CMB.TECH: Earnings Per Share Down 35%, but $269.3M in Capital Gains Expected in Q1 2026
In the fourth quarter of 2025, CMB.TECH reported a net profit of $89.1 million, or $0.31 per share, compared to $93.1 million and $0.48 per share a year earlier. Concurrently, the company is actively rejuvenating its fleet, with $192.6 million in capital gains from ship sales in 2025 and approximately an additional $269.3 million expected in the first quarter of 2026.
Financial Performance in Q4 2025
CMB.TECH recorded a net profit of $89.1 million, or $0.31 per share in the fourth quarter of 2025. The previous year, the company had a net profit of $93.1 million, or $0.48 per share. While earnings per share have significantly decreased, the EBITDA, presented as a non-IFRS indicator, has increased to $323.4 million from $180.4 million in the fourth quarter of 2024.
Fleet Renewal and Asset Transactions
In 2025, CMB.TECH acquired 17 new ships, including 8 Newcastlemaxes, 1 crude oil tanker, 1 chemical tanker, 5 service vessels, and 2 CSOVs, while selling 12 older vessels. These sales generated $192.6 million in capital gains. This trend continues into early 2026: the company indicates that approximately $269.3 million in capital gains from ship sales are expected to be recorded in the first quarter, particularly following the January announcement of the sale of eight ships, including six VLCCs and two Capesize. Additionally, CMB.TECH ordered 9 more ships, including 6 chemical tankers, 2 CTVs, and 1 multifunctional vessel.
Strategic Developments and Partnerships
The year 2025 was also marked by the completion of the merger with Golden Ocean on August 20. In January 2026, CMB.TECH further announced an investment in the ammonia supply chain in China, through a purchase agreement with CEEC and a minority stake in Andefu. The company also signed agreements with Mitsui O.S.K. Lines and Fortescue concerning ammonia-fueled ships, continuing its focus on alternative fuels.
