Cmb.tech Nv · EURONEXT:CMBT
Cmb.tech Nv — Merger or Acquisition (April 2025)
54 slides from Cmb.tech Nv's merger presentation, Apr 24, 2025
Slide 1: CMB.TECH & Golden Ocean Proposed Merger
CMB.TECH & GOLDEN OCEAN PROPOSED MERGER Capital Markets Day – 24 April 2025 © 2025 – CMB.TECH 1
Slide 2: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended, Section 27A of the U.S. Securities Act of 1933, as amended, and the U.S. Private Securities Litigation
Slide 3: Disclaimer
Disclaimer Use of Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures as defined under U.S. Securities and Exchange Commission (the “SEC”) rules. These non-GAAP financial measures include and reflect managements’ current expectations and beliefs regarding the p
Slide 4: Presentation Topics
Presentation Topics 1. The Transaction 2. CMBT & GOGL Pro-Forma Company 3. Value Creation 4. Marine Divisions © 2025 – CMB.TECH 4
Slide 5: The Transaction
The Transaction Proposed merger between CMB.TECH & Golden Ocean Non public version - © 2023 – CMB.TECH nv 5
Slide 6: Key Terms of the Proposed Merger
Key Terms of the Proposed Merger • Stock-for-stock merger with CMB.TECH being the surviving entity Merger Structure • CMB.TECH and Golden Ocean shareholders to own approximately 70% and 30% (or 67% and 33% excluding treasury shares) of CMB.TECH post merger, respectively • Golden Ocean shareholders t
Slide 7: Company Profile
Company Profile Marine CMB.TECH marine in numbers Design, build and operate a future-proof fleet powered by hydrogen and ammonia: Total of 162 vessels Suezmax tankers / VLCC tankers Dry-Bulk carriers Floating Storage and Offloading with an average age of 4.1 years (1) Crew Transfer Vessels Chemical
Slide 8: Company Profile: P&L Q4 and FY 2024
Company Profile P&L Q4 and FY 2024 EBITDA adj. NET INCOME NET INCOME adj. Adjusted for capital gains (in USD Million) Adjusted for capital gains (in USD Million) (in USD Million) 495.2 184.4 143.2 146.4 115.8 109.3 98.1 93.1 87.7 69.7 36.7 22.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2024 2024 2024
Slide 9: Company Profile: Golden Ocean
Company Profile Golden Ocean, the leading owner in large-sized dry bulk. Positioned to capture market strength and generate significant cash flow with modern, fuel-efficient fleet, large commercial scale and highly competitive cash costs. GOGL provides exposure to the largest segments in dry, whilst
Slide 10: Company Profile: Golden Ocean P&L Q4 and FY 2024
Company Profile P&L Q4 2024 and FY 2024 FY 2024 Q4 2024 TCE rate TCE rate $ 22,680 $ 20,809 EPS EPS $ 1,12 $ 0,20 Net income Net income $ 223.2 million $ 39.0 million FY 2024 dividend Q4 dividend $ 1.05 /s $0.15/s © 2025 – CMB.TECH 10
Slide 11: CMBT & GOGL Pro-Forma
CMBT & GOGL Pro-Forma Further reference made to CMB.TECH in this presentation is forward-looking and describes the CMBT & GOGL pro-forma company and its business plans A leading diversified maritime group after the proposed all stock transaction. Non public version - © 2023 – CMB.TECH nv 11
Slide 12: A Leading Diversified Maritime Group
A Leading Diversified Maritime Group Fleet Finance Listing 202+51 3 billion $ 11.1 billion ~50% Through-out the cycle Modern Eco Vessels Contract backlog (USD) Fair Market Value(1) leverage target NH3 6.1 ~$ 14.9/s $ 2.2 billion Average age 171 54 28 (excl. CTV’s 9.79y) 1 x NAV per share estimation
Slide 13: Experienced Leadership, Proven Success
Experienced Leadership, Proven Success The founders of CMB.TECH and driving force behind Alexander Saverys the rapid technological advancements which result Chief Executive Officer in proprietary H2 and NH3 technologies Alexander Saverys serves on the Management Board of CMB.TECH as Chief Executive
Slide 14: What Do We Stand For?
