2 |
CMB.TECH | Financial Report HY 2026 |
3 | ||
CMB.TECH | Financial Report HY 2026 |
4 |
CMB.TECH | Financial Report HY 2026 |
5 | ||
CMB.TECH | Financial Report HY 2026 |
Note | June 30, 2026 | December 31, 2025 | ||||
ASSETS | ||||||
Non-current assets | ||||||
Vessels | 12 | |||||
Assets under construction | 12 | |||||
Right-of-use assets | 12 | |||||
Other tangible assets | 12 | |||||
Intangible assets | 13 | |||||
Goodwill | 13 | |||||
Receivables | 20 | |||||
Investments | 25 | |||||
Deferred tax assets | - | |||||
Total non-current assets | ||||||
Current assets | ||||||
Inventory | 21 | |||||
Trade and other receivables | 22 | |||||
Current tax assets | - | |||||
Short-term investments | 25 | |||||
Cash and cash equivalents | - | |||||
Non-current assets held for sale | 8 | |||||
Total current assets | ||||||
TOTAL ASSETS | ||||||
6 |
CMB.TECH | Financial Report HY 2026 |
EQUITY and LIABILITIES | ||||||
Equity | ||||||
Share capital | - | |||||
Share premium | - | |||||
Translation reserve | - | |||||
Hedging reserve | 14 | |||||
Treasury shares | - | ( | ( | |||
Retained earnings | - | |||||
Equity attributable to owners of the Company | ||||||
Non-current liabilities | ||||||
Bank loans | 16 | |||||
Other borrowings | 16 | |||||
Lease liabilities | 16 | |||||
Other payables | 17 | |||||
Employee benefits | - | |||||
Deferred tax liabilities | - | |||||
Total non-current liabilities | ||||||
Current liabilities | ||||||
Trade and other payables | 17 | |||||
Current tax liabilities | - | |||||
Bank loans | 16 | |||||
Other notes | 16 | |||||
Other borrowings | 16 | |||||
Lease liabilities | 16 | |||||
Provisions | 23 | |||||
Total current liabilities | ||||||
TOTAL EQUITY and LIABILITIES | ||||||
The current year presentation reclassified prepayments to assets under construction. To align with this reclassification, the Group re-presented the comparative information. The accompanying notes on pages 14 to 50 are an integral part of these condensed consolidated interim financial statements. | ||||||
7 | ||
CMB.TECH | Financial Report HY 2026 |
Note | 2026 | 2025 | ||||||
Jan. 1 - Jun. 30, 2026 | Jan. 1 - Jun. 30, 2025 | |||||||
Shipping income | ||||||||
Revenue | 9 | |||||||
Gains on disposal of vessels/other tangible assets | 12 | |||||||
Other operating income | 9 | |||||||
Total shipping income | ||||||||
Operating expenses | ||||||||
Raw materials and consumables | - | ( | ( | |||||
Voyage expenses and commissions | 10 | ( | ( | |||||
Vessel operating expenses | 10 | ( | ( | |||||
Charter hire expenses | - | ( | ( | |||||
Depreciation tangible assets | 12 | ( | ( | |||||
Amortisation intangible assets | 13 | ( | ( | |||||
Impairment reversals/(losses) | - | ( | ||||||
General and administrative expenses | 10 | ( | ( | |||||
Total operating expenses | ( | ( | ||||||
RESULT FROM OPERATING ACTIVITIES | ||||||||
Finance income | 11 | |||||||
Finance expenses | 11 | ( | ( | |||||
Net finance expenses | ( | ( | ||||||
Share of profit (loss) of equity accounted investees (net of income tax) | 25 | |||||||
PROFIT (LOSS) BEFORE INCOME TAX | ||||||||
Income tax benefit (expense) | - | ( | ( | |||||
PROFIT (LOSS) FOR THE PERIOD | ||||||||
Attributable to: | ||||||||
Owners of the company | 15 | |||||||
Non-controlling interest | ( | |||||||
Basic earnings per share | 15 | |||||||
Diluted earnings per share | 15 | |||||||
Weighted average number of shares (basic) | 15 | |||||||
Weighted average number of shares (diluted) | 15 | |||||||
The accompanying notes on pages 14 to 50 are an integral part of these condensed consolidated interim financial statements | ||||||||
8 |
