6-K
Cmb.Tech NV (CMBT)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2025
Commission File Number: 001-36810
CMB.TECH NV
De Gerlachekaai 20
2000 Antwerp
Belgium
+32-3-247-59-11
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [ ]
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached hereto as Exhibit 99.1 is a copy of the press release of CMB.TECH NV (the “Company”), dated August 28, 2025, announcing that the Company has reported its unaudited financial results for the second quarter ended June 30, 2025.
Attached hereto as Exhibit 99.2 is a copy of the Company's half year report for 2025.
Attached hereto as Exhibit 99.3 is a copy of the Company's financial half year report for 2025.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| CMB.TECH NV | ||
|---|---|---|
| (Registrant) | ||
| Dated: August 28, 2025 | ||
| By: | /s/ Ludovic Saverys | |
| Ludovic Saverys | ||
| Chief Financial Officer |
Exhibit 99.1
 |
PRESS RELEASE<br><br> <br>Thursday 28 August 2025 – 07:00<br> a.m. CET |
|---|---|
| Regulated information |
CMB.TECH ANNOUNCES Q2 2025 RESULTS
MERGER WITH GOLDEN OCEAN COMPLETED
ANTWERP, Belgium, 28 August 2025 – CMB.TECH NV (“CMBT”, “CMB.TECH” or “the Company”) (NYSE: CMBT, Euronext Brussels: CMBT and Euronext Oslo Børs: CMBTO) reported its unaudited financial results today for the second quarter ended 30 June 2025.
HIGHLIGHTS
Corporate highlights:
| o | CMB.TECH completed the merger with Golden Ocean on 20 August |
|---|---|
| o | CMB.TECH is listed on NYSE (CMBT), EURONEXT Brussels (CMBT) and EURONEXT Oslo (CMBTO) |
| --- | --- |
| o | Supervisory Board changes: resignation of Mr. Marc Saverys, appointment of Debemar BV, permanently represented by Mr. Patrick De<br> Brabandere as chairman and cooptation of Mrs. Gudrun Janssens |
| --- | --- |
Financial highlights:
| o | Net loss of -7.6 million USD in Q2 2025 |
|---|---|
| o | CMB.TECH’s contract backlog stands at 2.93 billion USD |
| --- | --- |
| o | Interim dividend declared of 0.05 USD, payable on or about 9 October |
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Fleet highlights:
| o | Following the merger, CMB.TECH owns and operates a combined diversified fleet<br> of around 250 vessels, including dry bulk vessels, crude oil tankers, chemical tankers, container ships, offshore wind vessels and port vessels. |
|---|---|
| o | Delivery of 8 newbuilding vessels (Q2 – Quarter to date): |
| --- | --- |
| ➢ | Super-Eco Newcastlemax: Mineral Suomi, Mineral Sverige, Mineral Polska, Mineral Cesko and Mineral Slovensko |
| --- | --- |
| ➢ | CSOV: Windcat Rotterdam |
| --- | --- |
| ➢ | CTV: TSM Windcat 59, Windcat 58 |
| --- | --- |
| o | Previously announced sale of VLCC Iris (2012- 314,000 dwt) generated a capital gain of approx. 57.1 million USD during Q2. |
| --- | --- |
| o | Delivery of Hakata (2010 - 302,550 dwt) & Hakone (2010 - 302,624 dwt) to its new owners as part of CMB.TECH’s fleet<br> rejuvenation strategy. The sales will generate a total capital gain of approx. 39.3 million USD in Q3 2025. |
| --- | --- |
| o | Sale of Sofia (2010 - 165,000 dwt). Delivery will be in Q4 2025. The sale will generate a capital gain of 20.4 million USD in Q4<br> 2025. |
| --- | --- |
For the second quarter of 2025, the Company reported a net loss of USD 7.6 million or USD -0.04 per share (second quarter 2024: a net gain of 184.4 USD million or USD 0.95 per share). EBITDA (a non-IFRS measure) for the same period was USD 224.1 million (second quarter 2024: USD 261.2 million).
Commenting on the Q2 results, Alexander Saverys (CEO) said:
“We reached a big milestone for our company with the recent completion of the merger with Golden Ocean, adding 89 dry bulk vessels, and bringing our total fleet to around 250 ships. Our newbuilding delivery programme continues unabated with the delivery of 8 vessels: 5 super-eco Newcastlemaxes, two CTVs and our first CSOV. We also concluded another commercial agreement for our ammonia-powered Newcastlemaxes, this time with Fortescue. CMB.TECH’s modern fleet is well positioned to create a lot of value in the months to come, particularly thanks to our exposure to strong tanker and dry bulk markets.”
CMB.TECH  Contact |
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|---|---|---|---|
| Head of Marketing &<br><br> <br>Communications<br><br> <br>Katrien Hennin | Tel: +32 499393470<br><br> <br>katrien.hennin@cmb.tech | Head of Investor<br><br> <br>Relations<br><br> <br>Joris Daman | Tel: +32 498617111<br><br> <br>joris.daman@cmb.tech |
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PRESS RELEASE<br><br> <br>Thursday 28 August 2025 – 07:00<br> a.m. CET |
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| Regulated information |
Key figures
| The most important key figures (unaudited) are: | ||||
|---|---|---|---|---|
| (in thousands of USD) | Second Quarter 2025 | Second Quarter 2024 | YTD 2025 | YTD 2024 |
| Revenue | 387,808 | 252,000 | 622,852 | 492,377 |
| Other operating income | 13,021 | 30,649 | 20,155 | 38,245 |
| Raw materials and consumables | (2,319) | (435) | (5,128) | (1,678) |
| Voyage expenses and commissions | (81,338) | (48,986) | (123,742) | (85,903) |
| Vessel operating expenses | (113,644) | (50,541) | (175,473) | (100,013) |
| Charter hire expenses | (1,307) | 1 | (1,620) | (17) |
| General and administrative expenses | (33,548) | (18,581) | (56,395) | (36,287) |
| Gains on disposal of vessels/ other tangible assets | 57,340 | 94,985 | 103,791 | 502,547 |
| Depreciation | (108,698) | (41,639) | (164,369) | (81,877) |
| Impairment losses | (3,573) | — | (3,573) | — |
| Net finance expenses | (118,225) | (30,540) | (182,440) | (45,980) |
| Share of profit (loss) of equity accounted investees | 1,622 | 2,029 | 1,571 | 2,570 |
| Profit (loss) before income tax | (2,861) | 188,942 | 35,629 | 683,984 |
| Income tax benefit (expense) | (4,723) | (4,572) | (2,840) | (4,364) |
| Profit (loss) for the period | (7,584) | 184,371 | 32,789 | 679,620 |
| Attributable to: | ||||
| Owners of the Company | 7,768 | 184,371 | 51,766 | 679,620 |
| Non-controlling interest | (15,352) | — | (18,977) | — |
| Information per share: | ||||
| --- | --- | --- | --- | --- |
| (in USD per share) | Second Quarter 2025 | Second Quarter 2024 | YTD 2025 | YTD 2024 |
| Weighted average number of shares (basic) * | 194,216,835 | 194,250,949 | 194,216,835 | 197,886,375 |
| Profit (loss) for the period | -0.04 | 0.95 | 0.17 | 3.43 |
| * | The number of shares issued on 30 June 2025 is 220,024,713. However, the number of shares excluding the owned shares held<br> by CMB.TECH at 30 June 2025 is 194,216,835. | |||
| --- | --- | |||
| EBITDA reconciliation (unaudited): | ||||
| --- | --- | --- | --- | --- |
| (in thousands of USD) | Second Quarter 2025 | Second Quarter 2024 | YTD 2025 | YTD 2024 |
| Profit (loss) for the period | (7,584) | 184,371 | 32,789 | 679,620 |
| + Net interest expenses | 118,225 | 30,626 | 182,440 | 45,886 |
| + Depreciation of tangible and intangible assets | 108,698 | 41,639 | 164,369 | 81,877 |
| + Income tax expense (benefit) | 4,723 | 4,572 | 2,840 | 4,364 |
| EBITDA (unaudited) | 224,062 | 261,208 | 382,438 | 811,747 |
| CMB.TECH Contact |
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| --- | --- | --- | --- | |
| Head of Marketing &<br><br> <br>Communications<br><br> <br>Katrien Hennin | Tel: +32 499393470<br><br> <br>katrien.hennin@cmb.tech | Head of Investor<br><br> <br>Relations<br><br> <br>Joris Daman | Tel: +32 498617111<br><br> <br>joris.daman@cmb.tech |
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PRESS RELEASE<br><br> <br>Thursday 28 August 2025 – 07:00<br> a.m. CET | |||
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| Regulated information | ||||
| EBITDA per share: | ||||
| --- | --- | --- | --- | --- |
| (in USD per share) | Second Quarter 2025 | Second Quarter 2024 | YTD 2025 | YTD 2024 |
| Weighted average number of shares (basic) | 194,216,835 | 194,250,949 | 194,216,835 | 197,886,375 |
| EBITDA | 1.15 | 1.34 | 1.97 | 4.10 |
All figures, except for EBITDA, have been prepared under IFRS as adopted by the EU (International Financial Reporting Standards) and have not been audited by the statutory auditor.
Interim dividend
CMB.TECH has declared an Interim Dividend of 0.05 USD.
The timing of the distribution of this Interim Dividend is as follows:
| COUPON 43 | Ex-dividend date | Record date | Payment date |
|---|---|---|---|
| Euronext | 1 October 2025 | 2 October 2025 | 9 October 2025 |
| NYSE | 2 October 2025 | 2 October 2025 | 9 October 2025 |
| OSE | 1 October 2025 | 2 October 2025 | on or about 9 October 2025 |
The New York Stock Exchange (“NYSE”) settles its trades on a T+1 basis, while Euronext Brussels (“Euronext”) and the Euronext Oslo Børs (“OSE”) settle its trades on a T+2 basis. As a result, there will be different ex-dividend dates between the exchanges.
Due to the implementation of CSDR in Norway, the Dividend payable on common shares that are registered in the VPS settlement system in order to be traded on OSE is expected to be distributed to VPS shareholders on or about 9 October 2025.
The Interim Dividend is, in its entirety, subject to 30% withholding tax to the extent that no exemption or reduction applies. The Company encourages you to contact your bank, broker, nominee or other institution if you have any questions regarding the mechanics and timing of having the Dividend attributable to your common shares credited to your account.
| CMB.TECH Contact |
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|---|---|---|---|
| Head of Marketing &<br><br> <br>Communications<br><br> <br>Katrien Hennin | Tel: +32 499393470<br><br> <br>katrien.hennin@cmb.tech | Head of Investor<br><br> <br>Relations<br><br> <br>Joris Daman | Tel: +32 498617111<br><br> <br>joris.daman@cmb.tech |
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PRESS RELEASE<br><br> <br>Thursday 28 August 2025 – 07:00<br> a.m. CET |
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| Regulated information |
TCE
The average daily time charter equivalent rates (TCE, a non IFRS-measure) can be summarised as follows:
| In USD per day | Q2 2025 | Q2 2024 | First semester 2025 | First semester 2024 |
|---|---|---|---|---|
| TANKERS | ||||
| VLCC | ||||
| Average spot rate (in TI Pool)* | 44,981 | 50,500 | 39,774 | 45,600 |
| Average time charter rate** | 46,094 | 47,000 | 46,114 | 46,700 |
| SUEZMAX | ||||
| Average spot rate*** | 40,160 | 49,500 | 40,314 | 54,600 |
| Average time charter rate | 33,023 | 30,750 | 32,845 | 30,700 |
| DRY-BULK VESSELS | ||||
| Average spot rate*** | 23,081 | 36,731 | 20.975 | 31,504 |
| CONTAINER VESSELS | ||||
| Average time charter rate | 29,378 | 29,378 | 29,378 | 29,378 |
| CHEMICAL TANKERS | ||||
| Average spot rate* | 22,411 | 27,307 | 21.471 | 26,426 |
| Average time charter rate | 19,306 | 19,306 | 19,306 | 19,306 |
| OFF-SHORE WIND (CTV) | ||||
| Average time charter rate | 3,146 | 2,759 | 2,789 | 2,824 |
*CMB.TECH owned ships in TI Pool or Stolt Pool (excluding technical offhire days)
**Including profit share where applicable
*** Reporting load-to-discharge, in line with IFRS 15
CORPORATE UPDATE
Golden Ocean merger
On 3 April 2025, CMB.TECH NV filed a Schedule 13D/A to report that CMB.TECH NV indirectly acquired 9,689,297 additional shares in Golden Ocean Group Limited (“Golden Ocean”) in the open market following the acquisition of 81,363,730 shares in Golden Ocean from Hemen Holding Limited and subsequent open market purchases of 7,347,277 shares in Golden Ocean. On 3 April 2025, CMB.TECH NV owned an aggregate of 98,400,204 shares in Golden Ocean, representing approximately 49.4% of Golden Ocean's outstanding voting shares.
On 22 April 2025, 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. The Term Sheet was unanimously approved by CMB.TECH’s Supervisory Board and by Golden Ocean’s Board of Directors, including its special transaction committee composed of disinterested directors (the “Transaction Committee”). As part of this, the Transaction Committee has received a fairness opinion from its financial advisor DNB Markets, part of DNB Bank ASA, concluding that the Exchange Ratio is fair from a financial point of view to Golden Ocean’s shareholders.
The transaction was structured as a merger with Golden Ocean merging with and into CMB.TECH Bermuda Ltd., a wholly-owned subsidiary of CMB.TECH (the “Merger”). Existing shares of Golden Ocean, which were not (directly or indirectly) owned by CMB.TECH, would be cancelled and ultimately exchanged for newly issued CMB.TECH shares at an exchange ratio of 0.95 shares of CMB.TECH for each share of Golden Ocean.
More information can be found in the registration statement on Form F-4 (the “Registration Statement”) filed by CMB.TECH with the SEC on 1 July 2025 and the exemption document under the EU Prospectus Regulation (EU) 2017/1129 and the Commission Delegated Regulation (EU) 2021/528 (the “Exemption Document”) published on 14 August 2025.
| CMB.TECH Contact |
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|---|---|---|---|
| Head of Marketing &<br><br> <br>Communications<br><br> <br>Katrien Hennin | Tel: +32 499393470<br><br> <br>katrien.hennin@cmb.tech | Head of Investor<br><br> <br>Relations<br><br> <br>Joris Daman | Tel: +32 498617111<br><br> <br>joris.daman@cmb.tech |
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PRESS RELEASE<br><br> <br>Thursday 28 August 2025 – 07:00<br> a.m. CET |
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| Regulated information |
On 17 July 2025, CMB.TECH provided a market update on the progress of the stock-for-stock merger between CMB.TECH and Golden Ocean. It was announced that Golden Ocean would hold an SGM to vote on the proposed merger on 19 August 2025.
On 19 August 2025, Golden Ocean held a Special General Meeting to vote on the proposed merger. At the special general meeting of shareholders of Golden Ocean, the Merger was approved by shareholders holding 92.72% of the shares present or represented at the meeting.
On 20 August 2025, the merger was closed. Based on the Exchange Ratio and the current number of outstanding Golden Ocean common shares and ordinary shares in the Company, the Company issued 95,952,934 new ordinary shares by means of a capital increase by contribution in kind. Upon completion of the Merger, CMB.TECH shareholders own 70% (or 67% excluding treasury shares) of the total issued share capital of CMB.TECH and Golden Ocean shareholders own 30% (or 33% excluding treasury shares) of the total issued share capital of CMB.TECH.
As indicated in CMB.TECH’s press release of 11 August 2025, Golden Ocean has received correspondence from certain parties alleging to be former shareholders of Golden Ocean, who have, in the meantime, filed appraisal claims under Bermuda law. The aggregate number of Golden Ocean shares allegedly held by these parties is 24,438,718, representing approximately 12.15% of the total number of former Golden Ocean shares. Following completion of the Merger, all shares in Golden Ocean (including those held by dissenting shareholders) were annulled and exchanged for shares in CMB.TECH. The appraisal claims do not contest the validity or effectiveness of the Merger, but relate solely to the determination of the fair value of the shares held by the dissenting shareholders. CMBT reaffirms that Golden Ocean shareholders were offered fair value in the Merger and will address these claims appropriately.
CMB.TECH remains listed on the New York Stock Exchange and Euronext Brussels under the ticker symbol ‘CMBT’. As of 20 August 2025, CMB.TECH is also listed on Euronext Oslo Børs under the ticker symbol ‘CMBTO’.
The merger creates one of the world's largest diversified listed maritime groups, featuring:
| • | A combined diversified fleet of around 250 vessels,<br> including dry bulk vessels, crude oil tankers, chemical tankers, container ships, offshore wind vessels and port vessels | ||
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| • | A future-proof fleet with more than 80 hydrogen- and ammonia-ready vessels, offering low-carbon fuel optionality | ||
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| • | Fair market value of the fleet of approximately USD 11.1<br> billion, underscoring scale and asset values | ||
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| • | Young and fuel-efficient fleet with an average age<br> of 6.1 years | ||
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| • | Solid revenue visibility with a contract backlog of<br> approximately USD 3.0 billion, supporting predictable cash flows and shareholder returns | ||
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| • | Global capital market presence with listings in New York,<br> Brussels and Oslo, with 38% expected free float providing trading liquidity | ||
| --- | --- | ||
| • | Robust liquidity position exceeding USD 400 million,<br> including cash on hand and undrawn credit facilities, providing financial flexibility and growth capacity | ||
| --- | --- | ||
| CMB.TECH Contact |
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| --- | --- | --- | --- |
| Head of Marketing &<br><br> <br>Communications<br><br> <br>Katrien Hennin | Tel: +32 499393470<br><br> <br>katrien.hennin@cmb.tech | Head of Investor<br><br> <br>Relations<br><br> <br>Joris Daman | Tel: +32 498617111<br><br> <br>joris.daman@cmb.tech |
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PRESS RELEASE<br><br> <br>Thursday 28 August 2025 – 07:00<br> a.m. CET |
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| Regulated information |
Supervisory Board changes
Mr. Marc Saverys has decided to resign as member and chairman of the Supervisory Board of CMB.TECH. Mr. Marc Saverys joined the Supervisory Board of CMB.TECH after the SGM of 23 March 2023 as a non-independent member. Mr. Patrick de Brabandere, as representative of Debemar BV has been appointed to succeed Mr. Marc Saverys as chairman of the Supervisory Board.
The Supervisory Board has further decided to co-opt Mrs. Gudrun Janssens as independent member within the Supervisory Board:
| - | Mrs Gudrun Janssens oversees BIMCO's EU-related marine environment, safety and technical affairs from the<br> Brussels office. She has significant expertise in ship recycling. She studied Chemistry with a focus on environmental sciences and began her professional career at the Public Waste Agency of Flanders in 2000.<br><br> <br>As a senior policy advisor and member of the Belgian delegation to the IMO, she was involved in shaping the<br> Belgian policy on ship waste management and ship recycling for over 15 years. Gudrun also worked for the European Community of Shipowners’ Associations (ECSA) and the Royal Belgian Shipowners Associations as Head of Environmental and<br> Technical Affairs, managing environmental and climate-related shipping issues at both European and international levels. |
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Publication half year report and change in publication date earnings releases
CMB.TECH published its half year report on the company website this morning (28 August 2025). You can find the reports here.
Furthermore, the company has decided to postpone the publication date of its third quarter 2025 earnings press release and accompanying conference call. The Q3 2025 earnings will be announced on 26 November 2025.
CMB.TECH FLEET DEVELOPMENTS
Commercial agreements
Fortescue
Fortescue and Bocimar, part of CMB.TECH, have signed an agreement for an ammonia-powered Newcastlemax featuring a dual fuel engine. The 210,000-dwt vessel is part of CMB.TECH’s series of large dry bulk carriers currently on order at Qingdao Beihai Shipyard and is expected to be delivered to Fortescue by the end of next year. It will play a vital role taking iron ore from Pilbara to customers in China and around the world.
Sales
Euronav
On 30 April 2025, CMB.TECH announced that it had sold three VLCCs, Iris (2012- 314,000 dwt), Hakone (2010 - 302,624 dwt) and Hakata (2010 - 302,550 dwt) as part of its fleet rejuvenation. The sales generated a total capital gain of 96.7 million USD. Iris has been delivered to their new owners on May 7, 2025 and Hakone on July 8, 2025 respectively. Hakata will be delivered in the beginning of September 2025.The VLCC Iris (2012- 314,000 dwt) generated a capital gain of approx. 57.1 million USD during Q2 and the sales of Hakata (2010 - 302,550 dwt) & Hakone (2010 - 302,624 dwt) will generate a total capital gain of approx. 39.3 million USD in Q3 2025.
On 25 August 2025, 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 will generate a gain of approximately USD 20.4 million and is expected to be delivered to its new owner in the fourth quarter of 2025.
| CMB.TECH Contact |
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|---|---|---|---|
| Head of Marketing &<br><br> <br>Communications<br><br> <br>Katrien Hennin | Tel: +32 499393470<br><br> <br>katrien.hennin@cmb.tech | Head of Investor<br><br> <br>Relations<br><br> <br>Joris Daman | Tel: +32 498617111<br><br> <br>joris.daman@cmb.tech |
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PRESS RELEASE<br><br> <br>Thursday 28 August 2025 – 07:00<br> a.m. CET |
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| Regulated information |
Newbuilding deliveries
On 10 April 2025, the Company took delivery of Newcastlemax Mineral Suomi (2025 - 210,761 dwt).
On 23 April 2025, the Company took delivery of Newcastlemax Mineral Sverige (2025 - 210,761 dwt)
On 9 April 2025, the Company took delivery of the CTV TSM Windcat 59 .
On 23 May 2025, the Company took delivery of Newcastlemax Mineral Polska (2025 - 210,761 dwt).
