Market Newsdesk

Stellantis Reports Full Year 2025 Financial Results

Decisive Reset to Meet Customer Preferences
Focus on Strong Execution in 2026

• Net revenues of
  €153.5 billion
  , down
  2%
  compared to 2024, mainly due to FX headwinds and also from H1 2025 net pricing declines
• Net loss of
  €22.3 billion
  due to €25.4 billion of full year unusual charges,
  primarily reflects a strategic shift to put customer preferences and freedom-of-choice back at the heart of the Company’s plans
• Adjusted operating loss
  
  ⁽²⁾
  
  of
  €842 million
  with AOI margin
  
  ⁽³⁾
  
  of
  (0.5)%
  , AOI negatively impacted by a number of specific items
• Industrial free cash flows
  
  ⁽⁴⁾
  
  were negative
  €4.5
  billion
• H2 2025, the first full
  6 months
  of the renewed leadership team, saw improvements in revenue growth and I
  FCF
  
  ⁽⁴⁾
  
  . Top-line growth was re-established with a 10% year-over-year increase in Net revenues. H2 2025 IFCF
  
  ⁽⁴⁾
  
  of negative €1.5 billion represents approximately 50% improvement compared to H1 2025, and 73% improvement compared to H2 2024
• Industrial available liquidity
  
  ⁽⁹⁾
  
  was €46 billion at the end of 2025. To preserve a strong balance sheet the Board authorized the suspension of the 2026 dividend and the issuance of up to €5 billion of hybrid bonds
• New product wave broadens market coverage with added white-space products and powertrain options across North America, Enlarged Europe, South America and Middle East & Africa targeting profitable growth opportunities
• 2026 Financial Guidance Affirmed. Company expects to progressively improve Net revenues,
  AOI margin
  
  ⁽³⁾
  
  and Industrial free cash flows
  
  ⁽⁴⁾
  
  in 2026, and to see progressive improvements from H1 2026 to H2 2026

“Our 2025 full year results reflect the cost of over-estimating the pace of the energy transition and of the need to reset our business around our customers’ freedom to choose from the full range of electric, hybrid and internal combustion technologies.”   “In the second half of the year we began to see initial, positive signs of progress with the early results of our drive to improve quality, strong execution of the launches of our new product wave and a return to top line growth. In 2026 our focus will be on continuing to close the execution gaps of the past, adding further momentum to our return to profitable growth.“                                                                               Antonio Filosa, CEO

2026 Dodge Charger SIXPACK – 2026 NA Car of the Year®

€ million / units million			FY 2025		FY 2024		Change			H2 2025		H2 2024		Change			FY 2026 FINANCIAL GUIDANCE   Net revenues: Mid-Single Digit % Increase   AOI margin(3): Low-Single Digit %                       Industrial free cash flows(4): Improved Y-o-Y (incl. €2B in 2026 payments related to H2 ’25 charges)   Expect Positive Industrial free cash flow(4) in 2027
I F R S	Net revenues		153,508		156,878		(2)%			79,247		71,861		+10%
	Net profit/(loss)		(22,332)		5,520		n.m.			(20,076)		(127)		n.m.
	Diluted EPS		(7.75)		1.84		n.m.			(6.96)		(0.05)		n.m.
	Cash flows from operating activities(5)		(4,650)		1,535		n.m.			(2,363)		(2,435)		+3%
N O N – G A A P	Adjusted operating income/(loss)(2)		(842)		8,648		(110)%			(1,382)		185		n.m.
	Adjusted operating income margin(3)		(0.5)%		5.5%		(600)	bps		(1.7)%		0.3%		(200)	bps
	Adjusted diluted EPS(5)		(0.42)		2.48		(117)%			(0.60)		0.08		n.m.
	Industrial free cash flows(4)		(4,525)		(6,045)		+25%			(1,520)		(5,653)		+73%
	Consolidated shipments(1)		5,484		5,415		+1%			2,820		2,543		+11%
	Combined shipments(1)		5,573		5,526		+1%			2,883		2,595		+11%

________________________________________________________________________________________________________________________________________

All reported data is unaudited. Reference should be made to the section “Safe Harbor Statement” included elsewhere within this document
n.m – not meaningful

AMSTERDAM – February 26, 2026 — Stellantis N.V. reported its Full Year 2025 results, with Net revenues of €153.5 billion, down 2% from 2024 due to strong FX headwinds and H1 2025 net pricing declines, which were partially offset by higher volume and mix. The Company posted a Net loss of €22.3 billion, driven by €25.4 billion in charges primarily related to a profound strategic shift to meet customer preferences, and reflect shifts in regulatory frameworks.

In 2026, Stellantis’ expanding product wave is broadening market coverage and targeting new opportunities for profitable growth. For example, in North America, the Jeep^® Cherokee and Dodge Charger SIXPACK mark a decisive re‑entry into the mid‑SUV and ICE muscle‑car segments, with additional momentum expected from the late‑2025 launch of the Ram 1500 HEMI® V8 and Express models. In South America, the mid-size pickup Ram Dakota anchors the lineup, while in Enlarged Europe, the Citroën C5 Aircross BEV, the Jeep^® Compass BEV and the recently launched Fiat 500 Hybrid further strengthen the Company’s ability to meet the full range of its customers’ needs.

Company Delivers Return to Top-Line Growth in H2 2025

Stellantis delivered a solid performance in the second half of 2025, with consolidated shipments reaching 2.8 million units—an increase of 277,000 vehicles, or +11% year-over-year. Growth was broad-based, with every region reporting higher volumes.

• North America posted the strongest contribution, adding 231,000 units—a +39% year-over-year increase, reflecting the benefits of normalized inventory dynamics, compared with the prior year’s inventory reduction initiative, along with increased commercial momentum in the region.
• Stellantis’ Net revenues in H2 2025 rose 10% compared with the same period in 2024.

These results reflect the initial impact of improved operational efficiencies, disciplined commercial strategies, and the strength of Stellantis’ global brand portfolio. Furthermore, the renewed focus on quality management is delivering early results, with the number of issues reported for vehicles in their first month of service decreasing by over 50% in North America, and by over 30% in Enlarged Europe since the beginning of 2025.

Executes Decisive Reset to Align with Customers and Support Profitable Growth

On February 6, 2026, Stellantis announced a major reset of its business, resulting in approximately €22.2 billion in charges, excluded from AOI, for the second half of 2025, of which about €6.5 billion are cash payments expected to be made over the next four years. These charges include:

• Resetting the product plan and EV supply chain to reflect customer demand and shifting regulations;
• A change in the estimation process for contractual warranty provisions; and
• Other charges, mainly related to previously announced workforce reductions in Enlarged Europe.

In addition, the reset has empowered regional teams to accelerate decision-making and improve effectiveness across all business areas, while working to build closer, more productive relationships with the Company’s dealer, supplier, institutional and union stakeholders.

2026 Guidance Reiterated Projecting Progressive Improvement in Net Revenue, AOI, and IFCF

The Company expects to see a mid-single-digit percent increase in Net revenues, a low-single-digit AOI margin, and improved Industrial free cash flow generation year over year. Sequential improvement is also expected from the first half to the second half of the year.

Upcoming
Events

• Full Year 2025 Results Management Call – February 26, 2026, at 2:00 p.m. CET / 8:00 a.m. EST. The webcast and recorded replay will be accessible under the Investors section of the Stellantis corporate website (www.stellantis.com).
• Annual General Meeting – April 14, 2026.
• Beginning with Q1 2026 results on April 30, Stellantis will transition to quarterly reporting of earnings and other financial results.
• Stellantis Investor Day – May 21, 2026, Auburn Hills, Michigan & virtually through webcast. Registration is now open.

About Stellantis

Stellantis N.V. (NYSE: STLA / Euronext Milan: STLAM / Euronext Paris: STLAP) is a leading global automaker, dedicated to giving its customers the freedom to choose the way they move, embracing the latest technologies and creating value for all its stakeholders. Its unique portfolio of iconic and innovative brands includes Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, FIAT, Jeep_®, Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys. For more information, visit https://www.stellantis.com.

FULL YEAR 2025 SEGMENT PERFORMANCE

NORTH AMERICA								ENLARGED EUROPE
€ million, except as otherwise stated	2025		2024		Change			€ million, except as otherwise stated	2025		2024		Change
Shipments (000s)	1,472		1,432		+40			Shipments (000s)	2,490		2,576		(86)
Net revenues	60,962		63,450		(2,488)			Net revenues	57,773		59,010		(1,237)
AOI	(1,892)		2,660		(4,552)			AOI	(651)		2,419		(3,070)
AOI margin	(3.1)%		4.2%		(730)	bps		AOI margin	(1.1)%		4.1%		(520)	bps
Shipments up 3%, mainly due to increase in Ram LD trucks, Jeep® Wrangler and Gladiator and Chrysler Pacifica, partially offset by Ram Promaster and Jeep® PHEVs Net revenues down 4%, driven largely by foreign exchange impacts from U.S. Dollar and higher incentives levels, partially offset by increased volume, specifically in U.S. retail Adjusted operating income/(loss) down €5 billion, mainly driven by unfavorable mix, U.S. tariffs, change in estimate for contractual warranties and increased incentive spend, partially offset by purchasing and manufacturing performance and improved retail volumes								Shipments down 3%, mainly due to lower shipments of legacy models of Peugeot, Opel and FIAT brands, partially offset by higher volumes of Opel/Vauxhall Frontera and Fiat Grande Panda Net revenues down 2%, due to pricing pressures and reduced volumes, partially offset by positive powertrain and trim mix Adjusted operating income/(loss) down €3 billion, driven by unfavorable pricing and mix, lower volumes, and higher industrial costs related to warranty and LCV compliance provisions, partially mitigated by improved purchasing and manufacturing performance

