2025

EXMAR

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FOREWORD

First and foremost, I want to thank all colleagues across EXMAR's offices worldwide for their dedication, resilience, and teamwork. Despite ongoing challenges in global markets, our collective efforts have delivered strong results and further strengthened our position as a leader in the gas value chain.

Shipping

In Shipping, we celebrated the delivery of CHAMPAGNY and COURCHEVEL, the first two 46,000 m³ dual-fuel midsize gas carriers from our fleet renewal program at Hyundai, South Korea, as well as the naming of MERIBEL and MENUIRES at CIMC SOE in Nantong, China. These milestones significantly reinforce our position in the midsize gas carrier (MGC) segment and mark the start of operations for EXMAR LPG France. Commercially, we expanded our customer base, secured solid coverage for 2026, and diversified our future growth through new Suezmax tanker orders at Daehan Shipyard, China.

Infrastructure

In Infrastructure, the teams delivered excellent performances throughout the year, in both the LNG and offshore activities. Besides the excellent performance of the existing assets, a major highlight was our strategic partnership with Gasunie and Vopak to extend and expand our cooperation for the Eemshaven LNG import terminal in the Netherlands beyond 2027, resulting in an additional Floating Storage and Regasification Unit (FSRU) that will bring the combined terminal LNG storage capacity to around 190,000 m³. This is a major accomplishment for our company and reflects our ability to work in close partnership with our customers. Further progress was also made on the Colombia Floating Storage Unit project for which contracts became fully effective, underscoring our commitment to

provide efficient solutions to our customers. The LNG operations in Colombia will commence later this year.

Our engineering teams EOC and DVO continued to make steady progress during the year, with EOC successfully concluding a second OPTI-floater for bp for their Tiber project in the US Gulf. This marks the award of the 7th OPTI Floating Production Unit design, underpinning the market's recognition of the unique project development skills of our engineering and infrastructure divisions. This is a testament to our teams' professionalism and execution capabilities. The award of the Cedar FLNG Operations & Maintenance contract further reflects the confidence our partners continue to place in EXMAR Ship Management's expertise in large floating LNG projects.

Outlook

Looking ahead, 2026 will bring important milestones, with eight vessels scheduled for delivery, including the world's first dual-fuel ammonia-powered ships and seven dry-dockings scheduled. I am confident that, with the commitment and expertise of our teams, we will achieve these milestones safely and efficiently. As always, safety remains our top priority, and I thank everyone for maintaining an excellent track record in 2025. Let us continue to build on that momentum and always strive to improve further.

Thank you again for your hard work, collaboration, and spirit.

Carl-Antoine Saverys
CEO, EXMAR

ABOUT THIS ANNUAL REPORT

EXMAR's annual report this year centers visually and thematically on ship construction, a deliberate choice reflecting the company's most significant newbuilding and fleet renewal program in recent years. These images of vessels under construction capture more than just steel and scaffolding: they illustrate the tangible progress of EXMAR's long-term strategy to enhance its fleet, strengthen its industrial partnerships, and position the EXMAR Group for the next phase of energy transport and infrastructure development.

By showcasing the construction process, the annual report conveys a message of renewal, precision, and forward momentum. Each image tells part of a broader story, one about the people and teams involved, engineering excellence, and future readiness. The focus on shipbuilding resonates directly with EXMAR's identity as a leading maritime innovator, combining operational heritage with continuous adaptation to the evolving energy landscape.

A sincere thank you goes to all our colleagues, partners, and shipyard teams whose dedication, expertise, and commitment are bringing this ambitious fleet renewal program to life and to every contributor to this annual report.

We hope readers can enjoy this journey through this year's annual report.

Hadrien Bown
Chief Financial Officer

Ariane Saverys
Marketing & Communication

Dimitri Van den fonteyne
Group Head of Controlling

PANORAMA 9
1.1 Financial overview 10
1.2 EXMAR at a glance 12
1.3 Our roots and our businesses 14
ACTIVITY REPORT 26
2.1 Shipping 28
2.2 Infrastructure 39
2.3 Supporting services 48
SUSTAINABILITY REPORT 57
3.1 Sustainability at EXMAR 60
3.2 Environment 88
3.3 Social 108
3.4 Governance 118
3.5 Appendix 128
CORPORATE GOVERNANCE STATEMENT 146
4.1 Corporate governance statement 148
4.2 Internal control and risk management systems – assessment 158
4.3 Remuneration report 166
FINANCIAL REPORT 172
5.1 Annual report of the Board of Directors to the shareholders 176
5.2 Consolidated financial statements 182
5.3 Statutory financial statements EXMAR NV 250
GLOSSARY 252

1. PANORAMA

1.1 Financial overview 10
1.2 EXMAR at a glance 12
1.3 Our roots and our businesses 14

1.1 FINANCIAL OVERVIEW

1.1.1 Consolidated key figures

	International Financial Reporting Standards (IFRS) (1)		Management reporting based on proportionate consolidation (2)
CONSOLIDATED RESULTS (IN MILLIONS OF USD)	DECEMBER 31, 2025	DECEMBER 31, 2024	DECEMBER 31, 2025	DECEMBER 31, 2024
Revenue	248.1	348.9	343.0	434.9
EBITDA	101.6	204.7	178.2	273.8
Adjusted EBITDA	101.6	106.1	178.2	175.2
Depreciations and amortisations	-26.6	-34.4	-62.7	-67.3
Operating result (EBIT)	75.0	170.2	115.5	206.4
Net finance result	-17.0	-3.1	-32.2	-17.0
Share of result of equity accounted investees (net of income tax)	24.5	24.9	-0.4	2.7
Result before income tax	82.4	192.1	82.9	192.2
Income tax expense	-8.1	-11.1	-8.5	-11.2
Result for the period	74.3	181.0	74.3	181.0
Of which Group share	74.3	181.0	74.3	181.0

INFORMATION PER SHARE (IN USD PER SHARE)
Weighted average number of shares of the period	64,868,057	57,543,987	64,868,057	57,543,987
EBITDA	1.57	3.56	2.75	4.76
Adjusted EBITDA	1.57	1.84	2.75	3.04
Operating result (EBIT)	1.16	2.96	1.78	3.59
Result for the period	1.15	3.15	1.15	3.15

INFORMATION PER SHARE (IN EUR PER SHARE)
Exchange rate	1.1200	1.0862	1.1200	1.0862
EBITDA	1.40	3.27	2.45	4.38
Adjusted EBITDA	1.40	1.70	2.45	2.80
Operating result (EBIT)	1.03	2.72	1.59	3.90
Result for the period	1.02	2.90	1.02	2.90

(1) The figures in these columns have been prepared in accordance with IFRS as adopted by the EU (i.e. joint ventures accounted for at equity method).
(2) The figures in these columns reflect management presentation and include joint ventures based on the proportionate consolidation method instead of the equity method.
A reconciliation between the amounts applying the proportionate method and the equity method is included in Note 3 Reconciliation segment reporting of the Financial Report per December 31, 2025.

1.1 FINANCIAL OVERVIEW

1.1.2 Key ratios

(applying the proportionate method, in millions of USD unless otherwise specified)

(1) Following elements were excluded from EBITDA to arrive at Adjusted EBITDA
2025: no adjustments
2024: gain on sale of shares of Export LNG, owner of Tango FLNG (USD 78 million), gain on sale of shares of Bexco NV (USD 20.6 million)

1.2 EXMAR AT A GLANCE

Share information

The EXMAR share is listed on Euronext Brussels and is a part of the BEL Small Index (EXM) Reference shareholder is Saverex NV

PARTICIPATION AS PER 31 DECEMBER 2025
TOTAL: 81,472,210 SHARES

1.2 EXMAR AT A GLANCE

1.3 OUR ROOTS AND OUR BUSINESSES

EXMAR is a provider of floating solutions for the transportation and transformation of gas. As a shipowner, we pioneer to serve our customers in efficiently transporting and transforming gaseous molecules.

Our mission is to leverage generations of shipowning, shipbuilding, maritime infrastructure, and project execution for an improved energy future.

As a worldwide shipping company, EXMAR has established offices and representatives in various countries across the world.

1.3.1 Key highlights of 2025

21 January 2025

First delivery of the 7th generation EXMAR-designed dual-fuel MGC CHAMPAGNY strengthens the modern fleet of EXMAR LPG France and supports future fuel flexibility and emissions reduction.

30 April 2025

Delivery of the second of the 7th generation EXMAR-designed MGC COURCHEVEL to EXMAR LPG France.

6 June 2025

Keel laying of EXMAR's first ammonia-powered MGC, marking a major step in the development of the world's first oceangoing ammonia-fueled gas carriers.

11 February 2025

EXMAR further optimizes its fleet structure through the sale of pressurized LPG carriers DEBBIE and HELANE, reinforcing its strategy of focusing on larger and more efficient vessels.

6 May 2025

EXMAR continues the strategic rejuvenation of its fleet with the divestment of older vessels, including the MGC WAREGEM.

31 July 2025

First production of Floating Production Unit Shenandoah. This is the fourth and largest of EXMAR's OPTI hull designs.

1.3 OUR ROOTS AND OUR BUSINESSES

2 October 2025

First production at LLOG's Salamanca Floating Production Unit, engineered by EXMAR Offshore Company.

16 September 2025

With the assistance of EXMAR, IMO approved interim guidelines for the use of ammonia cargo as fuel, essential for decarbonising maritime transporation.

22 October 2025

Strategic partnership with EemsEnergyTerminal for the extension of the LNG import terminal in Eemshaven, the Netherlands, including the conversion of an LNG carrier into a next-generation FSRU and long-term terminal operations.

18 September 2025

EXMAR is awarded a contract for a Floating LNG import solution in Buenaventura, Colombia. The project includes the deployment of a FSU and a five-year operations and maintenance agreement.

27 November 2025

Naming of EXMAR's MGC MERIBEL and MENUIRES at CIMC-SOE in China.

1.3 OUR ROOTS AND OUR BUSINESSES

1.3.2 Our roots

EXMAR's roots originate from the banks of the river Scheldt. In 1829, Boelwerf, a traditional ship yard, emerged that specialized in building wooden river crafts and transformed itself into a major industrial wharf. This formed the breeding ground for the largest inland waterway vessel in Europe in 1911: the 112-meter GRAAF DE SMET-DE NAYER.

Under guidance of Georges Van Damme, the shipyard expanded rapidly during the postwar period and new investments in shipyard infrastructure lead to building larger, more innovative vessels.

During the following years, Boelwerf reached many milestones, including delivering the METHANIA LNG-carrier in 1978, constructing its first owned LPG gas carrier CORAL TEMSE (7,300 m³) which marked the introduction into the gas sector, followed by the appointment of Van Damme's son-in-law Philippe Saverys as Chairman.

In 1983, the fleet expanded quickly as more vessels were built at Boelwerf, including EUPEN (57,000 m³), TIELRODE (25,000 m³) and several time-chartered vessels, such as the sister vessel GENT (57,000 m³), delivered in 1985.

At first, EXMAR was only the commercial and shipping unit of Boelwerf shipyard. During the 1980s, EXMAR expanded its gas carrier activities in LPG, ammonia and ethylene segments as owner, operator, charterer and international supplier to chemical and oil majors. In the 1990s, EXMAR became a subsidiary of the publicly-quoted Compagnie Maritime Belge (CMB) and entered the LNG and Offshore markets for the first time while growing its LPG midsize fleet to 23 vessels and participating in both semi-pressurized and Very Large Gas Carrier (VLGC) markets with chartered tonnage and newbuilds. Over the years, the EXMAR Group developed from a traditional shipping company into an innovation-driven gas energy provider.

Today, EXMAR is actively involved at the very heart of the global energy value chain.

LPG VALUE CHAIN

Source: EXMAR

1.3 OUR ROOTS AND OUR BUSINESSES

AMMONIA VALUE CHAIN
Source: EXMAR

1.3.3 EXMAR value chain & product

To analyze EXMAR's activities and market drivers at work, it is important to understand how energy is generated and developed throughout the value chain and how it is used in consumption markets. The products transported are not raw products but are semi- or fully processed. For this reason, many different market forces influence the business, each one with its own inherent complexity.

1.3.3.1 LPG (LIQUEFIED PETROLEUM GAS)

As shown in the LPG value chain infographic, LPG is produced during oil refining or extracted from natural gas liquid processing activities. LPG, mainly propane and butane, is a subsequent by-product that can be used for a variety of purposes. It serves as feedstock in refineries and the petrochemical industry as well as fuel for vehicles and heating of houses. It can also be used to accommodate agricultural needs such as crop drying or to feed power plants, albeit to a lesser extent. As natural oil and gas production is expected to continue to grow globally, increased quantities of LPG are expected to be produced and shipped worldwide.

1.3.3.2 NH3 (AMMONIA)

Ammonia is mainly used as a basic component in the production of mineral fertilizers (urea, nitrates & NPK), civil explosives or caprolactam (for industrial ends such as synthetic textiles and airbags in cars). It is usually produced via the Haber-Bosch process, combining hydrogen with nitrogen. Typically, hydrogen is generated through a steam reforming process, using natural gas as a feedstock. To decarbonize the production process, carbon capture and storage technology are added to some of the production plants, creating blue hydrogen. Similarly, producing low-carbon hydrogen through hydrolysis, using renewable solar or wind energy and seawater, is a renewable and future-thinking approach to generate green hydrogen.

To support global decarbonization, the world is increasingly shifting its focus towards ammonia production and storage, considering its potential to decarbonize industries, serve as a carrier of hydrogen, and be used as a zero-emission bunker fuel for vessels. For almost 40 years, EXMAR has been a major transporter of ammonia, facilitated by its fully refrigerated midsize gas carriers (MGCs) with prismatic tanks.

