Cmb.Tech (NYSE:CMBT) Q4 2025 Earnings call February 26, 2026 08:00 AM ET Company ParticipantsAlexander Saverys - CEOChristophe Savi - SVP and Head of the NH3 divisionEnya Derkinderen - Brand ManagerFrode Mørkedal - Managing Director and Equity ResearchJoris Daman - Head of Investor Relations and ESGLudovic Saverys - CFOPetter Haugen - Head of Shipping ResearchConference Call ParticipantsClément Moulin - Sell-side AnalystNone - AnalystNone - AnalystAlexander SaverysGood afternoon, and welcome to the CMB.TECH ...

Cmb.Tech (NYSE:CMBT) Q4 2025 Earnings call February 26, 2026 08:00 AM ET Company ParticipantsAlexander Saverys - CEOChristophe Savi - SVP and Head of the NH3 divisionEnya Derkinderen - Brand ManagerFrode Mørkedal - Managing Director and Equity ResearchJoris Daman - Head of Investor Relations and ESGLudovic Saverys - CFOPetter Haugen - Head of Shipping ResearchConference Call ParticipantsClément Moulin - Sell-side AnalystNone - AnalystNone - AnalystAlexander SaverysGood afternoon, and welcome to the CMB.TECH ...

Cmb.Tech (NYSE:CMBT) Q4 2025 Earnings call February 26, 2026 08:00 AM ET Speaker0Good afternoon, and welcome to the CMB.TECH Earnings Conference Call for the fourth quarter of 2025. My name is Alexander Saverys, and I'm joined here by my colleagues, Joris, Enya, and Ludovic. We will touch upon our classic topics. We'll start with our financial highlights. We will then give you a market update, and finish with a conclusion and a Q&A. For the financial highlights, I'd like to hand it over to Ludovic.Speaker7T ...

26 FEBRUARY 2026 Earnings conference call Q4 2025 Alexander Saverys & Ludovic Saverys Forward-looking statements Earnings conference call Q4 2025 CONTENT TOPICS © 2026 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH 3 I. Q4 2025 financials & highlights II. Market update III. Conclusion and Q&A Matters discussed in this presentation may constitute forward-looking statements under U.S. federal securities laws, including the Private Securities Li ...

Financial Highlights - CMB.TECH reported a net gain of USD 90.1 million or USD 0.31 per share for Q4 2025, compared to a net gain of USD 93.1 million or USD 0.48 per share in Q4 2024 [2][6] - EBITDA for Q4 2025 was USD 322.1 million, significantly higher than USD 180.4 million in Q4 2024 [2][6] - Revenue for Q4 2025 reached USD 589.1 million, up from USD 226.0 million in Q4 2024 [5] Fleet Highlights - The company’s contract backlog increased by USD 304 million to USD 3.05 billion, with new charters for Capesize vessels and a CSOV [6][22] - CMB.TECH sold eight VLCCs at high prices, generating a total capital gain of approximately USD 261.1 million in Q1 2026 [4][24] - The company delivered six newbuilding vessels, including VLCCs and chemical tankers, during Q4 2025 and early 2026 [6][25] Corporate Highlights - CMB.TECH declared an interim dividend of USD 0.16 per share, expected to be paid on or about 27 April 2026 [13] - The company fully repaid a bridge loan facility related to the acquisition of a stake in Golden Ocean, resulting in a one-off charge of USD 13.6 million [12][20] - Management changes included the resignation of Mr. Benoit Timmermans from the Management Board, effective May 1, 2026 [21] Market Outlook - The tanker market remains strong, with VLCC spot earnings averaging USD 102,414 per day in Q4 2025, more than double the 10-year Q4 average [36] - Dry bulk freight rates have also held up well, with Capesize spot earnings averaging about USD 27,120 per day in Q4 2025, 34% higher than the 10-year Q4 average [26][40] - The company is investing in the Chinese ammonia supply chain, partnering with CEEC Hydrogen Energy to support maritime decarbonization [18][19]

Core Viewpoint - CMB.TECH NV is set to release its fourth quarter 2025 earnings on February 26, 2026, and will host a conference call to discuss the results [1][9]. Group 1: Earnings Release Details - The earnings release will occur prior to market opening on February 26, 2026 [1]. - A conference call is scheduled for 8 a.m. EST / 2 p.m. CET, which will be available as a webcast with a slideshow [1][2]. - The presentation, recording, and transcript of the conference call will be accessible on the company's "Investor Relations" page [1]. Group 2: Company Overview - CMB.TECH is one of the largest listed, diversified maritime groups globally, operating a fleet of approximately 250 vessels, including dry bulk vessels, crude oil tankers, chemical tankers, container vessels, offshore wind vessels, and port vessels [3]. - The company also provides hydrogen and ammonia fuel to customers, sourced from its own production or third-party producers [3]. - CMB.TECH is headquartered in Antwerp, Belgium, with offices across Europe, Asia, the United States, and Africa [4].

