CMB.TECH Q3 2025 Earnings call

Transcript

1. 26 NOVEMBER 2025 Earnings conference call Q3 2025 Alexander Saverys & Ludovic Saverys
2. 2 © 2025 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH Forward-looking statements Matters discussed in this presentation may constitute forward- looking statements under U.S. federal securities laws, including the Private Securities Litigation Reform Act of 1995. Forward- looking statements reflect the Company’s current views with respect to future events and financial performance and may 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. All statements, other than statements of historical facts, that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future, including, without limitation, the delivery of vessels, the outlook for tanker shipping rates, general industry conditions future operating results of the Company’s vessels, capital expenditures, expansion and growth opportunities, bank borrowings, financing activities and other such matters, are forward-looking statements. Although the Company believes that its expectations stated in this presentation are based on reasonable assumptions, actual results may differ from those projected in the forward-looking statements. 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 obligations to us, the strength of the world economies and currencies, general market conditions, including changes in tanker vessel charter hire rates and vessel values, changes in demand for tankers, changes in our vessel operating expenses, including dry-docking, crewing and insurance costs, or actions taken by regulatory authorities, ability of customers of our pools to perform their obligations under charter contracts on a timely basis, potential liability from future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists. We undertake no obligation to publicly update or revise any forward-looking statement contained in this presentation, whether as a result of new information, future events or otherwise, except as required by law. In light of the risks, uncertainties and assumptions, the forward-looking events discussed in this presentation might not occur, and our actual results could differ materially from those anticipated in these forward-looking statements.
3. 3 I. Q3 2025 financials & highlights ► Marine division market update ► TCE performance ► Market outlook II. Conclusion and Q&A © 2025 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH Earnings conference call Q3 2025 CONTENT TOPICS
4. 4 © 2025 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH SOFT SUMMER, FOLLOWED BY ROARING TANKER AND DRY BULK MARKETS Q3 2025 FINANCIALS & HIGHLIGHTS
5. 5 © 2025 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH FLEET FINANCE LISTING 205 + 41 Modern Eco Vessels (1) $ 2.95 bn. Contract backlog (USD) (2) $ 10.8 bn. Fair Market Value(2) ~ 50% Through-out the cycle leverage target 162 54 30 5.6 Average age (excl. CTVs 9.79y) ~ $ 2.93 bn. Market Cap (3) $ 1.57 bn. CAPEX commitments THE DIVERSIFIED AND FUTURE-PROOF MARITIME GROUP DRY BULK OIL CONTAINER CHEMICAL OFFSHORE ENERGY OTHER 18 + 87 (+12) 29 (+6) 4 (+1) 7 (+9) 58 (+11) 3 (+1) 6.1 years Avg. age 6,065 FMV $ millions 8.2 years Avg. age 2,837 FMV $ millions 1 year Avg. age 398 FMV $ millions <1 year Avg. age 788 FMV $ millions <1 CSOV 9.5 CTV years avg. age 679 FMV $ millions <3.8 years Avg. age 16 FMV $ millions NH3 Notes: (1) Fleet on water + newbuilding orders as of 01/11/2025. (2) Contract backlog as of 30/09/2025 including subsequent acquisitions, fully owned vessels, and 100% of our JV owned 210,000 dwt Newcastlemax bulk carriers and Windcat FRS & TSM. The contract backlog excludes charterers’ extension options and purchase/cancellation options (if applicable). (3) Basis 25/11/2025. (4) Brokerage quotes for September obtained from seven third-party broker companies. (5) Excluding treasury shares of 25,807,878 A leading diversified maritime group