TITLE	SIZE
DET'L	1
FIB	1
TO BE DRIVED	1
REQUIRED	1
REQUIRED	1
REQUIRED	1
REQUIRED	1
REQUIRED	1
REQUIRED	1
REQUIRED	1
TOTAL	14

COUNTRY
South Korea

SHIP YARD
HO Hyundai Mipo

SHIP
ANTWERPEN

YEAR OF COMPLETION
2026

1.3 OUR ROOTS AND OUR BUSINESSES

EXMAR has ordered four newbuild ammonia carriers of $46,000\mathrm{m}^3$ for delivery in 2026. All four vessels will be fitted with a dual-fuel ammonia engine. These vessels will enable almost zero $\mathrm{CO}_{2}$ emissions during transportation.

1.3.3.3 PETROCHEMICAL GASES

Also depicted in the LPG value chain infographic, petrochemical gases are produced at the end of the petrochemical flow and derived from the steam-cracking process of oil and gas. These gases mainly consist of ethylene and propylene, which are used to make various polymers and plastics. VCM (Vinyl Chloride Monomer) and Crude C4s are mainly used to produce PVC and rubber products, respectively.

1.3.3.4 LNG (LIQUEFIED NATURAL GAS)

LNG can be defined as natural gas that has been cooled down to liquid form, reducing it to one six-hundredth of its original volume at minus 162 degrees Celsius. Natural gas is used to produce electricity and serves as an industrial feedstock for fertilizers and a wide range of plastics but can also be deployed for heating in commercial or residential settings. LNG carriers have been designed with special insulation, forming their own LNG shipping segment.

LNG VALUE CHAIN
Source: EXMAR

1.3 OUR ROOTS AND OUR BUSINESSES

1.3.4 EXMAR Shipping

EXMAR is a leading shipowner and operator specializing in the transportation of LPG, $\mathrm{NH}_3$ , and petrochemical gases. These industrial niche shipping markets predominantly feature established players with a long-term operational focus, in which EXMAR stands out through its commitment to innovation and operational excellence.

The unique characteristics of the products transported require highly sophisticated vessels as well as specialized operational skills both on board the vessel and ashore. Having acquired expertise and knowhow as a shipbuilder, EXMAR has become a globally renowned owner and operator in shipping, ship building and ship management for the transport of gaseous molecules, with a focus on pioneering energy supply chain solutions and maritime technical innovation. This has been made possible by our in-house ship management and technical department.

The current fleet includes vessels of various sizes, which are either fully owned, owned in joint venture, or time chartered. The vessels include the following types of gas carrier:

1.3.4.1 FULLY REFRIGERATED GAS CARRIERS (MGC, VLGC)

Most of the EXMAR fleet consists of fully refrigerated vessels with prismatic cargo tanks designed to carry products at low temperatures (mostly fully refrigerated LPG and ammonia) and near-ambient pressure. This is made possible by installed refrigeration plants that ensure the efficiency of the vessels for long-haul trading. The capacity of these fully refrigerated gas carriers is usually more than $20,000\mathrm{m}^3$ to benefit from economies of scale.

On December 31, 2025, EXMAR owns thirteen (13) midsize gas carriers in joint venture and has another four (4) vessels in time charters, all with a capacity between $38,000\mathrm{m}^3$ and $46,000\mathrm{m}^3$ .

To expand its fleet, EXMAR placed orders with shipyards for a total of ten (10) newbuild MGCs with a capacity of $46,000\mathrm{m}^3$ . The first two (2), COURCHEVEL and CHAMPAGNY were delivered in 2025 and have dual-fuel LPG propulsion. The other eight (8) vessels will be delivered throughout 2026, of which the first one, MERIBEL, was delivered at the start of 2026. Four (4) of these newbuilds are fitted with an ammonia engine for near-zero $\mathrm{CO}_{2}$ -emission transportation. They are being built in South Korea at HHI.

Another four (4) vessels with a capacity of $41,000\mathrm{m}^3$ are being built in China at CIMC with delivery as of 1Q2026. EXMAR has also committed to chartering from a Japanese owner 6 vessels of $41,000\mathrm{m}^3$ up to $49,000\mathrm{m}^3$ with a dual-fuel LPG engine. These are expected to be delivered from 3Q2026 onwards.

Once all vessels are delivered, EXMAR will have thirty-one (31) MGC vessels in its fleet.

EXMAR currently owns two state-of-the-art, LPG-fueled VLGCs with a capacity of $88,000\mathrm{m}^3$ and operates one vessel on time charter with a capacity of $83,000\mathrm{m}^3$ .

1.3.4.2 FULLY PRESSURIZED GAS CARRIERS

EXMAR owns five (5) fully pressurized (FP) vessels with capacities of $3,500\mathrm{m}^3$ , of which one vessel, FATIME, was sold at the beginning of 2026. The usual cargoes are LPG or less complex petrochemical gases carried at near-ambient temperatures in cylindrical steel pressure tanks, designed to withstand pressures of up to 20 bar.

To renew its fleet, EXMAR has placed an order for two (2) newbuild FP vessels of $7,500\mathrm{m}^3$ with a Japanese owner and for delivery in 2027 and 2028.

1.3.4.3 TANKERS

EXMAR placed an order of four (4) Suezmax tankers with a modern, fuel-efficient design from the leading Korean yard Daehan. Deliveries are scheduled for 2027 and 2028.

1.3 OUR ROOTS AND OUR BUSINESSES

1.3.4.4 TRANSPORTED VOLUMES

The expertise of EXMAR is transporting gas products to its customers across the globe in a safe and reliable way. The transported volume in 2025 was approximately 5.9 million metric tons (MT), of which around 66% was LPG, 32% ammonia, and the remainder being petrochemical gases. Half of the EXMAR MGC fleet is dedicated to ammonia transportation.

EXMAR has established itself as a reliable market player involved in change-of-grade activities between LPG and ammonia, as well as seaborne ship-to-ship (STS) transfers. The trading flexibility that these activities offer to EXMAR's customers is often found in the midsize gas segment, which accounts for most of EXMAR's fleet. In addition to vessel size limitations, port or operational restrictions often require owners to transfer cargoes to and from smaller vessels at sea. To transfer gas products from ship-to-ship safely, EXMAR oversees experienced crews, diligent coordination, and the use of appropriate equipment.

1.3.5 EXMAR Infrastructure

EXMAR Infrastructure provides innovative floating infrastructure solutions to the energy industry. This covers the entire lifecycle of the project, starting from development studies, engineering, and construction supervision, to moving into leasing/ownership, and operations & maintenance after delivery.

The assets of EXMAR Infrastructure are floating solutions for nearshore and offshore production, processing, storage, or other ancillary services in the LNG and oil & gas industry.

1.3.5.1 A ROBUST FLEET OF FLOATING INFRASTRUCTURE UNITS

EXMAR Infrastructure currently owns and operates three floating units:

Floating LNG solutions

FSRU EEMSHAVEN LNG: a floating LNG terminal that regasifies imported LNG (capacity of 600 mm scf per day) and injects natural gas into onshore pipeline infrastructure for domestic consumption, power generation, and industrial applications. This unit provides a fast-track, flexible, and cost-efficient alternative to land-based LNG import terminals, ensuring security of supply wherever needed.
FSU EXCALIBUR: a 138,000 m³ LNG carrier converted into a floating storage unit, designed for LNG storage and offloading to visiting LNG trading carriers.

Floating accommodation barge

NUNCE: a multi-purpose accommodation and work barge with the capacity to house up to 350 people. Equipped with various cabin sizes, catering, and leisure facilities, it provides essential onsite support for oil and gas exploration and production activities.

1.3.5.2 PIONEERING FLOATING LNG SOLUTIONS

EXMAR's industry-leading expertise in floating liquefaction is exemplified by the implementation of TANGO FLNG for ENI. Our TANGO FLNG unit was among the first operational floating liquefaction units globally. Today, EXMAR continues to demonstrate its technical competence through the operations and maintenance of ENI's LNG export project in Congo. This includes the deployment of both TANGO FLNG and FSU EXCALIBUR. Our expertise further extends to new developments in the floating LNG sector, reinforcing our leadership in this field.

1.3.5.3 ENGINEERING EXPERTISE

EXMAR's infrastructure activities are further strengthened by two specialized subsidiaries with strong marine and production engineering capabilities:

EXMAR Offshore Company (EOC) is a recognized oil & gas engineering company established in 1997 with more than 200 experts ranging from engineers to naval architects. EOC has developed a proprietary hull design OPTI® for floating oil and gas production platforms in deep water areas such as the US Gulf. With four OPTI® production facilities delivered based on the OPTI® design, EOC has become a recognized and reputable supplier of cost effective and purpose-built project solutions in this area.
DV Offshore (DVO) is a niche marine expert contractor and is part of the EXMAR group since 1999. It provides contracted engineering, audits and technical assistance to oil & gas companies with respect to floating terminals, offshore mooring installations and subsea piping.

1.3.5.4 COMPREHENSIVE PROJECT DEVELOPMENT & EXECUTION

Implementing floating oil & gas infrastructure requires dedicated and extensive project development effort and time. Each project has specific infrastructure needs for processing the product, mooring, storage, as well as regulatory approvals. The in-house availability of expertise in oil & gas handling and storage, engineering of mooring and other marine infrastructure, combined with operations and maintenance capabilities, are the unique added value EXMAR provides its clients in this respect.

1.3 OUR ROOTS AND OUR BUSINESSES

Taking care of all development aspects, from feasibility studies to ownership, leasing, installation, testing and all-in-one operations and maintenance services, EXMAR offers its customers the assurance and comfort of a fast-track, cost-effective and low-risk solution for their business case.

1.3.6 EXMAR Supporting Services

In addition to its core business activities, EXMAR has business interests in a variety of companies in the fields of ship management, specialized travel and components to the marine and offshore industry.

EXMAR Ship Management specializes in expertise-based niche segments such as managing floating storage, regasification and liquefaction marine infrastructure, VLGCs, MGCs, pressurized gas carriers and offshore accommodation barges.

Travel Plus, a premier travel agency located in Antwerp, offers tailored business and leisure travel solutions.

EXMAR Yachting is a full-service luxury yachting specialist based in Belgium, providing comprehensive yacht management, chartering, crewing, and brokerage services.

Through these diversified business ventures, EXMAR continues to expand its expertise and service offerings, reinforcing its leadership across multiple maritime and offshore sectors.

1.3 OUR ROOTS AND OUR BUSINESSES
25

Updated fleet list

Status on 31/12/2025

MGC - MIDSIZE GAS CARRIERS
	Type	Capacity 100% (m³)	Build Year	Flag	Status
LIBRAMONT	fr Midsize LPG	38,940	2006	MARSHALL ISLAND	time chartered
SOMBEKE	fr Midsize LPG	38,902	2006	MARSHALL ISLAND	time chartered
KAPRIJKE	fr Midsize LPG	38,837	2015	BELGIUM	joint venture
KNOKKE	fr Midsize LPG	38,853	2016	BELGIUM	joint venture
KONTICH	fr Midsize LPG	38,867	2016	BELGIUM	joint venture
KORTRIJK	fr Midsize LPG	38,880	2016	BELGIUM	joint venture
KRUIBEKE	fr Midsize LPG	38,871	2017	BELGIUM	joint venture
KALLO	fr Midsize LPG	38,850	2017	BELGIUM	joint venture
KAPELLEN	fr Midsize LPG	38,860	2018	BELGIUM	joint venture
KOKSIJDE	fr Midsize LPG	38,849	2018	BELGIUM	joint venture
WAASMUNSTER	fr Midsize LPG	38,498	2014	BELGIUM	joint venture
SOPHIE SCHULTE	fr Midsize LPG	38,442	2014	SINGAPORE	time chartered
WARISOULX	fr Midsize LPG	38,480	2015	BELGIUM	joint venture
WEPION	fr Midsize LPG	38,577	2018	BELGIUM	joint venture
SEVERIN SCHULTE	fr Midsize LPG	38,465	2014	SINGAPORE	time chartered
CHAMPAGNY	fr Midsize LPG	46,000	2025	FRANCE	joint venture
COURCHEVEL	fr Midsize LPG	46,000	2025	FRANCE	joint venture

VLGC - VERY LARGE GAS CARRIERS
	Type	Capacity 100% (m³)	Build Year	Flag	Status
BW TOKYO	fr VLGC	83,270	2009	SINGAPORE	time chartered
FLANDERS PIONEER	fr VLGC	87,812	2021	BELGIUM	owned
FLANDERS INNOVATION	fr VLGC	87,809	2021	BELGIUM	owned

PRESSURIZED VESSELS
	Type	Capacity 100% (m³)	Build Year	Flag	Status
FATIME	pr Pressurized	5,018	2010	HONG KONG	owned
JOAN	pr Pressurized	3,540	2009	BELGIUM	owned
MARIANNE	pr Pressurized	3,540	2009	BELGIUM	owned
ELISABETH	pr Pressurized	3,540	2009	BELGIUM	owned
ANGELA	pr Pressurized	3,540	2010	BELGIUM	owned

LNG - LIQUIFIED NATURAL GAS TANKER
	Type	Capacity 100% (m³)	Build Year	Flag	Status
EXCALIBUR	LNG LNG	138,034	2002	BELGIUM	owned

FLOATING LIQUEFACTION AND REGASIFICATION BARGE
	Type	Capacity 100% (m³)	Build Year	Flag	Status
EEMSHAVEN LNG	FSRU FSRU	26,320	2017	BELGIUM	owned

OFFSHORE ACCOMMODATION BARGE
	Type	Capacity	Build Year	Flag	Status
NUNCE	Acc Accommodation	350pax	2009	LIBERIA	joint venture

2. ACTIVITY REPORT

2.1 Shipping 28
2.2 Infrastructure 39
2.3 Supporting services 48

CHAMPAGN

2.1 SHIPPING

EXMAR Shipping is a leading shipowner specializing in the transportation of LPG, ammonia, and petrochemical gases. As the largest midsize LPG and ammonia owner-operator, EXMAR fosters long-term business partnerships with first-class customers.

