CMB.Tech NV's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), CMB.Tech NV reported revenue of $1.7B (+77.2% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Revenue (Note 4) | $1.7B | $940.2M | $1.2B | $854.7M |
| Gains on disposal of vessels/other tangible assets (Note 8) | $192.6M | $635.0M | $372.4M | $96.2M |
| Other operating income (Note 4) | $29.8M | $50.7M | $23.3M | $15.1M |
| Total shipping income | $1.9B | $1.6B | $1.6B | $966.0M |
| Raw materials and consumables | ($10.3M) | ($3.7M) | — | — |
| Voyage expenses and commissions (Note 5) | ($362.2M) | ($174.3M) | ($142.1M) | ($175.2M) |
| Vessel operating expenses (Note 5) | ($420.4M) | ($199.6M) | ($231.0M) | ($216.1M) |
| Charter hire expenses | ($3.1M) | ($138.0K) | ($4.5M) | ($5.8M) |
| Loss on disposal of vessels/other tangible assets (Note 8) | ($4.0K) | ($2.0K) | $0 | ($347.0K) |
| Depreciation tangible assets (Note 8) | ($384.7M) | ($163.1M) | ($219.4M) | ($221.6M) |
| Amortisation intangible assets (Note 9) | ($3.3M) | ($2.9M) | ($1.6M) | ($1.0M) |
| Impairment losses (Note 8) | ($5.4M) | ($1.8M) | — | — |
| General and administrative expenses (Note 5) | ($142.0M) | ($77.8M) | ($62.5M) | ($51.7M) |
| Total operating expenses | ($1.3B) | ($623.5M) | ($661.2M) | ($671.7M) |
| RESULT FROM OPERATING ACTIVITIES | $557.1M | $1.0B | $969.7M | $294.3M |
| Finance income (Note 6) | $22.9M | $38.7M | $67.2M | $27.1M |
| Finance expenses (Note 6) | ($429.8M) | ($169.3M) | ($171.9M) | ($133.0M) |
| Net finance expenses | ($406.9M) | ($130.7M) | ($104.7M) | ($105.9M) |
| Share of profit (loss) of equity accounted investees (net of income tax) (Note 26) | ($882.0K) | $920.0K | ($927.0K) | $17.6M |
| PROFIT (LOSS) BEFORE INCOME TAX | $149.3M | $872.7M | $864.0M | $206.1M |
| Income tax benefit (expense) (Note 7) | ($10.2M) | ($1.9M) | ($6.0M) | ($2.8M) |
| Profit (loss) for the period | $139.1M | $870.8M | $858.0M | $203.3M |
| Owners of the company | $160.7M | $870.8M | $858.0M | $203.3M |
| Non-controlling interest | ($21.6M) | — | — | — |
| Basic earnings per share (in dollars per share) | $0.70 | $4.44 | $4.25 | $1.01 |
| Diluted earnings per share (in dollars per share) | $0.70 | $4.44 | $4.25 | $1.01 |
| Weighted average number of shares (basic) (in shares) | 229.4M | 196.0M | 201.9M | 201.7M |
| Weighted average number of shares (diluted) (in shares) | 229.4M | 196.0M | 201.9M | 202.0M |
| Line item | Jun 30, 2026 · YTD | Jun 30, 2025 · YTD | Jun 30, 2024 · YTD | Jun 30, 2022 · YTD |
|---|---|---|---|---|
| Revenue | $1.2B | $622.9M | $492.4M | $263.1M |
| Gains on disposal of vessels/other tangible assets | $394.9M | $103.8M | $502.5M | $33.6M |
| Other operating income | $37.1M | $20.2M | $38.2M | $7.6M |
| Total shipping income | $1.7B | $746.8M | $1.0B | $304.3M |
| Raw materials and consumables | ($2.0M) | ($5.1M) | ($1.7M) | — |