6. NET INCOME Q3 2025 financials EBITDA Q4 2024 Q1 2025 Q2 2025 Q3 2025 180.4 158.4 224.1 238.4 Q4 2024 Q1 2025 Q2 2025 Q3 2025 93.1 40.4 -7.6 17.3 (in USD Million) (in USD Million) LIQUIDITY 555.6 Million USD CONTRACT BACKLOG 2.95 Billion USD OUTSTANDING CAPEX 1.57 Billion USD EQUITY ON TOTAL ASSETS 30.4 % © 2025 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH P&L Q3 2025 The most important key figures (unaudited) Q3 2025 Q3 2024 YTD 2025 YTD 2024 (in thoushands of USD) Revenue 454,248 221,840 1,077,100 714,217 Other operating income 8,097 4,161 28,252 42,406 Raw materials and consumables (1,368) (481) (6,496) (2,159) Voyage expenses and commissions (110,244) (45,715) (233,986) (131,618) Vessel operating expenses (116,869) (46,816) (292,342) (146,829) Charter hire expenses (1,089) (118) (2,709) (135) General and administrative expenses (34,076) (16,863) (90,471) (53,150) Net gain (loss) on disposal of tangible assets 39,284 61,356 143,075 563,903 Depreciation and amortisation (109,073) (40,241) (273,442) (122,118) Impairment losses 300 - (3,273) - Net finance expenses (111,193) (37,575) (293,633) (83,554) Share of profit (loss) of equity accounted investees 146 (232) 1,717 2,338 Result before taxation 18,163 99,316 53,792 783,301 Income tax benefits (expense) (868) (1,238) (3,708) (5,602) Profit (loss) for the period 17,295 98,079 50,084 777,699 Attributable to: Owners of the Company 19,872 98,079 71,638 777,699 Non-controlling interests (2,577) - (21,554) - Powered by:
7. 7 Q3 2025 highlights Lorem ipsum dolor sit amet, consectetur adipiscing elit. Mauris mattis libero id felis rhoncus mattis. Orci varius natoque. © 2025 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH CMB.TECH a diversified and future-proof maritime group… ► Total result for the third quarter of 2025 was a profit of USD 17.3 million. EBITDA for the same period was USD 238.4 million ► Proposal to declare an interim dividend of USD 0.05 per share ► Liquidity of USD 555.6 million and total newbuilding CAPEX fully funded ► CMB.TECH’s contract backlog stands at USD 2.95 billion ► Delivery of 7 newbuilding vessels (Q3 + quarter to date): ▷ Super-Eco Newcastlemax: Mineral Slovensko and Mineral Slovenija ▷ VLCC: Atrebates ▷ Chemical tanker: Bochem Santos ▷ CSOV: Windcat Rotterdam ▷ CTV: Windcat 58, Windcat 61 …with a clear vision on value creation for stakeholders by taking actions today! ► Following vessels were delivered to new owners in Q3 2025: ▷ VLCC Hakata (2010, 302,550 dwt) and VLCC Hakone (2010, 302,624 dwt) – total capital gain of 39.3 million USD ► The time charter of the VLCC Donoussa (2016, 299,999 dwt) is extended for another 11 months, until October 2026 ► Following vessel sales will generate a capital gain in Q4 2025: ▷ VLCC Dalma (2007, 306,543 dwt) – capital gain of 26.7 million USD ▷ Capesize Battersea (2009, 169,390 dwt) – capital gain of 2.4 million USD ▷ Capesize Golden Zhoushan (2011, 175,834) was delivered to its new owner during Q4 2025 – no capital gain ▷ Suezmax Sofia (2010, 165,000 dwt) – capital gain of 20.4 million USD ► Windcat has ordered one Multi-Purpose Accommodation Support Vessel (CSOV XL) with an option of five more
8. 8 © 2025 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH 2026 = 55,357 DAYS 2027 = 58,155 DAYS 2028 = 58,701 DAYS Large spot exposure to dry bulk & tanker markets 39,318 2,912 1,518 10,268 1,341 40,146 2,920 1,825 11,209 2,055 40,146 3,466 1,825 11,209 2,055 30 25 40 20 45 15 50 10 0 Containership Product Tanker Chemical Tanker Suezmax Panamax VLCC Capesize LPG LNG Q3 2025 Q2 2025 Q1 2025 % OB/F Q4 2024 14.1% 85.9% 12.0% 88.0% 12.8% 87.2% ORDERBOOK TO FLEET RATIO ASSUMPTIONS: Estimation of available days basis fleet on 01/11/2025, basis current time charter contracts, excl. all vessels held for sale, and including newbuilding delivery schedule as per 01/11/2025. Spot days and Time Charter (TC) days provide the total available days (excl. 2025 vessel sales) - aligned with newbuilding delivery schedules. Excluded is the other category: CTVs, 5,000 DWT coasters, ferry, tugboat, MPHUV .
