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Cmb.Tech (CMBT) investor relations material

Cmb.Tech Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary26 Feb, 2026

Executive summary

  • Q4 2025 net profit reached $90.1 million, with full-year profit at $140.2 million and EBITDA at $942.9 million, driven by strong tanker and dry bulk markets and strategic vessel sales at high prices.

  • Q4 EBITDA was $322.1 million; liquidity stood at $559.2 million at year-end, with all newbuilding CAPEX fully funded.

  • Interim dividend of $0.16 per share declared, with further dividends expected based on capital gains from vessel sales.

  • Full repayment of the $1.4 billion Golden Ocean bridge loan, strengthening the balance sheet and reducing leverage.

  • Active asset sales and newbuild deliveries, including sale of eight VLCCs and several bulkers, generated over $400 million in capital gains across Q4 2025 and Q1/Q2 2026.

Financial highlights

  • Q4 2025 revenue was $589.1 million, with EBITDA of $322.1 million and net income of $90.1 million.

  • Full-year 2025 EBITDA totaled $942.9 million, and net profit was $140.2 million.

  • Market cap at $4.2 billion, with a fleet of ~240 ships valued at $10.7 billion.

  • Contract backlog stands at $3.05 billion, with $304 million added in Q4.

  • Liquidity at year-end was $559.2 million.

Outlook and guidance

  • Remaining CAPEX of $216 million expected to be fully funded through vessel sales and operational cash flow.

  • Estimated FY2026 free cash flow projected at $703.9 million, with dry bulk contributing 51.3%.

  • Positive outlook for dry bulk and tankers, with robust demand and strong market fundamentals; cautious outlook for containers and chemicals.

  • Offshore wind and oil/gas segments expected to benefit from new project deliveries and aging competitor fleets.

  • Dividend policy to be reviewed quarterly, with potential for further increases as operational cash flow grows.

Quantify 2026 interest savings from bridge loan repayment
Ammonia storage capacity and timeline in China?
Red Sea impact on TEU-mile demand and rates?
Capital gains use for unfunded CAPEX
Rationale for high dry bulk/tanker spot exposure
CSOV orderbook impact given oil & gas demand
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Frequently asked questions

Euronav NV is a shipping company specializing in the transportation and storage of crude oil. It operates a fleet of large crude carriers and ultralarge crude carriers serving global oil companies and traders. The company is headquartered in Antwerp, Belgium, and its shares are listed on the Euronext Brussels.

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