| Voyage expenses and commissions | ($249.2M) | ($123.7M) | ($85.9M) | ($74.5M) |
| Vessel operating expenses | ($253.0M) | ($175.5M) | ($100.0M) | ($101.5M) |
| Charter hire expenses | ($4.0M) | ($1.6M) | ($17.0K) | ($4.5M) |
| Depreciation tangible assets | ($216.6M) | ($162.8M) | ($80.5M) | ($106.1M) |
| Amortisation intangible assets | ($1.4M) | ($1.6M) | ($1.3M) | ($183.0K) |
| Impairment reversals/(losses) | $729.0K | — | — | — |
| General and administrative expenses | ($58.6M) | ($56.4M) | ($36.3M) | ($23.2M) |
| Total operating expenses | ($783.9M) | ($530.3M) | ($305.8M) | ($310.2M) |
| RESULT FROM OPERATING ACTIVITIES | $871.6M | $216.5M | $727.4M | ($5.9M) |
| Finance income | $21.1M | $25.7M | $23.4M | $11.2M |
| Finance expenses | ($179.0M) | ($208.1M) | ($69.4M) | ($73.1M) |
| Net finance expenses | ($157.9M) | ($182.4M) | ($46.0M) | ($61.9M) |
| Share of profit (loss) of equity accounted investees (net of income tax) | $21.5M | $1.6M | $2.6M | $14.6M |
| PROFIT (LOSS) BEFORE INCOME TAX | $735.2M | $35.6M | $684.0M | ($53.2M) |
| Income tax benefit (expense) | ($2.0M) | ($2.8M) | ($4.4M) | $4.9M |
| PROFIT (LOSS) FOR THE PERIOD | $733.2M | $32.8M | $679.6M | ($48.3M) |
| Owners of the company | $733.2M | $51.8M | $679.6M | ($48.3M) |
| Non-controlling interest | $0 | ($19.0M) | — | — |
| Basic earnings per share (in dollars per share) | $2.53 | $0.27 | $3.43 | -$0.24 |
| Diluted earnings per share (in dollars per share) | $2.53 | $0.27 | $3.43 | -$0.24 |
| Weighted average number of shares (basic) (in shares) | 290.2M | 194.2M | 197.9M | 201.7M |
| Weighted average number of shares (diluted) (in shares) | 290.2M | 194.2M | 197.9M | 202.0M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Vessels (Note 8) | $6.3B | $2.6B | $1.6B | $3.1B |
| Assets under construction (Note 8) | $738.3M | $628.4M | $106.5M | $228.4M |
| Right-of-use assets (Note 8) | $4.8M | $1.9M | $32.9M | $21.5M |
| Other tangible assets (Note 8) | $24.0M | $21.6M | $644.0K | $762.0K |
| Prepayments (Note 8) | $1.1M | $1.7M | — | — |
| Intangible assets (Note 9) | $12.7M | $16.2M | $14.2M | $15.7M |
| Goodwill (Note 9) | $177.0M | — | — | — |
| Receivables (Note 11) | $97.1M | $75.1M | $2.9M | $34.8M |
| Investments (Note 26) | $111.3M | $61.8M | — | — |
| Deferred tax assets (Note 10) | $2.9M | $10.1M | $280.0K | $1.4M |
| Total non-current assets | $7.5B | $3.4B | $1.8B | $3.4B |
| Inventory (Note 12) | $77.2M | $26.5M | $22.5M | $41.6M |
| Trade and other receivables (Note 13) | $320.8M | $235.9M | $307.1M | $366.8M |
| Current tax assets | $4.9M | $4.0M | $869.0K | $239.0K |
| Cash and cash equivalents (Note 14) | $146.5M | $38.9M | $429.4M | $179.9M |
| Current assets other than non-current assets or disposal groups classified as held for sale or as held for distribution to owners | $549.5M | $305.2M | $759.9M | — |
| Non-current assets held for sale (Note 3) | $363.1M | $165.6M | $871.9M | $18.5M |
