Kristof Samoy

Axel Styrman

Daniella DeLorenzo

Evan Goldsgaard

- CMB.TECH NV has mandated banks to arrange fixed income investor meetings, which may lead to a **USD denominated five-year senior unsecured bond issue**. The proceeds are intended for general corporate purposes, including **refinancing existing debt**.  **[1604481_0000919574-25-006199_d12023275_ex99-1.htm:0]** 
- The company continued its fleet rejuvenation strategy in Q3 and Q4 2025 to date, involving the **sale of two older vessels** and the **delivery of five newbuilding vessels**.  **[1604481_0000919574-25-006199_d12023275_ex99-2.htm:0]** 
- These vessel sales are expected to generate significant capital gains, including **$26.7 million USD** from the sale of VLCC Dalma, approximately **$39.3 million USD** from Hakata and Hakone, and **$2.4 million USD** from capesize Battersea.  **[1604481_0000919574-25-006199_d12023275_ex99-2.htm:0]** 
- Estimated average daily time charter equivalent (TCE) rates for Q3 2025 and Quarter-to-Date Q4 2025 show varied performance across vessel types, with VLCC average spot rates increasing from **$28,715/day** in Q3 2025 to **$54,206/day** in Q4 2025 to date.  **[1604481_0000919574-25-006199_d12023275_ex99-2.htm:0]**

CMB.TECH NV Announces Potential Bond Issue and Fleet Rejuvenation

- **CMB.TECH NV** has mandated Danske Bank, DNB Carnegie, Nordea Bank, and Pareto Securities to arrange a series of fixed income investor meetings commencing **October 20, 2025**.  **[1604481_aaa0edae17ec4332b8a4aedf498a0f5b_0]** 
- Following these meetings, a **USD denominated five-year senior unsecured bond issue** may occur, subject to market conditions.  **[1604481_aaa0edae17ec4332b8a4aedf498a0f5b_0]** 
- The proceeds from the potential bond issue are intended for **general corporate purposes**, including the **refinancing of existing debt**.  **[1604481_aaa0edae17ec4332b8a4aedf498a0f5b_0]**

CMB.TECH Announces Fixed Income Investor Meetings for Potential Bond Issue

- CMB.TECH continued its **fleet rejuvenation strategy** in Q3 and Q4 2025 to date, selling **two older vessels** and taking delivery of **five newbuild vessels**.  **[1604481_052310692ef84c9fa94632d0fc805a68_0]** 
- The company sold the VLCC Dalma and the capesize Battersea, which are expected to generate capital gains of **$26.7 million USD** and **$2.4 million USD**, respectively, upon delivery in Q4 2025.  **[1604481_052310692ef84c9fa94632d0fc805a68_1]** 
- In Q3 2025, CMB.TECH also sold the VLCCs Hakata and Hakone, generating a combined capital gain of approximately **$39.3 million USD**.  **[1604481_052310692ef84c9fa94632d0fc805a68_1]** 
- The time charter for the VLCC Donoussa was extended for an additional **11 months**, now until October 2026.  **[1604481_052310692ef84c9fa94632d0fc805a68_1]** 
- CMB.TECH provided estimated average daily time charter equivalent rates (TCE) for Q3 2025 and Quarter-to-Date Q4 2025 across its various vessel types.  **[1604481_052310692ef84c9fa94632d0fc805a68_1]**

CMB.TECH Provides Q3/Q4 Fleet and Sales Update

- CMB.TECH NV reported **revenue of $622,852 thousand** for the six-month period ended June 30, 2025, an increase from $492,377 thousand in the prior year period, primarily driven by higher spot market revenue and the acquisition of Golden Ocean.  **[1604481_0001604481-25-000010_eurn-20250630.htm:6]** **[1604481_0001604481-25-000010_eurn-20250630.htm:17]**  However, **profit for the period significantly decreased to $32,789 thousand** from $679,620 thousand in the same period of 2024, largely due to lower gains on asset disposals and increased finance expenses.  **[1604481_0001604481-25-000010_eurn-20250630.htm:6]** 
- The company completed the acquisition of **40.8% of Golden Ocean Group Limited** on March 12, 2025, for **$1.2 billion**, leading to its full integration as a subsidiary and a recognized goodwill of $172 million.  **[1604481_0001604481-25-000010_eurn-20250630.htm:10]** **[1604481_0001604481-25-000010_eurn-20250630.htm:11]** **[1604481_0001604481-25-000010_eurn-20250630.htm:32]**  By June 30, 2025, CMB.TECH NV's ownership in Golden Ocean increased to **49.4%**.  **[1604481_0001604481-25-000010_eurn-20250630.htm:11]** **[1604481_0001604481-25-000010_eurn-20250630.htm:32]** 
- Total assets **more than doubled to $8,399,374 thousand** as of June 30, 2025, from $3,905,046 thousand at December 31, 2024, primarily reflecting the Golden Ocean acquisition.  **[1604481_0001604481-25-000010_eurn-20250630.htm:5]**  The company also announced significant investments in **nine ammonia-powered vessels** with expected deliveries between 2026 and 2029, and secured a **$2,000 million facilities agreement** for refinancing related to the Golden Ocean merger.  **[1604481_0001604481-25-000010_eurn-20250630.htm:12]** **[1604481_0001604481-25-000010_eurn-20250630.htm:13]**

