CMB.TECH first-half profit climbs to $733M in 2026
Spot-market revenue, vessel-sale gains and higher operating cash flow shaped the six-month results.
CMB.TECH NV reported revenue of $1,223.573 million for the six months ended June 30, 2026, versus $622.852 million a year earlier, and profit for the period of $733.214 million versus $32.789 million. Management attributed higher revenue primarily to increased spot-market activity, including the former Golden Ocean fleet being included for the full six-month period, newbuilding deliveries and an improved freight market.
Operating cash flow was $417.287 million, compared with $73.098 million, and gains on vessel and other tangible-asset disposals were $394.871 million. The company declared a $0.64-per-share distribution in May, comprising a $0.20 interim dividend and $0.44 from share premium, and paid $246.645 million in dividends during the half-year. It also signed an agreement with Fortescue to charter up to 12 ammonia-powered Newcastlemax bulk carriers. Two Suezmax vessels sold in June carry a combined expected net gain of $100.2 million, to be recognized upon delivery, which was expected during the third quarter of 2026.
Positive
- Revenue was $1,223.573 million, versus $622.852 million a year earlier.
- Profit for the period was $733.214 million, versus $32.789 million.
- Operating cash flow was $417.287 million, compared with $73.098 million.
Negative
- None.
Filing Explained
Donoussa’s July 15 sale agreement advances the disposal, but delivery and the expected $74.3 million gain remain pending.
Form 6-K is a foreign private issuer’s interim report for material information published in its home market; this report furnishes unaudited financial statements for the six months ended
At June 30, cash and cash equivalents were
CMB.TECH classified the VLCC Donoussa as held for sale at June 30 and signed a sale agreement on
Key Figures
Revenue: $1,223.573 million
Profit for the period: $733.214 million
Net cash from operating activities: $417.287 million
+3 more
6 metrics
Revenue
$1,223.573 million
Six months ended June 30, 2026; $622.852 million in the comparable 2025 period
Profit for the period
$733.214 million
Six months ended June 30, 2026; $32.789 million in the comparable 2025 period
Net cash from operating activities
$417.287 million
Six months ended June 30, 2026; $73.098 million in the comparable 2025 period
Gains on disposal of vessels and other tangible assets
$394.871 million
Six months ended June 30, 2026
Shareholder distribution
$0.64 per share
Approved May 25, 2026; includes a $0.20-per-share interim dividend and $0.44 per share from share premium
Aggregate amount for vessels under construction
$526.0 million
25 vessels under construction at June 30, 2026
Key Terms
Spot Voyages, Assets held for sale, cash flow hedge, sale and leaseback
4 terms
Spot Voyages financial
"Revenue by contract type includes Spot Voyages"
Assets held for sale financial
"Note 8 - Assets and liabilities held for sale"
Assets held for sale are things a company has decided to sell and has reclassified on its balance sheet to show they are being marketed rather than used in daily operations — like putting a house on the market instead of living in it. This matters to investors because these items are measured based on expected sale proceeds (which can reveal likely gains or losses), stop being treated as regular operating assets, and signal upcoming cash inflows or a change in strategy that can affect the company’s financial health and stock value.
cash flow hedge financial
"qualify as hedging instruments in a cash flow hedge relationship"
A cash flow hedge is an accounting label for a contract or arrangement used to offset expected future swings in a company’s cash payments or receipts — for example from variable-rate interest, foreign currency sales, or forecasted purchases. It matters to investors because it aims to smooth future cash and earnings volatility: gains or losses on the hedge are held out of current profit and reported separately until the underlying transaction affects results, much like buying insurance to steady future bills.
sale and leaseback financial
"sale and leaseback financing arrangements"
A sale and leaseback is a financing arrangement where a company sells an asset—often property or equipment—to a buyer and immediately rents it back under a long-term lease. Think of selling your house to free up cash but staying as a tenant; the company gets immediate funds while continuing to use the asset. Investors watch these deals because they change a firm’s cash position, debt or lease obligations, and ongoing costs, which can affect profitability and financial risk.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue and profit did CMBT report for the first half of 2026?
For the six months ended June 30, 2026, CMB.TECH reported revenue of $1,223.573 million and profit for the period of $733.214 million. The comparable 2025 figures were $622.852 million and $32.789 million, respectively.
What is included in CMB.TECH's $0.64-per-share distribution?
The distribution approved on May 25, 2026, comprises a $0.20-per-share interim dividend and a $0.44-per-share payment from the share premium reserve.
What did CMB.TECH agree to charter with Fortescue?
On June 22, 2026, CMB.TECH and Fortescue signed an agreement for the charter of up to 12 ammonia-powered Newcastlemax bulk carriers.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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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 September 2026
Commission File Number: 001-36810
De Gerlachekaai 20
2000 Antwerpen
Belgium
+32-3-247-44-11
(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 ý Form 40-F ¨
2 |
CMB.TECH | Financial Report HY 2026 |
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
This report on Form 6-K of CMB.TECH NV ("CMB.TECH" or the "Company") includes the following:
•Cautionary statement regarding forward-looking statements;
•Unaudited condensed consolidated interim financial statements for the six-month period ended June
30, 2026:
◦Unaudited condensed consolidated interim statement of financial position;
◦Unaudited condensed consolidated interim statement of profit or loss;
◦Unaudited condensed consolidated interim statement of comprehensive income;
◦Unaudited condensed consolidated interim statement of changes in equity;
◦Unaudited condensed consolidated interim statement of cash flows; and
•Notes to the unaudited condensed consolidated interim financial statements;
3 | ||
CMB.TECH | Financial Report HY 2026 |
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
Matters discussed in this report may constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor 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.
We desire to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of
1995 and are including this cautionary statement in connection therewith. 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 performance, and are not intended to
give any assurance as to future results. When used in this document, the words “believe,” “expect,”
“anticipate,” “estimate,” “intend,” “seek”, “plan,” “target,” “project,” “potential”, “continue”, “contemplate”,
“possible”, “likely,” “may,” “might”, “will,” “would,” “could” and similar expressions, terms, or phrases may
identify forward-looking statements.
These forward-looking statements are not historical facts, but rather are based on current expectations,
estimates, assumptions and projections about the business and our future financial results and readers
should not place undue reliance on them. The forward-looking statements in this report are based upon
various assumptions, many of which are based, in turn, upon further assumptions, including without
limitation, 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 important factors and matters discussed elsewhere in this report, and in the documents
incorporated by reference herein, important factors that, in our view, could cause our actual results and
developments to differ materially from those discussed in the forward-looking statements may include but
are not limited to:
•general economic, financial and market conditions, including inflation, interest rates, foreign exchange
rates and the availability and cost of capital;
•conditions in the maritime, shipping and offshore markets in which we operate, including fluctuations
in charter rates, spot rates, vessel values, residual values and steel prices;
•our ability to obtain financing and refinancing on acceptable terms, comply with covenants in our
financing arrangements, meet our debt service obligations and manage interest rate and other
financial risks;
•our ability to execute our business strategy, including our growth, acquisition, integration, fleet renewal
and decarbonization strategies, and to realize the expected benefits of such strategies;
•our operating and capital costs, including fuel, bunker, dry docking, insurance, crew and other vessel
operating expenses;
•delays in the delivery of newbuilding vessels, vessel breakdowns, off-hire periods and other
operational disruptions;
•litigation, claims, regulatory investigations and other legal proceedings, including climate-related or
public-interest claims;
•environmental, social and governance expectations of investors, lenders, customers and other
stakeholders, and the costs and risks associated with meeting our related targets and objectives;
•our ability to attract and retain key personnel, including executive officers, shore-based personnel and
seafarers;
•cybersecurity risks and the failure or unavailability of our information systems, including as a result of
cyberattacks;
•domestic and international geopolitical conditions, including war, terrorism, piracy, sanctions,
embargoes, trade restrictions, illicit trade, disruptions in the Red Sea and the Arabian Gulf, and other
hostilities or instability affecting global trade and shipping routes;
•shifts in energy demand, including a shift away from oil and other fossil fuels toward alternative energy
sources and propulsion technologies, and the risks associated with energy transition, technological
change and the availability of alternative fuels and infrastructure;
4 |
CMB.TECH | Financial Report HY 2026 |
•compliance with applicable laws, treaties and regulations, including anti-bribery, anti-corruption, tax,
environmental, emissions, safety and other governmental requirements, and the costs associated
therewith;
•reputational risks and changes in stakeholder perception relating to our business, strategy or industry;
•the ability of our counterparties to perform their obligations to us, including under charters,
shipbuilding contracts, financing arrangements and other commercial agreements;
•the adequacy, availability and cost of insurance coverage;
•our incorporation under the laws of Belgium, the rights of our shareholders and the ability of
shareholders to enforce judgments against us;
•the treatment of the company as a passive foreign investment company for U.S. tax purposes;
•the ability of our subsidiaries to declare or pay dividends; and
•losses arising from derivative instruments.
These factors and the other risk factors described in this report and other reports that we furnish or file
with the U.S. Securities and Exchange Commission or the SEC, are not necessarily all of the important
factors that could cause actual results or developments to differ materially from those expressed in any of
our forward-looking statements. Other unknown or unpredictable factors also could adversely affect our
results. Consequently, there can be no assurance that the actual results or developments anticipated by
us will be realized or, even if substantially realized, that they will have the expected consequences to, or
effects on, us. These forward-looking statements speak only as of the date of this report. These forward
looking statements are not guarantees of our future performance, and actual results and developments
may vary materially from those projected in the forward looking statements. Given these uncertainties,
prospective investors are cautioned not to place undue reliance on such forward-looking statements. We
undertake no obligation, and specifically decline any obligation, except as required by law, to publicly
update or revise any forward-looking statements, whether as a result of new information, future events or
otherwise.
CONDENSED INTERIM FINANCIAL STATEMENTS AND
PREPARATION BASE
This document contains the condensed consolidated interim financial statements for the six-month period
ended June 30, 2026. The financial report has been prepared in accordance with International Financial
Reporting Standards issued by the International Accounting Standards Board (IASB) and as adopted by the
European Union, collectively "IFRS".
Throughout this report, all references to “CMB.TECH,” the "Company,” “we,” “our,” and “us” refer to
CMB.TECH NV and its subsidiaries. Unless otherwise indicated, all references to “U.S. dollars,” “USD,”
“dollars,” “US$” and “$” in this annual report are to the lawful currency of the United States of America and
references to “Euro,” “EUR,” and “€” are to the lawful currency of Belgium.