	December 31, 2025	December 31, 2024
PROPORTIONATE CONSOLIDATION - SHIPPING (IN MILLIONS OF USD)
Revenue	148.3	142.8
EBITDA	105.2	107.4
Adjusted EBITDA	105.2	107.4
Operating result (EBIT)	57.2	56.5
Segment result after tax	21.1	20.8
Vessels and barges (owned and leased)	607.3	471.0
Financial debts	371.4	369.1

2.1.1 Market overview

Similarly to the preceding year, 2025 was characterized by an ever evolving geopolitical, macroeconomic, and regulatory landscape. A year that in many ways was impacted just as much, if not more by geopolitics rather than market fundamentals. Traditional trade lanes were disrupted by political decisions, including the introduction of tariffs and counter-tariffs between major economies, alongside ongoing sanctions regimes and infrastructure constraints including limitations at key points such as both the Panama and Suez Canal.

Despite the volatile backdrop, global LPG demand continued to grow, albeit at a slower pace than in previous years. Export volumes were predominantly driven by the United States and the Middle East, while China remained the largest importing country. Most of these volumes were transported on VLGCs.

The delay in the implementation of the global IMO's Net-Zero framework created a "sudden" shift in expectations from a structured pathway with clear timelines to a more uncertain outlook, with ambiguity surrounding when emissions-related incentives and regulations for cleaner fuels will effectively come into place.

The ammonia market was less optimistic in 2025. However, despite a less favorable sentiment, new ammonia plants and developments are underway,

with new blue and green production capacity expected in the coming years from both the US, Americas, Middle East, India and China. In Europe, the start of CBAM from January 2026 (Carbon Border Adjustment Mechanism) created a lot of uncertainty before year-end as it was unclear if CBAM would be fully applicable to ammonia.

In the VLGC segment, spot rates averaged slightly above 2024 levels following a highly volatile first half of the year, ultimately strengthening toward year-end. MGC earnings broadly followed the same trajectory, remaining firmer than expected continuing to benefit from the strong VLGC market.

2.1.1.1 LPG

In 2025, seaborne LPG exports from the US recorded a growth of only about $3\%$ year on year, which is far less than the previous year. For 2026, the IEA has forecast a double-digit export growth of seaborne LPG.

The LPG cargo pricing was under pressure with lower demand from the petrochemical sector in the Far East, which put a damper on VLGC rates accordingly.

The capacity expansion in the US, especially at Energy Transfer's LPG terminal, unlocked increased opportunities for exports long awaited. More terminal expansion in the US will continue to support the expected LPG production growth in the Permian as well as a variety of offshore US Gulf LNG projects.

2.1 SHIPPING

The threat of tariffs imposed by the US administration and the tit-for-tat from China that followed, caused for a lot of uncertainty in the trading environment and this has had its effect also on freight with high volatility throughout the year. Trade flows also shifted with China importing more from Arabian Gulf and Indian Oil Companies starting to import from the US.

In the Arabian Gulf, the OPEC+ cartel agreed on increased oil production to cope with the increased demand from China looking for alternative supplies during the tariff war with the US. Warlike events in the Persian region reduced LPG export and pushed war risk premia up making shipping more expensive. Qatar's seaborne export of LPG remained stable in 2025 and is expected to grow given their LNG

expansion program in the years to come which will bring associated LPG exports to new levels. Most ship owners still refrain from transiting through the Suez Canal as tensions could mount quickly again. With possible US actions on Iran, increased security volatility in the Arabian Gulf remains in place.

In the first half of 2025, daily average earnings for VLGC's reached USD 39,370/day, whilst in the second half of 2025 activity picked up after the tariff threats between US and China and daily earnings quickly rose to levels above USD 60,000/day. The MGC's had a similar earnings pattern, with more suppressed rates in the first half of 2025 and regaining strength in the latter part.

US GAS PLANT LPG PRODUCTION AND SEABORNE EXPORTS
Source: Poten, EIA

MIDDLE EAST LPG EXPORTS
Source: Poten, OPEC, Shiptracking data, Public available information

MGC 1 YR TC RATES IN 2025

Source: Gibson, 2025 MGC Overview

2.1 SHIPPING

2.1.1.2 AMMONIA

The ammonia industry operated in a challenging environment with tightening supplies in the second half of 2025. The unexpected closure of one producer's production plant in Trinidad along with a Middle Eastern one in longer maintenance led to instability in global supply. The long-awaited start-up from 2 new ammonia plants in the US Gulf was further delayed and is only expected to be fully up and running in the course of 2026. These new plants are a welcome addition to the employment of the expected MGC orderbook. Exports from Southeast Asia to the west persisted as pricing in the West gave enough incentive.

The change in administration in the US led to several potential new or renewable ammonia projects being shelved due to the elimination of governmental support. Low carbon projects in the US will mainly focus on ammonia produced with carbon capture.

For renewable ammonia projects the world continues to look at India and China whose green projects are developing well. China's RFNBO-certified ammonia facility in Chifeng started up in July and Jilin's renewable production in August. Both bode well for Europe's green ambitions, and we may soon see a flow of ships loading for Europe.

2.1 SHIPPING

2.1.2 Market developments

2.1.2.1 VERY LARGE GAS CARRIERS (VLGC)

The VLGC market in 2025 was volatile, reacting to global developments and disruptions. With VLGCs lifting more than 70% of the LPG volumes lifted in 2025, an increase of around 3% year-on-year, rates still averaged around USD 50,000 per day, which is above the average of USD 44,500 per day in 2024.

12 newbuilding vessels were delivered in 2025 with 36 scheduled for 2026. The orderbook by end of 2025 stands at 108 VLGCs total, around 26% of the fleet, with 14 orders placed during the year of 2025.

EXMAR owns two 88,000 m³ LPG-fueled VLGCs, FLANDERS INNOVATION and FLANDERS PIONEER, both operating under long-term time-charter agreements with Equinor ASA (Norway). In addition, EXMAR currently controls BW TOKYO, which exited the BW VLGC pool during 2025 and has full time employment for the vessel.

2.1 SHIPPING

2.1.2.2 MIDSIZED GAS CARRIERS (MGC)

MGCs largely followed the trends of the VLGC market. Average 1 year time charter rate was USD 850,000 pcm in 2025 for a 38,000 m³ vessel, whilst being USD 1,016,000 pcm on average in 2024. Yet, compared to 10 years moving average around USD 750,000 pcm, this suggests a strong freight market from a historical perspective.

In the spot market, which had a weaker beginning to the year, there was a significant rate increase seen in the second half of 2025. This could be largely attributed to most tonnage being taken on the time charter, leaving the industry with mainly one significant spot Owner and as a result rates developed accordingly.

7 newbuilds joined the MGC fleet in 2025, leaving the orderbook at the end of the year around 60 vessels for delivery including 2029.

EXMAR owns and operates 17 MGCs, with a substantial newbuild program of another 14 MGCs to be delivered between 2026 and 2028. This includes the world's first ammonia dual fueled vessels (4 total on order) where the first delivery will take place in 2026.

2.1 SHIPPING

2.1.2.3 PRESSURIZED

The pressurized fleet also echoed the VLGC market in 2025, although this segment saw a more limited downside, remaining relatively firm on both sub 15,000 m³ and handy size. This year was helped by a consistent demand and little activity on the delivery and orders of newbuilding vessels.

By the end of the year, the existing active fleet stood at about 450 small gas carriers within the 3,500-11,000 range. The orderbook stands at 34 only.

EXMAR owns 5 fully pressurized vessels, of which one vessel, FATIME, was sold at the beginning of 2026. Additionally, EXMAR has chartered 2 additional newbuilds with delivery 2027 and 2028 – the beginning of EXMAR's fleet renewal initiative for the pressurized segment.

1 YR PRESS T/C - MONTHLY AVERAGE ($'000/PCM)

Source: Gibson, 4Q2025 Coaster Report

2.1 SHIPPING

INNOVATIONS

THE WORLD'S FIRST: DRIVING THE AMMONIA REVOLUTION AND GLOBAL FLEET RENEWAL

EXMAR is currently executing one of the most ambitious and technologically advanced newbuilding programs in its history. With 14 vessels under construction across world-class shipyards in South Korea, China, and Japan, we are strategically positioning our fleet to meet the dual challenges of global energy security and the need for decarbonization.

2.1 SHIPPING

INNOVATIONS

Construction of newbuild MGC vessel

EXMAR is currently supervising the construction of seven midsize gas carriers (MGCs). Three vessels, each with a capacity of 41,000 m³, are under construction at CIMC SOE in China. One vessel, MERIBEL, has already been delivered at the start of 2026. All vessels are equipped with dual-fuel LPG propulsion, enhancing fuel flexibility and reducing emissions.

In addition, four MGCs with a capacity of 46,000 m³ are under construction at HD Hyundai in South Korea. These vessels will be fitted with state-of-the-art propulsion systems, featuring the world's first ammonia dual-fuel engines, and are scheduled for delivery from Q2 2026 onward.

In addition to our owned vessels, EXMAR has committed to chartering six dual-fuel LPG MGCs under construction at YAMIC in China. These vessels include:

Four 41,000m³ dual-fuel LPG carriers
Two 49,000m³ dual-fuel LPG carriers, designed as ideal replacements for the current large gas carrier (LGC) fleet

Scheduled for delivery in 2026 and 2027, these vessels will expand our capacity to meet diverse client demands while increasing the overall versatility of our fleet.

Beyond the MGC program, EXMAR has also committed to two 7,500 m³ fully pressurized vessels under long-term time charter. These vessels will be constructed at Kyokuyo in Japan, with deliveries expected in late 2027 and 2028.

Suezmax

EXMAR has placed an order for four modern Suezmax crude oil tankers, equipped with open-loop scrubbers, at Daehan Shipyard in South Korea. This shipyard has an established track record in the construction of this vessel class, offering proven build quality and dependable project execution. A comprehensive pre-contract yard audit was conducted, confirming the yard's technical and operational capabilities. Suezmax tankers represent a core segment of the global crude oil transport market, combining scale with broad trading flexibility. With deadweights ranging from 120,000 to 160,000 tons, these vessels can transport approximately one million barrels of crude oil. Their dimensions allow access to a wide range of ports and routes that are unavailable to larger tanker classes. The Suezmax segment serves key trading regions including Africa, Europe, the Americas, and Asia. Despite ongoing fleet growth, a substantial portion of the existing Suezmax fleet is aging and facing declining commercial relevance. More than 40% of the fleet is over 15 years old, underlining the need for modern replacement tonnage. EXMAR's investment addresses this market dynamic and supports a diversified, efficient, and future-ready fleet portfolio.

2.1 SHIPPING

Zoom-in on first dual fuel ammonia ships

The world's first oceangoing ammonia dual-fuel gas carriers are scheduled to be delivered by EXMAR in 2026. The project was initiated in 2021, following the successful granting of an Approval in Principle by Lloyd's Register. Since then, extensive development work has been carried out in close cooperation with key partners to design a gas carrier that is not only technically operable, but above all meets the highest safety standards when using ammonia as fuel. The successful progression of this complex project builds on EXMAR's more than 40 years of experience in the safe transportation of ammonia as cargo.

Throughout the design phase, all potential safety risks were systematically identified, assessed, and mitigated through comprehensive studies and engineering solutions. EXMAR has actively contributed to regulatory developments, supporting the acceptance of ammonia as a marine fuel for gas carriers and the establishment of relevant guidelines.

This design and engineering work has been translated into the physical construction of the ammonia fuel supply system and the ammonia dual-fuel engine concept. The engine concept has undergone extensive testing, including single-cylinder tests in Switzerland and large-scale testing in Korea on the engines intended for installation on the vessels. Single-cylinder tests confirmed higher efficiency in ammonia mode compared to diesel operation, with a 5% pilot injection at full load resulting in very low ammonia slip and negligible N₂O emissions.

Following the successful testing and installation of the first two full-scale engines, further optimization opportunities were identified and have been addressed during the third engine test, while performance and emissions have been confirmed across the full load range, including on the 6X52DF-A engine. The first two vessels are undergoing targeted upgrades and retrofits incorporating the validated design improvements to ensure safe and successful sea trials. As a result of this phased and thorough development approach, the delivery of the first vessel has been rescheduled from 1Q2026 to 2Q2026.

The use of ammonia as a marine fuel enables a reduction of up to 90% in CO₂-equivalent emissions during vessel operation. In addition to its clear environmental benefits, this significantly lowers exposure to emission-related costs, including EU ETS allowances and Fuel EU Maritime penalties on voyages to Europe. The adoption of ammonia as a low-carbon fuel is also expected to mitigate future compliance costs under emerging regulatory frameworks, such as the IMO Net Zero regime currently under development. This creates tangible value for charterers by reducing the risk of emission-based penalties and associated operating costs. Furthermore, the use of low-carbon fuel improves the overall cargo carbon intensity, enhancing the environmental performance of ammonia transported by sea.

NEWBUILDING MANAGEMENT

Having 14 vessels on order at 3 different shipyards is one of the largest newbuilding programs at EXMAR for a long time. At HMD, Ulsan, South Korea we have a dedicated team of 9 people following the construction of 4 Midsize gas carriers. At CIMC-SOE, Qidong, China we employ a strong team of 12 people following the construction of the remaining 3 MGCs and 2 LNG Bunker vessels (that will be owned by a third party and operated by EXMAR). By 3Q2026 the site team at DHSC, Mokpo, South Korea will start activities to oversee the construction of the 4 Suezmax tankers.

Performing site supervision at large international shipyards is a wonderful job. While the day-to-day work might be very intensive and repeatable work, when zooming out you can see how a large pile of steel plates is being cut, formed, welded into a large seagoing vessel. The team approaches every project with the meticulous care of a master builder, demonstrating a profound sense of personal ownership and a tireless commitment to surpassing previous benchmarks.

