Financial Data and Key Metrics Changes - The company reported a blended loss of $7,600,000 for Q2, with a profit of $7,700,000 from the old CMB Tech and a loss of $50,000,000 from Golden Ocean exposure [11][42] - The liquidity stands at approximately $400,000,000, with a contract backlog of about $2,900,000,000 [11][10] - The company has $1,860,000,000 in outstanding CapEx commitments, of which $1,600,000,000 is already financed [11][12] Business Line Data and Key Metrics Changes - The dry bulk division, Bossimar, has become the largest division, with 119 ships in operation [6][22] - The time charter equivalent (TCE) for the Newcastle MAXs on the CMB Tech side was $23,000 for Q2, increasing to $28,000 for Q3 to date [23][24] - The Suezmaxes achieved a TCE of $40,000 for both Q2 and Q3 to date [16] Market Data and Key Metrics Changes - The company has a market cap exceeding $2,000,000,000, with a free float of 38% [4] - The order book to fleet ratio for Suezmaxes stands at 19%, while VLCCs are at 14% [20] - Demand indicators for dry bulk are positive, with increased iron ore imports and reduced steel inventories in China [24][28] Company Strategy and Development Direction - The company aims to integrate the fleets from the merger with Golden Ocean and explore opportunities across all five divisions [50][41] - There is a focus on maintaining a modern fleet, with plans for fleet rejuvenation and potential sales of older vessels [66][67] - The company is positive on tankers and dry bulk markets, while remaining cautious on containers and chemicals [41][42] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the tanker markets, anticipating increased oil supply and supportive conditions for the dry bulk sector [19][20] - The company is monitoring the impact of potential U.S. regulations on greenhouse gas emissions, with expectations that it could lead to increased interest in long-term charters [62][63] - The management is confident in the operational leverage and integration of the fleets post-merger, expecting positive outcomes in the coming quarters [75][76] Other Important Information - The company declared an interim dividend of €0.05, with plans to assess future dividends based on financial performance [13][48] - The merger with Golden Ocean has been completed, enhancing the company's position in the maritime sector [42][43] - The company is actively working on the infrastructure for ammonia bunkering for its new vessels [69] Q&A Session Summary Question: What is the interpretation of the dividend payment? - The board decided to initiate dividends, which will be evaluated quarterly based on financial performance and cash flow needs [48][49] Question: What will be the focus for the company post-merger? - The focus will be on integrating the fleet and exploring opportunities across all divisions while maintaining operational efficiency [50][51] Question: Can you provide details on refinancing post-merger? - The refinancing of the Golden Ocean fleet has been completed, with new covenants aligned with banks [56][58] Question: How will the U.S. presidential actions affect greenhouse gas regulations? - The impact is uncertain, but management believes there is still a good chance for the regulations to pass, which could positively influence long-term charter opportunities [60][62] Question: What is the stance on older vessels in the fleet? - The company aims to operate a modern fleet and will consider selling older vessels if good prices are offered [66][67] Question: Will iron ore volumes from Africa replace existing volumes? - It is expected that the new volumes will coexist with existing ones, potentially benefiting the market overall [72][73] Question: Are share buybacks being considered? - Share buybacks are a possibility, but the focus will be on operational performance and integration post-merger before making such decisions [74][75] Question: How does the company view the shadow fleet? - The company hopes for the shadow fleet to disappear, as it competes unfairly with the official market [79][80]

