Cmb.Tech N.V. (CMBT) Market Cap
Cmb.Tech N.V. has a market capitalization of $2.96B.
Financials based on reported quarter end 2025-12-31
Price: $12.89
▼ -0.45 (-3.37%)
Market Cap: 2.96B
NYSE · time unavailable
CEO: Alexander Saverys
Sector: Industrials
Industry: Marine Shipping
IPO Date: 2000-02-17
Website: https://www.cmb.tech
Cmb.Tech N.V. (CMBT) - Company Information
Market Cap: 2.96B · Sector: Industrials
Cmb.Tech NV, engages in marine transportation business. The company operates through three division: Marine, H2 Infra, and H2 Industry. The Marine division owns and operates fleet of crude oil tankers, bulk carriers, container ships, chemical, offshore wind supply vessels, tugboats, and ferries. This division have 88 conventional fuel vessels and 64 vessels. The H2 Infra division develops and secures green molecule supplies; and produces and distributes green hydrogen and ammonia fuels. The H2 Industry division provides scalable dual-fuel industrial applications. The company was formerly known as Euronav NV and changed its name to Cmb.Tech NV in October 2024. The company was incorporated in 2003 and is headquartered in Antwerp, Belgium. Cmb.Tech NV is a subsidiary of CMB NV.
Analyst Sentiment
Based on 3 ratings
Consensus Price Target
No data available
Price & Moving Averages
Related Companies in Industrials
Fundamentals Overview
📊 AI Financial Analysis
Powered by StockMarketInfo"CMBT reported a revenue of $594.5M and a net income of $90.9M for the year ending December 31, 2025. The company's earnings per share (EPS) is $0.31. Despite having a free cash flow deficit of approximately $138.2M, CMBT maintains a reasonable operating cash flow of $138.5M. The total assets amount to $8.4B, with total liabilities of $5.8B, indicating a solid equity base of about $2.6B. Moreover, the company has substantial net debt of $5.4B. The stock has appreciated significantly, achieving a 1-year price change of 33.89% and a year-to-date (YTD) change of 34.88%. The recent dividends demonstrate CMBT's commitment to returning value to shareholders, albeit the total amount paid so far is minimal relative to the overall financial performance. The improving price trend reflects positive investor sentiment, yet the overall leverage and free cash flow remains a concern for future operational flexibility."
Revenue Growth
Moderate revenue growth indicates strong demand.
Profitability
Solid net income margin demonstrates efficient operations.
Cash Flow Quality
Negative free cash flow raises concerns about long-term sustainability.
Leverage & Balance Sheet
Moderate leverage with significant net debt.
Shareholder Returns
Strong price appreciation, dividends reflect commitment to returns.
Analyst Sentiment & Valuation
Positive sentiment, but valuation remains uncertain due to leverage.
Disclaimer:This analysis is AI-generated for informational purposes only. Accuracy is not guaranteed and this does not constitute financial advice.
Management tone is strongly constructive on cash generation and balance-sheet flexibility—bridge repayment is cited as completed ahead of schedule, liquidity remains $560M, and dividends are positioned as sustainable via a $270M Q1 profit/proceeds path and additional $370M already “guaranteed” in Q1-Q2 capital gains. They also argue dry bulk fundamentals should improve in 2026 (utilization from ~90% to 91%-92%) with iron ore and bauxite supporting ton-mile demand (+2.7%) against fleet growth (+2.3%). However, the Q&A shows analysts probing leverage and dividend sustainability, prompting cautious confirmations: long-term debt target is 50% LTV (end-Dec ~55%), and the company will not lock in a fixed dividend percentage. Multiple regulatory/market-structure risks were explicitly left open—U.S. Maritime Action Plan impact is “too early,” and tanker order-book balance is dependent on scrapping/sentiment through 2028. Overall: upbeat momentum, but with material external uncertainties acknowledged.
