--- title: "CMB.TECH announces final year results | CMBT Stock News" type: "News" locale: "en" url: "https://longbridge.com/en/news/281236603.md" description: "CMB.TECH NV announced its final year results for 2025, reporting a profit of USD 139.1 million, with a Q4 profit of USD 89.1 million. The company focused on fleet rejuvenation, delivering 17 new vessels and ordering 9 more. CMB.TECH also completed a merger with Golden Ocean and is now listed on NYSE and Euronext. Key financial figures include a revenue of USD 1.67 billion for 2025 and a capital gain of USD 192.6 million from vessel sales. The company is investing in the Chinese ammonia supply chain and has made significant management changes." datetime: "2026-03-31T12:07:00.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/281236603.md) - [en](https://longbridge.com/en/news/281236603.md) - [zh-HK](https://longbridge.com/zh-HK/news/281236603.md) --- # CMB.TECH announces final year results | CMBT Stock News **CMB.TECH ANNOUNCES FINAL YEAR RESULTS** **ANTWERP, Belgium, 31 March 2026 – CMB.TECH NV (“CMBT”, “CMB.TECH” of “the company” (NYSE: CMBT, Euronext Brussels: CMBT and Euronext Oslo Børs: CMBTO) reported its final financial results today for the full year ended 31 December 2025.** **HIGHLIGHTS 2025** Financial highlights: - Profit of USD 89.1 million in Q4 2025 bringing full year profit to USD 139.1 million​ - No major changes compared to the preliminary figures published on 26/2/26 - Total contract backlog increased to USD 3.05 billion Fleet highlights: - CMB.TECH focused on its fleet rejuvenation with 17 newbuild deliveries - 8 Newcastlemaxes - 1 Crude oil tanker - 1 Chemical tanker - 5 CTVs - 2 CSOVs - Further fleet expansion with 9 vessels ordered (6 chemical tankers, 2 CTVs and 1 MP-ASV) - Sale of 12 older vessels (5 VLCCs, 2 Suezmaxes, 2 Capesizes, 2 Panamaxes and 1 CTV) - Fortescue and CMB.TECH signed agreement for ammonia-powered Newcastlemax - CMB.TECH and MOL signed landmark agreement for nine ammonia-powered vessels Corporate highlights: - On March 4 2025, CMB.TECH announced that it entered into a share purchase agreement with Hemen Holding Limited for the acquisition of 81,363,730 shares in Golden Ocean Group Limited. - Completed merger with Golden Ocean on 20 August - Additional listing: CMB.TECH is now listed on NYSE (CMBT), EURONEXT Brussels (CMBT) and EURONEXT Oslo (CMBTO) - CMB.TECH is investing in the Chinese ammonia supply chain - Supervisory Board changes **HIGHLIGHTS Q1 2026** - Sale of stake in Tankers International Pool, closed on 27 January 2026. - Management Board changes: resignation of Mr. Benoit Timmermans - Sale of 8 VLCCs and 2 Capesize vessels Q1 to date - Delivery of 3 vessels in Q1 to date For the fourth quarter of 2025, the company realised a net gain of USD 89.1 million or USD 0.31 per share (fourth quarter 2024: a net gain of 93.1 USD million or USD 0.48 per share). EBITDA (a non-IFRS measure) for the same period was USD 323.4 million (fourth quarter 2024: USD 180.4 million). **CMB.TECH FLEET DEVELOPMENTS** **RECAP 2025** In 2025, CMB.TECH focused on its fleet rejuvenation with 17 newbuild deliveries (8 Newcastlemaxes, 1 crude oil tanker, 1 chemical tanker, 5 CTVs & 2 CSOVs) and the sale of 12 older vessels (5 VLCCs, 2 Suezmaxes, 2 Capesize vessels, 2 Panamaxes and 1 CTV). Furthermore, the company also ordered an additional 9 vessels (6 chemical tankers, 2 CTVs and 1 MPSAV). **CAPITAL GAIN IN USD** The total capital gain on vessel sales in 2025 amounted to USD 192.6 million and in Q1 2026 the capital gain on vessel sales will amount to approximately USD 269.3 million. **MARKET & OUTLOOK** An overview and outlook of the markets can be found in the Q4 2025 press release. **_Key figures_** **The most important key figures are:** _(in thousands of USD)_ **Fourth Quarter 2025** **Fourth Quarter 2024** **YTD 2025** **YTD 2024** Revenue 588,980 226,029 1,666,080 940,246 Other operating income 1,504 8,254 29,756 50,660 Raw materials and consumables (3,769) (1,576) (10,265) (3,735) Voyage