Cmb.Tech (CMBT) Q4 2024 earnings summary

Executive summary

• Q4 2024 net profit was USD 93.1 million, with full-year profit at USD 870.8 million, marking a second consecutive year of strong results and supported by vessel sales and fleet rejuvenation.

• Delivered 20 newbuild vessels in 2024, with 7 delivered in Q4 and 2 more in Q1 2025; 8 ships sold and 8 new orders placed.

• No dividend declared for Q4 2024; focus remains on capital recycling, fleet renewal, and decarbonisation.

• Contract backlog stable at USD 2.05 billion, supporting future cash flows.

• Positive outlook for 2025 and beyond, supported by favorable tanker and dry-bulk fundamentals.

Financial highlights

• Q4 2024 revenue was USD 226.0 million; full-year revenue was USD 940.2 million.

• Q4 2024 EBITDA was USD 180.4 million; full-year EBITDA was USD 1,169.4 million.

• Q4 2024 EPS was USD 0.48; full-year EPS was USD 4.44.

• Capital gains from vessel sales in Q4 and Q1 totaled USD 116 million.

• Liquidity at year-end was USD 281 million.

Outlook and guidance

• Cautiously optimistic outlook for tankers and dry bulk in 2025, with continued fleet renewal and decarbonisation strategies.

• Expecting continued spot market exposure in tankers and dry bulk, with long-term contracts in containers.

• Offshore wind and chemical tanker markets remain healthy, with strong forward demand and utilization.

• Anticipate further deals and backlog growth in coming months.

• Container market outlook is cautious, with gradual easing in freight rates expected.