On 23 June 2025, the Company took delivery of Newcastlemax Mineral Cesko (2025 - 210,761 dwt).
On 2 July 2025, the Company took delivery of the CTV Windcat 58.
On 24 July 2025, the Company took delivery of the CSOV Windcat Rotterdam.
On 8 August 2025, the Company took delivery of Newcastlemax Mineral Slovensko (2025 - 210,761 dwt).
MARKET & OUTLOOK
Euronav – Tanker Markets^1^
Tanker markets experienced heightened volatility in Q2 2025, with notable disruption in June due to escalating conflict in the Middle East. This geopolitical tension tightened a market that had previously been easing into the typically softer summer period, with average earnings reaching a five-month low in mid-June. However, conditions reversed sharply as average weighted crude tanker earnings surged to USD 47,519/day by June 20^th^ — among the highest level in over a year. This was largely driven by a spike in Very Large Crude Carrier (VLCC) rates in the Middle East Gulf, with spot earnings on the Middle East–China route exceeding USD 75,000/day in late June, marking a two-year high. Despite the regional conflict, oil flows through the Strait of Hormuz — a critical chokepoint for approximately 34% of global seaborne oil trade — remained steady, with vessel transits staying within normal ranges following the mid-June escalation. Following the Israel–Iran ceasefire on June 24th, market conditions began to stabilise. Nonetheless, the situation remains fluid and warrants continued close monitoring. In recent weeks, oil markets have seen relative calm as geopolitical risks have subsided and demand forecasts remain steady. Despite this, charter rates continue to trend significantly above the 10-year average TCE rate for the summer season (July: +33% for VLCCs and +59% for Suezmaxes).
According to AXS Marine data, China’s crude oil imports declined on a year-on-year basis for April, May and June — by 0.3%, 8.9%, and 5.9% respectively. For much of the past decade, China has been the primary driver of global oil demand, accounting for approximately 60% of global growth. However, recent trends suggest that the outlook for Chinese oil consumption continues to undergo a fundamental shift, with significant implications for global oil trade patterns. Much of China’s abrupt slowdown in fuel demand growth is driven by changes in the underlying economy, with high growth in services and a significant slowdown in the diesel-intensive construction sector. In June, new energy vehicles (NEVs) accounted for 52.7% of total vehicle sales in China, reflecting a decisive move toward electrified transportation. Globally, NEVs are expected to displace over 5mpd of gasoline and diesel by 2030. This trend is further supported by a growing adoption of LNG-powered and fully electric trucks, particularly in freight and logistics sectors, and the rapid expansion of high-speed and urban rail networks. In addition, while in Western economies, the rise of renewables — primarily wind and solar — has largely displaced coal-fired power generation, with grid intermittency managed by natural gas and, to a lesser extent, battery storage, the picture in China is different. Despite substantial investments in renewables, coal still maintains a dominant role in China’s energy mix. As the world’s largest miner, importer and consumer of coal, China continues to expand its coal-fired power capacity. Rather than displacing coal, it appears that renewables in China are more directly challenging crude oil’s role in the economy. This is primarily because China is rapidly electrifying both its industrial base and transport infrastructure. As a result, the country is reducing its reliance on imported crude — a commodity that remains susceptible to geopolitical disruptions and volatile price swings. The strategic shift toward greater energy self-sufficiency and electrification in China marks a structural transformation in the country’s energy demand profile. This transition is expected to have lasting implications for global oil trade flows.
^1^ Source: AXS Marine, Clarksons SIN, Morgan Stanley, Commodore Research, Reuters, IEA
| CMB.TECH Contact |
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|---|---|---|---|
| Head of Marketing &<br><br> <br>Communications<br><br> <br>Katrien Hennin | Tel: +32 499393470<br><br> <br>katrien.hennin@cmb.tech | Head of Investor<br><br> <br>Relations<br><br> <br>Joris Daman | Tel: +32 498617111<br><br> <br>joris.daman@cmb.tech |
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PRESS RELEASE<br><br> <br>Thursday 28 August 2025 – 07:00<br> a.m. CET |
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| Regulated information |
Nonetheless, major forecasting agencies — the IEA, EIA, and OPEC — continue to project oil demand growth of +0.7 million barrels per day (mb/d), +0.8 mb/d, and +1.3 mb/d respectively in 2025. Although these forecasts have seen modest upward revisions in recent months, they remain well below historical growth levels. Seaborne crude oil trade, as measured in billion tonne-miles, is increasingly being distributed more evenly across the broader Asian region. China is now expected to account for 33.3% of Asian seaborne imports in 2025, with India at 10.5%, South Korea at 9.8% and the rest of Asia comprising 13.9%. While China's oil demand is plateauing — with a longer-term decline expected — India has emerged as the world’s most dynamic growth engine for oil consumption. India's rapidly expanding economy, driven by urbanisation, infrastructure expansion and industrial development, is highly dependent on oil. Unlike many other regions that are accelerating their transition to electric vehicles, India’s oil demand is heavily concentrated in transport fuels. The country’s total oil consumption is projected to increase by 1 mb/d between 2024 and 2030, reinforcing its growing significance in the global oil demand equation.
On the oil supply side, June marked the third consecutive month in which eight OPEC and OPEC+ members engaged in voluntary production cuts were permitted to raise output, with their combined production quota increasing by 411 kb/d month-on-month. Looking ahead, OPEC+ has reaffirmed its intention to boost production by a further 548 kb/d in August – concluding the whole first tranche of voluntary cuts (2.2 mb/d). There is a notable disconnect between OPEC+ quotas, actual production and exports. Monthly output often diverges from quotas due to past overproduction, capacity constraints preventing some members from meeting allocations and others consistently producing above their targets. Looking ahead, projecting seaborne crude exports for the remainder of 2025 is challenging, though seasonality typically supports an uptick in the fourth quarter. Despite these planned increases, global demand growth appears increasingly fragile. The IEA, EIA and OPEC have all maintained their 2026 demand growth projections at +0.7 mb/d, +1.1 mb/d, and +1.3 mb/d, respectively. In light of these figures, the supply-demand balance is becoming a growing concern. The IEA now forecasts an oil market surplus of 1.5 mb/d in 2025 and 2.1 mb/d in 2026. This anticipated oversupply is beginning to draw attention from key industry stakeholders and could prompt a reassessment of OPEC+ strategy. Any shift in policy would carry significant implications for upstream investment decisions and the broader global oil production landscape.
From a vessel supply side perspective, ordering activity has picked up further, pushing the VLCC orderbook-to-fleet (OB/F) ratio to 13.9% and the Suezmax OB/F ratio to 19.4%. While these figures may appear substantial at first glance, they are insufficient when viewed against the backdrop of an aging global tanker fleet. Adjusting for vessel retirements at 20, 25 and 30 years of age, net fleet growth is projected to turn negative through 2028 for both VLCCs and Suezmaxes. Currently, 17% of the VLCC fleet and 19% of the Suezmax fleet are over 20 years old — thresholds typically associated with phase-out or reduced commercial viability. The replacement challenge becomes even more pronounced when looking further ahead. By 2030, 39% of the VLCC fleet and 40% of the Suezmax fleet will be over 20 years old, indicating a steep increase in fleet obsolescence. This accelerated aging underscores the need for fleet renewal, particularly as environmental regulations tighten and charterers favour younger, more efficient tonnage.
Euronav has 10 VLCCs (average age 8.4y) and 18 Suezmaxes (average age 7.3y) on the water. Additionally, it has 5 VLCCs and 2 Suezmaxes on order.
Q2 2025 Performance Highlights:
| • | Euronav VLCC achieved average TCE of USD 44,981 per day in Q2, and Q3 2025 spot rate (to date): 77% fixed at USD<br> 32,056 per day | ||
|---|---|---|---|
| • | Euronav Suezmax achieved average TCE of USD 40,160 per day in Q2, and Q3 2025 spot rate (to date): 76% fixed at<br> USD 39,364 per day | ||
| --- | --- | ||
| CMB.TECH Contact |
|||
| --- | --- | --- | --- |
| Head of Marketing &<br><br> <br>Communications<br><br> <br>Katrien Hennin | Tel: +32 499393470<br><br> <br>katrien.hennin@cmb.tech | Head of Investor<br><br> <br>Relations<br><br> <br>Joris Daman | Tel: +32 498617111<br><br> <br>joris.daman@cmb.tech |
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PRESS RELEASE<br><br> <br>Thursday 28 August 2025 – 07:00<br> a.m. CET |
|---|---|
| Regulated information |
Bocimar – Dry-Bulk Market^2^
Iron ore remains the primary driver of Capesize vessel demand, comprising 72.1% of the segment's total seaborne cargo volumes in H1 2025. As such, Capesize tonnage demand is highly correlated with global iron ore trade flows, particularly imports into China, which account for 76.4% of total seaborne iron ore volumes. Given this concentration, fluctuations in Chinese import activity tend to have an immediate and pronounced impact on the broader Capesize market. Notably, iron ore shipment volumes have remained robust in H1 2025, with volumes picking up after the disappointing Q1 volumes (cfr. seasonal weakness and adverse weather conditions in the Atlantic Basin). Seaborne export of iron ore increased y-o-y in May with 8.2%, June with 7.4% and July with 6.8%.
Looking ahead, recent Q2 production updates from major iron ore producers reinforce a constructive outlook for seaborne supply. Vale reported Q2 2025 iron ore output of 83.6 million tons, up 3.7% y-o-y, while maintaining its full-year production guidance at 325–335 million tons. Fortescue Metals Group (FMG) also delivered strong results, with Q4 FY25 (June fiscal year ended) shipments totalling approximately 55 million tons (+3.3% y-o-y), bringing full-year volumes to 198 million tons—at the upper end of its 190–200 million tons guidance range. FMG is guiding further growth in FY26, with projected shipments of 195–205 million tons. BHP reported Q2 2025 production of 70.3 million tons, up 2.0% y-o-y. Fiscal year 2025 iron ore output reached 263 million tons, marking a 1% increase y-o-y and in line with guidance of 255–265.5 million tons. For FY26, BHP has issued a slightly higher production guidance of 258–269 million tons. Meanwhile, Anglo American reported Q2 2025 production of 15.94 million tons (+2.0% y-o-y) and reaffirmed its full-year guidance of 57–61 million tons. While production gains across the major miners are modest, the resilience in output levels provides a supportive backdrop for Capesize demand and seaborne iron ore trade.
According to Goldman Sachs, China’s steel production remains resilient, with no meaningful output cuts observed despite recurring market speculation and rumours. Utilisation rates at steel mills continue to exceed 90%, supported by strong profit margins in the range of USD 30–40 per ton. Although steel demand is seasonally soft, it is holding steady on a y-o-y basis, with solid activity in infrastructure and manufacturing sectors helping to offset ongoing weakness in the property market. A notable trend supporting seaborne iron ore demand is the growing preference among mills for higher-grade ore. This shift is underpinned by expanding margins and stricter environmental constraints. Blast furnace utilisation remains elevated above 90%, while pig iron output has surged to record levels, exceeding 2.4 million tons per day. Whereas iron ore restocking had previously been conducted on a just-in-time basis, the combination of improved steel margins and robust order books has increased mills’ willingness to tolerate higher input costs. Many are now actively procuring seaborne iron ore at USD 105 per ton to preserve margins, with reports indicating some mills have secured volumes through the end of August. This marks a strategic shift, reflecting growing confidence in the sustainability of current profitability levels.
Bauxite is seen as a secondary driver of Capesize demand. In H1 2025, Bauxite accounted for 10.7% of Capesize seaborne cargo volumes, reflecting its growing role in the segment’s trade dynamics. Global seaborne bauxite volumes are projected to increase by 19.0% y-o-y in 2025, largely driven by rising exports from Guinea to China. This growth mirrors China's robust demand for aluminium, underpinned by structural expansion in its NEV and renewable energy sectors. Importantly, the Guinea–China trade route, being significantly longer than the traditional Australia–China route, contributes disproportionately to ton-mile demand—an increasingly critical metric for Capesize employment. While Guinean exports most likely will face temporary weather-related disruptions during West Africa’s May–October monsoon season, the broader outlook for bauxite trade remains strongly supportive of Capesize demand through 2025. Although bauxite volumes remain relatively small compared to iron ore in absolute terms, their contribution to ton-mile growth is materially significant. Looking ahead, the anticipated 2026 ramp-up of Guinea’s Simandou iron ore project is expected to further boost long-haul Capesize loadings from West Africa, tightening vessel availability and adding further upside to the segment’s fundamentals.
^2^ Source: AXS Marine, Clarksons, Breakwave Advisors, Jefferies, Clarksons, SMM, Goldman Sachs, FMG, Vale, BHP, Morgan Stanley
| CMB.TECH Contact |
|||
|---|---|---|---|
| Head of Marketing &<br><br> <br>Communications<br><br> <br>Katrien Hennin | Tel: +32 499393470<br><br> <br>katrien.hennin@cmb.tech | Head of Investor<br><br> <br>Relations<br><br> <br>Joris Daman | Tel: +32 498617111<br><br> <br>joris.daman@cmb.tech |
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PRESS RELEASE<br><br> <br>Thursday 28 August 2025 – 07:00<br> a.m. CET |
|---|---|
| Regulated information |
The third driver for Capesize demand is coal – as it accounted for 15.1% of Capesize seaborne cargo volumes in H1 2025. However, global seaborne coal trade is forecast to decline by approximately 7.9% y-o-y in 2025, with Chinese, Indian and Japanese imports expected to fall by 11%, 7%, and 1% respectively. This contraction is largely attributed to increased domestic coal production (China 1H25 +6.1% y-o-y, India Apr’24-Feb’25 +5.5%) and elevated stockpiles in both China and India. For China specifically, improved rail connectivity from Mongolia and the accelerating shift toward renewable energy sources for power generation (1H25 -4.5% y-o-y coal consumption) did also impact seaborne coal import. The weakness in coal trade has weighed on dry bulk markets more broadly, contributing to underperformance in the smaller vessel segments and creating spillover pressure on the Capesize market during Q1 and large parts of Q2. Globally, estimated billion tonne miles of coal transportation is set to decline in 2025 (-7.9%), and in 2026 (-4.9%). Earlier than expected seasonal reduction in coal inventories at power plants and ports in Southern China, in combination with high-temperature days in China and Northeast Asia, could lead to temporary incremental seaborne coal imports in China during the next quarter. To maintain (and further increase) Capesize vessel activity at current levels, coal volumes remain a swing factor in supporting a sustained market recovery.
The Capesize and Newcastlemax orderbook currently stands at 9.8% of the active fleet. Approximately 30% of the existing fleet is over 15 years old and is increasingly uneconomical to operate amid rising environmental compliance costs. New vessel contracting remains subdued, constrained by limited shipyard availability, elevated construction costs and persistent uncertainty regarding future propulsion technologies. 32 large bulk carriers have been ordered year-to-date August, compared to 83 orders placed in the whole of last year. Net fleet growth is projected at just 1.5% in 2025 and 1.9% in 2026. However, when factoring in drydocking schedules and increased maintenance requirements, actual available capacity may contract, especially as more vessels are sidelined for regulatory retrofits. Furthermore, fleet productivity is being curbed by environmental regulations such as EEXI and CII, which are enforcing lower average vessel speeds and effectively tightening supply. In this context, the constrained fleet expansion supports a favourable supply-demand balance and underpins a positive long-term outlook for Capesize earnings. It is estimated that Capesize fleet utilisation will rise from 83.0% in 2025 to 85.0% in 2026 and further to 86.0% by 2027. For the broader dry bulk market, overall fleet utilisation is expected to remain steady at approximately 83.5% through the same period.
As of August 8th, Bocimar has 17 super-eco 210,000 DWT Newcastlemaxes on the water (average age <1y) and 11 newbuildings on order.
Q2 2025 Performance Highlights:
| • | Bocimar Newcastlemax fleet achieved average TCE of USD 23,081 per day in Q2 – 23.5% above the Q1 5TC Baltic<br> Capesize Index (USD 18,681 USD /day). Q3 2025 spot rate (to date): 88% fixed at USD 28,323 per day |
|---|---|
| • | Golden Ocean Newcastlemax/Capesize fleet achieved Q2 2025 TCE actuals at 18,577 USD/day, and Q3 TCE quarter to<br> date rates at 23,600 USD/day (71% fixed). |
| --- | --- |
| • | Golden Ocean Kamsarmax/Panamax Q2 2025 TCE achieved actuals at 10,552 USD/day, and Q3 TCE quarter to date rates<br> at 13,600 USD/day (94% fixed) |
| --- | --- |
Delphis – Container Markets^3^
The global container shipping market remained volatile throughout the second quarter of 2025, marked by sharp fluctuations in spot rates and evolving trade dynamics. Early in the quarter, spot rates declined amid weaker demand signals, only to surge in May following the announcement of a trade agreement between China and the United States. This surge was largely driven by front-loading and temporary booking momentum, which faded by June, leading to another round of rate corrections. Regionally, the most pronounced rate pressures were observed on the Asia–U.S. West Coast (USWC) lanes, reflecting both capacity repositioning and competitive rate dynamics. Year-to-date, the Shanghai Containerized Freight Index (SCFI) has declined by 35.3%, while the China Containerized Freight Index (CCFI) is down 16.7%, underscoring the overall softness in spot market conditions.
^3^ Source: Clarksons SIN, Jefferies
| CMB.TECH Contact |
|||
|---|---|---|---|
| Head of Marketing &<br><br> <br>Communications<br><br> <br>Katrien Hennin | Tel: +32 499393470<br><br> <br>katrien.hennin@cmb.tech | Head of Investor<br><br> <br>Relations<br><br> <br>Joris Daman | Tel: +32 498617111<br><br> <br>joris.daman@cmb.tech |
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PRESS RELEASE<br><br> <br>Thursday 28 August 2025 – 07:00<br> a.m. CET |
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| Regulated information |
Despite near-term rate volatility, the longer-term demand outlook has improved modestly. The recent de-escalation of trade tensions, evidenced by the China–U.S. trade deal, has alleviated market concerns around tariff-induced disruption. While short-term volume growth may decelerate as front-loaded cargo volumes normalise, the ongoing trend toward diversified and increasingly complex global supply chains may lend structural support to baseline tonnage demand over the medium term. The Red Sea re-routing continues with Houthi attacks on the Magic Seas and Eternity C in July delaying normalisation efforts. As a result, continued vessel rerouting via the Cape of Good Hope is absorbing over 10% of the global containership fleet, thereby artificially supporting fleet utilisation levels, which remain elevated at 86–87%.
On the supply side, the container fleet is poised for continued expansion. The current orderbook stands at 30.7% of the in-service fleet, although growth is highly concentrated in the larger vessel segments. Notably, ships of 17,000 TEU have an extensive OB/F of 68.9%, compared to just 5.5% for the 6,000–8,000 TEU range and 5.4% for sub-3,000 TEU vessels. Looking forward, fleet utilisation is forecast to decline gradually as new tonnage is delivered. By 2028, utilisation is expected to ease to 83–84%, and, when adjusted to exclude current Red Sea–related disruptions, the underlying utilisation rate could crash to as low as 72%.
CMB.TECH’s 4 x 6,000 TEU (average age 1.25y) and 1 NB 1,400 TEU container vessels are all employed under 10 to 15-year time charter contract.
Bochem – Chemical Markets^4^
The chemical tanker market has continued to soften, with freight rates easing in recent months, nonetheless, most routes remain resilient. In May, the freight rate for 15,000 tons of chemicals on the Middle East-Far East route fell to USD 47.6/ton, 26.0% lower than the 2024 average, albeit in line with the past 10 years (about USD 49/ton). The 19,999 dwt stainless steel chemical tanker one-year charter rent fell to USD 18,750 per day, 16% lower than the peak last summer but still 27.0% higher than the average of the past 10 years.
Trade lanes are shifting in response to evolving tariff structures, and the Red Sea remains a challenging region for navigation and logistics. In terms of ton nautical mile trade, the continued detour of ships due to the Red Sea disruption has contributed to a ~3.3% increase in global chemical ton nautical mile trade. Several core trade routes, particularly those between the US and Asia in both directions, have seen declining volumes, largely due to weaker manufacturing activity and ongoing trade tensions. Global chemical production growth is slowing, primarily due to industry overcapacity and squeezed margins among chemical producers. Exceptions include China, which is expected to grow chemical output by 4.1% between 2025 and 2027, and India, forecasted at 3.7% growth over the same period. Worldwide, global chemical production growth is projected at 2% during this timeframe.
The chemical tanker fleet is projected to grow by about 2.7% annually from 2025 to 2027, but considering that some ships transporting refined oil products (cfr. swing tonnage) will return to the chemical tanker market, the actual capacity growth rate may be higher. The orderbook for stainless steel chemical tankers amounts to 12.0% of the existing fleet (OB/F), while about 28% of the fleet is above 20 years, potentially triggering scrapping and replacement activity.
Bochem’s 25,000 DWT chemical tankers fleet comprises out of 5 delivered vessels and 9 NB vessels (average age <1y). They are employed under a 10-year time charter (6 vessels), under a 7-year time charter (6 vessels) and in the spot pool (2 vessels).