| Total current assets | $912.6M | $470.8M | $1.6B | $607.1M |
| TOTAL ASSETS | $8.4B | $3.9B | $3.4B | $4.0B |
| Share capital (Note 15) | $343.4M | $239.1M | $239.1M | $239.1M |
| Share premium (Note 15) | $1.8B | $460.5M | $1.5B | $1.7B |
| Translation reserve | $9.5M | ($2.0M) | $235.0K | ($24.0K) |
| Hedging reserve (Note 15) | $90.0K | $2.1M | $1.1M | $33.1M |
| Treasury shares (Note 15) | -284.5M | -284.5M | -157.6M | -163.0M |
| Retained earnings | $737.2M | $777.1M | $807.9M | $386.0M |
| Equity attributable to owners of the Company | $2.6B | $1.2B | $2.4B | $2.2B |
| Bank loans (Note 17) | $2.8B | $1.5B | $362.2M | $1.3B |
| Other notes (Note 17) | $0 | $198.9M | $198.2M | $197.6M |
| Other borrowings (Note 17) | $1.9B | $667.4M | $71.2M | $71.0M |
| Lease liabilities (Note 17) | $3.4M | $1.5M | $3.4M | $5.8M |
| Other payables (Note 18) | $20.0K | $0 | $146.0K | $404.0K |
| Employee benefits | $1.2M | $1.1M | $1.7M | $1.6M |
| Deferred tax liabilities (Note 10) | $485.0K | $438.0K | — | — |
| Total non-current liabilities | $4.7B | $2.3B | $637.2M | $1.5B |
| Trade and other payables (Note 18) | $222.5M | $79.6M | $124.0M | $90.5M |
| Current tax liabilities | $8.3M | $9.1M | $4.8M | $5.9M |
| Bank loans (Note 17) | $351.2M | $201.9M | $166.1M | $68.9M |
| Other notes (Note 17) | $203.3M | $3.7M | $3.7M | $0 |
| Other borrowings (Note 17) | $273.9M | $95.7M | $92.3M | $65.9M |
| Lease liabilities (Note 17) | $1.7M | $2.3M | $33.5M | $22.9M |
| Provisions (Note 21) | $0 | $274.0K | $324.0K | $295.0K |
| Total current liabilities | $1.1B | $392.7M | $424.8M | $254.3M |
| TOTAL EQUITY and LIABILITIES | $8.4B | $3.9B | $3.4B | $4.0B |
| Line item | Jun 30, 2026 | Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2022 |
|---|---|---|---|---|
| Vessels | $6.9B | $6.3B | $2.0B | $3.2B |
| Assets under construction | $532.7M | $746.3M | $678.5M | $137.0M |
| Right-of-use assets | $4.9M | $202.6M | $2.2M | $31.9M |
| Other tangible assets | $48.0M | $23.7M | $22.1M | $997.0K |
| Intangible assets | $16.1M | $16.7M | $16.7M | $16.6M |
| Goodwill | $177.0M | $172.3M | — | — |
| Receivables | $98.0M | $89.2M | $64.0M | $40.3M |
| Investments | $154.2M | $117.9M | $61.2M | — |
| Deferred tax assets | $2.5M | $8.6M | $5.6M | $1.5M |
| Total non-current assets | $7.9B | $7.7B | $2.9B | $3.4B |
| Inventory | $120.7M | $58.3M | $32.8M | $47.6M |
| Trade and other receivables | $415.7M | $422.9M | $281.0M | $263.4M |
| Current tax assets | $2.8M | $4.5M | $3.4M | $57.0K |
| Short-term investments | $8.3M | — | — | — |
| Cash and cash equivalents | $151.6M | $155.0M | $343.9M | $277.2M |
| Current assets other than non-current assets or disposal groups classified as held for sale or as held for distribution to owners | $699.0M | $640.7M | $661.0M | — |
| Non-current assets held for sale | $220.0M | $74.2M | $182.8M | $50.3M |