ORDINARY FRAME

Frame spacing 800Hz

4750

BX600

122H

DL3 DL4 / DL5 DL6

12L14248B

DL7 DL8 DL9 DL

BX600

122H

DL10 DL12 DL14 DL16 DL18 DL16 DL21 DL18

122H

2.2 INFRASTRUCTURE
39

2.2 INFRASTRUCTURE

EXMAR Infrastructure provides innovative floating infrastructure solutions to the energy industry, covering the entire lifecycle of the project, starting from development studies, engineering, implementation and construction supervision, to moving into leasing/ownership, and operations & maintenance after delivery.

	December 31, 2025	December 31, 2024
PROPORTIONATE CONSOLIDATION - INFRASTRUCTURE (IN MILLIONS OF USD)
Revenue	138.7	212.2
EBITDA	80.9	143.6
Adjusted EBITDA	80.9	65.6
Operating result (EBIT)	68.3	128.7
Segment result after tax	54.8	121.5
Vessels and barges (owned and leased)	181.4	192.4
Financial debts	157.6	182.2

2.2.1 Market outlook for floating oil & gas infrastructure

An ever-increasing need for affordable energy in combination with decarbonization and reduction of the environmental footprint is on top of the list for many governments.

The need to provide this energy at an affordable price forces countries to take a pragmatic approach to decarbonization. Natural gas will so remain a dominant source of energy in the years to come as it is considered as the cleanest alternative abundantly available to replace coal and oil.

Upstream the LNG supply chain, investments in oil and gas infrastructure will remain needed to meet overall energy demand. This goes hand in hand with efforts to develop renewable energy alternatives and to revive nuclear energy. This paves the way for extra LNG production and commercialization.

A massive wave of LNG supply is foreseen to ramp up in 2026 and will continue so in the years to come. Abundant availability of this LNG will result in competitive pricing and will be welcomed to meet above governmental objectives. Countries will continue to use LNG. Geopolitical developments have stressed the importance of LNG import facilities to diversify/secure the supply.

Floating infrastructure provides a quick-to-market and cost competitive solution for the respective value chains.

As one of the pioneers in floating regasification and liquefaction, EXMAR, through its Infrastructure department, delivers innovative maritime infrastructure solutions to the energy industry. EXMAR also provides highly specialized offshore engineering and consultancy services through its offices in Houston and Paris.

EXMAR is well positioned to develop and own innovative production, storage, and transformation solutions for gaseous molecules across the oil and gas value chain, both upstream and downstream. This capability is underpinned by the company's deep expertise in design, engineering, construction, offshore services, commissioning, operations management, and maintenance of floating infrastructure.

In addition, EXMAR continues to pursue and evaluate floating solutions for ammonia storage, carbon dioxide injection and transportation, and to support the e-methanol and e-methane supply chains.

2.2 INFRASTRUCTURE

2.2.2 Floating regasification and storage

EEMSHAVEN LNG, the 600 mmscfd regasification barge within EXMAR's portfolio, has successfully operated for four years as an LNG import facility in Eemshaven in the north of the Netherlands and achieved 100% uptime during 2025. The facility has a regasification capacity of 8 billion cubic meters (BCM) of natural gas per year, equivalent to 25% of the Netherlands' annual natural gas demand.

With send out nominations being rather variable and demanding for the equipment and the crew, the over 20 years' experience with floating LNG regasification facilities, pays off with a 100% uptime, highly valued by the customer.

The current contract remains in effect until 3Q2027. The customer, a 50/50 joint venture between Gasunie and VOPAK, meanwhile has confirmed its intention to continue thereafter to make a valuable contribution to diversify energy sourcing and secure energy supply in Europe. Through a competitive process they have chosen EXMAR to prepare for the extension and further development of the LNG terminal for operation up to 2036. The terminal will have a storage capacity of 190,000 m³ LNG and will give customers direct access to the Dutch TTF market.

LNG carrier EXCALIBUR, originally acquired in 2002 as the company's first LNG carrier, serves as a floating storage unit (FSU) under a 10-year charter with ENI Congo. The vessel also reported 100% uptime during 2025. EXCALIBUR demonstrates how older LNG tonnage can be transformed into a high-value asset within the LNG value chain.

A second FSU project is currently implemented for use offshore Colombia later in 2026. An existing LNG carrier will be transformed into a floating storage unit to receive LNG from seagoing LNG carriers and offload it into LNG container vessels, so to serve an LNG import and distribution project of Ecopetrol.

EXMAR is actively studying several other floating regasification and storage projects at various stages of evaluation and implementation.

2.2.3 Floating liquefaction

EXMAR has supported ENI to deliver their LNG export initiative offshore Congo-Brazzaville, deploying TANGO FLNG (acquired from EXMAR by ENI in 2022) as the floating LNG production facility and EXCALIBUR as FSU.

In February 2025, EXMAR received and processed the reports for the first 6 months of TANGO's production results, in view of the bonus/malus payments agreed in the share sale and purchase agreement of 2022. Based on these results, EXMAR concluded it is eligible for a performance bonus. However, the parties failed to agree, and ENI referred the matter to the London Court of International Arbitration. As the arbitration procedure is ongoing, no further information can be communicated at this stage.

After a promising start in 2024, the TANGO FLNG facility produced 547,000 ton and the Congo LNG terminal loaded and exported 1.1 million m³ of LNG over the year 2025, demonstrating strong continued operational performance.

Building on the success of this milestone project, which has engaged all departments within the company, EXMAR continues to develop multiple floating liquefaction projects (with capacities ranging from 0.5 to 5 MTPA).

2.2.4 Engineering

2.2.4.1 EOC

EXMAR Offshore Company (EOC), located in Houston, is an offshore-focused oil and gas engineering firm serving third-party clients. The company employs over 200 experts, offering services from conceptual engineering to project execution and asset lifecycle upgrades. EOC is renowned for its proprietary, patented OPTI® hull design, which is sought after for deepwater floating oil and gas production facility projects. The standardized yet highly adaptable design is made available under license and has achieved multiple successful deployments in the US Gulf.

EOC performance throughout the year 2025 has been excellent, with a high level of employment for its resources and managing Kaskida's detailed engineering, while helping clients reach major milestones.

The Shenandoah Floating Production Semisubmersible was installed at its location in the US Gulf. EXMAR is very proud to have provided its proprietary OPTI® hull, deck and mooring design along with its FAST® riser installation system. Shenandoah is the fourth and largest of EXMAR's designs built.

The BP Kaskida hull is currently under construction in Singapore, following steel cutting in September 2025. EOC is on track with engineering and will continue support of the project through to installation which is planned for 2028.

In September 2025, BP approved Final Investment Decision for the Tiber-Guadalupe deepwater development in the US Gulf and has awarded EOC, in December 2025, a second hull engineering of the Floating Production Unit hull to be installed there, the sixth OPTI® hull design.

2.2 INFRASTRUCTURE

Leveraging the construction and operational experiences of key personnel, EOC focuses on optimization of supporting existing and new clients in brownfields' field services, development of new software, project services and developing innovative technical tools.

2.2.4.2 DVO

DV Offshore (DVO), a Paris-based niche provider of maritime engineering and consultancy services, has been part of the EXMAR Group since 1999. The company offers project engineering, technical audits, and support for floating terminals, offshore mooring, and undersea pipelines to energy clients on a consultancy basis.

In addition to their valued third-party business, both EOC and DVO are playing increasingly crucial roles in developing EXMAR's new floating infrastructure projects.

2.2.5 Accommodation barges

The deployment of the accommodation and work barge NUNCE until December 2026 solidifies EXMAR's reputation as a premier service provider to Sonangol in Angola, a relationship that has been ongoing since 2009.

Development of employment thereafter is ongoing.

2.2.6 Building new opportunities

The implementation of floating infrastructure projects requires extensive made-to-measure project development. Each project comes with its own needs related to product processing, mooring, storage and has country and/or region-specific legal requirements.

The availability and expertise at EXMAR of highly experienced professionals in oil and gas handling, transportation and storage, engineering, and operation and servicing of floating maritime infrastructure, facilitate partnerships and transform potential projects into feasibility studies, investment decisions and, ultimately, safe, efficient and successful projects.

In close collaboration with all business departments and affiliates, EXMAR infrastructure is very keen to evolve to a one-stop shop for new and innovative production, storage and shipping solutions for the oil & gas market, meeting the objectives of the customers: decarbonization, improved process efficiency, emissions reduction and/or recycling and upgrading of existing assets.

In parallel, EXMAR continues to monitor and develop floating solutions for ammonia storage, injection, storage, shipping of liquified $\mathrm{CO}_{2}$ and support for the e-methanol and e-methane supply chain.

2.2 INFRASTRUCTURE

INNOVATIONS

EXMAR OPTI 5&6 FOR KASKIDA AND TIBER

EXMAR Offshore Company (EOC) is a technical marine services company supporting the offshore energy industry from exploration to production based in Houston. Founded in 1997, EOC's services include engineering, design, project management, construction supervision, and procurement. While its reputation is closely connected with its development and execution of projects around its proprietary hull semisubmersible hull design known as the OPTI™ and its innovative riser connection system known as FAST™, EOC's technical expertise extends far beyond to all hull forms including mono-hulls (FPSO, FSO, FSRU, FLNG), Drillships, SPAR, TLP, and others. Additionally, EOC's project and execution experience is industry and market leading, having worked on some of the highest profile projects in deepwater oil and gas production, and FLNG in recent years.

OPTI™ is a standardized and scalable design which is highly adaptable to the project specific needs for floating production, power generation and other missions. OPTI™ leverages decades of design knowledge and multi project experience that is offered under license to its clients. This design has successfully been implemented on four projects in the US Gulf. The most recent OPTI™ based floating production facility was for the Shenandoah development owned by Beacon Offshore Energy and its partners which was installed and commenced production in the US Gulf in 2025.

The selection of the OPTI™ design by oil & gas major bp for their two deepwater developments Kaskida and Tiber, marks a major milestone in the history of EOC, proving the acceptance of the design and the team at EOC for the developments that span the range of a deepwater developments from more traditional projects to those requiring highly technical and cutting edge solutions.

2.2 INFRASTRUCTURE
43

EXMAR growing OPTI® footprint

In September 2025, bp approved final investment decision for the Tiber-Guadalupe deepwater development in the US Gulf marking an additional major step in their strategic development of the Paleogene, almost one year to the date that they sanctioned its first development utilizing the largest of EOC's OPTI® designs of 12,500 tons for the Kaskida Floating Production Unit.

In sanctioning the Tiber project, bp has demonstrated its commitment to leveraging the OPTI® hull design and the EOC team who will perform engineering and design, once again, in 2026-2027. Tiber will be a copy of the Kaskida hull allowing bp to capture engineering, management, procurement and execution efficiencies.

Kaskida

Currently under construction in Singapore, the Kaskida hull is in fabrication following steel cutting in September 2025. In 2026, EOC is on track to complete detailed engineering of the hull.

Throughout the Kaskida project, EOC will continue to work in support of the project through to installation, which is planned for 2028.

Kaskida will utilize EXMAR's proprietary FAST® riser connection method which was most recently and successfully implemented on the Shenandoah and Salamanca projects in 2025.

Tiber

With Final Investment Decision in 2025 and successful conclusion of the contract for detailed engineering in December 2025, EOC will transition to the engineering phase according to a plan that has been implemented to benefit from the resource efforts on Kaskida. As the Kaskida work winds down, Tiber detailed engineering will be fully loaded as planned, with complete and current knowledge transferred from Kaskida.

2.2 INFRASTRUCTURE 45

INNOVATIONS

EXMAR ENTERS THE COLOMBIAN ENERGY MARKET

In September 2025 EXMAR has signed contracts with Regasificadora Del Pacifico S.A.S. (RDP) in respect of the deployment of a floating storage unit (FSU) on the west coast of Colombia. RDP is developing a fast track LNG import solution in the inner bay of Buenaventura, under a term contract signed with Ecopetrol S.A. to provide regasification and logistics services for a volume of 60 mmcf of natural gas per day.

LNG import solution

The Buenaventura project is structured around an innovative and flexible logistics chain that will enable imported LNG to reach the Colombian gas market in an agile and timely manner. LNG will be delivered via conventional LNG carriers to the floating storage unit, where it will be offloaded into specialized LNG containers, known as isotainers, before being transported to the port of Buenaventura by barge. From there, isotainers will be loaded onto trucks bound for a regasification plant in Buga, where the LNG will be regasified and injected into Colombia's gas grid for distribution to end users.

Historically, Colombia's domestic gas production has struggled to keep pace with demand due to reservoir declines and limited new discoveries. This initiative aligns with a broader strategic objective of enhancing Colombia's energy security by adding a reliable supply source of natural gas. By facilitating LNG imports through the Buenaventura terminal, the country is taking a critical step toward securing an alternate supply source that can support industrial growth, electricity generation, and economic competitiveness.

EXMAR's floating infrastructure solution

EXMAR will lease the floating storage unit to RDP and EXMAR's experienced operation and maintenance teams have been entrusted with the management of the FSU, under contracts with a duration of 5 years firm, with options to extend.

An existing LNG carrier will be modified in a record time to provide simultaneous loading, storage and offloading of LNG in the Buenaventura Bay as from 4Q2026.

RDP's President, Oscar Isaza said "The signing of this contract not only marks a milestone for RDP as a maritime logistics company, but it is even more significant and decisive to have the endorsement of more than 60 community, union, educational, and institutional leaders from Buenaventura and Buga. For RDP it is essential to partner with EXMAR to coordinate and implement the project in a responsible way."

