Slides
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© 2025 – CMB.TECH 1 Capital Markets Day – 24 April 2025 CMB.TECH & GOLDEN OCEAN PROPOSED MERGER
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© 2025 – CMB.TECH 2 Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended, Section 27A of the U.S. Securities Act of 1933, as amended, and the U.S. Private Securities Litigation Reform Act of 1995, which provides safe harbor protections for forward-looking statements. CMB.TECH NV (“CMB.TECH”) and Golden Ocean Group Limited (“Golden Ocean”) desire to take advantage of such safe harbor provisions. Forward-looking statements reflect CMB.TECH’s and Golden Ocean’s current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, underlying assumptions and other statements, which are subject to uncertainty and are not statements of historical facts. All statements, other than statements of historical facts, that address activities, events or developments that CMB.TECH and/or Golden Ocean expect, project, believe or anticipate will or may occur in the future, including, without limitation, the contemplated transaction pursuant to which Golden Ocean will merge with and into CMB.TECH, may not occur as expected or at all. The delivery of vessels, the outlook for shipping rates of dry bulk, tanker and other sectors of the shipping industry, competitive position, general industry conditions, future operating results of CMB.TECH and/or Golden Ocean, or their vessels, capital expenditures, expansion and growth opportunities, technological or market trends, bank borrowings, financing activities, decarbonisation plans and goals and other such matters, are forward looking statements. The words "believe", "anticipate", “estimate”, "project", "plan", "future", "grow", "leading", "may", “might”, "potential", "proposed", “possible”, "expect", “intend”, "will" and "would" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on, as a guarantee, an assurance, a prediction or a definitive statement or fact or probability. Although CMB.TECH and Golden Ocean believe that their expectations stated in this presentation are based on reasonable assumptions, actual results may differ from those projected in the forward-looking statements. Important factors that, in CMB.TECH’s and Golden Ocean’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of the anticipated merger to be consummated, the failure of counterparties to fully perform their obligations to CMB.TECH and Golden Ocean, the strength of the world economies and currencies, inflation, general market conditions, including changes in vessel charter hire rates and vessel values, changes in demand for dry bulk cargo vessels, changes in CMB.TECH’s and Golden Ocean’s vessel operating expenses, including dry docking, crewing and insurance costs, or actions taken by regulatory authorities, ability of customers of CMB.TECH’s and Golden Ocean’s pools to perform their obligations under charter contracts on a timely basis, potential liability from future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists. Moreover, new risks may emerge from time to time. You are cautioned not to place undue reliance on CMB.TECH’s and Golden Ocean’s forward-looking statements. These forward-looking statements are and will be based upon the respective management's then-current views and assumptions regarding future events and performance and are applicable only as of the dates of such statements. CMB.TECH and Golden Ocean undertake no obligation to publicly update or revise any forward-looking statement contained in this presentation, whether as a result of new information, future events or otherwise, except as required by law In light of the risks, uncertainties and assumptions, the forward-looking events discussed in this presentation might not occur, and our actual results could differ materially from those anticipated in these forward-looking statements. No representation or warranty, express or implied, is given, regarding the accuracy and completeness of any forward looking statements, and none of CMB.TECH, Golden Ocean or their respective directors, officers, employees or advisers accept any liability or responsibility for any loss howsoever arising, directly or indirectly, from use of this presentation or its contents or otherwise arising in connection therewith, except as may follow from mandatory law.
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© 2025 – CMB.TECH 3 Disclaimer Use of Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures as defined under U.S. Securities and Exchange Commission (the “SEC”) rules. These non-GAAP financial measures include and reflect managements’ current expectations and beliefs regarding the potential benefits of the proposed merger. CMB.TECH and Golden Ocean believe that the presentation of these non-GAAP measures provides information that is useful to CMB.TECH’s and Golden Ocean’s shareholders. These non-GAAP measures should be considered in addition to, not as a substitution for, or superior to other measures of financial performance prepared in accordance with GAAP as more fully discussed in CMB.TECH’s and Golden Ocean’s respective financial statements and filings with the SEC. As used herein, “GAAP” refers to accounting principles generally accepted in the United States of America. Disclaimer Copies of this presentation are not being made and may not be distributed or sent into any jurisdiction in which such distribution would be unlawful or would require registration or other measures. Persons distributing this presentation must do so in a lawful manner. The potential transactions described in and distribution of this presentation may be restricted by law in certain jurisdictions. Persons who possess this presentation, any document or other information referred to herein, should inform themselves about, and observe, any such restrictions. This presentation has been prepared for information purposes only. Neither the presentation nor anything contained herein shall form the basis of, or be relied upon in connection with, or act as an inducement to enter into, any investment activity. This presentation does not purport to contain all of the information that may be required to evaluate any investment decision in CMB.TECH or Golden Ocean or any of their securities and should not be relied upon to form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever, including in connection with the proposed merger. This presentation is intended to present background information on CMB.TECH and Golden Ocean, their respective businesses and the industry in which they operate and is not intended to provide complete disclosure upon which an investment decision could be made. Additional information on CMB.TECH and Golden Ocean and factors, risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by forward-looking statements in this presentation can be found in each company’s Form 20-F for the fiscal year ended December 31, 2024 and other filings with the SEC. This presentation is not a recommendation in favor of the proposed merger described herein. In connection with the proposed merger, CMB.TECH intends to file with the SEC a registration statement on Form F–4 that will include a prospectus of CMB.TECH and a proxy statement of Golden Ocean. CMB.TECH and Golden Ocean also plan to file other relevant documents with the SEC regarding the proposed merger. YOU ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER AND RELATED MATTERS. You may obtain a free copy of the proxy statement/prospectus (when it becomes available) and other relevant documents that CMB.TECH and Golden Ocean file with the SEC at the SEC’s website at www.sec.gov. Valuation disclaimer The Clarkson Valuations Limited market values were prepared at 28 March 2025 and are not a guide to the market values of the vessels at any other point in time. Market values in the shipping industry can be volatile. The valuation was provided on the basis of prompt charterfree delivery and where applicable on a with charter basis, as between a willing Buyer and willing Seller. No physical inspection or examination of the vessels’ classification records was performed prior to the valuation and the vessels were assumed to be in good and seaworthy condition. The with charter valuations assumes that the respective charterers will perform all their charter obligations including as to payment of hire for the balance of the charterparty period described.”