Q2 2025 performance highlights:
| • | Bochem achieved TCE Q2 2025 of USD 22,411 per day USD/day (spot pool) |
|---|---|
| • | Q3 2025 spot rates quarter-to-date: USD 17,244 per day |
| --- | --- |
^4^ Source: Clarksons SIN, Stolt Tankers, WTO, BRS
| CMB.TECH Contact |
|||
|---|---|---|---|
| Head of Marketing &<br><br> <br>Communications<br><br> <br>Katrien Hennin | Tel: +32 499393470<br><br> <br>katrien.hennin@cmb.tech | Head of Investor<br><br> <br>Relations<br><br> <br>Joris Daman | Tel: +32 498617111<br><br> <br>joris.daman@cmb.tech |
Page 11 of 19
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PRESS RELEASE<br><br> <br>Thursday 28 August 2025 – 07:00<br> a.m. CET |
|---|---|
| Regulated information |
Windcat – Offshore (Wind) Markets^5^
The spring season in the Northern European crew transfer vessel (CTV) market began slowly, with only a limited number of spot requirements emerging in April and May. Throughout this period, some CTVs remained consistently available to meet any spot demand – contributing to on average, slightly lower rates than those observed during the same period last year. Toward the end of the second quarter, a higher number of vessels were placed on charter; however, many of these charters were for short-term projects only. European CTV utilisation levels stood at March 76%, April 85%, May 88% and June 91%. Unlike last year, when market activity significantly declined after August and September, the current season is expected to extend further into the year, with some charter extensions already secured for late summer dates. Looking ahead, vessel owners are showing increased optimism for the 2026 season and beyond, anticipating a rise in new projects that will drive demand for CTVs and lead to an upward trend in charter day rates. Currently, the CTV fleet stands at 704 units versus an orderbook of 109 units (OB/F 15.5%).
Active offshore wind capacity is projected to reach 95 GW by end-2025, representing an increase of 16.8% (+16 GW) across the year. This robust growth is set to be underpinned by a large volume of capacity currently under construction (standing at 55 GW). Near-term growth will largely be in European and Chinese markets, which are forecast to account for 34% and 51% of 2025 growth respectively. However, poor levels of secured offtake in the first half of 2025 highlight the ongoing difficulty in converting auction wins into fully bankable future projects. Ongoing cost pressures, varied political support and regulatory uncertainties are weighing on project investments, with developers taking a cautious approach in the Offshore Wind sector. One notable development this year is the growing interest from the oil and gas sector in dedicated CSOV use. In fact, oil and gas operators are now dominating the chartering landscape, with three out of the top four charterers this quarter coming from that industry. For the 2025 summer season, the existing CSOV fleet is nearly fully booked, and availability is expected to become more favourable for charterers only from October onwards. Day rates, which dipped during the winter as usual, have increased into the summer season, with average rates for 2025 remaining broadly consistent with previous years. So far this year, four new wind-focused CSOVs have been ordered (NB order 2024: 19). Additionally, 15 vessels are scheduled for delivery in the second half of 2025, which will influence supply dynamics moving forward. Overall, the CSOV fleet stands at 60 units versus an orderbook of 57 units (OB/F 95.0%).
Windcat has 1 CSOV and 56 CTVs (average age 9.8y) on the water, with 5 more CSOV s and 7 CTVs newbuildings in the pipeline.
Q2 2025 performance highlights:
| • | Windcat CTVs achieved TCE Q2 2025 of USD 3,146 per day (utilisation 90.9%) |
|---|---|
| • | Windcat CTV Q3 2025 spot rates to-date: so far 91.5% fixed at USD 3,335 per day |
| --- | --- |
^5^ Source: Clarksons, GWEC, Rystad Energy
| CMB.TECH Contact |
|||
|---|---|---|---|
| Head of Marketing &<br><br> <br>Communications<br><br> <br>Katrien Hennin | Tel: +32 499393470<br><br> <br>katrien.hennin@cmb.tech | Head of Investor<br><br> <br>Relations<br><br> <br>Joris Daman | Tel: +32 498617111<br><br> <br>joris.daman@cmb.tech |
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PRESS RELEASE<br><br> <br>Thursday 28 August 2025 – 07:00<br> a.m. CET |
|---|---|
| Regulated information |
CONFERENCE CALL
The call will be a webcast with an accompanying slideshow. You can find the details of this conference call below and on the “Investor
Relations” page of the website. The presentation, recording & transcript will also be available on this page.
| Webcast Information | |
|---|---|
| Event Type: | Audio webcast with user-controlled slide presentation |
| Event Date: | 28 August 2025 |
| Event Time: | 8 a.m. EST / 2 p.m. CET |
| Event Title: | “Q2 2025 Earnings Conference Call” |
| Event Site/URL: | https://events.teams.microsoft.com/event/4c5a9385-1280-4ac8-a49b-2384494ac75d@d0b2b045-83aa-4027-8cf2-ea360b91d5e4 |
To attend this conference call, please register via the following link.
Telephone participants who are unable to pre-register may dial in to the respective number of their location (to be found here). The Phone conference ID is the following: 354 264 600#
Announcement Q3 2025 results – 26 November 2025
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 wind 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, United States 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.
| CMB.TECH Contact |
|||
|---|---|---|---|
| Head of Marketing &<br><br> <br>Communications<br><br> <br>Katrien Hennin | Tel: +32 499393470<br><br> <br>katrien.hennin@cmb.tech | Head of Investor<br><br> <br>Relations<br><br> <br>Joris Daman | Tel: +32 498617111<br><br> <br>joris.daman@cmb.tech |
Page 13 of 19
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PRESS RELEASE<br><br> <br>Thursday 28 August 2025 – 07:00<br> a.m. CET |
|---|---|
| Regulated information |
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.
This information is published in accordance with the requirements of the Continuing Obligations on Euronext Oslo Børs.
| CMB.TECH Contact |
|||
|---|---|---|---|
| Head of Marketing &<br><br> <br>Communications<br><br> <br>Katrien Hennin | Tel: +32 499393470<br><br> <br>katrien.hennin@cmb.tech | Head of Investor<br><br> <br>Relations<br><br> <br>Joris Daman | Tel: +32 498617111<br><br> <br>joris.daman@cmb.tech |
Page 14 of 19
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PRESS RELEASE<br><br> <br>Thursday 28 August 2025 – 07:00<br> a.m. CET |
|---|---|
| Regulated information |
Condensed consolidated interim statement of financial position (unaudited)
(in thousands of USD)
| June 30, 2025 | December 31, 2024 | ||
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Vessels | 6,306,131 | 2,617,484 | |
| Assets under construction | 746,330 | 628,405 | |
| Right-of-use assets | 202,564 | 1,910 | |
| Other tangible assets | 23,741 | 21,628 | |
| Prepayments | 876 | 1,657 | |
| Intangible assets | 16,675 | 16,187 | |
| Goodwill | 172,350 | — | |
| Receivables | 89,211 | 75,076 | |
| Investments | 117,948 | 61,806 | |
| Deferred tax assets | 8,648 | 10,074 | |
| Total non-current assets | 7,684,474 | 3,434,227 | |
| Current assets | |||
| Inventory | 58,340 | 26,500 | |
| Trade and other receivables | 422,893 | 235,883 | |
| Current tax assets | 4,465 | 3,984 | |
| Cash and cash equivalents | 155,048 | 38,869 | |
| 640,746 | 305,236 | ||
| Non-current assets held for sale | 74,154 | 165,583 | |
| Total current assets | 714,900 | 470,819 | |
| TOTAL ASSETS | 8,399,374 | 3,905,046 | |
| EQUITY and LIABILITIES | |||
| Equity | |||
| Share capital | 239,148 | 239,148 | |
| Share premium | 460,486 | 460,486 | |
| Translation reserve | 9,285 | (2,045) | |
| Hedging reserve | 351 | 2,145 | |
| Treasury shares | (284,508) | (284,508) | |
| Retained earnings | 902,569 | 777,098 | |
| Equity attributable to owners of the Company | 1,327,331 | 1,192,324 | |
| Non-controlling interest | 1,225,511 | — | |
| Total equity | 2,552,842 | 1,192,324 | |
| Non-current liabilities | |||
| Bank loans | 3,660,298 | 1,450,869 | |
| Other notes | 199,217 | 198,887 | |
| Other borrowings | 1,200,179 | 667,361 | |
| Lease liabilities | 4,108 | 1,451 | |
| Other payables | 1,580 | — | |
| Employee benefits | 1,072 | 1,060 | |
| Deferred tax liabilities | 495 | 438 | |
| Total non-current liabilities | 5,066,949 | 2,320,066 | |
| Current liabilities | |||
| Trade and other payables | 191,894 | 79,591 | |
| Current tax liabilities | 9,644 | 9,104 | |
| Bank loans | 352,666 | 201,937 | |
| Other notes | 3,733 | 3,733 | |
| Other borrowings | 105,933 | 95,724 | |
| Lease liabilities | 115,588 | 2,293 | |
| Provisions | 125 | 274 | |
| Total current liabilities | 779,583 | 392,656 | |
| TOTAL EQUITY and LIABILITIES | 8,399,374 | 3,905,046 | |
| CMB.TECH Contact |
|||
| --- | --- | --- | --- |
| Head of Marketing &<br><br> <br>Communications<br><br> <br>Katrien Hennin | Tel: +32 499393470<br><br> <br>katrien.hennin@cmb.tech | Head of Investor<br><br> <br>Relations<br><br> <br>Joris Daman | Tel: +32 498617111<br><br> <br>joris.daman@cmb.tech |
Page 15 of 19
|
PRESS RELEASE<br><br> <br>Thursday 28 August 2025 – 07:00<br> a.m. CET |
|---|---|
| Regulated information |
Condensed consolidated interim statement of profit or loss (unaudited)
(in thousands of USD except per share amounts)
| 2025 | 2024 | ||
|---|---|---|---|
| Jan. 1 - June 30, 2025 | Jan. 1 - June 30, 2024 | ||
| Shipping income | |||
| Revenue | 622,852 | 492,377 | |
| Gains on disposal of vessels/other tangible assets | 103,791 | 502,547 | |
| Other operating income | 20,155 | 38,245 | |
| Total shipping income | 746,798 | 1,033,169 | |
| Operating expenses | |||
| Raw materials and consumables | (5,128) | (1,678) | |
| Voyage expenses and commissions | (123,742) | (85,903) | |
| Vessel operating expenses | (175,473) | (100,013) | |
| Charter hire expenses | (1,620) | (17) | |
| Depreciation tangible assets | (162,767) | (80,529) | |
| Amortisation intangible assets | (1,602) | (1,348) | |
| Impairment losses | (3,573) | — | |
| General and administrative expenses | (56,395) | (36,287) | |
| Total operating expenses | (530,300) | (305,775) | |
| RESULT FROM OPERATING ACTIVITIES | 216,498 | 727,394 | |
| Finance income | 25,707 | 23,416 | |
| Finance expenses | (208,147) | (69,396) | |
| Net finance expenses | (182,440) | (45,980) | |
| Share of profit (loss) of equity accounted investees (net of income tax) | 1,571 | 2,570 | |
| PROFIT (LOSS) BEFORE INCOME TAX | 35,629 | 683,984 | |
| Income tax benefit (expense) | (2,840) | (4,364) | |
| PROFIT (LOSS) FOR THE PERIOD | 32,789 | 679,620 | |
| Attributable to: | |||
| Owners of the company | 51,766 | 679,620 | |
| Non-controlling interest | (18,977) | — | |
| Basic earnings per share | 0.27 | 3.43 | |
| Diluted earnings per share | 0.27 | 3.43 | |
| Weighted average number of shares (basic) | 194,216,835 | 197,886,375 | |
| Weighted average number of shares (diluted) | 194,216,835 | 197,886,375 | |
| CMB.TECH Contact |
|||
| --- | --- | --- | --- |
| Head of Marketing &<br><br> <br>Communications<br><br> <br>Katrien Hennin | Tel: +32 499393470<br><br> <br>katrien.hennin@cmb.tech | Head of Investor<br><br> <br>Relations<br><br> <br>Joris Daman | Tel: +32 498617111<br><br> <br>joris.daman@cmb.tech |
Page 16 of 19
|
PRESS RELEASE<br><br> <br>Thursday 28 August 2025 – 07:00<br> a.m. CET |
|---|---|
| Regulated information |
Condensed consolidated interim statement of comprehensive income (unaudited)
(in thousands of USD)
| 2025 | 2024 | ||
|---|---|---|---|
| Jan. 1 - June 30, 2025 | Jan. 1 - June 30, 2024 | ||
| Profit/(loss) for the period | 32,789 | 679,620 | |
| Other comprehensive income (expense), net of tax | |||
| Items that will never be reclassified to profit or loss: | |||
| Remeasurements of the defined benefit liability (asset) | — | 182 | |
| Items that are or may be reclassified to profit or loss: | |||
| Foreign currency translation differences | 11,330 | (309) | |
| Cash flow hedges - effective portion of changes in fair value | (1,794) | 1,268 | |
| Other comprehensive income (expense), net of tax | 9,536 | 1,141 | |
| Total comprehensive income (expense) for the period | 42,325 | 680,761 | |
| Attributable to: | |||
| Owners of the company | 61,302 | 680,761 | |
| Non-controlling interest | (18,977) | — | |
| CMB.TECH Contact |
|||
| --- | --- | --- | --- |
| Head of Marketing &<br><br> <br>Communications<br><br> <br>Katrien Hennin | Tel: +32 499393470<br><br> <br>katrien.hennin@cmb.tech | Head of Investor<br><br> <br>Relations<br><br> <br>Joris Daman | Tel: +32 498617111<br><br> <br>joris.daman@cmb.tech |
Page 17 of 19
|
PRESS RELEASE<br><br> <br>Thursday 28 August 2025 – 07:00<br> a.m. CET |
|---|---|
| Regulated information |
Condensed consolidated interim statement of changes in equity (unaudited)
(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 | — | — | — | — | — | 679,620 | 679,620 | — | 679,620 |
| Total other comprehensive income (expense) | — | — | (309) | 1,268 | — | 182 | 1,141 | — | 1,141 |
| Total comprehensive income (expense) | — | — | (309) | 1,268 | — | 679,802 | 680,761 | — | 680,761 |
| Transactions with owners of the company | |||||||||
| Business Combination | — | — | — | — | — | (796,970) | (796,970) | — | (796,970) |
| Dividends to equity holders | — | (835,132) | — | — | — | (52,439) | (887,571) | (887,571) | |
| Treasury shares acquired | — | — | — | — | (126,913) | — | (126,913) | — | (126,913) |
| Total transactions with owners | — | (835,132) | — | — | (126,913) | (849,409) | (1,811,454) | — | (1,811,454) |
| Balance at June 30, 2024 | 239,148 | 631,397 | (74) | 2,408 | (284,508) | 638,309 | 1,226,680 | — | 1,226,680 |
| 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 | — | — | — | — | — | 51,766 | 51,766 | (18,977) | 32,789 |
| Total other comprehensive income (expense) | — | — | 11,330 | (1,794) | — | — | 9,536 | — | 9,536 |
| Total comprehensive income (expense) | — | — | 11,330 | (1,794) | — | 51,766 | 61,302 | (18,977) | 42,325 |
| Transactions with owners of the company | |||||||||
| Business Combination - Initial purchase | — | — | — | — | — | — | — | 1,460,354 | 1,460,354 |
| Business Combination - Subsequent purchases | — | — | — | — | — | 73,705 | 73,705 | (210,771) | (137,066) |
| Dividends to Non-controlling interest | — | — | — | — | — | — | — | (5,095) | (5,095) |
| Total transactions with owners | — | — | — | — | — | 73,705 | 73,705 | 1,244,488 | 1,318,193 |
| Balance at June 30, 2025 | 239,148 | 460,486 | 9,285 | 351 | (284,508) | 902,569 | 1,327,331 | 1,225,511 | 2,552,842 |
| CMB.TECH Contact |
|||||||||
| --- | --- | --- | --- | ||||||
| Head of Marketing &<br><br> <br>Communications<br><br> <br>Katrien Hennin | Tel: +32 499393470<br><br> <br>katrien.hennin@cmb.tech | Head of Investor<br><br> <br>Relations<br><br> <br>Joris Daman | Tel: +32 498617111<br><br> <br>joris.daman@cmb.tech |
Page 18 of 19
|
PRESS RELEASE<br><br> <br>Thursday 28 August 2025 – 07:00<br> a.m. CET |
|---|---|
| Regulated information |
Condensed consolidated interim statement of cash flows (unaudited)
(in thousands of USD)
| 2025 | 2024 | ||
|---|---|---|---|
| Jan. 1 - June 30, 2025 | Jan. 1 - June 30, 2024 | ||
| Cash flows from operating activities | |||
| Profit (loss) for the period | 32,789 | 679,620 | |
| Adjustments for: | 247,711 | (392,766) | |
| Depreciation of tangible assets | 162,767 | 80,529 | |
| Amortisation of intangible assets | 1,602 | 1,348 | |
| Impairment losses (reversals) | 3,573 | — | |
| Provisions | (149) | (163) | |
| Income tax (benefits)/expenses | 2,840 | 4,364 | |
| Share of profit of equity-accounted investees, net of tax | (1,571) | (2,570) | |
| Net finance expense | 182,440 | 45,980 | |
| (Gain)/loss on disposal of assets | (103,791) | (502,547) | |
| (Gain)/loss on disposal of subsidiaries | — | (19,707) | |
| Changes in working capital requirements | (63,149) | 12,767 | |
| Change in cash guarantees | (2,736) | (44,494) | |
| Change in inventory | (7,860) | 757 | |
| Change in receivables from contracts with customers | 5,156 | 45,353 | |
| Change in accrued income | (4,044) | 3,770 | |
| Change in deferred charges | (44,064) | 4,002 | |
| Change in other receivables | 17,102 | 8,356 | |
| Change in trade payables | 37,373 | 3,331 | |
| Change in accrued payroll | 518 | (865) | |
| Change in accrued expenses | (43,814) | (15,216) | |
| Change in deferred income | 10,868 | 1,735 | |
| Change in other payables | (31,648) | 6,038 | |
| Income taxes paid during the period | (1,296) | (4,253) | |
| Interest paid | (146,037) | (54,637) | |
| Interest received | 3,080 | 13,910 | |
| Dividends received from other investments | 4,276 | — | |
| Net cash from (used in) operating activities | 77,374 | 254,641 | |
| Acquisition of vessels and vessels under construction | (547,113) | (444,570) | |
| Proceeds from the sale of vessels | 262,974 | 1,511,765 | |
| Acquisition of other tangible assets | (828) | (3,077) | |
| Acquisition of intangible assets | (1,343) | (386) | |
| Proceeds from the sale of other (in)tangible assets | — | 2,000 | |
| Net cash on deconsolidation / sale of subsidiaries | — | 822 | |
| Investments in other companies | — | (45,000) | |
| Loans from (to) related parties | (1,331) | — | |
| Acquisition of a subsidiary, net of cash acquired | (1,098,897) | (1,149,886) | |
| Repayment of loans from related parties | — | (79,930) | |
| Lease payments received from finance leases | 933 | 782 | |
| Net cash from (used in) investing activities | (1,385,605) | (207,480) | |
| (Purchase of) Proceeds from sale of treasury shares | — | (126,913) | |
| Proceeds from new borrowings | 2,474,701 | 1,365,022 | |
| Repayment of borrowings | (703,016) | (206,701) | |
| Repayment of lease liabilities | (9,686) | (32,291) | |
| Repayment of commercial paper | (142,007) | (213,545) | |
| Repayment of sale and leaseback | (29,888) | (8,902) | |
| Transaction costs related to issue of loans and borrowings | (23,128) | (4,477) | |
| Dividends paid | (5,395) | (903,331) | |
| Acquisition of non-controlling interest | (137,066) | — | |
| Net cash from (used in) financing activities | 1,424,516 | (131,138) | |
| Net increase (decrease) in cash and cash equivalents | 116,285 | (83,977) | |
| Net cash and cash equivalents at the beginning of the period | 38,869 | 429,370 | |
| Effect of changes in exchange rates | (106) | (1,494) | |
| Net cash and cash equivalents at the end of the period | 155,048 | 343,899 | |
| CMB.TECH Contact |
|||
| --- | --- | --- | --- |
| Head of Marketing &<br><br> <br>Communications<br><br> <br>Katrien Hennin | Tel: +32 499393470<br><br> <br>katrien.hennin@cmb.tech | Head of Investor<br><br> <br>Relations<br><br> <br>Joris Daman | Tel: +32 498617111<br><br> <br>joris.daman@cmb.tech |
Page 19 of 19
Exhibit 99.2
Half Year Report 2025
Table of Contents Letter of the CEO Our company Marine H2 Infra H2 Industry Where we operate Company strategy Our culture, ethics and values Key events first half 2025 Highlights Events after the half-year ended 30 June 2025 CMB.TECH share Our fleet TCE Rates Trading routes Market Dynamics 3 4 5 6 6 7 8 9 10 16 17 18 20 22 23 24 25 26 27 28 29 29 30 Risks & uncertainties Financials Unaudited condensed consolidated interim statement of financial position Unaudited condensed consolidated interim statement of profit or loss Unaudited condensed consolidated interim statement of comprehensive income Unaudited condensed consolidated interim statement of changes in equity Unaudited condensed consolidated interim statement of cash flows Forward looking statements 32 CMB.TECH - Half Year Report 2025 2
Letter of the CEO Dear Shareholders, Our company has gone through another transformative semester during the first half of 2025. We were able to first acquire a significant stake in Golden Ocean and follow through with the successful merger between CMB.TECH and Golden Ocean in August. This very important milestone diversifies our fleet with 89 modern dry bulk vessels, strengthens our balance sheet and improves our liquidity and market cap on the stock exchange. Our combined fleet now stands at around 250 vessels with an average age of just 6 years. We are expecting a smooth integration of the Golden Ocean fleet into CMB.TECH and welcome the new ships and the team to our family. During the past six months, we have also taken delivery of seven newbuildings, sold four older vessels and signed agreements for ten ammonia-powered ships, adding over 1 billion USD of contract backlog. We are firing on all cylinders in the execution of our strategy and are uniquely positioned to benefit from stronger tanker and dry bulk markets in the immediate future. Best regards, Alexander Saverys CMB.TECH - Half Year Report 2025 3
Our company CMB.TECH is a diversified & future-proof maritime group with about 250 seagoing vessels (including newbuildings): dry bulk carriers, crude oil tankers, chemical tankers, container transport, offshore wind vessels and port vessels. The group focuses on large marine and industrial applications powered by hydrogen or ammonia. The company also offers hydrogen and ammonia fuel to customers, through its own production or third-party producers. The company also works on developing hydrogen-powered industrial applications like trucks, locomotives and straddle carriers. The group believes that using hydrogen for smaller ships and ammonia for larger ones could play a major role in making shipping greener. The strategy is centred around diversification and decarbonisation of the fleet. Our goal is to become the benchmark in sustainable shipping: "Decarbonise Today, Navigate Tomorrow." CMB.TECH is listed on Euronext Brussels and on the NYSE under the symbol CMBT and on Euronext Oslo Børs under the ticker symbol 'CMBTO'. The company is headquartered in Antwerp, Belgium, and has offices across Europe, Asia, the US and Africa. The company has 3 divisions: Marine, H2 Infra and H2 Industry. CMB.TECH - Half Year Report 2025 - Current situation on 28 August 4
Marine Shipping is our core business and features a modern and future-proof fleet with a clear focus on using hydrogen and ammonia to lower carbon emissions. The marine division consists of 6 brands. Bocimar owns and operates dry bulk vessels and transports iron ore, Bauxite coal, grain and other dry bulk cargoes. Euronav is the oil tanker brand, engaged in marine transport and crude oil storage. Bochem is an owner and operator of high quality and modern stainless steel chemical tankers. Delphis specialises in medium-sized container ships. Windcat is a leading provider of safe and efficient crew transfer services to the offshore wind industry. CMB.TECH also owns, operates & designs hydrogen-powered port vessels. CMB.TECH - Half Year Report 2025 - Current situation on 28 August 5
H2 Infra CMB.TECH’s H2 Infra division offers hydrogen and ammonia fuel to its customers, either through its own production or by sourcing it from third party producers. Within H2 Infra, the necessary technology and infrastructure is engineered, developed and operated to produce and distribute green hydrogen and ammonia. A particular focus on hydrogen and ammonia storage completes the entire value chain to deliver the clean fuels of the future. H2 Infra is investing in hydrogen and ammonia production in Namibia, owns and operates a hydrogen refuelling station in Antwerp, and owns a fleet of hydrogen mobile refuellers. H2 Industry H2 Industry is a leading provider of scalable dual fuel industrial applications. Its proven combustion technology enables the group to develop heavy-duty hydrogen- and ammonia- powered applications that offer flexibility, robustness and cost- effectiveness. H2 Industry plays a pivotal role in supporting our Marine division to roll out hydrogen- and ammonia-powered ships. CMB.TECH - Half Year Report 2025 - Current situation on 28 August 6
Where we operate CMB.TECH - Half Year Report 2025 - Current situation on 28 August 7
Company strategy Diversification of the fleet The group focuses on owning and operating a diversified fleet. CMB.TECH represents a diversified and future-proof maritime group with about 250 seagoing vessels (including newbuildings): dry bulk vessels, crude oil tankers, chemical tankers, container vessels, offshore wind vessels and port vessels. Decarbonisation of the fleet Dedicate significant amounts of capital to the development of low-carbon ships, engines, fuel supply systems and the production of low-carbon fuels. We want to offer our customers the best ships to lower their greenhouse gas emissions. We also want to optimise and modernise our existing fleet by divesting less efficient/older vessels and reinvesting the proceeds in future- proof newbuildings/modern second-hand vessels or technical upgrades (e.g. energy saving devices). CMB.TECH - Half Year Report 2025 - Current situation on 28 August 8 1 2
Our culture, ethics and values A core set of values for the organisation are refined into key behaviours that serve as exemplary for both employees and management. By seeking to align the values with the actions and attitudes that are displayed both inside and outside the company, we hope to successfully execute our corporate objectives. The values define how CMB.TECH does business: – Entrepreneurship: The entrepreneurial mindset will fuel growth. Both shareholders and wider society will benefit from the end results. We are decisive with a strong can-do attitude. Family: The way we do business, our ethics and our interaction with our stakeholders are inspired by strong family values: honesty, hard work, openness, solidarity and long-term value creation. Growth & innovation: We are a pioneer in greening shipping, adapting to changing environments by developing future-proof products and solutions. We invest in the future, even in the direst of times. Commitment: Through our values, we show our commitment to the industry, our customers, our employees and the world we live in. We are reliable and loyal. Sustainability: We think about the wider impact of our actions on society, the environment and the group. We take the lead by promoting the use of green hydrogen and green ammonia. Efficiency: We are committed to working as efficiently as possible in our day-to-day operations to maximise the value creation of everything we undertake. These values serve as our compass, as guidance for all interactions with stakeholders and to reinforce dedication to responsible, ethical and effective business practices. CMB.TECH - Half Year Report 2025 - Current situation on 28 August 9
Key events first half 2025 CMB.TECH - Half Year Report 2025 10 7 January 2025 The company took delivery of Newcastlemax Mineral Portugal (2025 - 210,754 dwt). 13 January 2025 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.