From a commercial and strategic standpoint, EXMAR's role in this project confirms its ability to deliver tailored and quick to market floating LNG infrastructure solutions to the energy market and to contribute to bridging the gap between demand and supply, worldwide and especially in the emerging countries. By providing both the FSU asset and operational expertise, EXMAR is a trusted infrastructure partner capable of co-creating tailored and quick to market solutions that bridge maritime and land-based value chains.

2.2 INFRASTRUCTURE

INNOVATIONS

EEMSENERGYTERMINAL PARTNERS WITH EXMAR FOR TERMINAL EXTENSION

EXMAR is pleased to announce that it entered into a strategic partnership with EemsEnergyTerminal, a subsidiary of Gasunie and Vopak, to extend the operation of the Eemshaven LNG import terminal after 2027. As part of the collaboration, EXMAR intends to own and operate 2 Floating Storage and Regasification Units (FSRUs) in the Netherlands with a combined storage capacity of approximately 190,000 m³ LNG.

The start in 2022

Having pioneered the floating LNG regasification business over 20 years ago, EXMAR has built, owned, commissioned and operated 10 Floating Regasification Units (FSRUs) around the globe.

Building on this unique track record, in 2022, EXMAR reached an agreement for a five-year charter for the employment of its floating storage and regasification unit FSRU S188 with GASUNIE LNG Holdings BV (Gasunie) for deployment of the FSRU S188, renamed EEMSHAVEN LNG, at Eemshaven in Groningen, the Netherlands. The agreement reflected the increasing emphasis of governments and other stakeholders on securing the supply of energy as a consequence of the geopolitical developments experienced in Europe.

Being part of the first new operational terminal in Europe, the FSRU was deployed to store and regasify LNG for injection into the gas network.

Shortly after the signing of the Time Charter Party, the barge was modified for the use of shore electricity and heat for the regasification process, which makes EEMSHAVEN LNG one of the greenest FSRU terminals in the world.

In combination with a second FSRU operating at the same location the LNG Terminal has a regasification capacity of 8 billion cubic meters (BCM) of natural gas per year which represents 20-25% of the natural gas demand in the Netherlands. With send out nominations being rather variable and demanding for the plant and the crew, the over 20 years' experience with floating LNG regasification facilities, pays off with a 100% uptime, highly valued by the customer.

2.2 INFRASTRUCTURE

The Plan after 2027

The current contract remains in effect until 3Q2027.

The customer EemshavenEnergyTerminal, a 50/50 joint venture between Gasunie and VOPAK, confirmed early 2025 their plans to continue the LNG import operations after 2027 with the aim to diversify energy sourcing and secure energy supply in Europe.

Through a competitive process EXMAR was selected to prepare for the extension and further development of the LNG terminal for operation up to 2036. The terminal will have a storage capacity of approximately $190,000\mathrm{m}^3$ LNG and will give customers direct access to the Dutch TTF market.

Together, we intend to extend the LNG import terminal by converting a large LNG carrier into a modern FSRU, designed to enhance terminal efficiency and seamlessly integrate with the existing EEMSHAVEN LNG (red) unit, currently operated by EXMAR as part of the EemsEnergyTerminal. For this purpose, an existing LNGC will be transformed into a

modern high standard FSRU technically fully aligned with the existing FSRU EEMSHAVEN LNG and shore infrastructure and so obtain a highly energy- and cost-efficient terminal.

This strategic partnership gives future customers comfort to actively participate in the open season and secure long-term access to LNG import capacity at EemsEnergyTerminal.

EemsEnergyTerminal concluded the open season by 1Q2026.

The extension of operations is subject to a positive final investment decision. In the coming months, EXMAR will support EemsEnergyTerminal and work with all relevant stakeholders to develop the next generation FSRU.

2.3 SUPPORTING SERVICES

EXMAR's core activities in the energy value chain are accompanied by a broad range of supporting services for a wide variety of clients. EXMAR Ship Management is a major international player in the operation, crewing, and maintenance of vessels and offshore installations. TRAVEL PLUS is a specialized independent operator offering crew, business, and luxury travel services. EXMAR Yachting is the exclusive manager of luxury motor yachts, sailing yachts, and catamarans in Belgium.

	December 31, 2025	December 31, 2024
PROPORTIONATE CONSOLIDATION - SUPPORTING SERVICES (IN MILLIONS OF USD)
Revenue	67.7	90.2
EBITDA	-7.9	22.8
Adjusted EBITDA	-7.9	2.2
Operating result (EBIT)	-9.9	21.2
Segment result after tax	-1.5	38.7
Financial debts	2.9	2.8

2.3.1 EXMAR Ship Management

EXMAR Ship Management delivers high-quality asset management and related services to owners of floating energy infrastructure and ship owners active in the seaborne transportation of LNG, LPG, ammonia, and other gases. Leveraging decades of experience operating complex floating assets to standards above industry norms, and pioneering expertise in regasification, liquefaction, and cryogenic transshipment at sea, EXMAR Ship Management ensures the safe and reliable execution of complex operations.

With offices located across the globe, including Belgium, the Netherlands, Congo, India, Singapore, and Jamaica, EXMAR Ship Management remains close to its customers in the gas and oil industry, thereby strengthening service delivery and enabling effective collaboration.

2.3.1.1 INFRASTRUCTURE

This year marked the consolidation of EXMAR Ship Management floating infrastructure operations, with successful steady and reliable service performed for our customers across the globe through our company subsidiaries in Singapore, Congo and the Netherlands.

In the Netherlands we continued supporting EET with the regasification operations of Eemshaven LNG, consistently fulfilling our O&M obligations throughout the year.

In Pointe Noire, Congo, we completed a strong year of operations of the near-shore CONGO LNG project for ENI, as well as the NKOSSA II for Trident. Both our teams onboard and ashore delivered high-quality performance, ensuring these complex units operated above expectations, like the excellent work carried out on the accommodation barge Nunce, operating Offshore Angola.

Equally important has been the continuation of our crewing services to Green Zeebrugge, on behalf of their owners, and through our Italian subsidiary ECOS the services to the FSRU Toscana, which has maintained full employment in 2025.

2.3 SUPPORTING SERVICES

2.3.1.2 SHIPPING

EXMAR Ship Management teams are actively preparing for the entry in management of the world's first ammonia fueled vessels, working on risk assessments and development of procedures, participating in the Joint Development Project-meetings, and representing EXMAR at industry forums. Close interaction with EXMAR Technical is ensuring that the design philosophy of the new vessels is translated into operational procedures.

Additionally, EXMAR Ship Management together with EXMAR Group staff have been supporting the Belgian Administration at the IMO Sub-Committee on Human Element, Training and Watchkeeping (HTW) and IMO Sub-Committee on Carriage of Cargoes and Containers (CCC), influencing changes to applicable regulations that will allow the new vessels to commence sailing.

In 2026, EXMAR Ship Management will add eight (8) midsize fully refrigerated gas carriers to its diversified portfolio.

2.3.1.3 PEOPLE

Highly skilled people are the cornerstone of our success, both ashore and onboard. With an overall seafarer retention rate of $92\%$ , we are proud to keep the expertise in our firm and to be able to train the next generation. The relationship between ship and shore is strengthened by management visits onboard, captain's tables and crew conferences.

2.3.1.4 REGULATIONS

EXMAR Ship Management relies on robust processes for identifying and adopting applicable requirements, with external verification confirming continued compliance of existing certification against the requirements of the International Safety Management (ISM) Code on behalf of the Administrations of Bahamas, Belgium, Liberia and Marshall Islands and with new certification obtained from the French Administration following successful audits both onboard and ashore.

2.3 SUPPORTING SERVICES

Additionally, the international standards ISO 9001:2015, ISO 14001:2015, ISO 45001:2018 and ISO 50001:2018, as well as Green Award Foundation requirements are adhered to with active certification maintained.

Specific attention is paid to developments in environmental regulations, and the increasing requirements under the various emissions reporting schemes. With reporting responsibilities assigned to different interested parties, EXMAR Ship Management actively opened the dialogue between the different partners. The onboard data collection via designated software is automatically transferred to external verifiers for simultaneous review, bridging across the IMO Data Collection System (DCS) and Carbon Intensity Indicator (CII), and EU Emission Trading System MRV/ETS) and Fuel EU Maritime schemes.

Dedicated software allows for monitoring of energy performance KPI's, tracking speed and consumption, and voyage optimization. Regular performance evaluation is carried out, including comparison of vessels with specific and customizable performance baselines established, and aiming to optimize consumption and mechanical lifetime.

2.3.1.5 SAFETY

For over 10 years, EXMAR Ship Management has been a successful leader in safety onboard through the "Taking the Safety Lead" program. By fostering safety, driven by leadership, and a mindset of continuous improvement, we've reached the highest levels of safety maturity. The "Taking the Safety Lead" program emphasizes proactive measures that are implemented onboard. A perfect example is our Control of Work-system and comprehensive training for all personnel. These measures have not only prevented incidents but also enhanced operational efficiency and reliability.

2.3.1.6 PROJECTS

The Shipping BU marked a year of strategic expansion in 2025, welcoming EXMAR LPG France as a new partner with two vessels joining our management. Furthermore, we secured a milestone mandate with an undisclosed client to supervise the commissioning of an inland waterways LNG bunkering barge, alongside future management agreements for state-of-the-art seagoing LNG Bunker Vessels scheduled for delivery in 2027.

The Owner of NKOSSA II changed to Trident Energies with management routines being amended in accordance with the new requirements. The Congo Nearshore LNG project achieved a successful result for the first full year under the Operations & Maintenance contract, with routines having fully settled in. The innovative mooring concept of TANGO FLNG and EXCALIBUR was subjected to its first regular rope exchange in accordance with applicable

requirements, closely liaising with client ENI on planning and execution of the process. During 2025, BU Infra has been developing various new projects, including Buenaventura FSU, Eemshaven FSRU, and Cedar LNG projects.

2.3.2 Investments

EXMAR holds a 12.1% equity stake in Vantage Drilling International, whose fleet consists of two ultra-deepwater drilling vessels and whose operations include management services for two jack-up rigs. Vantage Drilling International is listed on Euronext Growth under the symbol VDI.

Additionally, EXMAR holds a 7.4% shareholding in Ventura Offshore Holding, which owns three ultra-deepwater drilling vessels and manages a fourth. Ventura Offshore Holding is listed on Euronext Growth under the symbol VTURA.

Both companies provide offshore oil and natural gas drilling services. EXMAR's investments in these entities are motivated by attractive value creation opportunities arising from prolonged underinvestment in the offshore drilling market. These transactions mark EXMAR's re-entry into the drilling industry after more than twenty years, further expanding the company's involvement in the global energy value chain.

Further, EXMAR continuously assesses opportunities to deploy liquidity in related activities, as a diversification and liquidity management tool.

2.3.3 Travel Plus

Travel Plus, specialized in business and leisure travel, employs a total of 19 local professionals. Belgium's largest independent travel agency, working out of Antwerp, sets itself apart with its high level of personal care for its business and leisure travelers. Travel Plus combines personalized itineraries with exceptional after-sales service.

2.3.4 EXMAR Yachting

EXMAR Yachting expertly manages a fleet of high-end vessels, supporting both seasoned and first-time owners in the operation, crewing, servicing, refitting, and chartering of their luxury yachts with excellence.

In 2025, the team of highly professional captains, technical superintendents, crew managers, and operational staff provided owners with support through on-site inspections in preparation for dry-docking, as well as preventive maintenance and the administrative management of their valuable assets.

2.3 SUPPORTING SERVICES

STATUS 31/12/2025

EXMAR MANAGED FLEET

MGC (15)

LIBRAMONT
Time chartered

KONTICH
Joint venture

KAPRIJKE
Joint venture

KONTICH
Joint venture

KORTRIJK
Joint venture

KRAPIJKE
Joint venture

KRUIBEKE
Joint venture

KALLO
Joint venture

KAPELLEN
Joint venture

KOKSIJDE
Joint venture

WAASMUNSTER
Joint venture

WARISOULX
Joint venture

WEPION
Joint venture

COURCHEVEL
Joint venture

CHAMPAGNY
Joint venture

VLGC (2)

FLANDERS PIONEER
Owned

FLANDERS INNOVATION
Owned

PRESSURIZED VESSELS (4)

JOAN
Owned

ELISABETH
Owned

MARIANNE
Owned

ANGELA
Owned

OFFSHORE ACCOMMODATION BARGE (1)

NUNCE
Joint venture

FLOATING LIQUEFACTION AND REGASIFICATION BARGE (1)

EEMSHAVEN LNG
Owned

LNG TANKER (1)

EXCALIBUR
Owned

2.3 SUPPORTING SERVICES
53

STATUS 31/12/2025

THIRD PARTY MANAGED FLEET

| MGC (2)
ROSILLO EXPLORER
Managed
CERRO ALTO EXPLORER
Managed | FLNG PLATFORM (1)
FLNG TANGO
Managed |
| --- | --- |
| FSRU TOSCANA
Managed | NKOSSA II
Managed |
| DOUCE FRANCE
Managed
CORNELIA
Managed | LEVANTE
Managed
NILAYA
Managed |

2.3 SUPPORTING SERVICES

INNOVATIONS

DEVELOPING NEW BUSINESS

Benefiting from decades of hands-on knowledge and industry expertise, EXMAR Ship Management managed to secure several new projects in the course of 2025.

Business Unit Infrastructure

CEDAR LNG PROJECT

Building on our unique expertise in operating floating LNG infrastructure, as well as our ability to support our customers across the full value chain, from liquefaction to regasification, and aligned with our organization growth strategy, we have continued an active commercial campaign to collaborate with world-class companies seeking top-tier operational service.

Essential to these efforts, and following a rigorous selection process, we were selected to provide our operational experience to the CEDAR FLNG project, currently under construction at Samsung Shipyard in Korea. EXMAR Ship Management was contracted to provide various Marine Supporting Services (MSS) over the different project phases.