expenses and commissions (128,169) (42,692) (362,155) (174,310) Vessel operating expenses (128,067) (52,817) (420,409) (199,646) Charter hire expenses (415) (3) (3,124) (138) General and administrative expenses (51,504) (24,616) (141,975) (77,766) Net gain (loss) on disposal of tangible assets 49,489 71,114 192,564 635,017 Depreciation and amortisation (114,526) (43,911) (387,968) (166,029) Impairment losses (2,081) (1,847) (5,354) (1,847) Net finance expenses (113,308) (47,096) (406,941) (130,650) Share of profit (loss) of equity accounted investees (2,599) (1,418) (882) 920 **Result before taxation** **95,535** **89,421** **149,327** **872,722** Income tax benefit (expense) (6,476) 3,709 (10,185) (1,893) **Profit (loss) for the period** **89,059** **93,130** **139,142** **870,829** Attributable to: Owners of the Company 89,059 93,130 160,696 870,829 Non-controlling interest — — (21,554) — **Earnings per share:** _(in USD per share)_ **Fourth Quarter 2025** **Fourth Quarter 2024** **YTD 2025** **YTD 2024** Weighted average number of shares (basic) \* 290,169,769 194,216,835 229,443,392 196,041,579 Basic earnings per share 0.31 0.48 0.70 4.44 - _The number of shares issued on 31 December 2025 is 315,977,647. However, the number of shares excluding the owned shares held by CMB.TECH at 31 December 2025 is 290,169,769._ **EBITDA reconciliation:** _(in thousands of USD)_ **Fourth Quarter 2025** **Fourth Quarter 2024** **YTD 2025** **YTD 2024** Profit (loss) for the period 89,059 93,130 139,142 870,829 \+ Net finance expenses 113,308 47,096 406,941 130,650 \+ Depreciation and amortisation 114,526 43,911 387,968 166,029 \+ Income tax expense (benefit) 6,476 (3,709) 10,185 1,893 **EBITDA** **323,369** **180,428** **944,236** **1,169,401** **EBITDA per share:** _(in USD per share)_ **Fourth Quarter 2025** **Fourth Quarter 2024** **YTD 2025** **YTD 2024** Weighted average number of shares (basic) 290,169,769 194,216,835 229,443,392 196,041,579 EBITDA 1.11 0.93 4.12 5.97 _All figures, except for EBITDA, have been prepared under IFRS as adopted by the EU (International Financial Reporting Standards) and have not been audited nor reviewed by the statutory auditor._ **TCE** The average daily time charter equivalent rates (TCE, a non IFRS-measure) can be summarised as follows: _In USD per day_ **Full year 2025** **Full year 2024** **DRY BULK VESSELS** Newcastlemax average spot rate(1) **27,614** 30,600 Newcastlemax average time charter rate **21,457** NA Capesize average spot rate(1) **22,346** NA Panamax/Kamsarmax average spot rate(1) **13,000** NA Panamax/Kamsarmax average time charter rate **13,552** NA **TANKERS** VLCC average spot rate(2) **45,251** 44,600 VLCC average time charter rate **45,912** 45,912 Suezmax average spot rate(1) (3) **46,508** 45,600 Suezmax average time charter rate **34,838** 31,000 FSO Average time charter rate **86,689** 87,330 **CONTAINER VESSELS** Average time charter rate **29,378** 29,378 **CHEMICAL TANKERS** Average spot rate(2) **20,675** 25,600 Average time charter rate **19,306** 19,306 **OFFSHORE WIND (CTV)** CSOV Average time charter rate **81,307** NA CTV Average time charter rate **3,033** 2,973 _(1)_ _Reporting load-to-discharge, in line with IFRS 15, net of commission_ _(2)_ _CMB.TECH owned ships in TI Pool or Stolt Pool (excluding technical off hire days)_ _(3)_ _Including profit share where applicable_ **Difference between Q4 2025 preliminary results and Q4 2025 final results** Next to some reclasses in statement of financial position and statement of profit or loss, net result for the period decreased with USD 1.0 million related to additional accrued expenses. **Independent auditor's procedures** The statutory auditor, BDO Bedrijfsrevisoren - Réviseurs d’Entreprises, represented by Veerle Catry, has confirmed that the audit procedures, which have been in relation to the financial information for the year ended 31 December 2025 in accordance with the International Standards on Auditing are substantially completed