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Cmb.Tech N.V.

CMBT

Cmb.Tech N.V. • NYSE
$10.94 ▲ 8.00% (+0.81)
Market Cap $2.25 B
52w High $12.00
52w Low $7.65
Dividend Yield 0.03%
P/E 13.18
Volume 4.06M
Outstanding Shares 205.28M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $387.808M ▲ $20.527M ▲ $7.768M ▼ 2.003% ▼ $0.04 ▼ $228.246M ▲
Q1-2025 $235.044M ▲ $-30.738M ▲ $43.998M ▼ 18.719% ▼ $0.23 ▼ $164.613M ▼
Q4-2024 $226.029M ▲ $-52.905M ▼ $93.13M ▼ 41.203% ▼ $0.48 ▼ $165.097M ▼
Q3-2024 $221.84M ▼ $-48.654M ▼ $98.079M ▼ 44.212% ▼ $0.5 ▼ $199.563M ▼
Q2-2024 $250.732M $-12.068M $183.443M 73.163% $0.94 $265.837M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $155.595M ▼ $8.429B ▲ $5.867B ▲ $1.332B ▲
Q1-2025 $162.886M ▲ $8.231B ▲ $5.608B ▲ $1.28B ▲
Q4-2024 $38.869M ▼ $3.912B ▲ $2.719B ▲ $1.192B ▲
Q3-2024 $47.778M ▼ $3.624B ▼ $2.522B ▲ $1.102B ▼
Q2-2024 $343.697M $3.729B $2.503B $1.226B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $8.067M ▼ $43.669M ▲ $-248.033M ▲ $182.631M ▼ $-7.54M ▼ $-292.399M ▼
Q1-2025 $40.373M ▼ $35.544M ▼ $-1.246B ▼ $1.342B ▲ $124.017M ▲ $-192.212M ▲
Q4-2024 $93.13M ▼ $110.063M ▲ $-397.506M ▼ $281.054M ▲ $-8.909M ▲ $-318.193M ▼
Q3-2024 $98.079M ▼ $82.212M ▲ $-157.12M ▼ $-230.809M ▼ $-296.121M ▼ $-162.047M ▲
Q2-2024 $183.443M $40.635M $-117.503M $-88.008M $-164.684M $-267.332M

Five-Year Company Overview

Income Statement

Income Statement Cmb.Tech’s recent income statement shows a business that has moved from a weak patch a few years ago to very strong profitability today. Revenue has been a bit up‑and‑down, but profits have improved more consistently, suggesting better margins and operational efficiency. The company went through a loss-making year earlier in the period but has since delivered several years of solid earnings and much stronger per‑share results. That said, the gap between relatively modest revenue and strong profit points to the possibility of non‑recurring items, accounting effects, or unusually favorable market conditions, so the recent strength may not be a perfect guide to “normal” earning power.

Balance Sheet

Balance Sheet The balance sheet shows a stable asset base and positive equity, but with a noticeable shift toward heavier use of debt and a slimmer cash cushion in the most recent year. In simple terms, the company owns a lot, still has an equity buffer, but is leaning more on borrowing to fund its strategy. This increases financial leverage and makes results more sensitive to interest costs and industry downturns. As a capital‑intensive shipping and technology player, this is not unusual, but it does raise the importance of steady cash generation and disciplined investment.

Cash Flow

Cash Flow Operating cash flow has generally been positive, indicating the core business is bringing in cash most years. However, free cash flow has swung around and recently turned clearly negative, mainly because the company is spending heavily on new assets and technology. This pattern is consistent with an aggressive investment phase: money coming in from operations, but more going out for fleet, infrastructure, and innovation. It likely means greater reliance on debt or other external funding until these investments start to pay off more visibly.

Competitive Edge

Competitive Edge Cmb.Tech appears to have carved out a differentiated position in green shipping. It combines a large, diversified fleet with early leadership in hydrogen and ammonia propulsion, backed by real projects rather than just concepts. Vertical integration—from fuel production and refueling infrastructure to vessel design and operation—gives it more control over the emerging clean-fuel value chain. Strategic partnerships and the enlarged fleet after the merger further strengthen its scale and visibility. The flip side is that competitors and oil majors are also investing heavily in alternative fuels, regulations are still evolving, and customers will be cautious about adopting new technologies at scale, so the company’s advantage must be defended through continued execution rather than assumed as permanent.

Innovation and R&D

Innovation and R&D Innovation is clearly at the core of Cmb.Tech’s strategy. The company is investing in dual-fuel and pure hydrogen or ammonia engines, retrofitting services for existing ships, and port-side refueling infrastructure. It also appears to be building strong in-house engineering capabilities and leveraging partnerships with engine makers and shipyards to accelerate technology development. This positions the business as a practical problem-solver for shipowners that want to decarbonize without scrapping entire fleets. The main risks are technological (will these solutions prove reliable and economical at scale?), regulatory (how fast will rules tighten?), and executional (can the company roll out infrastructure and conversions as quickly as planned).

Summary

Overall, Cmb.Tech looks like a company in transition from traditional shipping economics to a more technology- and infrastructure-heavy green shipping model. Financially, profits have improved markedly after a weak year earlier in the period, but this comes alongside rising leverage and heavier investment, which increase both upside potential and downside risk. Strategically, it seems well ahead of many peers in hydrogen and ammonia solutions, supported by vertical integration, partnerships, and a large, young fleet. The key questions going forward are whether it can maintain profitability while scaling these capital-intensive projects, how quickly customers adopt low‑carbon shipping, and how well the company manages its balance sheet through what is likely to be a long and uneven industry transition.

NEWS

November 26, 2025 · 1:05 AM UTC

CMB.TECH announces Q3 2025 results

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November 14, 2025 · 2:15 AM UTC

PRESS RELEASE: CMB.TECH announces Q3 2025 results on 26/11/2025

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October 23, 2025 · 2:37 AM UTC

UPDATE ON FIXED INCOME INVESTOR MEETINGS

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October 20, 2025 · 2:49 AM UTC

PRESS RELEASE: CMB.TECH NV announces fixed income investor meetings

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October 20, 2025 · 2:48 AM UTC

PRESS RELEASE: CMB.TECH trading update

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