Slide 1: Earnings release Q2 2025
Earnings release Q2 2025 August 28th 2025 – Alexander Saverys & Ludovic Saverys
Slide 2: Forward-looking statements
Forward-looking statements Matters discussed in this presentation may constitute forward- market conditions, including changes in tanker vessel charter hire looking statements under U.S. federal securities laws, including rates and vessel values, changes in demand for tankers, changes the Private Se
Slide 3: Earnings release Q2 2025 content topics
Earnings release Q2 2025 CONTENT TOPICS I. CMB.TECH & Golden Ocean merger II. Q2 2025 financials & highlights ► Marine division market update ► TCE performance ► Market outlook III. Conclusion and Q&A © 2025 – CMB.TECH Public presentation : do not replicate or distribute without the prior written pe
Slide 4: CMB.TECH & Golden Ocean merger
CMB.TECH & GOLDEN OCEAN MERGER A LEADING DIVERSIFIED MARITIME GROUP © 2025 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH 4
Slide 5: A leading diversified maritime group
A leading diversified maritime group FLEET FINANCE LISTING 206 + 44 $ 2.9 bn. $ 10.8 bn. ~ 50% Modern Eco Vessels (1) Contract backlog (USD) Fair Market Value(2) Through-out the cycle leverage target NH3 5.8 ~ $ 14.9/s $ 1.9 bn. Average age 1 x NAV per share estimation 166 54 30 (excl. CTV’s 9.79y)
Slide 6: The largest listed diversified maritime group
The largest listed diversified maritime group A LARGE AND LIQUID PLAYER 4.34 LARGE MARKET 1 x ~NAV potential Pure Play Diversified Shipping CAPITALISATION among its diversified peers (1) ~$2.4 BILLION 2.70 Market Cap 2.44 2.18 2.12 ~38.4% 2.08 2.01 Free float 1.85 1.76 1.69 1.54 1.34 1.34 ~3.5 MILLI
Slide 7: Commercially attractive fleet growing by the month
Commercially attractive fleet growing by the month Average age Average age Average age Q4’25 6.2 years(1) 8.6 years(1) 1 year(1) 218 TODAY 106 + 13NB TODAY 30 + 7NB TODAY 4 + 1NB Q4’26 241 Q4’25 Q4’26 Q4’27 Q4’25 Q4’26 Q4’27 Q4’25 Q4’26 Q4’27 108 117 119 31 36 37 4 5 4 Q4’27 243 Average age Average
Slide 8: Available days are clearly linked to our strategy
Available days are clearly linked to our strategy 2025 = 53,734 DAYS 2026 = 60,397 DAYS 2027 = 63,734 DAYS 2028 = 64,426 DAYS STRATEGY TC 50 % OB/F 18.4% 14.1% 12.0% 12.8% Spot 45 81.6% 85.9% 88.0% 87.2% LNG LPG 40 42,705 42,705 41,753 35 38,735 30 Containership 13,499 13,505 12,669 25 11,000 Chemic
Slide 9: Estimated free cash flow CMBT
Estimated free cash flow CMBT FORECASTED FCF % PER DIVISION (BULL CASE): Million USD 376.50 380 FCF Spot Bear -20% Others 360 FCF Spot Forecasted 340 8% FCF Spot Bull +20% 320 Dry-Bulk 300 280 50% 260 42% 240 Tankers 220 200 180 170.72 160 140 ASSUMPTIONS: Estimated cash break-even – based on FY 202
Slide 10: 2.93 Billion marine division contract backlog
2.93 Billion marine division contract backlog Blue chip counter parties: 2025 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 Q3 Q4 BC210K-64 DRY-BULK VESSELS 542.7 $ mio BC210K-79 BC210K-80 Golden Earl Golden Sapphire Golden Emerald Golden Aquamarine Golden Duke
Slide 11: Q2 2025 financials & highlights
THE SHOULDER SEASON, MOMENTUM AHEAD Q2 2025 FINANCIALS & HIGHLIGHTS
Slide 12: Q2 2025 financials
Q2 2025 financials(1) EBITDA (in USD Million) 224.1 NET INCOME (in USD Million) P&L Q2 2025 The most important key figures (unaudited) Q2 2025 Q2 2024 YTD 2025 YTD 2024 177.1 180.4 (in thoushands of USD) 158.4 Revenue 387,808 252,000 622,852 492,377 Other operating income 13,021 30,649 20,155 38,245