CMB.TECH NV Reports H1 2025 Financial Results and Golden Ocean Acquisition

- CMB.TECH NV completed a merger with **Golden Ocean Group Limited** on **August 20, 2025**, and this report includes Golden Ocean's audited consolidated financial statements for the years ended December 31, 2024, 2023, and 2022.  **[1604481_0000919574-25-005880_d11984033_6k.htm:0]** 
- For the year ended December 31, 2024, Golden Ocean Group Limited reported **total operating revenues of $968,420 thousand**, **net income of $223,214 thousand**, and **basic earnings per share of $1.12**.  **[1604481_0000919574-25-005880_d11984033_ex99-1.htm:2]** 
- Following CMB.TECH's acquisition of Hemen's shares on **March 12, 2025**, a change of control clause was breached in Golden Ocean's loan agreements, with total outstanding debt of **$1,314.2 million** as of December 31, 2024.  **[1604481_0000919574-25-005880_d11984033_ex99-1.htm:41]** **[1604481_0000919574-25-005880_d11984033_ex99-1.htm:42]** **[1604481_0000919574-25-005880_d11984033_ex99-1.htm:53]**  CMB.TECH has secured credit committee approved commitment letters for up to **$2.0 billion** to refinance this debt.  **[1604481_0000919574-25-005880_d11984033_ex99-1.htm:41]** **[1604481_0000919574-25-005880_d11984033_ex99-1.htm:53]** 
- In **January 2025**, Golden Ocean declared a purchase option for **eight SFL vessels** for an aggregate price of **$112.0 million**, with the purchase expected to finalize during the third quarter of 2025.  **[1604481_0000919574-25-005880_d11984033_ex99-1.htm:53]** 
- A cash dividend of **$0.15 per share** for Q4 2024 was announced on **February 26, 2025**, payable on or about **March 21, 2025**.  **[1604481_0000919574-25-005880_d11984033_ex99-1.htm:53]**

CMB.TECH NV Reports Golden Ocean Group Limited's 2024 Financial Results and Post-Merger Updates

- CMB.TECH completed its merger with Golden Ocean on **August 20, 2025**, significantly expanding its fleet to approximately **250 vessels**.  **[1604481_0000919574-25-005283_d11972542_ex99-1.htm:0]** **[1604481_0000919574-25-005283_d11972542_ex99-2.htm:1]** **[1604481_0000919574-25-005283_d11972542_ex99-1.htm:5]** **[1604481_0000919574-25-005283_d11972542_ex99-2.htm:7]** 
- For Q2 2025, the company reported a **net loss of -7.6 million USD** or **-0.04 USD per share**, compared to a net gain of **184.4 million USD** or **0.95 USD per share** in Q2 2024.  **[1604481_0000919574-25-005283_d11972542_ex99-1.htm:0]**  EBITDA for Q2 2025 was **224.1 million USD**.  **[1604481_0000919574-25-005283_d11972542_ex99-1.htm:0]** 
- CMB.TECH's contract backlog stands at **2.93 billion USD**, and an interim dividend of **0.05 USD** was declared, payable around **October 9, 2025**.  **[1604481_0000919574-25-005283_d11972542_ex99-1.htm:0]** 
- The company continued its fleet rejuvenation strategy, with the sale of VLCC Iris generating a capital gain of approximately **57.1 million USD** in Q2 2025, and the sales of Hakata and Hakone expected to generate **39.3 million USD** in Q3 2025.  **[1604481_0000919574-25-005283_d11972542_ex99-1.htm:0]** **[1604481_0000919574-25-005283_d11972542_ex99-1.htm:6]** 
- Supervisory Board changes include the resignation of Mr. Marc Saverys and the appointment of Debemar BV (represented by Mr. Patrick De Brabandere) as chairman, along with the cooptation of Mrs. Gudrun Janssens.  **[1604481_0000919574-25-005283_d11972542_ex99-1.htm:0]** **[1604481_0000919574-25-005283_d11972542_ex99-1.htm:5]**

CMB.TECH (CMBT)