Slide 1: Earnings conference call Q3 2025
26 NOVEMBER 2025 Earnings conference call Q3 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 conference call Q3 2025 content topics
Earnings conference call Q3 2025 CONTENT TOPICS 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 3
Slide 4: Soft summer, followed by roaring tanker and dry bulk markets
SOFT SUMMER, FOLLOWED BY ROARING TANKER AND DRY BULK MARKETS Q3 2025 FINANCIALS & HIGHLIGHTS © 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 205 + 41 $ 2.95 bn. $ 10.8 bn. ~ 50% Modern Eco Vessels (1) Contract backlog (USD) (2) Fair Market Value(2) Through-out the cycle leverage target NH3 5.6 ~ $ 2.93 bn. $ 1.57 bn. Average age 162 54 30 (excl. CTVs 9.79y) Market Cap (3) CAPEX c
Slide 6: Q3 2025 financials
Q3 2025 financials EBITDA (in USD Million) NET INCOME (in USD Million) P&L Q3 2025 238.4 224.1 The most important key figures (unaudited) Q3 2025 Q3 2024 YTD 2025 YTD 2024 (in thoushands of USD) 180.4 Revenue 454,248 221,840 1,077,100 714,217 Other operating income 8,097 4,161 28,252 42,406 158.4 Ra
Slide 7: Q3 2025 highlights
Q3 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 8: Large spot exposure to dry bulk & tanker markets
Large spot exposure to dry bulk & tanker markets 2026 = 55,357 DAYS 2027 = 58,155 DAYS 2028 = 58,701 DAYS ORDERBOOK TO FLEET RATIO 50 % OB/F 14.1% 12.0% 12.8% 87.2% 45 85.9% 88.0% 39,318 40,146 40,146 LNG 40 LPG Containership 30 11,209 11,209 10,268 25 Chemical Tanker 20 Suezmax Product Tanker 3,466
Slide 9: 2026e Cash generation CMBT
2026e Cash generation CMBT 2026E FULL YEAR FCF BASED ON MARKET SENSITIVITIES FORECASTED FCF % PER DIVISION (BULL CASE): ASSUMPTIONS: FCF is defined as earnings above cash break-even 5 1,600 levels. Estimated CBE based on FY 2026 available days taking into 4.1$/s account confirmed and expected vessel
Slide 10: Marine division market update
MARINE DIVISION MARKET UPDATE
Slide 11: Marine division market fundamentals remain intact
Marine division market fundamentals remain intact TANKERS DRY BULK CONTAINER CHEMICAL OFFSHORE ENERGY ▸ Tonne-mile crude oil: ▸ Iron tonne-mile ▸ TEU-mile: ▸ Tonne-mile: ▸ Offshore energy +0.9% in 2025 Capesize: +3.2% in 2025 -0.1% in 2025 capacity is projected to +1.5% in 2026 +0.8% in 2025 -0.7% i
Slide 12: Bocimar dry bulk
== CMB | BOCIMAR mm = CH | oprY BULK
Slide 13: Dry bulk
Dry bulk KEY HIGHLIGHTS Q3 2025 SPOT PERFORMANCE DRY BULK SEABORNE TRADE IS STILL GROWING ( $ per vessel per day) YoY (end of October 2025) ▸ 36 Newcastlemaxes on the water (average age of 2.46y) with another 10 Newcastlemaxes to be delivered by Q4 2026 OPEX 7,039 China Steel Mill >90% ▸ Q3 2025 spo
Slide 14: Mid-Term dry bulk market attractiveness (demand)
Mid-Term dry bulk market attractiveness DRIVEN BY DEMAND (1/2) GLOBAL SEABORNE DRY-BULK TRADE 2026e 2027e ▸ China imported 116.3 million tonnes of iron ore in Billion Tonne-miles September 2025 — a record high, up 11% from August +2.7% +2.8% and 12% year-on-year 10,000 Seaborne Iron Ore (Billion Ton
Slide 15: Mid-Term dry bulk market attractiveness (supply)
Mid-Term dry bulk market attractiveness DRIVEN BY SUPPLY (2/2) VESSEL NB SUPPLY SIDE FUNDAMENTALS VESSEL AVERAGE AGE AS A PROXIMITY FOR RECYCLING/SCRAPPING Capesizex NB deliveries Panamax NB deliveries Age (years) Capesize - Average Age Panamax - Average Age 240 12.3 12.5 220 12.0 200 51 11.6 180 11
