Cmb.Tech (CMBT) Q3 2024 earnings summary

Executive summary

• Q3 2024 net profit reached $98.1 million ($0.49/share), with YTD profit at $777.7 million; adjusted profit was $37 million excluding capital gains.

• Eight newbuild vessels delivered and two older tankers sold, generating $61.4 million in capital gains.

• Name changed from Euronav to CMB.TECH effective October 1, marking a strategic shift to decarbonization and fleet diversification.

• Contract backlog stands at $2.06 billion, with $57 million added from a new chemical tanker contract.

• Inaugurated a new hydrogen engine R&D center in Japan, advancing decarbonization initiatives.

Financial highlights

• Q3 2024 revenue was $278.4 million, with EBITDA at $167.9 million; YTD net profit at $777.7 million.

• Liquidity at quarter-end was $326.4 million; equity/total assets ratio at 30.4%.

• Outstanding CapEx at end of Q3 is $2.5 billion.

• Net cash from operating activities for the first nine months was $349 million; cash and equivalents at period end were $47.8 million.

• Q3 2024 EPS was $0.49, with YTD 2024 EPS at $3.95.

Outlook and guidance

• Positive outlook for tankers, dry bulk, chemical tankers, and offshore wind, supported by long-term contracts and ongoing fleet renewal.

• Cautious on container markets due to supply growth and potential oversupply in 2025.

• Strategy focuses on a modern, dual-fuel capable, low-carbon fleet by 2027, with decarbonization optionality providing upside.

• Offshore wind and oil & gas vessel demand expected to increase, with first CSOV on water in May 2026.

• No FFA hedging planned for dry bulk; time charter coverage under consideration.