Slide 1: Earnings conference call Q4 2025
26 FEBRUAR Y 2026 Earnings conference call Q4 2025 Alexander Saverys & Ludovic Saverys
Slide 2: Forward-looking statements
Forward-looking statements Matters discussed in this presentation may constitute forward-looking actual results to differ materially from those discussed in the forward-looking statements under U.S. federal securities laws, including the Private Securities statements include the failure of counterpa
Slide 3: Earnings conference call Q4 2025 content topics
Earnings conference call Q4 2025 CONTENT TOPICS I. Q4 2025 financials & highlights II. Market update III. Conclusion and Q&A © 2026 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH 3
Slide 4: Eight VLCCs sold at stellar prices: Financials & highlights
EIGHT VLCCS SOLD AT STELLAR PRICES FINANCIALS & HIGHLIGHTS © 2026 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH
Slide 5: A leading diversified maritime group
A leading diversified maritime group FLEET FINANCE LISTING 201 + 36 $ 3.1 bn. $ 10.7 bn. ~ 50% Modern Eco Vessels (1) Contract backlog (USD) (2) Fair Market Value(4) Through-out the cycle leverage target NH3 5.9 ~ $ 4.2 bn. $ 1.5 bn. Average age 152 55 30 (excl. CTVs 10.4y) Market Cap (3) CAPEX comm
Slide 6: Q4 2025 financials
Q4 2025 financials EBITDA (in USD Million) NET INCOME (in USD Million) P&L Q4 2025 322.1 The most important key figures (unaudited) are: Fourth Fourth Quarter (in thousands of USD) YTD 2025 YTD 2024 Quarter 2025 2024 Revenue 589,123 226,029 1,666,223 940,246 238.4 Other operating income 1,361 8,254
Slide 7: Q4 2025 highlights
Q4 2025 highlights Lorem ipsum dolor sit amet, consectetur adipiscing elit. Mauris mattis libero id felis De-lever, rhoncus payvarius mattis. Orci dividends and strengthen the natoque. …driven by well-timed S&P as a core element balance sheet… to our business strategy ► Total result for the fourth q
Slide 8: Largest spot exposure to Dry-Bulk (& Crude Tankers)
Largest spot exposure to Dry-Bulk (& Crude Tankers) WHY THE LARGE SPOT EXPOSURE IN 2026 SPOT VERSUS TIME CHARTER 2026 TOTAL AVAILABLE DAYS DRY BULK AND CRUDE TANKERS? Time Charter TC Spot 50 % OB/F 38,531 17.8% 2026 53,257 DAYS 45 2027 40 LNG 58,869 DAYS 2028 LPG 82.2% 35 60,323 DAYS Containership S
Slide 9: Strategic CAPEX program fueling future earnings
Strategic CAPEX program fueling future earnings UPDATE 31/01/2026 CAPEX PROGRAM (1) Bocimar Euronav Delphis Bochem Windcat Outstanding CAPEX 1.49 Billion USD Committed financing Unfunded CAPEX 272 279 1.27 Billion USD 216 Million USD 2026: 2027: 2028: 222 154 m$ 54 m$ 7 m$ 182 168 Remaining capex ex
Slide 10: 2026 estimated free cash flow CMBT
2026 estimated free cash flow CMBT ESTIMATED FCF % PER DIVISION FY2026 Million USD 750 Other Today FY 2026 10% 20% 703.9 10.3% 700 650 600 578.2 Dry-Bulk 51.3% 550 38.4% Tanker 500 452.5 450 400 350 ASSUMPTIONS: Estimated cash break-even – based on FY 2026 combined available days (confirmed vessel s
Slide 11: Market update
MARKET UPDATE BOCIMAR, EURONAV, DELPHIS, BOCHEM AND WINDCAT
Slide 12: Market fundamentals remain intact
Market fundamentals remain intact DRY BULK TANKERS CONTAINER CHEMICAL OFFSHORE ENERGY ▸ Tonne-mile iron ore: ▸ Tonne-mile crude oil: ▸ TEU-mile: ▸ Tonne-mile chemicals: ▸ Over the next two years +2.0% in 2026 +0.6% in 2026 -0.6% in 2026 +0.8% in 2026 (2026-2027), an average +2.7% in 2027 +1.4% in 20
Slide 13: Bocimar
== CMB | BOCIMAR mm = CH | oprY BULK
Slide 14: Dry bulk
Dry bulk KEY HIGHLIGHTS Q4 2025 SPOT PERFORMANCE DRY BULK SEABORNE TRADE IS STILL GROWING ( $ per vessel per day) YoY (mid February 2026) ▸ 36 Newcastlemaxes on the water (average age of 3.2y) with 7,039 China steel mill another 10 Newcastlemaxes to be delivered by Q1 2027 OPEX utilisation >90% ▸ Q4
Slide 15: Capesize entails most favourable OB/F ratio