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© 2025 – CMB.TECH 4 Presentation Topics 1. The Transaction 2. CMBT & GOGL Pro-Forma Company 3. Value Creation 4. Marine Divisions
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Non public version - © 2023 – CMB.TECH nv 5 The Transaction Proposed merger between CMB.TECH & Golden Ocean
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© 2025 – CMB.TECH 6 Path to Close • The parties aim to enter into definitive transaction agreements, including an agreement and plan of merger, in Q2 2025 and to complete the merger in Q3 2025. The proposed merger is subject to several customary conditions, including confirmatory due diligence, the negotiation and execution of definitive transaction agreements, applicable board approvals, regulatory approvals and third-party consents, Golden Ocean shareholder approval, and effectiveness of a registration statement on Form F-4 to be filed with the SEC Key Terms of the Proposed Merger Merger Structure • Stock-for-stock merger with CMB.TECH being the surviving entity • CMB.TECH and Golden Ocean shareholders to own approximately 70% and 30% (or 67% and 33% excluding treasury shares) of CMB.TECH post merger, respectively Exchange Ratio • Golden Ocean shareholders to receive 0.95 CMB.TECH shares per 1.00 share of Golden Ocean, basis $15.23 per share for CMBT and $14.49 per share for GOGL (i.e. same price as share purchase agreement between CMB.TECH and Hemen Holding Limited dated 4 March 2025) • Subject to customary adjustments, including to reflect share buybacks, share issuances or dividend distributions that take place prior to closing of the merger Listings • Listing on NYSE and Euronext Brussels • CMB.TECH will pursue a secondary listing on Euronext Oslo Børs • Combined market cap of c. $3.2 billion with sizeable free float of approximately 38.4% (excluding treasury shares) Leadership, Group Name & Headquarters • Alexander Saverys to remain CEO of the combined company • Operate as CMB.TECH NV • Headquartered in Belgium with offices in Europe, North America, Africa, and Asia
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© 2025 – CMB.TECH 7 Design, build and operate a future-proof fleet powered by hydrogen and ammonia: Crew Transfer Vessels Commissioning Service Operation Vessels Suezmax tankers / VLCC tankers Floating Storage and Offloading Total of 162 vessels with an average age of 4.1 years (1) Category (2) 80 conventional NH3 28 dual fuel hydrogen Energy Development of H2 systems for Marine and Land-based applications – in cooperation with leading OEMs Technology and infrastructure to produce and distribute green H2 and NH3, the fuel of the future H2 Infra H2 Industry (1) Age calculation: new building fleet set at 0, excluding CTV’s (Avg. age 9.8 years) (2) Data format: fleet on the water + new building orders CMB.TECH’s business model is designed to enable the grey-to-green transition of the maritime industry with a focus on hydrogen for small ships and ammonia for large ships – whilst creating value for our shareholders, serving customers with reliable, qualitative and safe services, and attracting and inspiring the best talents. 54 ammonia ready ammonia fitted CMB.TECH marine in numbers 5 container 30 dry-bulk 16 chemical 4 other 40 oil Dry-Bulk carriers Chemical tankers Container Marine Tugboats Ferry units Workboats Company Profile 67 off-shore wind
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© 2025 – CMB.TECH 8 Company Profile NET INCOME adj.EBITDA adj. Q1 2024 Q2 2024 Q3 2024 Q4 2024 143.2 146.4 115.8 109.3 Q1 2024 Q2 2024 Q3 2024 Q4 2024 495.2 184.4 98.1 93.1 Q1 2024 Q2 2024 Q3 2024 Q4 2024 87.7 69.7 36.7 22.0 NET INCOME USD 515 million USD 871 million USD 216 million (in USD Million) Adjusted for capital gains (in USD Million) Liquidity 343.8 Million USD Contract backlog 2.94 Billion USD Outstanding CAPEX 2.2 Billion USD FMV Fleet(1) 7.5 Billion USD (Fleet on the water and NB) Adjusted for capital gains (in USD Million) Powered by: (1) Fair Market Value (FMV): average of broker valuations of Fearnleys and Clarkson Valuations Limited (specific disclaimer on slide 3). Valuation CMBT 28/03/2025 P&L Q4 and FY 2024
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© 2025 – CMB.TECH 9 Company Profile Golden Ocean, the leading owner in large-sized dry bulk. Positioned to capture market strength and generate significant cash flow with modern, fuel-efficient fleet, large commercial scale and highly competitive cash costs. GOGL provides exposure to the largest segments in dry, whilst offering high liquidity and an opportunity to capture volatility. Nmax/ Cape Kmax/ Pmax Full fleet # of vessels (whereof NBs) 59 (-) 32 (-) 91 (-) DWTm 11.1 2.6 13.7 Avg age (World avg) 8.1 (10.7) 8.3 (12.2) 8.2 % scrubber 68% 25% 53% Cash breakeven ($/day/vessel) 14,600 12,350 13,750 TCE 2024 (Market rate) 27,100 (21,458) 15,500 (12,118) 22,680 (18,194) Note: Market rate for Nmax /Cape and Kmax /Pmax is the CS5TC and PM4TC respectively and for full fleet the weighted average of the CS5TC & PM4TC. Market rate adjusted for 5% commission.
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© 2025 – CMB.TECH 10 FY 2024 Q4 2024 TCE rate $ 22,680 EPS $ 1,12 Net income $ 223.2 million FY 2024 dividend $ 1.05 /s TCE rate $ 20,809 EPS $ 0,20 Net income $ 39.0 million Q4 dividend $0.15/s P&L Q4 2024 and FY 2024 Company Profile
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Non public version - © 2023 – CMB.TECH nv 12 CMBT & GOGL Pro-Forma A leading diversified maritime group Further reference made to CMB.TECH in this presentation is forward-looking and describes the CMBT & GOGL pro-forma company and its business plans after the proposed all stock transaction.
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© 2025 – CMB.TECH 13 A Leading Diversified Maritime Group 202+51 Modern Eco Vessels 3 billion Contract backlog (USD) $ 11.1 billion Fair Market Value(1) ~50% Through-out the cycle leverage target Listing 6.1 Average age (excl. CTV’s 9.79y) ~$ 14.9/s 1 x NAV per share estimation $ 2.2 billion CAPEX commitments THE diversified and future-proof maritime group 33+7103+18 4+1 6+10 53+14 9.3 years Avg. age 3,257 FMV $ millions 6.3 years Avg. age 6,064 FMV $ millions <1 years Avg. age 810 FMV $ millions 1 years Avg. age 381 FMV $ millions 611 FMV $ millions <1 y Avg. CSOV 9.8 y Avg. CTV NH3 171 54 28 (1) Fair Market Value (FMV): average of broker valuations of Fearnleys and Clarkson Valuations Limited (specific disclaimer on slide 3). Valuation GOGL 12/03/2025, and CMBT 28/03/2025. Market cap basis 25/03/2025. Fleet Finance
