CMB.TECH NV Ordinary Shares

Good afternoon, good morning, good evening, everyone. Welcome to the CMB Tech third quarter earnings call. My name is Alexander Savris. I'm the CEO of CMB Tech. I'm joined by Ludovic Savris, the CFO of CMB Tech, Joris Daman, Head of Investor Relations, and Enya Derkinderen, our Brand Manager in the Communications Department. we will discuss in this call our third quarter 2024 financials and some highlights we will then zoom in to our five marine divisions and a market update and we will then have some concluding remarks and open the floor for questions and answers i would like to hand it over to our cfo ludovic yes good afternoon everybody um if we go on the next slide um we just want to give

A quick snapshot of the Q3 figures, where we ended the third quarter of 2024 with a net profit of 98.1 million. Adjusted for capital gains, this was around $37 million. Our EBDA figure ended at $116 million for the quarter. If we look at a trailing 12-month net income of the company, we are close to $1.2 billion. Further down in the slides, you can see we ended the quarter with $326 million of liquidity in the company. Our contract backlog is still $2.06 billion. Our outstanding CapEx end of Q3 is $2.5 billion, and we end the quarter with equity on total assets in financial covenants of 30.4%. Next slide. Zooming in on the highlights, as mentioned, our quarterly profit was $98.1 million. This brings the year-to-date profit of the company to $777.7 million. It was a very active quarter and also a quarter to date today. In terms of new-built deliveries, we took a delivery of 8,000. new building vessels. At the same time, we sold two of our older tankers, the Safira and the Stasia, generating capital gain of roughly $61 million. On the same time, early September, the FSMA, the Belgian regulator, ordered CMB, our reference shareholder, to make a subsequent additional payment of $52 cents in the previous tender offer and reopen the mandatory bids on CMB Tech at $12.66. The supervisory board of CMB Tech has unanimously recommended that shareholders do not tender their shares in the reopening. At the same time, we have our symbolical yet important name change from Euronav to CNB Tech and the ticker symbol that already changed over the summer. On the commercial side, we were happy to announce that we signed another seven-year contract on our last new building chemical tanker. We inaugurated our hydrogen engine research and development center in Tsuneshi in our partnership with Japan Hydro. And as mentioned, we're adding $57 million to our contract backlog, which stands at $2.06 billion today. The fleet is growing and continues to grow. It will end the year 2024 at 115 vessels on the water and expect to have 156 vessels by end of the last quarter, 2026. Zooming in on our P&L break-evens and the next couple of slides, we give the information for people to make a good assessment on what the open days are. Our P&L break-evens are achieved, plan charter equivalents weighted for the various divisions, and the contract backlog. As you can see, in all our divisions, we are profitable, particularly on the tanker side, where we have a weighted average on a P&L break even of close to 25,900, where combined weighted average earnings were $40,000 on tankers, $31,000 on the growing fleet of Newcastle Maxis, which is quite promising, and on the containers and chemicals, most of the contracts are long-term contracts, but still quite Profitable. Looking at the contract backlog, it happens to be, by luck, that it's the same amount of the last quarter. Obviously, one quarter has passed, so contract backlog decreased, but we added $57 million on the chemical tanker. On the previous slide, on the right of the slide, sorry, you can see that it's roughly between $1 billion of contract backlog in tankers, half a billion each on the chemical tankers and the container vessels. This slide, we're not going to go into detail, but gives the investor and the audience a look into the open days, the total amount of days. For 2024, the company has roughly 18,400 total days in the company. That grows quite significantly with the deliveries of the many new building vessels that come, to close to 24,000 for 2025 and 30,000 total days for 2026.

And I'll give the floor back to Alex for a zoom in on the various divisions.