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 ...

Core Insights - Navios Maritime Partners L.P. (NMM) reported strong financial performance with an EPS of $3.40, significantly exceeding the estimated EPS of $1.96 [2][6] - The company's actual revenue for Q4 2025 was $365.55 million, surpassing the forecast of $316 million [2][6] - NMM's strategic asset transactions included the acquisition of two capesize vessels for $134.3 million and the sale of two VLCC tankers for $136.5 million, indicating a focus on growth and asset optimization [5][6] Financial Performance - For Q4 2025, NMM achieved a net income of $117.3 million, contributing to a total annual net income of $285.3 million [3] - The company generated $123.7 million in net cash from operating activities during Q4 2025, totaling $505 million for the year, supporting strategic initiatives and dividend distributions [3] Dividend and Shareholder Returns - NMM announced a 20% increase in dividend distributions, effective Q1 2026, with new levels set at $0.24 per unit annually and $0.06 per unit quarterly [4] - The company repurchased 1,603,713 common units for $72.9 million, reflecting a commitment to returning value to shareholders [4] Future Outlook - As of February 2026, NMM has a contracted revenue of $3.8 billion, indicating a strong future revenue stream [5] - The company's financial metrics include a P/E ratio of 7.38 and a debt-to-equity ratio of 0.83, reflecting a solid financial position and market valuation [5]

Core Viewpoint - Genesis Energy, L.P. has successfully priced a public offering of $750 million in senior notes, up from the previously announced $500 million, with a fixed interest rate of 6.75% due in 2034 [1] Group 1: Offering Details - The public offering consists of $750 million in aggregate principal amount of senior notes, which will be co-issued with Genesis Energy Finance Corporation and guaranteed by all subsidiaries except unrestricted ones [1] - The notes will be sold at 100% of their principal amount, and the offering is expected to settle on March 4, 2026, pending customary closing conditions [1] Group 2: Use of Proceeds - The net proceeds from the offering will be used to purchase or redeem all outstanding 7.75% senior notes due 2028 and for general partnership purposes, including repaying a portion of revolving borrowings under the senior secured credit facility [1] Group 3: Market Participation - BofA Securities and Citigroup are acting as joint global coordinators for the offering, with several other financial institutions serving as joint book-running managers [1]

Core Insights - Genesis Energy, L.P. has filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, with the SEC, which can be accessed on the company's website [1] - The company reported a net income of $19.9 million for Q4 2025, a significant improvement compared to a net loss of $49.4 million in Q4 2024 [1] - Cash flows from operating activities for Q4 2025 were $110.8 million, up from $74.0 million in the same quarter of the previous year [1] - The Board of Directors declared a quarterly cash distribution of $0.18 per common unit, amounting to an annualized distribution of $0.72 per common unit [1] - Genesis Energy will participate in upcoming investor conferences, including the BofA Securities 2025 Leveraged Finance Conference and the Wells Fargo 24th Annual Energy and Power Symposium [1]

Japan seized a Chinese fishing boat and arrested its captain after he refused to stop for an inspection while sailing in Japan’s maritime zone, an incident that risks adding to tensions between Tokyo and Beijing https://t.co/ypVObHrJAx ...

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 - SFL Corporation Ltd. announced preliminary financial results for Q4 2025, including a quarterly cash dividend of $0.20 per share, marking the 88th consecutive dividend payment [1][3]. Financial Performance - Total operating revenues for Q4 2025 were $176 million, with approximately 87% derived from shipping and 13% from energy [7]. - Adjusted EBITDA was reported at $109 million, which includes $8 million from associated companies [7]. - The company experienced a reported net loss of $4.7 million, equating to $0.04 per share [7]. Dividend Information - The Board of Directors declared a quarterly cash dividend of $0.20 per share, scheduled for payment on or around March 30, 2026, with a record date of March 12, 2026 [3][7]. Asset Transactions - The company generated $52 million in net proceeds from the sale of two Suezmax tankers built in 2015, with deliveries occurring in December and February [7]. - An aggregate investment of $23 million was made in two Suezmax tankers built in 2020, capitalizing on a strong tanker market [7]. Company Overview - SFL Corporation has maintained a unique track record in the maritime industry, paying dividends every quarter since its initial listing on the New York Stock Exchange in 2004 [8]. - The company's fleet includes tanker vessels, bulkers, container vessels, car carriers, and offshore drilling rigs, supported by long-term charters and significant asset growth [8].