9. 9 © 2025 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH 2026e Cash generation CMBT -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 0 200 400 600 800 1,000 1,200 1,400 1,600 -100 100 300 500 700 900 1,100 1,300 1,500 2.1$/s Today’s Markets 2.7$/s + 10% 3.4$/s + 20% 4.1$/s + 30% 604.9 797.8 990.7 1,183.6 Bocimar Euronav Delphis Bochem Windcat FCP per share ASSUMPTIONS: FCF is defined as earnings above cash break-even levels. Estimated CBE based on FY 2026 available days taking into account confirmed and expected vessel sales. Time Charter agreements as per contract backlog September 2025. Excluding other category (CTVs and Port Vessels). Estimated FCF excludes NB CAPEX commitments but also excludes proceeds of vessel sales. CBE level includes the repayment of all unsecured debt in FY 2026. KEY SPOT RATES IN USD/DAY: Today’s rates are based on Clarksons SIN November 2025. FORECASTED FCF % PER DIVISION (BULL CASE): 2026E FULL YEAR FCF BASED ON MARKET SENSITIVITIES Nuke Cape Kamsar/Panamax TC rates 21,329 0 13,364 Today 34,867 27,454 16,186 + 10% 38,353 30,199 17,805 + 20% 41,840 32,945 19,423 + 30% 45,327 35,690 21,042 VLCC Suezmax TC rates 45,725 33,455 Today 118,222 89,015 + 10% 130,044 97,917 + 20% 141,866 106,818 + 30% 153,689 115,720 Million USD
10. MARINE DIVISION MARKET UPDATE
11. TANKERS DRY BULK CONTAINER CHEMICAL OFFSHORE ENERGY Demand side ▸ Tonne-mile crude oil: +0.9% in 2025 +1.5% in 2026 ▸ World oil demand (IEA): +700 kb/d in 2025 +700 kb/d in 2026 ▸ Iron tonne-mile Capesize: +0.8% in 2025 +2.8% in 2026 ▸ Increased China GDP growth – including deescalated tariff effect: +4.8% in 2025 +4.2% in 2026 ▸ TEU-mile: +3.2% in 2025 -0.7% in 2026 ▸ Tonne-mile: -0.1% in 2025 +0.8% in 2026 ▸ Global GDP growth adjusted for tariffs effect: +3.0% in 2025 +3.1% in 2026 ▸ Offshore energy capacity is projected to reach 95 GW by end- 2025, representing an increase of 16.8% (+16 GW) ▸ Margin pressure and cost inflation across the offshore energy supply chain Supply side ▸ OB/F VLCC 15.4%, Suezmax 20.8% ▸ 2026 crude fleet growth of 2.8% versus crude tanker dwt demand growth of 0.7% ▸ 18% of the VLCC & 19% Suezmax fleet > 20 years ▸ OB/F far below historic averages for Capesize 9.3% ▸ Capesize 2026 fleet growth 2.2% versus 2.8% demand growth iron ore tonne-mile ▸ 32% Capes > 15 years ▸ The boxship fleet will grow by 6.7% in 2025, and 4.6% in 2026 ▸ Historically high OB/F: 32.4% in August 2025 (average over all sizes) ▸ Artificial Red Sea rerouting (~12%) ▸ OB/F ratio at 22.6% of the 10-54,999 dwt chemical tanker fleet ▸ 26.0% > 20 years ▸ Product tanker tonnage as swing factor ▸ CTV fleet stands at 695 units versus an orderbook of 56 units (OB/F 8.1%) ▸ Tier 1 CSOV fleet stands at 43 units versus an orderbook of 28 units (OB/F 65.1%) Supply / Demand balance POSITIVE POSITIVE CAUTIOUS CAUTIOUS POSITIVE Commercial exposure on the water Spot: 19 Time Charter: 10 (+2NB) Spot: 97 Time Charter: 7 (+3NB) Spot: 0 Time Charter: 4 (+1NB) Spot: 2 Time Charter: 5 (+9NB) CTV Spot: 4 CTV Time Charter: 59 CSOV Spot: 0 CSOV Short TC: 1 Marine division market fundamentals remain intact © 2025 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH
12. BOCIMAR DRY BULK
