Cmb.Tech (CMBT) Q1 2025 earnings summary

Executive summary

• Q1 2025 net income was USD 40.4 million (USD 0.21 per share), with no dividend declared for the quarter.

• Term sheet signed for a merger with Golden Ocean, acquiring Hemen's stake and making CMB.TECH the controlling shareholder; 19 days of Golden Ocean P&L included.

• Major agreements signed for ammonia-powered vessels with Fortescue and MOL, and delivery of five newbuilds.

• Fleet rejuvenation continued with the sale of three VLCCs, generating future capital gains of USD 96.7 million.

• Contract backlog increased by USD 921 million to USD 2.94 billion.

Financial highlights

• Q1 2025 revenue was USD 240.4 million, with adjusted EBITDA of USD 115.8 million and adjusted net income of USD 146.4 million.

• Liquidity at end of March: USD 345.1 million; equity/total assets ratio: 31.9%.

• CapEx commitments remain at USD 2.2 billion.

• Net finance expenses rose to USD 64.2 million compared to USD 15.4 million in Q1 2024.

• Three VLCCs sold, with USD 100 million capital gain expected in Q2/Q3.

Outlook and guidance

• Merger with Golden Ocean would expand fleet to over 250 vessels and USD 11.1 billion fair market value.

• NAV per share estimated at USD 15 post-merger.

• Pro forma free cash flow for 2025: USD 250M (low), USD 500M (base), USD 750M (high), excluding further vessel sales.

• CapEx funding needs: USD 900M–1B per year, with USD 250M from operational cash flow.

• 2026: 62,000 ship days expected, with 88% spot exposure.