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Decarbonise Today Navigate Tomorrow Earnings conference call Q2 2026 27 AUGUST 2026 ALEXANDER SAVERYS & LUDOVIC SAVERYS P R E S E N T E R
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2© 2026 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH Forward-looking statements Matters discussed in this presentation may constitute forward-looking statements under U.S. federal securities laws, including the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect the Company’s current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. All statements, other than statements of historical facts, that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future, including, without limitation, the delivery of vessels, the outlook for tanker shipping rates, general industry conditions future operating results of the Company’s vessels, capital expenditures, expansion and growth opportunities, bank borrowings, financing activities and other such matters, are forward-looking statements. Although the Company believes that its 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 our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their obligations to us, the strength of the world economies and currencies, general market conditions, including changes in tanker vessel charter hire rates and vessel values, changes in demand for tankers, changes in our vessel operating expenses, including dry-docking, crewing and insurance costs, or actions taken by regulatory authorities, ability of customers of our 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. We 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.
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MAKING HAY FINANCIALS & HIGHLIGHTS
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4© 2026 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH A leading diversified maritime group F I N A N C I A L S & H I G H L I G H T S FLEET FINANCE LISTING 206 + 26 Modern Eco Vessels (1) $ 3.3 bn. Contract backlog (USD) (2) $ 11.2 bn. Fair Market Value(4) ~ 50% Through-out the cycle leverage target 5.9 Average age (excl. CTVs 10.4y) $ 0.9 bn. CAPEX commitments (5) ~ $ 5.2 bn. Market Cap (3) ~ 60% of Net Profit generated through S&P THE DIVERSIFIED FLEET(6) DRY BULK CRUDE TANKERS CONTAINER CHEMICAL OFFSHORE ENERGY 108 (+7) 21 (+1) 4 (+1) 8 (+8) 63 (+7) 6.8 years Avg. age 6,720 FMV $ millions 7.8 years Avg. age 2,452 FMV $ millions 1.8 year Avg. age 403 FMV $ millions <1 year Avg. age 834 FMV $ millions <1 CSOV 10.4 CTV years avg. age 776 FMV $ millions Notes: (1) Fleet on water + newbuilding orders as of 26/08/2026. Announced vessels sales that have not yet been delivered to new owners are already excluded. (2) Contract backlog as of 30/06/2026 including subsequent acquisitions, fully owned vessels, and 100% of our JV owned 210,000 dwt Newcastlemax bulk carriers and Windcat FRS & TSM. The contract backlog excludes charterers’ extension options and purchase/cancellation options (if applicable). (3) Calculated based on the closing price of 20/08/2026. (4) Based on broker valuations on 30/06/2026 (5) CAPEX on 30/06/2026 (6) Excluding other division of 3 vessels and 1 NB
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5© 2026 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH Q2 2026 financials F I N A N C I A L S & H I G H L I G H T S NET INCOMEEBITDA (in USD Million)(in USD Million) LIQUIDITY(1) 393.7 Million USD Q2 NET PROFIT 364.4 Million USD Q2 EBITDA 552.8 Million USD EQUITY ON TOTAL ASSETS (Book Value) 35.4 % P&L Q2 2026 Powered by: EQUITY ON TOTAL ASSETS (Value Adjusted) 51.5 % Notes: (1) Basis 30/06/2026: cash and cash equivalent (incl. JV), undrawn secured revolving facility, undrawn unsecured credi t line, and undrawn term loan capacity 17,3 90,1 368,8 364,4 Q3 2025 Q4 2025 Q1 2026 Q2 2026 238,4 322,1 558,3 552,8 Q3 2025 Q4 2025 Q1 2026 Q2 2026 The most important key figures (unaudited) are: (in thousands of USD) Second Quarter 2026 Second Quarter 2025 YTD 2026 YTD 2025 Revenue 703,943 387,808 1,223,573 622,852 Other operating income 16,724 