CMB.TECH | Financial Report HY 2026 |
Note | 2026 | 2025 | ||||||
Jan. 1 - Jun. 30, 2026 | Jan. 1 - Jun. 30, 2025 | |||||||
Profit/(loss) for the period | ||||||||
Other comprehensive income (expense), net of tax | ||||||||
Items that will never be reclassified to profit or loss: | ||||||||
Remeasurements of the defined benefit liability (asset) | - | |||||||
Items that are or may be reclassified to profit or loss: | ||||||||
Foreign currency translation differences | - | ( | ||||||
Cash flow hedges - effective portion of changes in fair value | 14 | ( | ||||||
Other comprehensive income (expense), net of tax | ( | |||||||
Total comprehensive income (expense) for the period | ||||||||
Attributable to: | ||||||||
Owners of the company | ||||||||
Non-controlling interest | ( | |||||||
The accompanying notes on pages 14 to 50 are an integral part of these condensed consolidated interim financial statements | ||||||||
9 | ||
CMB.TECH | Financial Report HY 2026 |
(in thousands of USD) | Note | Share capital | Share premium | Trans- lation reserve | Hedging reserve | Treasury shares | Retained earnings | Equity attributable to owners of the Company | Non- controlling interest | Total equity |
Balance at January 1, 2025 | ( | ( | ||||||||
Profit (loss) for the period | — | — | — | — | — | — | ( | |||
Total other comprehensive income (expense) | — | — | — | ( | — | — | — | |||
Total comprehensive income (expense) | — | — | ( | — | ( | |||||
Transactions with owners of the company | ||||||||||
Business Combination - Initial purchase | 24 | — | — | — | — | — | — | — | ||
Business Combination - Subsequent purchases | 24 | — | — | — | — | — | ( | ( | ||
Dividends to Non-controlling interest | — | — | — | — | — | — | — | — | ( | ( |
Total transactions with owners | — | — | — | — | — | |||||
Balance at June 30, 2025 | ( |
10 | ||
CMB.TECH | Financial Report HY 2026 |
Note | Share capital | Share premium | Trans- lation reserve | Hedging reserve | Treasury shares | Retained earnings | Equity attributable to owners of the Company | Non- controlling interest | Total equity | |
Balance at January 1, 2026 | ( | |||||||||
Profit (loss) for the period | — | — | — | — | — | — | — | |||
Total other comprehensive income (expense) | 14 | — | — | ( | — | — | ( | — | ( | |
Total comprehensive income (expense) | — | — | ( | — | — | |||||
Transactions with owners of the company | ||||||||||
Dividends | 14 | — | ( | — | — | — | ( | ( | — | ( |
Total transactions with owners | — | ( | — | — | — | ( | ( | — | ( | |
Balance at June 30, 2026 | ( | |||||||||
The accompanying notes on pages 14 to 50 are an integral part of these condensed consolidated interim financial statements | ||||||||||
11 | ||
CMB.TECH | Financial Report HY 2026 |
Note | 2026 | 2025 | ||||||
(in thousands of USD) | Jan. 1 - Jun. 30, 2026 | Jan. 1 - Jun. 30, 2025 | ||||||
Cash flows from operating activities | ||||||||
Profit (loss) for the period | ||||||||
Adjustments for: | ( | |||||||
Depreciation of tangible assets | 12 | |||||||
Amortisation of intangible assets | 13 | |||||||
Impairment losses (reversals) | - | ( | ||||||
Provisions | - | ( | ||||||
Income tax (benefits)/expenses | - | |||||||
Share of profit of equity-accounted investees, net of tax | 25 | ( | ( | |||||
Net finance expense | 11 | |||||||
(Gain)/loss on disposal of assets | 12 | ( | ( | |||||
(Gain)/loss on disposal of subsidiaries | - | |||||||
Remeasurement existing stake following step up acquisition | - | ( | ||||||
Changes in working capital requirements | ( | ( | ||||||
Change in cash guarantees | - | ( | ||||||
Change in inventory | 21 | ( | ( | |||||
