CMB.TECH ANNOUNCES Q4 2025 RESULTS
EIGHT VLCCS SOLD AT STELLAR PRICES
ANTWERP, Belgium, 26 February 2026 -- CMB.TECH NV ("CMBT", "CMB.TECH" or "the company") (NYSE: CMBT, Euronext Brussels: CMBT and Euronext Oslo Børs: CMBTO) reported its unaudited financial results today for the fourth quarter ended 31 December 2025.
HIGHLIGHTS
Financial highlights:
-- Profit for the period of USD 90.1 million in Q4 2025. EBITDA for the same
period was USD 322 million.
-- CMB.TECH's contract backlog increased by USD 304 million to USD 3.05
billion with the addition of 5 x 5-year charters for Capesizes and a
3-year contract for a CSOV.
-- Declaration of an interim dividend of USD 0.16 per share.
-- Over the course of Q4 2025 and Q1 2026, the company has fully repaid the
bridge loan facility that was originally raised to finance the
acquisition of a large stake in Golden Ocean
Fleet highlights:
-- Delivery of 6 newbuilding vessels (Q4 + quarter to date):
-- VLCCs: Atrebates, Eburones
-- Chemical tankers: Bochem Callao
-- CSOV: Windcat Amsterdam
-- CTV: FRS Windcat 62, FRS Windcat 61
-- Previously announced sale of 8 VLCCs: Daishan (2007, 306,005 dwt), Hirado
(2011, 302,550 dwt), Ilma (2012, 314,000 dwt), Ingrid (2012, 314,000 dwt),
Hojo (2013, 302,965 dwt), Dia (2015, 299,999 dwt), Antigone (2015,
299,421 dwt), and Aegean (2016, 299,999 dwt).
-- Previously announced sale of Capesize vessels Golden Magnum (2009,
179,790 dwt), and Belgravia (2009, 169,390 dwt).
Corporate highlights:
-- Sale of stake in Tankers International Pool, closed on 27 January 2026. -- CMB.TECH is investing in the Chinese ammonia supply chain. -- Management Board changes: resignation of Mr. Benoit Timmermans
For the fourth quarter of 2025, the company realised a net gain of USD 90.1 million or USD 0.31 per share (fourth quarter 2024: a net gain of USD 93.1 million or USD 0.48 per share). EBITDA (a non-IFRS measure) for the same period was USD 322.1 million (fourth quarter 2024: USD 180.4 million).
Commenting on the Q4 results, Alexander Saverys (CEO) said:
"Tanker markets continue to defy gravity due to a mix of shifting trade patterns, modest newbuilding deliveries and a particularly active tanker owner/operator who is adding fuel to the fire. Dry bulk freight rates have also held up very well during Q4 and well into Q1. With two CSOVs delivered to our fleet, we are starting to generate meaningful cash flows in the offshore supply markets. The versatile nature of our ships allows us to serve wind and oil and gas customers alike.
We have used this very strong market back-drop to sell some of our older vessels at stellar prices, and fixed multiple long-term charter contracts at attractive rates. We will use the proceeds to decrease our leverage, strengthen our balance sheet and pay dividends. The repayment of the Golden Ocean bridge -- less than six months after the merger -- is testimony to our capability to execute large transactions swiftly, efficiently and in a disciplined manner."
