Cmb.Tech (CMBT) investor relations material

Executive summary

• Reported Q2 2026 net profit of $364.4 million and EBITDA of $552.8 million, driven by strong shipping markets, asset sales, and robust operational performance across all divisions.

• Revenue for Q2 2026 was $703.9 million, with liquidity at $393.7 million and all newbuilding CAPEX fully funded.

• Fleet consists of 206 vessels with 26 newbuilds on order; average fleet age is under 6 years.

• Contract backlog stable at $3.26 billion, supported by new time charters, vessel deliveries, and a milestone ammonia-powered vessel agreement.

• Announced intention to distribute $0.64 per share, split between an interim dividend and a share premium reserve payment, subject to shareholder approval.

Financial highlights

• Net gain on disposal of tangible assets reached $127.5 million in Q2 2026; nine vessels sold YTD 2026 generated $431.8 million in gains.

• Net finance expense reduced to $76 million, a 5% decrease sequentially due to cheaper refinancing and debt repayment.

• Book value of equity on total assets at 35.4%; value-adjusted equity on total assets at 51.5%.

• Operational free cash flow projected at over $700 million for FY 2027 at current dry bulk rates.

• Nine newbuild vessels delivered in Q2, including Newcastlemaxes, VLCC, Suezmaxes, CSOV, and CTV.

Outlook and guidance

• Forecasts 2027 operational cash flow of $700 million to $1 billion after CapEx, based on current rate assumptions.

• Majority of CAPEX nearing completion, increasing capital allocation flexibility; remaining CAPEX expected to be fully funded through vessel sales and operational cash flow.

• Dividend policy targets 50% payout of net profit, including vessel sale gains, subject to investment opportunities.

• Estimated FY 2027 free cash flow distribution: 60.9% dry bulk, 33.7% tanker, 5.5% other.

• Market outlook remains constructive but cautious due to geopolitical tensions, trade disruptions, and a growing tanker orderbook.