| Total current assets | $919.0M | $714.9M | $843.8M | $638.7M |
| TOTAL ASSETS | $8.8B | $8.4B | $3.7B | $4.1B |
| Share capital | $343.4M | $239.1M | $239.1M | $239.1M |
| Share premium | $1.7B | $460.5M | $631.4M | $1.7B |
| Translation reserve | $5.1M | $9.3M | ($74.0K) | ($175.0K) |
| Hedging reserve | $1.0M | $351.0K | $2.4M | $21.6M |
| Treasury shares | -284.5M | -284.5M | -284.5M | -163.0M |
| Retained earnings | $1.4B | $902.6M | $638.3M | $132.0M |
| Equity attributable to owners of the Company | $3.1B | $1.3B | $1.2B | $1.9B |
| Bank loans | $2.9B | $3.7B | $1.2B | $1.6B |
| Other borrowings | $2.0B | $1.2B | $476.7M | $78.9M |
| Lease liabilities | $4.0M | $4.1M | $2.2M | $15.6M |
| Other payables | $15.1M | $1.6M | $0 | $451.0K |
| Employee benefits | $1.2M | $1.1M | $1.2M | $10.3M |
| Deferred tax liabilities | $26.0K | $495.0K | $13.0K | — |
| Total non-current liabilities | $4.9B | $5.1B | $1.9B | $1.9B |
| Trade and other payables | $235.1M | $191.9M | $94.2M | $120.4M |
| Current tax liabilities | $2.8M | $9.6M | $7.1M | $4.2M |
| Bank loans | $195.1M | $352.7M | $405.3M | $112.1M |
| Other notes | $203.6M | $199.2M | $198.6M | $197.2M |
| Other borrowings | $181.0M | $105.9M | $100.5M | $43.2M |
| Lease liabilities | $1.6M | $115.6M | $2.9M | $24.8M |
| Provisions | $14.0K | $125.0K | $125.0K | $743.0K |
| Total current liabilities | $819.2M | $779.6M | $614.0M | $304.9M |
| TOTAL EQUITY and LIABILITIES | $8.8B | $8.4B | $3.7B | $4.1B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Profit (loss) for the period | $139.1M | $870.8M | $858.0M | $203.3M |
| Adjustments for: | $618.5M | ($355.5M) | ($40.0M) | $217.5M |
| Depreciation of tangible assets (Note 8) | $384.7M | $163.1M | $219.4M | $221.6M |
| Amortisation of intangible assets (Note 9) | $3.3M | $2.9M | $1.6M | $1.0M |
| Impairment losses (Note 8) | $5.4M | $1.8M | — | — |
| Provisions | ($274.0K) | ($325.0K) | ($295.0K) | ($262.0K) |
| Income tax (benefits)/expenses (Note 7) | $10.2M | $1.9M | $6.0M | $2.8M |
| Share of (profit)/loss of equity-accounted investees, net of tax (Note 26) | $882.0K | ($920.0K) | $927.0K | ($17.6M) |
| Net finance expenses (Note 6) | $406.9M | $130.7M | $104.7M | $105.9M |
| (Gain)/loss on disposal of assets (Note 8) | ($192.6M) | ($635.0M) | ($372.4M) | ($95.8M) |
| (Gain)/loss on disposal of subsidiaries (Note 24) | $0 | ($19.7M) | — | — |
| Changes in working capital requirements | $7.3M | $39.3M | $105.9M | ($82.7M) |
| Change in cash guarantees (Note 11) | ($9.0M) | ($46.9M) | $12.2M | $570.0K |
| Change in inventory (Note 12) | ($13.3M) | $5.2M | $19.1M | $27.4M |
| Change in trade receivables (Note 13) | $38.6M | $95.9M | $43.0M | ($105.5M) |
| Change in accrued income (Note 13) | ($18.0M) | $7.4M | ($2.3M) | ($2.9M) |
| Change in deferred charges and fulfillment costs (Note 13) | ($7.1M) | ($6.1M) | $2.1M | $1.3M |