Slide 13: Q2 2025 Financials deep-dive
Q2 2025 Financials deep-dive MERGER = FLEET GROWTH OF 89 DRY-BULK VESSELS P&L Q2 2025 Q2 CIRCUMSTANTIONAL ITEMS The most important key figures (unaudited) Q2 2025 (in thoushands of USD) ➢A Revenue and operating expenses ➢D Impairment loss on sale of Golden Zhoushan ► Fleet growth of 89 dry-bulk vess
Slide 14: Q2 2025 highlights
Q2 2025 highlights Lorem ipsum dolor sit amet, consectetur adipiscing elit. Mauris mattis libero id felis CMB.TECH rhoncus mattis. a diversified and Orci varius natoque. …with a clear vision on value creation for future-proof maritime group… stakeholders by taking actions today! ► Total result for t
Slide 15: Q2 2025 Marine division highlights
Q2 2025 Marine division highlights TANKERS DRY BULK CONTAINER CHEMICAL OFFSHORE WIND 30 (+7) 106 (+13) 4 (+1) 6 (+10) 57 (+12) GOGL TCE Q2 025: 15,691 USD/day +17,986 -513 +9,673 +1,955 43,455 39,159 29,378 29,378 28,323 25,469 23,594 23,081 20,341 19,705 19,103 18,386 +1,156 3,335 3,146 1,990 P&L b
Slide 16: Marine division market update
MARINE DIVISION MARKET UPDATE
Slide 17: Euronav crude oil tankers
=— CMB | EURONAV CRUDE OIL TANKERS |
Slide 18: Tankers
Tankers KEY HIGHLIGHTS Q2 2025 PERFORMANCE ( $ per vessel per day) CRUDE OIL DEMAND GROWING BUT SLOWER ▸ Trading fleet of 10 VLCC and 18 Suezmax vessels VLCC SPOT Suezmax SPOT YoY (end of June 2025) on the water ▸ Future-proof tonnage on order: World Oil Demand +21,591 2025 +1.1% 5 x ammonia powered
Slide 19: Mid-term tanker market attractiveness (1/2)
Mid-term tanker market attractiveness DRIVEN BY SUPPLY (1/2) Bringing back to market the full 2.2 mb/d, would in theory translate to demand for an additional ~38 VLCCs during the winter season (assuming full increase is exported). Growing surplus in the oil market, could support increased shipment v
Slide 20: Mid-term tanker market attractiveness (2/2)
Mid-Term tanker market attractiveness DRIVEN BY SUPPLY (2/2) VESSEL NB SUPPLY SIDE FUNDAMENTALS VESSEL AVERAGE AGE AS A PROXIMITY FOR RECYCLING/SCRAPPING Suezmax NB deliveries VLCC NB deliveries Historic average VLCC Fleet - Average Age Suezmax Fleet - Average Age Total: 136 # Total: 124 # 39% (347#
Slide 21: Bocimar dry bulk
== CMB | BOCIMAR DRY BULK |
Slide 22: Dry bulk
Dry bulk KEY HIGHLIGHTS Q2 2025 PERFORMANCE ( $ per vessel per day) DRY BULK SEABORNE TRADE IS STILL GROWING YoY (end of June 2025) CMBT Bocimar Newcastlemax Newcastlemax ▸ 17 super-eco 210,000 DWT Newcastlemaxes on the Q3 TCE to China Steel Mill water. Future-proof tonnage on order – with another -
Slide 23: Long-term dry bulk market attractiveness
Long-term dry bulk market attractiveness Thanks to supportive market dynamics, adding Golden Ocean’s fleet of 89 eco vessels will enable CMB.TECH to become the preferred partner for large scale industrials and future-proof dry bulk shipping POSITIVE SUPPLY STORY (TONNAGE) SUPPORTIVE DEMAND (TON & MI
Slide 24: Q2 2025 – Strength of Atlantic iron ore trade
Q2 2025 – Strength of Atlantic iron ore trade BRAZIL IRON ORE SEABORNE EXPORT SETTING NEW 5-YEAR HIGH …WHILST TYPICAL SEASONAL DRYEST AND STRONGEST PERIOD OF THE RECORDS IN Q2 2025… YEAR ONLY STARTS IN H2 260 600 15 days average loading rate (‘000 tons per day) 15 days precipitation accumulation (mm
Slide 25: Q2 2025 – Pacific iron ore ramping up