Core Viewpoint - CMB.TECH NV has successfully sold eight vessels, resulting in a total capital gain of approximately 269.2 million USD, aligning with its fleet rejuvenation strategy [1][4]. Group 1: Vessel Sales - CMB.TECH sold six Very Large Crude Carriers (VLCCs) including Daishan, Hirado, Hojo, Dia, Antigone, and Aegean, generating a capital gain of approximately 261.1 million USD in Q1 2026 [2]. - The company also sold two Capesize vessels, Golden Magnum and Belgravia, which will yield a capital gain of approximately 8.1 million USD in Q1 2026 [3]. Group 2: Financial Implications - The proceeds from the vessel sales will be utilized to repay existing debt facilities, and CMB.TECH intends to distribute 50% of the profits from these sales [3]. Group 3: Company Overview - CMB.TECH is one of the largest listed, diversified maritime groups globally, operating a fleet of about 250 vessels across various categories including dry bulk, crude oil tankers, and chemical tankers [6]. - The company is headquartered in Antwerp, Belgium, with a presence in Europe, Asia, the United States, and Africa [6].

Core Insights - The shipping sector is expected to see a shift from headwinds to tailwinds due to improving geopolitical conditions and trade negotiations, particularly between the US and China [21][22][26] - CMB.TECH is highlighted as a top pick for 2026, primarily focused on dry bulk shipping, which is anticipated to benefit from new mining operations and a shift in cargo routes [12][15][19] - The overall performance of shipping investments in 2025 yielded a 23% return year-to-date, outperforming broader market indices like the Russell and S&P 500 [6][7] Company and Industry Overview - Value Investor's Edge has grown significantly over the past decade, now comprising a team of 11 and over 700 active members, celebrating its 10-year anniversary [5][7] - The shipping market has shown resilience, with returns of 50% to 55% in previous years, although 2025 was considered a good but not excellent year [6][5] - The dry bulk sector has been underinvested in new capacity, which may lead to opportunities as demand increases from new mining projects, particularly in Guinea [15][16] Investment Strategies - The focus for 2026 will be on high-quality, defensive stocks with stronger balance sheets and larger backlogs, reflecting a cautious approach amid macroeconomic uncertainties [10][11] - Stock selection metrics will prioritize companies with favorable fair value estimates, projected earnings, and dividends, while avoiding those with risky management or balance sheets [33][34] - The importance of dividends is emphasized, advising caution against high-yield stocks that may not sustain payouts during market downturns [40][42] Market Outlook - The macroeconomic environment is expected to improve, with stronger GDP growth anticipated in both the US and Asia, countering earlier recession fears [26][28] - A thematic rotation from tech stocks to value-oriented sectors, including shipping, is seen as a potential positive trend for the industry [29][31] - The shipping sector is positioned to benefit from increased trade and improved economic conditions, with a focus on quality investments to navigate potential market volatility [32][46]

Core Viewpoint - CMB.TECH is investing in the Chinese ammonia supply chain, signing an off-take agreement for green ammonia and acquiring a minority stake in Jiangsu Andefu Energy Technology Co., Ltd, aiming to support maritime decarbonization and develop a green ammonia supply infrastructure [1][4][10]. Investment in Green Ammonia - CMB.TECH will purchase approximately 158,000 tonnes of renewable ammonia annually from the CEEC Songyuan project in Jilin Province, with commercial operations expected to start in January 2026 [2][10]. - The CEEC Songyuan project is powered by off-grid renewable energy and has received ISCC EU RFNBO certification [3]. Partnership with Andefu - The investment includes a minority stake in Andefu, enhancing collaboration in the ammonia supply chain and supporting maritime decarbonization efforts [4][11]. - Andefu is constructing a 49,000 m³ low-temperature ammonia storage tank in Nanjing, scheduled for commissioning in Q1 2026, to facilitate ammonia distribution [5]. Logistics and Infrastructure Development - Andefu and CEEC plan to build an ammonia storage terminal in Panjin, operational by the second half of 2027, to improve green ammonia logistics in China [6]. - The company is also advancing ship-to-ship ammonia bunkering operations, targeting commercial deployment in 2026 [6]. Fleet Development - CMB.TECH will receive 11 ammonia-powered ships in 2026, including ten Newcastlemax bulkers and one container vessel, utilizing dual-fuel diesel-ammonia engines [7]. - These vessels will operate in dual fuel ammonia configuration, contributing to the decarbonization of maritime transportation [8]. Future Plans - CMB.TECH aims to engage with global green ammonia producers to secure fuel for its green ships and plans to produce green ammonia in Namibia [9].

Group 1 - U.S. stocks experienced an upward trend, with the Dow Jones increasing by approximately 300 points on Friday [1] - Micron Technology, Inc. shares rose sharply by 2.5% to $235.92, driven by positive sentiment following Dell's strong third-quarter earnings and guidance [1] - Investors perceive Dell's results as indicative of broader strength in the technology sector, contributing to Micron's stock performance [1] Group 2 - DeFi Technologies Inc. shares surged by 20.5% to $1.6750 after the approval of QCAD as Canada's first compliant CAD stablecoin [3] - YD Bio Ltd saw a 13.7% increase in shares to $11.96, following the announcement of 510(k) clearance and plans for a clinical trial in Taiwan [3] - Other notable gainers included Savara Inc. (+12.3% to $6.02), TMC the metals company Inc. (+12.2% to $6.54), and ImmunityBio, Inc. (+10.7% to $2.3586) [3] - Precious metals stocks, including First Majestic Silver Corp. (+8.3% to $14.64) and Endeavour Silver Corp. (+10% to $9.47), rose amid increasing gold and silver prices [3] - Intel Corporation shares jumped by 7.8% to $39.65, reflecting positive market trends [3] - Crypto-linked stocks, such as Applied Digital Corporation, gained 6.8% to $26.61, following Bitcoin's rise above $90,000 [3]