Market Signal Briefing

U.S. spot Bitcoin ETFs have recorded their fourth consecutive week of net outflows in November, with $3.7 billion withdrawn so far. Will this continued exodus keep suppressing the price of the leading cryptocurrency as we head into December?

Summary

U.S. Bitcoin ETFs have shed $3.57 billion since the start of November.
Bitcoin is down 31% from its all-time high hit in October.
Technical indicators remained bearish for the bellwether asset.

According to data from SoSoValue, the 12 spot Bitcoin ETFs have recorded $22.45 million in net outflows so far this week, following three consecutive weeks of outflows exceeding $1.1 billion each. This brings the total net outflows for November to $3.57 billion, a stark contrast from the strong positive performance they recorded in the prior two months, notably notching $3.53 billion in September and $3.42 billion in October.

The cautious stance from institutional investors reflects growing macroeconomic concerns over U.S. tariffs on major economies, including China, fading expectations of the Federal Reserve introducing another potential rate cut in December, and a strengthening U.S. dollar.

At press time, the Fear and Greed Index stood at 15, showing Extreme Fear in the market, a level it has hovered around since the middle of this month. Investors typically tend to reduce risk exposure during such periods, while the broader sentiment indicators show declining confidence across crypto markets.

Some investors may also be shifting attention to newer ETF products launched for other crypto assets such as Solana, XRP, Dogecoin, Litecoin, and Hedera, as diversification becomes a growing theme in the digital asset space.

The strong outflows over November have played a key part in Bitcoin’s ongoing downtrend this year. The bellwether crypto asset has fallen from $110,000 at the beginning of this month to under $87,000 at press time and remains 31% below its all-time high reached in October.

Unless the macro environment improves and Bitcoin resumes its upside rally, spot Bitcoin ETFs may continue to witness outflows in the upcoming sessions. 

Will Bitcoin face further losses?
Technical indicators have portrayed that Bitcoin could most likely continue to see losses as we head into December, a month that has historically been linked with increased volatility and mixed performance.

On the daily chart, Bitcoin has formed a death cross, a highly bearish pattern that occurs when the 50-day moving average crosses below the 200-day moving average. Such negative formations typically dampen market sentiment and could likely lead to further selling pressure in the short term.

Bitcoin price is testing a key resistance to support flip on the daily chart — Nov. 26 | Source: crypto.news
At press time, Bitcoin (BTC) price was testing the $86,777 level, which aligns with the 23.6% Fibonacci retracement level.

If Bitcoin manages to hold above this level, which had acted as a key resistance area earlier this year, it could flip it into support and potentially drive the price toward the $94,000 to $95,000 zone, which aligns with the next Fibonacci level.

On the contrary, a drop below $86,000 could open the door for a deeper correction, with Bitcoin possibly heading toward its April low at $74,550.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Alvin Lang
Nov 26, 2025 08:44

CRV price prediction indicates potential recovery to $0.60-$0.72 range over the next month, with immediate resistance at $0.55 and critical support holding at $0.36.

Curve (CRV) has been trading in a consolidation phase, but recent technical indicators suggest a potential breakout could be on the horizon. With the token currently priced at $0.41, our comprehensive CRV price prediction analysis reveals mixed signals that warrant careful examination for both short and medium-term trading opportunities.

CRV Price Prediction Summary
• CRV short-term target (1 week): $0.43-$0.47 (+5% to +15%)
• Curve medium-term forecast (1 month): $0.60-$0.72 range (+46% to +76%)
• Key level to break for bullish continuation: $0.55
• Critical support if bearish: $0.36

Recent Curve Price Predictions from Analysts
The latest Curve forecast from multiple analysts presents a divided outlook. MEXC Exchange maintains a conservative CRV price prediction of $0.3974 in the short term, suggesting minimal upside potential based on their 5% annual growth model. This contrasts sharply with Traders Union's more dynamic forecast range of $0.6051-$0.6949, despite their bearish short-term bias citing oversold conditions.

Blockchain.News provides the most optimistic Curve forecast, targeting $0.60-$0.72 in the medium term, supported by emerging bullish momentum indicators. The consensus among analysts suggests that while short-term volatility may persist, the medium-term outlook favors a recovery toward the $0.60+ levels.

CRV Technical Analysis: Setting Up for Potential Reversal
Current Curve technical analysis reveals several compelling signals supporting our CRV price prediction. The MACD histogram showing a positive 0.0036 reading indicates early bullish momentum, while the RSI at 42.92 sits in neutral territory, providing room for upward movement without being overbought.

The price positioning within the Bollinger Bands at 0.3557 suggests CRV is trading in the lower half of its recent range, with the upper band at $0.51 serving as an initial resistance target. The fact that CRV is trading above its 7-day SMA ($0.40) but below longer-term moving averages indicates a potential trend reversal setup.

Volume analysis shows $9.5 million in 24-hour trading volume on Binance, which is moderate but sufficient to support a meaningful price movement if buying pressure increases. The daily ATR of $0.04 suggests normal volatility levels, creating an environment conducive to sustained moves rather than sharp whipsaws.

Curve Price Targets: Bull and Bear Scenarios
Bullish Case for CRV
The primary CRV price target in a bullish scenario targets the $0.60-$0.72 range, representing a 46-76% upside from current levels. This prediction is anchored by several technical factors: the convergence of the 50-day SMA at $0.49 and immediate resistance at $0.55 creating a launch pad for higher prices.

For this bullish CRV price prediction to materialize, Curve needs to break above $0.55 with conviction, preferably on increased volume. A successful break would likely target the Bollinger Band upper limit around $0.51 initially, followed by a move toward the analyst consensus range of $0.60-$0.72.

Bearish Risk for Curve
The bearish scenario for our Curve forecast centers on a breakdown below the critical $0.36 support level. This would invalidate the current consolidation pattern and could trigger a decline toward the strong support at $0.18, representing a significant 56% downside risk.

Key risk factors include continued weakness in the broader DeFi sector, regulatory concerns affecting decentralized exchanges, or a general crypto market correction that could pressure CRV regardless of its technical setup.

Should You Buy CRV Now? Entry Strategy
Based on our CRV price prediction analysis, the current level around $0.41 presents a reasonable entry opportunity for medium-term traders. However, more conservative investors might consider waiting for a pullback to the $0.38-$0.39 range for better risk-reward positioning.

A suggested entry strategy involves scaling into positions between $0.38-$0.42, with stop-loss orders placed below $0.35 to limit downside exposure. Position sizing should account for the moderate confidence level in this prediction, with maximum allocation not exceeding 2-3% of total portfolio value.

For those asking whether to buy or sell CRV, the technical setup favors accumulation at current levels, but with strict risk management given the mixed analyst sentiment and broader market uncertainties.

CRV Price Prediction Conclusion
Our comprehensive Curve forecast points to a medium-term price target of $0.60-$0.72 within the next 30 days, representing a medium confidence prediction based on emerging bullish technical indicators and analyst consensus. The key catalyst will be breaking above the $0.55 resistance level with sustained volume.

Critical indicators to monitor include the MACD maintaining its positive histogram reading, RSI moving above 50 to confirm momentum, and most importantly, a decisive break above $0.55 resistance. Failure to hold the $0.36 support would invalidate this bullish CRV price prediction and necessitate a reassessment of the outlook.

The timeline for this prediction centers on the next 2-4 weeks, with initial confirmation expected if CRV can reclaim the $0.47-$0.50 zone within the next 7-10 trading days.

Image source: Shutterstock

crv price analysis
crv price prediction

Lawrence Jengar
Nov 26, 2025 08:50

INJ price prediction shows mixed signals with short-term recovery to $6.33 possible, but bearish pressure may drive Injective toward $5.17 by December 2025.

Injective Protocol (INJ) presents a complex technical picture as November 2025 draws to a close, with current price action at $5.90 reflecting the broader cryptocurrency market's uncertainty. Our comprehensive INJ price prediction analysis reveals mixed signals from both technical indicators and analyst forecasts, suggesting volatility ahead for this DeFi-focused blockchain protocol.

INJ Price Prediction Summary
• INJ short-term target (1 week): $6.33 (+7.3%)
• Injective medium-term forecast (1 month): $5.17-$6.50 range
• Key level to break for bullish continuation: $6.58
• Critical support if bearish: $5.19

The current technical setup suggests Injective is positioned for a potential short-term recovery, though medium-term headwinds remain significant given the bearish positioning relative to major moving averages.

Recent Injective Price Predictions from Analysts
Recent analyst predictions show a notable divergence in INJ price prediction outlooks. BitcoinEthereumNews projects the most optimistic short-term target at $6.33, aligning with technical resistance levels, while Hexn's forecast of $6.02 represents a more conservative bullish stance. CoinLore's bearish prediction of $5.74 reflects immediate selling pressure, contrasting with Bitget's modest optimism at $5.92.

The most concerning Injective forecast comes from Traders Union, which identifies a wide trading range of $2.50-$6.27, highlighting significant downside risk if key support levels fail. CMC AI's medium-term range of $5.20-$6.50 appears most balanced, incorporating both ecosystem developments and regulatory considerations around the proposed INJ ETF.

This disparity in analyst views reflects the current market's uncertainty, with technical indicators providing mixed signals that support both bullish and bearish scenarios.

INJ Technical Analysis: Setting Up for Volatile Consolidation
Injective technical analysis reveals a asset caught between conflicting forces. The RSI reading of 38.87 sits in neutral territory, avoiding oversold conditions while suggesting limited buying pressure. More encouraging is the MACD histogram showing positive momentum at 0.0278, indicating potential bullish divergence despite the negative MACD line at -0.6554.

The Bollinger Bands positioning tells a compelling story, with INJ trading at 0.29 of the band width, closer to the lower band at $4.95 than the upper resistance at $8.22. This positioning typically suggests oversold conditions and potential for mean reversion toward the middle band at $6.58.