MIDDLE EAST & AFRICA								SOUTH AMERICA
€ million, except as otherwise stated	2025		2024		Change			€ million, except as otherwise stated	2025		2024		Change
Combined shipments(1) (000s)	542		534		+8			Shipments (000s)	1,000		912		+88
Consolidated shipments(1) (000s)	453		423		+30			Net revenues	16,197		15,863		+334
Net revenues	9,709		10,097		(388)			AOI	1,963		2,272		(309)
AOI	1,429		1,901		(472)			AOI margin	12.1%		14.3%		(220)	bps
AOI margin	14.7%		18.8%		(410)	bps
Consolidated shipments up 7%, mainly driven by increased volumes in Türkiye, partially offset by decreases in Algeria Net revenues down 4%, primarily due to negative foreign exchange translation effects, mainly from Turkish Lira, partially offset by strong increases in net pricing Adjusted operating income/(loss) down €472 million, primarily due to negative foreign exchange transaction and translation effects primarily related to Turkish Lira, partially offset by increased pricing actions								Shipments up 10%, driven primarily by increased volumes in Argentina, Brazil and Chile Net revenues up 2%, driven by increased volume, mainly in Argentina, largely offset by foreign exchange impacts from Brazilian Real and Argentine Peso Adjusted operating income/(loss) down €309 million, driven by Brazilian Real devaluation impact on industrial costs and Argentine Peso devaluation impact on price in Argentina, partially offset by better volume/mix and a benefit from recognition of Brazilian indirect tax credits

CHINA AND INDIA & ASIA PACIFIC								MASERATI
€ million, except as otherwise stated	2025		2024		Change			€ million, except as otherwise stated	2025		2024		Change
Combined shipments(1) (000s)	61		61		—			Shipments (000s)	7.9		11.3		(3.4)
Consolidated shipments(1) (000s)	61		61		—			Net revenues	726		1,040		(314)
Net revenues	1,868		1,993		(125)			AOI	(198)		(260)		+62
AOI	74		(58)		+132			AOI margin	(27.3)%		(25.0)%		(230)	bps
AOI margin	4.0%		(2.9)%		+690	bps
Improved results due to better mix mainly driven by higher Ram sales and fixed costs containment, partially offset by unfavorable foreign exchange translation impacts								Lower R&D and reduced D&A costs from previously impaired assets, partially offset by decreased net pricing in NA and lower volumes from reduced product portfolio, U.S. tariffs and reduced appetite for luxury products in China

H2 2025 PERFORMANCE

(€ million)			H2 2025		H2 2024		Change
I F R S	Net revenues		79,247		71,861		+10%
	Net profit/(loss)		(20,076)		(127)		n.m.
	Diluted EPS		(6.96)		(0.05)		n.m.
	Cash flows from operating activities(5)		(2,363)		(2,435)		3%
N O N – G A A P	Adjusted operating income/(loss)(2)		(1,382)		185		n.m.
	Adjusted operating income margin(3)		(1.7)%		0.3%		(200)	bps
	Adjusted diluted EPS(6)		(0.60)		0.08		n.m.
	Industrial free cash flows(4)		(1,520)		(5,653)		73%

NORTH AMERICA								ENLARGED EUROPE
€ million, except as otherwise stated	H2 2025		H2 2024		Change			€ million, except as otherwise stated	H2 2025		H2 2024		Change
Shipments (000s)	825		594		+231			Shipments (000s)	1,201		1,189		+12
Net revenues	32,764		25,097		+7,667			Net revenues	28,532		29,041		(509)
AOI	(941)		(1,706)		+765			AOI	(660)		359		(1,019)
AOI margin	(2.9)%		(6.8)%		+390	bps		AOI margin	(2.3)%		1.2%		(350)	bps

MIDDLE EAST & AFRICA								SOUTH AMERICA
€ million, except as otherwise stated	H2 2025		H2 2024		Change			€ million, except as otherwise stated	H2 2025		H2 2024		Change
Combined shipments(1) (000s)	291		261		+30			Shipments (000s)	529		518		+11
Consolidated shipments(1) (000s)	228		209		+19
Net revenues	4,765		5,092		(327)			Net revenues	8,428		8,496		(68)
AOI	661		854		(193)			AOI	775		1,122		(347)
AOI margin	13.9%		16.8%		(290)	bps		AOI margin	9.2%		13.2%		(400)	bps

CHINA AND INDIA & PACIFIC								MASERATI
€ million, except as otherwise stated	H2 2025		H2 2024		Change			€ million, except as otherwise stated	H2 2025		H2 2024		Change
Combined shipments(1) (000s)	33		29		+4			Shipments (000s)	3.7		4.8		(1.1)
Consolidated shipments(1) (000s)	33		29		+4			Net revenues	357		409		(52)
Net revenues	945		921		+24			AOI	(59)		(178)		+119
AOI	55		(115)		+170			AOI margin	(16.5)%		(43.5)%		n.m.
AOI margin	5.8%		(12.5)%		n.m.

Reconciliations – Full Year

Net revenues from external customers to Net revenues and Net profit to Adjusted operating income

2025	(€ million)		NORTH AMERICA		ENLARGED EUROPE		MIDDLE EAST & AFRICA		SOUTH AMERICA		CHINA AND INDIA & ASIA PACIFIC		MASERATI		OTHER (*)		STELLANTIS
Net revenues from external customers			60,962		57,602		9,708		16,031		1,867		726		6,612		153,508
Net revenues from transactions with other segments			—		171		1		166		1		—		(339)		—
Net revenues			60,962		57,773		9,709		16,197		1,868		726		6,273		153,508
Net profit/(loss)																	(22,332)
Tax expense/(benefit)																	(4,273)
Net financial expenses/(income)																	351
Operating income/(loss)																	(26,254)
Adjustments:
Restructuring and other costs, net of reversals(A)			(17)		861		2		17		—		4		46		913
Takata airbags recall campaign(B)			—		590		27		5		—		—		—		622
Platform impairments(C)			5,700		270		—		—		—		613		—		6,583
Costs related to product plan realignments and program cancellations(D)			6,528		2,211		8		321		1		3		—		9,072
Other Impairments(E)			—		79		—		—		—		—		164		243
Battery JVs(F)			1,571		483												2,054
Hydrogen fuel cell program discontinuation(G)			—		1,094		—		—		—		—		—		1,094
CAFE penalty rate(H)			269		—		—		—		—		—		—		269
Stellantis Türkiye disposal(I)			—		—		246		—		—		—		—		246
Change in estimate for contractual warranties(J)			3,252		878		—		—		—		—		—		4,130
Other(K)			161		25		1		(35)		(9)		—		43		186
Total adjustments			17,464		6,491		284		308		(8)		620		253		25,412
Adjusted operating income (1)			(1,892)		(651)		1,429		1,963		74		(198)		(1,567)		(842)

________________________________________________________________________________________________________________________________________________________________________________________
(*) Other activities, unallocated items and eliminations
(A) Primarily related to workforce reductions, mainly in Enlarged Europe
(B) Related to stop-drive campaign on certain vehicles in Enlarged Europe announced in June 2025
(C) Primarily as a result of reduced volumes and profitability expectations, platforms were impaired in North America for €5,700 million, Maserati for €613 million and in Enlarged Europe for €270 million
(D) Primarily related to costs incurred as result of product plan realignments and program cancellations
(E) Impairments in Other activities is related to the Free2Move business, the other impairments in Enlarged Europe relate to write downs of assets on classification to held for sale as well as the impairment of a prepayment to a supplier, which is not expected to be recoverable
(F) Related to steps of rationalizing battery manufacturing capacity
(G) During the year ended December 31, 2025, Stellantis decided to discontinue its hydrogen fuel cell strategy. As a result, the following items have been impaired: (i) investment in Symbio (€324 million), (ii) loans granted to Symbio (€146 million), (iii) capitalized development expenditures and property, plant and equipment related to fuel cells (€341 million), (iv) in addition, provisions for risks were recognized (€210 million) and (v) other expenses (€73 million)
(H) As a result of the elimination of CAFE fines with the enactment of OBBB, the Company recognized a net expense of €97 million, comprised of net €172 million of CAFE credits recognized as a reduction of Cost of revenues, which remains included in Adjusted operating income as these amounts reduced prior year CAFE fines, and a net expense of €269 million, which is excluded from AOI and comprised of (i) elimination of the CAFE provision of €844 million, (ii) impairment of the regulatory credit assets of €609 million, and (iii) onerous contracts related to contractual purchase commitments for CAFE credits of €504 million
(I) Sale of Stellantis Türkiye to the Company’s joint venture, Tofas, for which the Company recognized an estimated loss on disposal of €246 million, driven primarily by the recycling of the cumulative translation reserve from Equity to the Consolidated Income Statement upon disposal
(J) Related to the change in estimate for contractual warranty provisions, resulting from the reassessment of the estimation process, taking into account recent increases in cost inflation and a deterioration in quality, as a result of operational choices, which did not deliver the expected quality performance
(K) Comprised primarily of (i) adjustments to costs previously recognized to support the workforce during the transformation of certain plants in North America, (ii) gains/(losses) recognized on the disposal of non-significant entities and on dilution of certain of our equity method investees, including Archer.

2024	(€ million)		NORTH AMERICA		ENLARGED EUROPE		MIDDLE EAST & AFRICA		SOUTH AMERICA		CHINA AND INDIA & ASIA PACIFIC		MASERATI		OTHER (*)		STELLANTIS
Net revenues from external customers			63,449		58,844		10,109		15,883		1,991		1,038		5,564		156,878
Net revenues from transactions with other segments			1		166		(12)		(20)		2		2		(139)		—
Net revenues			63,450		59,010		10,097		15,863		1,993		1,040		5,425		156,878
Net profit/(loss)																	5,520
Tax expense/(benefit)																	(1,488)
Net financial expenses/(income)																	(345)
Operating income/(loss)																	3,687
Adjustments:
Restructuring and other costs, net of reversals (A)			510		1,027		1		20		6		22		31		1,617
Impairment expense and supplier obligations, net of reversals (B)			31		207		2		—		16		1,526		25		1,807
Takata airbags recall campaign, net of recoveries (C)			—		711		21		36		—		—		—		768
Lifetime onerous contracts (D)			636		—		—		—		1		—		—		637
Other (E)			62		(6)		—		32		(5)		—		49		132
Total adjustments			1,239		1,939		24		88		18		1,548		105		4,961
Adjusted operating income (1)			2,660		2,419		1,901		2,272		(58)		(260)		(286)		8,648

________________________________________________________________________________________________________________________________________________________________________________________
(*) Other activities, unallocated items and eliminations
(A) Primarily related to workforce reductions, mainly in Enlarged Europe and North America
(B) Primarily related to (i) €1,063 million of impairments of certain platform assets in Maserati and Enlarged Europe, net of reversal, driven by projected decreases in margins for certain models and the cancellation of certain projects prior to launch, (ii) €230 million of provisions accrued for supplier obligations, relating to projects in development which were cancelled prior to launch (and for which the related capitalized R&D was impaired under (i) above), and (iii) €514 million of goodwill impairments related to the Maserati segment
(C) Extension of Takata airbags recall campaign
(D) Provision primarily related to lifetime service contracts sold in North America prior to the merger determined to be onerous during 2024
(E) Consisting of other adjustments which are individually insignificant