13. 13 © 2025 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH Dry bulk ▸36 Newcastlemaxes on the water (average age of 2.46y) with another 10 Newcastlemaxes to be delivered by Q4 2026 ▸Q3 2025 spot TCE actuals at 29,423 USD/day. CMB.TECH Newcastlemax fleet outperformed Q3 5TC Baltic Capesize Index by 25.5% (23,450 USD /day basis net-net) ▸Time Charter: 21,329 USD/day (6 Nukes with redelivery in Q4) ▸Q4 TCE quarter to date rates at 33,685 USD/day (83% fixed) Source: Own data representation based on Clarksons Research, Breakwave Advisors, AXS Marine, Bloomberg China Steel Mill Utilisation China Steel Inventories China Iron Ore Inventories China Iron Ore Imports China Coal Imports Brazil Iron Ore Exports Australia Iron Ore Exports >90% +49.0% -9.5% -0.1% -11.1% +5.4% -0.5% Dry Bulk Fleet Supply +2.9% DRY BULK SEABORNE TRADE IS STILL GROWING YoY (end of October 2025) 7,039 OPEX 25,499 P&L break-even 29,423 TCE Q3 ’25 33,685 Q4 ’25 TCE-to-date +8,186 Dry bulk KEY HIGHLIGHTS Q3 2025 SPOT PERFORMANCE ( $ per vessel per day) 7,113 OPEX 21,271 P&L break-even 20,537 TCE Q3 ’25 26,284 Q4 ’25 TCE-to-date +5,013 6,307 OPEX 14,146 P&L break-even 13,467 TCE Q3 ’25 17,042 Q4 ’25 TCE-to-date +2,896 China Soybean Imports +5.3% TCE CALCULATIONS: Budget P&L break-even for 2026: includes OPEX, insurance, ship mgt fees, depreciation, interests, special expenses, arrangement fees & pool fees. OPEX as per 2026 budget ▸39 Capesize vessels on the water (average age of 10.46y) ▸Q3 2025 TCE actuals at 20,537 USD/day ▸Q4 TCE quarter to date rates at 26,284 USD/day (87% fixed) – outperforming the Q4 qtd 5TC Baltic Capesize Index by 10.2% (23,861 USD /day basis net-net) ▸CMB.TECH has sold the capesize Battersea (2009, 169,390 dwt) generating a total capital gain of 2.4 million USD (Q4 2025) ▸30 Kamsarmax/Panamax vessels on the water ▸Q3 2025 TCE actuals at 13,467 USD/day ▸Q4 TCE quarter to date rates at 17,042 USD/day (77% fixed) – outperforming the Q4 qtd 4TC Baltic Panamax BPI-74 Index by 19.4% (14,288 USD/day basis net-net) ▸Time Charter: 13,364 USD/day (9 Kamsarmax with redelivery 2026)
14. © 2025 – CMB.TECH 14 Mid-Term dry bulk market attractiveness © 2025 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH Source: Own data representation based on: Clarksons SIN DRIVEN BY DEMAND (1/2) 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500 8,000 8,500 9,000 9,500 10,000 0 2027 2015 Billion Tonne-miles 2001 2003 2025 2023 2005 2021 2019 2017 2007 2026 2013 2011 2009 +12.4% +2.8% +5.3% -1.1% +11.0% -0.8% +3.5% +2.7% Seaborne Iron Ore (Billion Tonne-miles) Seaborne Coal (Billion Tonne-miles) Seaborne Bauxite (Billion Tonne-miles) Seaborne Grain (Billion Tonne-miles) 2026e 2027e ▸China imported 116.3 million tonnes of iron ore in September 2025 — a record high, up 11% from August and 12% year-on-year ▸Combined imports of iron ore, coal, and soybeans hit a record 175.2 million tonnes ▸Iron ore Fe content as driver of long-term seaborne iron ore transportation ▸Miners also expect higher iron ore production, supporting export expansion ▸Simandou mine in Guinea is expected to start shipments this year, adding new supply ▸Bauxite becomes an increasingly important market ▸Seaborne coal demand has peaked, but grain imports are expected to remain supportive in the coming years Iron Ore: ~90% Capesize Bauxite: ~70% Capesize Coal/Grain : ~57% Panamax, ~17% Capesize GLOBAL SEABORNE DRY-BULK TRADE
15. 15 © 2025 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH VESSEL AVERAGE AGE AS A PROXIMITY FOR RECYCLING/SCRAPPING © 2025 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH Total NB: 369 # OB/F: 13.6 % Total NB: 179 # OB/F: 9.3 % 33 175 115 44 51 64 52 0 20 40 60 80 100 120 140 160 180 200 220 240 2025 2026 2027 2028 4 8 2029 0 0 2030 2 Capesizex NB deliveries Panamax NB deliveries 7.5 8.5 8.0 9.0 0.0 9.5 2025 10.0 2020 10.5 2015 11.0 2010 11.5 2005 12.0 2000 12.5 1995 1990 11.6 12.3 Age (years) Capesize - Average Age Panamax - Average Age 31% (863#) > 15 years 18% (501#) > 20 years 32% (518#) > 15 years 8% (130#) > 20 years Mid-Term dry bulk market attractiveness DRIVEN BY SUPPLY (2/2) Source: Own data representation based on: Clarksons SIN, AXS Marine CAPESIZE ‘BALANCE’ PANAMAX ‘BALANCE’ VESSEL NB SUPPLY SIDE FUNDAMENTALS ✓ ✓