Volume analysis from Binance shows $6.1 million in 24-hour trading, representing moderate interest but insufficient for a decisive breakout. The daily ATR of $0.70 indicates elevated volatility, supporting the wide price ranges suggested by analyst predictions.

Most concerning for bulls is INJ's position relative to all major moving averages, trading below the SMA 20 ($6.58), SMA 50 ($7.76), and significantly below the SMA 200 ($11.63). This bearish alignment suggests the primary trend remains down despite short-term recovery potential.

Injective Price Targets: Bull and Bear Scenarios
Bullish Case for INJ
The bullish INJ price prediction scenario targets $6.33 within one week, representing a 7.3% gain from current levels. This target aligns with the convergence of the EMA 12 ($6.07) and approaches the critical SMA 20 resistance at $6.58.

For sustained bullish momentum, INJ needs to reclaim the $6.58 level, which would trigger a potential move toward $8.22 (upper Bollinger Band) and eventually the immediate resistance at $8.92. The INJ price target of $8.92 would represent a 51% gain and require significant volume confirmation.

Technical catalysts supporting this scenario include the positive MACD histogram, potential oversold bounce from current Bollinger Band positioning, and the proximity to 52-week lows providing psychological support.

Bearish Risk for Injective
The bearish scenario for our Injective forecast centers on a break below immediate support at $5.19, which could accelerate selling toward $2.74 (strong support). This aligns with Traders Union's warning of potential acceleration below $2.50.

A failure to hold $5.19 would likely trigger stops and algorithmic selling, potentially driving INJ toward the 52-week low of $5.36 before finding meaningful support. The distance from the 52-week high of 63.60% indicates significant technical damage that could take months to repair.

Key risk factors include continued Bitcoin dominance affecting altcoins, regulatory uncertainty despite ETF proposals, and the broader "extreme fear" sentiment identified by CMC AI affecting risk asset allocation.

Should You Buy or Sell INJ Now? Entry Strategy
Current technical conditions suggest a cautious approach to the buy or sell INJ decision. For aggressive traders, entry near current levels around $5.90 offers reasonable risk-reward, with stops below $5.19 (immediate support) and targets at $6.33.

Conservative investors should wait for either a clear break above $6.58 to confirm bullish momentum or a breakdown below $5.19 to establish new, lower entry points. The wide analyst prediction ranges suggest significant uncertainty that favors patient positioning over aggressive entries.

Position sizing should reflect the elevated volatility indicated by the $0.70 ATR. Risk management becomes critical given the potential for both 7% gains and 12% losses within the identified trading ranges.

For those currently holding INJ, the proximity to technical support levels suggests maintaining positions with tight stops rather than adding to positions until clearer directional signals emerge.

INJ Price Prediction Conclusion
Our comprehensive INJ price prediction indicates a challenging but potentially rewarding setup for Injective Protocol. The short-term target of $6.33 within one week carries medium confidence based on technical mean reversion potential and analyst consensus.

However, the medium-term Injective forecast remains cautious, with the $5.17-$6.50 range reflecting the ongoing struggle between buyer and seller conviction. Key indicators to monitor include volume confirmation above $6.58 for bullish continuation or a decisive break below $5.19 for bearish acceleration.

The timeline for resolution appears compressed, with most analysts expecting clarification within the next 1-2 weeks. Until INJ reclaims its 20-day moving average at $6.58, the technical outlook remains neutral with bearish undertones, supporting a range-bound trading approach rather than aggressive directional bets.

Confidence Level: Medium - Technical indicators provide mixed signals, requiring confirmation from price action and volume before establishing high-conviction positions.

Image source: Shutterstock

inj price analysis
inj price prediction

Journalist

Posted: November 26, 2025

Key Takeaways
Why did PENGU suddenly jump 11%?
The spike was driven mainly by a surge in derivatives activity—especially long positions from OKX traders.

What’s stopping PENGU from breaking higher?
A long-standing descending resistance line sits directly overhead, posing a major structural barrier that has repeatedly rejected upward moves.

The tides have changed. After a month of significant outflows that led to a 49% price drop, PENGU has started gaining renewed attention among market participants.

This growing interest has translated into an 11% price increase. However, the recent surge remains under threat, with new structural risks emerging.

PENGU faces structural headwinds
Pudgy Penguins [PENGU] could see its recent gains stall soon, as it approaches a major technical barrier.

A descending resistance trendline stands in the way on the daily chart — a level that has restricted strong upward movement on multiple occasions.

Although a clean break above this resistance, followed by a strong candle close, could mark the beginning of a broader rally, overall sentiment remains weak.

Source: TradingView

In the spot market, retail investors viewed the recent price increase as an opportunity to exit positions, either to cut losses or lock in short-term profits.

This behavior added to supply pressure in the market. If it continues in this manner, it could slow price movement as PENGU moves closer to the resistance zone on the chart.

Drivers are not backing down
While spot market participants continued to add pressure, derivatives traders remained largely bullish on PENGU.

The Funding Rate and Open Interest showed bullish alignment at press time. The Funding Rate was at 0.0030%, and although minimal, it signaled a gradual build-up of long positions.

Likewise, Open Interest bumped up slightly, with approximately $10.14 million in new capital entering the market, largely driven by bulls, excluding existing long contracts.

Source: TradingView

Derivatives volume further showed that the majority of long positions originated from traders on OKX.

At the time of writing, the Long/Short Ratio was about 1.7, indicating that market positioning remained tilted toward the long side.

Indicators could pressure or support PENGU
The Accumulation/Distribution (A/D) indicator suggested that the asset was in an accumulation phase, supported by rising volume.

However, the impact of the prolonged downtrend over the past few months still weighed on the metric, keeping the A/D line in negative territory.

Source: TradingView

The Chaikin Money Flow (CMF) offered additional insight, showing signs of recovery as it trended above the zero line, confirming stronger buying pressure in the market.

If this upward trajectory continues alongside sustained accumulation, it could support a more positive price outlook in the longer term.

Spot XRP Exchange-Traded Funds (ETFs) started the week surpassing most crypto-based investment products after the record debut performance of Grayscale and Franklin Templeton’s funds.

GXRP, XRPZ See Record Debut
This week, the second batch of spot XRP ETFs went live, debuting with a record-breaking performance. Notably, Grayscale and Franklin Templeton launched their XRP-based investment products, recording over $60 million in net inflows each during their first day.

On Monday, Franklin Templeton debuted the new XRPZ ETF on NYSE Arca, highlighting that “its established utility in facilitating cross-currency settlement has made XRP a central component of the growing digital payments ecosystem.”

Moreover, Grayscale followed the same path as with its other existing crypto-based private trusts, converting its XRP fund into the publicly traded GXRP ETF. In a significant achievement, both funds broke Canary Capital’s XRPC record as the biggest ETF debut of 2025.

As reported by NewsBTC, Canary Capital launched the first single-token XRP spot ETF on November 13, smashing the initial expectations of multiple experts. After clearing the last regulatory hurdles, XRPC debuted on Nasdaq with a total volume of $58 million.

Ahead of its launch, senior ETF analysts predicted that the fund could surpass Bitwise’s BSOL, which previously held this achievement. After the first 30 minutes, XRPC surprised market observers with $26 million in volume, suggesting strong initial demand.

Meanwhile, BSOL recorded an impressive volume of $10 million in the first 30 minutes of trading, surging to $33 million by the half-day mark. The investment product closed its debut with $57 million in volume, beating all 900 other launches of the year.

According to SoSoValue data, Franklin’s XRPZ and Grayscale’s GXRP saw an impressive $62.6 million and $67.4 million on their launch day, surpassing Canary’s XRPC record and becoming the best debuts of any ETFs in 2025 so far.

XRP ETFs Steal The Spotlight
Besides the remarkable launch of Grayscale and Franklin Templeton’s investment funds, the XRP ETF category’s performance surpassed that of other leading ETFs on Monday, including those based on the largest cryptocurrencies by market capitalization, Bitcoin (BTC), Ether (ETH), and Solana (SOL).

Canary Capital’s XRPC and Bitwise’s XRP ETF brought in $16.4 million and $16.4 million, respectively, amounting to a total of $164 million in net inflows for the whole category on November 24.

This performance was followed by ETH ETFs, which recorded $96.6 million in inflows, led by BlackRock’s ETHA. Solana-based funds came third with $58 million in positive net flows, extending their 20-day streak with a total of $568 million in inflows, according to Farside Invest data.

Notably, spot XRP ETFs have seen cumulative net inflows of $586.8 million, registering an eight-day positive streak and surpassing the total inflows of SOL ETFs.

On the contrary, Bitcoin ETFs registered the worst performance among the leading cryptocurrency funds. The investment products continued their choppy November performance, starting the week with $151 million in outflows, led by BlackRock’s IBIT.

 As of this writing, XRP is trading at $2.18, a 1.6% decline in the daily timeframe.

XRP performance on the one-week chart. Source: XRPUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com

Bitcoin price failed to clear $88,100 with any conviction. It trades near $87,700, almost flat on the day, but still down more than 3% this week. The rebound from $80,500 gave traders some hope that a bottom had formed. But a few new signals now suggest that this bottom may be tested again or even broken.

The chart and on-chain data both point to the same risk: the recovery may not be ready yet.

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Two Bearish Signals Still Favor The DowntrendThe first concern comes from the Relative Strength Index (RSI), which tracks momentum. Between 18 November and 24 November, Bitcoin made a lower high, but the RSI made a higher high. This is a hidden bearish divergence. It usually appears inside a downtrend and supports continuation rather than reversal.

Hidden Bearish Divergence For BTC: TradingViewWant more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

This aligns with the broader downtrend that began in early October. If the current divergence plays out, the next leg down could retest the recent lows again.

