Cmb.Tech (CMBT) Q4 2025 earnings summary

Executive summary

• Q4 2025 net profit reached $90.1 million, with full-year profit at $140.2 million and EBITDA at $942.9 million, driven by strong tanker and dry bulk markets and strategic vessel sales at high prices.

• Q4 EBITDA was $322.1 million; liquidity stood at $559.2 million at year-end, with all newbuilding CAPEX fully funded.

• Interim dividend of $0.16 per share declared, with further dividends expected based on capital gains from vessel sales.

• Full repayment of the $1.4 billion Golden Ocean bridge loan, strengthening the balance sheet and reducing leverage.

• Active asset sales and newbuild deliveries, including sale of eight VLCCs and several bulkers, generated over $400 million in capital gains across Q4 2025 and Q1/Q2 2026.

Financial highlights

• Q4 2025 revenue was $589.1 million, with EBITDA of $322.1 million and net income of $90.1 million.

• Full-year 2025 EBITDA totaled $942.9 million, and net profit was $140.2 million.

• Market cap at $4.2 billion, with a fleet of ~240 ships valued at $10.7 billion.

• Contract backlog stands at $3.05 billion, with $304 million added in Q4.

• Liquidity at year-end was $559.2 million.

Outlook and guidance

• Remaining CAPEX of $216 million expected to be fully funded through vessel sales and operational cash flow.

• Estimated FY2026 free cash flow projected at $703.9 million, with dry bulk contributing 51.3%.

• Positive outlook for dry bulk and tankers, with robust demand and strong market fundamentals; cautious outlook for containers and chemicals.

• Offshore wind and oil/gas segments expected to benefit from new project deliveries and aging competitor fleets.

• Dividend policy to be reviewed quarterly, with potential for further increases as operational cash flow grows.