In the first phase, EXMAR Ship Management will develop a complete IMO-compliant Safety Management System (SMS), based on our knowledge and experience gained from the Tango FLNG terminal, currently operated for ENI.

The second phase will be the development of all Operational & Maintenance procedures for the Cargo, Marine & Utility systems of the asset, which will be operated thereafter by dedicated ESM crew (19 PAX) as from sail-away from the yard.

Besides the already contracted scope, there may be further opportunities for EXMAR Ship Management, such as the review of all liquefaction procedures, training of Cedar FLNG crew, the interfacing of CMMS systems and even additional (maintenance) crew.

The contract with Cedar FLNG, a project to be deployed in Kitimat / West Coast Canada, makes EXMAR Ship Management an even more robust FLNG service provider after the successful deployment & operations of Tango FLNG for our customer ENI Congo.

Business Unit Shipping

LNG BUNKERING NEWBUILD SUPERVISION & MANAGEMENT

EXMAR Ship Management has secured a contract to supervise the construction of two 20,000 cubic meter LNG bunker vessels, currently under construction in China, for an undisclosed third-party owner. Upon delivery of these vessels in 2027, they will enter our managed fleet. This contract is an example of our ambitions and efforts to diversify our service model beyond the integrated ship management services we offer. Additionally, EXMAR Ship Management secured a service contract to develop the safety and operating procedures for an LNG inland bunker vessel. These services were finalized upon delivery of the vessel at end 2025.

SHARING OF EXPERTISE: AMMONIA (AS FUEL) TRAINING COURSES

In cooperation with the colleagues of EXMAR Marine, EXMAR Ship Management is offering an ammonia training module for people working with ammonia as a product or its operations on board gas carriers. This expert training can be tailor-made depending on the audience and its requirements.

3. SUSTAINABILITY REPORT

3.1 EXMAR's Sustainability journey 60
3.2 Environment 88
3.3 Social 108
3.4 Governance 118
3.5 Appendix 128

3 SUSTAINABILITY REPORT

PERSONNEL

| 1410
TOTAL
☐ 154 ☑ 1256 | 1098
Seagoing
☐ 29 ☑ 1069 | 312
Onshore
☐ 125 ☑ 187 | |
| --- | --- | --- | --- |
| 193
< 30 years old | 963
30-50 years old | 254

50 years old | 309
Permanent contract |
| | | | 1101
Temporary contract |

3 SUSTAINABILITY REPORT

EMISSIONS BY ACTIVITY

EXMAR GROUP EMISSIONS

TOTAL: 217,361.37 TCO₂E

Shipping
Infrastructure
Supporting Services

SHIPPING

TOTAL: 145,153.92 TCO₂E

Investments
Goods & Services
Leased Assets as Lessor
Other

INFRASTRUCTURE

TOTAL: 57,231.25 TCO₂E

Leased Assets as Lessor
Goods & Services
Other

SUPPORTING SERVICES

TOTAL: 14,976.20 TCO₂E

Goods & Services
Business Travel
Other

3.1 SUSTAINABILITY AT EXMAR

At EXMAR, we 'Care for Today' with 'Respect for Tomorrow'. Throughout the years, this motto has been our guiding principle to roll out our sustainability approach. Sustainability at EXMAR was translated in seven environmental, social and governance (ESG) fundamentals, acting as common thread throughout our everyday business. These principles have defined our ESG strategy, based on eight practical key strengths: tangible concepts serving as an ESG compass for our employees. It is our ambition to be a pioneer, pushing boundaries of innovation and responsibility while empowering our people to uphold the highest industry standards. Through a robust governance framework, we ensure accountability, ethical decision-making and long-term resilience and navigate our initiatives and actions in a strongly regulated sector and ever-evolving global landscape.

In this sustainability report, it will become clear how our ESG principles and key strengths are concretized in dedicated initiatives, policies and action plans. The necessary references are made to clarify the links between actions and strategy for environmental, social and governance topics.

3.1 SUSTAINABILITY AT EXMAR

3.1.1 Our reporting journey

At EXMAR, reporting on our sustainability strategy, risks and initiatives is nothing new. Already before the introduction of standardized reporting, we executed materiality assessments and created sustainability disclosures, elaborating on our initiatives while referring to the Sustainable Development Goals (SDGs). In addition, we have always paid attention to – and described – regulatory developments, demonstrating our anticipation to regulations such as the EU Taxonomy.

As of 2024, EXMAR is subject to the Corporate Sustainability Reporting Directive (CSRD): a regulatory framework established by the European Union (EU) to enhance and standardize sustainability reporting among companies, leading to transparent, comparable and reliable information. Sustainability disclosures must be developed according to the European Sustainability Reporting Standards (ESRS), providing guidelines on what to report and how, by means of Disclosure Requirements (DR) and Application Requirements (AR). In addition, the starting point for reporting must be a Double Materiality Assessment (DMA) as companies shall report on sustainability matters that are material from an impact and/or financial point of view. Through the DMA, Impacts, Risks and Opportunities (IRO) are identified throughout the entire value chain, which determine the materiality of specific topics and, hence, which reporting requirements apply. A detailed explanation of our DMA process is provided further on in this report.

Our first-time reporting under CSRD in 2024 presented many challenges and required much effort. A more structured and thorough

reporting framework was established, following a comprehensive approach, integrating strategic and operational initiatives. Many financial and human investments were made to implement an ESG reporting tool, enhance (auditability of) data collection processes and execute the first full-scale $\mathrm{CO}_{2}$ accounting across the entire company, amongst other actions.

The actions of 2024 were continued throughout 2025 in preparation of the second CSRD-compliant report, with enhanced focus on automation, efficiency, clarity of data flows and internal controls and validations. In first instance, processes have been created and/or optimized to streamline data collection and reporting. Secondly, and more importantly, diving into the data to comply with the DRs has revealed what is, and what is not, present. Data gaps or uncertainties have stimulated conversations at different organizational levels to define priorities and action plans, set targets and develop monitoring processes. However, the realization of ambitions that have been described in our report for 2024 (e.g., the development of a transition plan or a more elaborate resilience analysis) has been delayed by one year. This decision was made due to the uncertainties concerning Omnibus – changes in CSRD scope and requirements. On the $26^{\text{th}}$ of February 2026, the Omnibus I Directive was published in the European Union Official Journal, which amends the thresholds determining the scope of companies subject to CSRD and CSDDD. Throughout 2026, we will assess the implications, implement the changes and take steps towards realization of ambitions and promises made. This fits nicely with the progress we are making concerning ESG and sustainability reporting, demonstrating EXMAR's ambitious paths and drive for creativity and innovation.

3.1 SUSTAINABILITY AT EXMAR

3.1.1.1 REPORTING SCOPE

EXMAR NV

SHIPPING	INFRASTRUCTURE	SUPPORTING SERVICES
EXMAR France Crewing*	DV Offshore SA (DVO)	EXMAR Netherlands bv
EXMAR Hong Kong Ltd	Estrela LTD*	EXMAR SGP Succurscale Congo
EXMAR LPG France*	EXMAR Energy Netherlands bv	EXMAR Ship Management bv
EXMAR Marine NV	EXMAR Export Netherlands bv	EXMAR Ship Management India pvt ltd
EXMAR Shipping BV*	EXMAR Offshore bv	EXMAR Singapore Lte Ltd
EXMAR Small-scale LPG BE	EXMAR Offshore Company (EOC)	Seavie Carribean Limited
EXMAR Small-scale LPG HK		Seavie Pvt Ltd
EXMAR VLGC BV		Travel Plus nv

Joint Ventures

This sustainability report is created on a consolidated basis, aligned with our consolidated financial statements. This concerns the parent company – EXMAR nv -, eight entities within the business unit Shipping, six entities within the business unit Infrastructure and eight entities within the business unit Supporting Services - as demonstrated in the figure above. Unlike in 2024, three subsidiaries – Bexco NV, EXMAR Offshore Services sa and IMA - are not in scope anymore for 2025 as these entities were, respectively, sold, liquidated and considered immaterial for reporting. Additionally, three new entities were included: EXMAR France Crewing, EXMAR LPG France and EXMAR Offshore BV. In summary, all quantitative and qualitative disclosures contain information for EXMAR nv and its subsidiary undertakings. However, it must be noted that the approach on Joint Ventures (JV) differs from the one for fully owned subsidiaries. JVs are only considered in a limited way for emission calculations and fully excluded from the quantitative social data (e.g., number of employees). More details are provided in Chapter 3.2 – Environment.

The report is aligned with the CSRD regulation and no other reporting standards/frameworks are considered. All required datapoints are included and we did not use the option to omit specific pieces of information corresponding to intellectual property, know-how or the results of innovation. An overview of all applicable datapoints is available in Appendix 4: Disclosure & Application Requirements covered by EXMAR's sustainability statement – incl. the datapoints deriving from other EU legislation.

Within the environmental, social and governance chapters, we sometimes refer to the Minimal Disclosure Requirements for Policies (MDR-P): general requirements applicable to the different topical disclosures when elaborating on policies. In the text, we provide clear descriptions and refer to Appendix 2 for an overview of EXMAR policies and alignment with these requirements. References to other parts of the annual report are only made for additional information or to provide context. Finally, the Independent Auditor's limited assurance report on this Sustainability Statement has been added at the end of this report (after 3.5 Appendix).

3.1 SUSTAINABILITY AT EXMAR

3.1.2 Setting the scene

3.1.2.1 THE REGULATORY LANDSCAPE

EXMAR is a worldwide shipping company, providing floating solutions for the operation, transportation and transformation of gas. We operate in a strongly regulated sector and are subject to strict frameworks aiming to ensure safety, quality and compliance while considering and respecting climate and environment.

These regulations/frameworks include:

European regulations as part of the EU Green Deal and the 'Fit for 55 Package': a roadmap to achieve climate neutrality by 2050, whilst aiming for a 55% reduction in EU emissions already by 2030.
Statutory regulations defined by the International Maritime Organization (IMO), and the International Labor Organization (ILO), as integrated by Flag States in their respective national legislation.
Classification rules defined by the Classification Society of a vessel or floating infrastructure.
Industry and client-specific requirements that may apply to projects and/or vessel operations.

EXMAR complies with all applicable international and local regulations and has obtained specific ISO certifications. Thereby, we maintain high standards and are able to compete effectively, build customer trust and comply with stringent regulations. An overview of the main regulations, frameworks and certifications is provided below.

3.1.2.1.1 International Maritime Organization (IMO)

The International Maritime Organization (IMO) is an UN specialized agency with responsibility for the safety and security of shipping and the prevention of marine and atmospheric pollution by ships. The IMO has set the ambition of net-zero Greenhouse Gas (GHG) emissions from the international shipping industry by 2050, aiming for a GHG reduction through a step-by-step approach by at least 20% (but striving for 30%) by 2030 and 70% (striving for 80%) by 2040. To achieve these goals, zero, or near-zero, GHG emission technologies, fuels and/or energy sources must represent at least 5% of the energy used by international shipping by 2030 – compared to the 2008 baseline.

As part of the IMO's commitment, ships are presently required to calculate two ratings:

their attained Energy Efficiency Existing Ship Index (EEXI) to determine their energy efficiency
their annual operational carbon intensity and associated Carbon Intensity Indicator (CII)

Emissions data is captured through the IMO Data Collection System (DCS): a reporting tool for ships above 5,000 gross tonnages. Since 2023, aggregated DCS data is used to calculate a ship's CII and is reported to the Flag State at the end of each calendar year. Data such as fuel consumption, distance traveled and hours underway are aggregated and form the basis for the CII rating. The emission data of EXMAR vessels are verified by a classification society according to IMO DCS.

Further ambitions in the IMO Net-Zero Framework (NZF) include the adoption of Greenhouse Gas Fuel Intensity (GFI) rating, measuring emissions across the entire lifecycle of a fuel from production to combustion and possible establishment of an IMO Net-Zero Fund, constituting a pricing-mechanism designed to act as a global carbon levy. Whilst already expected in 2025, its adoption did not materialize yet, with Member States having not reached consensus on the pricing mechanism and technical details.

3.1.2.1.2 EU Emissions Trading System (EU ETS)

One of the centerpieces of the 'Fit for 55 Package' is the EU Emission Trading System (EU ETS) which provides a key tool for reducing GHG emissions. As of 2024, maritime transport emissions were included in its scope.

The EU ETS puts a price on carbon and uses a 'cap-and-trade' principle. Every year, entities covered by the ETS must buy EU emission allowances (EUA), corresponding to their GHG emissions. One EUA equals the right to emit one ton of CO₂. A cap (limit) is set on the total amount of GHG emissions that can be emitted per industry and, hence, how many allowances are put on the market per year. Each year, the cap is reduced in line with EU's climate target, resulting in a gradual reduction of total emissions. By setting the absolute limit for emissions and connecting this to EUAs, a limited offer is created with economic value. The intention of EU ETS is that the carbon price promotes and rewards investments in decarbonization technology.

In first instance, the EU ETS covered CO₂ emissions for vessels above 5,000 gross tonnages, regardless of the Flag State. It includes all emissions from ships calling at an EU port for voyages within the EU (intra-EU) and 50% of the emissions from voyages starting or ending outside of the EU (extra-EU). To ensure smooth transition, a phase-in period applies. Shipping companies have paid for 40% of their emissions reported for 2024 and will pay for 70% and 100% of emissions reported for, respectively, 2025 and 2026. The financial impact on EXMAR's net result is expected to be minimal. Within the time-charter contracts, standard industry agreements incorporate specific provisions addressing EU ETS-related costs, ensuring that the financial liability for such compliance is clearly defined between contracting parties. For voyage contracts, EU ETS compliance costs are integrated into the freight rate, thereby ensuring that the economic implications of compliance are appropriately reflected in commercial terms.