CMB.TECH - Half Year Report 2025 11 23 January 2025 The company took delivery of the Newcastlemax Mineral Osterreich (2025- 210,761 dwt). 27 January 2025 The VLCC Alsace (2012 – 299,999 DWT) has successfully been delivered to its new owner. 4 March 2025 CMB.TECH NV announced that it has 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 at a price of 14.49 USD per share.
CMB.TECH - Half Year Report 2025 12 21 March 2025 Golden Ocean Group Limited announced the appointment by the Board of Directors of Mr. Patrick De Brabandere and Mr. Patrick Molis as Directors of the company. 24 March 2025 CMB.TECH announced that it has signed an agreement with Mitsui O.S.K. Lines, Ltd. and MOL CHEMICAL TANKERS PTE. LTD. for nine ammonia-powered vessels. 26 March 2025 The company took delivery of the CTV Hydrocat 60. 27 March 2025 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. CMB.TECH NV owned an aggregate of 88,711,007 shares in Golden Ocean, representing approximately 44.5% of Golden Ocean's outstanding voting shares. 12 March 2025 On March 12, 2025, CMB.TECH NV, through its subsidiary, purchased from Hemen the 81,363,730 shares in Golden Ocean. This acquisition is in line with CMB.TECH’s strategic objective of diversification and investing in a modern dry bulk fleet.
CMB.TECH - Half Year Report 2025 13 3 April 2025 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. On 3 April 2025, CMB.TECH NV owned an aggregate of 98,400,204 shares in Golden Ocean, representing approximately 49.4% of Golden Ocean's outstanding voting shares. 10 April 2025 The company took delivery of the Newcastlemax Mineral Suomi (2025- 210,000 dwt). 14 April 2025 CMB.TECH announced that it has signed an agreement with Fortescue to charter a new ammonia-powered vessel featuring a dual fuel engine. 9 April 2025 The Company took delivery of the CTV TSM Windcat 59.
CMB.TECH - Half Year Report 2025 14 22 April 2025 CMB.TECH and Golden Ocean announced that they have 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 2025 The company took delivery of the Newcastlemax Mineral Sverige (2025- 210,000 dwt). 30 April 2025 CMB.TECH announced that it had sold three VLCCs, Iris (2012, 314,000 dwt), Hakata (2010, 302,550 dwt) & Hakone (2010, 302,624 dwt).
CMB.TECH - Half Year Report 2025 15 23 May 2025 The company took delivery of the Newcastlemax Mineral Polska (2025- 210,000 dwt). 28 May 2025 CMB.TECH and Golden Ocean announced that they signed an agreement and plan of merger for a stock-for-stock merger, as contemplated by the term sheet previously announced on 22 April 2025. 23 June 2025 The company took delivery of the Newcastlemax Mineral Cesko (2025- 210,000 dwt).
Highlights January CMB.TECH has sold the Suezmax Cap Lara (2007, 158,826 dwt). The sale generated a capital gain of 18.8 million USD. The vessel was delivered to its new owner on 10 March 2025. On 7 January 2025, the company took delivery of the Newcastlemax Mineral Portugal (2025 - 210,754 dwt). On 13 January 2025, 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. On 23 January 2025, the company took delivery of the Newcastlemax Mineral Osterreich (2025 - 210,761 dwt). On 27 January 2025, 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. The Windcat 6 has been sold, after 18 years of service. The sale generated a capital gain of 0.25 million USD. The vessel was delivered to its new owner at the end of January 2025. March On 4 March 2025, 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), at a price of 14.49 USD per share. On March 12, 2025, CMB.TECH NV, through its subsidiary, purchased from Hemen the 81,363,730 shares in Golden Ocean. This acquisition is in line with CMB.TECH’s strategic objective of diversification and investing in a modern dry bulk fleet. On 21 March 2025, Golden Ocean Group Limited announced the appointment by the Board of Directors of Mr. Patrick De Brabandere and Mr. Patrick Molis as Directors of the company. Taking into account these changes, the Board of Directors currently consists of Mr. James O’Shaughnessy, Ms. Tonesan Amissah, Mr. Patrick De Brabandere and Mr. Patrick Molis. On 24 March 2025, CMB.TECH announced that it has signed an agreement with Mitsui O.S.K. Lines, Ltd. (“MOL”) and MOL CHEMICAL TANKERS PTE. LTD. (“MOLCT”) for nine ammonia-powered vessels. These vessels will be among the world's first ammonia- powered Newcastlemax bulk carriers and chemical tankers. The delivery of these ships is expected between 2026 and 2029. Three ammonia-fitted 210.000 dwt Newcastlemax bulk carriers currently on order at Qingdao Beihai Shipyard will be jointly owned by CMB.TECH and MOL and chartered to MOL for a period of 12 years each. Six chemical tankers - two ammonia fitted and four ammonia-ready - have been ordered at China Merchants Jinling Shipyard (Yangzhou) by CMB.TECH and chartered to MOLCT for 10 and 7 years each respectively. In March 2025, the company took delivery of the CTV Hydrocat 60. On 27 March 2025, 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. On 27 March 2025, CMB.TECH NV owned an aggregate of 88,711,007 shares in Golden Ocean, representing approximately 44.5% of Golden Ocean's outstanding voting shares. April On 3 April 2025, 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. On 3 April 2025, CMB.TECH NV owned an aggregate of 98,400,204 shares in Golden Ocean, representing approximately 49.4% of Golden Ocean's outstanding voting shares. On 10 April 2025, the company took delivery of the Newcastlemax Mineral Suomi (2025 - 210,000 dwt). On 14 April 2025, CMB.TECH announced that it signed an agreement with Fortescue to charter a new ammonia-powered vessel featuring a dual fuel engine. The 210,000-dwt vessel is part of CMB.TECH’s series of large dry bulk carriers currently on order at Qingdao Beihai Shipyard and is expected to be delivered to Fortescue by the end of next year. It will play a vital role taking iron ore from the Pilbara to customers in China and around the world. On 22 April 2025, 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. On 23 April 2025, the company took delivery of the Newcastlemax Mineral Sverige (2025 - 210,000 dwt). CMB.TECH - Half Year Report 2025 16
On 30 April 2025, 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 96.7 million USD. The vessels will be delivered to their new owners in the course of this year. May On 23 May 2025, the company took delivery of the Newcastlemax Mineral Polska (2025 - 210,000 dwt). On 28 May 2025, 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. June On 23 June 2025, the company took delivery of the Newcastlemax Mineral Cesko (2025 - 210,000 dwt). Events after the half- year ended 30 June 2025 On 2 July 2025, the CTV TSM Windcat 59 was delivered. On 3 July 2025, 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 is expected to be delivered to its new owner in the third quarter of 2025. On 24 July 2025, the CSOV Windcat Rotterdam was delivered. On 25 August 2025, 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 will generate a gain of approximately USD 20.4 million and is expected to be delivered to its new owner in the fourth quarter of 2025. Corporate update On 17 July 2025, CMB.TECH provided a market update on the progress of the stock-for-stock merger between CMB.TECH and Golden Ocean. It was announced that Golden Ocean would hold an SGM to vote on the proposed merger on 19 August 2025. More information can be found in the registration statement on Form F-4 (the “Registration Statement”) filed by CMB.TECH with the SEC on 1 July 2025. On 19 August 2025, 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. Dissenting shareholders may, within one month after the notice for the Special General Meeting has been given, apply to the Supreme Court of Bermuda to have the fair value of its shares appraised. Certain parties alleging to be former shareholders of Golden Ocean have filed appraisal claims. The aggregate number of Golden Ocean shares allegedly held by these parties is 24,438,718, representing approximately 12.15% of the total number of former Golden Ocean shares. On 20 August 2025, the merger was closed. Based on the Exchange Ratio and the current number of outstanding Golden Ocean common shares and ordinary shares in the company, the company issued 95,952,934 new ordinary shares by means of a capital increase by contribution in kind. Upon completion of the Merger, CMB.TECH shareholders own 70% (or 67% excluding treasury shares) of the total issued share capital of CMB.TECH and Golden Ocean shareholders own 30% (or 33% excluding treasury shares) of the total issued share capital of CMB.TECH. CMB.TECH remains listed on the New York Stock Exchange (“NYSE”) and Euronext Brussels under the ticker symbol ‘CMBT’. As of August 20, 2025, CMB.TECH is also listed on Euronext Oslo Børs under the ticker symbol ‘CMBTO’. Following the merger, CMB.TECH is one of the largest listed diversified maritime groups in the world with a combined fleet of about 250 vessels. CMB.TECH - Half Year Report 2025 17
CMB.TECH share On 30 June 2025, the share capital of CMB.TECH was represented by 220,024,713 shares of which 25,807,878 shares were held as treasury shares by CMB.TECH. On 30 June 2025, CMB.TECH’s shareholders’ structure was the following: Shareholder Shares Percentage of total # Percentage of total # of shares voting shares CMB.TECH (treasury shares) 25,807,878.00 11.73 % — % Saverco NV 24.40 0.01 % 0.01 % CMB NV 178,726,458.00 81.23 % 92.02 % Total 204,558,736.00 92.97 % 92.04 % Free float 15,465,977.00 7.03 % 7.96 % Total 220,024,713.00 100.00 % 100.00 % CMB.TECH - Half Year Report 2025 18 Number of shares traded per day in CMB.TECH CMB.TECH Share Price
On 28 August 2025, the share capital of CMB.TECH was represented by 315,977,647 shares of which 25,807,878 shares were held as treasury shares by CMB.TECH. On 28 August 2025, CMB.TECH’s shareholders’ structure was the following: Shareholder Shares Percentage of total # Percentage of total # of shares voting shares CMB.TECH (treasury shares) 25,807,878.00 8.17 % — % Saverco NV 24,400.00 0.01 % 0.01 % CMB NV 178,726,458.00 56.56 % 61.59 % Total 204,558,736.00 64.74 % 61.60 % Free float 111,418,911.00 35.26 % 38.40 % Total 315,977,647.00 100.00 % 100.00 % CMB.TECH - Half Year Report 2025 19
Our fleet On 30 June 2025, CMB.TECH owned and operated 163 (+89*) vessels. Our fleet (including newbuildings & vessels on charter) consisted of : The total fleet has an aggregate carrying capacity of approximately 16 million dwt (excluding CTVs).* The company had 44 vessels under construction on 30 June 2025. CMB.TECH - Half Year Report 2025 20
On 30 June 2025 our fleet, including vessels on charter, consisted of the following: Euronav Owned Newbuilding VLCC 12 5 Suezmax 18 2 FSO 2 Bocimar Newcastlemax 16 + 18* 12 Coaster 0 2 Capesize 41* Kamsarmax 26* Panamax Bochem 4* Chemical tanker 6 8 Bitumen Delphis 0 2 Container vessel 6000 TEU 4 0 Container vessel 1400 TEU 0 1 Windcat CTV 56 5 CSOV 0 6 Port vessels Tugboat 1 Ferries 2 Multi purpose port vessel 1 *Following the merger with Golden Ocean CMB.TECH - Half Year Report 2025 21
TCE Rates The average daily time charter equivalent rates (TCE, a non IFRS-measure) can be summarised as follows: In USD per day First semester 2025 First semester 2024 CRUDE OIL TANKERS VLCC Average spot rate (in TI Pool)* 39,774 45,600 Average time charter rate** 46,114 46,700 SUEZMAX Average spot rate*** 40,314 54,600 Average time charter rate 32,845 30,700 FSO Average time charter rate** 86,423 87.562 DRY BULK VESSELS Average spot rate 20.975 31,504 CONTAINER VESSELS Average time charter rate 29,378 29,378 CHEMICAL TANKERS Average spot rate 21.471 26,426 Average time charter rate 19,306 19,306 OFFSHORE WIND Average spot rate 2,789 2,824 *CMB.TECH owned ships in TI Pool or Stolt Pool (excluding technical offhire days) **Including profit share where applicable *** Reporting load-to-discharge, in line with IFRS 15 CMB.TECH - Half Year Report 2025 22
Trading routes CMB.TECH - Half Year Report 2025 23
Market Dynamics CMB.TECH - Half Year Report 2025 24
Risks & uncertainties The principal risks and uncertainties to which the Group is exposed for the remainder of the year, together with the Group’s strategy to manage them, are largely the same as those identified in the section “Internal control and risk management systems” of the annual report 2024, which is hereby incorporated by reference. CMB.TECH - Half Year Report 2025 25
Financials CMB.TECH - Half Year Report 2025 26
Unaudited condensed consolidated interim statement of financial position (in thousands of USD) June 30, 2025 December 31, 2024 ASSETS Total non-current assets 7,684,474 3,434.227 Tangible assets 7,279,642 3,271.084 Intangible assets and goodwill 189,025 16.187 Receivables and other financial assets 89,211 75.076 Investments 117,948 61.806 Deferred tax assets 8,648 10.074 Current Assets 714,900 470.819 TOTAL ASSETS 8,399,374 3,905.046 EQUITY and LIABILITIES Equity 2,552.842 1,192.324 Equity attributable to owners of the company 1,327,331 1,192.324 Non-controlling interest 1,225,511 — Total non-Current Liabilities 5,066,949 2,320.066 Loans and borrowings 3,660,298 1,450,869 Other notes 199,217 198,887 Other borrowings 1,200,180 667,361 Lease liabilities 4,108 1,451 Other payables 1,579 — Employee benefits 1,072 1,060 Deferred tax liabilities 495 438 Total current Liabilities 779,583 392,656 TOTAL EQUITY and LIABILITIES 8,399,374 3,905,046 CMB.TECH - Half Year Report 2025 27
Unaudited condensed consolidated interim statement of profit or loss (in thousands of USD) June 30, 2025 June 30, 2024 Revenue 622,852 492,377 Gains on disposal of vessels/other tangible assets 103,791 502,547 Other operating income 20,155 38,245 Raw materials and consumables (5,128) (1,678) Voyage expenses and commissions (123,742) (85,903) Vessel operating expenses (175,473) (100,013) Charter hire expenses (1,620) (17) General and administrative expenses (56,395) (36,287) Depreciation tangible assets (162,767) (80,529) Amortisation intangible assets (1,602) (1,348) Impairment losses (3,573) — Result from operating activities 216,498 727,394 Net finance expenses (182,440) (45,980) Share of profit (loss) of equity accounted investees (net of income tax) 1,571 2,570 Profit (loss) before income tax 35,629 683.984 Income tax benefit (expense) (2,840) (4,364) Profit (loss) for the period 32,789 679,620 Attributable to: Owners of the company 51,766 679,620 Non-controlling interest (18,977) — Weighted average number of shares (basic) 194,216,835 197,886,375 Weighted average number of shares (diluted) 194,216,835 197,886,375 Basic earnings per share (in USD) 0.27 3.43 Diluted earnings per share (in USD) 0.27 3.43 CMB.TECH - Half Year Report 2025 28
Unaudited condensed consolidated interim statement of comprehensive income (in thousands of USD) June 30, 2025 June 30, 2024 Profit/(loss) for the period 32,789 679,620 Other comprehensive income (expense), net of tax 9,536 1,141 Total comprehensive income (expense) for the period 42,325 680,761 Attributable to: Owners of the company 61,302 680,761 Non-controlling interest (18,977) — Unaudited condensed consolidated interim statement of changes in equity (in thousands of USD) June 30, 2025 June 30, 2024 Balance at 1 January 2025 1,192,324 2,357,373 Total comprehensive income (expense) 42,325 680,761 Total transactions with owners 1,318,193 (1,811,454) Balance at 30 June 2025 2,552,842 1,226,680 CMB.TECH - Half Year Report 2025 29
Unaudited consolidated (in thousands of USD) June 30, 2025 June 30, 2024 condensed Net cash and cash equivalents at the beginning 38,869 429,370 of the period Net cash from (used in) operating activities 77,374 254,641 interim statement Net cash from (used in) investing activities (1,385,605) (207,480) of cash flows Net cash from (used in) financing activities (1,424.516) (131,138) Effect of changes in exchange rates (106) (1.494) Net cash and cash equivalents at the end of the period 155,048 343,899 CMB.TECH - Half Year Report 2025 30
CMB.TECH - Half Year Report 2025 31
Forward looking statements CMB.TECH - Half Year Report 2025 32
Matters discussed in this report may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 in the US 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 wishes 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”, “estimate”, “forecast”, “project”, “intends”, “plan”, “potential”, “may”, “should”, “expect”, “pending” and similar expressions identify forward-looking statements. The forward-looking statements in this Half Year Report 2025 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 - but are not limited to - 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 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 arising from mergers and acquisitions or otherwise, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires, risks related to the technological, regulatory and market aspects in the development, testing and commercialisation of hydrogen and ammonia combustion engines and infrastructure and other factors. We caution readers of this report not to place undue reliance on any forward-looking statements, which speak only as of their dates. Any forward-looking statements are not guarantees of our performance, and actual results and developments may vary materially from future future those projected in the forward-looking statements. Except as required by applicable law or regulation, we do not undertake to update any forward-looking statement to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events. If one or more forward-looking statements are updated, no inference should be drawn that additional updates will be made with respect to those or other forward-looking statements. The factors described in this report are not necessarily all of the important factors that could cause actual results or developments to differ materially from those expressed in any of our forward looking statements. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business operations. Please see our filings with the United States Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. CMB.TECH - Half Year Report 2025 33
Registered office De Gerlachekaai 20 B-2000 Antwerp - Belgium Tel. +32 3 247 59 11 VAT BE 0860 402 767 Website https://cmb.tech/ Responsible editor Ludovic Saverys De Gerlachekaai 20, B-2000 Antwerp - Belgium Registered within the jurisdiction of the Commercial Court of Antwerp Dit verslag is ook beschikbaar in het Nederlands This report can be downloaded on our website: https://cmb.tech/
Exhibit 99.3
Financial Report Half Year 2025
Unaudited condensed consolidated interim statement of financial position (in thousands of USD) Note June 30, 2025 December 31, 2024 ASSETS Non-current assets Vessels 12 6,306,131 2,617,484 Assets under construction 12 746,330 628,405 Right-of-use assets 12 202,564 1,910 Other tangible assets 12 23,741 21,628 Prepayments 12 876 1,657 Intangible assets 13 16,675 16,187 Goodwill 13 172,350 — Receivables 20 89,211 75,076 Investments 25 117,948 61,806 Deferred tax assets - 8,648 10,074 Total non-current assets 7,684,474 3,434,227 Current assets Inventory 21 58,340 26,500 Trade and other receivables 22 422,893 235,883 Current tax assets - 4,465 3,984 Cash and cash equivalents - 155,048 38,869 640,746 305,236 Non-current assets held for sale 8 74,154 165,583 Total current assets 714,900 470,819 TOTAL ASSETS 8,399,374 3,905,046 CMB.TECH - Financial Report HY 2025 2
EQUITY and LIABILITIES Equity Share capital - 239,148 239,148 Share premium - 460,486 460,486 Translation reserve 14 9,285 (2,045) Hedging reserve 14 351 2,145 Treasury shares 14 (284,508) (284,508) Retained earnings - 902,569 777,098 Equity attributable to owners of the Company 1,327,331 1,192,324 Non-controlling interest 1,225,511 — Total equity 2,552,842 1,192,324 Non-current liabilities Bank loans 16 3,660,298 1,450,869 Other notes 16 199,217 198,887 Other borrowings 16 1,200,179 667,361 Lease liabilities 16 4,108 1,451 Other payables 17 1,580 — Employee benefits - 1,072 1,060 Deferred tax liabilities - 495 438 Total non-current liabilities 5,066,949 2,320,066 Current liabilities Trade and other payables 17 191,894 79,591 Current tax liabilities - 9,644 9,104 Bank loans 16 352,666 201,937 Other notes 16 3,733 3,733 Other borrowings 16 105,933 95,724 Lease liabilities 16 115,588 2,293 Provisions 23 125 274 Total current liabilities 779,583 392,656 TOTAL EQUITY and LIABILITIES 8,399,374 3,905,046 The accompanying notes on pages 12 to 54 are an integral part of these condensed consolidated interim financial statements CMB.TECH - Financial Report Half Year 2025 3
Unaudited condensed consolidated interim statement of profit or loss (in thousands of USD except per share amounts) Note 2025 2024 Jan. 1 - Jun. 30, 2025 Jan. 1 - Jun. 30, 2024 Shipping income Revenue 9 622,852 492,377 Gains on disposal of vessels/other tangible assets 12 103,791 502,547 Other operating income 9 20,155 38,245 Total shipping income 746,798 1,033,169 Operating expenses Raw materials and consumables - (5,128) (1,678) Voyage expenses and commissions 10 (123,742) (85,903) Vessel operating expenses 10 (175,473) (100,013) Charter hire expenses - (1,620) (17) Depreciation tangible assets 12 (162,767) (80,529) Amortisation intangible assets 13 (1,602) (1,348) Impairment losses - (3,573) — General and administrative expenses 10 (56,395) (36,287) Total operating expenses (530,300) (305,775) RESULT FROM OPERATING ACTIVITIES 216,498 727,394 CMB.TECH - Financial Report HY 2025 4