Q2 2025 – Pacific iron ore ramping up AUSTRALIAN IRON ORE SEABORNE EXPORT SETTING …RAPID RAMP-UP OF VOLUMES IN Q2 AFTER DISAPPOINTING Q1 NEW 5-YEAR HIGH RECORDS IN Q2 2025… 2024 2025 5 year min 5 year max 90 3,000 15 days average loading rate (‘000 tons per day) 15 days precipitation accumulation (m
Slide 26: Q2 2025 – Guinea bauxite trade as ton-mile booster
Q2 2025 – Guinea bauxite trade as ton-mile booster BAUXITE EXPORT PERFORMED AGAIN STRONGLY IN Q2 2025… …MAY-SEPTEMBER SLUMP DID NOT START UNTIL JULY 320 450 15 days average loading rate (‘000 tons per day) 15 days precipitation accumulation (mm) 2024 2025 5 year min 5 year max 18 300 Million Tons 28
Slide 27: (China) Coal and grain
(China) Coal and grain INDIRECT SWING FACTOR FOR CAPES/NUKES SEABORNE GRAIN DISAPPOINTED IN H1 SLUGGISH SEABORNE COAL DEMAND IN H1 – AND FOR THE REMINDER OF 2025/2026 – YET H2 POSITIVE China Coal Stock Inventory CNY/Tonne China Coal Import Arb World Seaborne Grain Trade (including Soybeans) 10000 me
Slide 28: Delphis container vessels
DELPHIS == CMB | DELPHIS mm = CH | sCCONTAINER VESSELS
Slide 29: Containers
Containers KEY HIGHLIGHTS Q2 2025 PERFORMANCE ( $ per vessel per day) ▸ 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 Shi
Slide 30: Bochem chemical tankers
=— CMB | BOCHEM mmm CH | sCCHEMICAL TANKERS
Slide 31: Chemical
Chemical KEY HIGHLIGHTS 1 YEAR TC 19,999 DWT CHEMICAL TANKER Q2 2025 PERFORMANCE ( $ per vessel per day) USD/day -14,9% Pool Time Charter 22.000 ▸Trading fleet of six chemical tankers on the water 20.000 +4,025 ▸Newbuilding orderbook: +920 18.000 ▸2 x chemical tankers (NH3 ready): 2025 ▸2 x product
Slide 32: Windcat offshore wind and oil & gas
WINDCAT OFFSHORE WIND AND OIL & GAS
Slide 33: Offshore wind, oil & gas
Offshore wind, oil & gas KEY HIGHLIGHTS Q2 2025 PERFORMANCE ( $ per vessel per day) ▸ Most key vessel segments remain fully utilised in Europe, attributed to strong demand from both offshore wind and oil and gas industries CSOV CTV CTV ▸ Windcat has 56 CTVs on the water, 7 additional CTVs on order –
Slide 34: Marine division market fundamentals remain intact
Marine division market fundamentals remain intact TANKERS DRY BULK CONTAINER CHEMICAL OFFSHORE WIND ▸ Tonne-mile crude oil: ▸ Iron Tonne-mile ▸ TEU-mile: ▸ Tonne-mile: ▸ Offshore wind capacity +0.1% in 2025 Capesize: +2.7% in 2025 +0.3% in 2025 is projected to reach 95 +0.2% in 2026 -0.7% in 2025 -3
Slide 35: Conclusion & Q&A
CONCLUSION & Q&A
Slide 36: Conclusion
Conclusion SHAREHOLDERS STRONG PORTFOLIO POSITIVE OUTLOOK 2025 ► Net loss of USD -7.6 million in ► Decarbonisation optionality ► Large exposure to favorable Q2 2025 provides additional upside tanker and dry bulk potential – first dual fuel fitted fundamentals ► Golden Ocean merger NH3 Newcastlemax t
Slide 37: Marine Division NB delivery fleet list
Marine Division NB delivery fleet list 2 X SUEZMAX 12 X NEWCASTLEMAX 9 X 25K DWT CHEMICAL 5 X CSOV 1 X 1400 TEU 5 X VLCC 2 X 5.000 DWT COASTERS 2 X 17K DWT BITUMEN 7 X CTV HULL TYPE YARD DATE HULL TYPE YARD DATE BC210k-52 Newcastlemax CSSC Qingdao Beihai Shipbuilding Co., Ltd Q3 2025 BC210k-55 Newca
Slide 38: Q&A
Q&A ► If you would like to ask a question, please raise your hand. ► Introduce yourself & unmute before asking your question. ► If you can’t unmute, please use the Q&A section to ask your question. ► For telephone participants, please type *5 to raise your hand and *6 to unmute. ► If you have any fo
Slide 39: Joris Daman
JORIS DAMAN joris.daman@cmb.tech HEAD OF INVESTOR RELATIONS AND ESG +32 498 61 71 11