New Risk • May 19
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 14% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.8x net interest cover). Earnings are forecast to decline by an average of 14% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (49% increase in shares outstanding). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (22% net profit margin). Reported Earnings • Apr 24
Full year 2025 earnings released: EPS: US$0.70 (vs US$4.44 in FY 2024) Full year 2025 results: EPS: US$0.70 (down from US$4.44 in FY 2024). Revenue: US$1.67b (up 77% from FY 2024). Net income: US$160.7m (down 82% from FY 2024). Profit margin: 9.6% (down from 93% in FY 2024). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 1.3% decline forecast for the Oil and Gas industry in Norway. Upcoming Dividend • Apr 07
Upcoming dividend of US$0.16 per share Eligible shareholders must have bought the stock before 14 April 2026. Payment date: 27 April 2026. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Norwegian dividend payers (7.4%). Lower than average of industry peers (5.0%). New Risk • Mar 02
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 508% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.9x net interest cover). Shareholders have been substantially diluted in the past year (49% increase in shares outstanding). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (9.7% net profit margin). Reported Earnings • Feb 27
Full year 2025 earnings released: EPS: US$0.70 (vs US$4.44 in FY 2024) Full year 2025 results: EPS: US$0.70 (down from US$4.44 in FY 2024). Revenue: US$1.89b (up 101% from FY 2024). Net income: US$161.7m (down 81% from FY 2024). Profit margin: 8.6% (down from 93% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 2.0% decline forecast for the Oil and Gas industry in Norway. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to kr113, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 8x in the Oil and Gas industry in Norway. Upcoming Dividend • Dec 30
Upcoming dividend of US$0.05 per share Eligible shareholders must have bought the stock before 06 January 2026. Payment date: 20 January 2026. Payout ratio is a comfortable 4.5% but the company is not cash flow positive. Trailing yield: 73%. Within top quartile of Norwegian dividend payers (8.7%). Higher than average of industry peers (8.7%). Reported Earnings • Nov 27
Third quarter 2025 earnings released: EPS: US$0.083 (vs US$0.51 in 3Q 2024) Third quarter 2025 results: EPS: US$0.083 (down from US$0.51 in 3Q 2024). Revenue: US$625.6m (up 182% from 3Q 2024). Net income: US$19.9m (down 80% from 3Q 2024). Profit margin: 3.2% (down from 44% in 3Q 2024). Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 4.3% decline forecast for the Oil and Gas industry in Norway. お知らせ • Nov 26
Cmb.Tech Nv Proposes Interim Dividend, Payable on or About 15 January 2026 CMB.TECH intends to propose an interim dividend of USD 0.05 per share, which is expected to be paid on or about 15 January 2026, subject to completion of the required statutory procedures. Ex-dividend date is 6 January 2026. Record date is 7 January 2026. お知らせ • Sep 25
Cmb.Tech Nv Announces Supervisory Board and Committee Changes Cmb.Tech NV announced that Mrs. Julie De Nul has decided to resign as member of the Supervisory Board of CMB.TECH NV. The Supervisory Board has further decided to co-opt Mr. Carl Steen as independent member within the Supervisory Board. Mr. Carl Steen has been appointed to succeed Mrs. Julie de Nul as chairman of the Remuneration committee. Mr. Carl Steen graduated in 1975 from ETH Zurich Switzerland with a M.Sc. in Industrial and Management Engineering. After working for a number of high profile companies in Norway, he moved to Luxembourg in 1983 and started his banking career in Christiania Bank Luxembourg. Mr. Steen joined Nordea Bank from 2001 to February 2011 as head of the banks Shipping, Oil Services & International Division. Mr. Steen has been director in various Norwegian and international Companies within the shipping, offshore and banking sphere. From 2015-2022 he was Chairman in Euronav NV. He now serves as Chairman in Wilhelmsen Holding ASA and holds directorship in Golar LNG Ltd. and Himalaya Shipping Ltd. お知らせ • Sep 23
Cmb.Tech NV(OB:CMBTO) dropped from Oslo OBX Total Return Index Cmb.Tech NV has been dropped from the Oslo OBX Total Return Index Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to kr98.60, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Oil and Gas industry in Norway. New Risk • Aug 31
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). Shares are highly illiquid. High level of non-cash earnings (21% accrual ratio). Shareholders have been substantially diluted in the past year (49% increase in shares outstanding). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (23% net profit margin). Reported Earnings • Aug 29
Second quarter 2025 earnings released: EPS: US$0.04 (vs US$0.95 in 2Q 2024) Second quarter 2025 results: EPS: US$0.04 (down from US$0.95 in 2Q 2024). Revenue: US$387.8m (up 54% from 2Q 2024). Net income: US$7.77m (down 96% from 2Q 2024). Profit margin: 2.0% (down from 73% in 2Q 2024). Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 5.5% decline forecast for the Oil and Gas industry in Norway. New Risk • Aug 22
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 49% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.0x net interest cover). Shares are highly illiquid. Shareholders have been substantially diluted in the past year (49% increase in shares outstanding). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (23% net profit margin).