Cmb.Tech (CMBT) investor relations material

Executive summary

• Q1 2026 net profit reached $368.8 million, with EBITDA of $558.3 million, driven by vessel sales, high spot rates, and robust operational performance across all segments.

• Liquidity exceeded $500 million at quarter-end, with all newbuilding CapEx fully funded and a contract backlog of $3.26 billion.

• Board approved a $0.64 per share distribution, split between interim dividend and share premium, with 70% exempt from withholding tax.

• Delivered seven newbuild vessels and sold several older ships, generating $267 million in Q1 capital gains and expecting $127 million in Q2.

• Contract backlog increased by $109 million to $3.26 billion, diversified across segments.

Financial highlights

• Q1 2026 revenue reached $519.6 million, with net income at $368.8 million, up sharply from $40.4 million in Q1 2025.

• EBITDA for Q1 2026 was $558.3 million, compared to $224.1 million in Q1 2025.

• Capital gains from vessel sales totaled $267.4 million in Q1, with an additional $127.4 million expected in Q2.

• Net finance expenses dropped from $113 million to $81 million quarter-over-quarter, reflecting lower debt and improved financing terms.

• Basic earnings per share rose to $1.27 from $0.23 year-over-year.

Outlook and guidance

• 2026 will be the last year of heavy newbuild deliveries, with $740 million CapEx due in the next three quarters.

• Operational free cash flow for 2026 projected at $894 million, with upside to $1.05 billion if spot rates rise 20%.

• Free cash flow expected to increase post-2026 as CapEx commitments decline.

• Favorable market positioning in dry bulk and tankers, with 80% of 53,000 shipping days in 2026 exposed to spot markets.

• Dividend policy remains flexible, with historical payout of 50-60% of net profits; future distributions to be reviewed quarterly.