Growth Catalysts
- Dry bulk demand/tom-mile growth: ton-mile +2.7% in 2026 vs fleet growth +2.3%, supporting utilization creep-up (90% -> 91%-92%)
- Iron ore & bauxite volumes: supportive 2026 commodity mix; West Africa bauxite volumes and iron ore growth cited as key drivers
- Offshore wind/CTV-CSOV support from accelerating installation capacity and new projects in North Sea/Europe (2026-2027 timing referenced)
- Spot-exposure cash flow: management estimates incremental breakeven uplift ($10,000 higher) would add ~$270M cash flow
Business Development
- Golden Ocean merger integration (IT/noncash and SG&A integration/refinancing items referenced)
- Fixed 5 Capesizes for 5 years at 'very good rates' (counterparty and exact rate not disclosed)
- Long-term charter coverage on containers: 4 container vessels fixed for 10 years; 1 more newbuilding under a 15-year time charter
- Windcat CSOVs: one CSOV trading on spot for 4-6 months (~$108,000/day equivalent in Q4) and one CSOV fixed on a 3-year agreement in North Sea
Financial Highlights
- Q4 net profit: $90M; full-year profit: $140M
- Q4 EBITDA: $322M; full-year EBITDA: $943M
- Liquidity: $560M; bond equity/total assets covenant cited at 31% and other loan covenants at 44%
- Nonrecurring Q4 impacts: IT costs and refinancing/arrangement success fees (one-off); ~ $15M SG&A nonrecurring (tax reversals and integration fees)
- Contract backlog: $3.05B; Q4 backlog additions: ~$304M primarily Capesizes plus 1 CSOV
- Dividend declared: $0.16 interim dividend (management frames as ~$45M paid later in April)
- Bridge repayment and interest savings: bridge fully paid back end of January; interest saving ~ $42M for 2026
- Spot-day mix 2026: 53,000 total shipping days, 44,000 on spots; dry bulk: 36,000 days (27,000 on Capesizes/Newcastlemaxes)
Capital Funding
- Bridge facility (Golden Ocean): $1.4B provided by banks; only $1.3B drawn; fully repaid end of January
- Releveraging: after merger in Aug, $2B facility; $750M used to pay down $550M, then ~half ($270M) shifted from the expensive $2B facility via Chinese leasing executed Dec; only ~$260-$270M 'own cash' contribution described
- Dividend policy context: $0.16 paid on Q4 performance; management indicates Q1 dividend linked to sales gains/profit ($270M already reported, decision in May release); board to decide Q1/Q2 dividends after sale capital gain from VLCC divestment
- CapEx: $1.5B remaining as of end-January; $216M from own cash; next 12 months yard payments ~$1.2B; 'all financing secured'
- Capital gains secured: $50M booked in Q4; Q1 and Q2 already guaranteed $370M (total $420M) to fund remaining CapEx and liquidity/deleveraging
Strategy & Ops
- Deleveraging acceleration alongside dividends (bridge repaid ahead of schedule; covenant comfort emphasized)
- Shift in risk posture by segment: keep dry bulk 'spot exposed' and sell only at exceptional prices; continue adding long-term coverage in zones where it makes sense
- Capital allocation logic: prioritize operational cash flow + asset sales proceeds for dividends, deleveraging, and potentially accelerating revolver payments to reduce interest costs
- Tanker approach: not actively pursuing tanker newbuilds despite 'tempting' order economics; 'opportunistic' only
Market Outlook
- Dry bulk 2026: ton-mile demand +2.7% vs fleet growth +2.3%; utilization ~90% now, targeted creep to 91%-92%
- Order book to fleet (dry bulk): manageable 12.4%; Capesize & Newcastlemax order additions cited for 2028-2029 deliveries
- Container/chemical outlook: spot freight 'downhill slope' with SCFI trending down; charter market still supported due to constrained charter availability; chemicals spot market 'slightly declining' but not dramatic
- Tanker outlook: 'very high' support; sustainability depends on scrapping and order-book durability; key watchpoint from 2028 for balance due to order book expansion
- Wind/CSOV-CTV: management expects 'better 2026 than 2025'
Risks & Headwinds
- Regulatory uncertainty: U.S. Maritime Action Plan—management said it is 'too early to assess' and impact depends on changing conditions; previous assumption about limited U.S. exposure was described as not applicable for tankers (they do 'quite a lot of business' in the U.S.)
- Sanctions/geopolitics variability: Russia-Ukraine, Iran, Venezuela, and sanctions execution could rewrite tanker scenarios (Indian crude imports from Russia down; China stockpiling implied as offset)
- Tanker market risk hinges on scrapping: expanding crude tanker order book could distort supply downside unless scrapping uptick materializes
- Dry bulk leverage to commodity volumes: reliance on iron ore/bauxite loading patterns (rainfall/seasonality and West Africa/Pacific dynamics) as the main fundamental support
- Container/chemical spot risk: SCFI trending down; chemical spot rates not at 2024 levels and are 'going down a little bit'
- Regulatory/compliance unknowns from other parties: analyst asked about whether 'Sinokor' behavior could trigger regulatory reaction; management response was 'I don't know. You should ask Sinokor.'
Sentiment: POSITIVE
Note: This summary was synthesized by AI from the CMBT Q4 2025 earnings transcript. Financial data is complex; please verify all metrics against official SEC filings before making investment decisions.