13,021 37,055 20,155 Raw materials and consumables (594) (2,319) (2,003) (5,128) Voyage expenses and commissions (144,349) (81,338) (249,168) (123,742) Vessel operating expenses (125,469) (113,644) (252,956) (175,473) Charter hire expenses (3,756) (1,307) (3,974) (1,620) General and administrative expenses (30,771) (33,548) (58,558) (56,395) Net gain (loss) on disposal of tangible assets 127,517 57,340 394,871 103,791 Depreciation and amortisation (111,425) (108,698) (217,996) (164,369) Impairment reversals/(losses) 140 (3,573) 729 (3,573) Net finance expenses (76,172) (118,225) (157,869) (182,440) Share of profit (loss) of equity accounted investees 9,399 1,622 21,495 1,571 Profit (loss) before income tax 365,187 (2,861) 735,199 35,629 Income tax benefit (expense) (807) (4,723) (1,985) (2,840) Profit (loss) for the period 364,380 (7,584) 733,214 32,789 Attributable to: Owners of the Company 364,380 7,768 733,214 51,766 Non-controlling interest — (15,352) — (18,977)
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6© 2026 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH Q2 2026 highlights F I N A N C I A L S & H I G H L I G H T S De-lever, pay dividends and strengthen the balance sheet… …driven by well-timed S&P as a core element to our business strategy ► Total result for the second quarter of 2026 was a profit of USD 364.4 million ► EBITDA for the second quarter of 2026 was USD 522.8 million ► Liquidity of USD 393.7 million per quarter end and total newbuilding CAPEX fully funded ► CMB.TECH’s contract backlog stable at USD 3.26 billion with the addition of 2 x 2-year CSOV time charters and 1 x 1-year VLCC time charter ► Intention to distribute an amount of USD 0.64 per share: ▷ An intermediary dividend of USD 0.21 per share, ▷ A payment of USD 0.43 per share out of the share premium reserve (being exempt from any withholding tax) ► Well timed deliveries of 9 newbuilding vessels (Q2 + quarter to date): ▷ Newcastlemax: Mineral Latvija, Mineral Eesti, Mineral Magyar, Mineral Lietuva ▷ VLCC: Morini ▷ Suezmax: Cap Grace, Cap Joseph ▷ CSOV: Windcat Haarlem ▷ CTV: FRS Windcat 65 ► Following vessel sales generated a gain in Q2 2026: ▷ VLCCs Ilma (2012, 314,000 dwt) and VLCC Ingrid (2012, 314,000 dwt) – gain of a USD 98.2 million in Q2 2026 ▷ Suezmax Sienna (2007, 150,205 dwt) – gain of USD 29.2 million ► Following vessel sales will generate a gain in Q3 2026: ▷ Suezmax Brest (2023, 156,851 dwt) and Suezmax Brugge (2023, 156,851 dwt) – gain of USD 100.2 million in Q3 2026 ► Following vessel sales will generate a gain in Q4 2026: ▷ VLCC Donoussa (2016, 299,999 dwt) – gain of USD 74.3 million in Q4 2026 ▷ Suezmax Bristol (2024, 156,851 dwt) – gain of USD 56.9 million in Q4 2026 ➔ Q3 2026 gain: 100.2 million USD ➔ Q2 2026 gain: 127.4 million USD ➔ Q4 2026 gain: 131.2 million USD
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7© 2026 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH CMBT capitalises on exceptionally high secondhand values… F I N A N C I A L S & H I G H L I G H T S 158 100 40 72 104 85 205 82 57 0 50 100 150 200 250 Mio USD VLCC Suezmax Panamax Capesize VLGC 7000 teu LNG 174k cbm +93,6% +76,7% Today 10 year average 2015-2025 max 2015-2025 min Source: Clarksons SIN …BY SELLING VLCC AND SUEZMAX VESSELS AT HISTORIC PRICING LEVELS OB/F 32.61% 29.09% 13.92% 16.58% 35.70% 33.33% 37.31% 5-YEAR SECOND HAND VALUES: 4 vessels sold: 186.6 mio USD gain ( YT D 2026) 9 vessels sold: 431.8 mio USD gain ( YT D 2026) Combined with:
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8© 2026 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH Operational free cash flow remains strong after asset sales F I N A N C I A L S & H I G H L I G H T S VLCC Spot Suezmax Spot Nuke Spot Cape Spot Kamsar/ Panamax Spot Estimated rates FY27 94,591 46,740 40,005 31,500 17,675 +10% 104,050 51,414 44,006 34,650 19,443 +20% 113,509 56,088 48,006 37,800 21,210 ESTIMATED FCF % PER DIVISION FY2027 0 100 -50 300 800 200 900 1,000 Chemical Container CSOV Total FCF 5 5 5 116 132 147 117 136 155 212 275 338 176 213 250 43 62 81 0 1 Million USD 13 13 13 26 30 35 708 3 1,027 FSO VLCC Suezmax Nuke Cape Kamsarmax 868 Today FY 2026 +10% +20% 33.7% Tanker 60.9% Dry-Bulk 5.5% Other ASSUMPTIONS: Estimated cash break-even – based on FY 2027 combined available days, Time Charter agreements as per contract backlog August 2026, Excluding other category (CTV, Tugboat & Ferries), Forecasted scenario based on management assumptions for Q1-Q4. Excluding proceeds of potential vessel sales. Including current CAPEX commitments FY 2027. SPOT RATES IN USD/DAY: …2027e OPERATIONAL CASH FLOW OF +700 MIO USD AT CURRENT 2027 DRY BULK FFAs