16. Q3 2025 – Continued strength of Atlantic iron ore trade © 2025 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH BRAZIL IRON ORE SEABORNE EXPORT SETTING NEW 5-YEAR HIGH RECORD IN Q3 2025… ▸Brazil Iron Ore Seaborne Export set new 5-year high records in Q3 2025 (+7.8% August y- o-y) – being the highest iron ore production since the Brumadinho dam failure in 2018 ▸In its latest guidance, Vale confirms top end volumes of 325–335 Mt in 2025, and rising volumes to 340–360 Mt in 2026. This growth is supported by new projects coming online: Briquettes Tubarão (6 Mtpa), Capanema (15 Mtpa), Serra Sul (20 Mtpa), VGR1 Revamp (15 Mtpa), Compact Crushing (50 Mtpa), N3 (6 Mtpa) ▸The Guinean bauxite trade is reducing some of the inherent seasonality of the Capesize trade as the ‘bad weather’ seasonality is complementary: Brazil (rain season Nov-Apr), versus Guinea (rain season Jul-Oct) …HOWEVER, TYPICAL SEASONAL RAIN RAMPING UP AS OF DECEMBER Source: Own data representation based on: AXS Marine Brazil Iron Monitor and Weather Dashboard, Clarksons 0 20 40 60 80 100 120 140 160 180 200 220 240 260 0 50 100 150 200 250 300 350 400 450 500 550 600 650 15 days average loading rate (‘000 tons per day) 01/01/2025 01/03/2025 01/05/2025 01/07/2025 01/09/2025 01/11/2025 15 days precipitation accumulation (mm) 28 24 30 22 32 0 34 38 36 26 Apr May Jun Jul Aug Sep Oct Nov Dec Mar Feb Jan Million Tons 7.8% 2024 2025 5 year min 5 year max
17. 17 © 2025 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH ▸Weak 1Q25: Shipments in the first quarter of 2025 were disrupted by a cyclone during the typical cyclone season. Shipments have since rebounded strongly ▸Rio Tinto, BHP, and Fortescue dominate Australia’s iron ore mining, operating mines that account for ~85% of the country’s iron ore production ▸Marginal Growth (2025-2029 CAGR: 1.3%): exports are projected to peak around 2027–2028 as new capacity replaces depleting mines, with volumes potentially reaching 950–1,000 Mt. Some of the growth projects are: (i) Western Range (Rio Tinto & Baowu): 25 Mt, Onslow (Mineral Resources): 35 Mt Source: Own data representation based on: AXS Marine Australia Iron Monitor and Weather Dashboard, Clarksons Q3 2025 – Continued strength of Pacific iron ore trade © 2025 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH AUSTRALIAN IRON ORE SEABORNE EXPORT SETTING NEW 5-YEAR HIGH RECORDS IN Q3 2025… …CONTINUED STRENGTH EXPECTED THROUGHT Q4 2024 2025 5 year min 5 year max 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 0 500 1,000 1,500 2,000 2,500 3,000 15 days precipitation accumulation (mm) 01/02/2025 01/04/2025 01/06/2025 01/08/2025 01/10/2025 01/12/2025 15 days average loading rate (‘000 tons per day) 74 70 76 68 78 66 80 64 82 72 84 62 86 60 88 58 0 Jul Aug Sep Oct Nov Dec Feb Jun May Apr Mar Million Tons Jan 1.7%