Finance income 11 25,707 23,416 Finance expenses 11 (208,147) (69,396) Net finance expenses (182,440) (45,980) Share of profit (loss) of equity accounted investees (net of income tax) 25 1,571 2,570 PROFIT (LOSS) BEFORE INCOME TAX 35,629 683,984 Income tax benefit (expense) - (2,840) (4,364) PROFIT (LOSS) FOR THE PERIOD 32,789 679,620 Attributable to: Owners of the company 15 51,766 679,620 Non-controlling interest (18,977) — Basic earnings per share 15 0.27 3.43 Diluted earnings per share 15 0.27 3.43 Weighted average number of shares (basic) 15 194,216,835 197,886,375 Weighted average number of shares (diluted) The accompanying notes on pages 12 to 54 are an integral part of these condensed consolidated interim financial statements 15 194,216,835 197,886,375 CMB.TECH - Financial Report Half Year 2025 5
Unaudited condensed consolidated interim statement of comprehensive income (in thousands of USD) Note 2025 Jan. 1 - Jun. 30, 2025 2024 Jan. 1 - Jun. 30, 2024 Profit/(loss) for the period 32,789 679,620 Other comprehensive income (expense), net of tax Items that will never be reclassified to profit or loss: Remeasurements of the defined benefit liability (asset) - — 182 Items that are or may be reclassified to profit or loss: Foreign currency translation differences - 11,330 (309) Cash flow hedges - effective portion of changes in fair value 14 (1,794) 1,268 Other comprehensive income (expense), net of tax 9,536 1,141 Total comprehensive income (expense) for the period 42,325 680,761 Attributable to: Owners of the company 61,302 680,761 Non-controlling interest (18,977) — The accompanying notes on pages 12 to 54 are an integral part of these condensed consolidated interim financial statements CMB.TECH - Financial Report HY 2025 6
Unaudited condensed consolidated interim statement of changes in equity Treasury shares acquired — — — — — (126,913) — (126,913) — (126,913) Total transactions with owners — (835,132) — — (126,913) (849,409) (1,811,454) — (1,811,454) income (expense) (in thousands of USD) Note Share Share Trans- Hedging Treasury Retained Equity Non- Total capital premium lation reserve shares earnings attributable controlling equity reserve to owners interest of the Company 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 — — — — — — 679,620 679,620 — 679,620 Total other comprehensive — — — (309) 1,268 — 182 1,141 — 1,141 Total comprehensive income (expense) — — (309) 1,268 — 679,802 680,761 — 680,761 Transactions with owners of the company Business Combination 24 — — — — — (796,970) (796,970) — (796,970) Dividends to equity holders — — (835,132) — — — (52,439) (887,571) — (887,571) Balance at June 30, 2024 239,148 631,397 (74) 2,408 (284,508) 638,309 1,226,680 — 1,226,680 CMB.TECH - Financial Report Half Year 2025 7
income (expense) purchase Subsequent purchases interest Note Share Share Trans- Hedging Treasury Retained Equity Non- Total capital premium lation reserve shares earnings attributable controlling equity reserve to owners interest of the Company 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 — — — — — — 51,766 51,766 (18,977) 32,789 Total other comprehensive 14 — — 11,330 (1,794) — — 9,536 — 9,536 Total comprehensive income (expense) — — 11,330 (1,794) — 51,766 61,302 (18,977) 42,325 Transactions with owners of the company Business Combination - Initial 24 — — — — — — — 1,460,354 1,460,354 Business Combination - 24 — — — — — 73,705 73,705 (210,771) (137,066) Dividends to Non-controlling 14 — — — — — — — (5,095) (5,095) Total transactions with owners — — — — — 73,705 73,705 1,244,488 1,318,193 Balance at June 30, 2025 239,148 460,486 9,285 351 (284,508) 902,569 1,327,331 1,225,511 2,552,842 The accompanying notes on pages 12 to 54 are an integral part of these condensed consolidated interim financial statements CMB.TECH - Financial Report HY 2025 8
Unaudited condensed consolidated interim statement of cash flows (in thousands of USD) Note 2025 Jan. 1 - Jun. 30, 2025 2024 Jan. 1 - Jun. 30, 2024 Cash flows from operating activities Profit (loss) for the period 32,789 679,620 Adjustments for: 247,711 (392,766) Depreciation of tangible assets 12 162,767 80,529 Amortisation of intangible assets 13 1,602 1,348 Impairment losses (reversals) - 3,573 — Provisions - (149) (163) Income tax (benefits)/expenses - 2,840 4,364 Share of profit of equity-accounted investees, net of tax 25 (1,571) (2,570) Net finance expense 11 182,440 45,980 (Gain)/loss on disposal of assets 12 (103,791) (502,547) (Gain)/loss on disposal of subsidiaries 9 — (19,707) CMB.TECH - Financial Report Half Year 2025 9
Changes in working capital requirements (63,149) 12,767 Change in cash guarantees - (2,736) (44,494) Change in inventory 21 (7,860) 757 Change in receivables from contracts with customers 22 5,156 45,353 Change in accrued income 22 (4,044) 3,770 Change in deferred charges 22 (44,064) 4,002 Change in other receivables 22 17,102 8,356 Change in trade payables 17 37,373 3,331 Change in accrued payroll 17 518 (865) Change in accrued expenses 17 (43,814) (15,216) Change in deferred income 17 10,868 1,735 Change in other payables - (31,648) 6,038 Income taxes paid during the period - (1,296) (4,253) Interest paid - (146,037) (54,637) Interest received - 3,080 13,910 Dividends received from other investments 25 4,276 — Net cash from (used in) operating activities 77,374 254,641 Acquisition of vessels and vessels under construction 12 (547,113) (444,570) Proceeds from the sale of vessels 12 262,974 1,511,765 Acquisition of other tangible assets 12 (828) (3,077) Acquisition of intangible assets 13 (1,343) (386) Proceeds from the sale of other (in)tangible assets 12 — 2,000 Net cash on deconsolidation / sale of subsidiaries - — 822 Investments in other companies 20 — (45,000) Loans from (to) related parties 25 (1,331) — Repayment of loans from related parties - — (79,930) Acquisition of a subsidiary, net of cash acquired 24 (1,098,897) (1,149,886) Lease payments received from finance leases - 933 782 Net cash from (used in) investing activities (1,385,605) (207,480) CMB.TECH - Financial Report HY 2025 10
(Purchase of) Proceeds from sale of treasury shares 14 — (126,913) Proceeds from new borrowings 16 2,474,701 1,365,022 Repayment of borrowings 16 (703,016) (206,701) Repayment of lease liabilities 16 (9,686) (32,291) Repayment of commercial paper 16 (142,007) (213,545) Repayment of sale and leaseback 16 (29,888) (8,902) Transaction costs related to issue of loans and borrowings 16 (23,128) (4,477) Dividends paid 14 (5,395) (903,331) Acquisition of non-controlling interest 24 (137,066) — Net cash from (used in) financing activities 1,424,516 (131,138) Net increase (decrease) in cash and cash equivalents 116,285 (83,977) Net cash and cash equivalents at the beginning of the period - 38,869 429,370 Effect of changes in exchange rates - (106) (1,494) Net cash and cash equivalents at the end of the period - 155,048 343,899 The accompanying notes on pages 12 to 54 are an integral part of these condensed consolidated interim financial statements CMB.TECH - Financial Report Half Year 2025 11
Notes to the condensed consolidated interim financial statements for the six-month period ended June 30, 2025 22 24 26 27 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 Impairment Note 13 - Intangible assets and goodwill Note 14 - Equity 30 31 32 Note 1 - Reporting entity 13 Note 15 - Earnings per share 33 Note 2 - Basis of preparation 13 Note 16 - Interest-bearing loans and borrowings 35 Note 3 - Use of judgements and estimates 13 Note 17 - Trade and other payables 40 Note 4 - Changes in significant accounting policies 14 Note 18 - Financial instruments 41 Note 5 - Changes in consolidation scope 15 Note 19 - Deferred tax assets and liabilities 45 Note 6 - Significant events 16 Note 20 - Non-current receivables 45 Note 7 - Segment reporting 18 Note 21 - Inventory 46 Note 8 - Assets and liabilities held for sale and 21 Note 22 - Trade and other receivables 47 Note 23 - Provisions and contingencies 48 Note 24 - Business Combination 49 Note 25 - Investments 51 Note 26 - Subsequent events 53 Note 27 - Standards issued but not yet effective 53 Note 28 - Statement on the true and fair view of the consolidated financial statements and the fair overview of the management report 54 CMB.TECH - Financial Report HY 2025 12
Note 1 - Reporting entity CMB.TECH NV (the “Company”) is a company domiciled in Belgium. The address of the Company’s registered office is De Gerlachekaai 20, 2000 Antwerpen, Belgium. The condensed consolidated interim financial statements ("interim financial statements") as at and for the six months ended June 30, 2025 comprise the Company and its subsidiaries (together referred to as the “Group”) and the Group’s interests in associates and joint ventures. Note 2 - Basis of preparation These condensed consolidated interim financial statements have been prepared in accordance with lAS 34 Interim Financial Reporting. They do not include all the information required for a complete set of IFRS annual financial statements and should therefore be read in conjunction with the consolidated financial statements for the year ended December 31, 2024 that have been prepared in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board (IASB) and as adopted by the European Union, collectively "IFRS". Changes to and new significant accounting policies are described in Note 4. These condensed consolidated interim statements were authorized for issue Supervisory Board on August 25, 2025. financial by the Note 3 - Use of judgements and estimates The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those described in the consolidated last annual financial statements with the exception of the control assessment relating to the participation in Golden Ocean Group Limited. On March 4, 2025, the Company announced that it entered into a share purchase agreement with Hemen Holding Limited ("Hemen") for the acquisition of 81,363,730 shares in Golden Ocean Group Limited ("Golden Ocean") representing approximately 40.8% of Golden Ocean’s issued and outstanding voting shares at a price of USD 14.49 per share. Following the closing of the Share Purchase on March 12, 2025, CMB.TECH holds 40.8% of Golden Ocean’s outstanding common shares. As the remaining shareholdings are widely contractual agreements are dispersed and no in place with other shareholders regarding preferred voting rights, the shareholding of 40.8% is considered a majority shareholding. Based on voting patterns at the three most recent shareholder meetings, it can be concluded that, following completion of the share purchase on March 12, 2025, CMB.TECH holds significantly more voting rights than any other shareholder or organized group of shareholders, resulting in de facto power through voting rights. The Company has assessed that control has been obtained in accordance with IFRS 10 as of that date. Consequently, Golden Ocean was fully integrated as a subsidiary within CMB.TECH’s consolidated accounts. Measurement of fair values A number of the Group's accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. The Group has an established control framework with respect to the measurement of fair values. This includes a valuation team that has overall responsibility for overseeing all significant fair value measurements, including Level 3 fair values, and reports directly to the CFO. The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values, then the valuation team assesses the evidence obtained from the third parties to support the conclusion that such valuations meet the requirements of IFRS, including the level in the fair value hierarchy in which such valuations should be classified. Significant valuation issues are reported to the Group Audit and Risk Committee. When measuring the fair value of an asset or a liability, the Group uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows. Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or CMB.TECH - Financial Report HY 2025 13
liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). – Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. Further information about the assumptions made in measuring fair values are included in the following notes: Note 8 - Assets and liabilities held for sale and discontinued operations and Note 18 - Financial Instruments Note 24 - Business Combination Note 25 - Investments Note 4 - Changes in significant accounting policies The accounting policies adopted in the preparation of these condensed consolidated interim financial statements are consistent with those applied in the Group's consolidated financial statements as at and for the year ended December 31, 2024, that have been prepared in accordance with IFRS. During the current financial period, the Group has adopted all the new and revised Standards and Interpretations issued by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC) of the IASB as adopted by the European Union and effective for the accounting year starting on January 1, 2025. The Group has not applied any new IFRS requirements that are not yet effective as per June 30, 2025. The following new Standards, Interpretations and Amendments issued by the IASB and the IFRIC as adopted by the European Union are effective for the financial period: – Lack of exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates) On August 15, 2023, the IASB issued Lack of Exchangeability which amended IAS 21 The Effects of Changes in Foreign Exchange Rates (the Amendments). The Amendments arose as a result of a submission received by the IFRS Interpretations Committee about the determination of the exchange rate when there is a long-term lack of exchangeability. IAS 21, prior to the Amendments, did not include explicit requirements for the determination of the exchange rate when a currency is not exchangeable into another currency, which led to diversity in practice. The Committee recommended that the IASB develop narrow-scope amendments to IAS 21 to address this issue. After further deliberations, the IASB issued an exposure draft of the proposed amendments to IAS 21 in April 2021 and the final amendments were issued in August 2023. The Amendments introduce requirements to assess when a currency is exchangeable into another currency and when it is not. The Amendments require an entity to estimate the spot exchange rate when it concludes that a currency is not exchangeable into another currency. The adoption of these new standards and amendments has not led to major changes in the Group’s accounting policies. CMB.TECH - Financial Report HY 2025 14
Note 5 - Changes in consolidation scope On February 26, 2025, the entity CMB.TECH Bermuda Ltd. was established and 100% incorporated. On March 4, 2025, the Company announced that it entered into a share purchase agreement with Hemen Holding Limited ("Hemen") for the acquisition of 81,363,730 shares in Golden Ocean Group Limited ("Golden Ocean") representing 41% of Golden Ocean’s issued and outstanding voting shares at a price of USD 14.49 per share. On March 12, 2025, CMB.TECH NV, through its subsidiary, purchased from Hemen the 81,363,730 shares in Golden Ocean. This acquisition is in line with CMB.TECH’s strategic objective of diversification and investing in a modern dry bulk fleet. The Company applied acquisition accounting in accordance with IFRS 3. The total purchase price was USD 1.2 billion. After identifying and measuring the identifiable assets and liabilities, a revaluation of the net assets of USD 639 million was recognized. Based on the share in the net assets at fair value, a goodwill of USD 172 million was recognized in the consolidated statement of financial position (see Note 24). Management has strong belief in the dry bulk market and expects significant growth in the business. On June 30, 2025, CMB.TECH NV owned an aggregate of 98,400,204 shares in Golden Ocean after the purchase of additional shares in March and April 2025 (see Note 6), representing 49.4% of Golden Ocean's outstanding voting shares. Besides the transactions as described above, no new subsidiaries were established or acquired, nor were there any liquidations of subsidiaries. CMB.TECH - Financial Report HY 2025 15
Note 6 - Significant events On December 31, 2024, CMB.TECH has sold the Suezmax Cap Lara (2007 - 158,826 dwt) for USD 33.2 million. The vessel was accounted for as a non-current asset held for sale as at December 31, 2024, and had a carrying value of USD 14.4 million. The sale generated a gain of USD 18.8 million and was recognized upon delivery to the new owner on March 10, 2025. On January 7, 2025, the Company took delivery of the Newcastlemax Mineral Portugal (2025 - 210,754 dwt). On January 9, 2025, FRS Windcat Offshore Logistics Limited entered into a 22.9 million Euro (USD 23.8 million) senior secured amortizing term loan facility which replaces the 9.5 million Euro Senior Secured Credit Facility and will also be used to finance the acquisition of the Hydrocat 55, FRS Windcat 61, FRS Windcat 62, FRS Windcat 64 and FRS Windcat 65. The facility has been concluded with Rabobank and carries a fixed interest rate of 4.15% during the first 3 years and a floating interest rate of EURIBOR plus a margin, which is still to be determined, thereafter. The facility has a duration of 5 years. On January 13, 2025, Windcat Workboats International BV, a subsidiary of CMB.TECH, has ordered a newbuild hydrogen powered (dual fuel) multifunctional port utility vessel (MPHUV) with Neptune Construction for an amount of USD 6.1 million. Delivery is scheduled end 2025, beginning 2026. On January 23, 2025, the Company took delivery of the Newcastlemax Mineral Osterreich (2025 - 210,761 dwt). On January 27, 2025, VLCC Alsace (2012 – 299,999 dwt) has successfully been delivered to its new owner. The vessel was accounted for as a non- current asset held for sale as at December 31, 2024, and had a carrying value of USD 69.4 million. The net gain on the vessel amounts to USD 27.5 million and was recognized upon delivery to her new owners on January 27, 2025. On February 4, 2025, Ammonia Carrier AS, a subsidiary of CMB.TECH Enterprises, has successfully concluded a pre- and post-delivery multicurrency revolving facility on a 1,400 TEU newbuild container vessel for a total commitment of USD 26.3 million. The facility has a tenor of 7 years as from delivery. On March 4, 2025, the Company announced that it entered into a share purchase agreement with Hemen Holding Limited ("Hemen") for the acquisition of 81,363,730 shares in Golden Ocean, see Note 5. On March 4, 2025, we entered into a USD 1.4 billion bridge facilities agreement with KBC Bank NV, Crédit Agricole CIB and Société Générale in view of the acquisition of shares in Golden Ocean. The bridge facilities agreement has an initial term of 9 months with the possibility to extend its term twice with an additional 6 months. On March 12, 2025, CMB.TECH NV, through its subsidiary, purchased from Hemen the 81,363,730 shares in Golden Ocean. On March 24, 2025, CMB.TECH NV announced that it has signed an agreement with Mitsui O.S.K. Lines, Ltd. (“MOL”) and MOL CHEMICAL TANKERS PTE. LTD. (“MOLCT”) for nine ammonia-powered vessels. These vessels will be among the world's first ammonia- powered Newcastlemax bulk carriers and chemical tankers. The delivery of these ships is expected between 2026 and 2029. This agreement between MOL/MOLCT, and CMB.TECH involves nine ammonia- powered ships. Three ammonia-fitted 210,000 dwt Newcastlemax bulk carriers currently on order at Qingdao Beihai Shipyard will be jointly owned by CMB.TECH and MOL and chartered to MOL for a period of 12 years each. Six chemical tankers - two ammonia- fitted and four ammonia-ready - have been ordered at China Merchants Jinling Shipyard (Yangzhou) by CMB.TECH and chartered to MOLCT for 10 and 7 years each respectively. The Newcastlemaxes will be delivered in 2026 and 2027, whilst the chemical tankers’ delivery is expected in 2028 and 2029. On March 26, 2025, the Company took delivery of CTV Hydrocat 60. On March 27, 2025, 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. On March 27, 2025, CMB.TECH NV owned an aggregate of 88,711,007 shares in Golden Ocean, representing approximately 44.5% of Golden Ocean's outstanding voting shares. CMB.TECH - Financial Report HY 2025 16
On April 3, 2025, CMB.TECH NV filed a Schedule 13D/A to report that CMB.TECH NV indirectly acquired 9,689,197 additional shares in Golden Ocean in the open market following the Share Purchase. On April 3, 2025, CMB.TECH NV owned an aggregate of 98,400,204 shares in Golden Ocean, representing approximately 49.4% of Golden Ocean's outstanding voting shares. On April 7, 2025, CMB.TECH has successfully concluded a pre- and post delivery term loan facility for the 5 VLCC’s that it currently has on order. The total commitment is USD 392.7 million with a tenor of 2 years (pre-delivery) and 12 years (post-delivery). On April 10, 2025, the Company took delivery of the Newcastlemax Mineral Suomi (2025 - 210,000 dwt). On April 14, 2025, CMB.TECH announced that it signed an agreement with Fortescue to charter a new ammonia-powered vessel featuring a dual fuel engine. The 210,000-dwt vessel is part of CMB.TECH’s series of large dry bulk carriers currently on order at Qingdao Beihai Shipyard and is expected to be delivered to Fortescue by the end of next year. It will play a vital role taking iron ore from the Pilbara to customers in China and around the world. On April 22, 2025, 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. On April 23, 2025, the Company took delivery of the Newcastlemax Mineral Sverige (2025 - 210,000 dwt). On April 30, 2025, CMB.TECH announced that it had sold three VLCCs, Iris (2012, 314,000 dwt), Hakone (2010 - 302,624 dwt) and Hakata (2010 - 302,550 dwt) as part of its fleet rejuvenation. The sales generated a total capital gain of USD 96.7 million. Iris has been delivered to their new owners on May 7, 2025 and Hakone on July 8, 2025 respectively. Hakata will be delivered in the beginning of September 2025. On May 8, 2025, CMB.TECH signed a USD 2,000 million facilities agreement with a bank syndicate comprising a term loan facility of up to USD 1,250 million and a revolving credit facility of up to USD 750 million and acceded by Golden Ocean on June 19, 2025. The facility was entered into with the purpose to refinance existing debt facilities due to the planned merger between Golden Ocean and CMB.TECH NV. On May 23, 2025, the Company took delivery of the Newcastlemax Mineral Polska (2025 - 210,000 dwt). On May 28, 2025, 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 April 22, 2025. On June 23, 2025, the Company took delivery of the Newcastlemax Mineral Cesko (2025 - 210,000 dwt). As of the date of this report. the Company refinanced the facilities USD 180 million, USD 40 million, USD 150 million, USD 360 million, USD 275 million, USD 80 million, USD 250 million and lease facilities USD 85 million and USD 260 million with the USD 2,000 million facility mentioned above. Further, in July and August 2025, the Company terminated interest rate swaps in Golden Ocean with the total notional amount of USD 400 million thereby receiving settlement of USD 18.9 million. CMB.TECH - Financial Report HY 2025 17