A second warning comes from the exponential moving averages (EMAs). EMAs are moving averages that give more weight to recent prices, so they react faster to trend changes.

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The 100-day EMA has almost closed in on the 200-day EMA, forming a bearish crossover. A bearish crossover between these two averages often signals weakening trend structure.

Bearish Crossover Looms: TradingViewThe fact that this crossover is forming near the $88,100 resistance makes the area even more important. If the crossover confirms while the Bitcoin price remains under that level, the recovery setup loses strength.

Whale Activity Adds Pressure To The DownsideOn-chain data supports this caution. Wallets holding 1,000 to 10,000 BTC have been reducing their holdings since November 16. The count fell from 1,984 wallets to 1,962 as of November 25.

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A similar decline in whale wallets happened earlier this month. Between November 1 and November 5, the wallet count dropped, and Bitcoin fell by almost 8% over the next few days.

Whales Dumping: GlassnodeThe same pattern has reappeared, only this time the price is much closer to its recent low. If whales continue trimming positions alongside the bearish signals on the chart, the BTC bottoming theory enters “upside-down” territory.

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Key Bitcoin Price Levels To WatchBitcoin must break $88,100 with a clean daily close to weaken the divergence, possibly stop the EMA compression, and regain short-term control.

A strong move above that level opens the path toward $93,800, and, if momentum strengthens, $107,400. But those higher targets are unlikely for now while the current bearish signals remain active.

Bitcoin Price Analysis: TradingViewOn the downside, $80,500 is the key line. Losing it confirms an 8.32% drop from current levels, similar to the early-November whale-led drop.

It also signals that the previous low might not have been a true bottom. If that happens, the BTC bottoming process may stretch further into the cycle. Bitcoin has rebounded off its lows, but the bearish chart setup is clear.

Monad's mainnet launch has been overshadowed by a wave of spoofed token transfers that surfaced less than two days after the network went live.

Lawmakers in Texas also suggested that Ethereum could eventually be added if it sustains a market cap above $500 billion for more than 24 months. At the same time, Metaplanet strengthened its Bitcoin-first treasury model by drawing another $130 million from its BTC-backed credit facility, bringing total borrowing to $230 million as it continues buying BTC despite carrying large unrealized losses. 

Texas Ramps Up Bitcoin StrategyTexas took a meaningful step toward integrating Bitcoin into its long-term financial strategy by purchasing $5 million worth of shares in BlackRock’s spot Bitcoin ETF, IBIT. Another $5 million is earmarked for a direct, self-custodied BTC buy. The acquisition was made on Nov. 20, and was later pointed out by Texas Blockchain Council president Lee Bratcher.

This buy is the beginning of the state’s deployment of a $10 million allocation drawn from general revenue. Bratcher explained that Texas ultimately intends to self-custody Bitcoin, but because the framework for doing so is still being finalized, the first tranche was executed through IBIT.

The move is being interpreted as another sign of accelerating government-level Bitcoin adoption. Pierre Rochard, CEO of The Bitcoin Bond Company, described the moment as a dramatic shift in public-sector sentiment, as fears of government hostility toward Bitcoin have  given way to open participation. In his view, the past five years took the conversation from “governments will ban bitcoin” to governments actively buying small amounts.

Texas’ purchase also aligns with the state’s long-term plan to establish a Strategic Bitcoin Reserve, which was authorized earlier this year by Governor Gregg Abbott. Under the framework of the bill, only assets with a market cap above $500 billion qualify for inclusion, which is a requirement currently met by Bitcoin but not by the IBIT ETF itself. 

Even so, the ETF purchase is being seen as a preparatory step toward the state’s eventual move into self-custodied digital assets. Lawmakers, meanwhile, are already eyeing the possibility of adding Ethereum as well. State Senator Charles Schwertner suggested that ETH could be included if it maintains a market cap above $500 billion for a sustained 24-month period.

While some people framed Texas’ buy as a first-of-its-kind state action, filings show that Wisconsin beat it to the punch last year by purchasing almost $100 million worth of IBIT shares in May of 2024. However, the state sold off its holdings a year later. 

Texas now joins a growing list of institutional and government-aligned entities accumulating the ETF, including Harvard and Abu Dhabi, according to Bloomberg analyst Eric Balchunas. 

Tokyo-listed Bitcoin treasury company Metaplanet also expanded its aggressive accumulation strategy by drawing an additional $130 million from its Bitcoin-backed credit facility to fund BTC purchases, income-generation initiatives, and potential share buybacks. The company executed the latest loan on Friday, which brought its cumulative borrowing under the $500 million credit line to $230 million.

The credit facility allows Metaplanet to secure short-term liquidity using its Bitcoin reserves as collateral, which allows it to continue scaling its Bitcoin holdings even in periods of market volatility. While the company acknowledged that the borrowing structure exposes it to the risk of collateral calls if BTC’s price drops, Metaplanet is still confident in the depth of its reserves. It reassured investors that it maintains ample collateral headroom. The firm also explained that the size of its Bitcoin treasury relative to the loan amount gives it a strong buffer against price swings.

Notice from Metaplanet

This latest loan is part of Metaplanet’s two-track financing approach, which blends debt and equity instruments to accelerate its long-term Bitcoin strategy. Alongside the flexible, on-demand credit line, the company is pursuing a plan to raise an additional $135 million through the issuance of Class B perpetual preferred shares. 

These shares provide long-term capital, offer fixed annual payouts, and may be converted into common stock. They also give the company selective buyback options under certain conditions, offering a complementary form of financing that does not rely solely on BTC-backed borrowing.

Together, these funding channels make it possible for Metaplanet to continue growing its Bitcoin treasury even while its holdings sit at an unrealized loss. According to BitcoinTreasuries.NET, the company’s average purchase price for BTC sits at roughly $108,036, leaving it with nearly a 20% unrealized loss at current market levels around $87,000. 

Despite the downturn, Metaplanet is very committed to its accumulation strategy. Bitcoin strategy director Dylan LeClair said on X that the company is “HODLing,” while others noticed that the timing of the loan coincided with BTC’s dip to about $82,000, suggesting the firm may have strategically taken advantage of the decline to increase its position.

TLDR:

Stableport integrates with Polygon PoS to improve cross-border stablecoin payments for business users.
The platform uses a fiat-stablecoin-fiat model supported by licensed VASP partners for compliance.
Polygon states the integration strengthens its active stablecoin ecosystem for global transactions.
Stableport targets payment routes between developed and emerging markets with faster settlement.

Stableport has moved its cross-border payments platform to Polygon PoS as it targets faster settlement for global business transfers. The partnership introduces a structure that converts fiat to stablecoins during transit before returning funds to local currencies. 

Polygon shared the update, noting Stableport aims to link developed and emerging markets with low-cost transactions. The collaboration expands Polygon’s rising stablecoin activity while giving Stableport a wider technical base.

Stableport described its model as a non-custodial system designed to simplify international payments for businesses. The team uses a “stablecoin sandwich” process that moves funds through assets such as USDC before the platform settles back into fiat. 

Stableport said the setup relies on licensed VASP partners to support compliance during each conversion step. Polygon stated Stableport selected Polygon PoS for cost efficiency and rapid settlement.

The update followed a detailed post from Stableport outlining how the integration strengthens its operations in fast-growth markets. The team said its goal is to shrink friction in routes that still depend on slow traditional rails. 

Polygon noted that Stableport targets regions where businesses face high transfer fees and long settlement windows. The integration widens access to a chain that already processes large volumes of stablecoin activity.

Stableport framed Polygon PoS as the core layer for its payment flows, citing speed and scalability for commercial use. 

Polygon said the chain delivers short finality times suited for business transactions. Stableport added that this setup allows companies to operate without delays caused by regional banking constraints. The team plans to share more updates as it expands coverage.

Stableport’s announcement highlighted a broader shift toward blockchain-based payment channels for global transactions. Polygon said its infrastructure continues to attract platforms working to modernize settlement processes. 

Stableport noted its system minimizes volatility by only using stablecoins during movement. The platform expects the structure to support faster transactions for companies moving funds across borders.

Polygon’s Stablecoin Network Gains a New Payments Layer
Polygon said the partnership strengthens a stablecoin ecosystem driving a large share of activity across its network. Stableport aims to provide a route that keeps transaction costs predictable for businesses moving money at scale. 

The platform’s model helps reduce the friction associated with multiple currency corridors. Polygon stated that PoS remains one of the most active networks for stablecoin flows.

Stableport said its focus remains on markets with rapid digital payments growth. 

Polygon reported that emerging regions continue to adopt on-chain payment solutions due to speed advantages. Stableport’s decision adds to that momentum as businesses seek reliable transfer channels. 

The integration places Stableport within a chain known for its broad developer activity and stablecoin usage.

Stableport reiterated that it is building an infrastructure layer shaped for real payment needs. Polygon said this trend reflects business interest in predictable settlement times. 

The platform uses licensed VASP partners to ensure compliance during every conversion. Stableport plans to roll out more tools for firms handling high-frequency international transfers.

The collaboration signals deeper interest in stablecoin-based transaction systems for cross-border commerce. Polygon shared that its PoS chain continues to act as a settlement base for new payment tools. 

Stableport believes its model can streamline payments between companies operating across continents. The team asked users to watch for continued product updates.

MegaETH faces several system errors that break its pre-deposit event.

Monad and the MON token price have become one of the most talked-about launches of the month, but the excitement around this new Layer-1 blockchain runs deeper than just an airdrop and exchange listings. With bold performance claims, heavyweight investor backing, and a massive ecosystem push, MON has captured the attention of both developers and speculative traders. Yet behind the hype lies a more complex reality—one that could determine whether Monad becomes a true contender to chains like Solana or fades after initial momentum.