What Do We Stand For? We create diverse, sustainable, and high-quality CMB.TECH builds, owns, operates the largest pool cash-flows. of eco vessels – that are either modern eco vessels, or run or are ready to run on H2 and NH3. 1 2 We reward our shareholders. We attract and inspire We serve our clien
Slide 15: The Power of Diversification, the Edge in Market Cycles
The Power of Diversification, the Edge in Market Cycles OB/F % 115 Cape order boom 110 becoming 20y 83.3% of total FMV of CMB.TECH 105 exposed to favourable OB/F and & 100 age profiles, remaining 16.7% mainly fixed under long-term 95 TC contracts 33+7 103+18 90 85 VLCC & Suezmax Nuke & Panamax 80 75
Slide 16: Geared Up for Resilient Performance Across the Shipping Cycles
Geared Up for Resilient Performance Across the Shipping Cycles (1) Mix of spot and TC exposure End-markets diversification Blue chip clients Exposed to different contract types Exposure to diversified and attractive balancing spot market income with end-markets across various shipping Proven track r
Slide 17: Modern Fleet at the Forefront of Decarbonisation
Modern Fleet at the Forefront of Decarbonisation NH3 Mix of dual fuel fitted, dual fuel ready, and modern ~$11.1 billion 6.1 years 162 + 91 = 253 eco fleet: addressing todays and tomorrows Combined FMV (1) Average fleet age Vessels customers' emission and efficiency challenges DRY-BULK VESSELS + OIL
Slide 18: Hydrogen and Ammonia
Hydrogen and Ammonia CMB.TECH is ideally positioned to tap into each step of the energy transition ... with a clear vision on value creation towards future-proof shipping ... for shareholders Sourcing, producing and consuming of the molecule – both for CMB.TECH and our charterers Dual fuel fitted ve
Slide 19: CMB.TECH Strategy Supported by Regulations
CMB.TECH Strategy Supported by Regulations Tier 2 deficit: IMO GHG $380 per tonne of CO2eq strategy on a WtW basis MEPC 83 2028 ✓ Modern eco fleet, NH3 dual fuel optionality Tier 1 deficit: & NH3 dual fuel fitted fleet $100 per tonne of CO2eq on a WtW basis Regulations: EU already in place, IMO 2028
Slide 20: Value Creation
Value Creation The largest listed diversified maritime group Non public version - © 2023 – CMB.TECH nv 20
Slide 21: Stock-for-Stock Merger: CMB.TECH and Golden Ocean Value
Stock-for-Stock Merger Golden Ocean VALUE • On 4 March 2025, CMB.TECH NV announced that it had entered into a share purchase agreement with Hemen Holding Limited for the acquisition of 81,363,730 shares in Golden Ocean Group Limited at a price of 14.49 USD per share. (1) • Same will be used in calcu
Slide 22: The Largest Listed Diversified Maritime Group
The Largest Listed Diversified Maritime Group A large and liquid player + Large market 3,31 3,21 capitalisation among its peers (1) ~$3.2 billion Market Cap 2,07 Market Cap In $bn (1) 1,79 ~38.4% 1,62 1,60 1,59 1,58 1,56 1,50 or 1,42 1,42 1,34 ~$1.2 bn 1,04 1,03 Free float 0,96 0,67 0,52 0,37 0,34 0
Slide 23: Leveraging an Anchor Shareholder with Deep Roots in Shipping
Leveraging an Anchor Shareholder with Deep Roots in Shipping 1895 104 2004 21 Compagnie Belge Years listed on the Euronav demerges Years listed on the Maritime du Congo Brussels stock exchange from CMB Brussels stock exchange (Listing 2004 Euronext Brussels, 2015 NYSE) ~$19.0/s ~62.5% ~$20.8/s ~45.0
Slide 24: A Leading Diversified Maritime Group
A Leading Diversified Maritime Group 1 The largest listed diversified maritime group with close to 40% free float More than 250 modern vessels at the forefront of decarbonisation with a mix of dual 2 fuel fitted, dual fuel ready and modern eco ships Geared up for resilient performance across the shi
Slide 25: Marine Divisions
Marine Divisions General overview, markets and dry bulk deep dive Non public version - © 2023 – CMB.TECH nv 25
Slide 26: Marine Division Market Fundamentals Remain Intact
Marine Division Market Fundamentals Remain Intact TANKERS DRY-BULK CONTAINER CHEMICAL OFFSHORE WIND • Tonne-mile crude oil: • Tonne-mile Capesize: • TEU-mile: • Tonne-mile: • Projecting 15% (+5.3 GW +0.8% in 2025 +1.0% in 2025 -0.2% in 2025 +3.1% in 2025 of capacity growth in +1.0% in 2026 +0.0% in