Diluted EPS to Adjusted diluted EPS⁽⁶⁾

Results from continuing operations
(€ million, except as otherwise stated)		2025		2024
Net profit attributable to owners of the parent		(22,368)		5,473
Weighted average number of shares outstanding (000)		2,886,684		2,949,652
Number of shares deployable for share-based compensation (000)		—		26,168
Weighted average number of shares outstanding for diluted earnings per share (000)		2,886,684		2,975,820
Diluted earnings per share (A) (€/share)		(7.75)		1.84
Adjustments, per above		25,412		4,961
Tax impact on adjustments(B)		(5,185)		(799)
Unusual items related to income taxes(B)		932		(2,266)
Total adjustments, net of taxes		21,159		1,896
Impact of adjustments above, net of taxes, on Diluted earnings per share from continuing operations (B) (€/share)		7.33		0.64
Adjusted Diluted earnings per share (6) (€/share) (A+B)		(0.42)		2.48

______________________________________________________________________________________________________________________________________________
(A) Tax impact on adjustments is calculated based on the expected local country tax implications for each adjustment
(B) Unusual items related to income taxes relate to the derecognition of deferred tax assets in Germany in 2025, and the recognition of deferred tax assets in Brazil in 2024

Cash flows from operating activities to Industrial free cash flows

(€ million)		2025		2024
Cash flows from/(used in) operating activities (5)		(4,650)		1,535
Less: Financial services, net of inter-segment eliminations		(9,700)		(5,209)
Less: Capital Expenditures and capitalized research and development expenditures and change in amounts payable on property, plant and equipment and intangible assets for industrial activities		9,090		10,761
Add: Proceeds from disposal of assets and other changes in investing activities		591		303
Less: Contributions of equity to joint ventures and minor acquisitions of consolidated subsidiaries and equity method and other investments		1,116		2,376
Add: Defined benefit pension contributions, net of tax		40		45
Industrial free cash flows (4)		(4,525)		(6,045)

Debt to Industrial net financial position

(€ million)		December 31, 2025		December 31, 2024
Debt		(45,947)		(37,227)
Current financial receivables from jointly-controlled financial services companies		603		674
Derivative financial assets/(liabilities), net and collateral deposits		181		222
Financial securities		1,362		4,468
Cash and cash equivalents		30,146		34,100
Industrial net financial position classified as held for sale		—		169
Net financial position		(13,655)		2,406
Less: Net financial position of financial services		(20,349)		(12,722)
Industrial net financial position (7)		6,694		15,128

Available liquidity

(€ million)		December 31, 2025		December 31, 2024
Cash, cash equivalents and financial securities(8)		31,508		38,568
Undrawn committed credit lines		18,287		12,915
Cash, cash equivalents and financial securities – included within Assets held for sale		—		297
Total Available liquidity (9)		49,795		51,780
of which: Available liquidity of the Industrial Activities		45,711		49,481

Reconciliations – H2

Net revenues from external customers to Net revenues and Net profit to Adjusted operating income

H2 2025	(€ million)		NORTH AMERICA		ENLARGED EUROPE		MIDDLE EAST & AFRICA		SOUTH AMERICA		CHINA AND INDIA & ASIA PACIFIC		MASERATI		OTHER (*)		STELLANTIS
Net revenues from external customers			32,764		28,439		4,770		8,335		948		358		3,633		79,247
Net revenues from transactions with other segments			—		93		(5)		93		(3)		(1)		(177)		—
Net revenues			32,764		28,532		4,765		8,428		945		357		3,456		79,247
Net profit/(loss)																	(20,076)
Tax expense/(benefit)																	(3,659)
Net financial expenses/(income)																	191
Operating income/(loss)																	(23,544)
Adjustments:
Restructuring and other costs, net of reversals(A)			24		330		2		13		—		4		18		391
Takata airbags recall campaign(B)			—		351		27		5		—		—		—		383
Platform impairments(C)			5,700		244		—		—		—		61		—		6,005
Costs related to product plan realignments and program cancellations(D)			6,201		2,077		—		2		—		3		—		8,283
Other Impairments(E)			—		79		—		—		—		—		164		243
Battery JVs(F)			1,571		483		—		—		—		—		—		2,054
Fuel cell program discontinuation(G)			—		361		—		—		—		—		—		361
CAFE penalty rate			—		—		—		—		—		—		—		—
Stellantis Türkiye disposal			—		—		—		—		—		—		—		—
Change in estimate for contractual warranties(H)			3,252		878		—		—		—		—		—		4,130
Other(I)			244		51		1		(35)		(11)		(3)		65		312
Total adjustments			16,992		4,854		30		(15)		(11)		65		247		22,162
Adjusted operating income (1)			(941)		(660)		661		775		55		(59)		(1,213)		(1,382)

________________________________________________________________________________________________________________________________________________________________________________________
(*) Other activities, unallocated items and eliminations
(A) Primarily related to workforce reductions, mainly in Enlarged Europe
(B) Related to stop-drive campaign on certain vehicles in Enlarged Europe announced in June 2025
(C) Primarily as a result of reduced volumes and profitability expectations, platforms were impaired in North America for €5,700 million, Maserati for €61 million and in Enlarged Europe for €244 million
(D) Primarily related costs incurred as result of product plan realignments and program cancellations
(E) Impairments in Other activities is related to the Free2Move business, the other impairments in Enlarged Europe relate to write downs of assets on classification to held for sale as well as the impairment of a prepayment to a supplier, which is not expected to be recoverable
(F) Related to steps of rationalizing battery manufacturing capacity
(G) During the year ended December 31, 2025, Stellantis decided to discontinue its hydrogen fuel cell strategy. As a result, the following items have been impaired: (i) investment in Symbio (€145 million), (ii) reversal of funding commitments (€16 million), (iii) capitalized development expenditures and property, plant and equipment related to fuel cells (€12 million), (iv) in addition, provisions for risks were recognized (€147 million) and (v) other expenses (€73 million)
(H) Related to the change in estimate for contractual warranty provisions, resulting from the reassessment of the estimation process, taking into account recent increases in cost inflation and a deterioration in quality, as a result of operational choices, which did not deliver the expected quality performance
(I) Comprised primarily of (i) adjustments to costs previously recognized to support the workforce during the transformation of certain plants in North America, (ii) gains/(losses) recognized on the disposal of non-significant entities and on dilution of certain of our equity method investees.

H2 2024	(€ million)		NORTH AMERICA		ENLARGED EUROPE		MIDDLE EAST & AFRICA		SOUTH AMERICA		CHINA AND INDIA & ASIA PACIFIC		MASERATI		OTHER (*)		STELLANTIS
Net revenues from external customers			25,098		28,996		5,104		8,510		920		407		2,826		71,861
Net revenues from transactions with other segments			(1)		45		(12)		(14)		1		2		(21)		—
Net revenues			25,097		29,041		5,092		8,496		921		409		2,805		71,861
Net profit/(loss)																	(127)
Tax expense/(benefit)																	(2,830)
Net financial expenses/(income)																	5
Operating income/(loss)																	(2,952)
Adjustments:
Restructuring and other costs, net of reversals (A)			462		(60)		1		11		6		(3)		(12)		405
Impairment expense and supplier obligations (B)			29		164		2		—		5		1,202		17		1,419
Takata recall campaign (C)			—		637		17		35		—		—		—		689
Lifetime onerous contract (D)			636		—		—		—		1		—		—		637
Other (E)			(57)		(8)		—		3		(6)		—		55		(13)
Total adjustments			1,070		733		20		49		6		1,199		60		3,137
Adjusted operating income (1)			(1,706)		359		854		1,122		(115)		(178)		(151)		185

________________________________________________________________________________________________________________________________________________________________________________________
(*) Other activities, unallocated items and eliminations
(A) Primarily related to workforce reductions, mainly in North America
(B) Primarily related to (i) €730 million of impairments of certain platform assets in Maserati and Enlarged Europe, net of reversal, driven by projected decreases in margins for certain models and the cancellation of certain projects prior to launch, (ii) €175 million of provisions accrued for supplier obligations, relating to projects in development which were cancelled prior to launch (and for which the related capitalized R&D was impaired under (i) above), and (iii) €514 million of goodwill impairments related to the Maserati segment
(C) Extension of Takata airbags recall campaign
(D) Provision primarily related to lifetime service contracts sold in North America prior to the merger determined to be onerous during 2024
(E) Consisting of other adjustments which are individually insignificant

Diluted EPS to Adjusted diluted EPS⁽⁶⁾

Results from continuing operations
(€ million, except as otherwise stated)		H2 2025		H2 2024
Net profit/(loss) attributable to owners of the parent		(20,128)		(151)
Weighted average number of shares outstanding (000)		2,890,691		2,897,090
Number of shares deployable for share-based compensation (000)		—		23,914
Weighted average number of shares outstanding for diluted earnings per share (000)		2,890,691		2,921,004
Diluted earnings/(loss) per share (A) (€/share)		(6.96)		(0.05)
Adjustments, per above		22,162		3,137
Tax impact on adjustments(A)		(4,715)		(483)
Unusual items related to income taxes(B)		932		(2,266)
Total adjustments, net of taxes		18,379		388
Impact of adjustments above, net of taxes, on Diluted earnings per share from continuing operations (B) (€/share)		6.36		0.13
Adjusted Diluted earnings per share (6) (€/share) (A+B)		(0.60)		0.08

_____________________________________________________________________________________________________________________________________________
(A) Tax impact on adjustments is calculated based on the expected local country tax implications for each adjustment
(B) Unusual items related to income taxes relate to the derecognition of deferred tax assets in Germany in 2025, and the recognition of deferred tax assets in Brazil in 2024
Cash flows from operating activities to Industrial free cash flows