A Curiosity-Driven Start: Why Monad Arrived With Such MomentumThe crypto market hasn’t seen a Layer-1 launch with this level of anticipation in months. Monad positioned itself as a next-generation chain capable of scaling Ethereum’s developer ecosystem without sacrificing speed—a narrative that instantly resonated with traders searching for “the next Solana moment.”

But what really fuels the excitement is the combination of high technical ambition and an aggressive ecosystem strategy. Monad wants to be the chain that finally bridges high-throughput execution with Ethereum compatibility, and its testnet numbers and investor list have only amplified curiosity.

What Is Monad? A Quick BreakdownMonad is a high-performance Layer-1 blockchain that is fully EVM-compatible, meaning developers can deploy existing Ethereum smart contracts without rewriting code. Its architecture is designed to solve one of Ethereum’s biggest limitations: throughput.

Monad’s core technical selling points include:

10,000+ transactions per second (TPS) potential~1-second deterministic finalityLow transaction feesOptimized pipelining and parallelizationFull bytecode-level compatibility with EthereumFor developers, this offers the speed of Solana or Sui with the familiarity of the Ethereum development stack—a key reason why Monad’s ecosystem began forming even before mainnet went live.

Why MON Is Trending: The 4 Big Catalysts Driving the BuzzA High-Performance Tech Narrative: Monad’s testnet numbers showcased billions of transactions executed and sustained throughput far higher than typical EVM chains. This created early comparisons to Solana’s performance—but with the added advantage of plug-and-play compatibility for Ethereum apps.Massive Funding and Institutional Backing: Monad raised over $225 million from high-profile crypto funds and venture investors. Heavy backing signals confidence and resources—two things early-stage L1’s need to attract developers.Token Launch, Airdrop, and Supply Design: The MON token launched with:100 billion total supply~10.8% unlocked at mainnetA multi-track airdrop rewarding developers, on-chain users, and early community participantsA public sale price of $0.025Strong Exchange Listings and Social Momentum: Major exchanges moved quickly to list MON, giving it immediate liquidity and visibility. On Crypto Twitter, Monad became one of the most discussed L1 launches, fueled by airdrop speculators, developers, and early ecosystem builders.It’s Not All Smooth Sailing—Key Risks RemainDespite the hype, the project faces several structural challenges:

Token Unlock Overhang: A large share of MON is allocated to the team, early investors, and the ecosystem. As these tokens unlock over time, sell pressure could increase — especially if market sentiment weakens.Execution Risk: While Monad’s architecture is promising, real mainnet performance often diverges from testnet conditions. Any congestion, downtime, or performance bugs could quickly dampen market enthusiasm.L1 Competition Is Fierce: Solana, Sui, Aptos, and Ethereum scaling solutions all target similar performance goals. To survive, Monad must differentiate not just technologically, but also in adoption and real usage.Early Price Action Driven by Speculation: Post-launch volatility typically revolves around hype, listings, and airdrop farming—not fundamentals. Investors should expect rapid swings until liquidity stabilizes.MON Price Outlook: What to Expect NextMonad’s MON token has exploded back into the spotlight after a dramatic surge, catching traders off guard following months of sideways consolidation. The sudden breakout has revived interest in the newly launched Layer-1 ecosystem, with volume spiking and sentiment shifting sharply bullish. As investors search for the catalyst behind this rapid move, the chart now reveals a major structural shift that could redefine the token’s short-term outlook. The question is, can MON sustain this momentum, or is a pullback inevitable?

MON has reclaimed the 200-day moving average for the first time this year, marking a major technical milestone and signaling a potential trend reversal. The price has also pierced multiple overhead resistance zones, with momentum accelerating aggressively. With the 50-day MA now curving upward toward the 200-day MA, a probable golden cross appears to be forming—often viewed as a classic bullish signal. However, the RSI hovering above 80 suggests overextension, making short-term volatility or a minor correction likely before continuation.

ConclusionMonad has entered the market with one of the strongest launch narratives of any new Layer-1 in recent months. Its combination of high-performance architecture, Ethereum compatibility, significant funding, and aggressive ecosystem expansion has made MON a token to watch.

But the journey ahead will test whether Monad’s technology can hold up under real-world conditions, attract developers at scale, and carve a meaningful place in a crowded Layer-1 landscape. The hype is justified—but so is cautious optimism.

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

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JACKSON, WY / ACCESS Newswire / November 26, 2025 / Kultura Brands, Inc. , formerly Labor Smart Inc. (OTCID:LTNC) ("Kultura Brands" or the "Company") today announced the official direct-to-consumer (DTC) launch of Adios Spirits, the Company's flagship tequila-based ready-to-drink beverage brand. Customers can now purchase Adios Spirits directly at https://adiosspirits.com.

ABU DHABI, United Arab Emirates--(BUSINESS WIRE)--WeRide (NASDAQ: WRD, HKEX: 0800.HK), a global leader in autonomous driving technology, and Uber Technologies, Inc. (NYSE: UBER) today announced the launch of Level 4 fully driverless Robotaxi commercial operations in Abu Dhabi. This marks the first driverless deployment in the Middle East, as well as the first city outside the United States to host fully driverless operations on the Uber platform. The launch was supported by the world's first ci.

Deere & Company (NYSE:DE) will release earnings results for the fourth quarter, before the opening bell on Wednesday, Nov. 26.

Analysts expect the Moline, Illinois-based company to report quarterly earnings of $3.83 per share, down from $4.55 per share in the year-ago period. The consensus estimate for Deere's quarterly revenue is $9.81 billion. Benzinga Pro data shows $9.28 billion in quarterly revenue a year ago.

The company has beaten analyst revenue estimates for more than 10 straight quarters.

Shares of Deere gained 2.2% to close at $498.13 on Tuesday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

Let's have a look at how Benzinga's most-accurate analysts have rated the company in the recent period.

UBS analyst Steven Fisher upgraded the stock from Neutral to Buy and cut the price target from $545 to $535 on Oct. 17, 2025. This analyst has an accuracy rate of 72%.
JP Morgan analyst Tami Zakaria maintained a Neutral rating and slashed the price target from $495 to $480 on Oct. 14, 2025. This analyst has an accuracy rate of 70%.
Truist Securities analyst Jamie Cook maintained a Buy rating and increased the price target from $602 to $609 on Oct. 8, 2025. This analyst has an accuracy rate of 71%.
Oppenheimer analyst Noah Kaye maintained an Outperform rating and cut the price target from $566 to $512 on Sept. 18, 2025. This analyst has an accuracy rate of 72%.
Baird analyst Mircea Dobre maintained a Neutral rating and slashed the price target from $520 to $488 on Aug. 15, 2025. This analyst has an accuracy rate of 75%
Considering buying DE stock? Here’s what analysts think:

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Italy's antitrust authority said on Wednesday it has broadened the scope of its investigation into Meta Platforms over allegations the company abused its dominant position through the use of its artificial intelligence tool on messaging service WhatsApp.

Overseas Equity ETF posted a return of 7.27% in the third quarter of 2025. Leading contributors in the First Eagle Overseas Equity ETF this quarter included Samsung Electronics Co Ltd Pfd Non-Voting, Alibaba Group, Barrick Mining, Newmont and Prosus N.V. Class N. The leading detractors in the quarter were Shimano, FUCHS SE Pref Registered Shs, SMC Corporation, Haleon and Philip Morris.

About Jamie Ashcroft
Jamie Ashcroft, the News Editor for Proactive UK, has developed an impressive career in financial journalism, focusing on the small-cap sector for over fourteen years. Before joining the Proactive team, he was a stockbroker during the global financial crisis, a role that complemented his educational background - a first-class degree in Business and Economics and qualifications in software design and development.
As one of the early external hires at Proactive in 2009, Jamie contributed... Read more

About the publisher
Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists.

Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth.

We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. This is content that excites and engages motivated private investors.

The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies.

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Proactive has always been a forward looking and enthusiastic technology adopter.

Our human content creators are equipped with many decades of valuable expertise and experience. The team also has access to and use technologies to assist and enhance workflows.

Proactive will on occasion use automation and software tools, including generative AI. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation.

About Oliver Haill
Oliver has been writing about companies and markets since the early 2000s, cutting his teeth as a financial journalist at Growth Company Investor with a focusing on AIM companies and small caps, before a few years later becoming a section editor and then head of research. He joined Proactive after a couple of years freelancing, where he worked for the Financial Times Group, ITV, Press Association, Reuters sports desk, the London Olympic News Service, Rugby World Cup News Service, Gracenote... Read more

About the publisher
Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists.

Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth.

We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. This is content that excites and engages motivated private investors.

The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies.

Use of technology
Proactive has always been a forward looking and enthusiastic technology adopter.

Our human content creators are equipped with many decades of valuable expertise and experience. The team also has access to and use technologies to assist and enhance workflows.

Proactive will on occasion use automation and software tools, including generative AI. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation.

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

SummaryVanguard Total Stock Market Index Fund ETF offers broad exposure but remains heavily weighted to large-cap stocks (technology), limiting true diversification.VTI's performance closely tracks large-cap ETFs like VOO, with both outperforming small-cap benchmarks such as IWM over recent years.Vanguard Small-Cap Value Index Fund ETF provides better diversification, lower tech exposure, and a low expense ratio but is rated Hold due to valuation concerns.Investors seeking diversification should consider reducing large-cap exposure and adding VBR, though current prices suggest waiting for a better entry point.Black Friday Sale 2025: Get 20% Off pagadesign/E+ via Getty Images

I am a big fan of ETFs and a big fan of Vanguard, which was the pioneer of index-based investment opportunities. I like that Vanguard has transitioned beyond mutual funds to ETFs, and I follow several of them.

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

News Release Highlights: 1. Forte Group announces its planned corporate transformation to Vanta Holdings Inc. (VANTA), marking a significant milestone in the Company's evolution into a next-generation wellness company focused on longevity, human performance, functional hydration, and premium nutraceutical innovation.