Slide 27: Euronav: Crude Oil Tankers
rari * Pe ; CMB | Euronav Crude Oil Tankers
Slide 28: Tankers
Tankers As per the Q4 2024 earnings release KEY HIGHLIGHTS Q4 2024 PERFORMANCE IN $ PER VESSEL PER DAY • Trading fleet of 13 VLCC and 18 Suezmax vessels on the water 10,935 17,542 Spot rates to date for Q1 2025 • Suezmax age distribution: • NB-5 years: 9 37,372 38,274 • 5-10 years: 4 VLCC 73% fixed
Slide 29: Favorable Supply Side Fundamentals Remain Intact
Favorable Supply Side Fundamentals Remain Intact 110 >20 by 2030 668 107 700 # vessels # vessels 100 650 600 90 550 80 500 70 450 57 400 60 350 50 45 45 44 42 300 40 37 250 32 30 30 27 26 26 27 27 26 200 25 23 150 20 14 100 8 10 8 10 50 4 0 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 20
Slide 30: Tariff Impact on Global GDP, Oil Demand, and Oil Supply
Tariff Impact on: Global GDP, Oil Demand, and Oil Supply GLOBAL OIL DEMAND SENSITIVITIES DEMAND – SUPPLY IMBLANCE Oil demand World GDP Inventory change Global oil production 10% reduction in oil prices boosts Global oil demand 1 Effect of tariffs: demand by 0.3%, or 0.3mb/d globally 106 +1,6mb/d 2,0
Slide 31: Additional Upside (and Volatility) Expected to Materialise
Additional Upside (and Volatility) Expected to Materialise SANCTIONS RUSSION OIL ON THE WATER REMAINS ELEVATED IRAN CRUDE/CONDESATE PRODUCTION • Over Q1 2025, the US sanctioned additional vessels and teapot refineries that were engaged in Iranian trade • Any CHANGE of today’s status quo would be a p
Slide 32: Bocimar and Golden Ocean: Dry Bulk
Bocimar and Golden Ocean Dry Bulk
Slide 33: Dry bulk
As per the Q4 2024 Dry bulk earnings release • KEY HIGHLIGHTS As of January 23rd, 12 super-eco 210,000 DWT Q4 2024 PERFORMANCE CMBT + Q4 2024 PERFORMANCE GOGL IN $ PER VESSEL PER DAY Newcastlemaxes on the water exposed to supportive freight markets OPEX Actual Q4 2024 TCE / day P&L break-even 2024 /
Slide 34: Large Capesize Exposure
Large Capesize Exposure 10 China COSCO Shipping 6 CMBT/GOGL 87 96 + 12 Nippon Yusen Kaisha 69 11 Berge Bulk 59 17 Winning Intl 59 Large Capesize Exposure 7 Eastern Pacific Shpg 50 12 Mitsui OSK Lines 47 10 Angelicoussis Group 46 X 11 China Merchants 41 Youngest fleet amongst the top 12 K-Line 40 20
Slide 35: Specific Dry Bulk Market Attractiveness
Specific Dry Bulk Market Attractiveness POSITIVE SUPPLY STORY (TONNAGE) X SUPPORTIVE DEMAND (TON & MILE) = LONG-TERM MARKET ATTRACTIVENESS 11.5 years Order book 150 74% 82% & Cape average age at 35- Order book does not cover Of global steel production Of iron ore used for Chinese year historical hig
Slide 36: OB/F and Earnings Potential
OB/F and Earnings Potential 10-year-old Cape: 105 mio USD 120.000 120 OB/F % USD earnings Average Capesize Long Run Earnings 110.000 110 Capesize Orderbook % Fleet 100.000 100 Average Age 90.000 90 80.000 80 70.000 70 60.000 60 10-year-old Cape: 50.000 50 43 mio USD 40.000 40 30.000 30 20.000 20 10.
Slide 37: Skewed Age Distribution
Skewed Age Distribution 2025 Special 260 Survey 15 years 251 2,200 # vessels # vessels +101 2,027 240 2,000 220 212 214 1,800 200 1,600 180 160 2024 Special 1,400 150 140 Survey 15 years 1,200 120 111 113 1,000 103 104 100 94 88 88 800 75 80 80 58 57 600 60 51 56 48 45 50 41 400 40 32 20 200 0 0 200
Slide 38: Dry Docking to Increase in 2025
Dry Docking to Increase in 2025 CAPE SPECIAL SURVEY CAPE PORT CONGESTION (% of fleet – Major Ports) ENVIRONMENTAL LEGISLATION & SPEED INDEX 5y SS: ~13.1 days 10y SS: ~15.7 days 15y SS: ~19.4 days % Index 650 26% 28 14 100 25% 25% 26 Capesize Line-Up Bulkcarrier Average Speed 13 600 (index 2008 =100)
Slide 39: Seaborne and China Iron Ore Demand Drivers
Seaborne and China Iron Ore Demand Drivers IRON ORE SEABORNE TRADE DRIVERS IRON ORE PRICES AND BREAK-EVEN LEVELS Production global mining % steel scrap versus irone Iron Ore Spot Price CFR N China companies -ore blast furnace Vale est. break-even price + 240 MT/Y 2024-2027 stable BHP/Rio Tintio est.