(€ million)		H2 2025		H2 2024
Cash flows from/(used in) operating activities (5)		(2,363)		(2,435)
Less: Financial services, net of inter-segment eliminations		(5,303)		(2,825)
Less: Capital Expenditures and capitalized research and development expenditures and change in amounts payable on property, plant and equipment and intangible assets for industrial activities		3,954		5,323
Add: Proceeds from disposal of assets and other changes in investing activities		118		140
Less: Contributions of equity to joint ventures and minor acquisitions of consolidated subsidiaries and equity method and other investments		636		881
Add: Defined benefit pension contributions, net of tax		12		21
Industrial free cash flows (4)		(1,520)		(5,653)

NOTES

(1) Combined shipments include shipments by the Company’s consolidated subsidiaries and unconsolidated joint ventures, whereas Consolidated shipments only include shipments by the Company’s consolidated subsidiaries. This includes the vehicles produced by our joint ventures and associates (including Leapmotor) which are distributed by our consolidated subsidiaries. In addition to the volumes included in consolidated shipments, combined shipments also includes the vehicles distributed by our joint ventures (such as Tofas). Figures by segments may not add up due to rounding.
(2) Adjusted operating income/(loss) excludes from Net profit/(loss) from continuing operations adjustments comprising restructuring and other termination costs, impairments, asset write-offs, disposals of investments and unusual operating income/(expense) that are considered rare or discrete events and are infrequent in nature, as inclusion of such items is not considered to be indicative of the Company’s ongoing operating performance, and also excludes Net financial expenses/(income) and Tax expense/(benefit).
Unusual operating income/(expense) are impacts from strategic decisions, as well as events considered rare or discrete and infrequent in nature, as inclusion of such items is not considered to be indicative of the Company’s ongoing operating performance. Unusual operating income/(expense) includes, but may not be limited to: impacts from strategic decisions to rationalize Stellantis’ core operations; facility-related costs stemming from Stellantis’ plans to match production capacity and cost structure to market demand, and convergence and integration costs directly related to significant acquisitions or mergers.
(3) Adjusted operating income/(loss) margin is calculated as Adjusted operating income/(loss) divided by Net revenues.
(4) Industrial free cash flows is our key cash flow metric and is calculated as Cash flows from operating activities less: (i) cash flows from operating activities from discontinued operations; (ii) cash flows from operating activities related to financial services, net of eliminations; (iii) investments in property, plant and equipment and intangible assets for industrial activities; (iv) contributions of equity to joint ventures and minor acquisitions of consolidated subsidiaries and equity method and other investments; and adjusted for: (i) net intercompany payments between continuing operations and discontinued operations; (ii) proceeds from disposal of assets and (iii) contributions to defined benefit pension plans, net of tax. The timing of Industrial free cash flows may be affected by the timing of monetization of receivables, factoring and the payment of accounts payables, as well as changes in other components of working capital, which can vary from period to period due to, among other things, cash management initiatives and other factors, some of which may be outside of the Company’s control. In addition, Industrial free cash flows is one of the metrics used in the determination of the annual performance bonus for eligible employees, including members of the senior management.
(5) Effective H1 2025, two types of cash flows were reclassified to cash flows from operating activities: (i) the net change in receivables related to financial services activities have been reclassified from investing activities as these are part of our principal revenue-generating activities and (ii) certain financial receivables related to factoring transactions from financing activities. Comparative figures for FY 2024 and H2 2024 have been reclassified accordingly.

(€ million)		FY 2024 as reported		Adjustment: Financial services activities		Adjustment: Financial receivables		FY 2024 as adjusted
Cash flows from operating activities		4,008		(3,455)		982		1,535
Less: Financial services, net of inter-segment eliminations		(2,736)		3,455		(982)		(5,209)
Less: Capital Expenditures and capitalized research and development expenditures and change in amounts payable on property, plant and equipment and intangible assets for industrial activities		10,761		—		—		10,761
Add: Proceeds from disposal of assets and other changes in investing activities		303		—		—		303
Less: Contributions of equity to joint ventures and minor acquisitions of consolidated subsidiaries and equity method and other investments		2,376		—		—		2,376
Add: Defined benefit pension contributions, net of tax		45		—		—		45
Industrial free cash flows		(6,045)		—		—		(6,045)

(€ million)		H2 2024 as reported		Adjustment: Financial services activities		Adjustment: Financial receivables		H2 2024 as adjusted
Cash flows from operating activities		(881)		(1,716)		162		(2,435)
Less: Financial services, net of inter-segment eliminations		(1,271)		1,716		(162)		(2,825)
Less: Capital Expenditures and capitalized research and development expenditures and change in amounts payable on property, plant and equipment and intangible assets for industrial activities		5,323		—		—		5,323
Add: Proceeds from disposal of assets and other changes in investing activities		140		—		—		140
Less: Contributions of equity to joint ventures and minor acquisitions of consolidated subsidiaries and equity method and other investments		881		—		—		881
Add: Defined benefit pension contributions, net of tax		21		—		—		21
Industrial free cash flows		(5,653)		—		—		(5,653)

(6) Adjusted diluted earnings per share (“EPS”) is calculated by adjusting Diluted earnings per share for the post-tax impact per share of the same items excluded from Adjusted operating income as well as tax expense/(benefit) items that are considered rare or infrequent, or whose nature would distort the presentation of the ongoing tax charge of the Company. We believe this non-GAAP measure is useful because it also excludes items that we do not believe are indicative of the Company’s ongoing operating performance and provides investors with a more meaningful comparison of the Company’s ongoing quality of earnings. Adjusted diluted EPS should not be considered as a substitute for Basic earnings per share, Diluted earnings per share from operations or other methods of analyzing our quality of earnings as reported under IFRS.
(7) Industrial net financial position is calculated as Debt plus derivative financial liabilities related to industrial activities less (i) cash and cash equivalents, (ii) financial securities that are considered liquid, (iii) current financial receivables from the Company or its jointly controlled financial services entities and (iv) derivative financial assets and collateral deposits. Therefore, debt, cash and cash equivalents and other financial assets/ liabilities pertaining to Stellantis’ financial services entities are excluded from the computation of the Industrial net financial position. Industrial net financial position includes the Industrial net financial position classified as held for sale.
8) Financial securities are comprised of short term or marketable securities which represent temporary investments but do not satisfy all the requirements to be classified as cash equivalents as they may be subject to risk of change in value (even if they are short-term in nature or marketable).
(9) The majority of our liquidity is available to our treasury operations in Europe and U.S.; however, liquidity is also available to certain subsidiaries which operate in other countries. Cash held in such countries may be subject to restrictions on transfer depending on the foreign jurisdictions in which these subsidiaries operate. Based on our review of such transfer restrictions in the countries in which we operate and maintain material cash balances, (and in particular in Argentina, in which we have €354 million cash and securities at December 31, 2025 (€680 million at December 31, 2024), and in Algeria, in which we have €276 million cash at December 31, 2025 (€276 million at December 31, 2024)), we do not believe such transfer restrictions had an adverse impact on the Company’s ability to meet its liquidity requirements at the dates presented above. Cash and cash equivalents also include €663 million at December 31, 2025 (€451 million at December 31, 2024) held in bank deposits which are restricted to the operations related to securitization programs and warehouses credit facilities of SFS U.S.

Rankings, market share and other industry information are derived from third-party industry sources (e.g. Agence Nationale des Titres Sécurisés (ANTS), Associação Nacional dos Fabricantes de Veículos Automotores (ANFAVEA), Ministry of Infrastructure and Sustainable Mobility (MIMS), S&P Global, Ward’s Automotive) and internal information unless otherwise stated.

For purposes of this document, and unless otherwise stated industry and market share information are for passenger cars (PC) plus light commercial vehicles (LCV), except as noted below:

• Enlarged Europe excludes Russia and Belarus. From 2025, this includes Israel and Palestine (prior periods have not been restated);
• Middle East & Africa excludes Iran, Sudan and Syria. From 2025, this excludes Israel and Palestine (prior periods have not been restated);
• South America excludes Cuba;
• India & Asia Pacific reflects aggregate for major markets where Stellantis competes (Japan (PC), India (PC), South Korea (PC + Pickups), Australia, New Zealand and South East Asia);
• China represents PC only and includes licensed sales from DPCA; and
• Maserati reflects aggregate for 17 major markets where Maserati competes and is derived from S&P Global data, Maserati competitive segment and internal information.

Prior period figures have been updated to reflect current information provided by third-party industry sources.

EU30 = EU 27 (excluding Malta), Iceland, Norway, Switzerland and UK.

Low emission vehicles (LEV) = battery electric (BEV), plug-in hybrid (PHEV), range-extender electric vehicle (REEV) and fuel cell electric (FCEV) vehicles.

All Stellantis reported BEV and LEV sales include Citroën Ami, Opel Rocks-e and Fiat Topolino; in countries where these vehicles are classified as quadricycles, they are excluded from Stellantis reported combined sales, industry sales and market share figures.

SAFE HARBOR STATEMENT

This document, in particular references to “FY 2026 Financial Guidance”, contains forward looking statements. In particular, statements regarding future financial performance and the Company’s expectations as to the achievement of certain targeted metrics, including revenues, industrial free cash flows, vehicle shipments, capital investments, research and development costs and other expenses at any future date or for any future period are forward-looking statements. These statements may include terms such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “on track”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “outlook”, “prospects”, “plan”, or similar terms. Forward-looking statements are not guarantees of future performance. Rather, they are based on the Company’s current state of knowledge, future expectations and projections about future events and are by their nature, subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them.

Actual results may differ materially from those expressed in forward-looking statements as a result of a variety of factors, including: the Company’s ability to maintain vehicle shipment volumes; changes in the global financial markets, general economic environment and changes in demand for automotive products, which is subject to cyclicality; changes in trade policy, the imposition of global and regional tariffs targeted to the automotive industry; the Company’s ability to accurately predict the market demand for electrified vehicles; the Company’s ability to offer innovative, attractive products; a significant malfunction, disruption or security breach compromising information technology systems or the electronic control systems contained in the Company’s vehicles; the Company’s ability to attract and retain experienced management and employees; exchange rate fluctuations, interest rate changes, credit risk and other market risks; increases in costs, disruptions of supply or shortages of raw materials, parts, components and systems used in the Company’s vehicles; changes in local economic and political conditions; the enactment of tax reforms or other changes in tax laws and regulations; the level of governmental economic incentives available to support the adoption of battery electric vehicles; the impact of increasingly stringent regulations regarding fuel efficiency and greenhouse gas and tailpipe emissions; various types of claims, lawsuits, governmental investigations and other contingencies, including product liability and warranty claims and environmental claims, investigations and lawsuits; material operating expenditures in relation to compliance with environmental, health and safety regulations; the level of competition in the automotive industry, which may increase due to consolidation and new entrants; exposure to shortfalls in the funding of the Company’s defined benefit pension plans; the Company’s ability to provide or arrange for access to adequate financing for dealers and retail customers; risks related to the operations of financial services companies; the Company’s ability to access funding to execute its business plan; the Company’s ability to realize anticipated benefits from joint venture arrangements; disruptions arising from political, social and economic instability; risks associated with the Company’s relationships with employees, dealers and suppliers; the Company’s ability to maintain effective internal controls over financial reporting; developments in labor and industrial relations and developments in applicable labor laws; earthquakes or other disasters; and other risks and uncertainties.