Li Auto Inc. (NASDAQ:LI) will release earnings results for the third quarter, before the opening bell on Wednesday, Nov. 26.

Analysts expect the China-based company to report quarterly earnings of 4 cents per share, on revenue of $3.76 billion, according to data from Benzinga Pro.

Hesai Technology (NASDAQ:HSAI) was recently named the exclusive lidar supplier for Li Auto's next-generation assisted driving platform. The agreement covers all upcoming models, including the "L" Series, "i" Series, and "MEGA," marking a major expansion of their long-term collaboration.

Shares of Li Auto gained 1.1% to close at $18.32 on Tuesday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

Let's have a look at how Benzinga's most-accurate analysts have rated the company in the recent period.

Piper Sandler analyst Alexander Potter initiated coverage on the stock with a Neutral rating and a price target of $19 on Nov. 11, 2025. This analyst has an accuracy rate of 77%.
Barclays analyst Jiong Shao maintained an Equal-Weight rating and slashed the price target from $31 to $24 on Aug. 28, 2025. This analyst has an accuracy rate of 70%.
Considering buying LI stock? Here’s what analysts think:

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Tesla CEO Elon Musk has spent much of this year focused on the carmaker's robotics pursuits and winning shareholder approval for his freshly minted $1 trillion pay package. In the meantime, the outlook for Tesla's main business – selling cars – is darkening.

CMB.TECH ANNOUNCES Q3 2025 RESULTS
SOFT SUMMER, FOLLOWED BY
ROARING TANKER AND DRY BULK MARKETS

ANTWERP, Belgium, 26 November 2025 – 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 third quarter ended 30 September 2025.

HIGHLIGHTS

Financial highlights: Profit for the period of 17.3 million USD in Q3 2025. EBITDA for the same period was USD 238.4 million.CMB.TECH’s contract backlog stands at 2.95 billion USD.Proposal to declare an interim dividend of USD 0.05 per share which is expected to be paid on or about 15 January 2026. Fleet highlights:

Delivery of 7 newbuilding vessels (Q3 – Quarter to date): Super-Eco Newcastlemax: Mineral Slovensko and Mineral SlovenijaVLCC: AtrebatesChemical tanker: Bochem SantosCSOV: Windcat RotterdamCTV: Windcat 58, Windcat 61 Sale of the VLCC Dalma (2007, 306,543 dwt) & the capesize Battersea (2009, 169,390 dwt).The time charter of the VLCC Donoussa (2016, 299,999 dwt) was extended for another 11 months, until October 2026.Windcat has ordered one Multi-Purpose Accommodation Service Vessel (MP-ASV) (CSOV XL) with an option of five more. Corporate highlights:

Supervisory Board changes: resignation of Mr. Marc Saverys & Mrs. Julie De Nul and cooptation of Mr. Carl Steen & Mrs. Gudrun Janssens. For the third quarter of 2025, the Company realised a profit for the period of USD 17.3 million or USD 0.07 per share (third quarter 2024: a profit for the period of 98.1 USD million or USD 0.49 per share). EBITDA (a non-IFRS measure) for the same period was USD 238.4 million (third quarter 2024: USD 177.1 million).

Commenting on the Q3 results, Alexander Saverys (CEO) said:

“After a relatively quiet summer and seasonally lower rates, tanker and dry bulk markets came roaring back and are at multi-year highs. Results in Q3 reflected the softer market but stronger bookings in Q4 will significantly improve the result going forward. We have sold another two older vessels and taken delivery of seven ships as we continue to rejuvenate and decarbonise our fleet.”

Key figures

             The most important key figures (unaudited) are:                       (in thousands of USD)  Third Quarter 2025 Third Quarter 2024 YTD 2025 YTD 2024              Revenue          454,248         221,840         1,077,100         714,217          Other operating income          8,097         4,161         28,252         42,406                      Raw materials and consumables          (1,368)         (481)         (6,496)         (2,159)          Voyage expenses and commissions          (110,244)         (45,715)         (233,986)         (131,618)          Vessel operating expenses          (116,869)         (46,816)         (292,342)         (146,829)          Charter hire expenses          (1,089)         (118)         (2,709)         (135)          General and administrative expenses          (34,076)         (16,863)         (90,471)         (53,150)          Net gain (loss) on disposal of tangible assets          39,284         61,356         143,075         563,903          Depreciation and amortisation          (109,073)         (40,241)         (273,442)         (122,118)          Impairment losses          300         —         (3,273)         —                      Net finance expenses          (111,193)         (37,575)         (293,633)         (83,554)          Share of profit (loss) of equity accounted investees          146         (232)         1,717         2,338          Result before taxation          18,163         99,316         53,792         783,301                      Income tax benefit (expense)          (868)         (1,238)         (3,708)         (5,602)  Profit (loss) for the period          17,295         98,079         50,084         777,699                      Attributable to:            Owners of the Company          19,872         98,079         71,638         777,699           Non-controlling interest          (2,577)         —         (21,554)         —                                             Earnings per share:                     (in USD per share) Third Quarter 2025 Third Quarter 2024 YTD 2025 YTD 2024             Weighted average number of shares (basic) *         238,021,435         201,912,942                 208,978,825         196,654,266          Basic earnings per share         0.07         0.49                 0.24         3.95                                The number of shares issued on 30 September 2025 is 315,977,647. However, the number of shares excluding the owned shares held by CMB.TECH at 30 September 2025 is 290,169,769.              EBITDA reconciliation (unaudited):                       (in thousands of USD)  Third Quarter 2025 Third Quarter 2024 YTD 2025 YTD 2024              Profit (loss) for the period          17,295         98,079                 50,084         777,699          + Net finance expenses          111,193         37,575                 293,633         83,554          + Depreciation and amortisation          109,073         40,241                 273,442         122,118          + Income tax expense (benefit)          868         1,238                 3,708         5,602          EBITDA (unaudited)          238,429         177,133                 620,867         988,973                                  EBITDA per share:                       (in USD per share)  Third Quarter 2025 Third Quarter 2024 YTD 2025 YTD 2024              Weighted average number of shares (basic)          238,021,435         201,912,942                 208,978,825         196,654,266          EBITDA          1.00         0.83                 2.97         5.03                                  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.

Interim dividend

CMB.TECH intends to propose an interim dividend of USD 0.05 per share, which is expected to be paid on or about 15 January 2026, subject to completion of the required statutory procedures.

Subject to completion of the required statutory procedures and final approval, the timing of the distribution of this Interim Dividend is as follows:

COUPON 44Ex-dividend dateRecord datePayment dateEuronext6 January 20267 January 202615 January 2026NYSE7 January 20267 January 202615 January 2026OSE6 January 20267 January 2026on or about 20 January 2026 TCE

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

 Q3 2025Q3 2024Quarter-to-Date Q4 2025USD/dayUSD/dayUSD/dayFixed %DRY BULK VESSELSNewcastlemax average spot rate(1)29,42331,27133,68583.0%Newcastlemax average time charter rate21,329   Capesize average rate(1)20,537 26,28487.0%Panamax/Kamsarmax average spot rate(1)13,467 17,04277.0% Panamax/Kamsarmax average time charter rate13,364   TANKERSVLCC average spot rate (2)30,48639,70068,04878.0%VLCC average time charter rate(3)45,72546,700  Suezmax average spot rate(1) (3)48,21037,20059,91073.0%Suezmax average time charter rate33,45530,750  CONTAINER VESSELSAverage time charter rate29,37829,378  CHEMICAL TANKERSAverage spot rate(1) (2)20,67525,489 22,578 N/AAverage time charter rate19,30619,306   OFFSHORE WINDCSOV Average time charter rate27,272 118,87083.7%CTV Average time charter rate3,4703,0752,83677.7% 1) Reporting load-to-discharge, in line with IFRS 15, net of commission
(2) CMB.TECH owned ships in TI Pool or Stolt Pool (excluding technical off hire days)
(3) Including profit share where applicable

CORPORATE UPDATE

Supervisory Board changes

As already announced, Mr. Marc Saverys and Mrs. Julie De Nul have decided to resign as members of the Supervisory Board of CMB.TECH in Q3 2025. Mr. Marc Saverys has also resigned as Chairman of the Supervisory Board. Mr. Patrick de Brabandere, as representative of Debemar BV was appointed to succeed Mr. Marc Saverys as chairman of the Supervisory Board.

The Supervisory Board has further decided to co-opt Mrs. Gudrun Janssens and Mr. Carl Steen as independent members within the Supervisory Board. Mr. Carl Steen has been appointed to succeed Mrs. Julie de Nul as chairman of the Remuneration committee. The reviewed composition of the committees of the Supervisory Board can be found on our website.

CMB.TECH FLEET DEVELOPMENTS

Orders

Windcat

Windcat has ordered one Multi-Purpose Accommodation Service Vessel (MP-ASV) (CSOV XL) with an option of five more. This new type of vessel is based on the proven concept of Windcat's CSOVs. The vessels will be built by Damen Shipyards and delivered from 2028.

Sales

Bocimar

CMB.TECH has sold the capesize Battersea (2009, 169.390 dwt). The sale will generate a total capital gain of 2.4 million USD. The vessel will be delivered to its new owner during Q4 2025.

The capesize Golden Zhoushan (2011, 175,834) was delivered to its new owner during Q4 2025. No capital gain will be generated by the sale.

Euronav

On 25 August 2025, the Company entered into an agreement to sell the Suezmax Sofia (2010, 165,000 dwt) for a net sale price of USD 40.1 million. The sale will generate a gain of approximately USD 20.4 million and is expected to be delivered to its new owner in the fourth quarter of 2025.