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© 2025 – CMB.TECH 14 The founders of CMB.TECH and driving force behind the rapid technological advancements which result in proprietary H2 and NH3 technologies Combined they hold over 100 years of shipping experience – financial, commercial, and operational Have been instrumental to the success and growth of Euronav and CMB.TECH during the last decade Clear vision on how to become the reference in diversified and future-proof shipping Ambitious strategy for CMBT to be a leading diversified maritime group – on both NYSE and EURONEXT (Brussel and Oslo) Experienced Leadership, Proven Success Alexander Saverys Chief Executive Officer Alexander Saverys serves on the Management Board of CMB.TECH as Chief Executive Officer. He founded Delphis in 2004, a short sea container shipping company. He became director of CMB in 2006 and is Chief Executive Officer of CMB since September 2014. Benoit Timmermans Chief Strategy Officer Benoit serves on the Management Board of CMB.TECH as Chief Strategy Officer. He is in charge of the Chemical division and zero carbon fuel procurement. He is an executive board member of CMB NV. Maxime Van Eecke Chief Commercial Officer Maxime serves on the Management Board of CMB.TECH as Chief Commercial Officer. He started as Legal Counsel for the CMB group in 2005 and became MD of Delphis in 2014. In 2021 he was appointed CCO of the CMB group. He is an executive board member of CMB NV. Michael Saverys Chief Chartering Officer Michael serves on the Management Board of CMB.TECH as Chief Chartering Officer. In 2009 he joined CMB as Chartering Director of Bocimar International, and he is a member of the Board and Executive Committee of CMB NV. t Ludovic Saverys Chief Financial Officer Ludovic serves on the Management Board of CMB.TECH as Chief Financial Officer. He is also the CFO of CMB and the General Manager of Saverco NV. He was on EURN board from 2015 to 2021. Source: Public information
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© 2025 – CMB.TECH 15 We create diverse, sustainable, and high-quality cash-flows. We serve our clients with reliable, qualitative, and safe services. We attract and inspire the best talents. CMB.TECH builds, owns, operates the largest pool of eco vessels – that are either modern eco vessels, or run or are ready to run on H2 and NH3. What Do We Stand For? The Saverys family as a strong anchor shareholder We reward our shareholders. 1 2 3 4
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© 2025 – CMB.TECH 16 The Power of Diversification, the Edge in Market Cycles 16 10 13 8 18 16 17 7 39 37 30 27 Suezmax VLCC Panamax Capesize Orderbook to fleet % Replacement needs (%>20y) Replacement needs (%>15y) 33+7 103+18 & 83.3% of total FMV of CMB.TECH exposed to favourable OB/F and age profiles, remaining 16.7% mainly fixed under long-term TC contracts VLCC & Suezmax Nuke & Panamax 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 105 110 115 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 OB/F % 2022 2023 2024 2025 Product Tanker 10K+ Orderbook % Fleet 2005 Containership Orderbook % Fleet Capesize Orderbook % Fleet 2006 VLCC Orderbook % Fleet Suezmax Orderbook % Fleet Panamax Orderbook % Fleet LNG Orderbook % Fleet LPG Orderbook % Fleet Chemical Tanker (10-54,999 dwt) Orderbook % Fleet 2007 2021 Market attractivenes s OB/F < 10% Cape order boom becoming 20y
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© 2025 – CMB.TECH 17 Proven track record with blue-chip clients (2) Exposure to diversified and attractive end-markets across various shipping sectors (dry bulk, crude oil, containers, chemicals and off-shore wind) Exposed to different contract types balancing spot market income with predictable long-term cashflows (extensive contract backlog of ~$3 bn (3)) (1) 2025 GOGL & CMBT combined for full year 2025. All data is proforma for the two companies combined. (2) Non-limitative list of clients. These firms have not consented to the use of their names in this presentation, nor have they endorsed the transaction or made any recommendations relating thereto. (3) Contract backlog as of March 31 2025 including subsequent acquisitions, fully owned vessels, and 100% of our JV owned 210,000 dwt Newcastlemax bulk carriers. The contract backlog excludes charterers’ extension options and purchase/cancellation options (if applicable). 5,5% 54,4% 29,2% 7,3% 3,4% 0,2% ~11.1 $billion Combined FMV Geared Up for Resilient Performance Across the Shipping Cycles (1) Mix of spot and TC exposure End-markets diversification Blue chip clients 2025 (1) 2026 2027 55,874 days 62,431 days 65,856 days 12.5% 87.5% 11.8% 88.2% 11.6% 88.4% Spot days TC days +
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© 2025 – CMB.TECH 18 Energy type 0 16 CHEMICAL TANKERS 16 Energy type 91 28 2 DRY-BULK VESSELS 30 + 91 = 121 Energy type 0 5 0 CONTAINER VESSELS 5 Energy type 45 0 22 OFF-SHORE WIND 67 Energy type 35 5 0 OIL TANKERS 40 Modern Fleet at the Forefront of Decarbonisation PORT VESSELS & OTHER 4 NH3 0 Energy type NH3 NH3 NH3 NH3 4 <1 years Avg. age 0.8 FMV $ bn 6.3 years Avg. age 6.1 FMV $ bn 1 years Avg. age 0.4 FMV $ bn 0.6 FMV $ bn <1 y Avg. CSOV 9.8 y Avg. CTV 9.3 years Avg. age 3.3 FMV $ bn 0.02 FMV $ bn <3.7 y Avg. age +++++ NH3 Conventional / Modern Eco Ammonia (ready) Dual-fuel hydrogen (H2) # number of vessels (CMB.TECH + Golden Ocean) (1) Fair Market Value (FMV): average of broker valuations of Fearnleys and Clarkson Valuations Limited (specific disclaimer on slide 3). Valuation GOGL 12/03/2025, and CMBT 28/03/2025. Market cap basis 25/03/2025. 162 + 91 = 253 Vessels 6.1 years Average fleet age ~$11.1 billion Combined FMV (1) Mix of dual fuel fitted, dual fuel ready, and modern eco fleet: addressing todays and tomorrows customers' emission and efficiency challenges NH3
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© 2025 – CMB.TECH 19 Hydrogen and Ammonia CMB.TECH is ideally positioned to tap into each step of the energy transition towards future-proof shipping ... ... with a clear vision on value creation for shareholders Dual fuel optionality providing the necessary flexibility in the short term to ensure profitability Real claims, proven by our Green Financing Framework – supporting access to favorable financing solutions Sourcing, producing and consuming of the molecule – both for CMB.TECH and our charterers Dual fuel fitted vessels with long-term contracts diversifying cashflows throughout shipping cycles H2 NH3 PORT VESSELS & EQUIPMENT SEA GOING VESSELS