and have not revealed any material corrections required to be made to the financial information included in the company’s annual announcement. ****CMB.TECH highlights in 2025**** **7 January** The company took delivery of the Newcastlemax Mineral Portugal (2025 - 210,754 dwt). **13 January** Windcat Workboats International BV, a subsidiary of CMB.TECH, has ordered a newbuild hydrogen-powered (dual fuel) multifunctional harbour utility vessel (MPHUV) with Neptune Construction. Delivery is scheduled in 2026. **13 January** The company took delivery of the Newcastlemax Mineral Osterreich (2025 - 210,761 dwt). **27 January** The VLCC Alsace (2012 - 299,999 DWT) was successfully delivered to its new owner. A capital gain of approximately USD 27.46 million was booked in Q1 2025. **4 March** CMB.TECH NV announced that it had entered into a share purchase agreement with Hemen Holding Limited, through its subsidiary, for the acquisition of 81,363,730 shares in Golden Ocean Group Limited (representing ca. 40.8% of Golden Ocean’s outstanding shares and votes which includes all Golden Ocean shares controlled by Hemen), **24 March** CMB.TECH announced that it signed an agreement with Mitsui O.S.K. Lines, Ltd. (“MOL”) and MOL CHEMICAL TANKERS PTE. LTD. (“MOLCT”) for nine ammonia-powered vessels. **26** **March** The company took delivery of the CTV Hydrocat 60. **27 March** CMB.TECH NV filed a Schedule 13D/A to report that CMB.TECH NV indirectly acquired 7,347,277 additional shares in Golden Ocean in the open market following the Share Purchase. **3 April** CMB.TECH NV filed a Schedule 13D/A to report that CMB.TECH NV indirectly acquired 9,689,297 additional shares in Golden Ocean in the open market following the Share Purchase. **9 April** The Company took delivery of the CTV TSM Windcat 59. **10 April** The company took delivery of the Newcastlemax Mineral Suomi (2025 - 210,000 dwt). **14 April** CMB.TECH announced that it signed an agreement with Fortescue to charter a new ammonia-powered vessel featuring a dual fuel engine. **22 April** CMB.TECH and Golden Ocean announced that they signed a term sheet (the “Term Sheet”) for a contemplated stock-for-stock merger, with CMB.TECH as the surviving entity, based on an exchange ratio of 0.95 shares of CMB.TECH for each share of Golden Ocean (the “Exchange Ratio”), subject to customary adjustments.. **23 April** The company took delivery of the Newcastlemax Mineral Sverige (2025 - 210,000 dwt). **30 April** CMB.TECH announced that it had sold three VLCCs, Iris (2012 - 314,000 dwt), Hakata (2010 - 302,550 dwt) & Hakone (2010 - 302,624 dwt) as part of its fleet rejuvenation. The sales generated a total capital gain of 96.4 million USD. **23 May** The company took delivery of the Newcastlemax Mineral Polska (2025 - 210,000 dwt). **28 May** CMB.TECH and Golden Ocean announced that they signed an agreement and plan of merger (the “Merger Agreement”) for a stock-for-stock merger, as contemplated by the term sheet previously announced on 22 April 2025. **23 June** The company took delivery of the Newcastlemax Mineral Cesko (2025 - 210,000 dwt). **2 July** The CTV TSM Windcat 58was delivered. **3 July** The company entered into an agreement to sell the Capesize vessel Golden Zhoushan for a sale price of USD 22.1 million, less a 1% commission. The vessel was delivered to its new owner in the third quarter of 2025. **24 July** The CSOV Windcat Rotterdam was delivered. **8 August** The company took delivery of Newcastlemax Mineral Slovensko (2025- 210,761 dwt). **19 August** Golden Ocean held a Special General Meeting to vote on the proposed merger. The merger was approved by shareholders holding 92.72% of the shares present or represented at the meeting. **20 August** The merger with Golden Ocean was closed. **25 August** The company entered into an agreement to sell the Suezmax Sofia (2010 - 165,000 dwt) for a net sale price of USD 40.1 million. The sale generated a capital gain of approximately USD 20.4 million and was delivered to