CMB.TECH has sold the VLCC Dalma (2007, 306,543 dwt). The sale will generate a capital gain of 26.7 million USD. The vessel will be delivered to its new owner during Q4 2025.

The time charter of the VLCC Donoussa (2016, 299,999 dwt) was extended for another 11 months, until October 2026.

Hakata (2010, 302,550 dwt) & Hakone (2010, 302,624 dwt) were delivered to their new owners in Q3 2025, generating a total capital gain of approx. 39.3 million USD in Q3 2025.

Newbuilding deliveries

On 2 July 2025, the Company took delivery of the CTV Windcat 58.

On 24 July 2025, the Company took delivery of the CSOV Windcat Rotterdam.

On 8 August 2025, the Company took delivery of Newcastlemax Mineral Slovensko (2025, 210,000 dwt).

On 18 September 2025, the Company took delivery of Chemical tanker Bochem Santos (2025, 25,000 dwt).

On 26 September 2025, the Company took delivery of Newcastlemax Mineral Slovenija (2025, 210,000 dwt).

On 10 November 2025, the Company took delivery of VLCC Atrebates (2025, 319,000 dwt).

On 12 November 2025, the Company took delivery of the CTV Windcat 61.

MARKET & OUTLOOK

Bocimar – Dry-Bulk Market1

Despite China’s steel output slipping into a year-on-year contraction (-0.7%), iron ore imports have surged to record levels — reaching an all-time high of 116.3 mt in September (+11.7% y-o-y) — while China’s port inventories of iron ore declined (-7.2% y-o-y). Although Chinese steel production has decreased, iron ore imports have risen due to the gradual depletion of domestic mines, with Chinese iron ore self-sufficiency year-to-date 2025 standing at only 7%. Moreover, there is mounting evidence that the average quality of globally traded iron ore (in terms of Fe content and impurities) has been gradually deteriorating. Flagship Australian blends that once comfortably sat at 62% Fe have slipped closer to 60.8%, and mid-grade fines in the 60–61% Fe band now dominate Chinese seaborne and portside trade. When the quality of the average tonne falls, the volume of tonnes needed to keep the furnaces going does not fall one-for-one with crude steel. In addition, in today’s environment of heightened global instability, it is expected that nations will increasingly prioritise importing and stockpiling key commodities. This reinforces the bullish outlook for the seaborne dry bulk market. Historically, China’s iron ore imports have been more closely linked to global supply dynamics than to domestic steel output trends — a pattern reaffirmed by recent data. Vale has confirmed a solid Q3 production performance, with iron ore output 6% above consensus, marking its highest production since the Brumadinho dam failure in 2018. Guidance remains at the upper end of expectations (2026: 340–360 mt, up from 325–335 mt in 2025). Rio Tinto is largely on track to meet its FY25 guidance across major divisions, however, the key update was that Simandou has loaded its first cargo for transport to rail and port, with the first shipment still expected in November. Rio Tinto continues to guide to a 30-month ramp-up to the design capacity of 120 mtpa (100% basis). The 11,350 nm Guinea–China route is over 3 times the sailing distance of the 3,500 nm Australia–China leg, implying a significant boost to tonne-mile demand and fleet utilisation.

Over the next few years, new iron ore supply from projects such as Simandou and Brazilian expansions could outpace demand growth, particularly if China’s steel production remains subdued. In such a scenario, the additional tonnage may not be fully absorbed by the market, leading to lower iron ore prices and potential production cutbacks at high-cost mines. If the market becomes oversupplied by around 100 million tonnes, roughly 40% of the high-cost output would likely be in Australia, 40% in China, 7% in Brazil, and 12% elsewhere. These at-risk volumes are primarily short-haul trades, meaning their removal would reduce short-distance supply while leaving longer-haul high iron ore quality routes—such as Brazil–China and the emerging Guinea–China corridor—intact. As a result, even though total seaborne volumes could fall, the average sailing distance would increase, supporting tonne-mile demand and Capesize vessel utilisation. If oversupply deepens to 200 million tonnes, the effect would be amplified, as more short-haul production exits the market and a greater share of trade shifts toward long-haul flows. Overall, the seaborne iron ore market is set to be a key growth driver for the Capesize dry bulk segment: seaborne iron ore demand forecast of 2026e +2.8% and 2027e +2.7%, whilst the Capesize fleet growth stands only at 2026e +2.2% and 2027e +2.6%.

Bauxite has become an increasingly important cargo stream for Capesize vessels, offsetting weakness in coal volumes. A shortened monsoon season in Guinea allowed mining and loading operations to resume earlier than usual, triggering a wave of Capesize ballasting toward West Africa to capture fresh export opportunities. During the first three quarters of 2025, China imported 130 million tonnes of bauxite via Capesize vessels — a robust +26.6% y-o-y increase. Of this, approximately 120 million tonnes originated from Guinea, equivalent to around 626 Capesize voyages on the Guinea–China route. This uptrend reflects both strong Chinese aluminium sector demand, driven by advanced manufacturing and clean energy industries, and favourable operational conditions in West Africa. For Panamax and Supramax vessels, bauxite’s growth has tightened regional availability, as Capesize repositioning absorbs tonnage previously competing for mid-size cargoes. In addition, the Guinean bauxite trade is reducing some of the inherent seasonality of the Capesize trade as the ‘bad weather’ seasonality is complementary: Brazil (rain season Nov-Apr), Australia (cyclone season Jan-Mar), and Guinea (rain season Jul-Oct). Long term seaborne bauxite transportation is expected to grow with 2026e 12.4% and 2027e 11.0%.

While bauxite and iron ore continue to be positive contributors to the dry bulk market, the coal trade is trending in the opposite direction. Seaborne coal trade peaked in 2024, driven by high import demand in Asia, particularly China. However, in 2025, this trend has reversed due to lower seaborne coal demand, robust domestic production, and high stockpiles in China and India, reducing import needs. The IEA projects a continued decline in global coal trade in 2026, marking the first two-year decline this century, primarily due to China’s decreasing demand. Panamax vessels will bear the brunt of declining coal volumes. Short term fluctuations are still to be expected enabling short term import arbitrage – e.g. impact of temporary subdued quantities of rain on hydroelectric generation capacity, or temporary Chinese coal mine output curbs due to safety inspections.

The global grain market in 2025 started slowly, with seaborne trade down 5% year-over-year in Q1 due to weaker Black Sea exports amid ongoing conflict. However, volumes rebounded as of Q2, driven by strong U.S. and South American harvests. Soybeans remain central to the grain story. China, the world’s largest importer, purchased 12.28 million tonnes in August 2025 – the highest volume ever recorded for the month – shoring up domestic supplies ahead of the US harvest. Most of the cargoes came from Brazil, leaving Chinese crushers well-prepared for a winter potentially constrained by trade frictions. China is estimated to have accounted for approximately 93 percent of Brazil's total soybean exports in September, a historically high and disproportionate share and a direct result of the ongoing trade tensions and tariffs from the US. Although recent negotiations between China and USA have been fruitful, delaying both US and Chinese port fees by 12 months, a continued tit-for-tat trajectory remains a possibility as both sides continuously recalibrate their negotiation leverage. Overall, seaborne grain trade is projected to grow 2% for FY 2025, with a stronger second half fuelled by record U.S. corn and Brazilian soybean harvests. Long term seaborne grain transportation is expected to grow with 2026e 5.3% and 2027e 3.5%.

The Capesize and Newcastlemax orderbook currently stands at 9.3% of the active fleet. 32% or 518 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 13.6% – with 31% or 863 vessels over 15 years old. In addition, new vessel contracting remains subdued, constrained by limited shipyard availability (~4year contract cover), elevated construction costs and persistent uncertainty regarding future propulsion technologies. The market remains relatively balanced, though growth drivers are strongly skewed in favour of Capesizes: 2026e demand growth of 3.9%, net fleet growth of 3.7%, and utilisation of 86.4%. Improving further in 2027e: demand growth of 3.6%, net fleet growth of 3.2%, and utilization of 86.8%.

Bocimar has 36 (+10NB) Newcastlemaxes on the water (average age 2.5y), 39 Capesize vessels on the water (average age 10.6y), and 30 Kamsarmax/Panamax vessels on the water (average age 5.9y).

Q3 2025 Performance Highlights:

Newcastlemax: actual Q3 2025 spot TCE actuals at 29,423 USD/day. CMB.TECH Newcastlemax fleet outperformed Q3 5TC Baltic Capesize Index by 25.5% (23,450 USD /day basis net-net). Q4 TCE quarter to date rates at 33,685 USD/day (83% fixed)Capesize: actual Q3 2025 TCE actuals at 20,537 USD/day. Q4 TCE quarter to date rates at 26,284 USD/day (87% fixed) – outperforming the Q4 qtd 5TC Baltic Capesize Index by 10.2% (23,861 USD /day basis net-net)Kamsarmax/Panamax: actual Q3 2025 TCE actuals at 13,467 USD/day. Q4 TCE quarter to date rates at 17,042 USD/day (77% fixed) – outperforming the Q4 qtd 4TC Baltic Panamax BPI-74 Index by 19.2% (14,288 USD/day basis net-net) Euronav – Tanker Markets2

Global oil market fundamentals remained heavily supply-driven during the third quarter of 2025, underscoring a rapidly evolving environment for crude transportation demand. Global oil supply in September was up by a massive 5.6 mb/d compared with a year ago. OPEC+ accounted for 3.1 mb/d of this increase, as the Group of Eight unwound 2 mb/d of production cuts and as Libya, Venezuela, and Nigeria all posted strong gains. Based on the latest OPEC+ agreement, output is on track to rise by an average of 1.4 mb/d in 2025 and potentially a further 1.2 mb/d in 2026. Non-OPEC+ producers are also set to expand supply by 1.6 mb/d and 1.2 mb/d, respectively, led by the United States, Brazil, Canada, Guyana, and Argentina. Risks to the forecast persist, with sanctions on Russia and Iran adding layers of geopolitical complexity and uncertainty.