5 | ||
CMB.TECH | Financial Report HY 2026 |
Unaudited condensed consolidated interim statement of financial position
(in thousands of USD)
Note | June 30, 2026 | December 31, 2025 | ||||
ASSETS | ||||||
Non-current assets | ||||||
Vessels | 12 | |||||
Assets under construction | 12 | |||||
Right-of-use assets | 12 | |||||
Other tangible assets | 12 | |||||
Intangible assets | 13 | |||||
Goodwill | 13 | |||||
Receivables | 20 | |||||
Investments | 25 | |||||
Deferred tax assets | - | |||||
Total non-current assets | ||||||
Current assets | ||||||
Inventory | 21 | |||||
Trade and other receivables | 22 | |||||
Current tax assets | - | |||||
Short-term investments | 25 | |||||
Cash and cash equivalents | - | |||||
Non-current assets held for sale | 8 | |||||
Total current assets | ||||||
TOTAL ASSETS | ||||||
6 |
CMB.TECH | Financial Report HY 2026 |
EQUITY and LIABILITIES | ||||||
Equity | ||||||
Share capital | - | |||||
Share premium | - | |||||
Translation reserve | - | |||||
Hedging reserve | 14 | |||||
Treasury shares | - | ( | ( | |||
Retained earnings | - | |||||
Equity attributable to owners of the Company | ||||||
Non-current liabilities | ||||||
Bank loans | 16 | |||||
Other borrowings | 16 | |||||
Lease liabilities | 16 | |||||
Other payables | 17 | |||||
Employee benefits | - | |||||
Deferred tax liabilities | - | |||||
Total non-current liabilities | ||||||
Current liabilities | ||||||
Trade and other payables | 17 | |||||
Current tax liabilities | - | |||||
Bank loans | 16 | |||||
Other notes | 16 | |||||
Other borrowings | 16 | |||||
Lease liabilities | 16 | |||||
Provisions | 23 | |||||
Total current liabilities | ||||||
TOTAL EQUITY and LIABILITIES | ||||||
The current year presentation reclassified prepayments to assets under construction. To align with this reclassification, the Group re-presented the comparative information. The accompanying notes on pages 14 to 50 are an integral part of these condensed consolidated interim financial statements. | ||||||
7 | ||
CMB.TECH | Financial Report HY 2026 |
Unaudited condensed consolidated interim statement of profit or loss
(in thousands of USD except per share amounts)
Note | 2026 | 2025 | ||||||
Jan. 1 - Jun. 30, 2026 | Jan. 1 - Jun. 30, 2025 | |||||||
Shipping income | ||||||||
Revenue | 9 | |||||||
Gains on disposal of vessels/other tangible assets | 12 | |||||||
Other operating income | 9 | |||||||
Total shipping income | ||||||||
Operating expenses | ||||||||
Raw materials and consumables | - | ( | ( | |||||
Voyage expenses and commissions | 10 | ( | ( | |||||
Vessel operating expenses | 10 | ( | ( | |||||
Charter hire expenses | - | ( | ( | |||||
Depreciation tangible assets | 12 | ( | ( | |||||
Amortisation intangible assets | 13 | ( | ( | |||||
Impairment reversals/(losses) | - | ( | ||||||
General and administrative expenses | 10 | ( | ( | |||||
Total operating expenses | ( | ( | ||||||
RESULT FROM OPERATING ACTIVITIES | ||||||||
Finance income | 11 | |||||||
Finance expenses | 11 | ( | ( | |||||
Net finance expenses | ( | ( | ||||||
Share of profit (loss) of equity accounted investees (net of income tax) | 25 | |||||||
PROFIT (LOSS) BEFORE INCOME TAX | ||||||||
Income tax benefit (expense) | - | ( | ( | |||||
PROFIT (LOSS) FOR THE PERIOD | ||||||||
Attributable to: | ||||||||
Owners of the company | 15 | |||||||
Non-controlling interest | ( | |||||||
Basic earnings per share | 15 | |||||||
Diluted earnings per share | 15 | |||||||
Weighted average number of shares (basic) | 15 | |||||||
Weighted average number of shares (diluted) | 15 | |||||||
The accompanying notes on pages 14 to 50 are an integral part of these condensed consolidated interim financial statements | ||||||||
8 |
CMB.TECH | Financial Report HY 2026 |
Unaudited condensed consolidated interim statement of comprehensive
income
(in thousands of USD)
Note | 2026 | 2025 | ||||||
Jan. 1 - Jun. 30, 2026 | Jan. 1 - Jun. 30, 2025 | |||||||
Profit/(loss) for the period | ||||||||
Other comprehensive income (expense), net of tax | ||||||||
Items that will never be reclassified to profit or loss: | ||||||||
Remeasurements of the defined benefit liability (asset) | - | |||||||
Items that are or may be reclassified to profit or loss: | ||||||||
Foreign currency translation differences | - | ( | ||||||
Cash flow hedges - effective portion of changes in fair value | 14 | ( | ||||||
Other comprehensive income (expense), net of tax | ( | |||||||
Total comprehensive income (expense) for the period | ||||||||
Attributable to: | ||||||||
Owners of the company | ||||||||
Non-controlling interest | ( | |||||||
The accompanying notes on pages 14 to 50 are an integral part of these condensed consolidated interim financial statements | ||||||||
9 | ||
CMB.TECH | Financial Report HY 2026 |
Unaudited condensed consolidated interim statement of changes in equity
(in thousands of USD)
(in thousands of USD) | Note | Share capital | Share premium | Trans- lation reserve | Hedging reserve | Treasury shares | Retained earnings | Equity attributable to owners of the Company | Non- controlling interest | Total equity |
Balance at January 1, 2025 | ( | ( | ||||||||
Profit (loss) for the period | — | — | — | — | — | — | ( | |||
Total other comprehensive income (expense) | — | — | — | ( | — | — | — | |||
Total comprehensive income (expense) | — | — | ( | — | ( | |||||
Transactions with owners of the company | ||||||||||
Business Combination - Initial purchase | 24 | — | — | — | — | — | — | — | ||
Business Combination - Subsequent purchases | 24 | — | — | — | — | — | ( | ( | ||
Dividends to Non-controlling interest | — | — | — | — | — | — | — | — | ( | ( |
Total transactions with owners | — | — | — | — | — | |||||
Balance at June 30, 2025 | ( |
10 | ||
CMB.TECH | Financial Report HY 2026 |
Note | Share capital | Share premium | Trans- lation reserve | Hedging reserve | Treasury shares | Retained earnings | Equity attributable to owners of the Company | Non- controlling interest | Total equity | |
Balance at January 1, 2026 | ( | |||||||||
Profit (loss) for the period | — | — | — | — | — | — | — | |||
Total other comprehensive income (expense) | 14 | — | — | ( | — | — | ( | — | ( | |
Total comprehensive income (expense) | — | — | ( | — | — | |||||
Transactions with owners of the company | ||||||||||
Dividends | 14 | — | ( | — | — | — | ( | ( | — | ( |
Total transactions with owners | — | ( | — | — | — | ( | ( | — | ( | |
Balance at June 30, 2026 | ( | |||||||||
The accompanying notes on pages 14 to 50 are an integral part of these condensed consolidated interim financial statements | ||||||||||
11 | ||
CMB.TECH | Financial Report HY 2026 |
Unaudited condensed consolidated interim statement of cash flows
Note | 2026 | 2025 | ||||||
(in thousands of USD) | Jan. 1 - Jun. 30, 2026 | Jan. 1 - Jun. 30, 2025 | ||||||
Cash flows from operating activities | ||||||||
Profit (loss) for the period | ||||||||
Adjustments for: | ( | |||||||
Depreciation of tangible assets | 12 | |||||||
Amortisation of intangible assets | 13 | |||||||
Impairment losses (reversals) | - | ( | ||||||
Provisions | - | ( | ||||||
Income tax (benefits)/expenses | - | |||||||
Share of profit of equity-accounted investees, net of tax | 25 | ( | ( | |||||
Net finance expense | 11 | |||||||
(Gain)/loss on disposal of assets | 12 | ( | ( | |||||
(Gain)/loss on disposal of subsidiaries | - | |||||||
Remeasurement existing stake following step up acquisition | - | ( | ||||||
Changes in working capital requirements | ( | ( | ||||||
Change in cash guarantees | - | ( | ||||||
Change in inventory | 21 | ( | ( | |||||
Change in receivables from contracts with customers | 22 | ( | ||||||
Change in contract assets | 22 | ( | ( | |||||
Change in deferred charges | 22 | ( | ( | |||||
Change in other receivables | 22 | ( | ||||||
Change in trade payables | 17 | |||||||
Change in accrued payroll | 17 | ( | ||||||
Change in accrued expenses | 17 | ( | ||||||
Change in contract liabilities | 17 | ( | ||||||
Change in other payables | 17 | ( | ||||||
Income taxes paid during the period | - | ( | ( | |||||
Interest paid | - | ( | ( | |||||
Interest received | - | |||||||
Net cash from operating activities | ||||||||
Additions to vessels and vessels under construction | 12 | ( | ( | |||||
Proceeds from the sale of vessels | 12 | |||||||
Acquisition of other tangible assets | 12 | ( | ( | |||||
Acquisition of intangible assets | 13 | ( | ( | |||||
Proceeds from the sale of other (in)tangible assets | 12 | |||||||
Investments in other companies | 25 | ( |
12 | ||
CMB.TECH | Financial Report HY 2026 |
Loans from (to) related parties | 25 | ( | ( | |||||
Net cash paid in business combinations and joint ventures | 24/25 | ( | ( | |||||
Net cash on deconsolidation / sale of subsidiaries | - | |||||||
Lease payments received from finance leases | - | |||||||
Dividends from other investments | 25 | |||||||
Net cash used in investing activities | ( | ( | ||||||
Proceeds from loans and borrowings | 16 | |||||||
Repayment of bank loans | 16 | ( | ( | |||||
Repayment of lease liabilities | 16 | ( | ( | |||||
Repayment of commercial paper | 16 | ( | ( | |||||
Repayment of sale and leaseback | 16 | ( | ( | |||||
Transaction costs related to issue of loans and borrowings | 16 | ( | ( | |||||
Dividends paid | 14 | ( | ( | |||||
Acquisition of non-controlling interest | 24 | ( | ||||||
Net cash from (used in) financing activities | ( | |||||||
Net increase (decrease) in cash and cash equivalents | ||||||||
Net cash and cash equivalents at the beginning of the period | - | |||||||
Effect of changes in exchange rates | - | ( | ( | |||||
Net cash and cash equivalents at the end of the period | - | |||||||
The accompanying notes on pages 14 to 50 are an integral part of these condensed consolidated interim financial statements | ||||||||
13 | ||
CMB.TECH | Financial Report HY 2026 |
Notes to the condensed consolidated interim financial statements for the
six-month period ended June 30, 2026
Note 1 - Reporting entity |
Note 2 - Basis of preparation |
Note 3 - Use of judgements and estimates |
Note 4 - Changes in significant accounting policies |
Note 5 - Changes in consolidation scope |
Note 6 - Significant events |
Note 7 - Segment reporting |
Note 8 - Assets held for sale and discontinued operations |
Note 9 - Revenue and other operating income |
Note 10 - Expenses for shipping activities |
Note 11 - Net finance expenses |
Note 12 - Property, plant and equipment |
Note 13 - Intangible assets and goodwill |
Note 14 - Equity |
Note 15 - Earnings per share |
Note 16 - Interest-bearing loans and borrowings |
Note 17 - Trade and other payables |
Note 18 - Financial instruments |
Note 19 - Deferred tax assets and liabilities |
Note 20 - Non-current receivables |
Note 21 - Inventory |
Note 22 - Trade and other receivables |
Note 23 - Provisions and contingencies |
Note 24 - Business Combination |
Note 25 - Investments |
Note 26 - Subsequent events |
Note 27 - Standards issued but not yet effective |
Note 28 - Statement on the true and fair view of the consolidated financial statements and the fair overview of the management report |
14 | ||
CMB.TECH | Financial Report HY 2026 |
Note 1 - Reporting entity
CMB.TECH NV (the “Company”) is a company domiciled in Belgium. The address of the Company’s
registered office is De Gerlachekaai 20, 2000 Antwerpen, Belgium. The condensed consolidated interim
financial statements ("interim financial statements") as at and for the six months ended June 30, 2026
comprise the Company and its subsidiaries (together referred to as the “Group”) and the Group’s interests
in associates and joint ventures.