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9© 2026 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Q1 2028 Q2 2028 Q3 2028 Q4 2028 Q1 2029 Q2 2029 153 347 26 35 64 11 48 48 39 34 43 37 Majority of CAPEX nearing completion… F I N A N C I A L S & H I G H L I G H T S 1 X VLCC 6 X NEWCASTLEMAX 2 X 5.000 DWT COASTERS 1 X 1400 TEU 6 X 25K DWT CHEMICAL 2 X 17K DWT BITUMEN 4 X CSOV (XL) 4 X CTV/MPHUV Committed financing 0.77 Billion USD Unfunded CAPEX 119 Million USD 2026: 43 m$ 2027: 38 m$ 2028: 17 m$ Outstanding CAPEX END Q2 2026 0.89 Billion USD Remaining capex expected to be fully funded through vessel sales(2) and cash flow from operations ASSUMPTIONS: (1) As per 30/06/2026. (2) Basis announced firm vessel sales Q2/Q3 2026, Excluding CTV and MPHUV CAPEX Bocimar Euronav Delphis Bochem Windcat Mio USD …HENCE CAPITAL ALLOCATION FLEXIBILITY IS SET TO INCREASE 2029: 21 m$
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MARKET UPDATE BOCIMAR, EURONAV, DELPHIS, BOCHEM, WINDCAT
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11© 2026 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH Supply side drives market outlook M A R K E T U P D A T E DRY BULK TANKERS CONTAINER CHEMICAL OFFSHORE ENERGY Demand side ▸ Tonne-mile iron ore: +3.1% 2026 (+3.0% ‘27) ▸ Tonne-mile bauxite: + 10.3% 2026 (+1.8% ’27) ▸ Tonne-mile grains: +6.5% 2026 (+1.0% ’27) ▸ Tonne-mile coal: +2.7% 2026 (-0.9% ’27) ▸ Tonne-mile crude oil: -4.6% in 2026 +3.2% in 2027 ▸ World oil demand (IEA) incl. closure of Strait of Hormuz : -1.0 mbpd in 2026 +2.0 mbpd in 2027 ▸ TEU-mile: +3.0% in 2026 -5.8% in 2027 ▸ Global GDP growth: +3.0% in 2026 +3.4% in 2027 ▸ China GDP growth: +4.6% in 2026 +4.1% in 2027 ▸ Tonne-mile chemicals: -2.6% in 2026 +3.7% in 2027 ▸ Tonne-mile oil products: -2.9% in 2026 +5.5% in 2027 ▸ By 2035, 296 GW of installed capacity (777 farms, 30,792 turbines) is expected to be online globally, representing a CAGR of 14% ▸ Continued demand from the oil and gas side of the industry is noticeable Supply side ▸ OB/F for Capesize 16.6%, Panamax 13.9% ▸ 2026 Capesize fleet growth 2.4%, Panamax 5.5% ▸ 41% Capes > 15 years, 34% Panamax >15 years ▸ OB/F VLCC 32.6%, Suezmax 29.1% ▸ 2026 crude fleet growth of 4.1%, 5.9% in 2027 ▸ 18% of the VLCC, 21% Suezmax > 20 years ▸ OB/F: 39.8% (average over all sizes) ▸ Red Sea rerouting (~8.8%) ▸ 2026 container fleet growth of 4.6%, 8.6% in 2027 ▸ OB/F ratio at 22.6% of the 10-54,999 dwt chemical tanker fleet ▸ 2026 chemicals fleet growth of 7.8%, 7.5% in 2027 ▸ 26.0% > 20 years ▸ CSOV fleet stands at 83 units versus an orderbook of 38 units (OB/F 45.8%). 0 new orders YTD 2026 ▸ CTV fleet stands at 755 units versus an orderbook of 96 units (OB/F 12.7%) Supply / Demand balance 2026 POSITIVE POSITIVE / CAUTIOUS CAUTIOUS CAUTIOUS POSITIVE Commercial exposure Spot: 99 (+5NB) Time Charter: 8 (+3NB) Spot: 9 (+1NB) Time Charter: 12 Spot: 0 Time Charter: 4 (+1NB) Spot: 2 Time Charter: 6 (+8NB) CTV Spot: 3 (+2NB) CTV TC: 57(+1NB) CSOV Spot: 0 (+3NB) CSOV TC: 3 (+1NB) Source: Clarksons SIN, AXS Marine, IEA, IMF
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BOCIMAR DRY BULK
