Financial Highlights - The company reported a net profit of $90 million for Q4 2025, bringing the full-year profit to $140 million. The EBITDA for Q4 was $322 million, resulting in a total EBITDA of $943 million for the year [4][5] - Liquidity is strong at $560 million, with a covenant for bonds on equity at 31% and for other loan agreements at 44% [4][6] - The company successfully deleveraged and paid dividends, with an interim dividend declared at $0.16, amounting to approximately $45 million [7][8] Business Line Performance - The dry bulk segment constitutes 60% of the total fair market value of the fleet, which is approximately $10.7 billion [3] - The contract backlog stands at $3.05 billion, with $304 million added in Q4, primarily from Capesize and one CSOV [7] - The company has a large spot exposure, particularly in dry bulk, with 53,000 shipping days in 2026, of which 44,000 are spot [9] Market Overview - The company remains positive on dry bulk tankers and offshore markets, while being cautious on container and chemical sectors [13] - There is expected ton-mile growth for iron ore and bauxite in 2026, with manageable fleet growth of 2.3% for Capesizes [14][22] - The tanker market is currently very positive, with strong earnings and sentiment, despite a muted supply-demand balance [15][26] Strategic Direction and Industry Competition - The company aims to strengthen its balance sheet and increase dividends while continuing to fund capital expenditures [11][12] - The management is cautious about new tanker orders, preferring to capitalize on the current spot market rather than committing to new builds [47] - The company is focused on maintaining a competitive edge in the dry bulk market, believing there is more potential for growth compared to the tanker market [56] Management Commentary on Operating Environment and Future Outlook - Management expressed optimism about the dry bulk market, anticipating strong demand driven by iron ore and bauxite [21][23] - The company is also optimistic about the offshore wind market, expecting new projects to drive demand for offshore supply vessels [90][91] - The management highlighted the importance of maintaining flexibility in operations and capitalizing on market opportunities as they arise [41][79] Other Important Information - The company has secured a small investment in a logistics company for ammonia-powered vessels, which is part of its strategy to enhance operational efficiency [81][82] - The company is not currently pursuing new tanker orders but remains open to opportunities that may arise [47] Q&A Session Summary Question: Did the strong tanker market assist in repaying the Golden Ocean bridge? - Yes, the sale of eight VLCCs contributed significantly to the repayment, with net proceeds of approximately $420 million from the sales [41][42] Question: What is the target for reducing loan-to-value (LTV)? - The long-term target is to achieve a 50% LTV, with current estimates suggesting they are close to that level [43][44] Question: Are there plans to sell Suezmax tankers to pay down debt? - The company is open to selling older vessels if high prices are offered but is currently focused on maintaining its younger fleet [52] Question: What is the stance on adding more coverage in the dry bulk market? - The company is interested in taking more long-term cover when market conditions are favorable [67][68] Question: What are the expectations regarding the U.S. Maritime Action Plan? - The impact of the new U.S. Maritime Action Plan is still uncertain, but the company does not foresee significant changes affecting its operations [63] Question: Can you elaborate on the recent cooperation signed with China? - The cooperation involves building ammonia-powered vessels and securing logistics for green ammonia, with a small investment made to enhance control over logistics [81][82]