| Change in other receivables (Note 11 and 13) | $30.2M | $3.3M | $1.2M | ($4.6M) |
| Change in trade payables (Note 18) | $34.7M | ($14.9M) | $17.3M | ($1.3M) |
| Change in accrued payroll (Note 18) | $4.2M | ($94.0K) | $603.0K | ($39.0K) |
| Change in accrued expenses (Note 18) | ($37.0M) | ($19.0M) | $8.7M | ($2.8M) |
| Change in deferred income (Note 18) | $19.3M | $6.6M | ($187.0K) | $10.0M |
| Change in other payables (Note 18) | ($35.4M) | $7.8M | $263.0K | ($2.1M) |
| Change in provisions for employee benefits | $66.0K | ($13.0K) | $3.8M | ($2.6M) |
| Income taxes paid during the period | ($4.7M) | ($4.5M) | ($6.7M) | $2.8M |
| Interest paid (Note 6 and 19) | ($323.1M) | ($109.1M) | ($130.4M) | ($99.7M) |
| Interest received (Note 6 and 13) | $6.4M | $17.1M | $50.6M | $11.4M |
| Net cash from operating activities | $443.5M | $459.1M | $837.4M | $255.6M |
| Acquisition of vessels and vessels under construction (Note 8) | ($1.0B) | ($1.1B) | — | — |
| Proceeds from the sale of vessels (Note 8) | $509.8M | $1.7B | $1.2B | $356.7M |
| Acquisition of other tangible assets (Note 8) | ($3.7M) | ($5.0M) | ($1.4M) | ($164.0K) |
| Acquisition of intangible assets (Note 9) | ($1.5M) | ($1.5M) | ($60.0K) | ($16.6M) |
| Proceeds from the sale of other (in)tangible assets (Note 8) | $860.0K | $2.0M | — | — |
| Loans from (to) related parties (Note 26) | ($3.4M) | ($4.5M) | $0 | $32.8M |
| Net cash on deconsolidation / sale of subsidiaries | $0 | $822.0K | — | — |
| Investments in other companies (Note 26) | $0 | ($45.0M) | — | — |
| Acquisition of a subsidiary, net of cash acquired (Note 24 and 25) | ($1.1B) | ($1.2B) | — | — |
| Repayment of loans from related parties | $0 | ($79.9M) | $0 | ($10.2M) |
| Lease payments received from finance leases | $1.3M | $1.6M | $1.7M | $2.0M |
| Dividends from other investments (Note 26) | $9.9M | — | — | — |
| Net cash from (used in) investing activities | ($1.6B) | ($680.2M) | $869.7M | ($158.8M) |
| Purchase of treasury shares (Note 15) | 0 | -126.9M | 0 | 1.1M |
| Proceeds from borrowings (Note 17) | $6.5B | $2.7B | $2.7B | $1.3B |
| Repayment of borrowings (Note 17) | ($4.2B) | ($1.2B) | ($2.9B) | ($976.7M) |
| Repayment of commercial paper (Note 17) | ($221.3M) | ($357.2M) | ($458.3M) | ($279.3M) |
| Line item | Jun 30, 2026 · YTD | Jun 30, 2025 · YTD | Jun 30, 2024 · YTD | Jun 30, 2022 · YTD |
|---|---|---|---|---|
| Profit/(loss) for the period | $733.2M | $32.8M | $679.6M | ($48.3M) |
| Adjustments for: | ($45.7M) | $247.7M | ($392.8M) | $115.2M |
| Depreciation of tangible assets | $216.6M | $162.8M | $80.5M | $106.1M |
| Amortisation of intangible assets | $1.4M | $1.6M | $1.3M | $183.0K |
| Impairment losses (reversals) | ($729.0K) | $3.6M | — | — |
| Provisions | $12.0K | ($149.0K) | ($163.0K) | ($133.0K) |
| Income tax (benefits)/expenses | $2.0M | $2.8M | $4.4M | ($4.9M) |
