$CMBT

CMB.TECH NV

CIK:0001604481|SEC Filings

Consolidated Statement of Profit or Loss - USD ($)		2 Months Ended	12 Months Ended
Consolidated Statement of Profit or Loss - USD ($)	Jan. 01, 2023	Feb. 29, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Shipping income
Revenue (Note 4)			$ 1,666,080,000	$ 940,246,000	$ 1,235,127,000
Gains on disposal of vessels/other tangible assets (Note 8)			192,568,000	635,019,000	372,444,000
Other operating income (Note 4)			29,756,000	50,660,000	23,316,000
Total shipping income			1,888,404,000	1,625,925,000	1,630,887,000
Operating expenses
Raw materials and consumables			(10,265,000)	(3,735,000)	0
Voyage expenses and commissions (Note 5)			(362,155,000)	(174,310,000)	(142,090,000)
Vessel operating expenses (Note 5)			(420,409,000)	(199,646,000)	(231,033,000)
Charter hire expenses			(3,124,000)	(138,000)	(4,500,000)
Loss on disposal of vessels/other tangible assets (Note 8)			(4,000)	(2,000)	0
Depreciation tangible assets (Note 8)			(384,684,000)	(163,148,000)	(219,428,000)
Amortisation intangible assets (Note 9)			(3,284,000)	(2,881,000)	(1,612,000)
Impairment losses (Note 8)			(5,354,000)	(1,847,000)	0
General and administrative expenses (Note 5)			(141,975,000)	(77,766,000)	(62,532,000)
Total operating expenses			(1,331,254,000)	(623,473,000)	(661,195,000)
RESULT FROM OPERATING ACTIVITIES			557,150,000	1,002,452,000	969,692,000
Finance income (Note 6)			22,876,000	38,689,000	67,168,000
Finance expenses (Note 6)			(429,817,000)	(169,339,000)	(171,897,000)
Net finance expenses			(406,941,000)	(130,650,000)	(104,729,000)
Share of profit (loss) of equity accounted investees (net of income tax) (Note 26)			(882,000)	920,000	(927,000)
PROFIT (LOSS) BEFORE INCOME TAX			149,327,000	872,722,000	864,036,000
Income tax benefit (expense) (Note 7)			(10,185,000)	(1,893,000)	(6,009,000)
Profit (loss) for the period			139,142,000	870,829,000	858,027,000
Attributable to:
Owners of the company			160,696,062	870,829,138	858,026,940
Non-controlling interest			$ (21,554,000)	$ 0	$ 0
Basic earnings per share (in dollars per share)			$ 0.70	$ 4.44	$ 4.25
Diluted earnings per share (in dollars per share)			$ 0.70	$ 4.44	$ 4.25
Weighted average number of shares (basic) (in shares)	202,233,997	194,216,835	229,443,392	196,041,579	201,901,743	201,783,532
Weighted average number of shares (diluted) (in shares)			229,443,392	196,041,579	201,901,743

