Slide 1: Earnings conference call Q1 2026
Decarbonise Today Navigate Tomorrow Earnings conference call Q1 2026 PRESENTER 19 MAY 2026 ALEXANDER SAVERYS & LUDOVIC SAVERYS
Slide 2: Forward-looking statements
Forward-looking statements Matters discussed in this presentation may constitute materially from those discussed in the forward-looking forward-looking statements under U.S. federal securities statements include the failure of counterparties to fully laws, including the Private Securities Litigation
Slide 3: Firing on all cylinders: Financials & Highlights
FIRING ON ALL CYLINDERS FINANCIALS & HIGHLIGHTS
Slide 4: A leading diversified maritime group
FINANCIALS & HIGHLIGHTS A leading diversified maritime group FLEET FINANCE LISTING 200 + 32 $ 3.3 bn. $ 11.3 bn. ~ 50% Modern Eco Vessels (1) Contract backlog (USD) (2) Fair Market Value(4) Through-out the cycle leverage target 5.9 $ 1.2 bn. ~ $ 4.4 bn. ~ 60% Average age (excl. CTVs 10.4y) CAPEX com
Slide 5: Q1 2026 financials
FINANCIALS & HIGHLIGHTS Q1 2026 financials EBITDA NET INCOME P&L Q1 2026 (in USD Million) 558.3 (in USD Million) The most important key figures (unaudited) are: First Quarter First Quarter (in thousands of USD) YTD 2026 YTD 2025 2026 2025 Revenue 519,630 235,044 519,630 235,044 Other operating incom
Slide 6: Q1 2026 highlights
FINANCIALS & HIGHLIGHTS Q1 2026 highlights De-lever, pay dividends and strengthen the …driven by well-timed S&P as a core element balance sheet… to our business strategy ► Total result for the first quarter of 2026 was a profit of USD 368.8 million ► Following vessel sales generated a capital gain i
Slide 7: Large spot dry bulk exposure
FINANCIALS & HIGHLIGHTS Large spot dry bulk exposure (WHILST TAKING COVER IN CRUDE TANKERS) WHY THE LARGE SPO T EX PO SURE 2026 SPOT VERSUS TIME CHARTER 2026 TOTAL AVAILABL E DAYS IN D RY BULK? Time Charter 50 % OB/F TC Spot 20.4% 38,930 45 2026 53,291 DAYS 40 LNG 79.6% 2027 Containership 58,504 DAY
Slide 8: 2026e operational free cash flow
FINANCIALS & HIGHLIGHTS 2026e operational free cash flow ESTIMATED FCF % PER DIVISION FY2026 Million USD 1,046 Other 1,000 Today FY 2026 +10% +20% 7.4% 894 900 800 Dry-Bulk 52.0% 40.6% Tanker 742 700 600 500 ASSUMPTIONS: Estimated cash break-even – based on FY 2026 combined available days (incl. con
Slide 9: Strategic CAPEX program fueling future earnings
FINANCIALS & HIGHLIGHTS Strategic CAPEX program fueling future earnings UPDATE 30/04/2026 CAPEX PROGRAM (1) Bocimar Euronav Delphis Bochem Windcat Outstanding CAPEX 1.19 Billion USD Committed financing Unfunded CAPEX 1.01 Billion USD 184 Million USD 317 2026: 2027: 2028: 279 127 m$ 32 m$ 6 m$ Remain
Slide 10: Contract backlog with Tier 1 counterparties
FINANCIALS & HIGHLIGHTS Contract backlog with Tier 1 counterparties GRO SS REM AIN IN G REVEN U E BACKLO G BACKLOG PER MARINE DIVISION(1) BLUE CHIP COUNTER PA RT I E S PER YEAR (USD M )(1) ∑ ~$3.3bn contract backlog ~$1.9bn dual-fuel 3,260 Chemical tankers 2,860 Oil tankers 2,502 28.1% 26.9% 2,158 U
Slide 11: Market update
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Slide 12: Supply side drives market outlook
MARKET UPDATE Supply side drives market outlook 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 +1.8 % in 2026 -0.4% in 2026 -1.0% in 2026 +0.9% in 2026 (2026-2027), an +2.8 % in 2027 +1.