Financial Highlights - The company reported a net profit of $90 million for Q4 2025, bringing the full-year profit to $140 million [4] - EBITDA for Q4 was $322 million, resulting in a total EBITDA of $943 million for the year [4] - Liquidity stood at $560 million, with a remaining CapEx of $1.5 billion as of the end of January [4][3] - The company successfully deleveraged and paid dividends, with an interim dividend declared at $0.16, totaling approximately $45 million [7][8] Business Line Performance - Dry bulk accounted for 60% of the total fair market value of the fleet, with a modern fleet age of 5.9 years [3] - The contract backlog reached $3.05 billion, with $304 million added in Q4 primarily from Capesize and one CSOP [7] - The company secured $420 million in capital gains, with $50 million booked in Q4 and $370 million guaranteed in Q1 and Q2 [8][9] Market Overview - The company remains positive on dry bulk tankers and offshore markets, while cautious on container and chemical sectors [13] - Dry bulk ton-mile growth for iron ore and bauxite is expected to be strong in 2026, with manageable fleet growth [14] - The tanker market is currently supported by sentiment and earnings, despite a muted supply-demand balance [15][26] Company Strategy and Industry Competition - The company aims to maintain a long-term target of 50% loan-to-value (LTV) ratio, currently at approximately 55% [42][43] - The focus is on operational cash flow to support dividends and further deleveraging, with a cautious approach to new builds in the tanker segment [47][56] - The company is strategically positioned to benefit from the aging fleet and limited scrapping in the dry bulk market [20] Management Commentary on Operating Environment and Future Outlook - Management expressed optimism about the dry bulk market, anticipating increased utilization and cash flow in 2026 [22] - The tanker market is expected to remain strong, supported by stockpiling and geopolitical factors [28] - The offshore wind market is projected to see increased demand due to new projects in the North Sea [90] Other Important Information - The company has secured a small investment in a logistics company for ammonia-powered vessels, enhancing control over its supply chain [81][82] - The company is not actively pursuing new tanker builds but remains opportunistic in the market [47] Q&A Session Summary Question: Impact of strong tanker market on Golden Ocean bridge repayment - Management confirmed that the strong tanker market and sales of VLCCs facilitated early repayment of the bridge facility [39][41] Question: Target for LTV reduction - The long-term target is to achieve a 50% LTV, with current estimates suggesting they are close to that level [42][43] Question: Investment opportunities in new builds - Management is currently not pursuing new tanker builds, preferring to capitalize on the spot market [47] Question: Potential sale of older vessels - The company is open to selling older vessels if high prices are offered but is focused on maintaining younger assets [52] Question: Long-term charters and market conditions - Management confirmed confidentiality regarding charter counterparties and rates but indicated a willingness to seek more long-term coverage [60][67] Question: Expectations on regulatory impacts from U.S. Maritime Action Plan - Management noted that while they have limited port calls in the U.S., they are monitoring the situation closely [63] Question: Future prospects in the offshore wind market - Management expressed optimism due to upcoming projects and the ability to transition vessels between oil and gas and wind markets [90]

Financial Highlights - The company reported a net profit of $90 million for Q4, bringing the full-year profit to $140 million, with an EBITDA of $322 million for the quarter and $943 million for the year [3][4] - Liquidity is strong at $560 million, with covenants for bonds at 31% and for other loan agreements at 44% [3][4] - The company successfully deleveraged and paid dividends, with an interim dividend declared at $0.16, totaling approximately $45 million [6][7] Business Line Performance - The dry bulk segment constitutes 60% of the total fair market value of the fleet, with a contract backlog of $3.05 billion [2][6] - The company has a modern fleet with an average age of 5.9 years, and a significant portion of shipping days in 2026 is expected to be spot exposure [8][10] Market Overview - The company remains positive on dry bulk tankers and offshore markets, while being cautious on container and chemical sectors [13][14] - Dry bulk demand is expected to grow, particularly for iron ore and bauxite, with a ton-mile increase forecasted at 2.7% against a fleet growth of 2.3% [23][24] - The tanker market is currently strong, with high rates achieved for both VLCCs and Suezmaxes, despite a muted supply-demand balance [25][26] Company Strategy and Industry Competition - The company aims to maintain a long-term target of 50% loan-to-value (LTV) ratio, currently at approximately 55% [42][43] - The focus is on operational cash flow and potential dividends, with a strategy to leverage market opportunities without committing to new builds in the tanker segment at this time [48][49] Management Commentary on Operating Environment and Future Outlook - Management expressed optimism about the dry bulk market, indicating that the current rates are among the strongest seen in the last 15 years [18][19] - The company is cautious about the container market, anticipating a decline in spot freight rates while maintaining a strong position in long-term charters [30][31] - The offshore wind market is expected to see increased demand due to new projects coming online, which will benefit the company's fleet [90][91] Other Important Information - The company has secured a small investment in a logistics company for ammonia-powered vessels, indicating a strategic move towards sustainable shipping solutions [82][83] - The company has a significant orderbook for new builds, with a focus on modernizing the fleet while managing costs effectively [10][11] Q&A Session Summary Question: Impact of strong tanker market on Golden Ocean bridge repayment - Management confirmed that the strong tanker market and the sale of VLCCs facilitated early repayment of the bridge facility, which was initially $1.4 billion, with $420 million cash from tanker sales [40][42] Question: Future dividend payments and leverage targets - The company aims to reduce LTV to around 50% and confirmed that dividends will be considered based on operational cash flow and market conditions [43][45] Question: Potential sales of older vessels - Management indicated that while older vessels may still be sold if high offers are received, the focus is on maximizing current fleet performance rather than aggressive selling [52][56] Question: Long-term charters and market competition - The company is not disclosing specific rates for long-term charters but is open to increasing coverage based on favorable market conditions [68][70] Question: Regulatory impacts from U.S. Maritime Action Plan - Management stated that the impact of the U.S. Maritime Action Plan remains uncertain, but the company is exempt from certain regulations due to its limited port calls in the U.S. [61][63]

26 FEBRUARY 2026 Earnings conference call Q4 2025 Alexander Saverys & Ludovic Saverys Forward-looking statements Earnings conference call Q4 2025 CONTENT TOPICS © 2026 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH 3 I. Q4 2025 financials & highlights II. Market update III. Conclusion and Q&A Matters discussed in this presentation may constitute forward-looking statements under U.S. federal securities laws, including the Private Securities Li ...