Change in receivables from contracts with customers | 22 | ( | ||||||
Change in contract assets | 22 | ( | ( | |||||
Change in deferred charges | 22 | ( | ( | |||||
Change in other receivables | 22 | ( | ||||||
Change in trade payables | 17 | |||||||
Change in accrued payroll | 17 | ( | ||||||
Change in accrued expenses | 17 | ( | ||||||
Change in contract liabilities | 17 | ( | ||||||
Change in other payables | 17 | ( | ||||||
Income taxes paid during the period | - | ( | ( | |||||
Interest paid | - | ( | ( | |||||
Interest received | - | |||||||
Net cash from operating activities | ||||||||
Additions to vessels and vessels under construction | 12 | ( | ( | |||||
Proceeds from the sale of vessels | 12 | |||||||
Acquisition of other tangible assets | 12 | ( | ( | |||||
Acquisition of intangible assets | 13 | ( | ( | |||||
Proceeds from the sale of other (in)tangible assets | 12 | |||||||
Investments in other companies | 25 | ( |
12 | ||
CMB.TECH | Financial Report HY 2026 |
Loans from (to) related parties | 25 | ( | ( | |||||
Net cash paid in business combinations and joint ventures | 24/25 | ( | ( | |||||
Net cash on deconsolidation / sale of subsidiaries | - | |||||||
Lease payments received from finance leases | - | |||||||
Dividends from other investments | 25 | |||||||
Net cash used in investing activities | ( | ( | ||||||
Proceeds from loans and borrowings | 16 | |||||||
Repayment of bank loans | 16 | ( | ( | |||||
Repayment of lease liabilities | 16 | ( | ( | |||||
Repayment of commercial paper | 16 | ( | ( | |||||
Repayment of sale and leaseback | 16 | ( | ( | |||||
Transaction costs related to issue of loans and borrowings | 16 | ( | ( | |||||
Dividends paid | 14 | ( | ( | |||||
Acquisition of non-controlling interest | 24 | ( | ||||||
Net cash from (used in) financing activities | ( | |||||||
Net increase (decrease) in cash and cash equivalents | ||||||||
Net cash and cash equivalents at the beginning of the period | - | |||||||
Effect of changes in exchange rates | - | ( | ( | |||||
Net cash and cash equivalents at the end of the period | - | |||||||
The accompanying notes on pages 14 to 50 are an integral part of these condensed consolidated interim financial statements | ||||||||
13 | ||
CMB.TECH | Financial Report HY 2026 |
Note 1 - Reporting entity |
Note 2 - Basis of preparation |
Note 3 - Use of judgements and estimates |
Note 4 - Changes in significant accounting policies |
Note 5 - Changes in consolidation scope |
Note 6 - Significant events |
Note 7 - Segment reporting |
Note 8 - Assets held for sale and discontinued operations |
Note 9 - Revenue and other operating income |
Note 10 - Expenses for shipping activities |
Note 11 - Net finance expenses |
Note 12 - Property, plant and equipment |
Note 13 - Intangible assets and goodwill |
Note 14 - Equity |
Note 15 - Earnings per share |
Note 16 - Interest-bearing loans and borrowings |
Note 17 - Trade and other payables |
Note 18 - Financial instruments |
Note 19 - Deferred tax assets and liabilities |
Note 20 - Non-current receivables |
Note 21 - Inventory |
Note 22 - Trade and other receivables |
Note 23 - Provisions and contingencies |
Note 24 - Business Combination |
Note 25 - Investments |
Note 26 - Subsequent events |
Note 27 - Standards issued but not yet effective |
Note 28 - Statement on the true and fair view of the consolidated financial statements and the fair overview of the management report |
14 | ||
CMB.TECH | Financial Report HY 2026 |
15 | ||
CMB.TECH | Financial Report HY 2026 |
16 | ||
CMB.TECH | Financial Report HY 2026 |
17 | ||
CMB.TECH | Financial Report HY 2026 |
18 | ||
CMB.TECH | Financial Report HY 2026 |