Note 2 - Basis of preparation
These condensed consolidated interim financial statements have been prepared in accordance with lAS 34
Interim Financial Reporting. They do not include all the information required for a complete set of IFRS
annual financial statements and should therefore be read in conjunction with the consolidated financial
statements for the year ended December 31, 2025 that have been prepared in accordance with
International Financial Reporting Standards and International Accounting Standards as issued by the
International Accounting Standards Board (IASB) and Interpretations (collectively IFRS Accounting
Standards).
Changes to and new significant accounting policies are described in Note 4.
These condensed consolidated interim financial statements were authorized for issue by the Supervisory
Board on September 2, 2026.
Note 3 - Use of judgements and estimates
The preparation of interim financial statements requires management to make judgements, estimates and
assumptions that affect the application of accounting policies and the reported amounts of assets and
liabilities, income and expenses. Actual results may differ from these estimates.
The significant judgements made by management in applying the Group's accounting policies and the key
sources of estimation uncertainty were the same as those described in the consolidated last annual
financial statements.
A number of the Group's accounting policies and disclosures require the measurement of fair values, for
both financial and non-financial assets and liabilities.
When measuring the fair value of an asset or a liability, the Group uses market observable data as far as
possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used
in the valuation techniques as follows.
•Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
•Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability,
either directly (i.e. as prices) or indirectly (i.e. derived from prices).
•Level 3: inputs for the asset or liability that are not based on observable market data (unobservable
inputs).
If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels
of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level
of the fair value hierarchy as the lowest level input that is significant to the entire measurement.
The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting
period during which the change has occurred.
Further information about the assumptions made in measuring fair values are included in the following
notes:
15 | ||
CMB.TECH | Financial Report HY 2026 |
•Note 8 - Assets and liabilities held for sale and discontinued operations
•Note 13 - Intangible assets and Goodwill
•Note 18 - Financial Instruments
•Note 24 - Business Combination
Note 4 - Changes in significant accounting policies
The accounting policies adopted in the preparation of these condensed consolidated interim financial
statements are consistent with those applied in the Group's consolidated financial statements as at and
for the year ended December 31, 2025, that have been prepared in accordance with IFRS.
During the current financial period, the Group has adopted all the new and revised Standards and
Interpretations issued by the International Accounting Standards Board (IASB) and the International
Financial Reporting Interpretations Committee (IFRIC) of the IASB as adopted by the European Union and
effective for the accounting year starting on January 1, 2026. The Group has not applied any new IFRS
requirements that are not yet effective as per June 30, 2026.
The following new Standards, Interpretations and Amendments issued by the IASB and the IFRIC as
adopted by the European Union are effective for the financial period:
•Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7);
•Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7); and
•Annual Improvements to IFRS Accounting Standards – Volume 11.
The adoption of these new standards and amendments has not led to major changes in the Group’s
accounting policies.
16 | ||
CMB.TECH | Financial Report HY 2026 |
Note 5 - Changes in consolidation scope
The Company entered into an agreement with O&L regarding its entire 51 % shareholding in Cleanergy Solutions
Namibia. The closing of the share purchase agreement took place on January 16, 2026, at which the Company
acquired 100 % of the voting rights and obtained control of Cleanergy Solutions Namibia.
On December 19, 2025, CMB.TECH NV entered into a sale and purchase agreement with International Seaways,
agreeing to sell its shares held in Tankers Agencies (UK) Ltd. The transaction was closed on January 27, 2026.
In January 2026, the Company invested in the Chinese ammonia supply chain by signing an off-take agreement
for green ammonia produced by CEEC Hydrogen Energy in Jilin Province and acquiring a minority stake in
Jiangsu Andefu Energy Technology Co. Ltd., one of China's largest ammonia supply chain companies (see Note
25).
On February 5, 2026, Bari Shipholding Ltd. was dissolved.
On April 14, 2026, Gener8 Maritime Subsidiary II Inc. and Euronav MI II Inc. were dissolved.
On 21 April 2026, the Group completed a post-merger legal restructuring whereby the former Golden
Ocean Bermuda entities were merged into CMB.TECH Bermuda Ltd., which was subsequently merged into
CMB.TECH Belgium NV. As a result, CMB.TECH Belgium NV became the surviving legal entity and assumed
all assets, liabilities, rights, and obligations of the merged entities. The restructuring was undertaken to
simplify the Group's legal structure following the integration of Golden Ocean.
On May 15, 2026, CMB.TECH Enterprises NV entered into a sale and purchase agreement with PJT Low Carbon
Holdings Ltd., agreeing to sell its shares in CMB.TECH Technology Development Centre Ltd.
On June 1, 2026, CMB.TECH Belgium increased its interest in TFG from 10 % to 15 % (see Note 25).
Besides the transactions as described above, no new subsidiaries were established or acquired, nor were
Note 6 - Significant events
On January 7, 2026, the Company announced the sale of eight vessels, generating a total net gain of
$267.4 million based on the net sales prices and book values. The transactions included 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), as well as the Capesize bulk carriers
Golden Magnum (2009 – 179,790 dwt) and Belgravia (2009 – 169,390 dwt). The vessels were delivered to
their new owners during the first quarter of 2026.
On January 12, 2026, the Company took delivery of the VLCC Eburones (2026 – 319,000 dwt).
On January 13, 2026, the Company took delivery of the 25,000 dwt stainless steel chemical tanker Bochem
Callao.
On February 9, 2026, the Company announced the sale of the VLCCs Ingrid (2012 – 314,000 dwt) and Ilma
(2012 – 314,000 dwt). The vessels were delivered to their new owners in the second quarter of 2026,
generating a gain of $98.2 million based on the net sales prices and book values.
On February 24, 2026, the Company declared an interim dividend of $0.16 per share.
On February 26, 2026, the Company announced that Benoit Timmermans would resign as member of the
Management Board with effect from May 1, 2026. His responsibilities were assumed by the remaining
members of the Management Board.
On the same day, the Company also announced the sale of its share in the Tankers International (TI) Pool
to International Seaways (INSW), following the completion of the transaction on January 27, 2026.
17 | ||
CMB.TECH | Financial Report HY 2026 |
On March 23, 2026, the Company took delivery of the VLCC Menapii (2026 – 319,000 dwt).
On March 26, 2026, the Company sold the Suezmax Sienna (2007 – 150,205 dwt). The vessel was delivered
to its new owner during the second quarter of 2026, generating a gain of $29.2 million.
On April 8, 2026, the Company took delivery of the Suezmax Cap Grace (2026 – 156,000 dwt).
On April 27, 2026, the Company took delivery of the Suezmax Cap Joseph (2026 – 156,000 dwt).
On May 4, 2026, the Company took delivery of the Commissioning Service Operation Vessel (CSOV)
Windcat Haarlem.
During the month May, the Company also took delivery of the Newcastlemax dry bulk carriers Mineral
Latvija (2026 – 210,000 dwt) and Mineral Eesti (2026 – 210,000 dwt), further expanding its dry bulk fleet.
On May 25, 2026, the Company approved a distribution of $0.64 per share, consisting of an interim
dividend of $0.20 per share and a distribution of $0.44 per share from the share premium reserve.
During June 2026, the company took delivery of the Newcastlemax dry bulk carriers Mineral Magyar (2026
– 210,000 dwt) and Mineral Lietuva, (2026 – 210,000 dwt) as well as the VLCC Morini (2026 – 319,000 dwt).
On June 22, 2026, CMB.TECH and Fortescue signed a landmark agreement for the charter of up to 12
ammonia-powered Newcastlemax bulk carriers, marking an important milestone in accelerating the
transition towards zero-emission shipping.
During the month June, the Company completed the sale of the Suezmaxes Brest (2023 – 156,851 dwt) and
Brugge (2023 – 156,851 dwt). The vessels have been delivered in the third quarter of 2026 and will
18 | ||
CMB.TECH | Financial Report HY 2026 |
Note 7 - Segment reporting
The Group distinguishes 6 operating segments of which 5 relate to the Marine business and are presented
separately. The remaining operating segments comprise port vessels, Research & Development (formerly
H2 Industry) and Production & Distribution (formerly H2 Infra) which are presented together within the
“Other” category. The “Other” column also includes the Group’s holding activities.
•The Marine business consists of 5 operating segments: Euronav, Bocimar, Delphis, Bochem and
Windcat. These segments build, own, operate and design a wide range of low- and zero-carbon vessels
and features a fleet with hydrogen-powered vessels such as Crew Transfer Vessels, ferries and
Commissioning Service Operations Vessels, as well as ammonia-ready or ammonia-powered large bulk
carriers, container ships, chemical and crude oil tankers.
•Other: the Other category includes Production & Distribution (formerly H2 Infra) which is developing
and securing the green molecule supply. The Company integrates and manages key technology and
infrastructure for the production and distribution of green hydrogen and ammonia. Next to that it also
includes Research & Development (formerly H2 Industry) which is a provider of scalable dual fuel
industrial applications. Its proven combustion technology enables the company to develop heavy-duty
hydrogen-powered applications. Furthermore, the port vessels are included in this segment. In
addition, the Other category includes the centrally managed holding activities relating to the Group’s
shipping entities.
