The EPS miss vs consensus ($0.35 vs $0.80) is likely a period mismatch (Q2 vs Q1) and should be discounted — focus on the massive YoY earnings swing and elevated spot rates. Monitor Q3 2026 TCE rates (currently strong: VLCC $125k/day, Newcastlemax $43k/day) and vessel sale gains ($100.2M expected in Q3, $131.2M in Q4).
Price Chart
Executive Summary
CMB.TECH reported Q2 2026 net profit of $364.4M ($1.26 EPS), a massive YoY swing from a $7.6M loss in Q2 2025, driven by exceptional tanker and dry bulk markets amid Strait of Hormuz disruption and vessel sale gains of $127.5M. Revenue surged 81.5% YoY to $703.9M, but the pre-release consensus of $0.80 EPS was a significant miss at $0.35, likely reflecting confusion over the reporting period (Q2 vs Q1) and the impact of one-time gains.
Key Financial Metrics
Key Facts
- Q2 2026 net profit $364.4M vs Q2 2025 loss of $7.6M (attributable to owners)
- Revenue $703.9M, up 81.5% YoY from $387.8M
- EBITDA $552.8M, up 146.7% YoY from $224.1M
- EPS $1.26 vs $0.04 in Q2 2025 (basic, attributable)
- Pre-release consensus EPS $0.80 vs reported $0.35 — 56.3% miss (period mismatch likely)
- Vessel sale gains of $127.5M in Q2 2026, including $98.2M from two VLCCs
- Proposed distribution of $0.64 per share (interim dividend $0.21 + share premium $0.43)
- Contract backlog stable at $3.26B
- VLCC spot TCE averaged $126,790/day in Q2 2026 vs $44,981 in Q2 2025
- Newcastlemax spot TCE averaged $46,198/day in Q2 2026 vs $23,081 in Q2 2025
- Operating cash flow $417.3M in H1 2026 vs $73.1M in H1 2025
Financial Impact
Q2 2026 net profit $364.4M, revenue $703.9M, EBITDA $552.8M; vessel sale gains $127.5M
Risk Factors
- Geopolitical normalization could sharply reduce tanker rates (VLCC spot currently ~4x historical average)
- Large tanker orderbook (620 VLCC/Suezmax units) poses medium-term supply risk
- China's crude import demand may weaken due to high inventories and EV adoption
- Container market faces oversupply risk with 38% orderbook-to-fleet ratio
- EPS miss vs consensus may trigger short-term selling despite strong absolute results
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3351767 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 13d ago | 6-K | $18.99 | awaiting T+60 | — | $18.27 (−3.80%) |
Oct 9, 2026 17d ago | 6-K | $20.92 | awaiting T+60 | — | $18.27 (−12.68%) |
Oct 8, 2026 18d ago | 6-K | $20.60 | awaiting T+60 | — | $18.27 (−11.32%) |
Sep 23, 2026 4w ago | 6-K | $19.04 | awaiting T+60 | — | $18.27 (−4.05%) |
Aug 27, 2026 8w ago | Press Release | $18.28 | awaiting T+60 | — | $18.27 (−0.07%) |
Aug 13, 2026 10w ago | Press Release | $16.96 | awaiting T+60 | — | $18.27 (+7.71%) |
Jun 29, 2026 17w ago | 6-K | $13.99 $19.16 | ▲ +36.95% | ▲ +34.14% | $18.27 (+30.58%) |
Jun 22, 2026 18w ago | 6-K | $15.96 $19.66 | ▲ +23.18% | ▲ +19.94% | $18.27 (+14.46%) |
Jun 22, 2026 18w ago | Press Release | $15.27 $19.56 | ▲ +28.09% | ▲ +26.35% | $18.27 (+19.63%) |
May 26, 2026 21w ago | 6-K | $15.75 | awaiting T+60 | — | $18.27 (+15.99%) |
US Market Status
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