CMB.TECH NV

CMBT

Market cap $3.8B

CMB.Tech (CMBT) has transformed from a tanker operator into a diversified shipping platform following the Golden Ocean merger. The merger expanded CMBT's fleet to over 250 ships, enhancing scale and segment diversification between tankers and dry bulk. Revenue surged 77% to $1.67 billion post-merger, but net profit dropped sharply to $139 million due to higher financial costs and amortization.

CMB.TECH is now a highly leveraged play on freight rates, with over 80% spot exposure post-merger and tripled operating scale. Reported EPS is distorted by one-off Golden Ocean deal costs; normalized earnings and EBITDA provide a clearer view of CMBT's true earnings power. CMBT's valuation and investment case hinge on freight rate sensitivity, with current market cap implying mid-to-high cycle TCE rates ($35k–45k/day).

CMB.TECH ANNOUNCES FINAL YEAR RESULTS ANTWERP, Belgium, 31 March 2026 – CMB.TECH NV (“CMBT”, “CMB.TECH” of “the company” (NYSE: CMBT, Euronext Brussels: CMBT and Euronext Oslo Børs: CMBTO) reported its final financial results today for the full year ended 31 December 2025. HIGHLIGHTS 2025 Financial highlights: Profit of USD 89.1 million in Q4 2025 bringing full year profit to USD 139.1 million​ No major changes compared to the preliminary figures published on 26/2/26 Total contract backlog increased to USD 3.05 billion Fleet highlights: CMB.TECH focused on its fleet rejuvenation with 17 newbuild deliveries 8 Newcastlemaxes 1 Crude oil tanker 1 Chemical tanker 5 CTVs 2 CSOVs Further fleet expansion with 9 vessels ordered (6 chemical tankers, 2 CTVs and 1 MP-ASV) Sale of 12 older vessels (5 VLCCs, 2 Suezmaxes, 2 Capesizes, 2 Panamaxes and 1 CTV) Fortescue and CMB.TECH signed agreement for ammonia-powered Newcastlemax CMB.TECH and MOL signed landmark agreement for nine ammonia-powered vessels Corporate highlights: On March 4 2025, CMB.TECH announced that it entered into a share purchase agreement with Hemen Holding Limited for the acquisition of 81,363,730 shares in Golden Ocean Group Limited.

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CMB.TECH NV (CMBT) Q4 2025 Earnings Call Transcript

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.

Antwerp, Feb. 12, 2026 (GLOBE NEWSWIRE) -- CMB.TECH NV (NYSE: CMBT & Euronext: CMBT)  (“CMBT”, “CMB.TECH” or “the Company”)  will release its  fourth  quarter 202 5 earnings prior to market opening on Thursday 26 February 202 6 and will host a conference call at  8  a.m. EST / 2 p.m. CET to discuss the results for the quarter.

Antwerp, Feb. 09, 2026 (GLOBE NEWSWIRE) -- CMB.TECH NV (“CMBT”, “CMB.TECH” or “the Company”) (NYSE: CMBT, Euronext Brussels: CMBT and Euronext Oslo  Børs : CMBTO)   has sold   two  vessels, generating a capital gain of  approximately  98.2   million USD in total.  Euronav CMB.TECH has sold two VLCCs: Ingrid (2012, 314,000 dwt) and Ilma (2012, 314,000 dwt). The sale will generate a capital gain of approximately 98.2 million USD in Q2 2026, based on the net sales price and book values. The vessels will be delivered to their new owner in Q2 2026.

Antwerp, Jan. 07, 2026 (GLOBE NEWSWIRE) -- CMB.TECH NV (“CMBT”, “CMB.TECH” or “the Company”) (NYSE: CMBT, Euronext Brussels: CMBT and Euronext Oslo Børs: CMBTO) has sold eight vessels, generating a capital gain of approximately 269.2 million USD in total.

J Mintzmyer of Value Investor's Edge discusses shipping in 2025, strategies for navigating market downturns, and the potential for dry bulk in 2026. Prioritizing high-quality, defensive shipping stocks with robust balance sheets, larger backlogs, and diversified fleets amid macro uncertainty.