Core Insights - The launch of the U.K.'s first commercially ready biomethanol storage and supply service for shipping at the Port of Immingham represents a significant step towards decarbonizing the maritime transport sector [1][2][5] Group 1: Project Overview - The initiative involves Exolum, Methanex Corporation, and Ørsted, aiming to provide marine bunkering services for biomethanol, a leading green fuel for shipping [3][4] - Exolum will manage the storage and fuelling infrastructure, while Methanex will supply the biomethanol, and Ørsted will be the first to utilize this service for its offshore wind farm maintenance vessels [3][4] Group 2: Industry Context - Domestic shipping in the U.K. accounts for 4.7% of transport-related CO₂ emissions, surpassing emissions from buses, trains, and domestic aviation combined [5] - The project aligns with the U.K.'s roadmap to reduce shipping emissions by 30% by 2030 and aims for zero emissions by 2050 [12] Group 3: Company Contributions - Exolum emphasizes its role in facilitating the green transition through its energy logistics and strategic infrastructure [6] - Methanex, as the world's largest producer of methanol, is committed to supporting innovative solutions for low-carbon shipping [7] - Ørsted aims to leverage this partnership to enhance sustainable operations and contribute to the broader decarbonization of the maritime sector [6][7]

Core Viewpoint - The launch of the U.K.'s first commercially ready biomethanol storage and supply service for shipping at the Port of Immingham represents a significant step towards decarbonizing maritime transport, despite recent delays in the International Maritime Organization's Net Zero Framework vote [1][2]. Group 1: Project Overview - The initiative involves Exolum, Methanex Corporation, and Ørsted, aiming to provide marine bunkering services for biomethanol, a leading green fuel for decarbonizing shipping [3]. - Exolum will manage the storage and fuelling infrastructure at its Immingham facility, while Methanex will supply the biomethanol [3]. - Ørsted will be the first to utilize this service for its North Sea offshore wind farm maintenance vessels, aligning with the U.K.'s clean energy goals [3]. Group 2: Industry Impact - Domestic shipping in the U.K. accounts for 4.7% of transport-related CO₂ emissions, surpassing emissions from buses, trains, and domestic aviation combined, highlighting the importance of this project in addressing emissions challenges [5]. - The initiative demonstrates how existing energy infrastructure can be adapted to support sustainable fuels, showcasing a commitment to accelerating the maritime sector's transition to low-carbon operations [4]. Group 3: Company Contributions - Exolum emphasizes its role in facilitating the green transition through its energy logistics and strategic infrastructure [6]. - Methanex, as the world's largest producer and supplier of methanol, is dedicated to supporting innovative solutions for low-carbon shipping [7]. - Ørsted's involvement reflects its commitment to sustainable operations and the development of technologies that contribute to the broader decarbonization of the maritime sector [6].

Group 1: GenFlat Holdings, Inc. - GenFlat Holdings, Inc. has entered a trial agreement with Arkas Line to evaluate its collapsible shipping container technology over a six-month period starting in April 2026 [1] - The GenFlat containers can collapse in 80 seconds and expand in 20 seconds, allowing for significant space savings when stacked [1] - When stacked 4-to-1, GenFlat containers can save customers up to 75% on freight costs, terminal handling fees, carbon emissions, and space required at ports and distribution centers [1] Group 2: Arkas Line - Arkas Line is a leading marine transportation and logistics company based in Turkey, operating across 4 continents and 66 terminals [1] - The company ranks 32nd among the top 100 ship operators based on operated capacity and deploys a fleet of 38 vessels [1] - Arkas Line is committed to sustainability through its "Blue for Green" initiative, focusing on efficient energy use and carbon footprint reduction [1] Group 3: Financial Information - GenFlat announced the closing of a public offering of 2,333,333 shares at a price of $3.00 per share, resulting in approximately $7 million in gross proceeds [2] - The net proceeds from the offering are intended for working capital and general corporate purposes [2]