its new owner in the fourth quarter of 2025. **28 August** Mr. Marc Saverys decided to resign as member and chairman of the Supervisory Board of CMB.TECH. Mr. Patrick de Brabandere, as representative of Debemar BV was appointed to succeed Mr. Marc Saverys as chairman of the Supervisory Board. The Supervisory Board further decided to co-opt Mrs. Gudrun Janssens as independent member within the Supervisory Board. **18 September** The company took delivery of Chemical tanker Bochem Santos (2025 -25,000 dwt). **25 September** On 25 September 2025, CMB.TECH announced that Mrs. Julie De Nul decided to resign as member of the Supervisory Board of CMB.TECH NV. The Supervisory Board decided to co-opt Mr. Carl Steen as independent member within the Supervisory Board. Mr. Carl Steen was appointed to succeed Mrs. Julie de Nul as chairman of the Remuneration committee. **26 September** The company took delivery of Newcastlemax Mineral Slovenija (2025, 210,000 dwt). **20 October** CMB.TECH announced the sale of the capesize Battersea (2009, 169.390 dwt). The sale generated a total capital gain of 2.4 million USD. The vessel was delivered to its new owner during Q4 2025. **10 November** The company took delivery of VLCC Atrebates (2025, 319,000 dwt). **12 November** The company took delivery of the CTV Windcat 61. **12 December** CMB.TECH took delivery of the CTV Windcat 62. **19 December** The company took delivery of the CSOV Windcat Amsterdam. **Events occurring after the end of the financial year ending 31 December 2025** In January 2026, the company invested in the Chinese ammonia supply chain. CMB.TECH has signed an off-take agreement for green ammonia produced by CEEC Hydrogen Energy (“CEEC”) in Jilin Province and owns a minority share in privately owned Jiangsu Andefu Energy Technology Co., Ltd. (“Andefu”) one of China's largest ammonia supply chain companies. On 7 January 2026 CMB.TECH NV announced that it had sold eight vessels, generating a capital gain of approximately 269.2 million USD in total. CMB.TECH sold six VLCCs: Daishan (2007, 306,005 dwt), Hirado (2011, 302,550 dwt), Hojo (2013, 302,965 dwt),Dia (2015, 299,999 dwt), Antigone (2015, 299,421 dwt), and Aegean (2016, 299,999 dwt) and two Capesize vessels: Golden Magnum (2009, 179,790 dwt), and Belgravia (2009, 169,390 dwt). The vessels have been delivered to their new owners in Q1 2026. On 12 January 2026, CMB.TECH took delivery of the VLCC Eburones (2026, 319,000 dwt). On 13 January 2026, CMB.TECH took delivery of the chemical tanker Bochem Callao (2026, 25,000 dwt). On 9 February 2026, CMB.TECH announced it has sold two VLCCs: Ingrid (2012, 314,000 dwt) and Ilma (2012, 314,000 dwt). The sale will generate a capital gain of approximately 98.2 million USD in Q2 2026, based on the net sales price and book values. The vessels will be delivered to their new owner in Q2 2026. On 26 February, CMB.TECH announced that Mr. Benoit Timmermans has decided to resign as member of the Management Board of CMB.TECH with effect as of 1 May 2026. Mr. Benoit Timmermans joined the Management Board of CMB.TECH as Chief Strategy Officer and has assisted the company in the transition from a pure-play crude oil tanker player to a large and diversified maritime group. For the time being, Mr. Timmermans will not be replaced. His responsibilities will be taken over by the current members of the Management Board. On 26 February, CMB.TECH announced CMB.TECH has sold its share in the Tankers International (TI) Pool to International Seaways (INSW), closed on 27 January 2026. On 23 March 2026, CMB.TECH took delivery of the VLCC Menapii (2026, 319,000 dwt). **Financial calendar 2026** **21 April 2026** Annual report 2025 available on the website **19 May 2026** Announcement of first quarter results 2026 **21 May 2026** Annual General Meeting of Shareholders **27 August 2026** Announcement of second quarter results 2026 **27 August 2026** Half year report 2026 available on website **26 November 2026** Announcement of third quarter results 