Financial Data and Key Metrics Changes - The company reported a blended loss of $7,600,000 for Q2, with a profit of $7,700,000 from the old CMB Tech and a loss of $50,000,000 from Golden Ocean exposure [12][43] - EBITDA for the quarter was €224,000,000, and the liquidity stood at approximately $400,000,000 [14][12] - The contract backlog remained stable at around $2,900,000,000, thanks to additional long-term charters from Golden Ocean [11][12] Business Line Data and Key Metrics Changes - The dry bulk division, Bossimar, has become the largest division, with 119 ships in operation [6][24] - The time charter equivalent (TCE) for the Newcastle MAXs was $18,500 per day in Q2, increasing to $23,500 in Q3 to date [25] - The chemical tanker fleet consists of six vessels, with expectations for higher rates in Q3 compared to July's $22,000 [36] Market Data and Key Metrics Changes - The tanker market is expected to benefit from OPEC+ cuts being reversed, potentially increasing oil supply and supporting tanker rates [21][22] - In the dry bulk market, indicators show positive trends with increased steel mill utilization and declining iron ore inventories [26][29] - The order book for Suezmax and VLCC stands at 19% and 14% respectively, indicating a low supply of new vessels [22] Company Strategy and Development Direction - The company aims to integrate the fleets from the merger with Golden Ocean while exploring opportunities across all five divisions [51][42] - There is a focus on maintaining a modern fleet, with plans to sell older vessels if favorable prices are available [68] - The company is positive on tankers and dry bulk markets, while remaining cautious on containers and chemicals [42][44] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the tanker and dry bulk markets, citing strong demand and limited supply [42][44] - Concerns were raised about the potential impact of U.S. political actions on greenhouse gas regulations, but management remains hopeful for the passage of IMO regulations [61][63] - The company is focused on operational integration and optimizing costs post-merger [60][44] Other Important Information - The company has a significant CapEx commitment of $1,900,000,000, with $1,600,000,000 already financed [3][12] - An interim dividend of €0.05 was declared, with plans to assess future dividends based on financial performance [14][50] Q&A Session Summary Question: What is the interpretation of the dividend payment? - Management indicated that the dividend is a discretionary policy and will be evaluated quarterly based on financial health and investment needs [49][50] Question: What will be the focus for the company post-merger? - The focus will be on integrating the fleet and exploring opportunities across all divisions while maintaining operational efficiency [51][52] Question: Can you provide details on refinancing post-merger? - The refinancing of the Golden Ocean fleet has been completed, with new covenants aligned with banks [58][59] Question: How will the U.S. presidential actions affect greenhouse gas regulations? - Management believes there is still a good chance for the regulations to pass, which could positively impact long-term charter opportunities [61][63] Question: What is the stance on older vessels in the fleet? - The company aims to operate a modern fleet and will consider selling older vessels if market conditions are favorable [68][70] Question: Will iron ore volumes from Africa replace existing volumes? - Management expects that increased iron ore volumes will be net positive for the market, although competition with existing volumes is possible [75] Question: Are share buybacks being considered? - Share buybacks are a potential tool for rewarding shareholders, but the focus will be on operational performance and integration for the next few quarters [76][77] Question: How does the company view the shadow fleet? - The company hopes for the shadow fleet to disappear due to maintenance and operational challenges, which would benefit the market [82][84]

Financial Performance - CMB.TECH reported a net loss of $7.6 million in Q2 2025 [32, 122] - EBITDA for Q2 2025 was $224.1 million [32] - The company has a contract backlog of $2.93 billion [7, 23, 32, 122] Fleet and Operations - The merger with Golden Ocean was completed [32, 122], adding 89 dry-bulk vessels to the fleet [28, 31] - The company has 206 modern eco vessels on the water and 44 newbuilding vessels [7, 122] - The average age of the fleet is 5.8 years [7] - The fair market value of the fleet is $10.8 billion [7] Market Outlook and Strategy - The company is listed on NYSE (CMBT), EURONEXT Brussels (CMBT), and EURONEXT Oslo (CMBTO) [32, 122] - The company declared an interim dividend of $0.05 per share, payable around October 9 [32, 122] - The company is focused on decarbonization, with the first dual-fuel NH3 Newcastlemax to be delivered by Q1 2026 [122] - The company has a large exposure to favorable tanker and dry bulk fundamentals [122]