Although not all operating segments meet the definition of a reportable segment in IFRS 8, the Group
voluntarily discloses the related information since reported in this way to the Chief Operating Decision
Maker ("CODM").
The segment profit or loss figures and key assets as set out below are presented to the CODM on at least a
quarterly basis to help the CODM in evaluating the respective segments. Following a change in the internal
reporting requested by the CODM, the Group updated its segment reporting structure in 2026 to reflect
the CODM's revised view of how performance is assessed across the Group. The Production & Distribution
(formerly H2 Infra) and Research and Development (formerly H2 Industry) activities, together with Port
vessels and the holding activities, are presented within a single "Other" column alongside the existing
Marine operating segments (Euronav, Bocimar, Delphis, Bochem, and Windcat).
As a result of the change in segment structure, comparative segment information has been restated to
conform to the current segment presentation. This restatement affects only the allocation of balances and
results between the segments disclosed in this note and has no impact on the Group’s consolidated
statement of profit or loss, consolidated statement of financial position or consolidated statement of cash
flows. No changes in accounting estimates or accounting policies were made in connection with the segment
reclassification.
All positions directly attributable to the marine activities are allocated to the respective marine segment.
General positions that are managed centrally, comprising cash and cash equivalents, investments and
interest-bearing debt not directly attributable to a vessel, are presented within "Other" and are not
allocated to the marine segments.
Inter-segment transactions are presented in the “Eliminations” column. As cash, investments and financing
are managed centrally and shifted between segments to fund their activities, inter-segment current
account positions arise between the marine segments and "Other". These inter-segment current account
balances are then eliminated in the "Eliminations" column.
Following the acquisition of Golden Ocean in 2025, Golden Ocean has been incorporated into the Bocimar
segment. Management reviews performance at the combined dry bulk level as the activities, risks, customers,
and economic characteristics are identical. Presenting both under Bocimar therefore provides the most
accurate and consistent view of the Group’s dry bulk activities.
19 | ||
CMB.TECH | Financial Report HY 2026 |
June 30, 2026 | |||||||||
Marine | Other | Less: Eliminations | Total | ||||||
(in thousands of USD) | Euronav | Bocimar | Delphis | Bochem | Windcat | Total | |||
Revenue | |||||||||
Profit (loss) before income tax | |||||||||
(in thousands of USD) | June 30, 2026 | ||||||||
Vessels | |||||||||
Assets under construction | |||||||||
Other non-current assets | |||||||||
Assets held for sale | |||||||||
Other current assets | ( | ||||||||
Non-current liabilities | |||||||||
Current liabilities | ( | ||||||||
20 | ||
CMB.TECH | Financial Report HY 2026 |
June 30, 2025 * | |||||||||
Marine | Other | Less: Eliminations | Total | ||||||
(in thousands of USD) | Euronav | Bocimar | Delphis | Bochem | Windcat | Total | |||
Revenue | |||||||||
Profit (loss) before income tax | ( | ( | ( | ||||||
(in thousands of USD) | December 31, 2025 * | ||||||||
Vessels | |||||||||
Assets under construction | |||||||||
Other non-current assets | |||||||||
Assets held for sale | |||||||||
Other current assets | ( | ||||||||
Non-current liabilities | ( | ||||||||
Current liabilities | ( | ||||||||
21
CMB.TECH | Financial Report HY 2026 |
Note 8 - Assets and liabilities held for sale and discontinued
operations
Assets held for sale
On January 7, 2026, CMB.TECH signed a Memorandum of Agreement for the sale of six VLCCs: Hirado
(2011 – 302,550 dwt), Hojo (2013 – 302,965 dwt), Antigone (2015 – 299,421 dwt), Daishan (2007 – 306,005
dwt), Dia (2015 – 299,999 dwt) and Aegean (2016 – 299,999 dwt). The vessels were accounted for as non-
current assets held for sale as at December 31, 2025. All six vessels were delivered to their respective
buyers during the first quarter of 2026, generating a combined net gain of $259.3 million recognized upon
delivery. Accordingly, the vessels are no longer classified as assets held for sale as at June 30, 2026.
The Capesize vessels Belgravia (2009 - 169,390 dwt) and Golden Magnum (2009 - 179,790 dwt), which were
classified as held for sale at December 31, 2025, were delivered to their new owners and a net gain of
$3.6 million and $4.4 million respectively was recognized in January 2026. Accordingly, these vessels are no
longer classified as assets held for sale as at June 30, 2026.
On March 26, 2026, the Company sold the Suezmax Sienna (2007 – 150,205 dwt) following the signing of a
Memorandum of Agreement. The vessel was accounted for as a non-current asset held for sale as at
December 31, 2025 and was delivered to its new owner on June 2, 2026. A net gain of $29.2 million was
recognized upon delivery in the second quarter. Accordingly, the vessel is no longer classified as an asset
held for sale as at June 30, 2026.
The Suezmax vessels Brugge (2023 – 156,851 dwt) and Brest (2023 – 156,851 dwt) were sold following the
signing of Memoranda of Agreement on June 12, 2026, for a combined net sales price of $224.0 million.
Both vessels are accounted for as assets held for sale as at June 30, 2026 and have a combined carrying
value of $123.8 million. The net gain on the vessels amounts to $100.2 million and will be recognized upon
delivery to their new owners, expected during the third quarter of 2026.
As at June 30, 2026, the VLCC Donoussa (2016 – 299,999 dwt) was subject to an active and advanced sale
process. Management assessed that the criteria for classification as held for sale under IFRS 5, including
that a sale was highly probable within twelve months, were met as at June 30, 2026. The vessel is
accounted for as an asset held for sale as at June 30, 2026 and had a carrying value of $49.4 million. A
Memorandum of Agreement formalizing these terms was subsequently signed on July 15, 2026,
confirming management's assessment as at the reporting date. A net gain of $74.3 million will be
recognized upon delivery to its new owner, expected during the fourth quarter of 2026.
Suezmax Stella (2011 – 165,000 dwt) and Capesize vessel Golden Myrtalia (2011 - 177,979 dwt) have been
classified as an asset held for sale since December 31, 2025, and this status remains unchanged as at June
30, 2026. Management continues to actively market the vessels at a price considered reasonable given
current market conditions and remains committed to its disposal within the timeframe required under
IFRS 5. Accordingly, Stella and Golden Myrtalia continue to be classified as an asset held for sale as at June
30, 2026.
Discontinued operations
As of June 30, 2026 and as of December 31, 2025 the Group had no
discontinued operations.
22 | ||
CMB.TECH | Financial Report HY 2026 |
Note 9 - Revenue and other operating income
For the six month period ended June 30, 2026 | |||||||||
Marine | Other | Less: Elimination | Total | ||||||
(in thousands of USD) | Euronav | Bocimar | Delphis | Bochem | Windcat | Total | |||
Pool Revenue | |||||||||
Spot Voyages | |||||||||
Revenue from contracts with customers | |||||||||
Time Charters | |||||||||
Total revenue | |||||||||
Other income | ( | ||||||||
For the six month period ended June 30, 2025 | |||||||||
Marine | Other | Less: Elimination | Total | ||||||
(in thousands of USD) | Euronav | Bocimar | Delphis | Bochem | Windcat | Total | |||
Pool Revenue | |||||||||
Spot Voyages | |||||||||
Revenue from contracts with customers | |||||||||
Time Charters | |||||||||
Total revenue | |||||||||
Other income | ( | ||||||||
23 | ||
CMB.TECH | Financial Report HY 2026 |
fleet being included for the full six-month period in 2026 (compared to approximately 3.5 months in 2025), together with an increased fleet size from newbuilding vessels
delivered from the shipyard and an improved freight market. Spot revenue in the Euronav segment also increased, mainly as a result of higher market rates. This increase in
spot revenue was partially offset by a decrease in pool revenue, driven by the exit of all Euronav vessels from the TI Pool during the first half of 2026.
Time charter revenue increased compared to the same period in the prior year, mainly due to the higher number of vessels employed on time charter, including the additional
Golden Ocean vessels now included for the full period, as well as increased time charter activity across the Bochem and Windcat segments.
Other operating income comprises revenues related to the day-to-day commercial operation of the fleet that are not directly attributable to specific voyages. The increase in
other operating income is mainly attributable to compensation received for loss of hire relating to vessels affected by the situation in the Strait of Hormuz, together with
income recognized on the sale of the Group's stake in the TI Pool.
24 |
CMB.TECH | Financial Report HY 2026 |
Note 10 - Expenses for shipping activities
For the six month period ended | ||||||
(in thousands of USD) | June 30, 2026 | June 30, 2025 | ||||
Commissions paid | ( | ( | ||||
Bunkers | ( | ( | ||||
Other voyage related expenses | ( | ( | ||||
Total voyage expenses and commissions | ( | ( | ||||
The voyage expenses and commissions increased in the first six months of 2026 compared to the same
period in 2025 mainly due to an increase in bunker costs and other voyage related expenses.
The increase in bunker costs and commissions paid in the first half of 2026 is primarily driven by the
integration of the Golden Ocean fleet for a full six-month period, resulting in more vessels operating in the
spot market as well as increased bunker prices. For vessels operating in the spot market, voyage expenses
are borne by the shipowner, whereas for vessels under time charter contracts, voyage expenses are borne
by the charterer. For vessels operating in a pool, voyage expenses are borne by the pool.
The majority of other voyage expenses relate to port costs and agency fees, which are owner's expenses
on voyage charters. Port costs vary depending on the number of spot voyages performed and the number
and type of ports called. Port costs increased significantly as a result of the Golden Ocean fleet acquisition
and increased port calls.
For the six month period ended | ||||||
(in thousands of USD) | June 30, 2026 | June 30, 2025 | ||||
Crew related expenses | ( | ( | ||||
Technical and other operating expenses | ( | ( | ||||
Insurance | ( | ( | ||||
Total vessel operating expenses | ( | ( | ||||
Operating expenses relate mainly to the crewing, technical, and other costs of operating vessels. Crewing
costs comprise crew wages, travel, and victualling costs. Technical costs relate mainly to maintenance,
spare parts, and forwarding costs. Other costs mainly comprise port costs and costs for certifications and
inspections. The increase in operating expenses is primarily attributable to the growth in the number of
vessels in the fleet during the first half of 2026 compared to the same period in 2025, following the
acquisition of Golden Ocean Group Ltd on March 12, 2025 and the delivery of newbuild dry bulk vessels.