On the demand side, global oil consumption rose by a modest 750 kb/d y-o-y in Q3 25, marking a rebound from Q2 25’s tariff-affected 420 kb/d growth pace. Nevertheless, oil use is expected to remain subdued through the remainder of 2025 and into 2026, with annual gains projected at around 700 kb/d in both years. This remains well below historical trends, reflecting a tougher macroeconomic backdrop and ongoing structural headwinds from amongst others transport electrification.

Balancing these dynamics highlights that the oil market has been in surplus since the start of 2025. Stock builds have been concentrated in crude inventories in China – driven by regulatory requirements, competitive oil prices, increased availability of new storage capacity, and a desire to boost inventories in an increasingly uncertain world with higher risk of supply disruptions. By September, a surge in Middle East production, combined with seasonally weaker regional crude demand, lifted exports to their highest levels in two and a half years. Alongside robust flows from the Americas, this drove an increase in oil on water, i.e. the largest rise since the Covid-19 pandemic. Next to the demand/supply and seasonal factors, the increase in oil on the water is also a direct result of the set-up in sanctions. Oil with origin Russia, Iran or Venezuela increased by 100m barrels between August and October. Overall, it is clear that it is not about sentiment, but about real cargo growth and longer voyage patterns, reinforced by new-policy related disruptions that continue to absorb effective capacity. Hence, for the tanker market, these conditions have provided strong support for fleet utilisation and freight rates in Q3 2025 (VLCC 10-year historic long-term earnings Q3: 23,654 USD/day, VLCC Q3 2025 average: 50,109 USD/day) – and freight rates have clearly further improved into Q4 2025.

These dynamics point to a potential market of crude and condensate balance surplus of 2.9 mb/d for FY 2026, underscoring growing imbalances that may eventually require market adjustments – in the end, something needs to give. Should the modelled 1H26 surplus result in sustained lower oil prices, it could help moderate inflation, support global economic activity, and eventually stimulate oil demand – gradually balancing the market again by 2027. If demand does not follow, supply will eventually need to be curbed. It is hard to predict at this moment which scenario will materialise.

Additionally, newly announced sanctions on major Russian oil companies introduce further uncertainty into global supply and trading patterns. OPEC’s readiness to stabilise markets, including statements from Kuwait’s Oil Minister suggesting the group could increase production if necessary, provides further support to the compliant tanker rate outlook.

From a vessel supply side perspective, ordering activity has picked up further, pushing the VLCC orderbook-to-fleet (OB/F) ratio to 15.4% and the Suezmax OB/F ratio to 20.8%. While these figures may appear substantial at first glance, they are insufficient when viewed against the backdrop of an aging global tanker fleet. Currently, 18% of the VLCC fleet and 19% of the Suezmax fleet are over 20 years old — thresholds typically associated with phase-out or reduced commercial viability. The replacement challenge becomes even more pronounced when looking further ahead. By 2030, 40% of the VLCC fleet and 40% of the Suezmax fleet will be over 20 years old, indicating a steep increase in fleet obsolescence. This accelerated aging underscores the need for fleet renewal, particularly as environmental regulations tighten and charterers favour younger, more efficient tonnage.

Euronav has 10 (+4NB) VLCCs (average age 8.4y) and 17 (+2NB) Suezmaxes (average age 6.9y) on the water. Q3 2025 Performance Highlights:

VLCC: actual Q3 TCE for VLCC of 30,486 USD/day and actual Q4 quarter-to-date of 68,048 USD/day (78% fixed)Suezmax: actual Q3 TCE for Suezmax of 48,210 USD/day and actual Q4 quarter-to-date of 59,910 USD/day (73% fixed)  Delphis – Container Markets3

Freight rates began the third quarter at higher levels but gradually declined, ending the period around breakeven, as weak trade into the U.S. and moderating global volumes put pressure on spot rates and a muted U.S. peak season created excess vessel capacity. After a period of inventory building in the U.S. during 2024 and early 2025, imports have declined noticeably in recent months, leading to an uneventful Q3 peak season and pressure on global spot rates.

Looking ahead, the outlook for the fourth quarter remains mixed, reflecting a balance of both supportive and challenging factors. On the positive side, there are signs of improving U.S.–China trade relations, which could bolster market sentiment and trade activity. However, potential reopening of the Red Sea corridor and a substantial new vessel orderbook (OB/F 32.4%) may exert downward pressure on freight rates and overall market conditions in the container shipping sector.

CMB.TECH’s 4 x 6,000 TEU (average age 1.25y) and 1 NB 1,400 TEU container vessels are all employed under 10 to 15-year time charter contracts.

Bochem – Chemical Markets4

The chemical tanker markets have shown signs of gradual easing in recent months, albeit from a robust starting point earlier in 2025. The market has faced headwinds from slower volume growth, weaker clean petroleum products (CPP) sector conditions, and moderate fleet expansion in certain chemical tanker segments. Nonetheless, freight rates remain healthy across several regions, and time-charter rates continue to trade above historical averages (+12.5% above 5-year historic mean). For the remainder of the year, rates are expected to remain stable as we enter seasonally stronger winter months, further aided by strong sentiment in the adjacent crude and product tanker markets.

Forecasts for 2026 point to a modest recovery in volume growth, supported by expectations of broader macroeconomic improvement, though sentiment remains cautious. Current projections suggest seaborne chemicals trade could increase by around ~0.8-0.9% year-on-year on both a volume and tonne-mile basis. In addition, the orderbook remained stable this quarter, a factor that underpins a more balanced outlook over the longer term. As of the latest data, the chemical tanker orderbook (10,000–54,999 dwt) stands at 22.6% of the existing fleet, while approximately 26% of the fleet is over 20 years old.

Bochem’s 25,000 DWT chemical tankers fleet comprises out of 7 delivered vessels, and 9 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 the spot pool (2 vessels). Q3 2025 performance highlights:

Actual TCE Q3 2025 of USD 20,675 per day USD/day (spot pool) Q4 2025 spot rates to-date: USD 22,578 USD/day per day Windcat – Offshore (Wind) Markets5

The underlying offshore wind market remains challenging, with a continued disconnect between auction awards (secured offtake) and final investment decisions (FIDs). The year has also been marked by several zero-bid auctions, underscoring margin pressure and cost inflation across the supply chain. Government responses will be pivotal going forward — particularly whether they follow the UK’s example of raising maximum CfD prices or scale back capacity targets to restore project viability.

In the CSOV segment, fleet utilisation was near full capacity in Q2 2025, though Q3 has seen some vessels redelivered from summer campaigns without confirmed winter employment. The typical autumn uptick in W2W activity observed in prior years has not materialised to the same extent for the 2025/26 winter season, leaving a handful of Tier 1 assets6 still open in the near term. However, a significant share of the European CSOV fleet already holds commitments for 2026, with additional charter awards expected in Q4 2025.

Regionally, oil and gas-related demand—particularly in Brazil—has strengthened further, with more CSOV tonnage expected to be absorbed outside the typical European offshore wind projects. In Taiwan, vessel demand remains strong, and local tonnage availability tight, prompting the import of a European CSOV to meet regional W2W requirements for a medium-term campaign.

In general, we see orders for offshore wind vessels reducing, including CSOVs: 2024 #20 NB orders, and 2025 #6 NB orders. Tier 1 CSOV fleet stands today at 43 units versus an orderbook of 28 units (OB/F 65.1%)

The Q3 2025 CTV market was relatively inactive on both chartering and S&P activity. Nevertheless, the majority of vessels were employed on summer campaigns for most of the season, with many contracts extended into Q4 2025. Charter rates remained healthy, reflecting sustained demand, although a limited number of 24-pax CTVs and older 12-pax vessels experienced restricted employment over the summer. Looking ahead, utilisation levels are expected to decline entering the traditional slower winter season in Q4, consistent with historical seasonal patterns.

CTV fleet stands at 695 units versus an orderbook of 56 units (OB/F 8.1%) – with a slowly increasing average age of 9.5 years. 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). In addition, the growing SOV segment has not yet cannibalised the CTV market – as SOV rates remain ~8 times the CTV rates.

Windcat has 1 (+5NB) CSOVs, and 54 (+7NB) CTVs (average age 9.5y). Q3 2025 performance highlights:

CSOVs: achieved TCE Q3 2025 of USD 27,272 per day . CSOV Q4 2025 spot rates to-date: so far 83.7% fixed at USD 118,870 per dayCTVs: achieved TCE Q3 2025 of USD 3,470 per day (utilisation 93.8%). CTV Q4 2025 spot rates to-date: so far 77.7% fixed at USD 2,836 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 presentationEvent Date:26 November 2025Event Time:8 a.m. EST / 2 p.m. CETEvent Title: “Q3 2025 Earnings Conference Call”Event Site/URL:  https://events.teams.microsoft.com/event/c0e3e44b-69f5-4d83-aeb0-7ffa0ce4b5a5@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: 520 663 159#

Announcement Q4 2025 results – 26 February 2025

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)

