Cmb.Tech (CMBT) Q3 2024 earnings summary

Executive summary

• Q3 2024 net profit reached $98.1 million ($0.49/share), with YTD profit at $777.7 million; adjusted profit excluding capital gains was $37 million.

• Eight newbuild vessels delivered and two older tankers sold, generating $61.4 million in capital gains.

• Name changed from Euronav to CMB.TECH effective October 1, marking a strategic shift to a diversified maritime group.

• Liquidity at quarter-end was $326 million, with a contract backlog of $2.06 billion.

• Strong exposure to favorable tanker and dry bulk fundamentals, with long-term contracts and decarbonization focus.

Financial highlights

• Q3 2024 revenue was $278.4 million, with EBITDA at $167.9 million; YTD net profit at $777.7 million.

• Q3 2024 EPS was $0.49, YTD 2024 EPS at $3.95, up from $2.24 YTD 2023.

• Liquidity at $326 million; equity/total assets ratio at 30.4%.

• Outstanding CapEx at end of Q3 is $2.5 billion.

• Net cash from operating activities for the first nine months was $349 million.

Outlook and guidance

• Expect to end 2024 with 115 vessels, growing to 156 by end of 2026.

• Positive outlook for tankers, dry bulk, chemical tankers, and offshore wind; cautious on containers due to supply growth.

• Strategy focuses on diversified, modern, dual-fuel capable fleet and long-term charters.

• Decarbonization initiatives and hydrogen R&D provide upside potential.

• Offshore wind and oil & gas vessel demand expected to increase, with first CSOV on water in May 2026.