Slide 40: Other Commodities, Other Regions
Other Commodities, Other Regions BAUXITE SEABORNE TRADE CHINA - INDIA – JAPAN SEABORNE COAL IMPORT GRAIN Est. bauxite trade growth ~4.1% per year over Est. thermal coal (representing 68% of all coal) trade growth Est. grain trade growth ~2.4% per year over 2024/26 ~1.0% per year over 2024/26 2024/26
Slide 41: Both Supply and Demand Drive Market Attractiveness
Both Supply and Demand Drive Market Attractiveness POSITIVE SUPPLY STORY SUPPORTIVE DEMAND LONG-TERM MARKET (TONNAGE OB/F and AGE) X (TON & MILE) = ATTRACTIVENESS 20-YEAR LONG RUN HISTORICAL EARNINGS BALTIC 5TC INDEX SEASONALITY (25 YEAR AVERAGE) Capesize Long Run Historical Earnings Newcastlemax Se
Slide 42: Delphis: Container vessels
DELPHIS NT jj WA Ge a iw SU at == CMB | Delphis = “TECH Container vessels
Slide 43: Containers
Containers As per the Q4 2024 earnings release KEY HIGHLIGHTS Q4 2024 PERFORMANCE • 4 x super-eco 6,000 TEU ice class container feeder vessels on the water. Newbuilding program of the 6,000 TEU IN $ PER VESSEL PER DAY ice class completed and all operational under a 10-year time charter contract to C
Slide 44: Bochem: Chemical tankers
BOCHEM = CMB | Bochem . TECH Chemical tankers
Slide 45: Chemical
Chemical As per the Q4 2024 earnings release KEY HIGHLIGHTS Q4 2024 PERFORMANCE • Trading fleet of six chemical tankers on the water IN $ PER VESSEL PER DAY TCE calculations: • Newbuilding orderbook: • Budget P&L break-even for 2024: includes OPEX (incl. • 2 x chemical tankers (NH3 ready): 2025 5,90
Slide 46: Windcat: COSVs and CTVs
6 WINDcaT ri HALONG SHIPBUILDING Co. =— CMB | Windcat COSVs and CTVs |
Slide 47: Offshore wind and oil & gas
Offshore wind and oil & gas As per the Q4 2024 earnings release KEY HIGHLIGHTS Q4 2024 PERFORMANCE • The US market is facing increasing political headwinds, and projects not already at an advanced stage, will struggle to move forward in the coming years • Offshore wind markets are driven mainly loca
Slide 48: 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 49: Annex
=— CMB =~ | Annex
Slide 50: CMBT & GOGL Combined Available Days
CMBT & GOGL Combined Available Days (1) Time Charter (Days) NUKE/CAPESIZE KAMSAR/PANAMAX TOTAL (excl. other) Spot (Days) 2025 2026 2027 2028 2025 2026 2027 2028 2025 2026 2027 2028 349 593 1.095 1.095 0 0 0 0 12.5% 11.8% 11.6% 12.3% 27.436 30.361 30.660 30.660 11.680 11.680 11.680 11.680 87.5% 88.2%
Slide 51: Attractive Combined Financial Profile
Attractive Combined Financial Profile(1) FY 2024 + In $m, unless otherwise stated CMB.TECH GOLDEN OCEAN PRO FORMA Revenue 940 776 1,716 EBITDA excl. 515 429 944 capital gain 55% margin 55% margin 55% margin Net leverage 54.9%(2) 37.7%(2) 49.3% Liquidity 344(3) 279(3) 623 Dividends $5.72 per share $1
Slide 52: Balance Sheet – GOGL & CMBT conso illustrative
Balance Sheet – GOGL & CMBT conso illustrative(1) VAE ACTUAL DRAFT ILLUSTRATIVE ILLUSTRATIVE in k USD VAE ILLUSTRATIVE 31/12/2024 31/03/2025 30/06/2025 30/06/2025 ASSETS NON-CURRENT ASSETS 3.434.226 7.522.579 7.646.426 9.077.736 Property, plant and equipment 3.269.427 7.120.006 7.241.353 1.431.310 8
Slide 53: Iron Ore Incremental Volumes and Additional Ton-mile
Iron Ore Incremental Volumes and Additional Ton-mile Beauxite project in Guinea z 2024: 137 MT/Y ➔ 2025: 156 MT/Y Bon Ami 6 MT/Y – 10 MT/Y Iron Ore import port Koumbia project 3.5 MT/Y Simandou iron ore project in Guinea Qingdao (China) Societe Miniere de Boke 10 MT/Y Start 2025,100% by 2028 Sangare
Slide 54: Joris Daman
Joris Daman joris.daman@cmb.tech HEAD OF INVESTOR RELATIONS AND ESG +32 498 61 71 11