18. © 2025 – CMB.TECH 18 Q3 2025 – Guinea bauxite entering high season in Q4/Q1 © 2025 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH BAUXITE EXPORT PERFORMED AGAIN STRONGLY IN Q3 2025… …ALTHOUGH IT WAS RAIN SEASON IN GUINEA ▸Guinea’s bauxite exports are affected by the rainy season (June to November), which disrupts operations and reduce shipments ▸For this year, a shortened monsoon season in Guinea allowed mining and loading operations to resume earlier than usual ▸Guinea is expected to remain the primary growth driver: 2026e 10.5%, 2027e 8.7% ▸Additional Guinean upside with Iron Ore Simandu Project: Rio Tinto expects its two blocks to begin exports in November 2025, targeting 0.5–1 Mt of ore in 2025, with a ramp-up to 60 Mtpa over 30 months. WCS has been less transparent about its progress. Source: Own data representation based on: AXS Marine Brazil Iron Monitor and Weather Dashboard, Clarksons 2024 2025 5 year min 5 year max 0 50 100 150 200 250 300 350 400 450 0 50 100 150 200 250 300 350 400 450 15 days average loading rate (‘000 tons per day) 01/01/2025 01/03/2025 01/05/2025 01/07/2025 01/09/2025 01/11/2025 15 days precipitation accumulation (mm) 10 12 9 13 8 14 7 15 11 16 6 17 5 18 4 0 May Jun Jul Aug Sep Oct Nov Dec Feb Apr Mar Million Tons Jan 9.9%
19. EURONAV CRUDE OIL TANKERS
20. 20 © 2025 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH Tankers ▸VLCC trading fleet of 10 VLCCs with 4 x ECO VLCC on order ▸Actual Q3 TCE for VLCC of 30,486 USD/day and actual Q4 quarter-to-date of 68,048 USD/day (78% fixed) ▸CMB.TECH has sold the VLCC Dalma (2007, 306,543 dwt) generating a capital gain of 26.7 million USD (Q4 2025) ▸The time charter of the VLCC Donoussa (2016, 299,999 dwt) is extended for another 11 months, until October 2026. ▸Hakata (2010, 302,550 dwt) & Hakone (2010, 302,624 dwt) were delivered to their new owners in Q3 2025, generating a total capital gain of approx. 39.3 million USD in Q3 2025 KEY HIGHLIGHTS Q3 2025 PERFORMANCE ( $ per vessel per day) Source: Own data representation based on: Breakwave Advisors, AXS Marine World Oil Demand 2025 Oil Supply, OPEC Oil Supply, non-OPEC OECD Total Crude Oil Stocks US Crude Oil Exports China Oil Imports Global Crude Oil on Water +1.4% +9.5% +1.3% +0.5% -8.6% +2.7% +21.5% YoY (November 2025) Tanker Fleet Supply +2.0% CRUDE OIL DEMAND GROWING BUT SLOWER 9,232 OPEX 25,133 P&L break-even 30,486 TCE Q3 ’25 68,048 Q4 ’25 TCE-to-date +42,915 9,491 OPEX 24,421 P&L break-even 48,210 TCE Q3 ’25 59,910 Q4 ’25 TCE-to-date +35,489 9,232 OPEX 25,133 P&L break-even 45,725 Time Charter Q3 ’25 +20,592 9,491 OPEX 24,421 P&L break-even 33,455 Time Charter Q3 ’25 +9,034 Tankers TCE CALCULATIONS: Budget P&L break-even for 2026: includes OPEX, insurance, ship mgt fees, depreciation, interests, special expenses, arrangement fees & pool fees. OPEX as per 2026 budget ▸Suezmax trading fleet of 17 Suezmax vessels on the water with 2 x ECO Suezmax on order ▸Sale of Suezmax Sofia (2010, 165,000 dwt) – capital gain of 20.4 million USD in Q4 2025 ▸Actual Q3 TCE for Suezmax of 48,210 USD/day and actual Q4 quarter-to-date of 59,910 USD/day (73% fixed)
21. © 2025 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH Stronger production and exports from the Middle East (summer heating season, OPEC+) and the Americas has pushed oil inventories into new highs…resulting in oil in transit at its highest levels since the COVID-19 pandemic… CRUDE OIL IN TRANSIT Source: Own data representation based on: IEA, Morgan Stanley, Bloomberg Mid-term tanker market attractiveness DRIVEN BY DEMAND (1/2) FAVOURABLE OIL SUPPLY SIDE FUNDAMENTALS 0 1 2 3 4 5 6 7 8 9 10 11 0 5 100 105 110 Q4 2025 108.8 103.4 Q1 2026 109.2 104.1 Q2 2026 109.5 105.8 Q3 2026 104.8 105.7 Q4 2026 108.8 104.3 Q1 2027 109.3 104.9 Q2 2027 109.8 106.7 Q3 2027 109.4 106.7 108.9 Q4 2027 4.1 5.4 5.1 3.7 3.7 4.5 4.4 3.1 2.7 109.4 Total Oil Demand (mb/d) Total Liquids Balance (mb/d) Total Oil Supply (mb/d) 1.15 1.20 1.10 1.25 1.05 1.30 1.00 1.35 0.95 0.00 Q4 2022 Q4 2023 Q4 2024 Q4 2025 Bn Barrels Q4 2021 Q4 2020 Q4 2019 Q4 2018 Q4 2017 Q4 2016 +27.5% Crude Oil in Transit COVID-19