25 |
CMB.TECH | Financial Report HY 2026 |
For the six month period ended | |||||||
(in thousands of USD) | June 30, 2026 | June 30, 2025 | |||||
Wages and salaries | ( | ( | |||||
Social security costs | ( | ( | |||||
Other employee benefits | ( | ( | |||||
Employee benefits | ( | ( | |||||
Administrative expenses | ( | ( | |||||
Tonnage Tax | ( | ( | |||||
Claims | |||||||
Provisions | ( | ||||||
Total general and administrative expenses | ( | ( | |||||
The general and administrative expenses which include amongst others: shore staff wages, director fees,
consulting and audit fees and tonnage tax, increased in the first six months of 2026 compared to the same
period in 2025.
The increase was mainly driven by higher employee benefit expenses, reflecting the integration of Golden
Ocean for a full six-month period, as well as other one-off items due to the restructuring of the fleet.
26 |
CMB.TECH | Financial Report HY 2026 |
Note 11 - Net finance expenses
For the six month period ended | |||||
(in thousands of USD) | June 30, 2026 | June 30, 2025 | |||
Interest income | |||||
Foreign exchange gains | |||||
Finance income | |||||
Interest expense on financial liabilities measured at amortized cost | ( | ( | |||
Interest leasing | ( | ( | |||
Fair value adjustment on interest rate swaps | ( | ( | |||
Other financial charges | ( | ( | |||
Foreign exchange losses | ( | ( | |||
Finance expense | ( | ( | |||
Net finance expenses | ( | ( | |||
Interest expense on financial liabilities measured at amortized cost increased slightly in the first six
months of 2026 compared to the same period in 2025.
Foreign exchange losses decreased in the first six months of 2026 compared to the same period of 2025,
primarily attributable to an appreciation of the euro against the US dollar in the first half of 2025, which
partially reversed in the first half of 2026, easing the translation impact on the Group's EUR-denominated
facilities.
27 |
CMB.TECH | Financial Report HY 2026 |
Note 12 - Property, plant and equipment
(in thousands of USD) | Note | Vessels | Assets under construction | Right-of-use assets | Other tangible assets | Total PPE |
At January 1, 2026 | ||||||
Cost | — | |||||
Depreciation & impairment losses | — | ( | ( | ( | ( | |
Net carrying amount | ||||||
Acquisitions | — | |||||
Acquisitions through business combinations | — | ( | ||||
Disposals and cancellations | — | ( | ( | ( | ||
Depreciation charges | — | ( | ( | ( | ( | |
Transfer to assets held for sale | 8 | ( | ( | |||
Transfers | — | ( | ( | |||
Exit from the consolidation scope | ( | ( | ( | |||
Translation differences | — | ( | ( | ( | ( | ( |
Balance at June 30, 2026 | ||||||
At June 30, 2026 | ||||||
Cost | — | |||||
Depreciation & impairment losses | — | ( | ( | ( | ( | |
Net carrying amount |
The current year presentation reclassified prepayments to assets under construction. To align with this reclassification, the
Group re-presented the comparative information.
In the first six months of 2026, two VLCCs, two Suezmax vessels and nine dry bulk vessels have been dry-
docked. The cost of planned repairs and maintenance is capitalized and included under the heading
Acquisitions.
During the first half of 2026, the Company took delivery of four Newcastlemax vessels (Mineral Latvija,
Mineral Magyar, Mineral Eesti and Mineral Lietuva), three VLCCs (Eburones, Menapii and Morini), two Suezmax
vessels (Cap Grace and Cap Joseph), one chemical tanker (Bochem Callao), and one CSOV (Windcat
Haarlem).
The Group had twenty-five vessels under construction at June 30, 2026, for an aggregate amount of
$526.0 million. The amounts presented within "vessels under construction" relate to one eco-type VLCC,
(Commissioning Service Operations Vessels), two coaster vessels of 5,000 dwt, one 1,400 TEU ammonia-
powered container vessel, two Hydrocat CTVs (Crew Transfer Vessel), one MPASV (Multi-Purpose
Accommodation Support Vessel) and one Multi Purpose Harbour Vessel. The Group capitalizes borrowing
costs related to the financing of the newbuild vessels as reported under vessels under construction. As per
June 30, 2026, the total amount that was capitalized amounts to $8.8 million at an average interest rate of
The line acquisitions through business combinations relates to Cleanergy (see Note 24).
28 |
CMB.TECH | Financial Report HY 2026 |
Disposal of assets – Gains/losses
(in thousands of USD) | Sale price | Book Value | Gain |
Daishan - Sale | |||
Dia - Sale | |||
Hojo - Sale | |||
Hirado - Sale | |||
Antigone - Sale | |||
Aegean - Sale | |||
Belgravia - Sale | |||
Golden Magnum - Sale | |||
Ingrid - Sale | |||
Ilma - Sale | |||
Sienna - Sale | |||
Windcat 4 - Sale and leaseback | |||
Sale IT equipment | |||
For the six month period ended June 30, 2026 | |||
Sale price | Book Value | Gain | |
Alsace - Sale | |||
Cap Lara - Sale | |||
Windcat 6 - Sale | |||
Iris - Sale | |||
Golden Ioanari - Sale | |||
Golden Keen - Sale | |||
For the six month period ended June 30, 2025 | |||
29 |
CMB.TECH | Financial Report HY 2026 |
On January 7, 2026, the Company entered into agreements for the sale of six VLCCs. The vessels were delivered
to their new owners as follows: Dia (2015 – 299,999 dwt) for $103.0 million, delivered on January 28, 2026,
generating a net gain of $54.6 million; Aegean (2016 – 299,999 dwt) for $107.0 million, delivered on February 9,
2026, generating a net gain of $57.0 million; Hirado (2011 – 302,550 dwt) for $75.0 million and Hojo (2013 –
$36.1 million respectively; and Antigone (2015 – 299,421 dwt) for $103.0 million and Daishan (2007 – 306,005
dwt) for $47.0 million, both delivered on March 4, 2026, generating net gains of $49.2 million and $26.5 million
respectively. In aggregate, the six VLCCs generated a net gain of $259.3 million in the first quarter of 2026.
The Company sold the Capesize vessels Golden Magnum (2009 – 179,790 dwt) and Belgravia (2009 – 169,390
dwt) for $28.0 million and $25.1 million respectively. Both vessels were delivered to their new owners during the
first quarter of 2026, generating net gains of $4.4 million and $3.6 million respectively.
On February 4, 2026, the Company entered into agreements for the sale of two further VLCCs, Ilma (2012 –
April 9, 2026, and Ingrid on April 22, 2026, generating net gains of $48.6 million and $49.6 million respectively.
On March 26, 2026, the Company sold the Suezmax Sienna (2007 – 150,205 dwt) for $41.9 million. The vessel
was delivered to its new owner on June 2, 2026, generating a net gain of $29.2 million.
The Company entered into a sale and leaseback transaction in respect of Windcat 4, generating a net gain of
$0.2 million.
Marine
Based on the impairment indicator analysis con-ducted for the period ending June 30, 2026, the Group has
not identified any impairment triggers within its Marine division that require further impairment testing.
Both internal and external impairment indicators, including asset performance, market valuations, and
macroeconomic conditions, have been thoroughly assessed. The review is supported by independent
broker valuations which indicate that the fair market value of the fleet exceeds its carrying value. The
same analysis was conducted for the year ending December 31, 2025.
Accordingly, as of the reporting date, no further impairment adjustments are required for the Group’s
assets within the Marine division. The Management Board, under supervision of the Supervisory Board,
will continue to evaluate potential impairment risks on an ongoing basis, ensuring timely responses to any
significant changes in market conditions or operational performance.
Security
All vessels financed with bank loans are subject to a mortgage to secure bank loans (see Note 16).
As at June 30, 2026 the Group's total capital commitment amounts to $0.9 billion (December 31, 2025:
$1.6 billion). These capital commitments can be detailed as follows:
30 |
CMB.TECH | Financial Report HY 2026 |
(in thousands of USD) | Total | 2026 | 2027 | 2028 | 2029 | |||||
Commitments in respect of: | ||||||||||
Tankers | ||||||||||
Dry bulk vessels | ||||||||||
Container vessels | ||||||||||
Chemical tankers | ||||||||||
Offshore wind vessels | ||||||||||
Other | ||||||||||
Total | ||||||||||
The current newbuilding program of the Group comprises the following:
–1 eco-type VLCC,
–6 Newcastlemax bulk carriers,
–6 chemical tankers,
–Offshore wind vessels are related to 3 CSOVs (Commissioning Service Operation Vessel),
–2 coasters of 5,000 dwt,
–1 ammonia-powered container vessel with a capacity of 1,400 TEU,
–2 dual-fuel bitumen tankers,
–The other items are related to a multi purpose harbour vessel and other hydrogen applications.
31 |
CMB.TECH | Financial Report HY 2026 |
Note 13 - Intangible assets and goodwill
(in thousands USD) | Note | Customer contracts | Other intangible assets | Total intangible assets | Goodwill | |||||
At January 1, 2026 | ||||||||||
Cost | - | |||||||||
Amortisation | - | ( | ( | ( | ||||||
Net carrying amount | ||||||||||
Acquisitions | - | |||||||||
Amortisation charges | - | ( | ( | ( | ||||||
Exit from the consolidation scope | - | ( | ( | |||||||
Translation differences | - | |||||||||
Balance at June 30, 2026 | ||||||||||
At June 30, 2026 | ||||||||||
Cost | - | |||||||||
Amortisation & impairment losses | - | ( | ( | ( | ||||||
Net carrying amount |
The goodwill recognized as per January 1, 2026 relates to the acquisition of Golden Ocean Group Ltd. in
March 2025 (see Note 24). The recognition of goodwill reflects management’s strong confidence in the
long-term prospects of the dry bulk market and the expected growth of the business segment. The
resulting goodwill is recognized on the statement of financial position and will be subject to annual
impairment testing in accordance with applicable accounting standards. As of June 30, 2026, the
32 |
CMB.TECH | Financial Report HY 2026 |
Note 14 - Equity
Translation reserve
The translation reserve comprises all foreign exchange differences arising from the translation of the
financial statements of foreign operations.