2026 The Supervisory Board, represented by Patrick de Brabandere, its Chairman, and the Management Board, represented by Alexander Saverys, Chief Executive Officer, and Ludovic Saverys, Chief Financial Officer, hereby confirm, in the name and for account of CMB.TECH that, to the best of their knowledge the consolidated financial statements as of and for the year ended 31 December 2025 presented herein were established in accordance with applicable accounting standards (IFRS as adopted by the EU) and give a true and fair view, as defined by these standards, of the assets, liabilities, financial position and results of CMB.TECH NV. On behalf of the Supervisory Board and the Management Board: Alexander Saverys Patrick de Brabandere Chief Executive Officer Chairman of the Supervisory Board **_Annual report available on the website – 21 April 2026_** **About CMB.TECH** CMB.TECH (all capitals) is one of the largest listed, diversified and future-proof maritime groups in the world with a combined fleet of about 250 vessels: dry bulk vessels, crude oil tankers, chemical tankers, container vessels, offshore energy vessels and port vessels. CMB.TECH also offers hydrogen and ammonia fuel to customers, through own production or third-party producers. CMB.TECH is headquartered in Antwerp, Belgium, and has offices across Europe, Asia and Africa. CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol “CMBT” and on Euronext Oslo Børs under the ticker symbol “CMBTO”. More information can be found at https://cmb.tech **Forward-Looking Statements** Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbour protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbour provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbour legislation. The words "believe", "anticipate", "intends", "estimate", "forecast", "project", "plan", "potential", "may", "should", "expect", "pending" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the United States Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. **Condensed consolidated statement of financial position** _(in thousands of USD)_ **December 31, 2025** **December 31, 2024** **ASSETS** **_Non-current assets_** Vessels 6,323,773 2,617,484 Assets under construction 738,298 628,405 Right-of-use assets 4,847 1,910 Other tangible assets 23,981 21,628 Prepayments 1,075 1,657 Intangible assets 12,710 16,187 Goodwill 177,022 — Receivables 97,116 75,076 Investments 111,346 61,806 Deferred tax assets 2,850 10,074 **Total non-current assets** **7,493,018** **3,434,227** **_Current assets_** Inventory 77,175 26,500 Trade and other receivables 320,843 235,883 Current tax assets 4,912 3,984 Cash and cash equivalents 146,529 38,869 **549,459** **305,236** Non-current assets held for sale 363,097 165,583 **Total current assets** **912,556** **470,819** **TOTAL ASSETS** **8,405,574** **3,905,046** **EQUITY and LIABILITIES** **_Equity_** Share capital 343,440 239,148 Share premium 1,817,557 460,486 Translation reserve 9,502 (2,045) Hedging reserve 90 2,145 Treasury shares (284,508) (284,508) Retained earnings 737,239 777,098 **Equity attributable to owners of the Company** **2,623,320** **1,192,324** **_Non-current liabilities_** Bank loans 2,839,590 1,450,869 Other notes — 198,887 Other borrowings 1,876,795 667,361 Lease liabilities 3,368 1,451 Other payables 20 — Employee benefits 1,180 1,060 Deferred tax liabilities 485 438 **Total non-current liabilities** **4,721,438** **2,320,066** **_Current liabilities_** Trade and other payables 222,492 79,591 Current tax liabilities 8,288 9,104 Bank loans 351,170 201,937 Other notes 203,287 3,733 Other borrowings 273,898 95,724 Lease liabilities 1,681 2,293 Provisions — 274 **Total current liabilities** **1,060,816** **392,656** **TOTAL EQUITY and LIABILITIES** **8,405,574** **3,905,046** **Condensed consolidated statement of profit or loss** _(in thousands of USD except per share amounts)_ **2025** **2024** Jan. 1 - Dec. 31, 2025 Jan. 1 - Dec. 31, 2024 **_Shipping income_** Revenue 1,666,080 940,246 Gains