3.1 SUSTAINABILITY AT EXMAR

As of 1 January 2026, the EU ETS scope is broadened to include reporting of methane (CH₄) and nitrous oxide (N₂O). Ships failing to comply with the regulation for two or more consecutive periods, may be denied entry in EU ports.

As companies must surrender enough allowances to fully account for their annual emissions, sound monitoring and reporting of emissions is key. Therefore, the EU ETS has been merged with the EU Monitoring Reporting and Verification Regulation (EU MRV), requiring companies to monitor emissions and other relevant information for each of their vessels on an annual basis. To consistent and comparable monitoring, companies must document their methodology in a monitoring plan, including complete and transparent documentation on, for example, vessels' emission sources.

3.1.2.1.3 FuelEU Maritime

In 2025, the FuelEU Maritime regulation entered into force. This regulation establishes a progressive limit on the Greenhouse Gas (GHG) intensity of the fuels consumed on board of ships operating within the European Union, including incoming and outgoing ships on international trade. The GHG intensity limit will tighten in successive five-year phases, incentivizing a gradual reduction of GHG emissions across the maritime sector.

FuelEU Maritime represents the first legislation to account for Well-to-Wake (WTW) GHG missions, encompassing the complete life cycle GHG emissions, including CO₂, N₂O and CH₄. Under the regulation, conventional fossil fuels, such as Heavy Fuel Oil (HFO) and Marine Gas Oil (MGO) are non-compliant from the outset. In contrast, Liquefied Petroleum Gas (LPG) and Liquefied Natural Gas (LNG) will remain compliant until 2039. For alternative fuels (e.g., biofuels) compliance depends upon the sustainability of their production, which must be certified in accordance with the EU Renewable Energy Directive (RED). Lastly, within the framework, low-carbon ammonia is identified as one of the future-compliant fuels beyond 2050.

Non-compliance with the prescribed GHG intensity limits will result in a FuelEU penalty. However, the regulation allows for compliance pooling: grouping compliant and non-compliant vessels to achieve an average GHG intensity within the allowable limits.

Through strategic investments in dual-fuel vessels, capable of operating on ammonia or LPG, EXMAR is positioning itself for long-term compliance and resilience within the evolving regulatory landscape. Furthermore, the compliance costs associated with FuelEU Maritime are addressed within our time charter agreements, under which the responsibility for regulatory compliance is contractually defined and allocated.

3.1.2.1.4 Maritime Labor Convention

The Maritime Labor Convention (MLC, 2006) of the International Labor Organization (ILO) defines comprehensive rights and standards for seafarers to ensure decent working and living conditions across the global shipping industry (e.g., wages, accommodation, hours of work/rest and social security). EXMAR ensures strict adherence to the MLC regarding such conditions for all seafarers. Our Safety Management System (SMS) includes robust procedures with the goal of preventing incidents and addressing issues like fatigue, well-being on board and retention. We prioritize mental health (support), offer competitive compensation and career development, ensure fair rotation policies and adequate shore leave to improve work-life balance and focus on a positive and inclusive work culture.

3.1.2.1.5 ISO Certifications

In addition to the regulations described above, EXMAR has obtained certain ISO certifications. Even though these are in general of a voluntary nature, some certifications are paramount in the global shipping industry, such as the ones focusing on efficiency, safety and customer satisfaction. Maintaining high standards is quintessential in competing effectively, building customer trust and complying with stringent regulations. ISO certifications have become a key tool that help ensure consistency, quality and operational excellence.

In this regard, we have obtained the following ISO certifications:

ISO 9001: Quality Management Systems
ISO 14001: Environmental Management Systems
ISO 45001: Occupational Health & Safety
ISO 50001: Energy Management

3.1.2.2 EXMAR'S BUSINESS CONTEXT

EXMAR is split into three business units: Shipping, Infrastructure and Supporting services. Firstly, we are a leading shipowner and operator in the transportation of liquefied petroleum gas (LPG), ammonia (NH₃) and petrochemical gases. Secondly, our infrastructure business aims at developing innovative and fast-track oil and gas infrastructure solutions to support the energy industry in providing communities with clean and affordable energy. Finally, EXMAR has business interests in a variety of companies in the fields of ship management, specialized travel and components for the marine and offshore industry, each with significant markets and customer groups.

The overview below contains the main markets for each business unit. For more details and information on our business and activities, we refer to Chapter 2 – Activity Report.

3.1 SUSTAINABILITY AT EXMAR

EXMAR NV

SHIPPING

Very large gas carriers (VLGC)

Midsize gas carriers (MGC)

Fully pressurized (FP) gas carriers

INFRASTRUCTURE

FSRU Eemshaven LNG (barge based): regasification

Technical & operational implementation partnership contract with ENI for the Marine XII Congo LNG Project, incl. FSU Excalibur

One floating accomodation barge

Engineering: EXMAR Offshore Company (EOC) holding the OPTI

SUPPORTING SERVICES

Shipping:
Multiple international players in LPG & ammonia market

Infrastructure:
- Regasification and technical & operational project clients
- Floating accommodation barge

Engineering:
- Offshore energy clients (EOC)
- Maritime and energy clients (DVO)

Supporting services:
- Inhouse and external shipmanagement
- Specialized travel: TravelPlus

EXMAR is active in the sectors of fossil fuels (oil & gas) and energy production and utilities – two significant ESRS sectors. We support the oil and gas sector through worldwide transportation, transformation and temporary storage of gas. In addition, we play an important role in engineering activities for the oil and gas industry, working towards a safer and more sustainable industry (e.g., by reducing steel required during construction) via two of our subsidiaries: EOC and DVO.

The table below displays our revenue. Please note that 'Other revenue' refers to revenue from the services industry through our travel agency (Travel Plus) or internal ship manager (EXMAR Ship Management bv).

REVENUE

	2024	2025
Oil & Gas	73,120,122	62,672,034
Energy production & utilities	28,301,192	29,512,206
Significant ESRS sectors	101,421,304	92,184,240
Services	184,075,590	89,476,133
Engineering	63,414,556	66,480,010
Other revenue (non-ESRS sectors)	247,490,146	155,956,143

There are no additional significant ESRS sectors in which EXMAR has any material impact. Furthermore, we are not active in the coal sector, chemical production, controversial weapons or the cultivation and production of tobacco. Lastly, none of our products or services are banned in certain markets.

3.1.2.2.1 Key inputs

To ensure smooth operations, EXMAR must rely on and effectively manage essential physical and human resources. Each of these inputs presents unique challenges. Hence, we apply a strategic approach to procurement, development and security to ensure operational efficiency, cost-effectiveness and resilience against disruptions.

Fuel (energy resource) is the most crucial in ship operations and, therefore, a key physical input. However, EXMAR operates its fleet through time charter contracts, which places this responsibility with the charterer and not with EXMAR as a shipowner.

Besides fuel, steel is a key shipbuilding material. The responsibility for steel procurement lies with the shipyard as we (shipowner) commission vessel construction rather than managing the material sourcing directly. However, EXMAR still plays a vital role in ensuring that the shipyard adheres to high-quality material standards and efficient construction practices, while minimizing waste and supply chain vulnerabilities.

3.1 SUSTAINABILITY AT EXMAR

Besides physical inputs, human resources are of utmost importance. Seafarers are the most valuable asset in maritime operations. Attracting, developing and retaining a skilled workforce is fundamental to operate in a safe and efficient manner. EXMAR's effective recruitment strategies involve strong partnerships with maritime academies, training institutions and crewing agencies worldwide. To enhance job retention and satisfaction, we continuously invest in training, crew welfare, safe working conditions and fair contracts.

3.1.2.2.2 Heightened risk of global operations

EXMAR operates within a dynamic global business environment, intricately connected to the diverse environmental and social realities of its worldwide operations. The fleet operates in international waters, and the offices are strategically positioned in key regions around the globe, enabling EXMAR

to address regional market demands effectively. However, operating on such a global scale inherently presents heightened risks, including exposure to varying regulatory frameworks, geopolitical uncertainties and environmental challenges unique to each area of operation. Therefore, we prioritize the identification and management of heightened risks of adverse impacts, considering variability in environmental regulations, social conditions and governance standards across regions. We evaluate partnerships and supply chains to ensure compliance with international standards, and we consider the dynamic nature of maritime operations.

Our risk management framework ensures compliance with strict maritime regulations and maintains a proactive stance in mitigating potential adverse impacts, safeguarding our global operations and stakeholders.

3.1 SUSTAINABILITY AT EXMAR

3.1.3 Double Materiality Assessment (DMA)

Throughout the years, materiality assessments have helped us to keep pulse of topics that are relevant to our business and stakeholders. In 2024, a first CSRD-aligned Double Materiality Assessment (DMA) was executed.

The results of 2024 are also applicable to 2025 and define the disclosures included in this report. There have been no modifications nor renewals to the DMA.

3.1.3.1 THE DOUBLE MATERIALITY PROCESS

The DMA is based on a holistic approach in which our value chain provides an overarching view of the operating ecosystem. Thereby, EXMAR does not only consider its own impacts but also analyses the actual and potential risks and opportunities associated with the value chain and the (in)direct dependencies that influence our strategic, operational or financial performance. Hence, the first step in the double materiality process was the definition of this value chain, considering several factors, such as our level of influence and buying power and our technical readiness to collect value chain information. Subsequently, the value chain formed the basis for:

step two: EXMAR's stakeholder identification,
step three: the determination of impacts, risks and opportunities, and
step four: the development and application of a scoring model.

In collaboration with a multidisciplinary ESG taskforce (More information in 3.1.4 - Data Collection & Chapter 3.4 - Governance), the Head of ESG has gathered a variety of inputs (e.g., scientific literature, sustainability reporting from peers and information from industry member organizations and classification societies) and synthesized them into a comprehensive and overarching DMA outcome, trying to ensure a well-rounded and strategic approach. A refined proposal was presented to the Executive Committee (ExCo) for review and final decision-making.

3.1.3.1.1 Step 1: Defining our value chain

The value chain covers our upstream and downstream business context and includes both direct and indirect business relationships. Thereby, it provides a comprehensive perspective on EXMAR's operating ecosystem. By mapping and defining our value chain, we enable a broad understanding of the interdependencies, risks and opportunities related to sustainability impacts which, in turn, lead to a more strategic alignment. The value chain provided the basis for stakeholder identification and served as foundation for our DMA in which the stakeholders' relevant material topics are considered.

The following critical factors were analyzed when defining our value chain:

Scale and complexity: EXMAR's size and resource capacity relative to the breadth and complexity of the activities in its value chains.
Influence and leverage: EXMAR's ability to influence actors in the value chain, particularly in driving sustainability outcomes, leveraging its buying power, and cultivating collaboration.
Technical preparedness: The readiness of internal systems and processes to effectively collect, manage and report value chain data, ensuring alignment with sustainability reporting standards.
Accessibility and data sharing: Limitations in existing tools and frameworks to access and exchange critical information across the value chain.
Proximity to the company: The relative size, resources, technical sophistication, and geographic or operational proximity of value chain actors, impacting data flow and sustainability engagement.

3.1 SUSTAINABILITY AT EXMAR

3.1.3.1.2 Step 2: Identifying our stakeholders

Starting with EXMAR's value chain, an analysis was conducted to identify all stakeholders. Additionally, the matrix below was used to assess the power and interest of each stakeholder and classify them into four categories. 'Power' is defined as the amount of power or influence a stakeholder has in EXMAR's decisions and activities. 'Interest' is understood as the amount of interest a stakeholder has in EXMAR's decisions and activities.

The power versus interest classification has resulted in four categories of stakeholders. Of course, stakeholders can shift between categories over time due to new circumstances. In that case, adjustments in engagement with that stakeholder may be required.

Stakeholders belonging to the category 'manage closely' are critical to the success of the project or organization and must be actively engaged and managed to ensure their needs and expectations are met. Secondly, stakeholders that cannot directly influence EXMAR but care about its operations and can impact perceptions or provide valuable insights, are to be kept informed. Furthermore, we aim to keep stakeholders satisfied that may not be actively involved in day-to-day operations but can influence decisions or outcomes if dissatisfied. Finally, the category 'monitor' includes stakeholders that are not actively involved and unlikely to significantly impact EXMAR.

Based on our analysis, we have agreed to closely manage the following key stakeholders:

Internal stakeholders: seafarers, office staff, subsidiaries (key personnel), and Board of Directors
External stakeholders: vessel owners, clients, charterers, financiers, and shipyards

Stakeholder benefits

EXMAR is committed to delivering sustainable value across its ecosystem, ensuring that operations and services generate meaningful benefits for both internal and external stakeholders. Below, an overview is provided with current & expected benefits for key stakeholders we'll manage closely.