June 30, 2026 | ||||||
(in thousands of USD) | Notional Value | Fair Value - Assets | Fair Value - Liabilities | Change recognised in OCI | ||
Interest rate swaps | ||||||
$ | ||||||
June 30, 2025 | ||||||
(in thousands of USD) | Notional Value | Fair Value - Assets | Fair Value - Liabilities | Change recognised in OCI | ||
Interest rate swaps | ||||||
$ | ( | |||||
half of 2024 to $161.1 million, entered into several Interest Rate Swaps (IRSs) for a combined notional
value of $109.4 million. These IRSs are used to hedge the risk related to the fluctuation of the SOFR rate
and qualify as hedging instruments in a cash flow hedge relationship under IFRS 9. These instruments
have been measured at their fair value; effective changes in fair value have been recognized in OCI and
the ineffective portion has been recognized in profit or loss. These IRSs are matching the repayment
profile of the facility and mature on March 31, 2030. The notional value of these instruments at June 30,
2026 amounted to $83.0 million. The fair value of these instruments at June 30, 2026 amounted to $1.0
million (see Note 18, 20 and 22) and $1.0 million has been recognized in OCI in 2026.
Treasury shares
As of June 30, 2026 and December 31, 2025 CMB.TECH NV owned 25,807,878
Distributions
The total amount of dividends declared by the Supervisory Board in the first six months of 2026 was
$232.1 million. On February 24, 2026, the Company declared an interim dividend of $0.16 per share and
on May 25, 2026, the Supervisory Board approved a shareholder distribution of $0.64 per share which is a
combination of (i) an interim dividend of $0.20 per share and (ii) a payment of $0.44 per share out of the
share premium reserve. $246.6 million was paid in the first six months of 2026.
33 |
CMB.TECH | Financial Report HY 2026 |
Note 15 - Earnings per share
Basic earnings per share
The calculation of basic earnings per share was based on a result attributable to ordinary shares and a
weighted average number of ordinary shares outstanding during the six month period ended June of each
year, calculated as follows:
Result attributable to ordinary shares
For the six month period ended | ||||||
June 30, 2026 | June 30, 2025 | |||||
Result for the period (in USD) | ||||||
Weighted average number of ordinary shares | ||||||
Basic earnings per share (in USD) | ||||||
Weighted average number of ordinary shares
(in shares) | Shares issued | Treasury shares | Shares outstanding | Weighted number of shares | |
On issue at January 1, 2026 | |||||
Issuance of shares | |||||
Purchases of treasury shares | |||||
Withdrawal of treasury shares | |||||
Transfer of treasury shares | |||||
On issue at June 30, 2026 | |||||
Diluted earnings per share
For the six months ended June 30, 2026, the diluted earnings per share (in USD) amount to 2.53 (2025:
rise to dilution of ordinary shares. Accordingly, diluted earnings per share equals basic earnings per share
34 |
CMB.TECH | Financial Report HY 2026 |
Note 16 - Interest-bearing loans and borrowings
(in thousands of USD) | Note | Bank loans | Other Notes | Lease liabilities | Other borrowings | Total |
More than 5 years | — | |||||
Between 1 and 5 years | — | |||||
More than 1 year | ||||||
Less than 1 year | — | |||||
At January 1, 2026 | ||||||
New loans | — | |||||
Repayments | — | ( | ( | ( | ( | |
Acquisitions through business combinations | — | |||||
Transaction expenses | ( | ( | ||||
Other changes | — | ( | ||||
Exit from the consolidation scope | — | ( | ( | |||
Translation differences | — | ( | ( | ( | ( | |
Balance at June 30, 2026 | ||||||
More than 5 years | — | |||||
Between 1 and 5 years | — | |||||
More than 1 year | ||||||
Less than 1 year | — | |||||
Balance at June 30, 2026 | ||||||
The amounts shown under "New Loans" and "Repayments" related to bank loans include drawdowns and
repayments under revolving credit facilities during the year.
35 |
CMB.TECH | Financial Report HY 2026 |
Bank loans
Terms and debt repayment schedule
(in thousands of USD) | June 30, 2026 | December 31, 2025 | |||||||
Curr. | Nominal interest rate | Year of mat. | Facility size | Drawn | Carrying value | Facility size | Drawn | Carrying value | |
Unsecured Revolving loan | EUR | SOFR + CAS + | 2028 | ( | |||||
Secured FSO loan | USD | SOFR + | 2030 | ||||||
Secured vessels loan Refi - Revolving loan | USD | SOFR + | 2028 | ||||||
Secured vessels loan | USD | SOFR + | 2038 | ||||||
Secured vessels Revolving loan | USD | SOFR + | 2029 | ||||||
Credit Line Belfius Windcat EUR | EUR | SOFR + | — | ||||||
Credit Line KBC Windcat EUR | EUR | SOFR + | — | ||||||
Loan BNPPF EUR | EUR | Euribor + | 2038 | ||||||
Loan CEXIM I | USD | SOFR + | 2036 | ||||||
Loan CEXIM II | USD | SOFR + | 2036 | ||||||
Loan CEXIM III | USD | SOFR + | 2038 | ||||||
Loan KBC/Belfius Windcat EUR | EUR | Euribor + | 2027 | ||||||
Loan SocGen EUR | EUR | Euribor + Euribor + | 2037 2039 | ||||||
Loan SocGen EUR | EUR | Euribor + | 2033 | ||||||
Secured loan | USD | SOFR + | 2033 | ||||||
Secured vessels loan | USD | SOFR + | 2038 | ||||||
USD | SOFR + | 2026 | |||||||
Secured vessels loan | USD | SOFR + | 2030 | ||||||
Loan | USD | SOFR + EURIBOR + | 2032 | ||||||
Secured loan | USD | SOFR + | 2034 | ||||||
36 |
CMB.TECH | Financial Report HY 2026 |
Secured vessels Revolving loan | USD | SOFR + | 2027 | ||||||
Secured loan | EUR | Euribor + | 2031 | ||||||
Secured loan BNPPFF USD | USD | SOFR + | 2038 | ||||||
Total interest-bearing bank loans | |||||||||
* The total amount available under the revolving loan facilities depends on the total value of the fleet of tankers securing the
facility.
The facility size of the vessel loans can be reduced if the value of the collateralized vessels falls under a
certain percentage of the outstanding amount under that loan.
Other notes
(in thousands of USD) | June 30, 2026 | December 31, 2025 | |||||||
Curr. | Nominal interest rate | Year of mat. | Facility size | Drawn | Carrying value | Facility size | Drawn | Carrying value | |
Unsecured notes | USD | 2026 | |||||||
Total other notes | |||||||||
On March 18, 2022, the Financial Supervisory Authority of Norway approved the listing on the Oslo Stock
Exchange of Euronav Luxembourg S.A.’s $200 million senior unsecured bonds due September 2026.
37 |
CMB.TECH | Financial Report HY 2026 |
On June 6, 2017, the Group signed an agreement with BNP to act as dealer for a Treasury Notes Program
with a maximum outstanding amount of 50 million Euro. On October 1, 2018, KBC was appointed as an
additional dealer in the agreement and the maximum amount was increased from 50 million Euro to
(December 31, 2025: $43.1 million or 36.7 million Euro). The Treasury Notes are issued on an as needed
basis with different durations and initial pricing is set to 60 bps over Euribor. The Company enters into FX
forward contracts to manage the transaction risks related to these instruments issued in Euro compared
to the USD Group currency. The FX contracts have a same nominal amount and duration as the issued
Treasury Notes and they are measured at fair value with changes in fair value recognized in the
consolidated statement of profit or loss. On June 30, 2026, the fair value of these forward contracts
amounted to $0.4 million (December 31, 2025: $0.5 million).
CMB.TECH Group entered into a number of sale and leaseback financing arrangements in relation to its
newbuilding program during 2025 and 2026 which also feature a pre-delivery finance component. The sale
and leaseback financing agreements have a term of between 10 and 15 years from the delivery of the
respective vessels and carry an interest rate of SOFR plus 1.95 % to 4.21 %. At the end of the bareboat
contract, the Company has a purchase option or a purchase obligation. As at June 30, 2026, the total
carrying value of the outstanding balance under these financing arrangements was $2,127.5 million.
(in thousands of USD) | June 30, 2026 | December 31, 2025 |
Less than one year | ||
Between one and five years | ||
More than five years | ||
Total future capital payables | ||
Note 17 - Trade and other payables
(in thousands of USD) | June 30, 2026 | December 31, 2025 |
Other payables | ||
Derivatives | ||
Total non-current other payables | ||
Trade payables | ||
Accrued expenses | ||
Accrued payroll | ||
Dividends payable | ||
Contract liabilities | ||
Other payables | ||
Total current trade and other payables | ||
The increase in non-current other payables is primarily due to the deferred consideration for the
acquisition of an additional 5 % stake in TFG Marine, equity accounted investee and a related party.
The increase in current trade and other payables is primarily attributable to an increase in the accrued
expenses and in trade payables. This was partially offset by a decrease in dividends payable. Trade
payables include payables to TFG Marine of $22.9 million (see Note 25 – Investments for further details).
38 | ||
CMB.TECH | Financial HY Report 2026 |
Note 18 - Financial instruments
Accounting classifications and fair values
include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value,
such as trade and other receivables and payables.
39 | ||
CMB.TECH | Financial HY Report 2026 |
Carrying amount | Fair value | |||||||||||
(in thousands of USD) | Note | Financial instruments at fair value | Financial assets at amortized cost | Other financial liabilities | Total | Level 1 | Level 2 | Level 3 | Total | |||
June 30, 2026 | ||||||||||||
Financial assets measured at fair value | ||||||||||||
Interest rate swaps | 20-22 | — | — | |||||||||
Investments | 25 | — | — | |||||||||
Short-term investments | 25 | — | — | |||||||||
— | — | |||||||||||
Financial assets not measured at fair value | ||||||||||||
Non-current receivables (excl. derivatives) | 20 | — | — | |||||||||
Trade and other receivables * | 22 | — | — | |||||||||
Cash and cash equivalents | — | — | — | |||||||||
— | — | |||||||||||
Financial liabilities measured at fair value | ||||||||||||
Forward exchange contracts | 16 | — | — | |||||||||
— | — | |||||||||||
Financial liabilities not measured at fair value | ||||||||||||
Secured bank loans | 16 | — | — | |||||||||
Unsecured bank loans | 16 | — | — | |||||||||
Unsecured other notes | 16 | — | — | |||||||||
Other borrowings | 16 | — | — | |||||||||
Lease liabilities | 16 | — | — | |||||||||
Trade and other payables * | 17 | — | — | |||||||||
— | — | |||||||||||
40 | ||
CMB.TECH | Financial HY Report 2026 |
Carrying amount | Fair value | |||||||||||
(in thousands of USD) | Note | Financial instruments at fair value | Financial assets at amortized cost | Other financial liabilities | Total | Level 1 | Level 2 | Level 3 | Total | |||
December 31, 2025 | ||||||||||||
Financial assets measured at fair value | ||||||||||||
Forward exchange contracts | 22 | — | — | |||||||||
Interest rate swaps | 20-22 | — | — | |||||||||
Bunker derivatives | 22 | — | — | |||||||||
Investments | 25 | — | — | |||||||||
— | — | |||||||||||
Financial assets not measured at fair value | ||||||||||||
Non-current receivables | 20 | — | — | |||||||||
Trade and other receivables * | 22 | — | — | |||||||||
Cash and cash equivalents | — | — | — | |||||||||
41 | ||
CMB.TECH | Financial HY Report 2026 |
— | — | |||||||||||
Financial liabilities measured at fair value | ||||||||||||
Interest rate swaps | — | — | — | |||||||||
— | — | |||||||||||
Financial liabilities not measured at fair value | ||||||||||||
Secured bank loans | 16 | — | — | |||||||||
Unsecured bank loans | 16 | — | — | |||||||||
Unsecured other notes | 16 | — | — | |||||||||
Other borrowings | 16 | — | — | |||||||||
Lease liabilities | 16 | — | — | |||||||||
Trade and other payables * | 17 | — | — | |||||||||
— | — | |||||||||||
* Deferred charges, deferred fulfillment costs and VAT receivables (included in other receivables) (see Note 22), deferred income and VAT payables (included in other payables) (see Note 17), which
are not financial assets (liabilities) are not included.