Slide 13: Bocimar: Dry bulk
== CMB | BOCIMAR DRY BULK
Slide 14: Dry bulk
BOCIMAR Dry bulk Q1 2026 SPOT PERFORMANCE YOY (MID MAY 2026) KEY HIGHLIGHTS ( $ per vessel per day) ▸ 36 NEWCASTLEMAXES on the water (average age of 3.2y) China steel production -4.5% with another 10 Newcastlemaxes to be delivered by Q1 2027 OPEX 7,039 ▸ Q1 2026 TCE actuals at 28,120 USD/day, outper
Slide 15: Dry bulk has the most favourable OB/F ratio
BOCIMAR Dry bulk has the most favourable OB/F ratio AND HENCE VESSEL VALUES ARE SUPPORTED GOING FORWARD VESSEL AVERAGE AGE AS A PROXY VESSEL NB SUPPLY SIDE FUNDAMENTALS FOR RECYCLING POTENTIAL Capesize NB deliveries Panamax NB deliveries Age (years) Capesize - Average Age Panamax - Average Age 300 1
Slide 16: Strong Q1 volumes driven by iron ore and bauxite
BOCIMAR Strong Q1 volumes driven by iron ore and bauxite NOT YET DRIVEN BY ADDITIONAL COAL DEMAND CAPESIZE VOLUME GROWTH – TOP EXPORTED COMMODITIES PANAMAX VOLUME GROWTH – TOP EXPORTED COMMODITIES 170 172 102 164 99 161 159 96 96 92 90 147 150 86 87 138 61 61 129 64 60 128 120 Coal 62 57 124 121 53
Slide 17: Favourable Capesize market fundamentals for 2026
BOCIMAR Favourable Capesize market fundamentals for 2026 DRIVEN BY INCREASED TON-MILE TRADE AND LIMITED NEWBUILDING DELIVERIES DEMAND – BN TON -MILES + SUPPLY – MILLION DWT & % = RATE FORECAST CAPE (USD/DAY) 15,500 1.0 31,512 +3.4% Active Ships Orders Growth Growth 15,000 (+455) 0.9 CATEGORY Ships N
Slide 18: Operation Epic Fury and gas-to-coal switching
BOCIMAR Operation Epic Fury and gas-to-coal switching FREIGHT IMPACT OF GAS TO COAL SWITCHING DEMAND GROWTH SCENARIOS VERSUS SUPPLY INITIAL SITUATION Cape/ Panamax Fleet Supply growth 7.5 Base case (no Iran war / no Strait of Hormuz closure) ► In the Pacific, coal flows - a major driver Current scen
Slide 19: FY 2026 Capesize & Panamax
BOCIMAR FY 2026 Capesize & Panamax UPDATED TO INCLUDE STRAIT OF HORMUZ IMPACT CAPESIZE (MMT PER QUARTER in 2026) PANAMAX/KAMSARMAX (MMT PER QUARTER in 2026) 563 400 399 539 540 8 378 20 21 7 7 53 492 53 47 352 19 28 27 Minor 10 Fertilizer 15 25 65 23 48 52 Bauxite 59 64 65 Iron Ore 42 Minor Bulk 49
Slide 20: Euronav: Crude oil tankers
© EURONAV. == CMB | EURONAV mm = CH | sOCRUDE OIL TANKERS
Slide 21: Tankers
EURONAV Tankers Q1 2026 SPOT PERFORMANCE KEY HIGHLIGHTS YOY (MID FEBRUARY 2026) ( $ per vessel per day) 9,232 World Oil Demand ▸ VLCC trading fleet of 4 VLCCs with 2 x ECO VLCC OPEX 2025 +0.6% on order (delivery May 2026 & Jan 2027) P&L break-even 36,512 +146,219 ▸ Q1 2026 TCE actuals at 70,204 USD/
Slide 22: Crude orderbook keeps on growing
EURONAV Crude orderbook keeps on growing AND HENCE VESSEL VALUES ARE SUPPORTED GOING FORWARD VESSEL AVERAGE AGE AS A PROXY FOR VESSEL NB SUPPLY SIDE FUNDAMENTALS RECYCLING/SCRAPPING Suezmax NB deliveries VLCC NB deliveries Suezmax Fleet - Average Age VLCC Fleet - Average Age 220 Age (years) 200 14 1
Slide 23: Operation Epic Fury and crude oil supply evolution
EURONAV Operation Epic Fury and crude oil supply evolution TOTAL STRAIT OF HORMUZ TRANSITS STRAIT OF HORMUZ LOST CRUDE OIL VOLUMES – TANKER IMPACT? Million Barrels Per Day -2.7 2.6 1.0 -5.3 1.4 Only 29 VLCCs and 14 Suezmaxes crossed the Strait of 0.7 0.3 Hormuz during the ongoing 1.1 conflict Lost v
Slide 24: VLCC USG ballasters increasing
EURONAV VLCC USG ballasters increasing NUMBER OF VLCCs (ballast and loading) TD3C VERSUS TD22 # BDTI TD3C-TCE: 270,000t Middle East Gulf to China 560 USD/day Ballast Loaded and floating BDTI TD22-TCE: 270,000mt, USG - China 540 600,000 520 500,000 500 400,000 480 460 300,000 440 200,000 420 100,000
Slide 25: Delphis: Container vessels
DELPHIS CONTAINER VESSELS © 2026 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH 27
Slide 26: Containers
DELPHIS Containers KEY HIGHLIGHTS Q1 2026 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
Slide 27: Bochem: Chemical tankers
BOCHEM CHEMICAL TANKERS © 2026 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH 29
Slide 28: Chemical
BOCHEM Chemical KEY HIGHLIGHTS Q1 2026 PERFORMANCE ( $ per vessel per day) ▸ Trading fleet of 8 chemical tankers on the water. Favorable long-term contract exposure: Pool Time Charter 2 x Pool, 6 x 10-year TC, 6 x 7-year TC OPEX 7,663 OPEX 7,663 ▸ Newbuilding orderbook: 2 x product tankers (CH₃OH fi
Slide 29: Windcat: Offshore energy
WINDCAT OFFSHORE ENERGY © 2026 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH 31
Slide 30: Offshore wind, oil & gas
WINDCAT Offshore wind, oil & gas KEY HIGHLIGHTS Q1 2026 PERFORMANCE ( $ per vessel per day) ▸ Windcat took delivery of the third CSOV Windcat Haarlem OPEX 15,107 ▸ Still three CSOVs and one CSOV XL on order ▸ Tight near-term market with CSOV demand remained strong with near-full utilisation and P&L
Slide 31: Q&A
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Slide 32: Decarbonise Today Navigate Tomorrow
Decarbonise Today Navigate Tomorrow JORIS DAMAN Joris.daman@cmb.tech CO-HEAD INVESTOR RELATIONS +32 498 61 71 11