Financial Performance - Revenue for HY 2025 increased to $622,852,000, up 26.5% from $492,377,000 in HY 2024[19] - Total shipping income decreased to $746,798,000, down 27.7% from $1,033,169,000 in the previous year[19] - Profit for the period dropped to $32,789,000, a decline of 95.2% from $679,620,000 in HY 2024[22] - Basic earnings per share decreased to $0.27 from $3.43, indicating a substantial reduction in profitability[21] - Total comprehensive income for the period was $42,325,000, down from $680,761,000 in HY 2024[22] - For HY 2025, total revenue reached $622.9 million, with a profit before income tax of $38.7 million[81] - The Marine division is the largest, contributing $622.9 million in revenue, while the H2 Infra and H2 Industry divisions reported losses[79] Assets and Liabilities - Total assets increased to $8,399,374 thousand as of June 30, 2025, up from $3,905,046 thousand at December 31, 2024, representing a growth of 115.5%[16] - Non-current assets rose significantly to $7,684,474 thousand, compared to $3,434,227 thousand at the end of 2024, marking a 124.5% increase[16] - Total equity reached $2,552,842 thousand, up from $1,192,324 thousand, indicating a 114.3% increase[18] - Total liabilities increased to $8.40 billion as of June 30, 2025, resulting in equity of $2.55 billion[81] - Total interest-bearing loans and borrowings increased to $5,641,722 thousand as of June 30, 2025, up from $2,622,255 thousand at the beginning of the year, representing a growth of approximately 115%[128] Cash Flow and Investments - Cash and cash equivalents increased to $155,048 thousand from $38,869 thousand, reflecting a growth of 298.5%[18] - Net cash from operating activities was $77,374,000, down 69.6% from $254,641,000 in the same period last year[27] - Net cash used in investing activities amounted to $1,385,605,000, compared to $207,480,000 in HY 2024, reflecting increased capital expenditures[27] - Proceeds from new borrowings reached $2,474,701,000, significantly higher than $1,365,022,000 in the previous year[29] Acquisitions and Mergers - CMB.TECH acquired 81,363,730 shares in Golden Ocean Group Limited for $1.2 billion, representing approximately 40.8% of Golden Ocean's voting shares[51] - The acquisition of Golden Ocean Group was completed on March 12, 2025, for a total consideration of $1.18 billion, resulting in CMB.TECH holding 40.8% of Golden Ocean's shares[168] - The merger with Golden Ocean created one of the largest diversified listed maritime groups globally, with a combined fleet of over 250 vessels[174] - CMB.TECH incurred approximately $2.0 million in acquisition-related costs, which were expensed as incurred[179] Fleet and Operations - The company took delivery of multiple Newcastlemax vessels, including the Mineral Portugal and Mineral Suomi, enhancing its fleet capacity[56][65] - The company had 42 vessels under construction as of June 30, 2025, with total installments paid amounting to $746.3 million[100] - The acquisition of Golden Ocean, effective March 12, 2025, contributed to the fleet expansion, with 10 newbuild drybulk vessels delivered since June 30, 2024[85] - Vessel operating expenses increased to $175.5 million, compared to $100.0 million in the same period last year, largely due to the growth in fleet size[91] Financial Obligations and Debt - The company signed a $2,000 million facilities agreement to refinance existing debt, including a term loan facility of up to $1,250 million and a revolving credit facility of up to $750 million[69] - The company reported secured bank loans of $3.93 billion as of June 30, 2025, with total bank loans and other notes amounting to $4.22 billion[155] - The total contractual cash flows for financial liabilities as of June 30, 2025, were $7.03 billion, with $972.5 million due within one year[155] Market Conditions and Future Outlook - Future performance may be impacted by geopolitical conditions, including trade tensions and environmental regulations affecting the maritime shipping industry[10] - CMB.TECH expects significant growth in the dry bulk market and is optimistic about future business prospects[177] Accounting and Compliance - The company has adopted new accounting standards effective from January 1, 2025, with no major changes to its accounting policies[44] - The interim financial statements as of June 30, 2025, provide a true and fair view of the company's financial position and results[197]
Euronav NV(CMBT) - 2025 Q3 - Quarterly Report