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Cmb.Tech (CMBT) investor relations material
Cmb.Tech Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary26 Nov, 2025
Executive summary
Q3 2025 net profit was $17.3 million, with EBITDA at $238.4 million, and an interim dividend of $0.05 per share proposed, payable in early to mid-January 2026.
Liquidity stood at $555.6 million, with a contract backlog of $2.95 billion and fully funded CapEx program.
Seven new vessels were delivered and several older vessels sold, generating significant capital gains and supporting fleet renewal.
CapEx program is fully funded through new loans, asset sales, and internal liquidity.
Board and supervisory changes included new appointments and resignations.
Financial highlights
Q3 2025 net profit: $17.3 million; EBITDA: $238.4 million; revenue: $454.2 million.
Liquidity at quarter-end: $555.6 million; contract backlog: $2.95 billion.
CapEx at $1.6 billion; book equity to total assets: 30.4%.
Net gain on disposal of tangible assets in Q3 2025 was $61.4 million.
Free cash flow capacity at current rates estimated at $250 million per quarter.
Outlook and guidance
Dry bulk and tanker markets are expected to benefit from strong demand, aging fleets, and limited new supply.
Q4 TCE rates for dry bulk and tankers are trending higher, with a high percentage of days already fixed.
Container and chemical tanker markets face headwinds from high order books, excess capacity, and flat or moderating demand.
If current market rates persist, could add $600 million liquidity annually.
Focus remains on operational leverage and reducing bridge financing.
Explain Q3 profit decline despite EBITDA increase
Quantify fleet renewal's impact on operating costs
Identify segment with most significant market headwinds
Capital allocation priority with strong FCF?
Tanker/dry bulk TC cover strategy for modern fleet?
What drives ammonia fuel adoption post-IMO delay?
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