Any forward-looking statements contained in this document speak only as of the date of this document and the Company disclaims any obligation to update or revise publicly forward looking statements. Further information concerning the Company and its businesses, including factors that could materially affect the Company’s financial results, is included in the Company’s reports and filings with the U.S. Securities and Exchange Commission and AFM.

Attachment

• EN-20260226-Stellantis-FY-2025-Financial-Results

CMB.TECH ANNOUNCES Q4 2025 RESULTS

EIGHT VLCCS SOLD AT STELLAR PRICES

ANTWERP, Belgium, 26 February 2026 – CMB.TECH NV (“CMBT”, “CMB.TECH” or “the company”) (NYSE: CMBT, Euronext Brussels: CMBT and Euronext Oslo Børs: CMBTO)
reported its unaudited financial results today for the fourth quarter ended 31 December 2025.

HIGHLIGHTS

Financial highlights:

• Profit for the period of USD 90.1 million in Q4 2025. EBITDA for the same period was USD 322 million.
• CMB.TECH’s contract backlog increased by USD 304 million to USD 3.05 billion with the addition of 5 x 5-year charters for Capesizes and a 3-year contract for a CSOV.
• Declaration of an interim dividend of USD 0.16 per share.
• Over the course of Q4 2025 and Q1 2026, the company has fully repaid the bridge loan facility that was originally raised to finance the acquisition of a large stake in Golden Ocean 

Fleet highlights: 

• Delivery of 6 newbuilding vessels (Q4 + quarter to date):
  • VLCCs: Atrebates, Eburones
  • Chemical tankers: Bochem Callao
  • CSOV: Windcat Amsterdam
  • CTV: FRS Windcat 62, FRS Windcat 61
• Previously announced sale of 8 VLCCs: Daishan (2007, 306,005 dwt), Hirado (2011, 302,550 dwt), Ilma (2012, 314,000 dwt), Ingrid (2012, 314,000 dwt), Hojo (2013, 302,965 dwt), Dia (2015, 299,999 dwt), Antigone (2015, 299,421 dwt), and Aegean (2016, 299,999 dwt).
• Previously announced sale of Capesize vessels Golden Magnum (2009, 179,790 dwt), and Belgravia (2009, 169,390 dwt).

Corporate highlights:

• Sale of stake in Tankers International Pool, closed on 27 January 2026.
• CMB.TECH is investing in the Chinese ammonia supply chain.
• Management Board changes: resignation of Mr. Benoit Timmermans

For the fourth quarter of 2025, the company realised a net gain of USD 90.1 million or USD 0.31 per share (fourth quarter 2024: a net gain of USD 93.1 million or USD 0.48 per share). EBITDA (a non-IFRS measure) for the same period was USD 322.1 million (fourth quarter 2024: USD 180.4 million).

Commenting on the Q4 results, Alexander Saverys (CEO) said:

“Tanker markets continue to defy gravity due to a mix of shifting trade patterns, modest newbuilding deliveries and a particularly active tanker owner/operator who is adding fuel to the fire. Dry bulk freight rates have also held up very well during Q4 and well into Q1. With two CSOVs delivered to our fleet, we are starting to generate meaningful cash flows in the offshore supply markets. The versatile nature of our ships allows us to serve wind and oil and gas customers alike.

We have used this very strong market back-drop to sell some of our older vessels at stellar prices, and fixed multiple long-term charter contracts at attractive rates. We will use the proceeds to decrease our leverage, strengthen our balance sheet and pay dividends. The repayment of the Golden Ocean bridge – less than six months after the merger – is testimony to our capability to execute large transactions swiftly, efficiently and in a disciplined manner.”

Key figures

	The most important key figures (unaudited) are:
	(in thousands of USD)			Fourth Quarter 2025		Fourth Quarter 2024		YTD 2025		YTD 2024
	Revenue			589,123		226,029		1,666,223		940,246
	Other operating income			1,361		8,254		29,613		50,660
	Raw materials and consumables			(3,769)		(1,576)		(10,265)		(3,735)
	Voyage expenses and commissions			(128,169)		(42,692)		(362,155)		(174,310)
	Vessel operating expenses			(128,067)		(52,817)		(420,409)		(199,646)
	Charter hire expenses			(415)		(3)		(3,124)		(138)
	General and administrative expenses			(52,813)		(24,616)		(143,284)		(77,766)
	Net gain (loss) on disposal of tangible assets			49,489		71,114		192,564		635,017
	Depreciation and amortisation			(114,526)		(43,911)		(387,968)		(166,029)
	Impairment losses			(2,081)		(1,847)		(5,354)		(1,847)
	Net finance expenses			(110,997)		(47,096)		(404,630)		(130,650)
	Share of profit (loss) of equity accounted investees			(2,599)		(1,418)		(882)		920
	Result before taxation			96,537		89,421		150,329		872,722
	Income tax benefit (expense)			(6,476)		3,709		(10,185)		(1,893)
	Profit (loss) for the period			90,061		93,130		140,144		870,829
	Attributable to:
	Owners of the Company			90,061		93,130		161,698		870,829
	Non-controlling interest			—		—		(21,554)		—

	Earnings per share:
	(in USD per share)		Fourth Quarter 2025		Fourth Quarter 2024		YTD 2025		YTD 2024
	Weighted average number of shares (basic) *		290,169,769		194,216,835		229,443,392		196,041,579
	Basic earnings per share		0.31		0.48		0.61		4.44

• The number of shares issued on 31 December 2025 is 315,977,647. However, the number of shares excluding the owned shares held by CMB.TECH at 31 December 2025 is 290,169,769.

	EBITDA reconciliation (unaudited):
	(in thousands of USD)			Fourth Quarter 2025		Fourth Quarter 2024		YTD 2025		YTD 2024
	Profit (loss) for the period			90,061		93,130		140,144		870,829
	+ Net finance expenses			110,997		47,096		404,630		130,650
	+ Depreciation and amortisation			114,526		43,911		387,968		166,029
	+ Income tax expense (benefit)			6,476		(3,709)		10,185		1,893
	EBITDA (unaudited)			322,060		180,428		942,927		1,169,401

	EBITDA per share:
	(in USD per share)			Fourth Quarter 2025		Fourth Quarter 2024		YTD 2025		YTD 2024
	Weighted average number of shares (basic)			290,169,769		194,216,835		229,443,392		196,041,579
	EBITDA			1.11		0.93		4.11		5.97

All figures, except for EBITDA, have been prepared under IFRS as adopted by the EU (International Financial Reporting Standards) and have not been audited nor reviewed by the statutory auditor.

During the quarter, several nonrecurring items affected the company’s financial performance. The company fully repaid the bridge loan facility that had originally been raised to finance the acquisition of a large stake in Golden Ocean, resulting in a one-off charge of USD 13.6 million, mainly related to arrangement and success fees. Furthermore, following the various refinancings completed in Q4 (which included a repayment of more than USD 700 million under the USD 2 billion facility) approximately USD 11 million in arrangement fees were expensed. In addition, 28 reflagging operations were carried out in Q4, temporarily increasing operating expenses by approximately USD 2.9 million. Reflagging of vessels is required in view of the contemplated cross-border merger of CMB.TECH Bermuda (holding company of ex-Golden Ocean group) with CMB.TECH Belgium. Other non-recurring costs (SG&A and tax) accounted for USD 15 million.

Interim dividend

CMB.TECH has declared an interim dividend of USD 0.16 per share, which is expected to be paid on or about 27 April 2026.

The timing of the distribution of this interim dividend is as follows:

COUPON 44	Ex-dividend date	Record date	Payment date
Euronext	14 April 2026	15 April 2026	22 April 2026
NYSE	15 April 2026	15 April 2026	22 April 2026
OSE	14 April 2026	15 April 2026	On or about 27 April 2026

TCE

The average daily time charter equivalent rates (TCE, a non IFRS-measure) can be summarised as follows:

	Q4 2025	Q4 2024	Quarter-to-Date Q1 2026
	USD/day	USD/day	USD/day	Fixed %
DRY BULK VESSELS
Newcastlemax average spot rate(1)	34,886	29,800	30,673	80.0%
Newcastlemax average time charter rate	21,284
Capesize average rate(1)	30,137		26,725	72.0%
Panamax/Kamsarmax average spot rate(1)	17,337		13,279	66.0%
Panamax/Kamsarmax average time charter rate	13,207
TANKERS
VLCC average spot rate (2)	74,842	37,400	74,465	78.0%
VLCC average time charter rate(3)	45,582	46,300
Suezmax average spot rate(1) (3)	64,543	38,300	61,809	87.0%
Suezmax average time charter rate	33,613	31,800
CONTAINER VESSELS
Average time charter rate	29,378	29,378
CHEMICAL TANKERS
Average spot rate(1) (2)	20,887	24,500	17,878	N/A
Average time charter rate	19,306	19,306
OFFSHORE WIND
CSOV Average time charter rate	108,046		69,900	50.0%
CTV Average time charter rate	2,883	2,900	2,472	68.8%

¹⁾

Reporting load-to-discharge, in line with IFRS 15
, net of commission


<sup>(


2


)</sup>

CMB.TECH owned ships in
TI Pool or Stolt Pool
(excluding technical off hire days)


<sup>(


3


)</sup>

Including profit share where applicable

CORPORATE UPDATE

Sale TI Pool

CMB.TECH has sold its share in the Tankers International (TI) Pool to International Seaways (INSW), closed on 27 January 2026. Our tanker division Euronav was one of the founding fathers of TI and has supported the company throughout its successful history. With the sale of a large part of our VLCC fleet to Frontline in 2024 and the recent sale of some older tankers more recently, it was the right moment to exit TI. Under the new full ownership of INSW, the company and its employees will remain a strong reference in the crude oil tanker markets.

