Cmb.Tech (CMBT) investor relations material

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.

• Liquidity stood at $559.2 million at year-end, supported by asset sales and robust market conditions, with all newbuilding CAPEX fully funded.

• Successfully deleveraged and fully repaid the Golden Ocean bridge facility ahead of schedule, strengthening the balance sheet.

• Interim dividend of $0.16 per share declared, with payment expected in April 2026.

• Secured over $420 million in capital gains from vessel sales, with $50 million booked in Q4 and $370 million guaranteed for Q1 and Q2.

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.

• Liquidity at year-end was $559.2 million; contract backlog increased by $304 million to $3.05 billion.

• Interim dividend of $0.16/share (~$45 million) declared for Q4.

• Nonrecurring items included a $13.6 million one-off charge for bridge loan repayment and $11 million in arrangement fees.

Outlook and guidance

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

• Expects strong dry bulk market in 2026, with 36,000 spot days on Capesizes and Newcastlemaxes and iron ore discharge to China projected to rise 2.5% year-over-year.

• VLCC and Suezmax tanker markets expected to remain strong into H1 2026, with high charter rates and asset values.

• Board to decide on further dividends after capital gains from VLCC sales are realized in Q1 and Q2.

• Focus remains on maintaining spot exposure in dry bulk and tankers, with selective long-term charters.