22. 22 © 2025 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH VESSEL NB SUPPLY SIDE FUNDAMENTALS VESSEL AVERAGE AGE AS A PROXIMITY FOR RECYCLING/SCRAPPING © 2025 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH Total NB: 137 # OB/F: 15.4 % Total NB: 146 # OB/F: 20.8 % 39 54 37 8 47 65 26 0 10 20 30 40 50 60 70 80 90 100 110 120 2025 2026 2027 2028 0 3 2029 0 1 2030 3 Suezmax NB deliveries VLCC NB deliveries 0 8 2025 1990 2020 10 2015 11 2010 12 2005 13 2000 14 1995 9 12.7 13.1 Age (years) Suezmax Fleet - Average Age VLCC Fleet - Average Age 40% (357#) > 15 years 18% (161#) > 20 years 40% (281#) > 15 years 19% (134#) > 20 years Mid-Term tanker market attractiveness DRIVEN BY SUPPLY (2/2) Source: Own data representation based on: Clarksons SIN, AXS Marine SUEZMAX ‘BALANCE’ VLCC ‘BALANCE’ ✓ ✓
23. DELPHIS CONTAINER VESSELS
24. 24 © 2025 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH ▸4 x super-eco 6,000 TEU ice class container feeder vessels on the water – all operational under a 10-year time charter contract to CMA CGM ▸1 x 1,400 TEU dual fuel NH3 on order to be delivered in July 2026 (Qingdao Yangfan Shipbuilding) – under 15-year time charter contract ▸Freight rates declined further through Q3, ending near breakeven as weak U.S. trade and moderating global volumes created excess vessel capacity ▸Q4 outlook remains weak amid uncertainties including potential U.S. tariffs on Chinese goods, China’s port fees, Red Sea reopening (artificial ~11% vessel demand), and a large vessel orderbook Source: Own data representation based on Clarksons, Jefferies SCFI EVOLUTION 0 500 1.500 2.500 3.500 4.500 SCFI Q1-2020 Q2-2020 Q3-2020 Q4-2020 Q1-2021 Q2-2021 Q3-2021 Q4-2021 Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023 Q2-2023 Q3-2023 Q4-2023 Q1-2024 Q2-2024 Q3-2024 Q4-2024 Q1-2025 Q2-2025 Q3-2025 31-Oct- 2025 SCFI Comprehensive Container Freight Rate Index 5-year average 6,760 OPEX 19,842 P&L break-even 29,378 Time Charter Q3 ’25 +9,536 KEY HIGHLIGHTS Containers Q3 2025 PERFORMANCE ( $ per vessel per day) Delphis has no spot exposure TCE CALCULATIONS: Budget P&L break-even for 2026: includes OPEX, insurance, ship mgt fees, depreciation, interests, special expenses, arrangement fees & pool fees. OPEX as per 2026 budget
25. BOCHEM CHEMICAL TANKERS
26. 26 © 2025 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH ▸Trading fleet of 7 chemical tankers on the water ▸Favorable long-term contract exposure: 2 x Pool, 6 x 10-year TC, 6 x 7-year TC ▸Newbuilding orderbook: ▸2 x chemical tankers (NH3 ready): 2025 ▸2 x product tankers (CH₃OH fitted): 2026 ▸4 x chemical tankers (NH3 ready): 2028 and 2 x chemical tankers (NH3 fitted): 2029 0 5.000 10.000 15.000 20.000 25.000 Q3- 2021 Q4- 2021 Q1- 2022 Q2- 2022 Q3- 2022 Q4- 2022 Q1- 2023 Q2- 2023 Q3- 2023 Q4- 2023 USD/day Q2- 2024 Q3- 2024 Q4- 2024 Q1- 2025 Q2- 2025 Q3- 2025 Sep 25 Q1- 2020 Q2- 2020 Q3- 2020 Q4- 2020 Q1- 2021 Q2- 2021 Q1- 2024 12,5% -17,9% 1 Year TC 19,999 dwt Stainless Steel 10 year avaerage 7,663 OPEX 18,164 P&L break-even 20,675 TCE Q3 ’25 22,578 Q4 ’25 TCE-to-date +4,414 7,663 OPEX 18,164 P&L break-even 19,306 Time Charter Q3 ’25 +1,142 Bochem has only limited spot exposure