Financial Highlights - CMB.TECH reported a net gain of USD 90.1 million or USD 0.31 per share for Q4 2025, compared to a net gain of USD 93.1 million or USD 0.48 per share in Q4 2024 [2][6] - EBITDA for Q4 2025 was USD 322.1 million, significantly higher than USD 180.4 million in Q4 2024 [2][6] - Revenue for Q4 2025 reached USD 589.1 million, up from USD 226.0 million in Q4 2024 [5] Fleet Highlights - The company’s contract backlog increased by USD 304 million to USD 3.05 billion, with new charters for Capesize vessels and a CSOV [6][22] - CMB.TECH sold eight VLCCs at high prices, generating a total capital gain of approximately USD 261.1 million in Q1 2026 [4][24] - The company delivered six newbuilding vessels, including VLCCs and chemical tankers, during Q4 2025 and early 2026 [6][25] Corporate Highlights - CMB.TECH declared an interim dividend of USD 0.16 per share, expected to be paid on or about 27 April 2026 [13] - The company fully repaid a bridge loan facility related to the acquisition of a stake in Golden Ocean, resulting in a one-off charge of USD 13.6 million [12][20] - Management changes included the resignation of Mr. Benoit Timmermans from the Management Board, effective May 1, 2026 [21] Market Outlook - The tanker market remains strong, with VLCC spot earnings averaging USD 102,414 per day in Q4 2025, more than double the 10-year Q4 average [36] - Dry bulk freight rates have also held up well, with Capesize spot earnings averaging about USD 27,120 per day in Q4 2025, 34% higher than the 10-year Q4 average [26][40] - The company is investing in the Chinese ammonia supply chain, partnering with CEEC Hydrogen Energy to support maritime decarbonization [18][19]

Core Viewpoint - CMB.TECH NV is set to release its fourth quarter 2025 earnings on February 26, 2026, and will host a conference call to discuss the results [1][9]. Group 1: Earnings Release Details - The earnings release will occur prior to market opening on February 26, 2026 [1]. - A conference call is scheduled for 8 a.m. EST / 2 p.m. CET, which will be available as a webcast with a slideshow [1][2]. - The presentation, recording, and transcript of the conference call will be accessible on the company's "Investor Relations" page [1]. Group 2: Company Overview - CMB.TECH is one of the largest listed, diversified maritime groups globally, operating a fleet of approximately 250 vessels, including dry bulk vessels, crude oil tankers, chemical tankers, container vessels, offshore wind vessels, and port vessels [3]. - The company also provides hydrogen and ammonia fuel to customers, sourced from its own production or third-party producers [3]. - CMB.TECH is headquartered in Antwerp, Belgium, with offices across Europe, Asia, the United States, and Africa [4].

Core Viewpoint - CMB.TECH NV has successfully sold eight vessels, resulting in a total capital gain of approximately 269.2 million USD, aligning with its fleet rejuvenation strategy [1][4]. Group 1: Vessel Sales - CMB.TECH sold six Very Large Crude Carriers (VLCCs) including Daishan, Hirado, Hojo, Dia, Antigone, and Aegean, generating a capital gain of approximately 261.1 million USD in Q1 2026 [2]. - The company also sold two Capesize vessels, Golden Magnum and Belgravia, which will yield a capital gain of approximately 8.1 million USD in Q1 2026 [3]. Group 2: Financial Implications - The proceeds from the vessel sales will be utilized to repay existing debt facilities, and CMB.TECH intends to distribute 50% of the profits from these sales [3]. Group 3: Company Overview - CMB.TECH is one of the largest listed, diversified maritime groups globally, operating a fleet of about 250 vessels across various categories including dry bulk, crude oil tankers, and chemical tankers [6]. - The company is headquartered in Antwerp, Belgium, with a presence in Europe, Asia, the United States, and Africa [6].