Key figures
The most
important key
figures
(unaudited)
are:
Fourth
(in thousands of Fourth Quarter Quarter
USD) 2025 2024 YTD 2025 YTD 2024
Revenue 589,123 226,029 1,666,223 940,246
Other operating
income 1,361 8,254 29,613 50,660
Raw materials and
consumables (3,769) (1,576) (10,265) (3,735)
Voyage expenses
and commissions (128,169) (42,692) (362,155) (174,310)
Vessel operating
expenses (128,067) (52,817) (420,409) (199,646)
Charter hire
expenses (415) (3) (3,124) (138)
General and
administrative
expenses (52,813) (24,616) (143,284) (77,766)
Net gain (loss) on
disposal of
tangible assets 49,489 71,114 192,564 635,017
Depreciation and
amortisation (114,526) (43,911) (387,968) (166,029)
Impairment losses (2,081) (1,847) (5,354) (1,847)
Net finance
expenses (110,997) (47,096) (404,630) (130,650)
Share of profit
(loss) of equity
accounted
investees (2,599) (1,418) (882) 920
----------------- ---------------- ----------------- -----------------
Result before
taxation 96,537 89,421 150,329 872,722
------------------ ----------------- ---------------- ----------------- -----------------
Income tax benefit
(expense) (6,476) 3,709 (10,185) (1,893)
----------------- ---------------- ----------------- -----------------
Profit (loss) for
the period 90,061 93,130 140,144 870,829
------------------ ----------------- ---------------- ----------------- -----------------
Attributable to:
Owners of the
Company 90,061 93,130 161,698 870,829
Non-controlling -- -- (21,554) --
interest
Earnings per share:
Fourth
Fourth Quarter Quarter
(in USD per share) 2025 2024 YTD 2025 YTD 2024
Weighted average
number of shares
(basic) * 290,169,769 194,216,835 229,443,392 196,041,579
Basic earnings per
share 0.31 0.48 0.61 4.44
-- The number of shares issued on 31 December 2025 is 315,977,647. However,
the number of shares excluding the owned shares held by CMB.TECH at 31
December 2025 is 290,169,769.
EBITDA
reconciliation
(unaudited):
Fourth
(in thousands Fourth Quarter Quarter
of USD) 2025 2024 YTD 2025 YTD 2024
Profit (loss) for
the period 90,061 93,130 140,144 870,829
+ Net finance
expenses 110,997 47,096 404,630 130,650
+ Depreciation
and
amortisation 114,526 43,911 387,968 166,029
+ Income tax
expense
(benefit) 6,476 (3,709) 10,185 1,893
--------------- --------------- --------------- -----------------
EBITDA
(unaudited) 322,060 180,428 942,927 1,169,401
EBITDA per share:
Fourth
Fourth Quarter Quarter
(in USD per share) 2025 2024 YTD 2025 YTD 2024
Weighted average
number of shares
(basic) 290,169,769 194,216,835 229,443,392 196,041,579
EBITDA 1.11 0.93 4.11 5.97
All figures, except for EBITDA, have been prepared under IFRS as adopted by the EU (International Financial Reporting Standards) and have not been audited nor reviewed by the statutory auditor.
During the quarter, several nonrecurring items affected the company's financial performance. The company fully repaid the bridge loan facility that had originally been raised to finance the acquisition of a large stake in Golden Ocean, resulting in a one-off charge of USD 13.6 million, mainly related to arrangement and success fees. Furthermore, following the various refinancings completed in Q4 (which included a repayment of more than USD 700 million under the USD 2 billion facility) approximately USD 11 million in arrangement fees were expensed. In addition, 28 reflagging operations were carried out in Q4, temporarily increasing operating expenses by approximately USD 2.9 million. Reflagging of vessels is required in view of the contemplated cross-border merger of CMB.TECH Bermuda (holding company of ex-Golden Ocean group) with CMB.TECH Belgium. Other non-recurring costs (SG&A and tax) accounted for USD 15 million.
Interim dividend
CMB.TECH has declared an interim dividend of USD 0.16 per share, which is expected to be paid on or about 27 April 2026.
The timing of the distribution of this interim dividend is as follows:
COUPON 44 Ex-dividend date Record date Payment date
--------- ---------------- ------------- --------------------
Euronext 14 April 2026 15 April 2026 22 April 2026
--------- ---------------- ------------- --------------------
NYSE 15 April 2026 15 April 2026 22 April 2026
--------- ---------------- ------------- --------------------
OSE 14 April 2026 15 April 2026 On or about 27 April
2026
--------- ---------------- ------------- --------------------
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