ANTWERP, Belgium, 26 November 2025, CMB.TECH NV ("CMBT", "CMB.TECH" or "the Company") (NYSE:CMBT, Euronext Brussels: CMBT and Euronext Oslo Børs: CMBTO)) reported its unaudited financial results today for the third quarter ended 30 September 2025.
HIGHLIGHTSFinancial highlights:
Profit for the period of 17.3 million USD in Q3 2025. EBITDA for the same period was USD 238.4 million.
CMB.TECH's contract backlog stands at 2.95 billion USD.
Proposal to declare an interim dividend of USD 0.05 per share which is expected to be paid on or about 15 January 2026.
Fleet highlights:
Delivery of 7 newbuilding vessels (Q3, Quarter to date):
Super-Eco Newcastlemax: Mineral Slovensko and Mineral Slovenija
VLCC: Atrebates
Chemical tanker: Bochem Santos
CSOV: Windcat Rotterdam
CTV: Windcat 58, Windcat 61
Sale of the VLCC Dalma (2007, 306,543 dwt) & the capesize Battersea (2009, 169,390 dwt).
The time charter of the VLCC Donoussa (2016, 299,999 dwt) was extended for another 11 months, until October 2026.
Windcat has ordered one Multi-Purpose Accommodation Service Vessel (MP-ASV) (CSOV XL) with an option of five more.
Corporate highlights:
Supervisory Board changes: resignation of Mr. Marc Saverys & Mrs. Julie De Nul and cooptation of Mr. Carl Steen & Mrs. Gudrun Janssens.
For the third quarter of 2025, the Company realised a profit for the period of USD 17.3 million or USD 0.07 per share (third quarter 2024: a profit for the period of 98.1 USD million or USD 0.49 per share). EBITDA (a non-IFRS measure) for the same period was USD 238.4 million (third quarter 2024: USD 177.1 million).
Commenting on the Q3 results, Alexander Saverys (CEO) said:
"After a relatively quiet summer and seasonally lower rates, tanker and dry bulk markets came roaring back and are at multi-year highs. Results in Q3 reflected the softer market but stronger bookings in Q4 will significantly improve the result going forward. We have sold another two older vessels and taken delivery of seven ships as we continue to rejuvenate and decarbonise our fleet."
Key figures
The most important key figures (unaudited) are:
(in thousands of USD)
Third Quarter 2025
Third Quarter 2024
YTD 2025
YTD 2024
Revenue
454,248
221,840
1,077,100
714,217
Other operating income
8,097
4,161
28,252
42,406
Raw materials and consumables
(1,368)
(481)
(6,496)
(2,159)
Voyage expenses and commissions
(110,244)
(45,715)
(233,986)
(131,618)
Vessel operating expenses
(116,869)
(46,816)
(292,342)
(146,829)
Charter hire expenses
(1,089)
(118)
(2,709)
(135)
General and administrative expenses
(34,076)
(16,863)
(90,471)
(53,150)
Net gain (loss) on disposal of tangible assets
39,284
61,356
143,075
563,903
Depreciation and amortisation
(109,073)
(40,241)
(273,442)
(122,118)
Impairment losses
300
—
(3,273)
—
Net finance expenses
(111,193)
(37,575)
(293,633)
(83,554)
Share of profit (loss) of equity accounted investees
146
(232)
1,717
2,338
Result before taxation
18,163
99,316
53,792
783,301
Income tax benefit (expense)
(868)
(1,238)
(3,708)
(5,602)
Profit (loss) for the period
17,295
98,079
50,084
777,699
Attributable to:
Owners of the Company
19,872
98,079
71,638
777,699
Non-controlling interest
(2,577)
—
(21,554)
—
Earnings per share:
(in USD per share)
Third Quarter 2025
Third Quarter 2024
YTD 2025
YTD 2024
Weighted average number of shares (basic) *
238,021,435
201,912,942
208,978,825
196,654,266
Basic earnings per share
0.07
0.49
0.24
3.95
The number of shares issued on 30 September 2025 is 315,977,647. However, the number of shares excluding the owned shares held by CMB.TECH at 30 September 2025 is 290,169,769.
EBITDA reconciliation (unaudited):
(in thousands of USD)
Third Quarter 2025
Third Quarter 2024
YTD 2025
YTD 2024
Profit (loss) for the period
17,295
98,079
50,084
777,699
+ Net finance expenses
111,193
37,575
293,633
83,554
+ Depreciation and amortisation
109,073
40,241
273,442
122,118
+ Income tax expense (benefit)
868
1,238
3,708
5,602
EBITDA (unaudited)
238,429
177,133
620,867
988,973
EBITDA per share:
(in USD per share)
Third Quarter 2025
Third Quarter 2024
YTD 2025
YTD 2024
Weighted average number of shares (basic)
238,021,435
201,912,942
208,978,825
196,654,266
EBITDA
1.00
0.83
2.97
5.03
All figures, except for EBITDA, have been prepared under IFRS as adopted by the EU (International Financial Reporting Standards) and have not been audited nor reviewed by the statutory auditor.
Interim dividend
CMB.TECH intends to propose an interim dividend of USD 0.05 per share, which is expected to be paid on or about 15 January 2026, subject to completion of the required statutory procedures.
Subject to completion of the required statutory procedures and final approval, the timing of the distribution of this Interim Dividend is as follows:
COUPON 44
Ex-dividend date
Record date
Payment date
Euronext
6 January 2026
7 January 2026
15 January 2026
NYSE
7 January 2026
7 January 2026
15 January 2026
OSE
6 January 2026
7 January 2026
on or about 20 January 2026
TCE
The average daily time charter equivalent rates (TCE, a non IFRS-measure) can be summarised as follows:
Q3 2025
Q3 2024
Quarter-to-Date Q4 2025
USD/day
USD/day
USD/day
Fixed %
DRY BULK VESSELS
Newcastlemax average spot rate(1)
29,423
31,271
33,685
83.0%
Newcastlemax average time charter rate
21,329
Capesize average rate(1)
20,537
26,284
87.0%
Panamax/Kamsarmax average spot rate(1)
13,467
17,042
77.0%
Panamax/Kamsarmax average time charter rate
13,364
TANKERS
VLCC average spot rate (2)
30,486
39,700
68,048
78.0%
VLCC average time charter rate(3)
45,725
46,700
Suezmax average spot rate(1) (3)
48,210
37,200
59,910
73.0%
Suezmax average time charter rate
33,455
30,750
CONTAINER VESSELS
Average time charter rate
29,378
29,378
CHEMICAL TANKERS
Average spot rate(1) (2)
20,675
25,489
22,578
N/A
Average time charter rate
19,306
19,306