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Profit (loss) for the period	$ 139,142	$ 870,829	$ 858,027
Adjustments for:	618,492	(355,549)	(40,034)
Depreciation of tangible assets (Note 8)	384,684	163,148	219,428
Amortisation of intangible assets (Note 9)	3,284	2,881	1,612
Impairment losses (Note 8)	5,354	1,847	0
Provisions	(274)	(325)	(295)
Income tax (benefits)/expenses (Note 7)	10,185	1,893	6,009
Share of (profit)/loss of equity-accounted investees, net of tax (Note 26)	882	(920)	927
Net finance expenses (Note 6)	406,941	130,650	104,729
(Gain)/loss on disposal of assets (Note 8)	(192,564)	(635,017)	(372,444)
(Gain)/loss on disposal of subsidiaries (Note 24)	0	(19,706)	0
Changes in working capital requirements	7,264	39,307	105,881
Change in cash guarantees (Note 11)	(8,986)	(46,869)	12,234
Change in inventory (Note 12)	(13,263)	5,197	19,132
Change in trade receivables (Note 13)	38,631	95,930	43,036
Change in accrued income (Note 13)	(17,957)	7,410	(2,286)
Change in deferred charges and fulfillment costs (Note 13)	(7,110)	(6,065)	2,096
Change in other receivables (Note 11 and 13)	30,230	3,317	1,163
Change in trade payables (Note 18)	34,687	(14,867)	17,336
Change in accrued payroll (Note 18)	4,155	(94)	603
Change in accrued expenses (Note 18)	(37,031)	(18,999)	8,686
Change in deferred income (Note 18)	19,280	6,602	(187)
Change in other payables (Note 18)	(35,438)	7,758	263
Change in provisions for employee benefits	66	(13)	3,805
Income taxes paid during the period	(4,657)	(4,549)	(6,675)
Interest paid (Note 6 and 19)	(323,115)	(109,136)	(130,375)
Interest received (Note 6 and 13)	6,414	17,112	50,556
Net cash from operating activities	443,540	458,014	837,380
Net cash from (used in) investing activities
Acquisition of vessels and vessels under construction (Note 8)	(1,026,068)	(1,114,907)	(337,195)
Proceeds from the sale of vessels (Note 8)	509,817	1,718,862	1,206,636
Acquisition of other tangible assets (Note 8)	(3,741)	(5,022)	(1,407)
Acquisition of intangible assets (Note 9)	(1,503)	(1,541)	(60)
Proceeds from the sale of other (in)tangible assets (Note 8)	860	2,000	0
Loans from (to) related parties (Note 26)	(3,403)	(4,485)	0
Net cash on deconsolidation / sale of subsidiaries	0	822	0
Investments in other companies (Note 26)	0	(45,000)	0
Acquisition of a subsidiary, net of cash acquired (Note 24 and 25)	(1,098,897)	(1,152,620)	0
Repayment of loans from related parties	0	(79,930)	0
Lease payments received from finance leases	1,263	1,591	1,706
Dividends from other investments (Note 26)	9,876	1,050	0
Net cash from (used in) investing activities	(1,611,796)	(679,180)	869,680
Net cash from (used in) financing activities
Purchase of treasury shares (Note 15)	0	(126,913)	0
Proceeds from borrowings (Note 17)	6,469,027	2,722,525	2,694,127
Repayment of borrowings (Note 17)	(4,237,099)	(1,177,328)	(2,933,724)
Repayment of commercial paper (Note 17)	(221,304)	(357,171)	(458,272)
Repayment of sale and leaseback (Note 17)	(379,423)	(54,299)	(96,006)
Repayment of lease liabilities (Note 17)	(121,881)	(33,879)	(21,942)
Transaction costs related to issue of loans and borrowings (Note 17)	(74,394)	(19,223)	(14,530)
Dividends paid (Note 15)	(20,157)	(1,126,683)	(630,540)
Acquisition of non-controlling interest (Note 25)	(137,066)	0	0
Net cash from (used in) financing activities	1,277,704	(172,971)	(1,460,887)
Net increase (decrease) in cash and cash equivalents	109,448	(394,137)	246,173
Net cash and cash equivalents at the beginning of the period (Note 14)	38,869	429,370	179,929
Effect of changes in exchange rates	(1,788)	3,636	3,268
Net cash and cash equivalents at the end of the period (Note 14)	$ 146,529	$ 38,869	$ 429,370

Consolidated Statement of Financial Position - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Non-current assets
Vessels (Note 8)	$ 6,323,773	$ 2,617,484
Assets under construction (Note 8)	738,298	628,405
Right-of-use assets (Note 8)	4,847	1,910
Other tangible assets (Note 8)	23,981	21,628
Prepayments (Note 8)	1,075	1,657
Intangible assets (Note 9)	12,710	16,187
Goodwill (Note 9)	177,022	0
Receivables (Note 11)	97,116	75,076
Investments (Note 26)	111,346	61,806
Deferred tax assets (Note 10)	2,850	10,074
Total non-current assets	7,493,018	3,434,227
Current assets
Inventory (Note 12)	77,175	26,500
Trade and other receivables (Note 13)	320,843	235,883
Current tax assets	4,912	3,984
Cash and cash equivalents (Note 14)	146,529	38,869
Current assets other than non-current assets or disposal groups classified as held for sale or as held for distribution to owners	549,459	305,236
Non-current assets held for sale (Note 3)	363,097	165,583
Total current assets	912,556	470,819
TOTAL ASSETS	8,405,574	3,905,046
Equity
Share capital (Note 15)	343,440	239,148
Share premium (Note 15)	1,817,557	460,486
Translation reserve	9,502	(2,045)
Hedging reserve (Note 15)	90	2,145
Treasury shares (Note 15)	(284,508)	(284,508)
Retained earnings	737,239	777,098
Equity attributable to owners of the Company	2,623,320	1,192,324
Non-current liabilities
Bank loans (Note 17)	2,839,590	1,450,869
Other notes (Note 17)	0	198,887
Other borrowings (Note 17)	1,876,795	667,361
Lease liabilities (Note 17)	3,368	1,451
Other payables (Note 18)	20	0
Employee benefits	1,180	1,060
Deferred tax liabilities (Note 10)	485	438
Total non-current liabilities	4,721,438	2,320,066
Current liabilities
Trade and other payables (Note 18)	222,492	79,591
Current tax liabilities	8,288	9,104
Bank loans (Note 17)	351,170	201,937
Other notes (Note 17)	203,287	3,733
Other borrowings (Note 17)	273,898	95,724
Lease liabilities (Note 17)	1,681	2,293
Provisions (Note 21)	0	274
Total current liabilities	1,060,816	392,656
TOTAL EQUITY and LIABILITIES	$ 8,405,574	$ 3,905,046