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© 2025 – CMB.TECH 20 CMB.TECH Strategy Supported by Regulations Modern eco fleet, NH3 dual fuel optionality & NH3 dual fuel fitted fleet H2 dual fuel optionality & H2 dual fuel fitted fleet MEPC 83 2028 ✓ EU ETS 2024 ✓ FuelEU 2025 ✓ € 2,400 per ton of VLSFO equivalent exceeding the limit EU ETS 2024 average auction price of € 65 per ton of CO2 Tier 1 deficit: $100 per tonne of CO2eq on a WtW basis Tier 2 deficit: $380 per tonne of CO2eq on a WtW basis Regulations: EU already in place, IMO 2028 CMB.TECH Strategy Source: FuelEU Maritime EU Regulation 2023/1805, EU ETS for Shipping as per amendments to Directive 2003/87/EC, Marine Environment Protection Committee, 83rd session (MEPC 83) 162 + 91 = 253 Vessels EU Green Deal and EU Fit for 55 IMO GHG strategy
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Non public version - © 2023 – CMB.TECH nv 21 Value Creation The largest listed diversified maritime group
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© 2025 – CMB.TECH 22 • On 4 March 2025, CMB.TECH NV announced that it had entered into a share purchase agreement with Hemen Holding Limited for the acquisition of 81,363,730 shares in Golden Ocean Group Limited at a price of 14.49 USD per share. • Same will be used in calculation for the exchange ratio. (1) (1) Stock-for-Stock Merger (1) Golden Ocean and CMB.TECH have each elected an independent broker. Fair Market Value (FMV): average of broker valuations of Fearnleys and Clarkson Valuations Limited basis 28/03/2025 (specific disclaimer on slide 3). CMB.TECH Industry & Infrastructure at cost. Participation GOGL 98,400,203 shares at $14.49 per share. Total net debt including debt, future CAPEX, and cash like items as per projected balance sheet 31/03/2025. CMB.TECH number of shares outstanding: 194,216,835. Golden Ocean VALUECMB.TECH VALUE (1) 795 136 CMB.TECH Industry& Infra, Other 1,426 Participation GOGL 8,992 3,196 6,212 (-) Total net debt including debt, future CAPEX, cash like items 178 Net Working Capital 2,958 Total NAVEuronav FMV 2,383 Bocimar FMV 394 Delphis FMV Bochem FMV 610 Windcat FMV 14 Workboats FMV 39 Contract backlog (MtM) Enterprise Value Exchange ratio: 1 GOGL = 0.95 CMBT $15.23 / share $14.49 / share
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© 2025 – CMB.TECH 23 The Largest Listed Diversified Maritime Group + Pure Play Tankers Diversified Shipping Pure Play Dry-Bulk Pure Play Container Market Cap In $ bn (1) (1) Non-limitative list of NYSE listed shipping companies – market cap NYSE close 21/04/2025 (source: investing.com) + 3,31 3,21 2,07 1,79 1,62 1,60 1,59 1,58 1,56 1,50 1,42 1,42 1,34 1,04 1,03 0,96 0,67 0,52 0,37 0,34 0,22 0,11 ~$3.2 billion Market Cap ~38.4% or ~$1.2 bn Free float Large market capitalisation among its peers (1) A large and liquid player
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© 2025 – CMB.TECH 24 Leveraging an Anchor Shareholder with Deep Roots in Shipping (1) Pay-out ratio: proportion of earnings a company pays to its shareholders in the form of dividends. Source: own calculations. 1895 Compagnie Belge Maritime du Congo 104 Years listed on the Brussels stock exchange ~$19.0/s Dividends 2002 – 2015 ~ $803.7 million ~62.5% 2002 – 2015 dividend payout ratio(1) >100 Historic Capesize vessels owned and/or operated 2004 Euronav demerges from CMB (Listing 2004 Euronext Brussels, 2015 NYSE) 21 Years listed on the Brussels stock exchange ~$20.8/s Dividends 2004 – 2025 ~ $ 2.0 billion ~45.0% 2004 – 2025 dividend payout ratio(1) >100 Historic Crude Tanker vessels owned and/or operated © 2025 – CMB.TECH 24
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© 2025 – CMB.TECH 25 A Leading Diversified Maritime Group 1 2 3 4 5 The largest listed diversified maritime group with close to 40% free float More than 250 modern vessels at the forefront of decarbonisation with a mix of dual fuel fitted, dual fuel ready and modern eco ships Geared up for resilient performance across the shipping cycles with the ability to seize meaningful opportunities Leveraging an anchor shareholder with more than 130 years of experience in shipping A combination of CMB.TECH and Golden Ocean results in an attractive financial profile with close to $1 billion EBITDA excl. capital gain (in 2024) Compelling value creation opportunity for all stakeholders +
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Non public version - © 2023 – CMB.TECH nv 26 Marine Divisions General overview, markets and dry bulk deep dive
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© 2025 – CMB.TECH 27 Marine Division Market Fundamentals Remain Intact Demand side • Tonne-mile crude oil: +0.8% in 2025 +1.0% in 2026 • World oil demand (IEA): +730 kb/d in 2025 +690 kb/d in 2026 TANKERS • OB/F far below historic averages (VLCC 10.0%, Suezmax 16.8%) • 2025 fleet growth of 0.6% versus tonne-mile demand growth of 0.8% • 17% of the VLCC & Suezmax fleet > 20 years Spot: 29 ships Time Charter: 11 ships • Tonne-mile Capesize: +1.0% in 2025 +0.0% in 2026 • China real GDP growth – including tariff effect: +4.0% in 2024 +3.5% in 2025 • China stimulus measures DRY-BULK • OB/F far below historic averages for Capesize 7.96%. Panamax at 13.59% • 27% of Capes > 15 years, 30% of Panamax > 15 years Spot: 112 ships Time Charter: 9 ships • TEU-mile: -0.2% in 2025 -5.0% in 2026 • ~6% of global box trade volumes and ~8% of TEU-miles are now ‘freshly tariffed’ CONTAINER • The boxship fleet will grow by 6.2% in 2025, and 3.3% in 2026 • Historically high OB/F: 28.6% in 2025 (average over all sizes) Spot: 0 ships Time Charter: 5 ships • Tonne-mile: +3.1% in 2025 +3.1% in 2026 • Global GDP growth adjusted for tariffs effect: +2.8% in 2025 CHEMICAL • OB/F ratio at 11.0% of the current core chemical tanker fleet • ~ 53% of the current fleet is older than 15 years • Rising share of product tanker swing tonnage Spot: 2 ships Time Charter: 14 ships • Projecting 15% (+5.3 GW of capacity growth in Europe across 2025, and 22% (+8.9 GW) for 2026 • Offshore wind capacity in Europe will reach 158 GW (x4 today's level) by 2035 OFFSHORE WIND • European market is set for a significant increase in supply, with 14 CSOVs scheduled for delivery to owners in 2025 • Three CSOVs ordered so far this year Spot: 24 ships (Short) Time Charter: 43 shipsCommercial exposure Supply side Supply / Demand balance POSITIVE POSITIVE NEGATIVE CAUTIOUS POSITIVE Source: Own data representation based Clarksons, IEA, AXS Marine, Goldman Sachs, WTO, IMF
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Euronav Crude Oil Tankers