Andefu

CMB.TECH previously announced that the company is investing in the Chinese ammonia supply chain. CMB.TECH has signed an off-take agreement for green ammonia produced by CEEC Hydrogen Energy (“CEEC”) in Jilin Province and owns a minority share in privately owned Jiangsu Andefu Energy Technology Co., Ltd. (“Andefu”) one of China’s largest ammonia supply chain companies. This creates an industrial partnership between two companies supporting maritime decarbonisation and the development of a green ammonia supply infrastructure.

A subsidiary of Andefu, Jiangsu Andefu Storage Co., Ltd., is currently constructing a 49,000 m³ low-temperature ammonia storage tank in Nanjing, providing critical hub capacity for ammonia distribution and future marine fuel applications. The storage tank is scheduled to be commissioned in Q1 2026. In addition, Andefu, in cooperation with CEEC, will build an ammonia storage terminal into operation in Panjin in the second half of 2027, significantly enhancing China’s large-scale green ammonia logistics and supply capabilities. Andefu is also advancing ship-to-ship (STS) ammonia bunkering operations, targeting commercial deployment in 2026, to support the emerging global ammonia-fuelled shipping fleet together with CMB.TECH.

Golden Ocean bridge

Over the course of Q4 2025 and Q1 2026, the company has fully repaid the bridge loan facility that was originally raised to finance the acquisition of a controlling stake in Golden Ocean while continuing the integration workstreams related to the Golden Ocean merger. This resulted in a one‑off charge of USD 13.6 million, primarily reflecting arrangement and success fees. No additional costs related to these activities are anticipated in the 2026 financial year. The early repayment in full of the USD 1.4 billion Golden Ocean bridge loan facility is projected to yield approximately USD 41.9 million in interest savings over the 2026 reporting period.

Management Board change

Mr. Benoit Timmermans has decided to resign as member of the Management Board of CMB.TECH with effect as of 1 May 2026. Mr. Benoit Timmermans joined the Management Board of CMB.TECH as Chief Strategy Officer and has assisted the company in the transition from a pure-play crude oil tanker player to a large and diversified maritime group. For the time being, Mr. Timmermans will not be replaced. His responsibilities will be taken over by the current members of the Management Board.

CMB.TECH FLEET DEVELOPMENTS

Commercial contracts

CMB.TECH’s contract backlog increased by USD 304 million to USD 3.05 billion:

5 Capesizes were fixed for charter contracts of 5 years each. These will commence in the coming months.

• Mineral Ajisai (2014, 180,600 dwt)
• Mineral Sakura (2014, 182,480 dwt)
• Mineral Cumulus (2018, 180,600 dwt)
• Mineral Calvus (2018, 180,520 dwt)
• Mineral Incus (2018, 180,510 dwt)

The CSOV Windcat Amsterdam was fixed for 3 years as from 1 April 2026.

Sales

Following vessels were delivered to new owners in Q4 2025 – generating a total capital gain of approximately USD 49.2 million:

• VLCC Dalma (2007, 306,543 dwt) – capital gain of USD 26.4 million
• Capesize Battersea (2009, 169,390 dwt) – capital gain of USD 2.4 million
• Capesize Golden Zhoushan (2011, 175,834) was delivered to its new owner during Q4 2025 – no capital gain 
• Suezmax Sofia (2010, 165,000 dwt) – capital gain of USD 20.4 million

Following vessels will be delivered to new owners in Q1 2026:

• Capesize vessels Golden Magnum (2009, 179,790 dwt), and Belgravia (2009, 169,390 dwt) – capital gain of approximately USD 8.1 million in Q1 2026, based on the net sales price and book values
• Six VLCCs: Daishan (2007, 306,005 dwt), Hirado (2011, 302,550 dwt), Hojo (2013, 302,965 dwt), Dia (2015, 299,999 dwt), Antigone (2015, 299,421 dwt), and Aegean (2016, 299,999 dwt) – capital gain of approximately USD 261.1 million in Q1 2026, based on the net sales price and book values.

Following vessels will be delivered to new owners in Q2 2026:

• Two VLCCs: Ilma (2012, 314,000 dwt) and Ingrid (2012, 314,000 dwt) – capital gain of approximately USD 98.2 million in Q2 2026, based on the net sales price and book values.

Newbuilding deliveries

Delivery date	Type of vessel	Name
10 November 2025	VLCC	Atrebates (2025, 319,000 dwt)
12 November 2025	CTV	Windcat 61
12 December 2025	CTV	Windcat 62
19 December 2025	CSOV	Windcat Amsterdam
12 January 2026	VLCC	Eburones (2026, 319,000 dwt)
13 January 2026	Chemical tanker	Bochem Callao (2026, 25,000 dwt)

MARKET & OUTLOOK

Bocimar – Dry-Bulk Market

¹

Following a slow first half in 2025, imports of iron ore to mainland China rebounded strongly in H2 2025, ending the year at 1,327 million tonnes, driven by stockpiling, a strengthening yuan which made imports more cost-effective, and targeted stimulus aimed at stabilising construction and manufacturing activity. The expansion was primarily fuelled by heightened trade flows between major iron ore producing regions and key consuming markets: Australia, Brazil, Sub-Saharan Africa, and Canada significantly increased shipments to mainland China, while Brazil and Oman boosted their shipments to India, and Liberia expanded its supply to Europe. Chinese steel exports also hit a record 11.3 million tons in December 2025, raising for the full year by 7.5% to 119.2 million tons. Capesize spot earnings in Q4 2025 averaged about 27,120 USD/day (34% higher than the 10-year Q4 average). Panamax spot earnings in Q4 2025 averaged about 14,880 USD/day (6% below the 10-year Q4 average).

In China, portside inventories are on a raising trend, reaching 151.6 million tonnes by the end of 2025, just below all-time highs. While elevated stocks can slow the rhythm of spot cargoes as mills draw down port inventories first, the iron ore market remains fundamentally supported. Despite sustained policy initiatives aimed at improving domestic resource security, China’s local iron-ore mines continue to fall short of official production objectives. Output of iron-ore concentrate decreased y-o-y 2025 by 3.2%. This decline underlines persistent challenges, including diminishing ore grades, fragmented industry ownership, and slow rates of capital investment. China’s domestic ore, with its low iron content and high impurities, cannot meet the requirements of modern blast-furnace operations on its own. To achieve stable furnace performance, steelmakers blend higher-grade imported fines with domestic material – raising the effective grade, improving fuel efficiency, and supporting consistent output. Hence, high-grade seaborne imports of iron ore are essential for keeping China’s steel production efficient, cost-effective, and technically reliable. In addition, on the steel side, the introduction of export licensing from 1 January 2026 marks a clear change in how outbound steel trade is managed and exports switched from quantity to quality. Higher quality steel exports further reconfirm the requirement of seaborne high-grade iron ore sourcing and hence also further support the ton-mile story for the Capesize and Newcastlemax segment.

Structurally longer trade flows and high-grade substitution support tonne-mile demand. The ramp-up of the Simandou project in Guinea—targeting 120 million tonnes/year by 2028—will introduce high-grade ore flows (65% Fe) that are structurally longer than Australia-to-China shipments. Initial deliveries of 200,000 tonnes have already reached China, with total 2026 production expected at 15–20 million tonnes. Next to Simandou, South Buchanan/Liberia (Mittal) will increase iron ore exports from 5 to15 million tonnes in 2026.

Overall, iron ore discharge to mainland China in 2026 is projected to rise to 1,361 million tonnes (up 2.5% y-o-y), underpinned by supportive fiscal and monetary policies, a strong yuan, and declining domestic output. However, there is potential for reduced shipments in the first quarter of 2026, as demand from Chinese steel mills may soften during the Lunar New Year holiday. Global seaborne iron ore shipments are projected to increase by 1.9% y-o-y in 2026, reaching 1,799 million tonnes.

Bauxite has become an increasingly important cargo stream for Capesize vessels (roughly 16% of Capesize tonne-mile demand), offsetting weakness in coal volumes. Guinea’s bauxite shipments have been outperforming its historical volumes, with 47 million tonnes shipped in Q4 2025, up approximately 7 million tonnes y-o-y, with 91% of the volume shipped to mainland China. We expect this buoyancy to persist in 2026, even though with a lesser degree, with Q1 2026 volume to be up 3 million tonnes y-o-y from Guinea. Mainland China’s bauxite arrivals are expected to expand by 9 million tonnes during the year in line with the increased domestic demand for inputs feeding into the aluminium industry. However, this is considerably less than the 40 million tonnes surge experienced in 2025. Domestic bauxite inventories have been historically high along with an oversupply of alumina and with the government mandated production cap on aluminium at 45 million tonnes, the expected increase in additional bauxite demand will likely moderate relative to last year. However, notably, capacity expansion at Chinese-owned Chalco-Boffa Mining site in Guinea should continue facilitating additional supply between the two trade partners.

While bauxite and iron ore continue to be positive contributors to the dry bulk market, the coal trade is trending in the opposite direction. Demand from mainland China for thermal coal took a hit over 2025 as the expansion in renewable capacity and generation increasingly ate into coal-fired generation, and rising domestic output displaced seaborne supply. We may have already seen the peak of coal consumption in mainland China as over 2025 we have seen coal-fired generation drop, as the growth in electricity generation takes on a more restrained pace and renewable additions continue their fierce 25-30% y-o-y growth rate. The outlook for the beginning of 2026 remains flat, as the market remains fundamentally weak in terms of coal demand, save for some import activity from buyers in mainland China looking to fulfil their requirements for the colder than expected winter months.