Measurement of fair values
Valuation techniques and significant unobservable inputs
Level 1 fair value was determined based on the actual trading of the unsecured notes, due in 2026, and the trading price on June 30, 2026. The following tables show
the valuation techniques used in measuring Level 1, Level 2 and Level 3 fair values, as well as the significant unobservable inputs used.
Financial instruments measured at fair value | |||||||
Type | Valuation Techniques | Significant unobservable inputs | |||||
Forward exchange contracts | Forward pricing: the fair value is determined using quoted forward exchange rates at the reporting date and present value calculations based on high credit quality yield curve in the respective currencies. | Not applicable | |||||
42 | ||
CMB.TECH | Financial HY Report 2026 |
Financial instruments measured at fair value | |||||||
Interest rate swaps | Swap models: the fair value is calculated as the present value of the estimated future cash flows. Estimates of future floating-rate cash flows are based on quoted swap rates, futures prices and interbank borrowing rates. | Not applicable | |||||
Commodity derivatives | Fair value is determined based on the present value of the quoted forward price. | Not applicable | |||||
Equity investments | The valuation is based on either the multiple approach or the net asset value, depending on the investee's industry characteristics and the nature of its operations | EBITDA multiple; Discount for lack of marketability; Control premium or minority discount; Underlying fair value inputs used in the NAV calculation. | |||||
Financial instruments not measured at fair value | |||||||
Type | Valuation Techniques | Significant unobservable inputs | |||||
Non-current receivables (consisting primarily of shareholders' loans and cash security deposits) | Discounted cash flow | Discount rate and forecasted cash flows | |||||
Lease receivables | Discounted cash flow | Discount rate | |||||
Other financial liabilities (consisting of secured and unsecured bank loans and lease liabilities) | Discounted cash flow | Discount rate | |||||
Other financial notes (consisting of unsecured notes) | List price | Not applicable | |||||
Transfers between Level 1, 2 and 3
There were no transfers between these levels in 2025 and for the six-month period ended June 30, 2026.
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s approach to managing liquidity is to ensure, as far
as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable
losses or risking damage to the Group’s reputation. The sources of financing are diversified and the bulk of the loans are irrevocable, long-term and maturities are
spread over different years.
43 | ||
CMB.TECH | Financial HY Report 2026 |
Contractual cash flows June 30, 2026 | ||||||||||
(in thousands of USD) | Note | Carrying Amount | Total | Less than 1 year | Between 1 and 5 years | More than 5 years | ||||
Non derivative financial liabilities | ||||||||||
Bank loans and other notes | 16 | |||||||||
Other borrowings | 16 | |||||||||
Lease liabilities | 16 | |||||||||
Trade and other payables * | 17 | |||||||||
Contractual cash flows December 31, 2025 | ||||||||||
(in thousands of USD) | Note | Carrying Amount | Total | Less than 1 year | Between 1 and 5 years | More than 5 years | ||||
Non derivative financial liabilities | ||||||||||
Bank loans and other notes | 16 | |||||||||
Other borrowings | 16 | |||||||||
Lease liabilities | 16 | |||||||||
Trade and other payables * | 17 | |||||||||
* Deferred income and VAT payables (included in other payables) (see Note 17), which are not financial liabilities, are not included.
The Group has secured bank loans that contain loan covenants. A future breach of covenant may require the Group to repay the loan earlier than indicated in the
above table. As of June 30, 2026 and December 31, 2025, the Group was in compliance with all of the covenants contained in the debt agreements.
The interest payments on variable interest rate loans in the table above reflect market forward interest rates at the reporting date and these amounts may change as
market interest rates change. It is not expected that the cash flows included in the table above (the maturity analysis) could occur significantly earlier, or at
significantly different amounts than stated above.
44 |
CMB.TECH | Financial Report HY 2026 |
Note 19 - Deferred tax assets and liabilities
CMB.TECH NV and its subsidiaries had available combined cumulative tax losses and other tax credits
carried forward of $292.4 million and $244.4 million as of June 30, 2026 and December 31, 2025,
respectively. Under current local tax laws, these loss carry forwards have an indefinite life and may be
used to offset future taxable income of CMB.TECH NV and its subsidiaries.
The Company did not recognize deferred tax assets of $68.3 million and $59.2 million as of June 30, 2026
and December 31, 2025, respectively, that can be carried forward against future taxable income, because
it is not considered more likely than not that these deferred tax assets will be utilized in the foreseeable
future.
Note 20 - Non-current receivables
(in thousands of USD) | Note | June 30, 2026 | December 31, 2025 | |
Shareholders loans to joint ventures | 25 | |||
Derivatives | — | |||
Cash guarantees and deposits | — | |||
Other non-current receivables | — | |||
Total non-current receivables | ||||
The shareholder loans to joint ventures mainly relates to the loans provided to BeHydro and JPN H2Hydro
and to joint ventures within the Windcat group of companies, i.e. TSM Windcat and FRS Windcat Offshore
Logistics.
The cash guarantees and deposits as of June 30, 2026 mainly relates to a cash security of $51.4 million
lodged with the High Court of Malaysia in January, 2024. The cash security equals the claimed amount and
was required to lift the arrest on the vessel Oceania which was subsequently sold and delivered to her new
owners (see Note 23). Based on the current status of the proceedings and the expected timeline for a final
resolution, management has applied judgment and estimates that recovery of the cash security lodged with the
High Court is not expected within twelve months after the reporting date. Accordingly, the related receivable has
been classified as a non-current asset, with an estimated realisation period of approximately two years .
The other non-current receivables mainly relates to an advancement for the development of ammonia-
powered engines for its new bulk carriers. The amount may be recovered through future engine
deliveries.
Note 21 - Inventory
The carrying amount as per June 30, 2026, of the bunker inventory on board of the vessels amounted to
$93.7 million (2025: $55.7 million), and the carrying amount of the lube oils amounted to $23.6 million as
per June 30, 2026 (2025: $17.5 million).
The increase in bunker inventory is primarily driven by an increase in bunker prices as well as more
vessels operating on the spot market.
Bunker expenses and consumed lubricants are recognized in profit or loss upon consumption. Bunker
expenses are presented within voyage expenses (see Note 10), while lubricants are included within vessel
operating expenses.
Other inventory as of June 30, 2026 amounts to $3.4 million (2025: $4.0 million) and relates to trucks
purchased to be converted into hydro-trucks for resale and spare parts used for the con-version of regular
45 | ||
CMB.TECH | Financial Report HY 2026 |
Note 22 - Trade and other receivables
(in thousands of USD) | June 30, 2026 | December 31, 2025 | ||||
Trade receivables | ||||||
Trade receivables - TI Pool | ||||||
Contract assets | ||||||
Accrued interest | ||||||
Deferred charges | ||||||
Deferred fulfillment costs | ||||||
Other receivables | ||||||
Derivatives | ||||||
Total trade and other receivables | ||||||
The increase in trade receivables is primarily attributable to more vessels operating on the spot market
and improved freight markets as at the end of June 2026.
Trade receivables - TI Pool relate to income to be received by the Group from the Tankers International
Pool. These amounts decreased in the first six months of 2026, as all vessels had left the pool by June 30,
2026.
The increase in contract assets is mainly due to improved freight markets and more vessels trading on the
spot market.
During the year, the Group entered into two revolving working capital facility agreements with entities of
the Andefu Group. Jiangsu Andefu, an equity-accounted investee, is a related party (refer to Note 25). Each
facility matures within 12 months of the drawdown date. As of 30 June 2026, approximately $22 million
was drawn under these facilities and reflected as Other receivables.
46 |
CMB.TECH | Financial Report HY 2026 |
Note 23 - Provisions and contingencies
(in thousands of USD) | Note | Onerous contract | Total | ||
At January 1, 2026 | |||||
Additions | - | ||||
Balance at June 30, 2026 | |||||
Non-current | - | ||||
Current | - | ||||
Total | |||||
The Group is currently involved in three litigations. If applicable, the necessary provisions related to legal
and arbitration proceedings are recorded.
The Group is first of all involved in litigation against FourWorld before the Belgian Courts. A writ of
summons before the Enterprise Court of Antwerp on behalf of CMB NV was served by FourWorld on April
8, 2024. A similar summons was served on CMB.TECH NV on the same day. Following FourWorld's request
to the defendants to produce additional documents, the court reset the initial procedural agenda. In
accordance therewith, oral pleadings in court took place on 2 and 23 February 2026 focusing just on the
admissibility of FourWorld's claim and its request for additional documents to be produced. In its
judgment of 30 March 2026, the Enterprise Court of Antwerp rejected in full FourWorld’s requests for
production of documents and for the imposition of a preliminary measure prohibiting the destruction of
information. The Court has dismissed some of the defendants' pleas of inadmissibility, while reserving its
decision on the remaining admissibility issues and the merits of the case. The parties were to agree a new
procedural calendar for the further handling of the remaining issues and the merits but this hasn't
happened yet.
Secondly, FourWorld and other dissenting share-holders have commenced legal proceedings before the
Court in Bermuda with respect to CMB.TECH’s takeover of and merger with Golden Ocean Group Limited
(“GOGL”). In August 2025, the shareholders of GOGL were asked to vote for a merger with CMB.TECH
Bermuda Limited (“CMBT Bermuda”) with the latter absorbing GOGL. The exchange ratio was 0.95 shares in
CMBT Bermuda for every GOGL share. The merger was approved by the necessary majority and proceeded
on August 20, 2025. Three former shareholders in GOGL who did not vote in favour of the merger (“the
dissenting shareholders”) have issued proceedings in Bermuda against CMBT Bermuda in which they claim
(i) a declaration that they are entitled to be paid $14.49 per share for their shares in cash (the “cash claims”)
or alternatively (ii) appraisal by the Court of the fair value of their shares pursuant to Bermudan law (the
“appraisal claims”). The Bermudan Court has ordered to first hear the cash claims, case managed together,
and then the appraisal claims. The hearings in the cash claims took place on 21 and 22 January 2026.