Note 7 - Segment reporting The Group distinguishes three divisions: the Marine division, the H2 Infra division and the H2 Industry division. These three divisions operate in different markets and eight operating segments are identified. Marine: the Marine division is the largest division in the Group. It builds, owns, operates and designs a wide range of low and zero-carbon ships and features a fleet with hydrogen-powered vessels such as Crew Transfer Vessels, ferries, Commissioning Service Operations Vessels, and tugboats, alongside ammonia- powered large bulk carriers, container ships, chemical and crude oil tankers. The Marine division consists of 6 operating segments: Euronav, Bocimar, Delphis, Bochem, Windcat, and Port vessels. H2 Infra: the H2 Infra division is developing and securing the green molecule supply. The Company integrates and manages key technology and infrastructure for the production and distribution of green hydrogen and ammonia. H2 Industry: H2 Industry is a provider of scalable dual fuel industrial applications. Its proven combustion technology enables the company to develop heavy-duty hydrogen-powered applications. Although not all operating segments meet the definition of a reportable segment in IFRS 8, the Group voluntarily discloses the related information since reported in this way to the CODM. The segment profit or loss figures and key assets as set out below are presented to the Chief Operating Decision Maker (CODM) and the Management Board on at least a quarterly basis to help the key decision makers in evaluating the respective segments. Following the acquisition of CMB.TECH Enterprises in February 2024, the markets in which the Group operates have expanded. Consequently, the Group has decided to update its segment reporting in 2024 to reflect these changes. Additionally, please note that the Floating Storage Units (FSOs) have been incorporated into the Euronav segment under the Euronav brand name. Following the acquisition of Golden Ocean in 2025, Golden Ocean has been incorporated into the Bocimar segment. Even though Golden Ocean has material business activities and is currently reporting separately, management reviews performance at the combined dry bulk level as the activities, risks, customers, and economic characteristics are identical. Presenting both under Bocimar therefore provides the most accurate and consistent view of the Group’s dry bulk activities. CMB.TECH - Financial Report HY 2025 18
vessels Revenue 263,184 292,397 21,571 23,357 21,461 882 622,852 — — — 622,852 Profit
\(loss\) before 112,706 \(49,585\) 5,064 1,600 \(29,560\) \(1,502\) 38,723 \(6,896\) 1,410 2,392 35,629 income tax Non-current assets 1,680,080 5,114,736 226,061 308,945 283,929 45,732 7,659,483 18,389 8,602 \(2,000\) 7,684,474 Current
assets 629,106 192,017 9,381 4,998 49,207 698,006 1,582,715 2,683 19,683 \(890,181\) 714,900 TOTAL
ASSETS 2,309,186 5,306,753 235,442 313,943 333,136 743,738 9,242,198 21,072 28,285 \(892,181\) 8,399,374 Equity \(561,693\) 2,452,587 56,670 6,308 26,035 536,625 2,516,532 12,932 23,378 — 2,552,842 Non-current
liabilities 2,532,871 2,020,903 142,072 178,849 183,556 19,027 5,077,278 165 798 \(11,292\) 5,066,949 Current liabilities 338,008 833,263 36,700 128,786 123,545 188,086 1,648,388 7,975 4,109 \(880,889\) 779,583 TOTAL
LIABILITIES 2,309,186 5,306,753 235,442 313,943 333,136 743,738 9,242,198 21,072 28,285 \(892,181\) 8,399,374 June 30, 2025 Less: Total Eliminations Marine H2 H2 Infra
Industry Euronav Bocimar Delphis Bochem Windcat Port Total CMB.TECH - Financial Report HY 2025 19
Marine H2 Infra H2 Industry Less: Eliminations Total Euronav Bocimar Delphis Bochem Windcat Port
vessels Total Revenue 425,189 29,881 9,011 10,683 17,060 553 492,377 — — — 492,377 Profit \(loss\) before 671,532 4,154 17,236 2,142 \(618\) \(9,972\) 684,474 \(1,987\) 1,497 — 683,984 Non-current
assets 1,696,034 920,892 232,521 270,476 249,788 61,611 3,431,322 17,572 6,132 \(20,799\) 3,434,227 Current assets 393,114 31,856 7,403 5,455 40,383 540,216 1,018,427 1,444 18,711 \(567,763\) 470,819 TOTAL
ASSETS 2,089,148 952,748 239,924 275,931 290,171 601,827 4,449,749 19,016 24,843 \(588,562\) 3,905,046 Equity 504,775 5,162 53,150 4,711 30,355 557,748 1,155,901 17,320 19,103 — 1,192,324 Non-current
liabilities 1,279,669 552,805 144,051 175,017 160,266 18,992 2,330,800 159 786 \(11,679\) 2,320,066 Current liabilities 304,704 394,781 42,723 96,203 99,550 25,087 963,048 1,537 4,954 \(576,883\) 392,656 TOTAL
LIABILITIES 2,089,148 952,748 239,924 275,931 290,171 601,827 4,449,749 19,016 24,843 \(588,562\) 3,905,046 June 30, 2024 December 31, 2024 CMB.TECH - Financial Report HY 2025 20
Note 8 - Assets and liabilities held for sale and discontinued operations Assets held for sale On May 21, 2024, the Company sold the VLCC Alsace (2012 - 299,999 dwt) for USD 96.9 million. The vessel was accounted for as a non-current asset held for sale as from June 30, 2024 and had a carrying value of USD 69.4 million. The net gain on the vessel amounts to USD 27.5 million and was recognized upon delivery to its new owners during the first quarter of 2025. On December 31, 2024, CMB.TECH has sold the Suezmax Cap Lara (2007, 158,826 dwt) for USD 33.2 million. The vessel was accounted for as a non-current asset held for sale as at December 31, 2024, and had a carrying value of USD 14.4 million. A net gain of USD 18.8 million was realized upon delivery to her new owners in the first quarter of 2025. The Windcat 6 has been sold, after 18 years of service on December 18, 2024 for an amount of USD 268 thousand. The CTV was accounted for as a non- current asset held for sale as at December 31, 2024, and had a carrying value of USD 48 thousand. The sale generated a gain USD 220 thousand and was recognized upon delivery to the new owner on March 13, 2025. On June 27, 2024, the Management Board formally decided to commit to a plan to sell Suezmax vessels Statia (2006 - 150,205 dwt) and Cap Felix (2008 - 158,765 dwt) and VLCC vessels Hakata (2010 - 302,550 dwt) and Ingrid (2012 - 314,000 dwt). It is noted that Suezmaxes Statia and Cap Felix and VLCC Hakata have been successfully sold. Statia and Cap Felix were sold for a combined net sales price of USD 83.6 million, had a combined carrying value of USD 31.7 million and generated a net gain of USD 51.9 million recognized in the second half of 2024. With respect to VLCC Ingrid, there has been no immediate interested buyers for an extended period. Accordingly, Management has determined that it is no longer appropriate to maintain the vessel’s classification as an ‘Asset Held for Sale’ under IFRS 5. The vessel has therefore been reclassified as an ‘Owned Vessel,’ and depreciation has been recognized retroactively for the period from June 27, 2024, to June 30, 2025. On April 16, 2025, the Company sold the VLCCs Hakone (2010 - 302,624 dwt) and Hakata (2010 - 302,550 dwt). Both vessels are accounted for as an asset held for sale as at June 30, 2025 and have a combined carrying value of USD 74.2 million. The net gain on the vessels amounts to USD 39.3 million and will be recognized upon delivery to its new owners during the third quarter of 2025. Discontinued operations As of June 30, 2025 and as of December 31, 2024 the Group had no operations that met the criteria of discontinued operations. CMB.TECH - Financial Report HY 2025 21
Note 9 - Revenue and other operating income In the following table, revenue is disaggregated by type of contract June 30, 2025 Less: Total Eliminations Marine H2 H2 Infra Industry Euronav Bocimar Delphis Bochem Windcat Other Total Pool Revenue 64,766 — — 8,861 — — 73,627 — — — 73,626 Spot Voyages 91,206 183,653 — — — — 274,859 — — — 274,860 Revenue from contracts with customers 155,972 183,653 — 8,861 — — 348,486 — — — 348,486 Time Charters 107,212 108,744 21,571 14,496 21,461 882 274,366 — — — 274,366 Lease income 107,212 108,744 21,571 14,496 21,461 882 274,366 — — — 274,366 Other — — — — — — — — — — — Total revenue 263,184 292,397 21,571 23,357 21,461 882 622,852 — — — 622,852 Other income 15,729 586 — — — 1,864 18,179 131 10,424 (8,579) 20,155 Lease income 92,284 176 9,011 1,794 17,060 553 120,878 — — — 120,878 Total revenue 425,189 29,881 9,011 10,683 17,060 553 492,377 — — — 492,377 Other income 35,774 1,130 263 — — 754 37,921 362 841 (879) 38,245 June 30, 2024 with customers Euronav Bocimar Delphis Bochem Windcat Other Marine Total H2 Infra H2 Industry Less: Eliminations Total Pool Revenue 113,125 — — 8,889 — — 122,014 — — — 122,014 Spot Voyages 219,780 29,705 — — — — 249,485 — — — 249,485 Revenue from contracts 332,905 29,705 — 8,889 — — 371,499 — — — 371,499 Time Charters 92,284 176 9,011 1,794 17,060 553 120,878 — — — 120,878 CMB.TECH - Financial Report HY 2025 22
The increase in total revenue for the period is primarily attributable to higher spot market revenue, driven by an increase in the number of vessels in the fleet. This expansion is mainly the result of the acquisition of Golden Ocean, which became effective as of March 12, 2025. In addition, 10 newbuild drybulk vessels were delivered and added to the fleet since June 30, 2024. The increase in the number of dry bulk vessels fully offsets the decline in spot revenue from the tanker division, which was primarily attributable to a reduced number of tanker vessels in the fleet. Spot revenue growth was partially offset by a decrease in pool revenue, primarily due to a reduction in the number of tanker vessels active in the pool. Time charter revenue increased compared to the same period in the prior year, mainly due to the higher number of vessels employed on time charter, including those acquired through the Golden Ocean transaction. Other operating income comprises revenues related to the day-to-day commercial operation of the fleet that are not directly attributable to specific voyages. The decrease in other operating income during the first half of 2025 is mainly the result of non-recurring items recognized in the first half of 2024. These included the gain on the sale of Euronav Ship Management Hellas, liquidated damages received in connection with the sale of the N-class vessels (Noble, Nectar, and Newton), and claim settlements. CMB.TECH - Financial Report HY 2025 23
Note 10 - Expenses for shipping activities Voyage expenses and commissions Vessel operating expenses For the six month period ended (in thousands of USD) June 30, 2025 June 30, 2024 For the six month period ended (in thousands of USD) June 30, 2025 June 30, 2024 Commissions paid (10,975) (9,158) Operating expenses (159,276) (92,813) Bunkers (79,970) (59,270) Insurance (16,197) (7,200) Other voyage related expenses (32,796) (17,475) Total vessel operating expenses (175,473) (100,013) Total voyage expenses and commissions (123,741) (85,903) The voyage expenses and commissions increased in the first six months of 2025 compared to the same period in 2024 mainly due to an increase in bunker costs and other voyage related expenses. The increase in bunker cost and commissions paid in the first semester of 2025 is mainly due to the integration of the Golden Ocean vessels as of March 12, 2025 and thus more vessels operating on the spot. For vessels operated on the spot market, voyage expenses are paid by the shipowner while voyage expenses for vessels under a time charter contract, are paid by the charterer. Voyage expenses for vessels operated in a Pool, are paid by the Pool. The majority of other voyage expenses are port costs and agency fees which are owner's expenses on voyage charters. Port costs vary depending on the number of spot voyages performed and the number and type of ports. This also increases significantly due to the acquisition of the Golden Ocean fleet as per March 12, 2025. The operating expenses relate mainly to the crewing, technical and other costs to operate vessels. Crewing costs are related to crew wages, travel and victualling costs. Technical costs relate mainly to maintenance, spare parts and forwarding costs. Other costs are mainly port cost and costs for certifications and inspections. The increase in operating expenses is mainly related to the increase of number of vessels in the fleet during the first half of 2025 compared to 2024. This is primarily attributable due to the acquisition of Golden Ocean Group Ltd as per March 12, 2025 and newbuild drybulk vessels delivered during the year. CMB.TECH - Financial Report HY 2025 24
General and administrative expenses For the six month period ended (in thousands of USD) June 30, 2025 June 30, 2024 Wages and salaries (12,029) (7,332) Social security costs (1,918) (1,603) Activated costs — 358 Other employee benefits (1,637) (750) Employee benefits (15,584) (9,327) Administrative expenses (39,501) (25,780) Tonnage Tax (1,459) (866) Claims — (477) Provisions 149 163 Total general and administrative (56,395) (36,287) expenses The general and administrative expenses which include amongst others: shore staff wages, director fees, consulting and audit fees and tonnage tax, increased in the first six months of 2025 compared to the same period in 2024. The increase compared to 2024 was related to both an increase in administrative expenses and an increase in employee benefits mainly due to the integration of Golden Ocean as per March 12, 2025 (see Note 24) and CMB.TECH Enterprises for the full semester. CMB.TECH - Financial Report HY 2025 25
Note 11 - Net finance expenses For the six month period ended (in thousands of USD) June 30, 2025 June 30, 2024 Interest income 6,866 13,292 Foreign exchange gains 18,841 10,124 Finance income 25,707 23,416 Interest expense on financial liabilities measured at amortized cost (159,839) (53,869) Interest leasing (2,515) (198) Fair value adjustment on interest rate swaps (420) — Other financial charges (4,297) (5,111) Foreign exchange losses (41,076) (10,218) Finance expense (208,147) (69,396) Net finance expenses (182,440) (45,980) Interest expense on financial liabilities measured at amortized cost increased in the first six months of 2025 compared to the same period in 2024. This increase was related to an increase in interest expenses on bank loans due to a higher average outstanding debt in 2025 compared to the same period last year. Interest leasing is the interest on lease liabilities. The increase in foreign exchange losses is primarily attributable to the decline in the EUR/USD exchange rate, which had a negative impact on the outstanding loan balances under the Group’s EUR-denominated facilities. CMB.TECH - Financial Report HY 2025 26
Note 12 - Property, plant and equipment (in thousands of USD) Note Vessels Vessels under construction Right-of-use assets Other tangible assets Pre-payments Total PPE At January 1, 2025 Cost — 4,020,942 628,405 5,212 30,098 1,657 4,686,314 Depreciation & impairment losses — (1,403,458) — (3,302) (8,470) — (1,415,230) Net carrying amount 2,617,484 628,405 1,910 21,628 1,657 3,271,084 Acquisitions — 18,727 528,386 — 529 299 547,941 Acquisitions through business combinations 24 3,472,061 — 210,751 — — 3,682,812 Disposals and cancellations — (75,316) — — (110) — (75,426) Depreciation charges — (152,608) — (8,105) (2,054) — (162,767) Transfer to assets held for sale 8 7,556 — — — — 7,556 Impairments — — — (4,566) — — (4,566) Transfers — 413,314 (413,314) — 1,214 (1,214) — Translation differences — 4,913 2,853 2,574 2,534 134 13,008 Balance at June 30, 2025 6,306,131 746,330 202,564 23,741 876 7,279,642 At June 30, 2025 Cost — 7,821,483 746,330 214,944 35,246 876 8,818,879 Depreciation & impairment losses — (1,515,352) — (12,380) (11,505) — (1,539,237) Net carrying amount 6,306,131 746,330 202,564 23,741 876 7,279,642 In the first six months of 2025, the Hakata, Golden Saint, Golden Zheijang, KSL Seoul, Golden Forward and Golden Skies have been dry-docked. The cost of planned repairs and maintenance is capitalized and included under the heading Acquisitions. CMB.TECH - Financial Report HY 2025 27
On January 7, 2025, the Company took delivery of the super- eco Newcastlemax Mineral Portugal (2025 - 210,754 dwt). On January 23, 2025, the Company took delivery of the super-eco Newcastlemax Mineral Osterreich (2025 - 210,761 dwt). On March 26, 2025, the Company took delivery of CTV Hydrocat 60. On April 10, 2025, the Company took delivery of the super- eco Newcastlemax Mineral Suomi (2025 - 210,000 dwt). On April 23, 2025, the Company took delivery of the super- eco Newcastlemax Mineral Sverige (2025 - 210,000 dwt). On May 23, 2025, the Company took delivery of the super- eco Newcastlemax Mineral Polska (2025 - 210,000 dwt). On June 23, 2025, the Company took delivery of the super- eco Newcastlemax Mineral Cesko (2025 - 210,000 dwt). The Group had forty-two vessels under construction at June 30, 2025, for an aggregate amount of installments paid of USD 746.3 million. The amounts presented within "vessels under construction" relate to five eco-type VLCCs, two eco- type Suezmax, two dual-fuel bitumen tankers, eleven Newcastlemax bulk carriers, eight chemical tankers, six CSOVs (Commissioning Service Operations Vessels), two coaster vessel of 5,000 dwt, one 1,400 TEU ammonia- powered container vessel, four Hydrocat CTVs (Crew Transfer Vessel) and one Multi Purpose Harbour Vessel. The Group capitalizes borrowing costs related to the financing of the newbuild vessels as reported under vessels under construction. As per June 30, 2025, the total amount that was capitalized amounts to USD 10.8 million at an average interest rate of 7%. The other tangible assets include the Hydrotug, the hydrogen refuelling station and a range of machinery, equipment and vehicles. CMB.TECH - Financial Report HY 2025 28
Disposal of assets – Gains/losses (in thousands of USD) Sale price Book Value Gain Loss Alice - Sale 85,965 61,625 24,340 — Anne - Sale 86,275 62,820 23,455 — Aquitaine - Sale 90,268 58,657 31,611 — Dominica - Sale 82,685 52,826 29,859 — Desirade - Sale 85,965 56,071 29,894 — Alboran - Sale 86,418 56,362 30,056 — Aral - Sale 86,472 56,445 30,027 — Andaman - Sale 86,976 56,636 30,340 — Hatteras - Sale 90,310 59,368 30,942 — Delos - Sale 112,888 83,611 29,277 — Doris - Sale 113,010 84,438 28,572 — Derius - Sale 104,627 81,458 23,169 — Camus - Sale 123,420 92,228 31,192 — Oceania - Sale 43,120 8,294 34,826 — Noble - Sale 53,955 25,716 28,239 — Nectar - Sale 53,955 23,873 30,082 — Newton - Sale 53,955 33,285 20,670 — CMA CGM Baikal - Sale 71,500 55,879 15,621 — Corporate 2,000 1,625 375 — For the six month period ended June 30, 2024 1,513,764 1,011,217 502,547 — Sale price Book Value Gain Loss Alsace - Sale 96,850 69,388 27,462 — Cap Lara - Sale 33,213 14,437 18,776 — Windcat 6 - Sale 268 48 220 — Iris - Sale 99,990 42,857 57,133 — Golden Ioanari - Sale 15,811 15,811 — — Golden Keen - Sale 16,848 16,649 199 — For the six month period ended June 30, 2025 262,980 159,190 103,789 — On May 21, 2024, the Company sold the VLCC Alsace (2012 - 299,999 dwt) for USD 96.9 million. The vessel was accounted for as a non-current asset held for sale as at December 31, 2024. The VLCC has successfully been delivered to its new owner during the first quarter of 2025 generating a capital gain of USD 27.5 million. On December 31, 2024, the Company sold the VLCC Cap Lara (2007 - 158,826 dwt) for USD 33.2 million. The vessel was accounted for as a non-current asset held for sale as at December 31, 2024, and had a carrying value of USD 14.4 million. The vessel was delivered to her new owner on March 10, 2025, generating a net capital gain of USD 18.8 million and was recorded in the consolidated statement of profit or loss in the first quarter of 2025. The Windcat 6 has also been sold, after 18 years of service. The sale generated a capital gain of USD 0.2 million. The vessel was delivered to its new owner on March 13, 2025. On March 14, 2025, the Company sold the VLCC Iris (2012 - 314,000 dwt) for a net sale price after commission of USD 100.0 million. The vessel was delivered during the second quarter of 2025 and the net gain of USD 57.1 million on the transaction was recognized in the consolidated statement of profit or loss. On June 25, 2025, the vessel Golden Ioanari was successfully delivered to her new owners. The sale was completed on March 21, 2025. The vessel had a carrying amount equal to the agreed sale price. As a result, no gain or loss was recognized on the transaction. On April 3, 2025, the Company sold the vessel Golden Keen for a net sale price of USD 16.8 million. The vessel was delivered on June 2, 2025, and a capital gain of USD 0.2 million was recognized in the consolidated statement of profit or loss. CMB.TECH - Financial Report HY 2025 29