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13© 2026 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH 13 YOY (MID AUGUST 2026) Dry bulk B O C I M A R KEY HIGHLIGHTS Q2 2026 SPOT PERFORMANCE ( $ per vessel per day) TCE CALCULATIONS: Budget P&L break-even for 2026: includes OPEX, insurance, ship mgt fees, depreciation, interests, special expenses, arrangement fees & pool fees. OPEX as per 2026 budget ▸40 NEWCASTLEMAXES on the water (average age of 3.2y) with another 6 Newcastlemaxes to be delivered by Q4 2026 ▸Q2 2026 TCE actuals at 46,198 USD/day, outperforming 5TC BCI 182 by 8,382 USD/day net of commissions ▸Q3 2026 TCE quarter to date rates at 43,096 USD/day (85% fixed) ▸37 CAPESIZE VESSELS on the water (average age of 11.2y) ▸Q2 2026 TCE actuals at 39,998 USD/day, outperforming 5TC BCI 182 by 2,182 USD/day net of commissions ▸Q3 2026 TCE quarter to date rates at 32,873 USD/day (77% fixed) ▸Time Charter Q2: 32,102 USD/day (Q3 qtd: 28,691 USD/day) ▸30 KAMSARMAX/PANAMAX vessels on the water (average age of 7.4y) ▸Q2 2026 TCE actuals at 20,226 USD/day, outperforming 5TC BPI-82 by 1,805 USD/day net of commissions ▸Q3 2026 TCE quarter to date rates at 19,137 USD/day (84% fixed) ▸Time Charter Q2: 13,765 USD/day (Q3 qtd: 16,103 USD/day) Source: Own data representation based on Clarksons Research, Breakwave Advisors, AXS Marine China steel production China steel inventories China iron ore inventories China iron ore imports China coal imports Brazil iron ore exports Australia iron ore exports -2.9% +23.4% +19.7% +3.2% -5.2% +4.7% +2.8% Dry bulk fleet supply +2.1% China soybean imports +4.6% 29.823 46.198 43.096 7,039OPEX P&L break-even Spot TCE Q2 ’26 Spot Q3 ’26 TCE-to-date +16,375 21.096 39.998 32.873 7,113OPEX P&L break-even Spot TCE Q2 ’26 Spot Q3 ’26 TCE-to-date +18,902 14.659 20.226 19.137 OPEX P&L break-even Spot TCE Q2 ’26 Spot Q3 ’26 TCE-to-date 6,307 +5,567
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14© 2026 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH AND HENCE VESSEL VALUES ARE SUPPORTED GOING FORWARD VESSEL NB SUPPLY SIDE FUNDAMENTALS VESSEL AVERAGE AGE AS A PROXY FOR RECYCLING POTENTIAL Dry bulk has the most favourable OB/F ratio B O C I M A R Total NB: 504 # OB/F: 13.9 % Total NB: 336 # OB/F: 16.9 % 34% > 15 years 19% > 20 years 41% > 15 year 10% > 20 years CAPESIZE ‘BALANCE’ PANAMAX ‘BALANCE’ ✓ ✓ Source: Own data representation based on: Clarksons SIN, AXS Marine 91 168 148 76 21 28 98 125 61 22 0 50 100 150 200 250 300 2026 2027 2028 2029 2030 22031 Capesize NB deliveries Panamax NB deliveries 2020 2025 2030 0 8 1990 1995 10 2000 11 9 12 2005 13 2010 2015 Age (years) 12.3 12.4 12.6 11.4 Capesize - Average Age Panamax - Average Age Average since 2010
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15© 2026 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH DRIVEN BY INCREASED IRON ORE (+46 MMT) AND COAL (+36 MMT) VOLUMES (Q2 vs Q1 2026), NORMAL SEASONAL BAUXITE SLUMP ( -10 MMT) CAPESIZE VOLUME GROWTH – TOP EXPORTED COMMODITIES PANAMAX VOLUME GROWTH – TOP EXPORTED COMMODITIES Strong Q2 volumes B O C I M A R Q1 -> Q2 Q2 YOY Cargo split % Q2 COAL +12.5% (+22.8 MMT) +13.2% (+23.9 MMT) 66.4% GRAIN +0.7% (+0.5 MMT) +8.6% (+5.5 MMT) 22.7% IRON ORE +2.4% (0.5 MMT) -7.7% (-1.9 MMT) 7.6% BAUXITE +9.7% (0.9 MMT) -17.6% (-2.2 MMT) 3.3% Q1 -> Q2 Q2 YOY Cargo split % Q2 IRON ORE +12.8% (+45.3 MMT) +1.4% (+5.6 MMT) 76.5% BAUXITE -17.5% (-10.7 MMT) +10.7% (+4.9 MMT) 9.7% COAL +23.1% (+13.5 MMT) +7.8% (+5.2 MMT) 13.9% Source: Own data representation based on: AXS Marine 344 49 62 Q1-25 353 61 59 Q1-26 392 46 67 Q2-25 398 50 72 Q2-26 Iron Ore Bauxite Coal 455 472 505 520 +10.2% (+48 MMT) Q1-25 9 181 70 23 Q1-26 12 180 64 25 Q2-25 10 13 70 23 Q2-26 Bauxite Coal Grain (incl. Soybeans) Iron Ore 280 283 282 308 176 67 25 204 +8.7% (+25 MMT)
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16© 2026 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH TODAY IT’S A CHINA – AUSTRALIA – BRAZIL STORY DRIVEN BY THE SEARCH FOR HIGHER Fe CONTENT Seaborne Iron Ore Import (YTD July 26 in MMT) China's iron ore imports are driven by declining domestic ore grades and lower domestic mining output (less by steel production) Continued iron ore strength B O C I M A R Source: Own data representation based on: AXS Marine, Bloomberg, China Bureau of Statistics 684 (82%) Iron Ore Import Vietnam Korea South Japan Other China 150 (20%) 463 (63%) China Iron Ore Import Origin Peru India South Africa RoW Brazil Australia China Iron Ore Import (YTD July 26 in MMT) Changing iron ore Fe content Lower Fe grade of imported / China port stocks: 60.6% (2023) to 60.2% (2026) ~9MMT Lower domestic mining (20- 30% Fe assumption). H1 2026 China iron ore mining down by 7% YOY ~35 MMT H1 2024 H1 2025 H1 2026 -8.3% (45MMT) -7.0% (35MMT) Net imports (Mt) Domestic mining (Mt) 2026/2027 seaborne iron ore growth of 2.5% or 46MMT