Agribulk shipments rose 2.5% y-o-y 2025 followed by a 1.5% growth expected in 2026. US shipments are expected to rise on the back of healthy corn production in addition to revival in soybean trade with mainland China (revival after interruption of exports since May due to tariff war). In Q1 2026 to date, an early start to grain season has supported the Kamsarmax market which in turn supports the other dry bulk segments during the low season

The Capesize and Newcastlemax orderbook currently stands at 12.4% of the active fleet. 36% or 586 vessels are over 15 years old and are increasingly uneconomical to operate amid rising environmental compliance costs. The Panamax and Kamsarmax orderbook currently stands at 15.16% – with 32% or 900 vessels over 15 years old. The market remains relatively balanced, though growth drivers are strongly skewed in favour of Capesizes: estimated demand growth in 2026 of 2.7%, in billion tonne miles with a net fleet growth of 2.3%. (Panamax estimated demand growth in 2026 of 3.2%, in billion tonne miles with a net fleet growth of 4.7%)

Bocimar has 36 (+10NB) Newcastlemaxes on the water (average age 3.2y), 37 Capesize vessels on the water (average age 11.2), 30 Kamsarmax/Panamax vessels on the water (average age 6.9y), and two 5,000 dwt dry-bulk coasters on order.

Q4 2025 Performance Highlights:

• Newcastlemax: Q4 2025 TCE actuals at 34,886 USD/day, outperforming 5TC BCI by 7,455 USD/day net of commissions. Q1 2026 TCE quarter to date rates at 30,673 USD/day (80% fixed).
• Capesize: Q4 2025 TCE actuals at 30,137 USD/day, outperforming 5TC BCI by 2,706 USD/day net of commissions. Q1 2026 TCE quarter to date rates at 26,725 USD/day (72% fixed).
• Kamsarmax/Panamax: Q4 2025 TCE actuals at 17,337 USD/day, outperforming 5TC BPI-82 by 2,109 USD/day net of commissions. Q1 2026 TCE quarter to date rates at 13,207 USD/day (66% fixed).

Euronav – Tanker Markets

²

Both OPEC and non-OPEC supply ended 2025 at elevated levels. Over the full year, non-OPEC crude oil and condensate supply averaged 1.2 mb/d higher than in 2024. In addition, since March 2025, OPEC’s production quota increased by 2.9 mb/d, while actual output rose by 0.5 mb/d over the same period.

The crude oil tanker market strengthened markedly in late 2025, with the VLCC and Suezmax segments recording their highest earnings in several years. Key drivers were crude oil supply growth and increased volumes of oil-on-water. During 2025, global inventories of crude oil and refined products rose by 529 million barrels, reflecting oil that has been produced but not yet consumed, including in-transit volumes. China continued stockpiling in line with its mandate, hitting a record high crude import of 13.2 mb/d in December 2025. China’s crude inventories built at near-record levels in December, rising by 31.3 million barrels. Newly implemented sanctions also reduced the effectiveness of the non-compliant tanker fleet.

The resulting tightening in effective fleet capacity pushed freight rates significantly higher. VLCC spot earnings in Q4 2025 averaged about 102,414 USD/day, more than double the 10-year Q4 average of 47,986 USD/day. Suezmax spot earnings in Q4 2025 averaged 77,370 USD/day, almost double the 10-year Q4 average of 43,507 USD/day. By mid-Q4, VLCC spot rates consistently exceeded 100,000 USD/day, reflecting a limited supply of available tonnage.

OPEC and non-OPEC supply growth also sets up the market for a surplus in the 2026 crude oil-only balance. Agencies differ in their views on the size of this surplus: the IEA estimates a +4.00 mb/d balance, the EIA +2.30 mb/d, while OPEC projects equilibrium. As a result, seaborne crude oil demand is currently driven less by end-consumer consumption and more by inventory accumulation in China and by OPEC+ maintaining market share over price. If these trends continue at similar rates, global inventories could approach the Covid-era peak of May 2020 by the end of 2026, supporting seaborne crude transportation through the remainder of 2026. A continued surplus would pressure oil prices and encourage further inventory building, which has historically supported tanker rates in the short term. Over time, however, sustained lower prices would increase the likelihood of OPEC+ production cuts, which would reduce tanker demand.

Higher charter rates have been accompanied by higher asset values. Second-hand VLCC and Suezmax prices are at their highest levels in 20 years. Clarksons data shows that ten-year-old VLCC values increased from approximately USD 43 million in 2020 to over USD 90 million by the end of 2025 (Suezmax 10-year-old: USD 28 million in 2020 to over USD 64 million by the end of 2025).

Geopolitics continue to influence crude trade patterns. Russia’s war in Ukraine and related sanctions have redirected exports from Europe toward Asia and led to complex compliance and non-compliance practices that reshape tanker flows and lengthen shipping routes. Instability in Iran and around the Strait of Hormuz presents ongoing risk to a key global chokepoint. Red Sea disruptions have reduced traffic through important maritime routes, forcing detours and increasing transport costs. Political pressure on Venezuelan exports and shadow fleet activity continue to alter Atlantic Basin trade, while China’s role as a major buyer of sanctioned barrels means that changes in sanction policy or enforcement could quickly affect tanker demand and deployment. These dynamics remain fluid and complex, making short-term impacts on the compliant tanker fleet difficult to predict.

Market fundamentals indicate continued medium-term strength into H1 2026. Fleet supply growth is accelerating with a Suezmax OB/F of 22.1%, and VLCC OB/F of 18.8%. However, approximately 18–19% of the existing fleet are aged 20 years or older (40%>15 years), implying elevated scrapping potential (once market rates cool down and non-compliant crude tankers become idle).

Euronav has 3 (+3NB) VLCCs (average age 4.9y) and 17 (+2NB) Suezmaxes (average age 6.9y) on the water. Q3 2025 Performance Highlights:

• VLCC: actual Q4 TCE for VLCC of 74,842 USD/day and actual Q1 2026 quarter-to-date of 74,465 USD/day (78% fixed)
• Suezmax: actual Q4 TCE for Suezmax of 64,543 USD/day and actual Q1 2026 quarter-to-date of 61,809 USD/day (87% fixed)

 Delphis – Container Markets³

Container freight markets remain supported but cyclical risks are further building. Spot rates are moderate overall, underpinned by firm pre–Lunar New Year demand. The SCFI stood just below 1,500 in mid-January—around 40% below the elevated 2024 average but still ~50% above 2023 levels.

Supply growth is set to outpace demand over the medium term. Containership fleet capacity is projected to expand with 4.5% in 2026, accelerating to 6.4% by 2027, materially above expected volume growth and likely to drive rate normalisation. Container trade growth is forecasted to slow to 2.5% this year amid tariff headwinds—particularly on the Transpacific—and with Asia–Europe and secondary trades moderating from the exceptionally strong levels seen in 2025. A steadier 3.0% growth profile is forecasted for 2027.

Red Sea disruption remains the key swing factor. Rerouting is currently adding 11.0% to global TEU-mile demand and is the main uphold to earnings and utilisation. Any de-escalation would remove this support and accelerate the move toward materially weaker market conditions. While carriers may respond through capacity management and higher demolition, the risk is skewed to a more challenging rate environment ahead, with another wave of supply (>4m TEU on order for 2028) building in the background.

CMB.TECH’s 4 x 6,000 TEU (average age 1.8y) and 1 NB 1,400 TEU container vessels are all employed under 10 to 15-year time charter contracts.

Bochem – Chemical Markets

⁴

The chemical tanker markets have shown signs of gradual easing through-out 2025, albeit from a robust starting point earlier in 2024. Demand remains closely tied to global GDP growth. Seaborne trade volumes appear to have been negative in 2025 (-0.8% billion tonne-miles), as tariff volatility weighed on arbitrage activity.

The global chemical tanker orderbook now stands at 18.8% of the existing fleet. The current fleet has an average age of 18 years, with 26% of vessels aged 20 years or older, suggesting that much of the orderbook should primarily serve as replacement tonnage. Nevertheless, the risk of oversupply could emerge in 2026 to 2027, depending on demand growth. 2025 net fleet growth was 3.7%, accelerating to 9.7% in 2026 and 5.9% in 2027, before easing to below 3% in 2028, assuming no additional ships are ordered.

Low ton-mile growth for 2026 and 2027 of 0.8% and 0.9%, respectively, and swing product tankers continue to be a factor in effective supply, although their impact is currently limited. While a strong product tanker market could reduce effective fleet growth somewhat, we do not expect this to be sufficient to halt the anticipated downtrend in earnings.

Bochem 25,000 DWT chemical tankers fleet comprises out of 8 delivered vessels, and 8 NB vessels (average age <1y). They are employed under a 10-year time charter (6 vessels), under a 7-year time charter (6 vessels), and in a spot pool (2 vessels). Q4 2025 performance highlights:

• Bochem achieved TCE Q4 2025 of USD 20,887 per day USD/day (spot pool)
• Q1 2026 spot rates to-date: USD 17,878 per day (spot pool)

Windcat – Offshore Energy Markets

⁵

Nine North Sea countries have signed a binding offshore wind investment pact, with the UK, Germany and the Netherlands—Europe’s three core offshore wind markets—all participating. Under the agreement, governments commit to accelerating offshore wind deployment through large-scale, cross-border projects and coordinated infrastructure planning. The countries had previously pledged to develop 300GW of offshore wind by 2050; the new pact reportedly earmarks 100GW of this capacity for joint development. For context, Europe currently has only 36GW of installed offshore wind, implying a step-change in the medium- to long-term build-out trajectory. Reports suggest up to 20GW of jointly developed capacity could already be underway by 2030. The joint declaration said the governments would also step up their efforts to increase financing for wind projects, potentially including through guarantees from the EU budget, and subsidy frameworks like CfD (contracts for difference).

From a vessel market perspective, this confirmation is important. It gives confidence in the medium-term pipeline and validates the scale of construction and O&M demand, following a period where negative headlines through 2025 had raised concerns around project progression.

CSOV demand strengthened through Q4 2025, allowing a large portion of the fleet to secure employment through the winter (off)season. In addition to near-term activity, a material increase is noticeable in contract opportunities for the 2026 season and beyond, with a significant share of projects still unfixed. While some vessel availability is expected in Q1 2026, utilisation should rise sharply from April, with the majority of the European CSOV fleet effectively committed. Incremental availability is not expected to return before late Q3 2026.

Rates and earnings momentum is building in the CSOV market. Owners with open capacity in 2026 are well positioned to benefit from a tightening market, a trend already reflected in rate indications for next year’s work. The supply–demand balance is further supported by rising oil & gas-related demand (including outside Europe) and a sharp slowdown in speculative newbuild ordering over the past 12 months.

Medium-term setup remains constructive. The reduction in new orders should moderate fleet growth from 2028 onwards, while underlying CSOV demand from offshore wind and oil & gas is expected to continue expanding.