Source: Own data representation based on Clarksons Pool Time Charter Chemical KEY HIGHLIGHTS Q3 2025 PERFORMANCE ( $ per vessel per day) ▸Current spot rates for chemical tankers remain 15– 20% below last year’s exceptionally high levels – albeit still ~12.5% above the 5-year historical mean ▸A modest recovery in seaborne chemical trade growth (~0.8–0.9% y/y) is expected by 2026, supported by gradual macroeconomic improvement; a stable orderbook (22.6% of fleet) and an aging fleet (26% >20 years) provide a balanced medium-term market backdrop TCE CALCULATIONS: Budget P&L break-even for 2026: includes OPEX, insurance, ship mgt fees, depreciation, interests, special expenses, arrangement fees & pool fees. OPEX as per 2026 budget
27. WINDCAT OFFSHORE WIND AND OIL & GAS
28. 28 © 2025 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH ▸Windcat has 57 CTVs on the water, 6 additional CTVs on order – all with H2 dual fuel fitted engines ▸Windcat CTV market operates mainly under short term time charter contracts (3 months up to 5 years) ▸The quarter has not been very active on the CTV chartering and S&P side; however, most vessels have been on charter and working on summer campaigns for the better part of the season. Many contracts have been extended into Q4 2025 ▸For Q3 2025, Windcat CTV achieved a utilisation of 93.8% with a TCE of 3,470 USD/day. Q4 TCE quarter to date rates at 2,836 USD/day (77.7% fixed) 1,553 OPEX 1,949 P&L break-even 3,470 TCE Q3 ’25 2,836 Q4 ’25 TCE-to-date +886 15,107 OPEX 33,528 P&L break-even 27,272 TCE Q3 ’25 118,870 Q4 ’25 TCE-to-date +85,342 Source: Own data, Clarksons Q3 2025 PERFORMANCE ( $ per vessel per day) Offshore wind, oil & gas ▸Windcat took delivery of CSOV Windcat Rotterdam – employed for the remainder of the year in Australia ▸Still five CSOVs on order ▸Generally, increased demand from the oil and gas side of the industry is noticeable, and it is expected that more CSOV tonnage will be absorbed outside offshore wind projects going forward. This will partly occur in other geographical regions (outside of EU market) ▸For Q3 2025, Windcat CSOVs achieved a TCE of 27,272 USD/day (cfr. waiting time & mobilisation fee). Q4 TCE quarter to date rates at 118,870 USD/day (83.7% fixed) ▸Windcat has ordered one Multi-Purpose Accommodation Service Vessel (CSOV XL) with an option of five more TCE CALCULATIONS: Budget P&L break-even for 2026: includes OPEX, insurance, ship mgt fees, depreciation, interests, special expenses, arrangement fees & pool fees. OPEX as per 2026 budget, CSOV at 85% utilization KEY HIGHLIGHTS
29. 29 © 2025 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH Multi-Purpose Accommodation Support Vessel (CSOV XL) XL ▸XL client persons on board: up to 190 POB ▸Permanent gangway connection – being more suited to O&G projects ▸Economies of scale for charters Versatile ▸Only vessel type in the market that can truly operate between the Offshore Wind and the large W2W O&G sectors ▸100t subsea crane enables competition in both W2W and MPVs Fleet Supply ▸Limited competition: 6 units in total (3 are purpose-built and 3 are conversions) ▸Flotel Market 90% utilisation rate expected in 2025 and 2026e Demand ▸4 key markets: North Sea, Americas, MED & West Africa, Asia Pacific ▸Main market is Brazil to support the commissioning of 31 FPSOs entering the market in the next 2-3years, and maintenance campaigns
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31. joris.daman@cmb.tech +32 498 61 71 11 JORIS DAMAN HEAD OF INVESTOR RELATIONS AND ESG