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© 2025 – CMB.TECH 29 Tankers • Trading fleet of 13 VLCC and 18 Suezmax vessels on the water • Suezmax age distribution: • NB-5 years: 9 • 5-10 years: 4 • 10-15 years: 4 • >15 years: 3 • VLCC age distribution: • NB-5 years: 5 • 5-10 years: 2 • 10-15 years: 9 • >15 years: 2 • Future-proof tonnage on order: 5 x ammonia powered ECO VLCC, and 2 x ECO Suezmax (NH3 ready) • FSOs under TC until 2032 • Suezmax TC • Helios under TC (2029) • 5 x Cap Series under TC (2026) • 2 x NB under TC (2035) • VLCC TC • Fraternity under TC (2026) • Daishan under TC (2026) KEY HIGHLIGHTS Q4 2024 PERFORMANCE 29,800 75,847 87,782 FSO - TC 11,935 8,300 26,437 37,372 VLCC - spot 10,935 8,500 20,732 38,274 Suezmax - spot 17,542 9,250 24,743 46,294 VLCC -TC 21,551 8,600 23,499 31,781 Suezmax - TC 8,282 OPEX P&L break-even 2024 / day Actual Q4 2024 TCE / day TCE calculations: • Budget P&L break-even for 2024: includes OPEX (incl. insurance and ship mgt fees), depreciation, interests, special expenses, arrangement fees & pool fees. OPEX as per 2024 budget • Suezmax Q4 2024 spot rates include time charter profit shares (profit share excluded from Q1 2025 to date) IN $ PER VESSEL PER DAY • FSOs are depreciated to nil value under Qatar’s depreciation schedule, all other vessels are depreciated over 20 years to scrap value Spot rates to date for Q1 2025 VLCC 73% fixed at $31,359 per day Suezmax 74% fixed at $32,924 per day As per the Q4 2024 earnings release
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© 2025 – CMB.TECH 30 27 25 26 26 14 45 37 44 45 27 8 10 27 57 32 26 30 23 42 8 4 107668 0 50 100 150 200 250 300 350 400 450 500 550 600 650 700 0 10 20 30 40 50 60 70 80 90 100 110 # vessels # vessels 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Orders Suezmax Deliveries Suezmax Orderbook Suezmax Fleet Development Favorable Supply Side Fundamentals Remain Intact >20 by 2030 Source: Own data representation based on Clarksons, Pareto Suezmax >20 years by 2030: +244 Suezmax NB deliveries by 2028: ~ 110 Suezmax Today's new building orders do not cover the rapidly ageing fleet =X Crude tanker ton mile growth of +0.8% in 2025, age related productivity losses, and SS increase (21%-25%) +
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© 2025 – CMB.TECH 31 Tariff Impact on: Global GDP, Oil Demand, and Oil Supply 10% reduction in oil prices boosts demand by 0.3%, or 0.3mb/d globally 10% depreciation in the dollar boost ex-US demand by 0.3%, or 0.25mb/d globally Source: Own data representation based on Goldman Sachs, Clarksons, IEA Oil demand World GDP Oil demand is generally inelastic and is unlikely to slow materially, but the trend change could push oil into inventories, e specially as global oil production is set to rise regardless in 2025...basis OPEC+ reduction voluntary cuts and booming Atlantic basin exports of 1 m b/d in 2025 Inventory change Global oil demand Global oil production Atlantic Basin, each 1 mb/d of extra crude production requires approximately ~40 VLCCs extra per year Historic correlation between inventory builds, and rising VLCC rates (contango situation) GLOBAL OIL DEMAND -10 -8 -6 -4 -2 0 2 4 6 8 2017 2018 2019 2020 2021 2022 2023 2024 2025 (IEA March) 2025 (base) 2025 (low) 0,9% 2,8% IEAs GDP elasticity ~0.32 ➔ still ’25 oil demand growth of 0.9% Effect of tariffs: Global GDP 3.3% ➔ 2.8% 1 2 % growth y-o-y SENSITIVITIES DEMAND – SUPPLY IMBLANCE 0,1 0,2 0,1 0,8 0,8 -0,4 -0,4 -0,2 0,0 0,2 0,4 0,6 0,8 1,0 1,2 1,4 1,6 1,8 2,0 0 101 102 103 104 105 106 100 2023 2024 2025 2026 2027 103,8 104,6 102,8 103,0 2022 +1,6mb/d mb/d
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© 2025 – CMB.TECH 32 Additional Upside (and Volatility) Expected to Materialise Source: Own data representation based on Clarksons, graphs copied from Goldman Sachs • Over Q1 2025, the US sanctioned additional vessels and teapot refineries that were engaged in Iranian trade • Any CHANGE of today’s status quo would be a positive for VLCCs – diplomatic talks between the US and Iran are on-going: • A successful agreement could lift sanctions and increase demand for conventional tankers, • A breakdown could lead to tighter restrictions and lower Iranian exports, partially offset by increased production from Saudi Arabia • For every 0.5 mb/d change in Iranian exports, about 13 compliant VLCCs are needed Room for OPEC+ to jump in? OFAC sanction list keeps on growing Any CHANGE of today’s status quo would be a positive for VLCCs Demand growth & supply growth to be transported on compliant fleet X “Maximum pressure” policy could/should bring barrels back to the compliant VLCC market – in addition to market growth =X IRAN CRUDE/CONDESATE PRODUCTIONRUSSION OIL ON THE WATER REMAINS ELEVATEDSANCTIONS
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Bocimar and Golden Ocean Dry Bulk
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© 2025 – CMB.TECH 34 Dry bulk • As of January 23rd, 12 super-eco 210,000 DWT Newcastlemaxes on the water exposed to supportive freight markets • Future-proof tonnage on order – with another 16 Newcastlemaxes to be delivered by Q2 2027 (~1 per month) • Seven Newcastlemax still to be delivered in 2025 • Fortescue and CMB.TECH sign agreement for ammonia-powered ore carrier • CMB.TECH and MOL sign landmark agreement for three ammonia-powered Newcastlemax dry bulk carriers KEY HIGHLIGHTS Q4 2024 PERFORMANCE CMBT TCE calculations: • Budget P&L break-even for 2024: includes OPEX (incl. insurance and ship mgt fees), depreciation, interests, special expenses, arrangement fees & pool fees • OPEX as per 2024 budget 6,350 22,204 29,802 17,571 Newcastlemax bulk carrier 7,598 OPEX P&L break-even 2024 / day Actual Q4 2024 TCE / day Q1 to date TCE / day IN $ PER VESSEL PER DAY Source: Own data representation based on Clarksons Research, Breakwave Advisors, Bloomberg Nukes Q1 TCE to date: 93% fixed at $17,571 per day Q4 2024 PERFORMANCE GOGL As per the Q4 2024 earnings release Capesize bulk carrier 24,656 15,100 Actual Q4 2024 TCE / day Q1 to date TCE / day Panamax bulk carrier 14,771 9,900 Actual Q4 2024 TCE / day Q1 to date TCE / day Capes Q1 TCE to date: 77% fixed at $15,100 per day Panamax Q1 TCE to date: 81% fixed at $9,900 per day • 18 Newcastlemax: 5.3 years on average, 17 scrubbers installed • 41 Capesize: 10.5 years on average, 27 scrubbers installed • 28 Kamsarmax: 6.1 years on average, 8 scrubbers installed • 4 Panamax: 9.9 years on average, no scrubbers installed • Overall: 91 vessels, 8.1 years on average, 52 scrubbers installed (57%) • Low Cash Break-Even (CBE) and premium earnings ($4,500/day above 2024 market indices) • 6 x Newcastlemax under TC + +