In general, we see orders for offshore wind vessels reducing, including CSOVs: 2024 #19 NB orders, and 2025 #9 NB orders – with 16 C/SOVs delivered throughout 2025, while 15 CSOVs are scheduled to be delivered throughout 2026. CSOV fleet stands today at 71 vessels versus an orderbook of 50 vessels (OB/F 70.4%).

CTV fleet utilisation remained high at the start of Q4 2025, although a number of vessels, particularly smaller and 12-pax units, were redelivered to owners in October and November as seasonal activity tapered. Spot chartering during the quarter was limited to minor crew-change and cargo-transfer work. That said, a meaningful volume of 2026 season requirements entered the market, several of which have already been fixed, with additional fixtures expected early in Q1, improving forward revenue visibility.

CTV fleet stands at 731 units with 101 units on order (OB/F 13.8%). As newbuilding levels are relatively modest, it is not expected that supply will exceed demand and hence market conditions are likely to remain familiar (including the typical seasonal patterns).

Windcat has 2 (+5NB) CSOVs, and 59(+4NB) CTVs (average age 9.43y). Q4 2025 performance highlights:

• CSOVs: achieved TCE Q4 2025 of USD 108,046 per day. CSOV Q1 2026 spot rates to-date: so far 50.0% fixed at USD 69,900 per day
• CTVs: achieved TCE Q4 2025 of USD 2,883 per day. CTV Q1 2026 spot rates to-date: so far 68.8% fixed at USD 2,472 per day

CONFERENCE CALL


The call will be a webcast with an accompanying slideshow. You can find the details of this conference call below and on the “Investor Relations” page of the website. The presentation, recording & transcript will also be available on this page.

Webcast Information
Event Type:	Audio webcast with user-controlled slide presentation
Event Date:	26 February 2026
Event Time:	8 a.m. EST / 2 p.m. CET
Event Title:	“Q4 2025 Earnings Conference Call”
Event Site/URL:	https://events.teams.microsoft.com/event/5ed65c96-e28b-44be-a75a-6ca20467b7eb@d0b2b045-83aa-4027-8cf2-ea360b91d5e4

To attend this conference call, please register via the following link.

Telephone participants who are unable to pre-register may dial in to the respective number of their location (to be found here). The Phone conference ID is the following: 273 707 348#

Publication final year results – 31 March 2026

About CMB.TECH

CMB.TECH (all capitals) is one of the largest listed, diversified and future-proof maritime groups in the world with a combined fleet of about 250 vessels: dry bulk vessels, crude oil tankers, chemical tankers, container vessels, offshore energy vessels and port vessels. CMB.TECH also offers hydrogen and ammonia fuel to customers, through own production or third-party producers.

CMB.TECH is headquartered in Antwerp, Belgium, and has offices across Europe, Asia, United States and Africa.

CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol “CMBT” and on Euronext Oslo Børs under the ticker symbol “CMBTO”.

More information can be found at https://cmb.tech

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbour protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements 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. The Company desires to take advantage of the safe harbour provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbour legislation. The words “believe”, “anticipate”, “intends”, “estimate”, “forecast”, “project”, “plan”, “potential”, “may”, “should”, “expect”, “pending” and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other 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 contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other   factors. Please see our filings with the United States Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

This information is published in accordance with the requirements of the Continuing Obligations on Euronext Oslo Børs.

Condensed consolidated interim statement of financial position (unaudited)

(in thousands of USD)

			December 31, 2025			December 31, 2024
ASSETS
Non-current assets
Vessels			6,323,773			2,617,484
Assets under construction			738,298			628,405
Right-of-use assets			4,847			1,910
Other tangible assets			23,981			21,628
Prepayments			1,075			1,657
Intangible assets			12,710			16,187
Goodwill			177,022			—
Receivables			98,618			75,076
Investments			111,346			61,806
Deferred tax assets			2,850			10,074
Total non-current assets			7,494,520			3,434,227
Current assets
Inventory			77,175			26,500
Trade and other receivables			319,341			235,883
Current tax assets			4,912			3,984
Cash and cash equivalents			146,529			38,869
			547,957			305,236
Non-current assets held for sale			363,097			165,583
Total current assets			911,054			470,819
TOTAL ASSETS			8,405,574			3,905,046
EQUITY and LIABILITIES
Equity
Share capital			343,440			239,148
Share premium			1,817,557			460,486
Translation reserve			9,502			(2,045)
Hedging reserve			90			2,145
Treasury shares			(284,508)			(284,508)
Retained earnings			738,241			777,098
Equity attributable to owners of the Company			2,624,322			1,192,324
Non-current liabilities
Bank loans			2,839,590			1,450,869
Other notes			—			198,887
Other borrowings			1,876,795			667,361
Lease liabilities			3,368			1,451
Other payables			20			—
Employee benefits			1,180			1,060
Deferred tax liabilities			485			438
Total non-current liabilities			4,721,438			2,320,066
Current liabilities
Trade and other payables			208,857			79,591
Current tax liabilities			8,288			9,104
Bank loans			351,170			201,937
Other notes			203,287			3,733
Other borrowings			286,531			95,724
Lease liabilities			1,681			2,293
Provisions			—			274
Total current liabilities			1,059,814			392,656
TOTAL EQUITY and LIABILITIES			8,405,574			3,905,046

Condensed consolidated interim statement of profit or loss (unaudited)

(in thousands of USD except per share amounts)

			2025			2024
			Jan. 1 – Dec. 31, 2025			Jan. 1 – Dec. 31, 2024
Shipping income
Revenue			1,666,223			940,246
Gains on disposal of vessels/other tangible assets			192,568			635,019
Other operating income			29,613			50,660
Total shipping income			1,888,404			1,625,925
Operating expenses
Raw materials and consumables			(10,265)			(3,735)
Voyage expenses and commissions			(362,155)			(174,310)
Vessel operating expenses			(420,409)			(199,646)
Charter hire expenses			(3,124)			(138)
Loss on disposal of vessels/other tangible assets			(4)			(2)
Depreciation tangible assets			(384,684)			(163,148)
Amortisation intangible assets			(3,284)			(2,881)
Impairment losses			(5,354)			(1,847)
General and administrative expenses			(143,284)			(77,766)
Total operating expenses			(1,332,563)			(623,473)
RESULT FROM OPERATING ACTIVITIES			555,841			1,002,452
Finance income			28,729			38,689
Finance expenses			(433,359)			(169,339)
Net finance expenses			(404,630)			(130,650)
Share of profit (loss) of equity accounted investees (net of income tax)			(882)			920
PROFIT (LOSS) BEFORE INCOME TAX			150,329			872,722
Income tax benefit (expense)			(10,185)			(1,893)
PROFIT (LOSS) FOR THE PERIOD			140,144			870,829
Attributable to:
Owners of the company			161,698			870,829
Non-controlling interest			(21,554)			—
Basic earnings per share			0.70			4.44
Diluted earnings per share			0.70			4.44
Weighted average number of shares (basic)			229,443,392			196,041,579
Weighted average number of shares (diluted)			229,443,392			196,041,579

Condensed consolidated interim statement of comprehensive income (unaudited)

(in thousands of USD)

			2025			2024
			Jan. 1 – Dec. 31, 2025			Jan. 1 – Dec. 31, 2024
Profit/(loss) for the period			140,144			870,829
Other comprehensive income (expense), net of tax
Items that will never be reclassified to profit or loss:
Remeasurements of the defined benefit liability (asset)			88			200
Items that are or may be reclassified to profit or loss:
Foreign currency translation differences			11,547			(2,280)
Cash flow hedges – effective portion of changes in fair value			(2,055)			1,005
Other comprehensive income (expense), net of tax			9,580			(1,075)
Total comprehensive income (expense) for the period			149,724			869,754
Attributable to:
Owners of the company			171,278			869,754
Non-controlling interest			(21,554)			—

Condensed consolidated interim statement of changes in equity (unaudited)

	Share capital	Share premium	Translation reserve	Hedging reserve	Treasury shares	Retained earnings	Equity attributable to owners of the Company	Non-controlling interest	Total equity
Balance at January 1, 2024	239,148	1,466,529	235	1,140	(157,595)	807,916	2,357,373	—	2,357,373
Total comprehensive income (expense)	—	—	(2,280)	1,005	—	871,029	869,754	—	869,754
Total transactions with owners	—	(1,006,043)	—	—	(126,913)	(901,847)	(2,034,803)	—	(2,034,803)
Balance at December 31, 2024	239,148	460,486	(2,045)	2,145	(284,508)	777,098	1,192,324	—	1,192,324
	Share capital	Share premium	Translation reserve	Hedging reserve	Treasury shares	Retained earnings	Equity attributable to owners of the Company	Non-controlling interest	Total equity
Balance at January 1, 2025	239,148	460,486	(2,045)	2,145	(284,508)	777,098	1,192,324	—	1,192,324
Total comprehensive income (expense)	—	—	11,547	(2,055)	—	161,786	171,278	(21,554)	149,724
Total transactions with owners	104,292	1,357,071	—	—	—	(200,643)	1,260,720	21,554	1,282,274
Balance at December 31, 2025	343,440	1,817,557	9,502	90	(284,508)	738,241	2,624,322	—	2,624,322

(In thousands of USD)

Condensed consolidated interim statement of cash flows (unaudited)

(in thousands of USD)

			2025			2024
			Jan. 1 – Dec. 31, 2025			Jan. 1 – Dec. 31, 2024
Net cash from (used in) operating activities			438,313			459,064
Net cash from (used in) investing activities			(1,621,677)			(680,230)
Net cash from (used in) financing activities			1,291,667			(172,971)
Net increase (decrease) in cash and cash equivalents			108,304			(394,137)
Net cash and cash equivalents at the beginning of the period			38,869			429,370
Effect of changes in exchange rates			(644)			3,636
Net cash and cash equivalents at the end of the period			146,529			38,869

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¹ Source: AXS Marine, Clarksons SIN, Breakwave Advisors, Morgan Stanley, BRS, Intermodal, Deutsche Bank, Allied, S&P Global
² Source: AXS Marine, Clarksons SIN, IEA, Morgan Stanley, Goldman Sachs
³ Source: Clarksons SIN
⁴ Source: Clarksons SIN, Stolt Pool
⁵ Source: Clarksons Offshore, Reuters, Spinergie

Attachment

• Q4_2025_Earnings_release_ENG (1)