Financial Data and Key Metrics Changes - The company reported revenues of $194 million for the quarter, with an EBITDA equivalent cash flow of $112 million [5][24] - The EBITDA equivalent over the last twelve months was $526 million [5] - The net profit for the second quarter was approximately SEK 1.5 million or $0.01 per share, compared to a net loss of approximately SEK 32 million or $0.02 per share in the previous quarter [26] Business Line Data and Key Metrics Changes - The container vessel segment generated approximately $2 million in revenue, while the car carrier fleet generated approximately NOK 26 million, slightly up from the last quarter [21][22] - The tanker fleet's gross charter hire decreased to approximately NOK 41 million from NOK 45 million in the previous quarter due to scheduled dry dockings [22] - The overall utilization across the shipping fleet was 98.1%, with an adjusted utilization of 99.9% [15] Market Data and Key Metrics Changes - The charter backlog currently stands at $4.2 billion, with two-thirds of this backlog from customers with investment-grade ratings [10][29] - The company has a diversified fleet consisting of 60 maritime assets, including 30 containerships, 16 large tankers, and two drilling rigs [12] Company Strategy and Development Direction - The company is focused on strengthening its charter backlog by securing agreements with strong counterparties and investing in cargo handling and fuel efficiency upgrades [6][10] - The company has divested older, less efficient vessels and is committed to fleet renewal and new technology, with 11 vessels now capable of operating on LNG fuel [7][12] - The company aims to enhance its fleet to position itself for organic growth and comply with strict regulatory demands aimed at reducing shipping emissions [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about finding new employment for the idle drilling rig Hercules, despite current market volatility and oil price fluctuations [8][9] - The decision to adjust the dividend to $0.20 per share was made to ensure that distributions are not subsidized by idle assets, particularly the Hercules rig [10][36] - The company has a strong liquidity position, including undrawn credit lines and unencumbered vessels, which will enable continued investment in new assets [11][27] Other Important Information - The company has returned nearly $2.9 billion to shareholders over 86 consecutive quarters [10] - The average age of the vessels sold was about 18 years, reducing the fleet average by about two years [12] Q&A Session Summary Question: What’s the status with the lawsuit with Seadrill? - The company is involved in two lawsuits, with the larger one regarding the redelivery of the Hercules scheduled for 2026, and a guarantee for an adjustment amounting to approximately $45 million to $50 million has been received from Seadrill [30] Question: Can you walk us through your thought process on the decision to lower the dividend? - Management acknowledged disappointment regarding the dividend adjustment, attributing it to the idle status of the Hercules rig and the need to ensure that distributions are not subsidized by non-operational assets [34][36] Question: What are the expected costs for dry docking in the second half of the year? - Management expects dry docking costs to be significantly lower in Q3 and Q4 compared to Q2, with estimates around $3 million to $3.5 million for Q3 and $1 million to $2 million for Q4 [42][44] Question: How is the company viewing opportunities for potential acquisitions? - The company continues to look for acquisition opportunities, although the market has been slower due to general uncertainty. They have significant investment capacity following recent divestitures [46][47] Question: What should be expected for the organic EBITDA contribution from the energy side? - The energy segment is expected to have a negative drag going forward, but the shipping fleet is generating solid contributions and cash flow [50][54]

Group 1 - Golden Ocean Group Limited held a Special General Meeting on 19 August 2025, where shareholders approved all resolutions [1] - The approved resolutions include a stock-for-stock merger with CMB.TECH Bermuda Ltd., a wholly-owned subsidiary of CMB.TECH NV, with CMB.TECH Bermuda Ltd. as the surviving entity [2] - Under the merger terms, each outstanding common share of Golden Ocean will be cancelled and exchanged for 0.95 ordinary shares of CMB.TECH for each common share of Golden Ocean [3]

Group 1 - The merger between Golden Ocean Group Limited and CMB.TECH NV is set to complete, with key dates announced [1][2] - The last day of trading for Golden Ocean shares is today, 19 August 2025, subject to approval from the Special General Meeting [2] - Golden Ocean operates a fleet of 89 vessels with a total capacity of approximately 13.5 million deadweight tonnes, specializing in dry bulk cargo transportation [3]