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17© 2026 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH TODAY IT’S A CHINA – AUSTRALIA – BRAZIL STORY, HOWEVER IMPORTANCE OF AFRICA IS INCREASING (GRADUALLY) Robust African Iron Ore Flows projected, fuelled by Guinea (and Liberia in the short term) Continued iron ore strength B O C I M A R Source: Own data representation based on: AXS Marine, Macquarie 19 39 66 88 106 18 19 20 20 20 15 16 17 18 18 18 15 15 15 16 16 16 15 15 16 17 17 49 51 51 51 51 52 57 56 58 58 59 60 110 2025 13 2026 2027 2028 2029 2030 162 189 214 244 269 288+11% p.a. South Africa Bulk Terminal Saldanha Other Nouadhibou (Mauritania) Pepel/Freetown (Sierra Leone) Buchanan/Monrovia (Liberia) Simandou (Guinea) Break -Even price, CFR China 60 67 69 70 74 75 79 79 83 84 93 98 106 109 114 119 120 Quality-adjusted (62% Fe) breakeven price, USD/t CFR China Mauritania Atlas Iron Peru Marampa - Sierra Leone Iran (SOEs) Champion Iron (Australia) India - Low grade fines Utah Point (Min Res) (Australia) India - High grade fines Karara (Australia) Yilgarn Hub (Min Res) Tonkolili (Sierra Leone) India (pellet) Iran (private) Ukraine (fines) Sino Iron (Australia) Simandou Substitution of >60 USD/t mines by Simandou, adds +6.9% tonne-miles for Capesize fleet!! Price today
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18© 2026 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH GENERAL IMPLICATIONS DRY BULK COMMODITY SPECIFIC IMPLICATIONS Potential El Niño as sweetener for Panamax fleet B O C I M A R Grain Coal Iron Ore ▸ Australia & SE Asia: hotter/drier → weaker wheat & rice output ▸ South America (Argentina, S. Brazil): often wetter → potentially higher exports ▸ Tends to increase average haul length (ton-miles) as exports move: South America → Asia instead of Australia → Asia ▸ Supportive for Panamax demand ▸ Hotter weather → higher electricity demand ▸ Drier conditions → weaker hydropower (India, China, SE Asia) ▸ Thermal coal imports often rise temporarily ▸ Near-term supportive for Panamax ▸ Potential operational disruptions matter: flooding risk in Brazil ▸ Volumes usually recover quickly ▸ Capesize short-term rate volatility, not demand destruction Source: Own data representation based on: Clarksons SIN EL NIÑO ▸The National Oceanic and Atmospheric Administration (NOAA) officially declared El Niño in June 2026, with a 97% chance it will persist through early spring 2027 ▸The Panama Canal Authority announced on August 20 a cut in daily transit slots beginning 4 September to 34 daily slots, further decreasing to 32 by 15 September due to low water levels and potentially worsening effects from the ongoing El Niño ▸Shifts in ocean temperatures across the Pacific under El Niño conditions result in higher-than-normal global air temperatures WHY DOES IT MATTER ▸El Niño is not primarily a demand shock, but a volatility + ton-mile distortion shock ▸Weather affects where commodities are produced, which routes are used, and how efficiently logistics systems operate ▸Shipping impact is 2nd-order, nonlinear, and often rate-positive before volume-negative ▸El Niño historically lowers Panama Canal water levels, in combination with low dry-bulk priority crossing, results in a tonne-mile booster
