Cmb.Tech (CMBT) Q3 2025 earnings summary

Executive summary

• Q3 2025 net profit was $17.3 million, with EBITDA at $238.4 million, and an interim dividend of $0.05 per share proposed, payable in early to mid-January 2026.

• Liquidity stood at $555.6 million, with a contract backlog of $2.95 billion and fully funded CapEx program.

• Seven new vessels were delivered and several older vessels sold, generating significant capital gains and supporting fleet renewal.

• CapEx program is fully funded through new loans, asset sales, and internal liquidity.

• Board and supervisory changes included new appointments and resignations.

Financial highlights

• Q3 2025 net profit: $17.3 million; EBITDA: $238.4 million; revenue: $454.2 million.

• Liquidity at quarter-end: $555.6 million; contract backlog: $2.95 billion.

• CapEx at $1.6 billion; book equity to total assets: 30.4%.

• Net gain on disposal of tangible assets in Q3 2025 was $61.4 million.

• Free cash flow capacity at current rates estimated at $250 million per quarter.

Outlook and guidance

• Dry bulk and tanker markets are expected to benefit from strong demand, aging fleets, and limited new supply.

• Q4 TCE rates for dry bulk and tankers are trending higher, with a high percentage of days already fixed.

• Container and chemical tanker markets face headwinds from high order books, excess capacity, and flat or moderating demand.

• If current market rates persist, could add $600 million liquidity annually.

• Focus remains on operational leverage and reducing bridge financing.