Slide 1: Earnings conference call Q2 2026
Decarbonise Today Navigate Tomorrow Earnings conference call Q2 2026 PRESENTER 27 AUGUST 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: Making Hay: Financials & Highlights
MAKING HAY FINANCIALS & HIGHLIGHTS
Slide 4: A leading diversified maritime group
FINANCIALS & HIGHLIGHTS A leading diversified maritime group FLEET FINANCE LISTING 206 + 26 $ 3.3 bn. $ 11.2 bn. ~ 50% Modern Eco Vessels (1) Contract backlog (USD) (2) Fair Market Value(4) Through-out the cycle leverage target 5.9 $ 0.9 bn. ~ $ 5.2 bn. ~ 60% Average age (excl. CTVs 10.4y) CAPEX com
Slide 5: Q2 2026 financials
FINANCIALS & HIGHLIGHTS Q2 2026 financials EBITDA NET INCOME P&L Q2 2026 (in USD Million) (in USD Million) The most important key figures (unaudited) are: 558,3 552,8 Second Quarter Second Quarter (in thousands of USD) YTD 2026 YTD 2025 2026 2025 Revenue 703,943 387,808 1,223,573 622,852 Other opera
Slide 6: Q2 2026 highlights
FINANCIALS & HIGHLIGHTS Q2 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 second quarter of 2026 was a profit of USD 364.4 ► Following vessel sales generated a gain in Q2 2026: mill
Slide 7: CMBT capitalises on exceptionally high secondhand values
FINANCIALS & HIGHLIGHTS CMBT capitalises on exceptionally high secondhand values… …BY SELLING VLCC AND SUEZMAX VESSELS AT HISTORIC PRICING LEVELS Mio USD 5-YEAR SECO ND HAND VALUES: 250 Today 10 year average 2015-2025 max 2015-2025 min 205 200 158 150 +93,6% 104 100 100 85 82 72 +76,7% 57 40 50 0 Co
Slide 8: Operational free cash flow remains strong after asset sales
FINANCIALS & HIGHLIGHTS Operational free cash flow remains strong after asset sales …2027e OPERATIONAL CASH FLOW OF +700 MIO USD AT CURRENT 2027 DRY BULK FFAs Million USD ESTIMATED FCF % PER DIVISION FY2027 Today FY 2026 +10% +20% 1,027 Other 1,000 5.5% 900 868 33.7% Tanker 800 60.9% Dry-Bulk 708 33
Slide 9: Majority of CAPEX nearing completion
FINANCIALS & HIGHLIGHTS Majority of CAPEX nearing completion… …HENCE CAPITAL ALLOCATION FLEXIBILITY IS SET TO INCREASE Bocimar Euronav Delphis Bochem Windcat Outstanding CAPEX END Q2 2026 0.89 Billion USD Committed financing Unfunded CAPEX 0.77 Billion USD 119 Million USD 347 2026: 2027: 2028: 2029:
Slide 10: Market Update
MARKET UPDATE BOCIMAR, EURONAV, DELPHIS, BOCHEM, WINDCAT
Slide 11: 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: ▸ By 2035, 296 GW of +3.1% 2026 (+3.0% ‘27) -4.6% in 2026 +3.0% in 2026 -2.6% in 2026 installed capacity (777 +3.2% i
Slide 12: Bocimar
== CMB BOCIMAR ©C) | DRY BULK
Slide 13: Dry bulk
BOCIMAR Dry bulk Q2 2026 SPOT PERFORMANCE YOY (MID AUGUST 2026) KEY HIGHLIGHTS ( $ per vessel per day) ▸ 40 NEWCASTLEMAXES on the water (average age of 3.2y) China steel production -2.9% with another 6 Newcastlemaxes to be delivered by Q4 2026 OPEX 7,039 ▸ Q2 2026 TCE actuals at 46,198 USD/day, outp
Slide 14: 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 15: Strong Q2 volumes
BOCIMAR Strong Q2 volumes DRIVEN BY INCREASED IRON ORE (+46 MMT) AND COAL (+36 MMT) VOLUMES (Q2 vs Q1 2026), NORMAL SEASONAL BAUXITE SLUMP (-10 MMT) CAPESIZE VOLUME GROWTH – TOP EXPORTED COMMODITIES PANAMAX VOLUME GROWTH – TOP EXPORTED COMMODITIES +10.2% +8.7% (+48 MMT) (+25 MMT) 520 308 505 10 472
Slide 16: Continued iron ore strength
BOCIMAR Continued iron ore strength TODAY IT’S A CHINA – AUSTRALIA – BRAZIL STORY DRIVEN BY THE SEARCH FOR HIGHER Fe CONTENT Seaborne Iron Ore Import China Iron Ore Import China's iron ore imports are driven by declining domestic ore grades (YTD July 26 in MMT) (YTD July 26 in MMT) and lower domesti
Slide 17: Continued iron ore strength
BOCIMAR Continued iron ore strength TODAY IT’S A CHINA – AUSTRALIA – BRAZIL STORY, HOWEVER IMPORTANCE OF AFRICA IS INCREASING (GRADUALLY) Robust African Iron Ore Flows projected, fuelled by Guinea Break-Even price, CFR China (and Liberia in the short term) Simandou Iran (SOEs) Yilgarn Hub (Min Res)