          September 30, 2025  December 31, 2024ASSETS             Non-current assets      Vessels          6,590,617  2,617,484Assets under construction          742,464  628,405Right-of-use assets          5,412  1,910Other tangible assets          23,815  21,628Prepayments          1,083  1,657Intangible assets          14,632  16,187Goodwill          177,022  —Receivables          89,124  75,076Investments          116,175  61,806Deferred tax assets          7,896  10,074       Total non-current assets  7,768,240  3,434,227       Current assets      Inventory          94,895  26,500Trade and other receivables          332,173  235,883Current tax assets          4,528  3,984Cash and cash equivalents          81,864  38,869   513,460  305,236       Non-current assets held for sale          83,733  165,583       Total current assets  597,193  470,819       TOTAL ASSETS  8,365,433  3,905,046              EQUITY and LIABILITIES             Equity      Share capital          343,440  239,148Share premium          1,817,557  460,486Translation reserve          8,396  (2,045)Hedging reserve          160  2,145Treasury shares          (284,508)  (284,508)Retained earnings          662,722  777,098       Equity attributable to owners of the Company  2,547,767  1,192,324       Non-current liabilities      Bank loans          4,040,518  1,450,869Other notes          —  198,887Other borrowings          948,772  667,361Lease liabilities          3,729  1,451Other payables          148  —Employee benefits          1,073  1,060Deferred tax liabilities          485  438       Total non-current liabilities  4,994,725  2,320,066       Current liabilities      Trade and other payables          193,047  79,591Current tax liabilities          7,303  9,104Bank loans          322,416  201,937Other notes          199,994  3,733Other borrowings          98,294  95,724Lease liabilities          1,887  2,293Provisions          —  274       Total current liabilities  822,941  392,656       TOTAL EQUITY and LIABILITIES  8,365,433  3,905,046               Condensed consolidated interim statement of profit or loss (unaudited)

(in thousands of USD except per share amounts)

          2025  2024   Jan. 1 - Sep. 30, 2025  Jan. 1 - Sep. 30, 2024Shipping income      Revenue  1,077,100  714,217Gains on disposal of vessels/other tangible assets  143,075  563,905Other operating income  28,252  42,406Total shipping income  1,248,427  1,320,528       Operating expenses      Raw materials and consumables          (6,496)          (2,159)Voyage expenses and commissions          (233,986)  (131,618)Vessel operating expenses          (292,342)  (146,829)Charter hire expenses          (2,709)  (135)Loss on disposal of vessels/other tangible assets          —          (2)Depreciation tangible assets          (270,999)  (120,011)Amortisation intangible assets          (2,443)  (2,107)Impairment losses          (3,273)          —General and administrative expenses  (90,471)  (53,150)Total operating expenses  (902,719)  (456,011)       RESULT FROM OPERATING ACTIVITIES  345,708  864,517       Finance income  24,867  30,518Finance expenses  (318,500)  (114,072)Net finance expenses  (293,633)  (83,554)       Share of profit (loss) of equity accounted investees (net of income tax)          1,717  2,338       PROFIT (LOSS) BEFORE INCOME TAX  53,792  783,301       Income tax benefit (expense)  (3,708)  (5,602)       PROFIT (LOSS) FOR THE PERIOD  50,084  777,699       Attributable to:      Owners of the company  71,638  777,699Non-controlling interest  (21,554)          —       Basic earnings per share  0.34  3.95Diluted earnings per share  0.34  3.95       Weighted average number of shares (basic)  208,978,825  196,654,266Weighted average number of shares (diluted)  208,978,825  196,654,266                      Condensed consolidated interim statement of comprehensive income (unaudited)

(in thousands of USD)

          2025  2024   Jan. 1 - Sep. 30, 2025  Jan. 1 - Sep. 30, 2024       Profit/(loss) for the period  50,084  777,699       Other comprehensive income (expense), net of tax      Items that will never be reclassified to profit or loss:      Remeasurements of the defined benefit liability (asset)          —          181       Items that are or may be reclassified to profit or loss:      Foreign currency translation differences  10,441  2,536Cash flow hedges - effective portion of changes in fair value  (1,985)  (1,087)       Other comprehensive income (expense), net of tax  8,456  1,630       Total comprehensive income (expense) for the period  58,540  779,329       Attributable to:      Owners of the company  80,094  779,329Non-controlling interest  (21,554)  —               Condensed consolidated interim statement of changes in equity (unaudited)

(In thousands of USD)

 Share capitalShare premiumTranslation reserveHedging reserveTreasury sharesRetained earningsEquity attributable to owners of the CompanyNon-controlling interestTotal equity          Balance at January 1, 2024239,1481,466,5292351,140(157,595)807,9162,357,373—2,357,373          Profit (loss) for the period        —        —        —        —        —777,699777,699—777,699Total other comprehensive income (expense)        —        —2,536(1,087)        —        1811,630—1,630Total comprehensive income (expense)        —        —2,536(1,087)        —777,880779,329—779,329Transactions with owners of the company         Business Combination        —        —        —        —        —        (796,970)(796,970)—        (796,970)Dividends to equity holders        —        (1,006,043)        —        —        —        (104,877)(1,110,920) (1,110,920)Treasury shares acquired        —        —        —        —        (126,913)        —(126,913)—(126,913)Total transactions with owners        —        (1,006,043)        —        —        (126,913)        (901,847)(2,034,803)—(2,034,803)          Balance at September 30, 2024239,148460,4862,77153(284,508)683,9491,101,899—1,101,899                     Share capitalShare premiumTranslation reserveHedging reserveTreasury sharesRetained earningsEquity attributable to owners of the CompanyNon-controlling interestTotal equity          Balance at January 1, 2025239,148460,486(2,045)2,145(284,508)777,0981,192,324—1,192,324          Profit (loss) for the period        —        —        —        —        —71,63871,638(21,554)50,084Total other comprehensive income (expense)        —        —10,441(1,985)        ——8,456—8,456Total comprehensive income (expense)        —        —10,441(1,985)        —71,63880,094(21,554)58,540Transactions with owners of the company         Business Combination - Initial purchase        ——        —        —        ———1,453,5731,453,573Business Combination - Subsequent purchases        ——        —        —        —73,70573,705(210,771)(137,066)Merger        104,2921,357,071        —        —        —(240,115)1,221,248(1,216,153)5,095Dividends to equity holders        ——        —        —        —(19,604)(19,604)—(19,604)Dividends to non-controlling interest        ——        —        —        ———(5,095)(5,095)Total transactions with owners104,2921,357,071———(186,014)1,275,34921,5541,296,903          Balance at September 30, 2025343,4401,817,5578,396160(284,508)662,7222,547,767-2,547,767                      Condensed consolidated interim statement of cash flows (unaudited)

(in thousands of USD)

          2025  2024   Jan. 1 - Sep. 30, 2025  Jan. 1 - Sep. 30, 2024Cash flows from operating activities      Profit (loss) for the period  50,083  777,699       Adjustments for:  428,990  (374,920)Depreciation of tangible assets  270,999          120,011Amortisation of intangible assets  2,443          2,107Impairment losses (reversals)  3,273          —Provisions  (274)          (244)Income tax (benefits)/expenses  3,708          5,602Share of profit of equity-accounted investees, net of tax  (1,717)          (2,338)Net finance expense  293,633          83,554(Gain)/loss on disposal of assets  (143,075)          (563,905)(Gain)/loss on disposal of subsidiaries  —          (19,707)       Changes in working capital requirements  (39,384)  9,734Change in cash guarantees  (2,898)          (50,959)Change in inventory  (38,089)          3,405Change in receivables from contracts with customers  11,134          75,708Change in accrued income  (2,910)          (6,200)Change in deferred charges  (445)          (3,846)Change in other receivables  12,577          (5,497)Change in trade payables  8,355          3,917Change in accrued payroll  1,292          (834)Change in accrued expenses  (11,448)          (15,996)Change in deferred income  13,469          3,580Change in other payables  (30,421)          6,456       Income taxes paid during the period          (3,828)          (5,042)Interest paid          (231,229)          (96,938)Interest received          4,188          15,632Dividends received from other investments          7,076          1,050       Net cash from (used in) operating activities  215,896  327,215       Acquisition of vessels and vessels under construction          (822,500)          (687,219)Proceeds from the sale of vessels          376,413          1,599,372Acquisition of other tangible assets and prepayments          (2,136)          (4,454)Acquisition of intangible assets          (1,852)          (619)Proceeds from the sale of other (in)tangible assets          —          1,178Net cash on deconsolidation / sale of subsidiaries          —          822Investments in other companies          —          (45,000)Loans from (to) related parties          (2,056)          (870)Acquisition of a subsidiary, net of cash acquired          (1,098,897)          (1,149,886)Repayment of loans from related parties          —          (79,930)Lease payments received from finance leases          1,263          1,184       Net cash from (used in) investing activities  (1,549,765)  (364,600)       (Purchase of) Proceeds from sale of treasury shares          —          (126,913)Proceeds from new borrowings          4,574,736          1,986,318Repayment of borrowings          (2,354,905)          (736,622)Repayment of lease liabilities          (124,962)          (33,051)Repayment of commercial paper          (190,083)          (307,623)Repayment of sale and leaseback          (337,051)          (14,490)Transaction costs related to issue of loans and borrowings          (50,631)          (10,754)Dividends paid          (5,526)          (1,109,175)Acquisition of non-controlling interest          (137,066)          —       Net cash from (used in) financing activities  1,374,513  (352,310)              Net increase (decrease) in cash and cash equivalents  40,644  (389,694)       Net cash and cash equivalents at the beginning of the period  38,869          429,370Effect of changes in exchange rates  2,351          8,102       Net cash and cash equivalents at the end of the period  81,864  47,778               1
Source: AXS Marine, Clarksons SIN, Clarksons, Breakwave Advisors, Morgan Stanley, BRS, Vale, Rio Tinto, Doric, IEEFA, Intermodal
2 Source: AXS Marine, Clarksons SIN, IEA, Morgan Stanley, Goldman Sachs
3 Source: Clarksons SIN, Jefferies
4 Source: Clarksons SIN, Stolt Pool
5 Source: Clarksons Offshore, Hagland
6 Tier 1 vessels are purpose built offshore DP2 vessels with motion compensated gangways and 3D cranes. All new building vessels are currently Tier 1 vessels. Tier 2 vessels are generally converted oil & gas (M)PSVs with a permanently installed walk-to-work system and crane.

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