Cmb.Tech NV (CMBT) Q1 2025 Earnings Call Transcript

2025-05-21 12:29:03 ET

Cmb.Tech NV (CMBT)

Q1 2025 Results Conference Call

May 21, 2025 08:00 AM ET

Company Participants

Alexander Saverys - Chief Executive Officer

Ludovic Saverys - Chief Financial Officer

Joris Daman - Head of Investor Relations

Enya Derkinderen - Communications Coordinator

Conference Call Participants

Frode Morkedal - Clarksons

Kristof Samoy - KBC Securities

Presentation

Alexander Saverys

Good afternoon, everyone, and welcome to the Cmb.Tech Earnings Call for the First Quarter of 2025. My name is Alexander Saverys. I'm the CEO of Cmb.Tech, and I'm joined here today by my colleagues, Ludovic, Joris and Enya.

We want to focus on our first quarter numbers, the financials and the highlights. We also want to say a few words about the Cmb.Tech and Golden Ocean proposed merger. We will say a few words about the decisions that we're taking at the IMO meeting a couple of weeks ago and then zoom in on our different marine divisions and give you an update on where the market is. To end, as usual, with the conclusion and time for questions and answers.

I would like now to hand it over to our CFO, Ludovic.

Ludovic Saverys

Thanks, Alex, and good afternoon, everybody. If we look at the Q1 figures of 2025, we end the quarter with a profit of roughly $40 million. Excluding capital gains, we would have resulted in a net income of minus $6 million. These figures, for the first time, we consolidate Golden Ocean from a balance sheet perspective end of March. But from a P&L perspective, we consolidated -- as from the 12th of March. So, the figures include 19 days of Golden Ocean P&L. Mind you, there is different depreciation models. So, it is sometimes not very easy to look through the figures....

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