19 | ||
CMB.TECH | Financial Report HY 2026 |
June 30, 2026 | |||||||||
Marine | Other | Less: Eliminations | Total | ||||||
(in thousands of USD) | Euronav | Bocimar | Delphis | Bochem | Windcat | Total | |||
Revenue | |||||||||
Profit (loss) before income tax | |||||||||
(in thousands of USD) | June 30, 2026 | ||||||||
Vessels | |||||||||
Assets under construction | |||||||||
Other non-current assets | |||||||||
Assets held for sale | |||||||||
Other current assets | ( | ||||||||
Non-current liabilities | |||||||||
Current liabilities | ( | ||||||||
20 | ||
CMB.TECH | Financial Report HY 2026 |
June 30, 2025 * | |||||||||
Marine | Other | Less: Eliminations | Total | ||||||
(in thousands of USD) | Euronav | Bocimar | Delphis | Bochem | Windcat | Total | |||
Revenue | |||||||||
Profit (loss) before income tax | ( | ( | ( | ||||||
(in thousands of USD) | December 31, 2025 * | ||||||||
Vessels | |||||||||
Assets under construction | |||||||||
Other non-current assets | |||||||||
Assets held for sale | |||||||||
Other current assets | ( | ||||||||
Non-current liabilities | ( | ||||||||
Current liabilities | ( | ||||||||
CMB.TECH | Financial Report HY 2026 |
22 | ||
CMB.TECH | Financial Report HY 2026 |
For the six month period ended June 30, 2026 | |||||||||
Marine | Other | Less: Elimination | Total | ||||||
(in thousands of USD) | Euronav | Bocimar | Delphis | Bochem | Windcat | Total | |||
Pool Revenue | |||||||||
Spot Voyages | |||||||||
Revenue from contracts with customers | |||||||||
Time Charters | |||||||||
Total revenue | |||||||||
Other income | ( | ||||||||
For the six month period ended June 30, 2025 | |||||||||
Marine | Other | Less: Elimination | Total | ||||||
(in thousands of USD) | Euronav | Bocimar | Delphis | Bochem | Windcat | Total | |||
Pool Revenue | |||||||||
Spot Voyages | |||||||||
Revenue from contracts with customers | |||||||||
Time Charters | |||||||||
Total revenue | |||||||||
Other income | ( | ||||||||
23 | ||
CMB.TECH | Financial Report HY 2026 |
24 |
CMB.TECH | Financial Report HY 2026 |
For the six month period ended | ||||||
(in thousands of USD) | June 30, 2026 | June 30, 2025 | ||||
Commissions paid | ( | ( | ||||
Bunkers | ( | ( | ||||
Other voyage related expenses | ( | ( | ||||
Total voyage expenses and commissions | ( | ( | ||||
For the six month period ended | ||||||
(in thousands of USD) | June 30, 2026 | June 30, 2025 | ||||
Crew related expenses | ( | ( | ||||
Technical and other operating expenses | ( | ( | ||||
Insurance | ( | ( | ||||
Total vessel operating expenses | ( | ( | ||||
25 |
CMB.TECH | Financial Report HY 2026 |
For the six month period ended | |||||||
(in thousands of USD) | June 30, 2026 | June 30, 2025 | |||||
Wages and salaries | ( | ( | |||||
Social security costs | ( | ( | |||||
Other employee benefits | ( | ( | |||||
Employee benefits | ( | ( | |||||
Administrative expenses | ( | ( | |||||
Tonnage Tax | ( | ( | |||||
Claims | |||||||
Provisions | ( | ||||||
Total general and administrative expenses | ( | ( | |||||
26 |
CMB.TECH | Financial Report HY 2026 |
For the six month period ended | |||||
(in thousands of USD) | June 30, 2026 | June 30, 2025 | |||
Interest income | |||||
Foreign exchange gains | |||||
Finance income | |||||
Interest expense on financial liabilities measured at amortized cost | ( | ( | |||
Interest leasing | ( | ( | |||
Fair value adjustment on interest rate swaps | ( | ( | |||
Other financial charges | ( | ( | |||
Foreign exchange losses | ( | ( | |||
Finance expense | ( | ( | |||
Net finance expenses | ( | ( | |||
27 |
CMB.TECH | Financial Report HY 2026 |