Impairment Marine Based on the impairment indicator analysis conducted for the period ending June 30, 2025, the Group has not identified any impairment triggers within its Marine division that require further impairment testing. Both internal and external impairment indicators, including asset performance, market valuations, and macroeconomic conditions, have been thoroughly assessed. The review is supported by independent broker valuations which indicate that the fair market value of the fleet exceeds its carrying value. The same analysis was conducted for the year ending December 31, 2024 and for the year ending December 31, 2023. However, it was noted that the Golden Zhoushan (2011 - 175,853 dwt) was sold pursuant to a Memorandum of Agreement signed on July 3, 2025, for a sale price of USD 22.1 million, less a 1% commission. The vessel’s carrying amount at the time of sale was USD 26.5 million, resulting in a capital loss of USD 4.5 million. As of June 30, 2025, an impairment charge was recognized in the consolidated statement of profit or loss. Accordingly, as of the reporting date, no further impairment adjustments are required for the Group’s assets within the Marine division. The Management Board, under supervision of the Supervisory Board, will continue to evaluate potential impairment risks on an ongoing basis, ensuring timely responses to any significant changes in market conditions or operational performance. Security All vessels financed with bank loans are subject to a mortgage to secure bank loans (see Note 16). Capital commitment As at June 30, 2025 the Group's total capital commitment amounts to USD 1.9 billion (December 31, 2024: USD 2.4 billion). These capital commitments can be detailed as follows: (in thousands of USD) Total 2025 2026 2027 2028 2029 Commitments in respect of: Tankers 547,460 117,810 362,330 67,320 — — Dry bulk vessels 686,700 229,987 456,713 — — — Container vessels 55,422 7,854 39,960 7,608 — — Chemical tankers 411,450 34,350 102,750 34,100 159,650 80,600 CSOVs 219,947 106,459 86,258 27,230 — — Total 1,920,979 496,460 1,048,011 136,258 159,650 80,600 The current newbuilding program of the Group comprises the following: 5 eco-type VLCCs, 2 eco-type Suezmaxes, 12 Newcastlemax bulk carriers, 8 chemical tankers, 6 CSOVs (Commissioning Service Operation Vessel), 2 coasters of 5,000 dwt, 1 ammonia-powered container vessel with a capacity of 1,400 TEU, 2 dual-fuel bitumen tankers. CMB.TECH - Financial Report HY 2025 30
Note 13 - Intangible assets and goodwill (in thousands USD) Note Customer contracts Other intangible assets Total intangible assets Goodwill At January 1, 2025 Cost - 17,104 5,807 22,911 — Depreciation - (4,025) (2,699) (6,724) — Net carrying amount 13,079 3,108 16,187 — Acquisitions - 1,343 — 1,343 — Acquisitions through business combinations 24 396 — 396 172,350 Depreciation charges - (788) (814) (1,602) — Translation differences - — 351 351 — Balance at June 30, 2025 14,030 2,645 16,675 172,350 At June 30, 2025 Cost - 18,843 6,498 25,341 172,350 Depreciation & impairment losses - (4,813) (3,853) (8,666) — Net carrying amount 14,030 2,645 16,675 172,350 In connection with the acquisition in 2022 of the remaining 50% in TI Asia and TI Africa, a part of the price paid was related to an intangible asset (customer contracts with NOC for the service part, i.e. recharge of opex, maintenance and crew). Management estimated the fair value of the intangible asset related to the service component of the NOC contract, resulting in a value of USD 16.6 million at May 31, 2022. This amount will be depreciated till the end of the contractual service, or until July 21, 2032 and September 21, 2032 respectively. The goodwill recognized relates to the acquisition of Golden Ocean Group Ltd. (see Note 24). The recognition of goodwill reflects management’s strong confidence in the long-term prospects of the dry bulk market and the expected growth of the business segment. The resulting goodwill is recognized on the statement of financial position and will be subject to annual impairment testing in accordance with applicable accounting standards. As of June 30, 2025, the assessment did not identify any impairment indicators. CMB.TECH - Financial Report HY 2025 31
Note 14 - Equity Translation reserve The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations. Hedging reserve June 30, 2025 (in thousands of USD) Notional Value Fair Value - Assets Fair Value - Liabilities Change recognised in OCI Interest rate swaps USD 161.0 million facility 102,220 538 187 (1,794) June 30, 2024 (in thousands of USD) Notional Value Fair Value - Assets Fair Value - Liabilities Change recognised in OCI Interest rate swaps USD 150.0 million facility 87,090 2,408 — 1,268 The Group, in connection to the USD 150.0 million facility raised on June 21, 2022, and amended in the second half of 2024 to USD 161.1 million, entered into several Interest Rate Swaps (IRSs) for a combined notional value of USD 109.4 million. These IRSs are used to hedge the risk related to the fluctuation of the SOFR rate and qualify as hedging instruments in a cash flow hedge relationship under IFRS 9. These instruments have been measured at their fair value; effective changes in fair value have been recognized in OCI and the ineffective portion has been recognized in profit or loss. These IRSs are matching the repayment profile of the facility and mature on March 31, 2030. The notional value of these instruments at June 30, 2025 amounted to USD 102.2 million. The fair value of these instruments at June 30, 2025 amounted to USD 0.4 million (see Note 17, 20 and 22) and USD (1.8) million has been recognized in OCI in 2025. Treasury shares As of June 30, 2025 and December 31, 2024 CMB.TECH NV owned 25,807,878 of its own shares. Distributions The total amount of dividends declared by the Supervisory Board in the first six months of 2025 was USD 0 million. USD 5.4 million was paid in the first six months of 2025 of which USD 5.0 million was distributed by Golden Ocean to the owners of the Company. Golden Ocean also distributed USD 5.1 million to the non-controlling interest. CMB.TECH - Financial Report HY 2025 32
Note 15 - Earnings per share Basic earnings per share The calculation of basic earnings per share was based on a result attributable to ordinary shares and a weighted average number of ordinary shares outstanding during the six month period ended June of each year, calculated as follows: Result attributable to ordinary shares For the six month period ended June 30, 2025 June 30, 2024 Result for the period (in USD) 51,766,350 679,620,307 Weighted average number of ordinary shares 194,216,835 197,886,375 Basic earnings per share (in USD) 0.27 3.43 Weighted average number of ordinary shares (in shares) Shares issued Treasury shares Shares outstanding Weighted number of shares On issue at January 1, 2025 220,024,713 25,807,878 194,216,835 194,216,835 Issuance of shares — — — — Purchases of treasury shares — — — — Withdrawal of treasury shares — — — — Transfer of treasury shares — — — — On issue at June 30, 2025 220,024,713 25,807,878 194,216,835 194,216,835 CMB.TECH - Financial Report HY 2025 33
Diluted earnings per share For the six months ended June 30, 2025, the diluted earnings per share (in USD) amount to 0.27 (2024: 3.43). As of January 1, 2024, the Company no longer has instruments that can give rise to dilution. Weighted average number of ordinary shares (diluted) The table below shows the potential weighted number of shares that could be created if all stock options and restricted stock units were to be converted into ordinary shares. (in shares) June 30, 2025 June 30, 2024 Weighted average of ordinary shares outstanding (basic) 194,216,835 197,886,375 Effect of share-based payment arrangements — — Weighted average number of ordinary shares (diluted) 194,216,835 197,886,375 There are no more remaining outstanding instruments at June 30, 2025 and June 30, 2024 which can give rise to dilution. CMB.TECH - Financial Report HY 2025 34
Note 16 - Interest-bearing loans and borrowings (in thousands of USD) Note Bank loans Other Notes Lease liabilities Other borrowings Total More than 5 years — 360,928 — 184 528,109 889,221 Between 1 and 5 years — 1,089,941 198,887 1,267 139,252 1,429,347 More than 1 year 1,450,869 198,887 1,451 667,361 2,318,568 Less than 1 year — 201,937 3,733 2,293 95,724 303,687 At January 1, 2025 1,652,806 202,620 3,744 763,085 2,622,255 New loans — 2,061,396 — 2,463 413,305 2,477,164 Scheduled repayments — (249,981) — (7,171) (171,895) (429,047) Early repayments — (453,035) — — — (453,035) Acquisitions through business combinations 24 978,322 — 120,541 302,512 1,401,375 Transaction expenses — (7,948) 330 — (2,996) (10,614) Other changes — 7,839 — — 482 8,321 Translation differences — 23,565 — 119 1,619 25,303 Balance at June 30, 2025 4,012,964 202,950 119,696 1,306,112 5,641,722 More than 5 years — 473,850 — 133 765,362 1,239,345 Between 1 and 5 years — 3,186,448 199,217 3,975 434,817 3,824,457 More than 1 year 3,660,298 199,217 4,108 1,200,179 5,063,802 Less than 1 year — 352,666 3,733 115,588 105,933 577,920 Balance at June 30, 2025 4,012,964 202,950 119,696 1,306,112 5,641,722 The amounts shown under "New Loans" and "Early Repayments" related to bank loans include drawdowns and repayments under revolving credit facilities during the year. CMB.TECH - Financial Report HY 2025 35
Bank loans Terms and debt repayment schedule The terms and conditions of outstanding loans were as follows: (in thousands of USD) June 30, 2025 December 31, 2024 Curr. Nominal interest rate Year of mat. Facility size Drawn Carrying value Facility size Drawn Carrying value Unsecured Revolving loan 80.0M EUR SOFR + CAS + 1.45% 2026 93,542 80,000 80,081 83,112 27,500 27,505 Secured FSO loan 161.1M USD SOFR + 2.15% 2030 136,294 136,294 135,243 148,727 148,727 147,464 Secured vessels loan Refi - Revolving loan 1,341M* USD SOFR + 2.30% - 2.90% 2028 867,818 700,000 694,136 995,207 750,000 743,637 Secured vessels loan 129.75M USD SOFR + 1.28% - 1.73% 2038 25,950 25,950 26,094 25,950 25,950 26,102 Secured vessels Revolving loan 182.5M* USD SOFR + 2.20% - 2.80% 2029 130,999 128,999 127,785 169,500 167,250 165,691 Credit Line Belfius Windcat EUR 1.25M EUR SOFR + 1.83% — 1,465 1,465 1,465 1,299 1,299 1,299 Credit Line KBC Windcat EUR 1.25M EUR SOFR + 2.40% — 1,465 1,465 1,465 1,299 1,299 1,299 Loan BNPPF EUR 151.2M EUR Euribor + 1.00% 2038 117,361 104,700 105,199 86,925 86,925 87,510 Loan CEXIM I 152M USD SOFR + 2.06% 2036 151,993 69,965 67,802 72,504 72,504 70,309 Loan CEXIM II 280M USD SOFR + 2.06% 2035 279,910 182,535 175,217 189,216 189,216 183,163 Loan CEXIM III 224M USD SOFR + 2.06% 2038 224,000 130,667 128,834 115,733 115,733 112,330 Loan KBC/Belfius Windcat EUR 78M EUR Euribor + 3.25% 2027 91,396 51,080 51,132 49,426 43,921 43,623 Loan SocGen EUR 154.7M EUR Euribor + 1.00% Euribor + 0.90% 2037 2039 58,733 38,667 38,994 34,276 34,276 34,634 Loan SocGen EUR 8.8M EUR Euribor + 1.10% 2033 10,314 8,767 8,499 8,228 8,228 8,240 Secured vessels loan 392.7M USD SOFR + 1.75% 2040 94,248 94,248 95,224 — — — 1.4B Bridge Facility USD SOFR + 3.04% 2026 1,265,021 1,265,021 1,256,465 — — — Secured vessels loan 2 B Facility USD SOFR + 2.10% - 2.75% 2030 500,000 141,896 139,800 — — — CMB.TECH - Financial Report HY 2025 36
Loan 1,400 TEU 26.3M USD SOFR + 3.75% EURIBOR + 3.55% 2032 26,325 2,025 2,025 — — — Loan DNB 275M USD SOFR + 1.90% 2027 208,659 208,659 208,455 — — — Loan Danske Bank 250M USD SOFR + 1.80% 2028 147,321 147,321 147,312 — — — Loan Credit Suisse 80M USD SOFR + 1.80% 2030 72,000 72,000 72,197 — — — Loan KfW 40M USD SOFR + 1.75% 2030 36,500 36,500 36,598 — — — Loan ING 360M USD SOFR + 1.75% 2033 268,360 268,360 268,398 — — — Loan DNB 150M USD SOFR + 1.65% 2029 145,064 145,064 144,544 — — — Total interest-bearing bank loans 4,954,739 4,041,648 4,012,964 1,981,402 1,672,828 1,652,806 * The total amount available under the revolving loan facilities depends on the total value of the fleet of tankers securing the facility. The facility size of the vessel loans can be reduced if the value of the collateralized vessels falls under a certain percentage of the outstanding amount under that loan. CMB.TECH - Financial Report HY 2025 37
Other notes Curr. Nominal interest rate Year of mat. Facility size Drawn Carrying value Facility size Drawn Carrying value Unsecured notes USD 6.25% 2026 200,000 200,000 202,950 200,000 200,000 202,620 Total other notes 200,000 200,000 202,950 200,000 200,000 202,620 (in thousands of USD) June 30, 2025 December 31, 2024 On March 18, 2022, the Financial Supervisory Authority of Norway approved the listing on the Oslo Stock Exchange of Euronav Luxembourg S.A.’s USD 200 million senior unsecured bonds due September 2026. CMB.TECH - Financial Report HY 2025 38
Other borrowings On June 6, 2017, the Group signed an agreement with BNP to act as dealer for a Treasury Notes Program with a maximum outstanding amount of 50 million Euro. On October 1, 2018, KBC was appointed as an additional dealer in the agreement and the maximum amount was increased from 50 million Euro to 150 million Euro. As of June 30, 2025, the outstanding amount was USD 35.2 million or 30.1 million Euro (December 31, 2024: USD 63.0 million or 60.6 million Euro). The Treasury Notes are issued on an as needed basis with different durations and initial pricing is set to 60 bps over Euribor. The Company enters into FX forward contracts to manage the transaction risks related to these instruments issued in Euro compared to the USD Group currency. The FX contracts have a same nominal amount and duration as the issued Treasury Notes and they are measured at fair value with changes in fair value recognized in the consolidated statement of profit or loss. On June 30, 2025, the fair value of these forward contracts amounted to USD 0.1 million. Due to the acquisition and consolidation of Golden Ocean Group as per March, 2025, USD 300.0 million of sale and leaseback arrangements were entered into the Group. The sale and leaseback financing agreements have a term of between 7 and 10 years, from the delivery of the respective vessels, in the case of newbuilds. They carry an interest rate of SOFR plus 1.85% to 2.00%. At the end of the bareboat contract, the Company has a purchase option or a purchase obligation. As at June 2025, the outstanding balance under these facilities was USD 292.2 million. In relation to the sale and leaseback arrangements, the total outstanding balance as at June 30, 2025, was USD 1,266.4 million. Golden Ocean receives services from Front Ocean in relation to sales and purchase activities, bunker procurement and administrative services in relation to the corporate headquarter. Costs are allocated based on a cost plus mark-up model. As of June 30, 2025, the outstanding amount was USD 4.5 million. The future capital payments for these leaseback agreements are as follows: (in thousands of USD) June 30, 2025 December 31, 2024 Less than one year 65,909 31,701 Between one and five years 439,271 141,251 More than five years 771,425 531,385 Total future capital payables 1,276,605 704,337 CMB.TECH - Financial Report HY 2025 39
Note 17 - Trade and other payables (in thousands of USD) June 30, 2025 December 31, 2024 Other payables 1,392 — Derivatives 188 — Total non-current other payables 1,580 — Trade payables 80,180 22,296 Accrued expenses 29,547 24,826 Accrued payroll 3,180 2,662 Dividends payable 108 538 Deferred income 70,322 27,367 Other payables 8,453 1,902 Derivatives 104 — Total current trade and other payables 191,894 79,591 The increase in trade payables is primarily attributable to the acquisition of GOGL and the delivery of additional newbuild vessels within CMB.TECH Enterprises during the first half year of 2025 which caused an increase in bunker payables. The increase in deferred income is mainly attributable to the acquisition of the GOGL fleet and primarily relates to deferred revenue from vessels operating under time charter contracts. CMB.TECH - Financial Report HY 2025 40
Note 18 - Financial instruments Accounting classifications and fair values The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value, such as trade and other receivables and payables. Interest rate swaps 20-22 2,145 — — 2,145 — 2,145 — 2,145 2,145 — — 2,145 Financial assets not measured at fair value Non-current receivables 20 — 73,797 — 73,797 — — 73,797 73,797 Lease receivables 22 — 1,263 — 1,263 — 958 — 958 Trade and other receivables * 22 — 184,409 — 184,409 — — — — Cash and cash equivalents — — 38,869 — 38,869 — — — — — 298,338 — 298,338 Financial liabilities measured at fair value Forward exchange contracts — 1,373 — — 1,373 — 1,373 — 1,373 1,373 — — 1,373 Financial liabilities not measured at fair value Secured bank loans 16 — — 1,622,703 1,622,703 — 1,648,136 — 1,648,136 Unsecured bank loans 16 — — 30,103 30,103 — 30,103 — 30,103 Unsecured other notes 16 — — 202,620 202,620 202,225 — — 202,225 Other borrowings 16 — — 763,085 763,085 — 771,798 — 771,798 Lease liabilities 16 — — 3,744 3,744 — 3,383 — 3,383 Trade and other payables * 17 — — 50,700 50,700 — — — — — — 2,672,955 2,672,955 Carrying amount Fair value Total (in thousands of USD) Note Fair value - Hedging instruments Financial assets at amortized Other financial liabilities Total Level 1 Level 2 Level 3 December 31, 2024 Financial assets measured at fair value CMB.TECH - Financial Report HY 2025 41
Interest rate swaps 20-22 16,665 — — 16,665 — 16,665 — 16,665 Forward currency swaps 22 106 — — 106 — 106 — 106 Bunker derivatives 21 376 — — 376 — 376 — 376 17,147 — — 17,147 Non-current receivables 20 — 80,316 — 80,316 — — 80,316 80,316 Lease receivables 20 — 330 — 330 — 245 — 245 Trade and other receivables * 22 — 292,035 — 292,035 — — — — Cash and cash equivalents — — 155,048 — 155,048 — — — — — 527,729 — 527,729 Bunker derivatives 104 — — 104 — 104 — 104 104 — — 104 Secured bank loans 16 — — 3,929,953 3,929,953 — 3,907,605 — 3,907,605 Unsecured bank loans 16 — — 83,011 83,011 — 83,011 — 83,011 Unsecured other notes 16 — — 202,950 202,950 202,709 — — 202,709 Other borrowings 16 — — 1,306,112 1,306,112 — 1,318,208 — 1,318,208 Lease liabilities 16 — — 119,696 119,696 — 119,652 — 119,652 Trade and other payables * 17 — — 122,713 122,713 — — — — — — 5,764,435 5,764,435 Carrying amount Fair value Total (in thousands of USD) Note Fair value - Hedging instruments Financial assets at amortized Other financial liabilities Total Level 1 Level 2 Level 3 June 30, 2025 Financial assets measured at fair value Financial assets not measured at fair value Financial liabilities measured at fair value Financial liabilities not measured at fair value * Deferred charges, deferred fulfillment costs and VAT receivables (included in other receivables) (see Note 22), deferred income and VAT payables (included in other payables) (see Note 17), which are not financial assets (liabilities) are not included. CMB.TECH - Financial Report HY 2025 42
CMB.TECH - Financial Report HY 2025 Measurement of fair values Valuation techniques and significant unobservable inputs Level 1 fair value was determined based on the actual trading of the unsecured notes, due in 2026, and the trading price on June 30, 2024. The following tables show the valuation techniques used in measuring Level 1, Level 2 and Level 3 fair values, as well as the significant unobservable inputs used. 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 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 Financial instruments not measured at fair value Type Valuation Techniques Significant unobservable inputs Discounted cash flow Discount rate and forecasted cash flows Discount rate Non-current receivables (consisting primarily of shareholders' loans and cash security deposits) Lease receivables Other financial liabilities (consisting of secured and unsecured bank loans and lease liabilities) Other financial notes (consisting of unsecured notes) Discounted cash flow Discounted cash flow Discount rate List price Not applicable Transfers between Level 1, 2 and 3 There were no transfers between these levels in 2024 and for the six-month period ended June 30, 2025. 43
Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group’s reputation. The sources of financing are diversified and the bulk of the loans are irrevocable, long-term and maturities are spread over different years. The following are the remaining contractual maturities of financial liabilities: Contractual cash flows December 31, 2024 (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 1,855,426 2,429,845 313,873 1,603,373 512,598 Other borrowings 16 763,085 1,111,977 143,799 292,668 675,510 Lease liabilities 16 3,744 4,138 2,397 1,517 224 Current trade and other payables * 17 52,073 52,073 52,073 — — 2,674,328 3,598,033 512,143 1,897,558 1,188,332 Contractual cash flows June 30, 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 4,215,914 4,881,080 550,526 4,184,029 146,525 Other borrowings 16 1,306,112 1,905,071 183,607 697,473 1,023,990 Lease liabilities 16 119,696 120,427 115,650 4,638 139 Current trade and other payables * 17 122,713 122,713 122,713 — — 5,764,435 7,029,291 972,496 4,886,140 1,170,654 * Deferred income and VAT payables (included in other payables) (see Note 16), which are not financial liabilities, are not included. The Group has secured bank loans that contain loan covenants. A future breach of covenant may require the Group to repay the loan earlier than indicated in the above table. As of June 30, 2025 and December 31, 2024, the Group was in compliance with all of the covenants contained in the debt agreements. The interest payments on variable interest rate loans in the table above reflect market forward interest rates at the reporting date and these amounts may change as market interest rates change. It is not expected that the cash flows included in the table above (the maturity analysis) could occur significantly earlier, or at significantly different amounts than stated above. CMB.TECH - Financial Report HY 2025 44