Capesize entails most favourable OB/F ratio and hence vessel values are supported going forward CAPESIZE ORDERING CYCLE VERSUS NEW BUILDING VESSEL VALUE NB VERSUS AGE PROFILE Mio USD # CAPE ‘BALANCE’ 400 97 100 Total NB: 233 # 90 350 OB/F: 12.4 % 76 75 75 80 300 68 70 587 > 15 years 250 59 60 147 >
Slide 16: Q4/Q1 – Continued strength of iron ore and bauxite
Q4/Q1 – Continued strength of iron ore and bauxite further supported by opposite seasonal patterns between Atlantic/Pacific and West-Africa ATLANTIC WEST-AFRICA PACIFIC +44.2% +18.8% -22.3% Feb Aug Feb Feb Aug Feb Feb Aug Feb ‘25 ‘25 ‘26 ‘25 ‘25 ‘26 ‘25 ‘25 ‘26 15 days precipitation accumulation (mm
Slide 17: Favourable Capesize market fundamentals for 2026
Favourable Capesize market fundamentals for 2026 driven by increased ton-mile trade and limited newbuilding deliveries DEMAND – BN TON-MILES + SUPPLY – MILLION DWT & % = S&P 2026 UTILISATION & RATE FORECAST 15,500 +368 1.0 (+2.7%) +0.5% 15,000 0.9 2023 2024 2025 2026e 14,500 0.8 Capacity at the star
Slide 18: Potential market movers to track in 2026
Potential market movers to track in 2026 LONG-HAUL SEABORNE IRON ORE TRADE GROWTH (MMT) - EXPORT LONG-HAUL SEABORNE BAUXITE TRADE GROWTH (MMT) - EXPORT +36 (+2.0%) +6 (+2.4%) 1,796 1,845 1,760 +3 +7 (+1.7%) 254 248 257 (+0.7%) 184 +13 980 181 187 (+3.1%) 973 986 +6 (+2.0%) +1 (+2.0%) +4 +22 429 -10
Slide 19: Euronav
EURONAV. == CMB | EURONAV mmm = CH | sOCRUDE OIL TANKERS
Slide 20: Tankers
Tankers KEY HIGHLIGHTS Q4 2025 PERFORMANCE ( $ per vessel per day) CRUDE OIL DEMAND GROWING BUT SLOWER YoY (mid February 2026) OPEX 9,232 ▸ VLCC trading fleet of 3 VLCCs with 3 x ECO VLCC on order P&L break-even 25,133 +49,709 World Oil Demand 2025 +1.4% ▸ Actual Q4 TCE for VLCC of 74,842 USD/day TC
Slide 21: Sustainability of the expanding crude tanker orderbook
Sustainability of the expanding crude tanker orderbook will depend on demand durability and potential uptick in scrapping CRUDE TANKER ORDERING (VLCCs & SUEZMAX) VERSUS VESSEL VALUE NB VERSUS AGE PROFILE Mio USD # 110 SUEZMAX ‘BALANCE’ 340 105 110 96 Total NB: 165 # 100 300 90 90 OB/F: 22.1 % 85 90
Slide 22: Crude Tanker demand durability
Crude Tanker demand durability for the time being still driven by China imports (stock building) AMPLE CRUDE OIL AVAILABLE IN 2026 DEMAND DRIVEN BY CHINA OIL IMPORT Oil demand growth (mbpd) Oil Supply growth (mbpd) Implied balance (mbpd) Implied by Flows (mln bbl) 4.00 300 2.45 2.30 250 1.87 China b
Slide 23: Sanctions remain a theme for crude tankers in 2026
Sanctions remain a theme for crude tankers in 2026 and could become the catalyst for scrapping going forward GEOPOLITICAL COMPLEXITIES CHINA CRUDE IMPORTS ▸ Russia–Ukraine conflict: No peace deal in sight. Oil output resilience is under pressure, with India Crude and Condensate Imports by Origin Nov
Slide 24: Delphis
== CMB | DELPHIS mm = CH | sCCONTAINER VESSELS
Slide 25: Containers
Containers KEY HIGHLIGHTS Q4 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 OPEX 6.760 ▸ 1 x 1,400 TEU dual fuel NH3 on order to be delivered in October 2026 (Qingda
Slide 26: Bochem
BOCHEM =— CMB | BOCHEM CHEMICAL TANKERS
Slide 27: Chemical
Chemical KEY HIGHLIGHTS Q4 2025 PERFORMANCE ( $ per vessel per day) Pool Time Charter ▸ Trading fleet of 8 chemical tankers on the water OPEX 7.663 ▸ Favorable long-term contract exposure: OPEX 7.663 2 x Pool, 6 x 10-year TC, 6 x 7-year TC P&L break-even 18.164 +2,723 ▸ Newbuilding orderbook: P&L br
Slide 28: Windcat
WINDCAT OFFSHORE WIND AND OIL & GAS
Slide 29: Offshore wind, oil & gas
Offshore wind, oil & gas KEY HIGHLIGHTS Q4 2025 PERFORMANCE ( $ per vessel per day) ▸ Windcat took delivery of CSOV Windcat Amsterdam OPEX 15,107 ▸ Time charter agreements extended and new 3-year time charter agreement signed ▸ Still four CSOVs and one CSOV XL on order P&L break-even 33,528 +74,518
Slide 30: 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 follow
Slide 31: Joris Daman
JORIS DAMAN joris.daman@cmb.tech HEAD OF INVESTOR RELATIONS AND ESG +32 498 61 71 11