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Sep 30, 2025
CMB Tech NV Q3 2025 Earnings Report
CMB.TECH reported lower earnings in Q3 2025, with profit down from the previous year despite higher revenue and EBITDA.
Key Takeaways
CMB.TECH saw improved revenue and EBITDA in Q3 2025, but net income and EPS declined significantly compared to the same quarter last year due to higher expenses and lower asset sales.
Revenue for Q3 2025 rose to $454.2 million, more than doubling year-over-year.
Net income declined sharply to $17.3 million, down from $98.1 million in Q3 2024.
EBITDA increased to $238.4 million, reflecting stronger operational performance.
The company proposed a $0.05/share interim dividend, payable in January 2026.
Forward Guidance
Management expects Q4 results to improve significantly due to stronger bookings, rejuvenation of the fleet, and ongoing high rates in tanker and dry bulk markets.
Positive Outlook
- Tanker and dry bulk markets reached multi-year highs heading into Q4.
- Fleet rejuvenation continued with 7 new ships delivered and older vessels sold.
- Q4 bookings already indicate stronger earnings ahead.
- Demand for seaborne iron ore and bauxite remains robust.
- Positive outlook for Capesize and Newcastlemax vessels due to long-haul demand.
Challenges Ahead
- Net income significantly decreased year-over-year in Q3 2025.
- Weaker summer markets impacted Q3 performance.
- Chemical tanker and container segments showed signs of easing or pressure.
- Offshore wind market continues to face investment uncertainty and redeliveries.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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