Slide 18: Potential El Niño as sweetener for Panamax fleet
BOCIMAR Potential El Niño as sweetener for Panamax fleet GENERAL IMPLICATIONS DRY BULK COMMODITY SPECIFIC IMPLICATIONS EL NIÑO ▸ Australia & SE Asia: hotter/drier → weaker wheat & rice output ▸ The National Oceanic and Atmospheric Administration (NOAA) officially ▸ South America (Argentina, S. Brazi
Slide 19: El Niño (2023/2024)
BOCIMAR El Niño (2023/2024) Panamax earnings (USD/day) Total Bulkcarrier Panama Canal Transits USD/day # 20.000 250 200 15.000 +183.6% 150 10.000 100 5.000 50 0 0 Mar-2023 May-2023 Jul-2023 Sep-2023 Nov-2023 Jan-2024 Mar-2024 May-2024 Jul-2024 1 2 3 4 5 ONSET OF CONSTRAINTS RATE IMPACT PEAK IMPACT C
Slide 20: Euronav
=— CMB | EURONAV CRUDE OIL TANKERS |
Slide 21: Tankers
EURONAV Tankers Q2 2026 SPOT PERFORMANCE KEY HIGHLIGHTS YOY (END JULY 2026) ( $ per vessel per day) 9,232 World oil demand ▸ VLCC trading fleet of 4 VLCCs with 1 x ECO VLCC OPEX 2026 +1.0% on order (delivery Dec 2026) (average age <1y) P&L break-even 34.769 +92,021 ▸ Q2 2026 TCE actuals at 126,790 U
Slide 22: Crude orderbook keeps on growing
EURONAV Crude orderbook keeps on growing STRONGEST PERIOD FOR NEWBUILD INVESTMENT IN >50 YEARS LED BY EXAGGERATED VLCC APPETITE VESSEL NB SUPPLY SIDE FUNDAMENTALS HISTORIC VLCC AND SUEZMAX DELIVERIES (2026 remaining) (FY 2026) Suezmax NB deliveries VLCC NB deliveries Suezmax and VLCC Deliveries 242
Slide 23: Seaborne crude exports reduced since closure SOH
EURONAV Seaborne crude exports reduced since closure SOH… …BY APPROXIMATELY 8.55 mbpd Seaborne Crude Oil (January 2026 versus June 2026) All regions except China compensated the ME export losses In mbpd China removed about 4.3 mbpd) of import demand (= SPR draws, stopping extra inventory building, r
Slide 24: SOH long-term implication on market dynamics
EURONAV SOH long-term implication on market dynamics… …CHINA’S PRICE SENSITIVE OIL BUYING BEHAVIOUR IS BECOMING VERY V ISIBLE SINCE IRAN CONFLICT …allow China imports to be price sensitive and postpone China large crude stockpiles… imports when crude prices are high ’23-’25 Low (mb) 2025 (mb) 3 In m
Slide 25: SOH long-term implication on market dynamics
EURONAV SOH long-term implication on market dynamics… …CHINA CAN AND WILL INFLUENCE REGIONAL AND GLOBAL OIL AND FUEL M ARKETS GOING FORWARD (TO THE DETRIMENT OF OPEC’S INFLUENCE ? ) Net imports of seaborne crude oil/condensate in China Net imports of seaborne crude oil/condensate in Asia (mbpd) (exc
Slide 26: Delphis
DELPHIS CONTAINER VESSELS © 2026 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH 26
Slide 27: Containers
DELPHIS Containers KEY HIGHLIGHTS Q2 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 December 202
Slide 28: Bochem
BOCHEM CHEMICAL TANKERS © 2026 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH 28
Slide 29: Chemical
BOCHEM Chemical KEY HIGHLIGHTS Q2 2026 PERFORMANCE ( $ per vessel per day) ▸ Trading fleet of 8 chemical tankers on the water. Favorable long-term contract Pool Time Charter exposure: OPEX 7.663 OPEX 7.663 2 x Pool, 8 x 10-year TC, 6 x 7-year TC ▸ Newbuilding orderbook: 2 x product tankers (CH₃OH fi
Slide 30: Windcat
WINDCAT OFFSHORE ENERGY © 2026 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH 30
Slide 31: Offshore wind, oil & gas
WINDCAT Offshore wind, oil & gas KEY HIGHLIGHTS Q2 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 ▸ The CSOV market remained strong in Q2 2026, supported by high utilisation, limited P&L brea
Slide 32: 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 33: Joris Daman
Decarbonise Today Navigate Tomorrow JORIS DAMAN Joris.daman@cmb.tech CO-HEAD INVESTOR RELATIONS +32 498 61 71 11