Note 19 - Deferred tax assets and liabilities CMB.TECH NV and its subsidiaries had available combined cumulative tax losses and other tax credits carried forward of USD 194.5 million and USD 160.6 million as of June 30, 2025 and December 31, 2024, respectively. Under current local tax laws, these loss carry forwards have an indefinite life and may be used to offset future taxable income of CMB.TECH NV and its subsidiaries. The Company did not recognize deferred tax assets of USD 50.3 million and USD 39.7 million as of June 30, 2025 and December 31, 2024, respectively, that can be carried forward against future taxable income, because it is not considered more likely than not that these deferred tax assets will be utilized in the foreseeable future. Note 20 - Non-current receivables (in thousands of USD) Note June 30, 2025 December 31, 2024 Shareholders loans to joint ventures 25 18,480 16,188 Derivatives - 8,895 1,279 Cash guarantees and deposits - 51,283 48,548 Other non-current receivables - 10,553 9,061 Total non-current receivables 89,211 75,076 The shareholder loans to joint ventures mainly relates to the loans provided to BeHydro and JPN H2Hydro and to joint ventures within the Windcat group of companies, i.e. TSM Windcat and FRS Windcat Offshore Logistics. The cash guarantees and deposits as of June 30, 2025 relates to a cash security of USD 45.7 million lodged with the High Court of Malaysia in January, 2024. The cash security equals the claimed amount and was required to lift the arrest on the vessel Oceania which was subsequently sold and delivered to her new owners. CMB.TECH - Financial Report HY 2025 45
Note 21 - Inventory The bunker inventory mainly relates to the bunker fuel stored on board of the vessels. As of June 30, 2025 the carrying amount of the bunker inventory on board of the vessels amounted to USD 50.3 million (2024: USD 17.3 million). The increase is mainly due to the acquisition of the Golden Ocean Fleet as per March 12, 2025. Bunkers delivered to vessels operating in the TI Pool or Stolt Pool, are sold to the Pool and bunkers on board of these pooled vessels are no longer shown as bunker inventory but as trade and other receivables. The inventory on board of our vessels is accounted for on a first-in, first-out basis. No write down is needed as long as the freight market remains robust offsetting potential higher weighted average consumption costs of the bunker oil consumed from that inventory. Bunker expenses are recognized in profit or loss upon consumption. The other inventory amounts to USD 8.1 million and relates to trucks purchased to be converted into hydrotrucks for resale and spare parts used for the conversion of regular engines to hydrogen powered engines. CMB.TECH - Financial Report HY 2025 46
Note 22 - Trade and other receivables (in thousands of USD) June 30, 2025 December 31, 2024 Receivable from contracts with customers 173,859 117,824 Receivable from contracts with customers - TI Pool 42,176 56,568 Accrued income 25,961 9,237 Accrued interest 371 236 Deferred charges 119,763 45,072 Deferred fulfillment costs — 1,126 Other receivables 52,181 3,691 Lease receivables 330 1,263 Derivatives 8,252 866 Total trade and other receivables 422,893 235,883 The increase in receivables from contracts with customers is primarily attributable to the acquisition of Golden Ocean Group Ltd as of March 12, 2025. The receivables from contracts with customers - TI Pool relates to income to be received by the Group from the Tankers International Pool. These amounts decreased in the first six months of 2025 mainly due to a decreased number of vessels in the pool. The increase in deferred charges is mainly due to the acquisition and consolidation of GOGL as per March 12, 2025, and to deferred arrangement fees of USD 28.4 million related to the undrawn amount of the USD 2 billion loan facility. The increase in other receivables is due to the acquisition of GOGL and mainly relates to bunker receivables on time charter-out contracts. CMB.TECH - Financial Report HY 2025 47
Note 23 - Provisions and contingencies (in thousands of USD) Onerous contract Total At January 1, 2025 274 274 Provisions used during the year (149) (149) Balance at June 30, 2025 125 125 Non-current — — Current 125 125 Total 125 125 The Group is currently involved in a litigation with RMK Maritime (RMK). RMK have commenced legal proceedings in the London High Court against CMB.TECH seeking USD 13.0 million in damages in relation to unpaid advisory services provided by RMK to CMB.TECH concerning its merger with Gener8 in 2016 and 2017. Based on an external legal advice, management believes that it has strong arguments that the risk of an outflow is less than probable and therefore no provision is recognized. Our witness statements were taken in the course of 2024 and in May 2025. The case was pleaded in June, and a verdict is expected by end of September. The Group is also involved in a claim from Fourworld. Fourworld has filed a claim against CMB NV and an identical claim to CMB.TECH NV as well as all parties concerned in the deal with Frontline. They want to overturn the following 3 decisions; (1) the sale of 24 vessels from CMB.TECH to Frontline, (2) the termination of the arbitration between CMB.TECH and Frontline and (3) the acquisition of CMB.TECH Enterprises by the Company. Hearings will take place in May 2026. Management believes that Fourworld has no strong arguments and evidence and that the risk for CMB.TECH is low and therefore no provision is recognised. Additionally, the Group is still involved in a litigation concerning the Oceania. A cash security of USD 45.7 million has been lodged with the High Court of Malaysia in January, 2024 (see Note 20). On May 7, 2025, the Group received an arbitration award in our favour in the London arbitration proceedings. The tribunal held that the cargo is indeed deemed to be sanctioned, wherefore Silk Straits are to indemnify CMBT and pay our claim of USD 1.8 million to be increased with costs. The case remains pending before the Malaysian court, with hearings postponed to 2026. CMB.TECH is currently in discussion with Silk Straits regarding a potential assignment of their rights vis-à- vis Black Swan. Such an assignment would enable CMB.TECH to evaluate the possibility of initiating legal proceedings against Black Swan in Singapore, with the objective of countering the ongoing Malaysian proceedings. An additional claim has been initiated by Black Swan, alleging hedging losses arising from the loss of the cargo. The potential additional exposure amounts to USD 13.6 million. Considering the facts and circumstances of the case and external as well as internal advice from counsel, management is of the opinion that it is not more likely than not that an outflow of resources will be required to settle any obligation and that consequently no provision needs to be accounted for at the moment. CMB.TECH - Financial Report HY 2025 48
Note 24 - Business Combination On March 4, 2025, CMB.TECH NV, through its subsidiary CMB.TECH Bermuda Ltd., entered into a share purchase agreement with Hemen Holdings Limited (Hemen) to purchase all of Hemen’s 81,363,730 of the common shares of Golden Ocean Group Limited at a purchase price of USD 14.49 per common share. Following the closing of the Share Purchase on March 12, 2025, CMB.TECH holds 40.8% of Golden Ocean’s outstanding common shares. The combination of CMB.TECH and Golden Ocean is accounted for as a business combination using the acquisition method of accounting under the provisions of IFRS 3, “Business Combinations”, with CMB.TECH as the accounting acquirer under this guidance. As the remaining shareholdings are widely dispersed and no contractual agreements are in place with other shareholders regarding preferred voting rights, the shareholding of 40.8% is considered a majority shareholding. As mentioned in the Bye-laws, any question proposed for consideration at any general meeting shall be decided on by a simple majority of votes cast.. Based on voting patterns at the three most recent shareholder meetings, it can be concluded that, following completion of the share purchase, CMB.TECH holds significantly more voting rights than any other shareholder or organized group of shareholders, resulting in de facto power through voting rights. The Company has assessed that control has been obtained in accordance with IFRS 10 as of that date. Consequently, Golden Ocean was fully integrated as a subsidiary within CMB.TECH’s consolidated accounts. Between March 24, 2025, and April 3, 2025, CMB.TECH acquired an additional 17,036,474 Golden Ocean common shares in the open market. As of June 30, 2025, CMB.TECH, indirectly through CMB.TECH Bermuda Ltd. owned an aggregate of 98,400,204 Golden Ocean common shares, representing 49.4% of Golden Ocean’s outstanding voting shares. On April 22, 2025, CMB.TECH and Golden Ocean announced they signed the Term Sheet for a stock- for-stock merger and subsequently on May 28, 2025, signed the Merger Agreement. CMB.TECH will be the surviving entity of the Merger. On August 19, 2025, the stock-for-stock merger of Golden Ocean with and into CMB.TECH Bermuda Ltd., a wholly- owned subsidiary of CMB.TECH with CMB.TECH Bermuda Ltd. as the surviving company, and with CMB.TECH as the issuer of the merger consideration shares, has been approved. On August 20, 2025, the merger was completed and each Golden Ocean common share was canceled, and such shares (other than shares that Golden Ocean, CMB.TECH, CMB.TECH Bermuda or any of their respective subsidiaries own) were automatically converted into the right to receive 0.95 CMB.TECH ordinary shares (subject to adjustment, pursuant to the terms of the Merger Agreement). The subsequent acquisitions of Golden Ocean shares as well as the merger will be accounted for as a step acquisition of the non-controlling interest to equity on the basis of IFRS 10.B96. Golden Ocean Group, is an international dry bulk shipping group. The merger creates one of the largest diversified listed maritime groups in the world with a combined fleet of more than 250 vessels. Following the merger, the free float of CMB.TECH increased, which is beneficial for the liquidity of the CMB.TECH ordinary shares. Details of the fair value of identifiable assets and liabilities acquired, purchase consideration and goodwill are as follows (note that fair value was not used as the measurement basis for assets and liabilities that require a different basis, which includes the office leases, contingent liabilities, income taxes and defined benefit pension plans): CMB.TECH - Financial Report HY 2025 49
(in thousands of USD) Note Book value Adjustment Fair value Vessels 12 2,935,213 536,848 3,472,061 Right-of-use assets 12 108,886 101,865 210,751 Intangible assets 13 396 — 396 Investments 25 — 44,825 44,825 Investments in equity accounted investees 25 53,236 (44,825) 8,411 Receivables - 15,438 — 15,438 Current assets - 179,997 6,739 186,736 Cash and cash equivalents - 86,803 (6,739) 80,064 LT loans and borrowings - (884,455) — (884,455) Non-current payables - (284,831) — (284,831) Current liabilities - (382,432) — (382,432) Total identifiable net assets acquired 1,828,251 638,713 2,466,964 (in thousands of USD) Acquisition of the shares on March 12, 2025 Consideration transferred in cash 1,178,960 Share in equity 40.80% Total identifiable net assets acquired 1,006,610 Goodwill 172,350 (in thousands of USD) Subsequent acquisitions (transactions with non-controlling shareholders) Consideration transferred in cash subsequent purchases 137,066 Share in equity 8.55% Total identifiable net assets acquired 210,771 Movement of equity as a result of the step acquisition of non-controlling interest (73,705) Following the initial acquisition, 40.80% of the revalued net assets is attributed to minority interests. Based on the figures of March 12, 2025, this amounts to USD 1,460,354 thousand. Current assets are comprised of trade debtors, inventory and deferred charges. Current liabilities are primarily constituted by short-term loans and borrowings, trade debts and accrued costs and deferred income related to the shipping activities. Management has strong belief in the dry bulk market and expects significant growth in the business. CMB.TECH recognized the resulting goodwill on the statement of financial position. This goodwill will subsequently be assessed for impairment annually. Contribution to revenue and profit/loss Since their acquisition by the Group, the acquired companies contributed revenue of USD 198.8 million and a loss of USD 37.5 million to the Group’s consolidated results for the period ended June 30, 2025. If the acquisition had occurred on 1 January 2025, management estimates that the Group’s consolidated revenue for the period ended June 30, 2025, would have been USD 306.2 million and consolidated loss for the period ended June 30, 2025, would have been USD 66.1 million. Acquisition related costs The Group incurred at June 30,2025 approximately USD 2.0 million of legal fees, mainly related to due diligence costs, advisory fees and audit fees. These acquisition-related costs for the business combination were expensed as incurred and are included in 'General and administrative expenses'. Business combinations completed in prior periods On December 22, 2023 CMB.TECH and CMB NV entered into a share purchase agreement for the acquisition of 100% of the shares in CMB.TECH Enterprises NV for a purchase price of USD 1.15 billion in cash. The transaction was approved by an Extraordinary General Meeting on February 7, 2024 and has been completed on February 8, 2024. The transaction has been considered as a transaction under common control and therefore IFRS 3 does not apply. Hence book value accounting was applied which resulted in the recognition of an adjustment of USD 797.0 million in retained earnings to reflect the difference between the consideration paid and the identifiable net assets acquired. CMB.TECH - Financial Report HY 2025 50
Note 25 - Investments At fair value through profit or loss The investment in other companies of USD 45.0 million relates to the purchase of 10% of the shares of Anglo-Eastern Univan Group Limited and to a stake held in SwissMarine by Golden Ocean Group Ltd of USD 44.8 million. The investments are measured at fair value, with changes in fair value recognised through profit or loss. The Company received a dividend of USD 3.7 million from Anglo-Eastern Univan Group Limited during the first six months of 2025. Equity-accounted investees (in thousands of USD) June 30, 2025 December 31, 2024 Assets Interest in joint ventures 21,374 16,806 Interest in associates 6,749 — TOTAL ASSETS 28,123 16,806 Associates (in thousands of USD) June 30, 2025 Business Combinations 6,322 Group's share of profit (loss) for the period 427 Carrying amount of interest at the end of the period 6,749 CMB.TECH - Financial Report HY 2025 51
Joint Ventures The following table contains a roll forward of the balance sheet amounts with respect to the Group’s joint ventures: ASSET (in thousands of USD) Investments in equity accounted investees Shareholders loans Gross balance (330) 850 Offset investment with shareholders loan 848 (848) Balance at January 1, 2024 518 2 Reversal prior year offset investment with shareholders loan (848) 848 Group's share of profit (loss) for the period 920 — Capital increase/(decrease) in joint ventures 3,796 — Movement shareholders loans to joint ventures — 4,485 Business combinations 12,399 11,638 Translation differences (475) (290) Gross balance 16,311 16,683 Offset investment with shareholders loan 495 (495) Balance at December 31, 2024 16,806 16,188 Reversal prior year offset investment with shareholders loan (495) 495 Group's share of profit (loss) for the period 1,144 — Movement shareholders loans to joint ventures — 1,331 Dividends received from joint ventures (625) — Translation differences 1,359 1,562 Business combinations 2,089 — Gross balance 20,278 19,576 Offset investment with shareholders loan 1,096 (1,096) Balance at June 30, 2025 21,374 18,480 The increase in investments in equity accounted investees at June 30, 2025 is mainly related to the acquisition of Golden Ocean Group Ltd (see Note 5). CMB.TECH - Financial Report HY 2025 52
Note 26 - Subsequent events On July 2, 2025, the CTV Windcat 58 was delivered. On July 3, 2025, 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 (see Note 12). The vessel is expected to be delivered to its new owner in the third quarter of 2025. The purchase of eight vessels from SFL Corporation Ltd. en-bloc for an aggregate price of USD 112 million was finalized with the early delivery of the vessels between 8 and 10 July. At the same time, the Company fully drew down on a USD 90 million revolving credit facility to refinance its SFL finance lease obligations. On July 24, 2025, the CSOV Windcat Rotterdam was delivered. On August 19, 2025, Golden Ocean held a Special General Meeting to vote on the proposed merger. The merger was approved by shareholders holding 92.72% present or represented at of the shares the meeting. Dissenting shareholders may, within one month after the notice for the Special General Meeting has been given, apply to the Supreme Court of Bermuda to have the fair value of its shares appraised. Golden Ocean has received correspondence from certain holders of Golden Ocean common shares stating their intention to exercise their rights as Dissenting Shareholders. On August 20, 2025, the merger was closed. Based on the Exchange Ratio and the current number of outstanding Golden Ocean common shares and ordinary shares in the Company, the Company issued 95,952,934 new ordinary shares by means of a capital increase by contribution in kind. Upon completion of the Merger, CMB.TECH shareholders own 70% (or 67% excluding treasury shares) of the total issued share capital of CMB.TECH and Golden Ocean shareholders own 30% (or 33% excluding treasury shares) of the total issued share capital of CMB.TECH. CMB.TECH remains listed on the New York Stock Exchange (“NYSE”) and Euronext Brussels under the ticker symbol ‘CMBT’. As of August 20, 2025, CMB.TECH is also listed on Euronext Oslo Børs under the ticker symbol ‘CMBTO’. On August 25, 2025, 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 will generate a gain of approximately USD 20.4 million and is expected to be delivered to its new owner in the fourth quarter of 2025. Note 27 - Standards issued but not yet effective The Group elected not to early adopt the following new Standards, Interpretations and Amendments, which have been issued by the IASB and the IFRIC but are not yet effective as per June 30, 2025 and/or not yet adopted by the European Union as per June 30, 2025 and for which the impact might be relevant: – Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) – Annual Improvements to IFRS Accounting Standards – Volume 11 – IFRS 18 Presentation and Disclosure in Financial Statements None of the other new standards, interpretations and amendments, which have been issued by the IASB and the IFRIC are not yet effective as per June 30, 2025 and/or not yet adopted by the European Union as per June 30, 2025, are expected to have a material effect on the Group's future financial statements. CMB.TECH - Financial Report HY 2025 53
Note 28 - Statement on the true and fair view of the consolidated financial statements and the fair overview of the management report Mr. Marc Saverys, Chairperson of the Supervisory Board, Mr. Alexander Saverys, CEO and Mr. Ludovic Saverys, CFO, hereby certify that, to the best of their knowledge, (a) the condensed consolidated interim financial statements as of June 30, 2025 and for the six-month period then ended, which have been prepared in accordance with IAS 34 “Interim Financial Reporting” as issued by the IASB and as adopted by the European Union, give a true and fair view of the assets, liabilities, financial position and results of CMB.TECH NV and the entities included in the consolidation, and (b) the interim management report includes a true and fair overview of the information required to be included therein under Article 13 §5 and §6 of the Royal Decree of November 14, 2007 on the obligations of issuers of financial instruments admitted to trading on a regulated market. Statutory auditor’s report to the Supervisory Board of CMB.TECH NV on the review of the condensed consolidated interim financial statements for the six-month period ended 30 June 2025 Introduction We have reviewed the accompanying condensed consolidated interim statement of financial position of CMB.TECH NV as of 30 June 2025 and the related condensed consolidated interim statements of profit or loss, comprehensive income, changes in equity and cash flows for the six-month period then ended, as well as the explanatory notes. The Supervisory Board is responsible for the preparation and presentation of these condensed consolidated interim financial statements in accordance with IAS 34 “Interim Financial Reporting”, as adopted by the European Union. Our responsibility is to express a conclusion on these condensed consolidated interim financial statements based on our review. Scope of review We conducted our review in accordance with International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial statements are not prepared, in all material respects, in accordance with IAS 34 “Interim Financial Reporting”, as adopted by the European Union. Antwerp, 27 August 2025 BDO Bedrijfsrevisoren BV Statutory auditor Represented by Veerle Catry* *Acting for a company CMB.TECH - Financial Report HY 2025 54
Registered office De Gerlachekaai 20 B-2000 Antwerp - Belgium Tel. +32 3 247 59 11 VAT BE 0860 402 767 Website https://cmb.tech/ Responsible editor Ludovic Saverys De Gerlachekaai 20, B-2000 Antwerp - Belgium Registered within the jurisdiction of the Commercial Court of Antwerp Dit verslag is ook beschikbaar in het Nederlands This report can be downloaded on our website: https://cmb.tech/