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19© 2026 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH El Niño (2023/2024) B O C I M A R ONSET OF CONSTRAINTS ▸ Climate signal present (60% chance) ▸ Panama Canal Authority introduced initial draft restrictions from May 2023 due to falling Gatún Lake levels ▸ Transit reductions were still limited ▸ Earnings signal not yet present RATE IMPACT ▸ Panamax daily slots reduced. Draft limits lowered to ~44 feet. Vessel queues peaked at ~160 ships in August 2023 ▸ Rerouted via Cape of Good Hope. Ton-mile inflation became unavoidable ▸ Panamax fixtures at higher levels, earnings signal not yet present PEAK IMPACT ▸ Canal restrictions tightened further in November 2023 ▸ Daily transits cut to as few as 24/day ▸ First quarter where El Niño translated clearly into reported EBITDA uplift CARRY-OVER IMPACT ▸ Drought conditions persisted into early 2024 ▸ Grain and bulk delays via Panama were still ongoing well into 2024 ▸ Rerouting remained economically rational for many bulk voyages DISSIPATION ▸ Improved rainfall and ACP water management eased constraints ▸ Canal conditions gradually normalised ▸ El Niño impact faded as a discrete earnings driver 1 2 3 4 5 Source: Own data representation based on: Clarksons SIN 0 50 100 150 200 250 0 5.000 10.000 15.000 20.000 May-2023 Jul-2023 Sep-2023 Nov-2023 Jan-2024 Mar-2024 May-2024 Jul-2024Mar-2023 USD/day # +183.6% Panamax earnings (USD/day) Total Bulkcarrier Panama Canal Transits
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EURONAV CRUDE OIL TANKERS
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21© 2026 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH 21 KEY HIGHLIGHTS Q2 2026 SPOT PERFORMANCE ( $ per vessel per day) YOY (END JULY 2026) Tankers E U R O N A V World oil demand 2026 Oil supply, OPEC Oil supply, non-OPEC OECD Total crude oil stocks China oil Imports Global crude oil on water +1.0% -30.9% +8.4% -3.7% -39.1% +6.7% Tanker fleet supply +3.7% US Crude oil exports +3.7% ▸VLCC trading fleet of 4 VLCCs with 1 x ECO VLCC on order (delivery Dec 2026) (average age <1y) ▸Q2 2026 TCE actuals at 126,790 USD/day ▸Q3 2026 TCE quarter to date rates at 125,404 USD/day (83% fixed) ▸1 x 1y VLCC Time Charter (June 2026) ▸Sale of three VLCCS: Ilma (2012), Ingrid (2012), and Donoussa (2016): ▷ Q2 gain of 98.2 million USD ▷ Q4 gain of 74.3 million USD Source: Own data representation based on: Breakwave Advisors, AXS Marine ▸Suezmax trading fleet of 15 Suezmax vessels on the water (average age 8.1y) ▸Q2 2026 TCE actuals at 123,405 USD/day ▸Q3 2026 TCE quarter to date rates at 117,579 USD/day (73% fixed) ▸Sale of three Suezmax vessels: Sienna (2007), Brest (2023), and Brugge (2023): ▷ Q2 gain of 29.2 million USD ▷ Q3 gain of 100.2 million USD TCE CALCULATIONS: Budget P&L break-even for 2026: includes OPEX, insurance, ship mgt fees, depreciation, interests, special expenses, arrangement fees & pool fees. OPEX as per 2026 budget 34.769 126.790 125.404 9,232OPEX P&L break-even Spot TCE Q2 ’26 Spot Q3 ’26 TCE-to-date +92,021 123.405 117.579 9,491OPEX 25,512P&L break-even Spot TCE Q2 ’26 Spot Q3 ’26 TCE-to-date +97,893 78.434 9,232OPEX 34,769P&L break-even Time Charter Q2 ’26 +43,665 25.512 34.726 OPEX P&L break-even Time Charter Q2 ’26 9,491 +9,214
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22© 2026 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH STRONGEST PERIOD FOR NEWBUILD INVESTMENT IN >50 YEARS LED BY EXAGGERATED VLCC APPETITE VESSEL NB SUPPLY SIDE FUNDAMENTALS ( 2 0 2 6 r e m a i n i n g ) HISTORIC VLCC AND SUEZMAX DELIVERIES ( F Y 2 0 2 6 ) Crude orderbook keeps on growing E U R O N A V Total NB: 370 # OB/F: 32.6 % 18% > 20 years (163 #) VLCC ‘BALANCE’ Total NB: 250 # OB/F: 29.1 % 21% > 20 years (153 #) SUEZMAX ‘BALANCE’ Source: Own data representation based on: Clarksons SIN, AXS Marine 20 69 143 106 32 22 63 99 60 0 50 100 150 200 250 2026 2027 2028 2029 62030 Suezmax NB deliveries VLCC NB deliveries Average since 2010 93 133 242 166 38 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 Suezmax and VLCC Deliveries Average since 1990