(in thousands of USD) | Note | Vessels | Assets under construction | Right-of-use assets | Other tangible assets | Total PPE |
At January 1, 2026 | ||||||
Cost | — | |||||
Depreciation & impairment losses | — | ( | ( | ( | ( | |
Net carrying amount | ||||||
Acquisitions | — | |||||
Acquisitions through business combinations | — | ( | ||||
Disposals and cancellations | — | ( | ( | ( | ||
Depreciation charges | — | ( | ( | ( | ( | |
Transfer to assets held for sale | 8 | ( | ( | |||
Transfers | — | ( | ( | |||
Exit from the consolidation scope | ( | ( | ( | |||
Translation differences | — | ( | ( | ( | ( | ( |
Balance at June 30, 2026 | ||||||
At June 30, 2026 | ||||||
Cost | — | |||||
Depreciation & impairment losses | — | ( | ( | ( | ( | |
Net carrying amount |
28 |
CMB.TECH | Financial Report HY 2026 |
(in thousands of USD) | Sale price | Book Value | Gain |
Daishan - Sale | |||
Dia - Sale | |||
Hojo - Sale | |||
Hirado - Sale | |||
Antigone - Sale | |||
Aegean - Sale | |||
Belgravia - Sale | |||
Golden Magnum - Sale | |||
Ingrid - Sale | |||
Ilma - Sale | |||
Sienna - Sale | |||
Windcat 4 - Sale and leaseback | |||
Sale IT equipment | |||
For the six month period ended June 30, 2026 | |||
Sale price | Book Value | Gain | |
Alsace - Sale | |||
Cap Lara - Sale | |||
Windcat 6 - Sale | |||
Iris - Sale | |||
Golden Ioanari - Sale | |||
Golden Keen - Sale | |||
For the six month period ended June 30, 2025 | |||
29 |
CMB.TECH | Financial Report HY 2026 |
30 |
CMB.TECH | Financial Report HY 2026 |
(in thousands of USD) | Total | 2026 | 2027 | 2028 | 2029 | |||||
Commitments in respect of: | ||||||||||
Tankers | ||||||||||
Dry bulk vessels | ||||||||||
Container vessels | ||||||||||
Chemical tankers | ||||||||||
Offshore wind vessels | ||||||||||
Other | ||||||||||
Total | ||||||||||
31 |
CMB.TECH | Financial Report HY 2026 |
(in thousands USD) | Note | Customer contracts | Other intangible assets | Total intangible assets | Goodwill | |||||
At January 1, 2026 | ||||||||||
Cost | - | |||||||||
Amortisation | - | ( | ( | ( | ||||||
Net carrying amount | ||||||||||
Acquisitions | - | |||||||||
Amortisation charges | - | ( | ( | ( | ||||||
Exit from the consolidation scope | - | ( | ( | |||||||
Translation differences | - | |||||||||
Balance at June 30, 2026 | ||||||||||
At June 30, 2026 | ||||||||||
Cost | - | |||||||||
Amortisation & impairment losses | - | ( | ( | ( | ||||||
Net carrying amount |
32 |
CMB.TECH | Financial Report HY 2026 |
June 30, 2026 | ||||||
(in thousands of USD) | Notional Value | Fair Value - Assets | Fair Value - Liabilities | Change recognised in OCI | ||
Interest rate swaps | ||||||
$ | ||||||
June 30, 2025 | ||||||
(in thousands of USD) | Notional Value | Fair Value - Assets | Fair Value - Liabilities | Change recognised in OCI | ||
Interest rate swaps | ||||||
$ | ( | |||||
33 |
CMB.TECH | Financial Report HY 2026 |
For the six month period ended | ||||||
June 30, 2026 | June 30, 2025 | |||||
Result for the period (in USD) | ||||||
Weighted average number of ordinary shares | ||||||
Basic earnings per share (in USD) | ||||||
(in shares) | Shares issued | Treasury shares | Shares outstanding | Weighted number of shares | |
On issue at January 1, 2026 | |||||
Issuance of shares | |||||
Purchases of treasury shares | |||||
Withdrawal of treasury shares | |||||
Transfer of treasury shares | |||||
On issue at June 30, 2026 | |||||
34 |
CMB.TECH | Financial Report HY 2026 |
(in thousands of USD) | Note | Bank loans | Other Notes | Lease liabilities | Other borrowings | Total |
More than 5 years | — | |||||
Between 1 and 5 years | — | |||||
More than 1 year | ||||||
Less than 1 year | — | |||||