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© 2025 – CMB.TECH 35 Large Capesize Exposure Source: Own data representation based on Clarksons Research (date 01 Feb 2025), Fleet: existing fleet + newbuilding, including CMB.TECH / Golden Ocean / CMB (owned, BB in, TC with POPs) 96 87 69 59 59 50 47 46 41 40 36 36 35 35 33 31 28 27 25 25 China COSCO Shipping CMBT/GOGL Nippon Yusen Kaisha Berge Bulk Winning Intl Eastern Pacific Shpg Mitsui OSK Lines Angelicoussis Group China Merchants K-Line Oldendorff Carriers H-Line Shipping Pan Ocean Cardiff Marine Star Bulk Carriers ICBC Navios Holdings Shandong Marine Polaris Shipping Imabari SB Other 1.340 10 6 12 11 17 7 12 10 11 12 10 8 10 16 14 6 7 8 12 11 6 Average age 11 Large Capesize Exposure Youngest fleet amongst the top 20 ship owners with an average age of ~6 years Becoming the preferred partner for large scale industrial dry-bulk shipping = Ammonia fuel optionality X X +
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© 2025 – CMB.TECH 36 Specific Dry Bulk Market Attractiveness 11.5 years Cape average age at 35- year historical highs LONG-TERM MARKET ATTRACTIVENESSSUPPORTIVE DEMAND (TON & MILE)POSITIVE SUPPLY STORY (TONNAGE) X = Order book 150 Order book does not cover rapidly ageing fleet (204 capes >20 y by 2027) OB/F 7.96% 5 last consecutive years of Order Book to Fleet ratio <8% NB orders 2028 Constraint shipyard capacity pushing NB options to 2028 15-year special survey Capes SS 2025: 212#, 2026: 251#, 2027: 214# CII, EU ETS, Fuel EU Environmental legislating will impact Cape speed & availability 74% Of global steel production happens in China 82% Of iron ore used for Chinese steel is imported by sea 49.1 USD/tonne 2024/25/26 average margin for international mining companies (CFR China) 65% Fe Simandou iron orde grade versus domestic China 30%Fe (~cost x2-4) +3% in 2025 Global seaborne iron ore imports (excluding China) To become the preferred partner for large scale industrial and future-proof dry-bulk shipping 240 MT/Y New iron ore mining capacity coming online between today and 2027 Capesize / Newcastlemax Panamax / Kamsarmax Modern ECO fleet Eco, NH3 ready, NH3 fitted Source: Own data representation based on Clarksons Research &
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© 2025 – CMB.TECH 37 OB/F and Earnings Potential Source: Own data representation based on Clarksons Research, Breakwave Advisors, Bloomberg 0 10.000 20.000 30.000 40.000 50.000 60.000 70.000 80.000 90.000 100.000 110.000 120.000 0 10 20 30 40 50 60 70 80 90 100 110 120 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 OB/F % 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 7.96% 2025 10% USD earnings 2000 2014 Average Capesize Long Run Earnings Capesize Orderbook % Fleet 9,9 10,0 10,1 10,5 10,8 11,0 11,0 11,1 11,4 11,4 10,5 8,8 7,6 7,3 7,4 7,5 7,3 7,5 8,0 8,6 8,7 8,9 9,5 10,1 10,9 11,5 Average Age 5 consecutive years of an OB/F ratio <8% 2025 OB/F ratio at 7.96% Fleet rapidly reaching historical high average age (11.5 y) Consistent low OB/F ratio, ageing fleet, and constraint order book as a proxy of future earnings potential (and vessel values) X =X Constraint shipyard capacity pushing NB options to 2028X 10-year-old Cape: 105 mio USD 10-year-old Cape: 43 mio USD
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© 2025 – CMB.TECH 38 41 48 58 57 45 111 212 251 214 103 94 88 104 75 51 80 113 88 50 56 32 150 0 20 40 60 80 100 120 140 160 180 200 220 240 260 800 0 200 400 600 1,800 1,000 1,200 1,400 1,600 2,200 2,000 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 # vessels 2022 2023 2,027 20242021 # vessels 2004 2005 Orders +101 Capesize Bulkcarrier Deliveries Capesize Bulkcarrier Orderbook Capesize Bulkcarrier Fleet Development Skewed Age Distribution Lowest OB/F ratio since 1996: Source: Own data representation based on Clarksons, BRS Today: 572 Capes >15 years By 2030, +823 Capes > 20 years (40% of the fleet) New building deliveries by 2027: ~ 150 Capes Today's new building orders do not cover the rapidly ageing fleet=X 2024 Special Survey 15 years 2025 Special Survey 15 years
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© 2025 – CMB.TECH 39 Dry Docking to Increase in 2025 2 4 6 8 10 12 14 16 18 20 22 24 26 28 350 400 0 450 500 550 600 650 17% 2024 25% 2025 26% 536 508 2027 343 2026 511 25% +49,0% Capesize Bulkcarrier Special Survey % of the total fleet X =X 2005 2010 2015 2020 2025 0 80 85 90 95 100 Index Bulkcarrier Average Speed (index 2008 =100) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 2010 20202012 2014 2016 2018 2022 2024 % 9 Capesize Line-Up 5y SS: ~13.1 days 10y SS: ~15.7 days 15y SS: ~19.4 days Up to 50% increase in Cape special surveys in the coming 3 years. Older fleet means longer SS duration Gradual increase to historical port congestion levels as additional upside (potential) Gradually reducing average vessel speed driven by environmental legislation and efficiency Technical off hire and speed reduction further reduces tonnage availability (~ minus 1-2%) CAPE PORT CONGESTION (% of fleet – Major Ports)CAPE SPECIAL SURVEY ENVIRONMENTAL LEGISLATION & SPEED INDEX
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© 2025 – CMB.TECH 40 Seaborne and China Iron Ore Demand Drivers Source: Own data representation based on Clarksons Research, Goldman Sachs, Bloomberg X =X 0 20 40 60 80 100 120 140 160 180 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 $/tonne 56 USD/tonne Seaborne Iron Ore Tonne-Mile Trade China Iron Ore Import China domestic iron ore prod. (demand sensitive) Green steel & Fe content India net export (price sensitive) Change in China steel stocks China steel demand China net steel exports (+anti-dumping / tariffs) Steel production and iron ore demand outside China Iron ore supply Iron ore demand Production global mining companies + 240 MT/Y 2024-2027 % steel scrap versus irone -ore blast furnace +1.0% 2025 (with Q4 +3%) +1.0% 2026 x x The 62%Fe Iron Ore Index is at ~$100/t Today Chinese domestic iron ore declines further: cheaper to import high grade overseas iron ore A wave of new supply, mostly from Australia, Brazil and Guinea – with a cost curve (CFR) below iron ore price forecast Iron ore price forecast at $90/tonne in Q4 2025 and $80/tonne in Q42026 Creating a positive sentiment for global mining of iron ore – a supportive environment for seaborne trade 137MT 2025 119MT 2026 CH 30%Fe Global ~65%Fe +6MT 2025 - 5MT 2026 stable +6% 2025 +5% 2026 IRON ORE SEABORNE TRADE DRIVERS +15MT 2025 +37MT 2026 -1.3% 2025 -1.1% 2026 IRON ORE PRICES AND BREAK-EVEN LEVELS = Vale est. break-even price BHP/Rio Tintio est. break-even price Iron Ore Spot Price CFR N China