In its judgment of 21 May 2026, the Bermuda Court considered whether Bermudan law entitles dissenting
shareholders to demand immediate cash payment of the fair value figure stated in a merger notice, and
whether that figure must be expressed as a standalone cash sum. While the Court found in principle that fair
value should be stated in cash terms in a meeting notice, it rejected the dissenting shareholders' primary
claim that CMBT Bermuda was immediately liable to pay them $14.49 per share in cash. Their recourse is
therefore limited to a Court appraisal of fair value under Section 106(6) of the Act, to be determined in
separate Appraisal Action pro-ceedings. Importantly, the Court confirmed that the same valuation
methodology must be applied con-sistently to both the Golden Ocean shares and the CMBT shares when
calculating any credit due to CMBT. Applying a consistent methodology to both sides of the equation will
result in no material delta being owed to the dissenting shareholders. In the meantime, the dissenting
shareholders have appealed against this decision and CMBT has lodged a coun-terappeal. The case in appeal
will be pleaded in court in November 2026.
Lastly, the Group remains involved in litigation concerning the Oceania. A cash security of MYR 210 million
($51.4 million) was lodged with the High Court of Malaysia in January 2024 (see Note 20) pending
resolution of the claim in conversion of the cargo brought by Black Swan in the Malaysian High Court. On
47 | ||
CMB.TECH | Financial Report HY 2026 |
May 7, 2025, the Group obtained an arbitration award in its favour in the London arbitration proceedings
against Silk Straits, CMB.TECH’s sub-contractors who in turn had sub-contracted on back-to-back terms
with Black Swan.
The tribunal held that Silk Straits, under the relevant storage agreement, is to indemnify CMB.TECH and pay
the Group’s claim against Silk Straits of (currently) approximately $4 million, plus interest and costs. Lawyers
are enforcing the London Award against Silk Straits in both UK and Malaysia. The conversion claim brought
by Black Swan against CMB.TECH remains complex and pending before the Malaysian High Court. Witnesses
were heard at the end of July. Written closing submissions will be filed shortly and an oral hearing on those
submissions will be held in November 2026, with judgment being reserved for end of this year or beginning
of next year. It is expected that the losing party will appeal the judgment which means that a final judgment
will only be rendered towards the end of 2028 all going well.
Considering the facts and circumstances of the case and external as well as internal advice from counsel,
management is of the opinion that it is not more likely than not that an outflow of resources will be
required to settle any obligation and that con-sequently no provision needs to be accounted for at the
moment.
Note 24 - Business Combination
On January 16, 2026, the Group acquired the remaining 51 % of the shares of Cleanergy Solutions
(Namibia) Pty Ltd, obtaining control of an entity previously accounted for as a joint venture. Cleanergy
launched Africa’s first integrated green hydrogen facility at Farm 58 in Walvis Bay in September 2025.
In accordance with IFRS 3, the previously held equity interest was remeasured to fair value at the
acquisition date, with the resulting gain recognised in other operating income.
Business combinations completed in prior periods
On March 12, 2025, CMB.TECH completed the acquisition of a controlling interest in Golden Ocean Group
Limited ("Golden Ocean"), following which CMB.TECH held 40.8 % of Golden Ocean's out-standing ordinary
shares. The combination was accounted for as a business combination under the acquisition method in
accordance with IFRS 3, with CMB.TECH identified as the accounting acquirer. Between March 24, 2025,
and April 3, 2025, CMB.TECH acquired an additional 17,036,474 Golden Ocean common shares in the open
market.
On August 20, 2025, the stock-for-stock merger was completed with CMB.TECH as the surviving entity and each
Golden Ocean common share was canceled, and such shares (other than shares that Golden Ocean, CMB.TECH,
former CMB.TECH Bermuda or any of their respective subsidiaries own) were automatically converted into
the right to receive 0.95 CMB.TECH ordinary shares (subject to adjustment, pursuant to the terms of the
Merger Agreement signed on May 28, 2025). The consideration transferred in shares amounts to
$1,461.4 million, representing the value of 95,952,934 newly issued CMB.TECH ordinary shares with a valuation
of $15.23 per share.
The subsequent acquisitions of Golden Ocean shares as well as the merger were accounted for as a step
acquisition of the non-controlling interest to equity on the basis of IFRS 10.B96.
48 |
CMB.TECH | Financial Report HY 2026 |
Note 25 - Investments
At fair value through profit or loss
As at June 30, 2026, the Group held equity investments measured at fair value through profit or loss amounting
to $98.1 million. These investments comprise a 10 % equity interest in Anglo-Eastern Univan Group Limited of
$45.0 million, a 15.92 % equity interest in SwissMarine of $44.8 million. Additionally, during the year, the Group
acquired shares with a value of $8.3 million, which are classified as short-term investments. The investments
are classified within Level 1 and Level 3 of the fair value hierarchy. Changes in fair value are recognised in
profit or loss. There was no material change in the fair value of either investment during the year ended
June 30, 2026 and, accordingly, no material fair value gain or loss was recognised in profit or loss. The
Company received a total dividend of $3.9 million during the first six months of 2026.
Equity-accounted investees
(in thousands of USD) | June 30, 2026 | December 31, 2025 | ||||
Assets | ||||||
Interest in joint ventures | ||||||
Interest in associates | ||||||
TOTAL ASSETS | ||||||
Associates
(in thousands of USD) | June 30, 2026 | December 31, 2025 |
Carrying amount of interest at the beginning of the period | ||
Business Combinations | ||
Acquisitions | ||
Group's share of profit (loss) for the period | ||
Carrying amount of interest at the end of the period |
Joint Ventures
ventures:
ASSET | ||||
(in thousands of USD) | Investments in equity accounted investees | Shareholders loans | ||
Gross balance | ||||
Offset investment with shareholders loan | ( | |||
Balance at January 1, 2025 | ||||
Reversal prior year offset investment with shareholders loan | ( | |||
Group's share of profit (loss) for the period | ( | |||
49 | ||
CMB.TECH | Financial Report HY 2026 |
Dividends received from joint ventures | ( | |||
Movement shareholders loans to joint ventures | ||||
Business combinations | ||||
Transfer to assets held for sale | ( | |||
Translation differences | ||||
Gross balance | ||||
Offset investment with shareholders loan | ( | |||
Balance at December 31, 2025 | ||||
Reversal prior year offset investment with shareholders loan | ( | |||
Group's share of profit (loss) for the period | ||||
Movement shareholders loans to joint ventures | ||||
Acquisitions | ||||
Translation differences | ( | ( | ||
Exit from the consolidation scope | ( | |||
Gross balance | ||||
Offset investment with shareholders loan | ( | |||
Balance at June 30, 2026 | ||||
The acquisitions of joint ventures at June 30, 2026 are related to the acquisition of 25 % in Jiangsu Andefu
Ltd. (see Note 5).
The exit from the consolidation scope relates to the acquisition by H2Infra of the remaining 51 % interest in
Cleanergy solutions Namibia (see Note 5 and 24).
Note 26 - Subsequent events
On July 14, 2026, the CTV FRS Windcat 65 was delivered.
On August 3, 2026, the Company announced the sale of the VLCC Donoussa (2016 - 299,999 dwt). This sale
will generate a gain of approximately $74.3 million, based on the net sale price and book values. The
vessel will be delivered to its new owner in the fourth quarter of 2026.
On August 11, 2026, the Company announced the sale of the Suezmax Bristol (2024 - 156,851 dwt). This
sale will generate a gain of approximately $56.9 million, based on the net sale price and book values. The
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CMB.TECH | Financial Report HY 2026 |
Note 27 - Standards issued but not yet effective
which have been issued by the IASB and the IFRIC but are not yet effective as per June 30, 2026 and/or not
yet adopted by the European Union as per June 30, 2026 and for which the impact might be relevant:
•IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual reporting periods
beginning on or after January 1, 2027. The new standard introduces the following key new requirements:
•Entities are required to classify all income and expenses into five categories in the statement of profit
or loss, namely the operating, investing, financing, discontinued operations and income tax categories.
Entities are also required to present a newly-defined operating profit subtotal. Entities' net profit will
not change.
•Management defined performance measures (MPMs) are disclosed in a single note in the financial
statements.
•Enhanced guidance is provided on how to group information in the financial statements.
In addition, all entities are required to use the operating profit subtotal as the starting point for the
statement of cash flows when presenting operating cash flows under the indirect method.
The Group is still in the process of assessing the impact of the new accounting standard, particularly with
respect to the structure of the Group's statement of profit or loss, the statement of cash flows and the
additional disclosures required for MPM's. The Group is also assessing the impact on how information is
grouped in the financial statements, including for items currently labelled as 'other'.
None of the other new standards, interpretations and amendments, which have been issued by the IASB
and the IFRIC that are not yet effective as per June 30, 2026 and/or not yet adopted by the European
Union as per June 30, 2026, are expected to have a material effect on the Group's future financial
statements.
Note 28 - Statement on the true and fair view of the
consolidated financial statements and the fair overview of the
management report
Mr. Patrick De Brabandere, Chairperson of the Supervisory Board, Mr. Alexander Saverys, CEO and Mr.
Ludovic Saverys, CFO, hereby certify that, to the best of their knowledge, (a) the condensed consolidated
interim financial statements as of June 30, 2026 and for the six-month period then ended, which have
been prepared in accordance with IAS 34 “Interim Financial Reporting” as issued by the IASB and as
adopted by the European Union, give a true and fair view of the assets, liabilities, financial position and
results of CMB.TECH NV and the entities included in the consolidation, and (b) the interim management
report includes a true and fair overview of the information required to be included therein under Article
13 §5 and §6 of the Royal Decree of November 14, 2007 on the obligations of issuers of financial
instruments admitted to trading on a regulated market.
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CMB.TECH | Financial Report HY 2026 |
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: September 23, 2026 | By: | /s/ Alexander Saverys |
Alexander Saverys | ||
Chief Executive Officer | ||
Filing Exhibits & Attachments
5 documentsOther Documents
- EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 107.7 KB
- EX-101 XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT 113.4 KB
- EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT 469.0 KB
- EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 837.9 KB
- EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 679.4 KB