| Share of profit of equity-accounted investees, net of tax | ($21.5M) | ($1.6M) | ($2.6M) | ($14.6M) |
| Net finance expense | $157.9M | $182.4M | $46.0M | $61.9M |
| (Gain)/loss on disposal of assets | ($394.9M) | ($103.8M) | ($502.5M) | ($33.2M) |
| (Gain)/loss on disposal of subsidiaries | $213.0K | $0 | ($19.7M) | — |
| Remeasurement existing stake following step up acquisition | ($6.7M) | — | — | — |
| Changes in working capital requirements | ($102.7M) | ($63.1M) | $12.8M | $35.2M |
| Change in cash guarantees | $231.0K | ($2.7M) | ($44.5M) | $59.0K |
| Change in inventory | ($43.5M) | ($7.9M) | $757.0K | $21.4M |
| Change in receivables from contracts with customers | ($28.2M) | $5.2M | $45.4M | ($14.7M) |
| Change in contract assets | ($41.6M) | — | — | — |
| Change in deferred charges | ($6.3M) | ($44.1M) | $4.0M | ($5.2M) |
| Change in other receivables | ($9.8M) | $17.1M | $8.4M | ($663.0K) |
| Change in trade payables | $6.7M | $37.4M | $3.3M | $14.8M |
| Change in accrued payroll | ($1.7M) | $518.0K | ($865.0K) | ($86.0K) |
| Change in accrued expenses | $22.0M | ($43.8M) | ($15.2M) | $23.1M |
| Change in contract liabilities | ($1.2M) | — | — | — |
| Change in other payables | $711.0K | ($31.6M) | $6.0M | ($1.6M) |
| Income taxes paid during the period | ($5.1M) | ($1.3M) | ($4.3M) | $8.8M |
| Interest paid | ($166.0M) | ($146.0M) | ($42.5M) | ($52.0M) |
| Interest received | $3.5M | $3.1M | $13.9M | $1.4M |
| Net cash from operating activities | $417.3M | $77.4M | $266.8M | $61.4M |
| Additions to vessels and vessels under construction | ($809.2M) | ($547.1M) | ($444.6M) | ($428.0M) |
| Proceeds from the sale of vessels | $792.9M | $263.0M | $1.5B | $198.0M |
| Acquisition of other tangible assets | ($4.9M) | ($828.0K) | ($3.1M) | ($95.0K) |
| Acquisition of intangible assets | ($4.0M) | ($1.3M) | ($386.0K) | ($16.6M) |
| Proceeds from the sale of other (in)tangible assets | $51.0K | $0 | $2.0M | — |
| Investments in other companies | ($8.3M) | $0 | ($45.0M) | — |
| Loans from (to) related parties | ($21.4M) | ($1.3M) | — | — |
| Net cash paid in business combinations and joint ventures | ($34.8M) | ($1.1B) | ($1.1B) | — |
| Net cash on deconsolidation / sale of subsidiaries | $3.0M | $0 | $822.0K | — |
| Lease payments received from finance leases | $0 | $933.0K | $782.0K | $1.0M |
| Dividends from other investments | $3.9M | — | — | — |
| Net cash used in investing activities | ($82.8M) | ($1.4B) | ($127.5M) | ($223.0M) |
| Proceeds from loans and borrowings | $1.5B | $2.5B | $1.4B | $898.4M |
| Repayment of bank loans | ($1.2B) | ($703.0M) | ($206.7M) | ($349.2M) |
| Repayment of lease liabilities | ($760.0K) | ($9.7M) | ($32.3M) | ($12.5M) |
| Repayment of commercial paper | ($142.6M) | ($142.0M) | ($213.5M) | ($221.2M) |
| Repayment of sale and leaseback | ($174.4M) | ($29.9M) | ($101.0M) | ($11.2M) |
CMB.Tech NV score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.