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© 2025 – CMB.TECH 41 Other Commodities, Other Regions X =X Est. thermal coal (representing 68% of all coal) trade growth ~1.0% per year over 2024/26 Source: Own data representation based on Clarksons, Kepler Cheuvreux, SEB Est. grain trade growth ~2.4% per year over 2024/26 (tonne-mile adj.) 0 50 100 150 200 250 300 350 400 450 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 M Tonnes India Seaborne Coal Imports China Seaborne Coal Imports Japan Seaborne Coal Imports 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 80 100 120 140 160 180 200 220M Tonnes Bauxite Seaborne Trade Est. bauxite trade growth ~4.1% per year over 2024/26 1.000 1.500 2.000 2.500 3.000 3.500 4.000 4.500 2005 2010 2015 2020 2025 2030 B Tonne-Miles Chinese domestic bauxite production declined by 16% in 2024 – and is being substituted by global seaborne import (Guinea) Continued growth in Indian coal imports. In addition, China has challenges in domestic mines (cfr. import as substitution solution) Retaliatory tariffs could impact China/ US grain and soybean trade – however to be substituted by export from a.o. Brazil Seaborne bauxite and grain trade supportive for seaborne dry-bulk shipping, whilst coal trade stabilises in the next two years BAUXITE SEABORNE TRADE CHINA - INDIA – JAPAN SEABORNE COAL IMPORT GRAIN World Seaborne Grain Trade (incl. soybeans)
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© 2025 – CMB.TECH 42 Both Supply and Demand Drive Market Attractiveness Source: Own data representation based on Clarksons Research, Bloomberg 5.000 10.000 15.000 20.000 25.000 2004 30.000 2006 35.000 2008 40.000 2010 45.000 2012 50.000 2014 55.000 2016 95.000 2018 100.000 2020 2022 2024 110.000 2026 115.000 0 105.000 Capesize Long Run Historical Earnings Panamax/Kamsarmax Long Run Historical Earnings -13 -11 -5 -6 -4 26 22 -25 -20 -15 -10 -5 0 5 10 15 20 25 30% Jan -23Feb Mar -13Apr May Jun Jul -2Aug 11 Sep Oct 21 Nov Dec Newcastlemax Seasonality LONG-TERM MARKET ATTRACTIVENESS SUPPORTIVE DEMAND (TON & MILE) POSITIVE SUPPLY STORY (TONNAGE OB/F and AGE) X = 20-YEAR LONG RUN HISTORICAL EARNINGS BALTIC 5TC INDEX SEASONALITY (25 YEAR AVERAGE) USD/day
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Delphis Container vessels
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© 2025 – CMB.TECH 44 Containers Q4 2024 PERFORMANCE • 4 x super-eco 6,000 TEU ice class container feeder vessels on the water. Newbuilding program of the 6,000 TEU ice class completed and all operational under a 10-year time charter contract to CMA CGM • 1 x 1,400 TEU dual fuel NH3 on order to be delivered in July 2026 (Qingdao Yangfan Shipbuilding) – under 15-year time charter contract • Evolving US trade policy poses risks for demand, with concerns around new tariffs on trade between the US and China ➔ ~6% of global box trade volumes and ~8% of TEU-miles are now ‘freshly tariffed’ • Red Sea rerouting remains the key driver of the container freight market outlook, currently providing a ~11% uplift to TEU-mile demand. The situation is clearly uncertain, but a return to widespread boxship routings through the region looks unlikely in the short term, however, this imposes a downside risk in the medium to long-term IN $ PER VESSEL PER DAY 5,550 19,030 29,378 6000 TEU container vessel 10,348 OPEX P&L break-even 2024 / day Actual Q4 2024 TCE / day Source: Own data representation based on Clarksons TCE calculations: • Budget P&L break-even for 2024: includes OPEX (incl. insurance and ship mgt fees), depreciation, interests, special expenses, arrangement fees & pool fees • OPEX as per 2024 budget KEY HIGHLIGHTS SUNSET APPROACHING? 0 1.000 2.000 3.000 4.000 5.000 Q1-2020 Q2-2020 Q3-2020 Q4-2020 Q1-2021 Q2-2021 Q3-2021 Q4-2021 Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023 Q2-2023 Q3-2023 Q4-2023 Q1-2024 Q2-2024 Q3-2024 Q4-2024 Q1-2025 SCFI Comprehensive Container Freight Rate Index Delphis has no spot exposure As per the Q4 2024 earnings release
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Bochem Chemical tankers
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© 2025 – CMB.TECH 46 Chemical Q4 2024 PERFORMANCE • Trading fleet of six chemical tankers on the water • Newbuilding orderbook: • 2 x chemical tankers (NH3 ready): 2025 • 2 x product tankers (CH₃OH fitted): 2026 • 4 x chemical tankers (NH3 ready): 2028 // 2 x chemical tankers (NH3 fitted): 2029 • Favorable long-term contract exposure: 2 x Pool, 6 x 10-year TC, 6 x 7-year TC • With current spot rates hovering 25–30% below last year’s exceptional levels, there is risk that upcoming COA rate renewals will be adjusted lower in the coming quarters • Looking further ahead, the MR market is expected to be a key focus, as the limited chemical tanker order book and stable demand fundamentals make swing-tonnage from MR product tankers a crucial factor for chemical earnings in 2025/2026 IN $ PER VESSEL PER DAY 6,450 18,556 24,463 25K DWT chemical tanker Pool 5,907 OPEX P&L break-even 2024 / day Actual Q4 2024 TCE / day 1 YEAR TC 19,999 DWT CHEMICAL TANKER (STAINLESS STEEL) 6,450 18,556 19,306 25K DWT chemical tanker TC 750 TCE calculations: • Budget P&L break-even for 2024: includes OPEX (incl. insurance and ship mgt fees), depreciation, interests, special expenses, arrangement fees & pool fees • OPEX as per 2024 budget Source: Own data representation based on Clarksons, SEB KEY HIGHLIGHTS As per the Q4 2024 earnings release 0 5.000 10.000 15.000 20.000 25.000 Q1-2020 Q2-2020 Q3-2020 Q4-2020 Q1-2021 Q2-2021 Q3-2021 Q4-2021 Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023 Q2-2023 Q3-2023 Q4-2023 Q1-2024 Q2-2024 Q3-2024 Q4-2024 Q1-2025 1 Year Timecharter Rate 19,999 dwt Stainless Steel Chemical Tanker Bochem has only limited spot exposure
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Windcat COSVs and CTVs
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© 2025 – CMB.TECH 48 Offshore wind and oil & gas TCE calculations: • CSOV TCE rate is based on forecast time charter rate (incl. other income) • Budget P&L break-even for 2024: includes OPEX (incl. insurance and ship mgt fees), depreciation, interests, special expenses, arrangement fees & pool fees • OPEX as per 2024 budget • The US market is facing increasing political headwinds, and projects not already at an advanced stage, will struggle to move forward in the coming years • Offshore wind markets are driven mainly locally from a geographical perspective. Limited spill over effects expected from changes in US offshore wind market to the EU market • Most key vessel segments remain fully utilised in Europe, attributed to strong demand from both offshore wind and oil and gas industries • CTV • Windcat has 53 CTVs on the water • 8 additional CTVs on order, all with H2 dual fuel fitted engines • Windcat CTV market operates mainly under short term time charter contracts (3 months up to 5 years), resulting in a contract backlog of $ ~86 mio (March 2025) • Typical seasonal market with highest utilisation over the summer period. Long- term awareness by charterers that there could be a lack of vessels in 2026, and in the following years – hence supportive for long-term rate trends • CSOV • Windcat has six CSOV on order – with the first delivery in Q2 2025 • The CSOV market is sold out for H1 2025, with tight availability expected to persist into Q3 2025 until newbuilds arrive and vessels return from summer campaigns • While OEMs for turbines and cables, along with contractors and developers, remain key charterers, several pending oil and gas tenders were finalised during Q1 2025 IN $ PER VESSEL PER DAY 15,500 32,451 50,912 CSOV 18,461 Forecast TCE / day 1,642 2,064 2,943 3,060 CTV 879 Source: Own data representation based on Clarksons OPEX P&L break-even 2024 / day Actual Q4 2024 TCE / day Q1-to-date TCE/day Q4 2024 PERFORMANCEKEY HIGHLIGHTS As per the Q4 2024 earnings release