on disposal of vessels/other tangible assets 192,568 635,019 Other operating income 29,756 50,660 **Total shipping income** **1,888,404** **1,625,925** **_Operating expenses_** Raw materials and consumables (10,265) (3,735) Voyage expenses and commissions (362,155) (174,310) Vessel operating expenses (420,409) (199,646) Charter hire expenses (3,124) (138) Loss on disposal of vessels/other tangible assets (4) (2) Depreciation tangible assets (384,684) (163,148) Amortisation intangible assets (3,284) (2,881) Impairment losses (5,354) (1,847) General and administrative expenses (141,975) (77,766) **Total operating expenses** **(1,331,254)** **(623,473)** **RESULT FROM OPERATING ACTIVITIES** **557,150** **1,002,452** Finance income 22,876 38,689 Finance expenses (429,817) (169,339) **Net finance expenses** **(406,941)** **(130,650)** Share of profit (loss) of equity accounted investees (net of income tax) (882) 920 **PROFIT (LOSS) BEFORE INCOME TAX** **149,327** **872,722** Income tax benefit (expense) (10,185) (1,893) **PROFIT (LOSS) FOR THE PERIOD** **139,142** **870,829** **_Attributable to:_** Owners of the company 160,696 870,829 Non-controlling interest (21,554) — Basic earnings per share 0.70 4.44 Diluted earnings per share 0.70 4.44 Weighted average number of shares (basic) 229,443,392 196,041,579 Weighted average number of shares (diluted) 229,443,392 196,041,579 **Condensed consolidated statement of comprehensive income** _(in thousands of USD)_ **2025** **2024** Jan. 1 - Dec. 31, 2025 Jan. 1 - Dec. 31, 2024 **Profit/(loss) for the period** **139,142** **870,829** **_Other comprehensive income (expense), net of tax_** _Items that will never be reclassified to profit or loss:_ Remeasurements of the defined benefit liability (asset) 88 200 _Items that are or may be reclassified to profit or loss:_ Foreign currency translation differences 11,547 (2,280) Cash flow hedges - effective portion of changes in fair value (2,055) 1,005 **Other comprehensive income (expense), net of tax** **9,580** **(1,075)** **Total comprehensive income (expense) for the period** **148,722** **869,754** **_Attributable to:_** Owners of the company 170,276 869,754 Non-controlling interest (21,554) — **Condensed consolidated statement of changes in equity** _(in thousands of USD)_ Share capital Share premium Translation reserve Hedging reserve Treasury shares Retained earnings **Equity attributable to owners of the Company** Non-controlling interest **Total equity** **Balance at January 1, 2024** **239,148** **1,466,529** **235** **1,140** **(157,595)** **807,916** **2,357,373** **—** **2,357,373** Profit (loss) for the period — — — — — 870,829 **870,829** **—** **870,829** Total other comprehensive income (expense) — — (2,280) 1,005 — 200 **(1,075)** **—** **(1,075)** **Total comprehensive income (expense)** — — **(2,280)** **1,005** — **871,029** **869,754** **—** **869,754** **Transactions with owners of the company** Business Combination — — — — — (796,970) **(796,970)** **—** **(796,970)** Dividends to equity holders — (1,006,043) — — — (104,877) **(1,110,920)** **(1,110,920)** Treasury shares acquired — — — — (126,913) — **(126,913)** **—** **(126,913)** **Total transactions with owners** **—** **(1,006,043)** **—** **—** **(126,913)** **(901,847)** **(2,034,803)** **—** **(2,034,803)** **Balance at December 31, 2024** **239,148** **460,486** **(2,045)** **2,145** **(284,508)** **777,098** **1,192,324** **—** **1,192,324** Share capital Share premium Translation reserve Hedging reserve Treasury shares Retained earnings **Equity attributable to owners of the Company** Non-controlling interest **Total equity** **Balance at January 1, 2025** **239,148** **460,486** **(2,045)** **2,145** **(284,508)** **777,098** **1,192,324** **—** **1,192,324** Profit (loss) for the period — — — — — 160,696 **160,696** (21,554) **139,142** Total other comprehensive income (expense) **—** **—** 11,547 (2,055) **—** 88 **9,580** **—** **9,580** **Total comprehensive income (expense)** **—** **—** **11,547** **(2,055)** **—** **160,784** **170,276** **(21,554)** **148,722** **Transactions with owners of the company** Business Combination - Initial purchase — — — — — — **—** 1,453,575 **1,453,575** Business Combination - Subsequent purchases — — — — — 72,726 **72,726** (209,792) **(137,066)** Merger 104,292 1,357,071 — — — (244,352) **1,217,011** (1,217,011) **—** Dividends to equity holders — — — — — (29,017) **(29,017)** — **(29,017)** Dividends to non-controlling interest — — — — — — **—** (5,218) **(5,218)** **Total transactions with owners** **104,292** **1,357,071** **—** **—** **—** **(200,643)** **1,260,720** **21,554** **1,282,274** **Balance at December 31, 2025** **343,440** **1,817,557** **9,502** **90** **(284,508)** **737,239** **2,623,320** **—** **2,623,320** **Condensed consolidated statement of cash flows** _(in thousands of USD)_ **2025** **2024** Jan. 1 - Dec. 31, 2025 Jan. 1 - Dec. 31, 2024 **Cash flows from operating activities** Profit (loss) for the period **139,142** **870,829** **Adjustments for:** **618,492** **(355,549)** _Depreciation of tangible assets_ _384,684_ _163,148_ _Amortisation of intangible assets_ _3,284_ _2,881_ _Impairment losses (reversals)_ _5,354_ _1,847_ _Provisions_ _(274)_ _(325)_ _Income tax (benefits)/expenses_ _10,185_ _1,893_ _Share of profit of equity-accounted investees, net of tax_ _882_ _(920)_ _Net finance expense_ _406,941_ _130,650_ _(Gain)/loss on disposal of assets_ _(192,564)_ _(635,017)_ _(Gain)/loss on disposal of subsidiaries_ _—_ _(19,706)_ **Changes in working capital requirements** **7,264** **39,307** _Change in cash guarantees_ _(8,986)_ _(46,869)_ _Change in inventory_ _(28,477)_ _5,197_ _Change in receivables from contracts with customers_ _38,631_ _95,930_ _Change in accrued income_ _(17,957)_ _7,410_ _Change in deferred charges_ _8,104_ _(6,065)_ _Change in other receivables_ _30,230_ _3,317_ _Change in trade payables_ _34,687_ _(14,867)_ _Change in accrued payroll_ _4,155_ _(94)_ _Change in accrued expenses_ _(37,031)_ _(18,999)_ _Change in deferred income_ _19,280_ _6,602_ _Change in other payables_ _(35,438)_ _7,758_ _Change in provisions for employee benefits_ _66_ _(13)_ Income taxes paid during the period (4,657) (4,549) Interest paid (340,615) (109,136) Interest received 6,414 17,112 **Net cash from (used in) operating activities** **426,040** **458,014** Acquisition of vessels and vessels under construction (1,026,068) (1,114,907) Proceeds from the sale of vessels 509,817 1,718,862 Acquisition of other tangible assets (3,741) (5,022) Acquisition of intangible assets (1,503) (1,541) Proceeds from the sale of other (in) tangible assets 860 2,000 Net cash on deconsolidation / sale of subsidiaries — 822 Investments in other companies — (45,000) Loans from (to) related parties (3,403) (4,485) Acquisition of a subsidiary, net of cash acquired (1,098,897) (1,152,620) Repayment of loans from related parties — (79,930) Lease payments received from finance leases 1,263 1,591 Dividends received from other investments 9,876 1,050 **Net cash from (used in) investing activities** **(1,611,796)** **(679,180)** (Purchase of) Proceeds from sale of treasury shares — (126,913) Proceeds from borrowings 6,469,027 2,722,525 Repayment of borrowings (4,237,099) (1,177,328) Repayment of lease liabilities (121,881) (33,879) Repayment of commercial paper (221,304) (357,171) Repayment of sale and leaseback (379,423) (54,299) Transaction costs related to issue of loans and borrowings (56,894) (19,223) Dividends paid (20,157) (1,126,683) Acquisition of non-controlling interest (137,066) — **Net cash from (used in) financing activities** **1,295,203** **(172,971)** **Net increase (decrease) in cash and cash equivalents** **109,448** **(394,137)** Net cash and cash equivalents at the beginning of the period 38,869 429,370 Effect of changes in exchange rates (1,788) 3,636 **Net cash and cash equivalents at the end of the period** **146,529** **38,869** - 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