ANTWERP, Belgium, 19 May 2026, CMB.TECH NV ("CMBT", "CMB.TECH" or "the company") (NYSE:CMBT, Euronext Brussels: CMBT and Euronext Oslo Børs: CMBTO)) reported its unaudited financial results today for the first quarter ended 31 March 2026.
HIGHLIGHTSFinancial highlights:
Profit for the period of USD 368.8 million in Q1 2026.
EBITDA for the same period was USD 558.3 million.
CMB.TECH's contract backlog increased to USD 3.26 billion with the addition of 1 x 5-year Suezmax time charter and extension of 2 x Suezmax time charters by one year to a 10-year time charter each (with a profit split).
Intention to distribute an amount of USD 0.64 per share.
Fleet highlights:
Delivery of 7 newbuilding vessels (Q1 + Q2 to date):
Newcastlemaxes: Mineral Latvija
VLCCs: Eburones, Menapii
Suezmaxes: Cap Grace, Cap Joseph
Chemical tanker: Bochem Callao
CSOV: Windcat Haarlem
Previously announced sale of 8 VLCCs: Daishan (2007, 306,005 dwt), Hirado (2011, 302,550 dwt), Ilma (2012, 314,000 dwt), Ingrid (2012, 314,000 dwt), Hojo (2013, 302,965 dwt), Dia (2015, 299,999 dwt), Antigone (2015, 299,421 dwt), and Aegean (2016, 299,999 dwt).
Previously announced sale of Capesize vessels Golden Magnum (2009, 179,790 dwt), and Belgravia (2009, 169,390 dwt).
Sale of Suezmax Sienna (2007 - 150,205 dwt). The sale will generate a gain of USD 29.2 million and is expected to be recognised upon delivery in the second quarter of 2026.
For the first quarter of 2026, the company realised a net gain of USD 368.8 million or USD 1.27 per share (first quarter 2025: a net gain of 40.4 USD million or USD 0.23 per share). EBITDA (a non-IFRS measure) for the same period was USD 558.3 million (first quarter 2025: USD 158.4 million).
"CMB.TECH is firing on all cylinders. We are reaping the benefits of a red-hot tanker market through a mix of sales of older vessels at stellar prices, a historically high spot market and the addition of lucrative long-term charters. At the same time, the dry bulk market is powering on in all segments, but specifically Capesizes and Newcastlemaxes. Our spot results have been strong during Q1 and will be even stronger in Q2. With HFO prices up by 50 %, we manage to extract more profit from the going market rates thanks to our very modern and super eco fleet. Last but not least, our offshore energy division Windcat has been able to fix two of its CSOVs at excellent rates, testimony to the high quality of our vessels.
We are harvesting the fruits of our hard work over the past two years: well-timed newbuilding orders, well-timed acquisitions and a market which is going our way.
We don't know how long this Goldilocks moment will continue amidst many uncertainties surrounding global trade and a growing orderbook. But we will use the current momentum to continue to strengthen our balance sheet, pay dividends and convert some of the current market strength into longer term charters." - Alexander Saverys, CEO CMB.TECH.
Key figures
The most important key figures (unaudited) are:
(in thousands of USD)
First Quarter 2026
First Quarter 2025
Revenue
519,630
235,044
Other operating income
20,331
7,134
Raw materials and consumables
(1,409)
(2,809)
Voyage expenses and commissions
(104,819)
(42,404)
Vessel operating expenses
(127,487)
(61,829)
Charter hire expenses
(218)
(313)
General and administrative expenses
(27,787)
(22,847)
Net gain (loss) on disposal of tangible assets
267,354
46,451
Depreciation and amortisation
(106,571)
(55,671)
Impairment reversals
589
—
Net finance expenses
(81,697)
(64,215)
Share of profit (loss) of equity accounted investees
12,096
(51)
Result before taxation
370,012
38,490
Income tax benefit (expense)
(1,178)
1,883
Profit (loss) for the period
368,834
40,373
Attributable to:
Owners of the Company
368,834
43,998
Non-controlling interest
—
(3,625)
Earnings per share:
(in USD per share)
First Quarter 2026
First Quarter 2025
Weighted average number of shares (basic) *
290,169,769
194,216,835
Basic earnings per share
1.27
0.23
The number of shares issued on 31 March 2026 is 315,977,647. However, the number of shares excluding the owned shares held by CMB.TECH at 31 March 2026 is 290,169,769.
EBITDA reconciliation (unaudited):
(in thousands of USD)
First Quarter 2026
First Quarter 2025
Profit (loss) for the period
368,834
40,373
+ Net finance expenses
81,697
64,215
+ Depreciation and amortisation
106,571
55,671
+ Income tax expense (benefit)
1,178
(1,883)
EBITDA (unaudited)
558,281
158,376
EBITDA per share:
(in USD per share)
First Quarter 2026
First Quarter 2025
Weighted average number of shares (basic)
290,169,769
194,216,835
EBITDA
1.92
0.82
All figures, except for EBITDA, have been prepared under IFRS as adopted by the EU (International Financial Reporting Standards) and have not been audited nor reviewed by the statutory auditor.
Intention of distribution
The Supervisory Board intends to approve a total distribution of USD 0.64 per share (the "Distribution"), which is proposed to be a combination of (i) an interim dividend of USD 0.20 per share (subject to 30% withholding tax, to the extent no exemption or reduction applies) and (ii) a first payment of USD 0.44 per share out of the share premium reserve (which is exempt from withholding tax).
The approval of the Distribution by the Supervisory Board is subject to, and conditional upon:
(i) the approval by the General Shareholders' Meeting of CMB.TECH, scheduled for 21 May 2026, of the agenda item relating to the distribution out of the share premium reserve; and
(ii) the completion of the corporate procedures prescribed by the Belgian Companies and Associations Code (Wetboek van vennootschappen en verenigingen / Code des sociétés et des associations) with respect to the interim dividend.
CMB.TECH will provide further information on the payment date, record date and other practical modalities of the Distribution once the Distribution is effectively approved (currently scheduled for end of May 2026), in accordance with applicable regulations.
TCE
The average daily time charter equivalent rates (TCE, a non IFRS-measure) can be summarised as follows:
Q1 2026
Q1 2025
Quarter-to-Date Q2 2026
USD/day
USD/day
USD/day
Fixed %
DRY BULK VESSELS
Newcastlemax average spot rate(1)
28,120
18,393
44,105
80%
Newcastlemax average time charter rate
24,114
Capesize average spot rate(1)
26,104
37,701
73%
Panamax/Kamsarmax average spot rate(1)
14,578
19,402
74%
Panamax/Kamsarmax average time charter rate
13,456
TANKERS
VLCC average spot rate (2)
70,204
35,101
182,731
81%
VLCC average time charter rate(3)
55,144
46,135
Suezmax average spot rate(1) (3)
91,849
41,391
122,147
83%
Suezmax average time charter rate
33,905
31,328
CONTAINER VESSELS
Average time charter rate
29,378
29,378
CHEMICAL TANKERS
Average spot rate(1) (2)
21,458
20,521
21,063
33%
Average time charter rate
19,306
19,306
OFFSHORE ENERGY
CSOV Average time charter rate
64,837
62,301
100%
CTV Average time charter rate