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23© 2026 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH Seaborne Crude Oil (January 2026 versus June 2026) All regions except China compensated the ME export losses Seaborne crude exports reduced since closure SOH… …BY APPROXIMATELY 8.55 mbpd 0.43 Other 2026 June China 2026 January Korea South Japan USA Other 4.32 China 1.85 India 0.93 Korea South 0.65 Japan 0.37 USA 30.93 22.38 India -8.55 In mbpd China India Japan USA Other Total Total lost export -4.32 -1.85 -0.65 -0.37 -0.43 -8.55 Export ME region -2.79 -2.18 -1.83 -0.42 -2.50 -10.65 Export global (excl. ME) -1.52 0.33 1.18 0.05 2.06 +2.10 In mbpd Export towards China reduced across all regions driven by ample crude oil inventory, reduced refinery runs, oil to coal substitution, and renewable alternatives (and hence price sensitive buying behaviour) China helped cushion the oil supply crisis in Q2 2026 China removed about 4.3 mbpd) of import demand (= SPR draws, stopping extra inventory building, reduced refinery runs, and fuel substitution) Source: Own data representation based on: AXS Marine E U R O N A V
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24© 2026 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH China 1,250 mb of crude stockpiles versus USA (413 mb), Japan (263 mb), OECD Europe (179 mb), South Korea (79 mb), and India (21mb) China large crude stockpiles… …allow China imports to be price sensitive and postpone imports when crude prices are high SOH long-term implication on market dynamics… …CHINA’S PRICE SENSITIVE OIL BUYING BEHAVIOUR IS BECOMING VERY V ISIBLE SINCE IRAN CONFLICT China Crude Imports (y-o-y change) (mbpd) 1-Month Lagged Weighted China Imports Price Basket, Change From a Year Ago (USD/bbl) -40 0 1 2 3 -3 -2 -1 -4 -30 -20 -10 0 10 20 30 40 50 June 2026 Next to massive stockpiles Coal (+1.4% y-o-y) and renewables (+0.8% y-o-y) pick up the remaining slack of lower oil supply 1-May 1,120 1-Jul 1-Sep 1,160 1-Nov 1-Jan 1,200 0 1,040 1,240 1-Jan 1-Mar 1,080 In mb ’23-’25 Low (mb) ’23-’25 High (mb) 2025 (mb) 2026 (mb) Source: Own data representation based on: Goldman Sachs Data & Graphs E U R O N A V
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25© 2026 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH Net imports of seaborne crude oil/condensate in China (mbpd) Net imports of seaborne crude oil/condensate in Asia (excl. China) (mbpd) SOH long-term implication on market dynamics… …CHINA CAN AND WILL INFLUENCE REGIONAL AND GLOBAL OIL AND FUEL M ARKETS GOING FORWARD (TO THE DETRIMENT OF OPEC’S INFLUENCE ? ) Despite the drawdowns, China is not in any rush yet to buy more oil, as it still holds substantial stocks...and oil prices remain elevated Source: Own data representation based on: AXS Marine 4,0 5,0 6,0 7,0 8,0 9,0 6,5 0,0 4,5 5,5 7,5 8,5 9,5 January September October July November December August June March May April February China 23-25 Low China 23–25 High China 2025 China 2026 10,0 0,0 13,5 12,5 11,5 10,5 11,0 12,0 13,0 14,0 December May April March February January July August September October November June Asia (ex-China) 23-25 Low Asia (ex-China) 23-25 High Asia (ex-China) 2025 Asia (ex-China) 2026 (30 days moving average basis discharge date) (30 days moving average basis discharge date) (Asia: Australia, India, Indonesia, South-Korea, Malaysia, Myanmar, Philippines, Singapore, Taiwan, Thailand, Vietnam) E U R O N A V
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26© 2026 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH DELPHIS CONTAINER VESSELS
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27© 2026 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH ▸4 x super-eco 6,000 TEU ice class container feeder vessels on the water – 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 December 2026 (CMI Weihai) – under 15-year time charter contract ▸A delay to Red Sea ‘unwinding’ have created a stronger near-term outlook for the container sector which is now being ‘amplified’ by seasonally strong summer demand ▸There appears scope for a material weakening of container sector supply-demand balance in the years ahead. Any eventual unwinding of Red Sea re-routing (currently adding 8.8% to TEU-mile demand) would materially drag on demand, while supply side pressure looks set to build as newbuild deliveries ramp up from next year Source: Own data representation based on Clarksons SIN SCFI EVOLUTION 1.000 2.000 3.000 4.000 5.000 USD/TEU Q1’21 Q2’21 Q3’21 Q4’21 Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 End July SCFI Comprehensive Container Freight Rate Index 5-year average 6.760 21.353 29.589 OPEX P&L break-even Time Charter Q2 ’26 +8,236 Containers D E L P H I S TCE CALCULATIONS: Budget P&L break-even for 2026: includes OPEX, insurance, ship mgt fees, depreciation, interests, special expenses, arrangement fees & pool fees. OPEX as per 2026 budget KEY HIGHLIGHTS Q2 2026 PERFORMANCE ( $ per vessel per day) Delphis has no spot exposure
