CMB.TECH announces Q1 2025 results

21 May 2025 07:00 CEST

CMB.TECH ANNOUNCES Q1 2025 RESULTS

1 BILLION USD CONTRACT BACKLOG ADDED

ANTWERP, Belgium, 21 May 2025 – CMB.TECH NV (“CMBT”, “CMB.TECH” or “the
Company”) (NYSE: CMBT & Euronext: CMBT) reported its non-audited financial
results today for the first quarter ended 31 March 2025.

HIGHLIGHTS

Financial highlights:

Profit of USD 40.4 million in Q1 2025
CMB.TECH increases its contract backlog by USD 921 million (to USD 2.94 billion)

Corporate highlights:

CMB.TECH buys Hemen stake in Golden Ocean
Term sheet signed for a stock-for-stock merger transaction between CMB.TECH and
Golden Ocean

Fleet highlights:

Fortescue and CMB.TECH sign agreement for ammonia-powered Newcastlemax
CMB.TECH and MOL sign landmark agreement for nine ammonia-powered vessels
Delivery of 5 newbuilding vessels: Mineral Portugal, Mineral Osterreich, Mineral
Suomi, Mineral Sverige and CTV Hydrocat 60
Previously announced sales generated a capital gain of USD 46.25 million:
Suezmax Cap Lara (2007, 158,826 dwt), VLCC Alsace (2012 – 299,999 DWT) and
Windcat 6
Sale of three VLCCs in Q1 2025, Iris (2012, 314,000 dwt), Hakata (2010, 302,550
dwt) & Hakone (2010, 302,624 dwt) as part of the fleet rejuvenation strategy.
The sales will generate a total capital gain of approximately 96.7 million USD
(in Q2 and Q3 2025)

Commenting on the Q1 results, Alexander Saverys (CEO) said:

 “During the first quarter of 2025, we have acquired Hemen's stake in Golden
Ocean and signed a term sheet for a stock-for-stock merger with Golden Ocean.
This would propel us to the top of dry bulk shipowners worldwide and
significantly increase our exposure to dry bulk markets at an interesting point
in the cycle. Meanwhile, we relentlessly continue executing our strategy by
rejuvenating our fleet and signing long term contracts for low carbon ships.
Three older vessels were sold, five newbuildings were delivered, and multiple
commercial agreements were signed, adding close to 1 billion USD to our contract
backlog. If the merger with Golden Ocean is approved, our fleet would grow to
more than 250 modern vessels operating under five shipping brands. This will
give us all the necessary firepower to continue investing in our fleet and seize
opportunities.”

Read the full press release, including Q1 figures, in attachment.

Announcement Q2 2025 results – 28 August 2025

About CMB.TECH

CMB.TECH (all capitals) is a diversified and future-proof maritime group. We own
and operate more than 160 seagoing vessels: crude oil tankers, dry bulk vessels,
container ships, chemical tankers, offshore wind vessels, tugboats and ferries.
We also offer hydrogen and ammonia fuel to customers, through own production or
third-party producers.

The company is headquartered in Antwerp, Belgium, and has offices across Europe,
Asia and Africa.

CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol
CMBT.

More information can be found at https://cmb.tech

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking
statements. The Private Securities Litigation Reform Act of 1995 provides safe
harbour protections for forward-looking statements in order to encourage
companies to provide prospective information about their business.
Forward-looking statements include statements concerning plans, objectives,
goals, strategies, future events or performance, and underlying assumptions and
other statements, which are other than statements of historical facts. The
Company desires to take advantage of the safe harbour provisions of the Private
Securities Litigation Reform Act of 1995 and is including this cautionary
statement in connection with this safe harbour legislation. The words "believe",
"anticipate", "intends", "estimate", "forecast", "project", "plan", "potential",
"may", "should", "expect", "pending" and similar expressions identify
forward-looking statements.

The forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, our management's examination of historical
operating trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were reasonable when
made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond our control, we cannot assure you that we will achieve or accomplish
these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our
view, could cause actual results to differ materially from those discussed in
the forward-looking statements include the failure of counterparties to fully
perform their contracts with us, the strength of world economies and currencies,
general market conditions, including fluctuations in charter rates and vessel
values, changes in demand for tanker vessel capacity, changes in our operating
expenses, including bunker prices, dry-docking and insurance costs, the market
for our vessels, availability of financing and refinancing, charter counterparty
performance, ability to obtain financing and comply with covenants in such
financing arrangements, changes in governmental rules and regulations or actions
taken by regulatory authorities, potential liability from pending or future
litigation, general domestic and international political conditions, potential
disruption of shipping routes due to accidents or political events, vessels
breakdowns and instances of off-hires and other  factors. Please see our filings
with the United States Securities and Exchange Commission for a more complete
discussion of these and other risks and uncertainties.

Contact

CMB.TECH
Katrien Hennin
Head of Marketing and Communications CMB.TECH
+32 499 39 34 70
katrien.hennin@cmb.tech

Joris Daman
Head of Investor Relations
Tel: +32 498 61 71 11
joris.daman@cmb.tech

More information:
Access the news on Oslo Bors NewsWeb site

646968_CMBT_Q1_EarningsRelease.pdf