Slide 16: Q3 2025 – Continued strength of Atlantic iron ore trade
Q3 2025 – Continued strength of Atlantic iron ore trade BRAZIL IRON ORE SEABORNE EXPORT SETTING …HOWEVER, TYPICAL SEASONAL RAIN RAMPING UP AS OF DECEMBER NEW 5-YEAR HIGH RECORD IN Q3 2025… 2024 2025 5 year min 5 year max 260 650 15 days average loading rate (‘000 tons per day) 15 days precipitation
Slide 17: Q3 2025 – Continued strength of Pacific iron ore trade
Q3 2025 – Continued strength of Pacific iron ore trade AUSTRALIAN IRON ORE SEABORNE EXPORT SETTING …CONTINUED STRENGTH EXPECTED THROUGHT Q4 NEW 5-YEAR HIGH RECORDS IN Q3 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
Slide 18: Q3 2025 – Guinea bauxite entering high season in Q4/Q1
Q3 2025 – Guinea bauxite entering high season in Q4/Q1 BAUXITE EXPORT PERFORMED AGAIN STRONGLY IN Q3 2025… …ALTHOUGH IT WAS RAIN SEASON IN GUINEA 450 450 15 days average loading rate (‘000 tons per day) 15 days precipitation accumulation (mm) 18 2024 2025 5 year min 5 year max Million Tons 400 400 1
Slide 19: Euronav crude oil tankers
EURONAV. == CMB | EURONAV mmm = CH | sOCRUDE OIL TANKERS
Slide 20: Tankers
Tankers KEY HIGHLIGHTS Q3 2025 PERFORMANCE ( $ per vessel per day) CRUDE OIL DEMAND GROWING BUT SLOWER ▸ VLCC trading fleet of 10 VLCCs with 4 x ECO VLCC on YoY (November 2025) order OPEX 9,232 ▸ Actual Q3 TCE for VLCC of 30,486 USD/day and actual P&L break-even 25,133 +42,915 World Oil Demand Q4 qu
Slide 21: Mid-term tanker market attractiveness (demand)
Mid-term tanker market attractiveness DRIVEN BY DEMAND (1/2) 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… FAVOURABLE OIL SU
Slide 22: Mid-Term tanker market attractiveness (supply)
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 Age (years) Suezmax Fleet - Average Age VLCC Fleet - Average Age 120 14 13.1 110 100 13 12.7 90 65 80 12
Slide 23: Delphis container vessels
== CMB | DELPHIS mm = CH | sCCONTAINER VESSELS
Slide 24: Containers
Containers KEY HIGHLIGHTS Q3 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 July 2026 (Qingdao Y
Slide 25: Bochem chemical tankers
BOCHEM =— CMB | BOCHEM CHEMICAL TANKERS
Slide 26: Chemical
Chemical KEY HIGHLIGHTS Q3 2025 PERFORMANCE ( $ per vessel per day) Pool Time Charter ▸Trading fleet of 7 chemical tankers on the water ▸Favorable long-term contract exposure: OPEX 7,663 2 x Pool, 6 x 10-year TC, 6 x 7-year TC OPEX 7,663 P&L break-even 18,164 +4,414 ▸Newbuilding orderbook: ▸ 2 x che
Slide 27: Windcat offshore wind and oil & gas
WINDCAT OFFSHORE WIND AND OIL & GAS
Slide 28: Offshore wind, oil & gas
Offshore wind, oil & gas KEY HIGHLIGHTS Q3 2025 PERFORMANCE ( $ per vessel per day) ▸ Windcat took delivery of CSOV Windcat Rotterdam – employed for the remainder of the year in Australia OPEX 15,107 ▸ Still five CSOVs on order ▸ Generally, increased demand from the oil and gas side of the industry
Slide 29: Multi-Purpose Accommodation Service Vessel (CSOV XL)
Multi-Purpose Accommodation Service Vessel (CSOV XL) ▸XL client persons on board: up to 150 POB XL ▸Permanent gangway connection – being more suited to O&G projects ▸Economies of scale for charters ▸Only vessel type in the market that can truly operate between the Offshore Wind and the large W2W O&G
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 fo
Slide 31: Joris Daman, Head of Investor Relations and ESG
JORIS DAMAN joris.daman@cmb.tech HEAD OF INVESTOR RELATIONS AND ESG +32 498 61 71 11