At January 1, 2026 | ||||||
New loans | — | |||||
Repayments | — | ( | ( | ( | ( | |
Acquisitions through business combinations | — | |||||
Transaction expenses | ( | ( | ||||
Other changes | — | ( | ||||
Exit from the consolidation scope | — | ( | ( | |||
Translation differences | — | ( | ( | ( | ( | |
Balance at June 30, 2026 | ||||||
More than 5 years | — | |||||
Between 1 and 5 years | — | |||||
More than 1 year | ||||||
Less than 1 year | — | |||||
Balance at June 30, 2026 | ||||||
35 |
CMB.TECH | Financial Report HY 2026 |
(in thousands of USD) | June 30, 2026 | December 31, 2025 | |||||||
Curr. | Nominal interest rate | Year of mat. | Facility size | Drawn | Carrying value | Facility size | Drawn | Carrying value | |
Unsecured Revolving loan | EUR | SOFR + CAS + | 2028 | ( | |||||
Secured FSO loan | USD | SOFR + | 2030 | ||||||
Secured vessels loan Refi - Revolving loan | USD | SOFR + | 2028 | ||||||
Secured vessels loan | USD | SOFR + | 2038 | ||||||
Secured vessels Revolving loan | USD | SOFR + | 2029 | ||||||
Credit Line Belfius Windcat EUR | EUR | SOFR + | — | ||||||
Credit Line KBC Windcat EUR | EUR | SOFR + | — | ||||||
Loan BNPPF EUR | EUR | Euribor + | 2038 | ||||||
Loan CEXIM I | USD | SOFR + | 2036 | ||||||
Loan CEXIM II | USD | SOFR + | 2036 | ||||||
Loan CEXIM III | USD | SOFR + | 2038 | ||||||
Loan KBC/Belfius Windcat EUR | EUR | Euribor + | 2027 | ||||||
Loan SocGen EUR | EUR | Euribor + Euribor + | 2037 2039 | ||||||
Loan SocGen EUR | EUR | Euribor + | 2033 | ||||||
Secured loan | USD | SOFR + | 2033 | ||||||
Secured vessels loan | USD | SOFR + | 2038 | ||||||
USD | SOFR + | 2026 | |||||||
Secured vessels loan | USD | SOFR + | 2030 | ||||||
Loan | USD | SOFR + EURIBOR + | 2032 | ||||||
Secured loan | USD | SOFR + | 2034 | ||||||
36 |
CMB.TECH | Financial Report HY 2026 |
Secured vessels Revolving loan | USD | SOFR + | 2027 | ||||||
Secured loan | EUR | Euribor + | 2031 | ||||||
Secured loan BNPPFF USD | USD | SOFR + | 2038 | ||||||
Total interest-bearing bank loans | |||||||||
(in thousands of USD) | June 30, 2026 | December 31, 2025 | |||||||
Curr. | Nominal interest rate | Year of mat. | Facility size | Drawn | Carrying value | Facility size | Drawn | Carrying value | |
Unsecured notes | USD | 2026 | |||||||
Total other notes | |||||||||
37 |
CMB.TECH | Financial Report HY 2026 |
(in thousands of USD) | June 30, 2026 | December 31, 2025 |
Less than one year | ||
Between one and five years | ||
More than five years | ||
Total future capital payables | ||
(in thousands of USD) | June 30, 2026 | December 31, 2025 |
Other payables | ||
Derivatives | ||
Total non-current other payables | ||
Trade payables | ||
Accrued expenses | ||
Accrued payroll | ||
Dividends payable | ||
Contract liabilities | ||
Other payables | ||
Total current trade and other payables | ||
38 | ||
CMB.TECH | Financial HY Report 2026 |
39 | ||
CMB.TECH | Financial HY Report 2026 |
Carrying amount | Fair value | |||||||||||
(in thousands of USD) | Note | Financial instruments at fair value | Financial assets at amortized cost | Other financial liabilities | Total | Level 1 | Level 2 | Level 3 | Total | |||
June 30, 2026 | ||||||||||||
Financial assets measured at fair value | ||||||||||||
Interest rate swaps | 20-22 | — | — | |||||||||
Investments | 25 | — | — | |||||||||
Short-term investments | 25 | — | — | |||||||||
— | — | |||||||||||
Financial assets not measured at fair value | ||||||||||||
Non-current receivables (excl. derivatives) | 20 | — | — | |||||||||
Trade and other receivables * | 22 | — | — | |||||||||
Cash and cash equivalents | — | — | — | |||||||||
