CMB.TECH NV Ordinary Shares (CMBT) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, everyone, and welcome to the CMB Tech earnings call for the first quarter of 2025. My name is Alexander Severis. I'm the CEO of CMB Tech, and I'm joined here today by my colleagues Ludovic, Joris, and Enya. We want to focus on our first quarter numbers, the financials, and the highlights. We also want to say a few words about the CMB Tech and Golden Ocean proposed merger. We will say a few words about the decisions that were taken at the IMO meeting a couple of weeks ago, and then zoom in on our different marine divisions and give you an update on where the market is. To end, as usual, with a conclusion and time for questions and answers. I would like now to hand it over to our CFO, Ludovic. Thanks, Alex, and good afternoon, everybody. If we look at the Q1 figures of 2025, we end the quarter with a profit of roughly $40 million. Excluding capital gains, we would have resulted in a net income of minus $6 million. These figures, it's for the first time we consolidate Golden Ocean from a balance sheet perspective end of March, but from a P&L perspective, we consolidate as from the 12th of March. So the figures include 19 days of Golden Ocean P&L. Mind you, there's different depreciation models, so it is sometimes not very easy to look through the figures. We have a liquidity end of March within CMB Tech of $345 million. Contract backlog has been highlighted in the previous business updates, but so we are reaching close to $3 billion. We're very proud to say that we've added roughly $1 billion in the first quarter. The capex still remains at $2.2 billion, and our equity on total assets within CMB Tech ended the quarter with 31.9%. Zooming in on the highlights. We've mentioned the profits. The most important transaction, obviously, was CME Tech buying the ...