||
Page 17 of 18
|
|
PRESS RELEASE
|
|
Tuesday 31 March 2026 – 22:00. CET
|
|
|
Regulated information
|
|
|
Acquisition of vessels and vessels under construction
|
(1,026,068)
|
(1,114,907)
|
||||
|
Proceeds from the sale of vessels
|
509,817
|
1,718,862
|
||||
|
Acquisition of other tangible assets
|
(3,741)
|
(5,022)
|
||||
|
Acquisition of intangible assets
|
(1,503)
|
(1,541)
|
||||
|
Proceeds from the sale of other (in)tangible assets
|
860
|
2,000
|
||||
|
Net cash on deconsolidation / sale of subsidiaries
|
—
|
822
|
||||
|
Investments in other companies
|
—
|
(45,000)
|
||||
|
Loans from (to) related parties
|
(3,403)
|
(4,485)
|
||||
|
Acquisition of a subsidiary, net of cash acquired
|
(1,098,897)
|
(1,152,620)
|
||||
|
Repayment of loans from related parties
|
—
|
(79,930)
|
||||
|
Lease payments received from finance leases
|
1,263
|
1,591
|
||||
|
Dividends received from other investments
|
9,876
|
1,050
|
||||
|
Net cash from (used in) investing activities
|
(1,611,796)
|
(679,180)
|
||||
|
(Purchase of) Proceeds from sale of treasury shares
|
—
|
(126,913)
|
||||
|
Proceeds from borrowings
|
6,469,027
|
2,722,525
|
||||
|
Repayment of borrowings
|
(4,237,099)
|
(1,177,328)
|
||||
|
Repayment of lease liabilities
|
(121,881)
|
(33,879)
|
||||
|
Repayment of commercial paper
|
(221,304)
|
(357,171)
|
||||
|
Repayment of sale and leaseback
|
(379,423)
|
(54,299)
|
||||
|
Transaction costs related to issue of loans and borrowings
|
(56,894)
|
(19,223)
|
||||
|
Dividends paid
|
(20,157)
|
(1,126,683)
|
||||
|
Acquisition of non-controlling interest
|
(137,066)
|
—
|
||||
|
Net cash from (used in) financing activities
|
1,295,203
|
(172,971)
|
||||
|
Net increase (decrease) in cash and cash equivalents
|
109,448
|
(394,137)
|
||||
|
Net cash and cash equivalents at the beginning of the period
|
38,869
|
429,370
|
||||
|
Effect of changes in exchange rates
|
(1,788)
|
3,636
|
||||
|
Net cash and cash equivalents at the end of the period
|
146,529
|
38,869
|
||||
|
CMB.TECH w Contact
|
||||||
|
Head of Marketing & Communications
Katrien Hennin
|
Tel: +32 499393470
katrien.hennin@cmb.tech
|
Head of Investor Relations
Joris Daman
|
Tel: +32 498617111
joris.daman@cmb.tech
|
|||
Page 18 of 18
FAQ
How did CMBT (CMB.TECH) perform financially in full-year 2025?
CMB.TECH’s revenue grew strongly to USD 1,666.1 million in 2025 from USD 940.2 million in 2024. However, profit for the period declined to USD 139.1 million from USD 870.8 million, and basic EPS fell to USD 0.70 from USD 4.44.
What happened to CMBT’s EBITDA and earnings quality in 2025?
EBITDA decreased to USD 944.2 million in 2025 from USD 1,169.4 million in 2024. Gains on vessel disposals dropped to USD 192.6 million from USD 635.0 million, while net finance expenses rose to USD 406.9 million, weighing on overall earnings quality.
How is CMB.TECH changing its fleet and asset base?
In 2025, CMB.TECH took delivery of 17 newbuild vessels, sold 12 older ships and ordered 9 additional vessels. Total assets increased to USD 8,405.6 million from USD 3,905.0 million, reflecting substantial fleet investment and business expansion.
What capital gains from vessel sales did CMBT report and expect?
For 2025, capital gains on vessel sales amounted to USD 192.6 million. The company also indicates that capital gains on vessel sales in Q1 2026 will be approximately USD 269.3 million, highlighting continued portfolio rotation in its fleet.
How leveraged is CMB.TECH after its 2025 expansion?
At December 31, 2025, equity attributable to owners was USD 2,623.3 million, while non-current bank loans reached USD 2,839.6 million and non-current other borrowings USD 1,876.8 million. Additional current bank loans and borrowings further underscore the importance of sustainable cash flows.
What did CMBT’s auditor say about the 2025 financials?
The statutory auditor, BDO Bedrijfsrevisoren – Réviseurs d’Entreprises, stated that audit procedures for the year ended 31 December 2025 were substantially completed and had not revealed any material corrections required to the financial information included in the annual announcement.