CMB.Tech reports $368.8 million net profit in Q1 2026
CMB.Tech NV posted a net profit of $368.8 million in Q1 2026, aided by a $267 million capital gain from vessel sales and lower finance costs. The firm announced a $0.64 per share dividend and forecasts over $1 billion in operational free cash flow for 2026.
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CMB.Tech NV reported a net profit of $368.8 million for the first quarter of 2026, driven by fleet optimization and reduced finance costs. The company achieved a capital gain of $267 million through the sale of older vessels, including two Capesizes and eight VLCCs, while taking delivery of seven new buildings. Net finance expenses decreased from $113 million in the previous quarter to $81 million, contributing to the strong financial performance. The board of directors declared a total distribution of $0.64 per share, comprising a $0.20 interim dividend and a $0.44 distribution out of share premium, with 70% of the total dividend exempt from withholding tax.
Financial Performance and Liquidity
The company ended the quarter with liquidity above half a billion dollars and an equity on total assets value adjusted below 50%, aligning with its target. CMB.Tech NV increased its contract backlog by $200 million during the quarter, largely driven by long-term dual-fuel vessel contracts. The remaining capital expenditure stands at $1.2 billion as of the end of April, with approximately $184 million unfunded. Management noted that vessel sales have more than double-covered the unfunded CapEx.
Strategic Fleet Optimization
Strategic initiatives included the sale of the Suezmax vessel Sienna, which will deliver in Q2 and is expected to generate a capital gain of $127 million. The company's fleet optimization efforts focused on reducing leverage and capital commitments. The contract backlog currently stands at $1.9 billion related to dual-fuel vessels, with counterparties mostly holding investment-grade ratings.
Operational Outlook and Guidance
CMB.Tech NV provided guidance for operational free cash flow exceeding $1 billion in 2026, excluding vessel sales and remaining CapEx. The company remains positive on the dry bulk, tanker, and offshore energy markets due to high rates and strong bookings. Conversely, it maintains a cautious stance on the container and chemical markets due to large order books and softer demand growth.
Q1 2026 Financial Highlights
| Metric | Value |
|---|---|
| Net Profit | $368.8 million |
| Capital Gain | $267 million |
| Net Finance Expenses | $81 million |
| Liquidity | Above $0.5 billion |
| Dividend per Share | $0.64 |
How will the company allocate the remaining $184 million in unfunded capital expenditures given current liquidity levels?
What is the expected timeline for deploying the $127 million capital gain from the Suezmax sale in Q2?
Will the strong operational free cash flow guidance support an increase in the dividend distribution for the remainder of 2026?
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