CMB.TECH Q2FY26 Results: Net profit surges to $364.4 million
- Net profit surged to $364.4 million in Q2 2026 from a loss of $7.8 million in Q2 2025
- Revenue grew 81% YoY to $703.9 million; EBITDA rose 147% to $552.8 million
- Gains on disposal of tangible assets totaled $127.5 million, up from $57.3 million year-ago
- VLCC spot TCE rates averaged $126,790/day, up from $44,981/day in Q2 2025
- Board proposes $0.64 per share distribution pending shareholder approval
*this image is generated using AI for illustrative purposes only.
CMB.TECH NV reported a net profit of $364.4 million for the second quarter ended June 30, 2026, a sharp turnaround from a net loss of $7.8 million in the same period last year.
Revenue for the quarter rose 81% year-on-year to $703.9 million, while EBITDA (a non-IFRS measure) climbed to $552.8 million from $224.1 million in Q2 2025.
Financial Performance
The shipping group's bottom line was significantly bolstered by gains on the disposal of tangible assets, which totaled $127.5 million in the quarter. This compares to a gain of $57.3 million in Q2 2025. The company sold two VLCCs and one Suezmax during the period, realizing approximately $127.4 million in total gains.
Operating revenue expanded as average time charter equivalent (TCE) rates surged across key segments. VLCC spot rates averaged $126,790 per day in Q2 2026, compared to $44,981 per day a year earlier. Similarly, Newcastlemax spot rates doubled to $46,198 per day from $23,081 per day.
Net finance expenses fell to $76.2 million from $118.2 million in the prior-year quarter, aiding the overall profitability improvement.
| Metric | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Revenue | $703.9 million | $387.8 million | +81% |
| EBITDA | $552.8 million | $224.1 million | +147% |
| Net Profit | $364.4 million | ($7.8 million) | Turnaround |
| EPS (Basic) | $1.26 | $0.04 | +3,050% |
What the Numbers Show
Gains on the disposal of tangible assets accounted for roughly 35% of the company’s operating result before depreciation and finance costs. While operational revenue growth drove top-line expansion, the magnitude of the net profit turnaround was heavily influenced by these non-recurring asset sales, which more than doubled year-on-year.
Fleet and Commercial Updates
CMB.TECH delivered nine newbuilding vessels between Q2 and early Q3, including four Newcastlemaxes, one VLCC, two Suezmaxes, one CSOV, and one CTV. The contract backlog remained stable at $3.26 billion, supported by new long-term charters, including two 2-year CSOV time charters and one 1-year VLCC time charter.
The company also signed a milestone agreement with Fortescue for the charter of up to 12 ammonia-powered Newcastlemax vessels.
Dividend Proposal
The Supervisory Board proposed a distribution of $0.64 per share. This consists of an intermediary dividend of $0.21 per share (subject to withholding tax) and a payment of $0.43 per share from available share premium (exempt from withholding tax). The distribution requires approval at a special shareholders’ meeting later this year, with payment expected in October.
How sustainable is CMB.TECH's profitability given that asset disposals accounted for 35% of the operating result, and what is the strategy for maintaining margins as these non-recurring gains normalize?
What is the projected timeline and capital expenditure required for the delivery of the 12 ammonia-powered Newcastlemax vessels under the Fortescue agreement?
Will the integration of nine newbuilding vessels into the fleet in Q2/Q3 dilute earnings per share in the near term before long-term charter contracts fully mature?
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