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28© 2026 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH BOCHEM CHEMICAL TANKERS
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29© 2026 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH ▸Trading fleet of 8 chemical tankers on the water. Favorable long-term contract exposure: 2 x Pool, 8 x 10-year TC, 6 x 7-year TC ▸Newbuilding orderbook: 2 x product tankers (CH₃OH fitted): 2026; 4 x chemical tankers (NH3 ready): 2028 and; 2 x chemical tankers (NH3 fitted): 2029 ▸Chemical tanker rates are supported by elevated oil tanker rates (cfr. swing tonnage) ▸A large chemical and product tanker orderbook is adding capacity, creating in the long - term potential pressure on utilisation and freight rates. While growing biofuels trades provide a supportive source of long-haul tonne-mile demand Source: Own data representation based on Clarksons, Jefferies CHEMICAL TANKER TIME CHARTER EVOLUTION Chemical B O C H E M KEY HIGHLIGHTS Q2 2026 PERFORMANCE ( $ per vessel per day) Bochem has limited spot exposure TCE CALCULATIONS: Budget P&L break-even for 2026: includes OPEX, insurance, ship mgt fees, depreciation, interests, special expenses, arrangement fees & pool fees. OPEX as per 2026 budget 5.000 10.000 15.000 20.000 25.000 Q1’21 Q2’21 Q3’21 Q4’21 Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 End July 1 Year TC 19,999 dwt Stainless Steel 10 year avaerage USD/TEU 7.663 19.972 22.021 22.350 OPEX P&L break-even Spot TCE Q2 ’26 Spot Q3 ’26 TCE-to-date +2,378 7.663 19.972 19.658 OPEX P&L break-even Time Charter Q2 ’26 -314 Pool Time Charter
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30© 2026 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH WINDCAT OFFSHORE ENERGY
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31© 2026 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH ▸Windcat has 59 CTVs on the water, 4 additional CTVs on order ▸Windcat CTV market operates mainly under short term time charter contracts (3 months up to 5 years) ▸CTV markets remained tight throughout Q2 2026, with most vessels contracted for the busy summer season and very limited spot availability, supporting firm utilisation and attractive charter rates ▸Vessel availability is expected to improve modestly after the summer peak, which may ease rate pressure in Q4 ▸For Q2 2026, Windcat CTV achieved a TCE of 3,565 USD/day. Q3 TCE forecast of 3,765 USD/day (98% utilisation) 15.107 31.543 64.451 50.511 OPEX P&L break-even TCE Q2 ’26 Q3 ’26 TCE-to-date +32,908 1.553 1.949 3.565 3.765 OPEX P&L break-even TCE Q2 ’26 Q3 ’26 TCE-to-date +1,815 Source: Own data, Clarksons Offshore wind, oil & gas W I N D C A T ▸Windcat took delivery of the third CSOV Windcat Haarlem ▸Still three CSOVs and one CSOV XL on order ▸The CSOV market remained strong in Q2 2026, supported by high utilisation, limited vessel availability and continued demand from offshore wind construction, commissioning and O&M activities. Demand was further supported by growing adoption of walk-to-work solutions in the offshore oil & gas sector ▸A large delivery schedule through 2027-2028 is expected to gradually increase fleet supply and warrant closer monitoring ▸For Q2 2026, Windcat CSOVs achieved a TCE of 64,451 USD/day. Q3 TCE forecast at 50,511 USD/day (64.8% fixed) TCE CALCULATIONS: Budget P&L break-even for 2026: includes OPEX, insurance, ship mgt fees, depreciation, interests, special expenses, arrangement fees & pool fees. OPEX as per 2026 budget, CSOV at 85% utilization KEY HIGHLIGHTS Q2 2026 PERFORMANCE ( $ per vessel per day)
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JORIS DAMAN CO-HEAD INVESTOR RELATIONS Joris.da man@cmb.tech +32 498 61 71 11 Decarbonise Today Navigate Tomorrow