— | — | |||||||||||
Financial liabilities measured at fair value | ||||||||||||
Forward exchange contracts | 16 | — | — | |||||||||
— | — | |||||||||||
Financial liabilities not measured at fair value | ||||||||||||
Secured bank loans | 16 | — | — | |||||||||
Unsecured bank loans | 16 | — | — | |||||||||
Unsecured other notes | 16 | — | — | |||||||||
Other borrowings | 16 | — | — | |||||||||
Lease liabilities | 16 | — | — | |||||||||
Trade and other payables * | 17 | — | — | |||||||||
— | — | |||||||||||
40 | ||
CMB.TECH | Financial HY Report 2026 |
Carrying amount | Fair value | |||||||||||
(in thousands of USD) | Note | Financial instruments at fair value | Financial assets at amortized cost | Other financial liabilities | Total | Level 1 | Level 2 | Level 3 | Total | |||
December 31, 2025 | ||||||||||||
Financial assets measured at fair value | ||||||||||||
Forward exchange contracts | 22 | — | — | |||||||||
Interest rate swaps | 20-22 | — | — | |||||||||
Bunker derivatives | 22 | — | — | |||||||||
Investments | 25 | — | — | |||||||||
— | — | |||||||||||
Financial assets not measured at fair value | ||||||||||||
Non-current receivables | 20 | — | — | |||||||||
Trade and other receivables * | 22 | — | — | |||||||||
Cash and cash equivalents | — | — | — | |||||||||
41 | ||
CMB.TECH | Financial HY Report 2026 |
— | — | |||||||||||
Financial liabilities measured at fair value | ||||||||||||
Interest rate swaps | — | — | — | |||||||||
— | — | |||||||||||
Financial liabilities not measured at fair value | ||||||||||||
Secured bank loans | 16 | — | — | |||||||||
Unsecured bank loans | 16 | — | — | |||||||||
Unsecured other notes | 16 | — | — | |||||||||
Other borrowings | 16 | — | — | |||||||||
Lease liabilities | 16 | — | — | |||||||||
Trade and other payables * | 17 | — | — | |||||||||
— | — | |||||||||||
Financial instruments measured at fair value | |||||||
Type | Valuation Techniques | Significant unobservable inputs | |||||
Forward exchange contracts | Forward pricing: the fair value is determined using quoted forward exchange rates at the reporting date and present value calculations based on high credit quality yield curve in the respective currencies. | Not applicable | |||||
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CMB.TECH | Financial HY Report 2026 |
Financial instruments measured at fair value | |||||||
Interest rate swaps | Swap models: the fair value is calculated as the present value of the estimated future cash flows. Estimates of future floating-rate cash flows are based on quoted swap rates, futures prices and interbank borrowing rates. | Not applicable | |||||
Commodity derivatives | Fair value is determined based on the present value of the quoted forward price. | Not applicable | |||||
Equity investments | The valuation is based on either the multiple approach or the net asset value, depending on the investee's industry characteristics and the nature of its operations | EBITDA multiple; Discount for lack of marketability; Control premium or minority discount; Underlying fair value inputs used in the NAV calculation. | |||||
Financial instruments not measured at fair value | |||||||
Type | Valuation Techniques | Significant unobservable inputs | |||||
Non-current receivables (consisting primarily of shareholders' loans and cash security deposits) | Discounted cash flow | Discount rate and forecasted cash flows | |||||
Lease receivables | Discounted cash flow | Discount rate | |||||
Other financial liabilities (consisting of secured and unsecured bank loans and lease liabilities) | Discounted cash flow | Discount rate | |||||