Core Insights - The shipping sector is expected to see a shift from headwinds to tailwinds due to improving geopolitical conditions and trade negotiations, particularly between the US and China [21][22][26] - CMB.TECH is highlighted as a top pick for 2026, primarily focused on dry bulk shipping, which is anticipated to benefit from new mining operations and a shift in cargo routes [12][15][19] - The overall performance of shipping investments in 2025 yielded a 23% return year-to-date, outperforming broader market indices like the Russell and S&P 500 [6][7] Company and Industry Overview - Value Investor's Edge has grown significantly over the past decade, now comprising a team of 11 and over 700 active members, celebrating its 10-year anniversary [5][7] - The shipping market has shown resilience, with returns of 50% to 55% in previous years, although 2025 was considered a good but not excellent year [6][5] - The dry bulk sector has been underinvested in new capacity, which may lead to opportunities as demand increases from new mining projects, particularly in Guinea [15][16] Investment Strategies - The focus for 2026 will be on high-quality, defensive stocks with stronger balance sheets and larger backlogs, reflecting a cautious approach amid macroeconomic uncertainties [10][11] - Stock selection metrics will prioritize companies with favorable fair value estimates, projected earnings, and dividends, while avoiding those with risky management or balance sheets [33][34] - The importance of dividends is emphasized, advising caution against high-yield stocks that may not sustain payouts during market downturns [40][42] Market Outlook - The macroeconomic environment is expected to improve, with stronger GDP growth anticipated in both the US and Asia, countering earlier recession fears [26][28] - A thematic rotation from tech stocks to value-oriented sectors, including shipping, is seen as a potential positive trend for the industry [29][31] - The shipping sector is positioned to benefit from increased trade and improved economic conditions, with a focus on quality investments to navigate potential market volatility [32][46]

Core Viewpoint - CMB.TECH is investing in the Chinese ammonia supply chain, signing an off-take agreement for green ammonia and acquiring a minority stake in Jiangsu Andefu Energy Technology Co., Ltd, aiming to support maritime decarbonization and develop a green ammonia supply infrastructure [1][4][10]. Investment in Green Ammonia - CMB.TECH will purchase approximately 158,000 tonnes of renewable ammonia annually from the CEEC Songyuan project in Jilin Province, with commercial operations expected to start in January 2026 [2][10]. - The CEEC Songyuan project is powered by off-grid renewable energy and has received ISCC EU RFNBO certification [3]. Partnership with Andefu - The investment includes a minority stake in Andefu, enhancing collaboration in the ammonia supply chain and supporting maritime decarbonization efforts [4][11]. - Andefu is constructing a 49,000 m³ low-temperature ammonia storage tank in Nanjing, scheduled for commissioning in Q1 2026, to facilitate ammonia distribution [5]. Logistics and Infrastructure Development - Andefu and CEEC plan to build an ammonia storage terminal in Panjin, operational by the second half of 2027, to improve green ammonia logistics in China [6]. - The company is also advancing ship-to-ship ammonia bunkering operations, targeting commercial deployment in 2026 [6]. Fleet Development - CMB.TECH will receive 11 ammonia-powered ships in 2026, including ten Newcastlemax bulkers and one container vessel, utilizing dual-fuel diesel-ammonia engines [7]. - These vessels will operate in dual fuel ammonia configuration, contributing to the decarbonization of maritime transportation [8]. Future Plans - CMB.TECH aims to engage with global green ammonia producers to secure fuel for its green ships and plans to produce green ammonia in Namibia [9].

Group 1 - U.S. stocks experienced an upward trend, with the Dow Jones increasing by approximately 300 points on Friday [1] - Micron Technology, Inc. shares rose sharply by 2.5% to $235.92, driven by positive sentiment following Dell's strong third-quarter earnings and guidance [1] - Investors perceive Dell's results as indicative of broader strength in the technology sector, contributing to Micron's stock performance [1] Group 2 - DeFi Technologies Inc. shares surged by 20.5% to $1.6750 after the approval of QCAD as Canada's first compliant CAD stablecoin [3] - YD Bio Ltd saw a 13.7% increase in shares to $11.96, following the announcement of 510(k) clearance and plans for a clinical trial in Taiwan [3] - Other notable gainers included Savara Inc. (+12.3% to $6.02), TMC the metals company Inc. (+12.2% to $6.54), and ImmunityBio, Inc. (+10.7% to $2.3586) [3] - Precious metals stocks, including First Majestic Silver Corp. (+8.3% to $14.64) and Endeavour Silver Corp. (+10% to $9.47), rose amid increasing gold and silver prices [3] - Intel Corporation shares jumped by 7.8% to $39.65, reflecting positive market trends [3] - Crypto-linked stocks, such as Applied Digital Corporation, gained 6.8% to $26.61, following Bitcoin's rise above $90,000 [3]