Group 1 - The merger between Golden Ocean Group Limited and CMB.TECH NV is set to be completed on or around 20 August 2025, pending a positive outcome from the Golden Ocean Special General Meeting on 19 August 2025 [1][2] - Golden Ocean will not issue a separate report for Q2 2025, as its results will be included in CMB.TECH's Q2 2025 results [2] - The last day of trading for Golden Ocean shares on OSE and NASDAQ is 19 August 2025, with the first day of trading for the combined company on 20 August 2025 [4] Group 2 - Golden Ocean operates a fleet of 89 vessels with a total capacity of approximately 13.5 million deadweight tonnes, specializing in the transportation of dry bulk cargoes [3] - The merger will result in CMB.TECH Bermuda Ltd. being the surviving entity, with CMB.TECH as the issuer of the merger consideration shares [1][4] - Key dates for the delivery of CMB.TECH shares to former Golden Ocean shareholders include 21 August 2025 for OSE and 20 August 2025 for NYSE [4]

Core Viewpoint - CMB.TECH NV is moving forward with a stock-for-stock merger with Golden Ocean Group Limited, having published an exemption document and a special report from the supervisory board regarding the merger [1][5]. Group 1: Exemption Document - The exemption document outlines the main features of the merger and is available on CMB.TECH's website [2]. - It is prepared for the admission of new ordinary CMB.TECH shares on Euronext Brussels and for a secondary listing on Euronext Oslo Børs [3]. - The document serves informational purposes and does not constitute an offer or solicitation for securities [4]. Group 2: Company Profiles - CMB.TECH is a diversified maritime group operating over 160 vessels, including crude oil tankers and container ships, and is involved in hydrogen and ammonia fuel production [6]. - CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol "CMBT" [7]. - Golden Ocean is a Bermuda-based shipping company specializing in dry bulk cargo transportation, with a fleet of over 90 vessels and a capacity of approximately 13.7 million deadweight tonnes [8].

Merger Overview - Golden Ocean Group Limited is undergoing a stock-for-stock merger with CMB.TECH NV, with CMB.TECH Bermuda as the surviving entity [2] - The exchange ratio for the merger is set at 0.95 ordinary shares of CMB.TECH for each common share of Golden Ocean, resulting in the issuance of approximately 95,952,934 new ordinary shares by CMB.TECH [2] Special General Meeting - A special general meeting (SGM) for Golden Ocean shareholders is scheduled for 19 August 2025 to vote on the approval of the merger agreement and related transactions [3] - Shareholders of record as of 16 July 2025 are entitled to vote at the SGM [3] Timeline and Conditions - The merger is expected to close around 20 August 2025, contingent upon a positive outcome from the SGM and other closing conditions [4] - The day before the closing date will mark the last trading day for Golden Ocean's common shares on Nasdaq and Euronext Oslo Børs [4] Company Profiles - Golden Ocean is a Bermuda-based shipping company specializing in dry bulk cargo transportation, with a fleet of 89 vessels and a total capacity of approximately 13.5 million deadweight tonnes as of June 2025 [7] - CMB.TECH is a diversified maritime group operating over 160 vessels, including crude oil tankers and dry bulk vessels, and is involved in hydrogen and ammonia fuel production [8]

Core Viewpoint - The merger between Golden Ocean Group Limited and CMB.TECH NV is set to be completed around 20 August 2025, following a special general meeting on 19 August 2025 [1][2]. Group 1: Merger Details - The merger aims to facilitate the exchange of shares, where Golden Ocean shareholders will receive new CMB.TECH ordinary shares based on their holdings [3]. - The first day of trading for the newly issued CMB.TECH shares is expected to coincide with the completion of the merger [2]. Group 2: Registrar Change - Golden Ocean is changing its registrar from Nordea to DNB to facilitate the merger closing [4]. - A conversion stop will occur in the VPS system, preventing Golden Ocean shareholders from converting or transferring shares during the transition period [5]. Group 3: Timeline and Process - The conversion stop is anticipated to begin around 4 August 2025 and will last until the merger is completed, with a potential resumption of services two business days after trading begins for CMB.TECH shares [5].