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Non public version - © 2023 – CMB.TECH nv 49 • If you would like to ask a question, please raise your hand. • Introduce yourself & unmute before asking your question. • If you can’t unmute, please use the Q&A section to ask your question. • For telephone participants, please type *5 to raise your hand and *6 to unmute. • If you have any follow-up questions, please send an e-mail to Joris.Daman@cmb.tech. Q&A 49© 2025 – CMB.TECH
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Annex
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© 2025 – CMB.TECH 51 CMBT & GOGL Combined Available Days (1) Assumptions: • Golden Ocean fleet included for 100% for FY 2025 (combined fleet) • Spot days and Time Charter (TC) days provide the total available days - aligned with newbuilding delivery schedules • OTHER: 61 x CTV’s, 2 x 5,000 DWT coaster, 2 x ferry, 1 x Tugboat, 1 x MPHUV NUKE/CAPESIZE KAMSAR/PANAMAX CHEMICAL/PRODUCT NEWBUILDING CSOV FSOVLCC SUEZMAX OTHERCONTAINER (1) Estimation of available days basis fleet on 15/04/2025, basis current time charter contracts and new building delivery schedule as per 15/04/2025. TOTAL (excl. other) Bulk (71%) Oil (32%) 593 30.361 1.095 30.660 1.095 30.660 2025 2026 2027 2028 27,785 30,954 31,755 31,755 Time Charter (Days) Spot (Days) 0 11.680 0 11.680 0 11.680 0 11.680 2025 2026 2027 2028 11,680 11,680 11,680 11,680 636 4.109 303 5.337 0 6.496 0 6.570 2025 2026 2027 2028 4,745 5,640 6,496 6,570 2.545 4.390 2.237 5.212 1.095 6.570 1.095 6.570 2025 2026 2027 2028 6,935 7,449 7,665 7,665 1.564 730 2.291 733 2.920 730 3.471 732 2025 2026 2027 2028 2,294 3,024 3,650 4,203 730 0 730 0 730 0 730 0 2025 2026 2027 2028 730 730 730 730 1.460 0 1.613 0 1.825 0 1.825 0 2025 2026 2027 2028 1,460 1,613 1,613 1,613 60 185 1.341 0 2.055 0 2.190 0 2025 2026 2027 2028 245 1,341 2,055 2,190 12.02010.063 6.493 17.610 5.502 18.953 3.274 21.181 2025 2026 2027 2028 22,082 24,103 24,455 24,455 2025 2026 2027 2028 55,874 62,431 65,856 66,618 12.5% 87.5% 11.8% 88.2% 11.6% 88.4% 12.3% 87.7% Bulk (65%) Oil (22%) 349 27.436
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© 2025 – CMB.TECH 52 PRO FORMA $6.77 per share 49.3% 1,716 944 55% margin 623 $1.05 per share 37.7%(2) 776 429 55% margin 279(3) GOLDEN OCEAN $5.72 per share 54.9%(2) 940 515 55% margin 344(3) CMB.TECH In $m, unless otherwise stated Dividends Net leverage FY 2024 Revenue EBITDA excl. capital gain Liquidity (1) Revenue, EBITDA, Liquidity, and Dividends based on published FY 2024 numbers. Revenues incl. voyage expenses for CMBT, Revenues excl. voyage expenses for GOGL. Liquidity based on management numbers (2) Loan-to-value: based on valuations from brokers and debt on bank and lease financings, excluding SFL Corporation Ltd. leases (basis 31/12/2024) (3) Includes undrawn available revolving credit facilities and commercial paper, and excludes restricted cash (basis 31/12/2024) Attractive Combined Financial Profile(1) +
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© 2025 – CMB.TECH 53 Balance Sheet – GOGL & CMBT conso illustrative(1) (1) The Balance Sheet is provided for illustrative purposes only, is not a pro forma, is not based on historical financial data and has not been reviewed by CMB.TECH’s auditors. in k USD ACTUAL DRAFT 31/12/2024 ILLUSTRATIVE 31/03/2025 ILLUSTRATIVE 30/06/2025 VAE VAE ILLUSTRATIVE 30/06/2025 ASSETS NON-CURRENT ASSETS 3.434.226 7.522.579 7.646.426 9.077.736 Property, plant and equipment 3.269.427 7.120.006 7.241.353 1.431.310 8.672.663 Prepayments 1.657 1.657 1.657 1.657 Investment property 0 0 0 0 Intangible assets / goodwill 16.187 167.707 167.707 167.707 Financial assets 136.882 223.135 225.635 225.635 Deferred tax assets 10.074 10.074 10.074 10.074 CURRENT ASSETS 470.819 619.967 697.964 697.964 TOTAL ASSETS 3.905.046 8.142.547 8.344.390 9.775.700 EQUITY and LIABILITIES EQUITY 1.192.324 2.630.360 2.629.986 4.061.296 Equity attributable to equity holders of the Company 1.192.324 1.213.557 1.259.951 1.431.310 2.691.261 Non-controlling interest 0 1.416.804 1.370.035 1.370.035 NON-CURRENT LIABILITIES 2.320.066 4.861.297 5.037.821 5.037.821 Loans and borrowings 2.318.569 4.859.799 5.036.324 5.036.324 Trade and other payables 0 0 0 0 Deferred tax liabilities 438 438 438 438 Employee benefits 1.060 1.060 1.060 1.060 Provisions 0 0 0 0 CURRENT LIABILITIES 392.656 650.889 676.583 676.583 TOTAL EQUITY and LIABILITIES 3.905.046 8.142.547 8.344.390 9.775.700 Equity / Total Assets 30,53% 32,30% 31,52% 41,54% Cash & Cash Equivalents 343.826 413.363 462.412 462.412 Current Assets versus Current Liabilities 383.121 215.151 238.506 238.506
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© 2025 – CMB.TECH 54 Guinea to Port Qingdao ~11,100 Nautical Miles Port Hedland to Port Qingdao ~3,500 Nautical Miles Source: Own data representation based on Clarksons, Rio Tinto, Vale, Arrow, Bloomberg Brazil to Port Qingdao ~11,100 Nautical Miles + 240 MT/Y or + 335 Nukes 210 DWT Nuke @95% loading doing 3,6 round voyages per year z Iron Ore Incremental Volumes and Additional Ton-mile Beauxite project in Guinea 2024: 137 MT/Y ➔ 2025: 156 MT/Y Bon Ami 6 MT/Y – 10 MT/Y Koumbia project 3.5 MT/Y Societe Miniere de Boke 10 MT/Y Sangaredo Mine TDB Niagara Bauxite Project TBD Simandou iron ore project in Guinea Start 2025,100% by 2028 WCM 60 MT/Y Simfer 60 MT/Y Iron Ore import port Qingdao (China) Rio Tinto iron ore projects in Australia 2024: 323-338 MT/Y ➔ ~2027: 345-360 MT/Y Rhodes Ridge project BHP iron ore projects in Australia 2024: 287 MT/Y ➔ ~2027: 305-330 MT/Y Ramp-up South Flank PDP1 port de-bottlenecking Vale iron ore projects in Brazil 2024: 320-330 MT/Y ➔ 2026: 340-360 MT/Y Serra Sul S11D (63% 2024) 15 MT/Y Capanema (83% 2024) 15 MT/Y Vargem Grande (96% 2024) 15 MT/Y Namibia CMB.TECH project (H2/NH3 production)
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joris.daman@cmb.tech +32 498 61 71 11 Joris Daman HEAD OF INVESTOR RELATIONS AND ESG