Other financial notes (consisting of unsecured notes) | List price | Not applicable | |||||
43 | ||
CMB.TECH | Financial HY Report 2026 |
Contractual cash flows June 30, 2026 | ||||||||||
(in thousands of USD) | Note | Carrying Amount | Total | Less than 1 year | Between 1 and 5 years | More than 5 years | ||||
Non derivative financial liabilities | ||||||||||
Bank loans and other notes | 16 | |||||||||
Other borrowings | 16 | |||||||||
Lease liabilities | 16 | |||||||||
Trade and other payables * | 17 | |||||||||
Contractual cash flows December 31, 2025 | ||||||||||
(in thousands of USD) | Note | Carrying Amount | Total | Less than 1 year | Between 1 and 5 years | More than 5 years | ||||
Non derivative financial liabilities | ||||||||||
Bank loans and other notes | 16 | |||||||||
Other borrowings | 16 | |||||||||
Lease liabilities | 16 | |||||||||
Trade and other payables * | 17 | |||||||||
44 |
CMB.TECH | Financial Report HY 2026 |
(in thousands of USD) | Note | June 30, 2026 | December 31, 2025 | |
Shareholders loans to joint ventures | 25 | |||
Derivatives | — | |||
Cash guarantees and deposits | — | |||
Other non-current receivables | — | |||
Total non-current receivables | ||||
45 | ||
CMB.TECH | Financial Report HY 2026 |
(in thousands of USD) | June 30, 2026 | December 31, 2025 | ||||
Trade receivables | ||||||
Trade receivables - TI Pool | ||||||
Contract assets | ||||||
Accrued interest | ||||||
Deferred charges | ||||||
Deferred fulfillment costs | ||||||
Other receivables | ||||||
Derivatives | ||||||
Total trade and other receivables | ||||||
46 |
CMB.TECH | Financial Report HY 2026 |
(in thousands of USD) | Note | Onerous contract | Total | ||
At January 1, 2026 | |||||
Additions | - | ||||
Balance at June 30, 2026 | |||||
Non-current | - | ||||
Current | - | ||||
Total | |||||
47 | ||
CMB.TECH | Financial Report HY 2026 |
48 |
CMB.TECH | Financial Report HY 2026 |
(in thousands of USD) | June 30, 2026 | December 31, 2025 | ||||
Assets | ||||||
Interest in joint ventures | ||||||
Interest in associates | ||||||
TOTAL ASSETS | ||||||
(in thousands of USD) | June 30, 2026 | December 31, 2025 |
Carrying amount of interest at the beginning of the period | ||
Business Combinations | ||
Acquisitions | ||
Group's share of profit (loss) for the period | ||
Carrying amount of interest at the end of the period |
ASSET | ||||
(in thousands of USD) | Investments in equity accounted investees | Shareholders loans | ||
Gross balance | ||||
Offset investment with shareholders loan | ( | |||
Balance at January 1, 2025 | ||||
Reversal prior year offset investment with shareholders loan | ( | |||
Group's share of profit (loss) for the period | ( | |||
49 | ||
CMB.TECH | Financial Report HY 2026 |
Dividends received from joint ventures | ( | |||
Movement shareholders loans to joint ventures | ||||
Business combinations | ||||
Transfer to assets held for sale | ( | |||
Translation differences | ||||
Gross balance | ||||
Offset investment with shareholders loan | ( | |||
Balance at December 31, 2025 | ||||
Reversal prior year offset investment with shareholders loan | ( | |||
Group's share of profit (loss) for the period | ||||
Movement shareholders loans to joint ventures | ||||
Acquisitions | ||||
Translation differences | ( | ( | ||
Exit from the consolidation scope | ( | |||
Gross balance | ||||
Offset investment with shareholders loan | ( | |||
Balance at June 30, 2026 | ||||
50 |
CMB.TECH | Financial Report HY 2026 |
51 | ||
CMB.TECH | Financial Report HY 2026 |
CMB.TECH NV | ||
(Registrant) | ||
Dated: September 23, 2026 | By: | /s/ Alexander Saverys |
Alexander Saverys | ||
Chief Executive Officer | ||