3.1 SUSTAINABILITY AT EXMAR

INTERNAL	SEAFARERS - OFFICE STAFF
Current benefits	Positive socio-economic impact through job creation and career stability.
	High safety standards aiming to reduce accidents.
	A secure and compliant working environment, incl. the right of freedom of association, social security, accommodation, and access to communication, as appropriate, and promoting the well-being of personnel.
	A diverse, multicultural workplace leading to both personal and professional growth.
Expected benefits	Continuous learning opportunities to upskill employees in response to technological developments and an evolving job market.
	Transition to alternative fuels and technologies creating (new) job opportunities.
	Strengthened workforce engagement through purpose-driven work and ESG-aligned initiatives.
	SUBSIDIARIES (KEY PERSONNEL) - BOARD OF DIRECTORS
Current benefits	Alignment with ESG action plan to drive long-term business success
	Safety management systems, training programs, incl. anti-corruption and anti-bribery, leading to fewer incidents, reduced costs, and a better reputation.
	Transparent governance and decision-making processes that reinforce corporate integrity.
Expected benefits	Leveraging ESG opportunities to generate financial benefits and increase operational resilience.
	Improved strategic positioning by investing in future-ready, low-carbon shipping solutions and contributing to reducing the environmental impact of the maritime industry.
EXTERNAL	VESSEL OWNERS - CLIENTS - SHIPYARDS - CHARTERERS
---	---
Current benefits	Improvements in vessel efficiency leading to costs savings and increased profitability.
	Vessels complying with current and upcoming environmental regulations, ensuring fleet competitiveness and ability to operate in all regions.
	EXMAR's infrastructure solutions play a critical role in reducing flaring during hydrocarbon extraction, contributing to lower environmental impact.
	A diversified fleet with sustainable fuel options, incl. four vessels capable of operating on LPG – a recognized transitional fuel under the European Alternative Fuels Observatory. Charterers have the flexibility to choose between heavy fuel oil (HFO), marine gas oil (MGO) or LPG as fuel. The vessels without dual-fuel engines are capable to operate on biofuels.
	FSRU Eemshaven LNG has successfully reduced its GHG emissions by replacing onboard power generation – previously MGO-based – with shore electricity power.
	Active collaboration with shipyards to integrate energy-efficient technologies and alternative fuel capabilities into future fleet developments.
Expected benefits	Through a joint venture, EXMAR is investing in a new fleet of dual-fuel vessels capable of operating on LPG or ammonia, supporting the transition to lower-carbon shipping.
	Continued investment in research and development to drive fuel efficiency and operational sustainability.
	EXMAR remains committed to shifting to low-carbon fuels, improving fuel efficiency, and increasing the use of shore power, wherever possible.
	Enhanced ESG transparency, ensuring compliance with evolving regulatory and investor expectations.
	Exploration of reliable and energy-efficient supply chain solutions to further minimize emissions, including optimized transport logistics for spare parts.
	FINANCIAL PARTNERS
Current benefits	Ethical governance and responsible business practices that reinforce trust and investor confidence.
	Transparent ESG reporting, strengthening EXMAR's commitment to sustainable financing.
Expected benefits	Improved transparency on ESG enabling more precise capital allocation for banks and investors with specific ESG agendas.
	EXMAR is actively diversifying its portfolio by investing in the research and development of CO2 carriers, positioning itself as a key player in short-term climate solutions.

3.1 SUSTAINABILITY AT EXMAR

3.1.3.1.3 Step 3: Determining our Impacts, Risks & Opportunities (IRO)

IRO Identification

Determining our Impacts, Risks and Opportunities (IRO) implied a step-by-step process, as demonstrated below.

IRO SHORT LIST

starting from the 2023 materiality assessment

IRO LONG LIST

based on brainstorm sessions, peer analysis and ESRS guidelines

IRO LIST REFINING

based on stakeholder interviews

The initial IRO list – the short list – was based on the (not CSRD-aligned) materiality analysis of the 2023 ESG report, combined with the main characteristics of internal control and risk management systems, for strategic, operational and financial risk.

In the second phase, the short list was broadened to a long list by additional IROs. To identify these IROs, three actions were taken:

Organization of an internal brainstorm session (e.g., between Head of HSEQ & HSEQ Officer)
Execution of a peer analysis within and outside the maritime industry
Cross check with the ESRS guidelines (ESRS 1 – AR16) to verify if all relevant topics were reviewed

The long list provided a solid basis for the discussions with stakeholders. Through in-depth interviews with internal and external stakeholders, existing IROs were validated or amended, and additional IROs were

identified if needed. In this third step, we aimed to ensure that stakeholders' views and interests were understood properly, refining the long list of IROs. This included detailed and nuanced input and led to a clarification that the IROs may encompass one or more smaller impacts that are closely interlinked. As such, certain smaller but interconnected impacts were consolidated into overarching IROs, where relevant, ensuring a cohesive and comprehensive assessment. Note that the feedback from external stakeholders largely aligned with our existing framework and did not result in significant changes to the IROs.

The refined IRO list was presented and discussed during a workshop with ExCo, which allowed them to evaluate the identified IROs in the context of EXMAR's strategic priorities, operational goals and long-term sustainability vision. Their input was instrumental and resulted in broadening or amending certain IROs to better reflect EXMAR's organization. In doing so, the IROs were cross-checked with our risk register, encompassing key strategic, operational and financial risks (More info in Chapter 3.4 – Governance), ensuring alignment and integration with EXMAR's broader risk management framework. The assessment and management of impacts and risks are seamlessly embedded into the overall risk management process, enabling a holistic evaluation of the company's risk profile. By doing so, we ensure that our approach to risk is comprehensive, consistent and reflective of both immediate and long-term priorities, enhancing the effectiveness and resilience of risk management practices.

Stakeholder engagement

As described above, stakeholder engagement was part of the DMA to validate and/or amend IROs and to identify additional IROs where necessary. Through in-depth interviews with our stakeholders, we were able to refine our IRO list and develop a cohesive and comprehensive assessment.

The engagement process contained two phases to provide depth and relevance, combining rigorous preparation with personal, direct communication. This ensured that our engagement was both informed and impactful, laying the groundwork for stronger collaboration and more aligned sustainability initiatives.

In the first phase, thorough preparation to gain preliminary insights was done by extensive indirect research. This research included analyzing stakeholders' sustainability reports where available, reviewing publicly accessible information on their websites, and monitoring their communication through platforms like LinkedIn to understand priorities, challenges and perspectives.

3.1 SUSTAINABILITY AT EXMAR

Building on this foundation, EXMAR transitioned to direct stakeholder engagement, deliberately choosing to forgo generic surveys and questionnaires in favor of a more meaningful and nuanced approach. In this second phase, over 50 in-depth interviews were conducted with key stakeholders, fostering open and insightful dialogues which allowed exploring critical issues in detail, uncover unique perspectives, and strengthen the understanding of stakeholders' expectations and concerns. During these interviews, a bridge between the stakeholders' interests and views and EXMAR's strategy and business model was continuously made. EXMAR identified the synergies and summarized and paraphrased the feedback to obtain a common understanding. For the organization of these interviews, a distinction was made between external and internal stakeholders, applying a different approach for each.

The information from internal stakeholders - considered to be experts - in combination with research papers and other data, formed the basis to determine impacts, risks and opportunities (IROs). During the interviews, the goal was to assess, validate and ensure completeness.

INTERNAL STAKEHOLDERS

EXTERNAL STAKEHOLDERS

The interviews have been done with internal representatives that are suited to represent external stakeholders because of their knowledge and regular contact with them. An assessment was made at group level, and the representatives were consulted for specific matters.

As mentioned, the results of the interviews with all stakeholders have been shared with EXMAR's Executive Committee (ExCo) and Audit and Risk Committee (ARC). Besides the DMA process, this is essential as the purpose of stakeholder engagement is rooted in our ambition to ensure and enhance stakeholders' needs and expectations. By building stronger stakeholder relationships, we aim to identify and address emerging risks and get valuable insights to inform and strengthen our decision-making process.

Currently, no changes have been made to our strategy or business model, based on stakeholders' feedback. However, their input is acknowledged and informs actions and processes that are/will be taken. By example, as a response to input on transparency, EXMAR has committed to report more openly. Beyond CSRD, we aim to increase our participation in questionnaires and are setting up an action plan to make our sustainability path publicly accessible via the website.

We are confident that, in the future, 'sustainability' as a topic will become increasingly important and present in stakeholder interactions and their views will become more defined and specific. To prepare for this and keep track of the matters that keep our stakeholders busy, we intend to establish a program to engage directly with the external stakeholders within the category 'Manage closely'. In addition, we will explore the feasibility of conducting surveys to gather insights from stakeholders in the categories 'keep informed' and 'keep satisfied'. Even though these initiatives aim to enhance stakeholder interaction, we do not anticipate that these will significantly alter existing relationships or stakeholders' perspectives.

Time horizons

We have defined following time horizons to be used in the DMA:

Short term = current reporting period (within one year)
Medium term $= 1$ year up to 5 years
Long term = more than 5 years. Given the uncertainty of forecasts extending beyond five years, no differentiation is made between periods exceeding five or ten years. Impacts that are inherently unpredictable, such as fatalities, are categorized under the long-term horizon.

The definition of the timeframe is based on the ESRS regulation and will be reviewed and updated annually. For this report, no changes have been made to the time horizons compared to 2024.

3.1 SUSTAINABILITY AT EXMAR
73

3.1.3.1.4 Step 4: Scoring model

Our scoring model has been developed bottom-up, using the same approach as to prioritize sustainability-related IROs – based on six key principles (see table below). Therefore, we have integrated input from industry risk assessments and financial risk management tools, stakeholders' expectations, comparative peer analyses and EXMAR's business model, size, scale and commitment to sustainability. In our methodology, it was key to prevent subjectivity, oversimplification and underestimation and to avoid focusing on actual scores without considering stakeholder perspectives or ethical reflections.

KEY PRINCIPLES FOR THE PRIORITIZATION OF SUSTAINABILITY-RELATED IROs
Objective materiality assessment	Include relevant and faithful information about all IROs across ESG matters, that are determined to be material from the impact, financial or double materiality perspective.
Fit for purpose	Based on the company-specific context, the DMA process should be fit for purpose considering the requirements of ESRS 1 and what needs to be disclosed regarding the DMA and its results. Among other things, the DMA reflects the impact and financial materiality perspectives as well as interlinkages between both.
Company maturity	The process is partially tailored to the company maturity. EXMAR is required to spend more time on educating and engaging key employees in the process to ensure data quality and correct analysis.
Proportionality	The process and resources spent to conduct the DMA are tailored to EXMAR. It is adjusted to ensure the best possible balance between conducting a quality DMA and limiting resources spent (compliance costs).
Balanced assessment	Designed to identify all material IROs and to exclude those that are not material.

In conclusion, the following principles applied while scoring IROs:

Avoiding one number or word as a scoring mechanism, to ensure descriptive scoring is provided which explains the nature and extent of the impacts and a standard to use as comparison.
Focus on qualitative analysis allowing for clear communication; numeric values are given after the descriptive explanation is listed.

Focus on a forward-looking risk assessment, not basing the likelihood score on industry or company history.

A topic is deemed material when it fulfils the criteria for financial materiality, impact materiality or both, underscoring its significance in driving financial performance, influencing stakeholder decision-making and addressing broader environmental, social and governance considerations.

In mathematical terms, materiality corresponds to a value of 3.5.

Below, it is explained how this is translated specifically into the scoring of impacts, risks and opportunities. This is equal to 2024. No changes have been made throughout 2025.

Impacts

To evaluate whether the identified impacts are materially significant for EXMAR, four parameters are assessed and described as follows:

Scale:
An impact on the environment and ecosystem
A substantial impact on people's wellbeing
A personal injury or sickness with more than one lost workday case (LWC), permanent partial disability (PPD) or permanent total disability (PTD).
Scope:
Most vessels of the company and several countries (independent of the continent)
Threshold: as from 2/3 of the company
Irremediability:
Potentially manageable, impact that can most likely be restored
Only applicable to negative impacts.
Likelihood:
Only applicable to potential impacts
Threshold: as from 2/3 chance

74 3.1 SUSTAINABILITY AT EXMAR

SCALE	SCOPE	IRREMEDIABILITY	LIKELIHOOD
Environment
LT impact	Personal injury/
Sickness	Wellbeing
SCORING: MINIMAL / LIMITED
---	---	---	---
Minimal
Negligent	First Aid or restricted
workday case
Headache, nausea, ... leading
to minimal work absence	Minimal
impact	Local (one vessel,
small town)
<20% of EXMAR
Group
Very easy to
remedy
Temporary impact
0-20%
chance
SCORING: LOW / CONCENTRATED
---	---	---	---
Low
No LT ecosystem
impact	Medical treatment case,
headache, nausea, burnout, ...
Leading to work absence	Low
impact	Regional (several
vessels, a city)
20-40% of EXMAR
Group
Relatively easy to
remedy
Impact can be
restored
21-40%
chance
SCORING: MEDIUM
---	---	---	---
Impact AND
minor ecosystem
impact	Lost workday case,
permanent partial/total
disability, local health
outbreak	Medium
impact	Country (majority
of vessels, several
regions in one
country)
40-60% of EXMAR
Group
Remedy with effort
Impact can mostly
be restored
41-60%
chance
SCORING: HIGH / WIDESPREAD
---	---	---	---
Impact AND
considerable
ecosystem
impact	Event leading to a single
death
Occupational diseases	High
impact	Continental (all
vessels, several
countries in one
continent)
60-80% of EXMAR
Group
Very difficult/costly
to remedy
61-80%
chance
SCORING: ABSOLUTE / GLOBAL / TOTAL
---	---	---	---
Direct &
imminent impact
on environment
& ecosystem	Event leading to multiple
deaths	Absolute
impact	Global
>80% of EXMAR
Group
Irreversible
81-100%
chance

Risks and Opportunities

To evaluate whether the identified risks and opportunities are materially significant for EXMAR, the following criteria were applied:

Likelihood: as from 2/3 chance
Magnitude: Financial magnitude and reputational magnitude with the following thresholds
as from 3.750.000 USD or 5% of total operating income
international coverage.

It is crucial to recognize that we have carefully rationalized these risks and opportunities to ensure an objective and balanced assessment. A fair scoring process is guaranteed, irrespective of whether risks or opportunities are recurring or one-time events, ensuring a comprehensive understanding of potential implications for the organization. In addition, the applicable thresholds are set in alignment with EFRAG (European Financial Reporting Advisory Group) guidance, correspond with EXMAR's risk tolerance and are based on a cross-check between the descriptive explanation and the principles and scoring mechanism.

	LIKELIHOOD	MAGNITUDE
Scoring		Financial	Reputational
Minimal / Limited	0-20% chance	0-100,000 USD
<0.02% of operating income
<0.15% of net result	No publicity, only internal
Low / concentrated	21-40% chance	100,000 - 1,000,000 USD
0.02-0.2% of operating income
0.15%-1.5% of net result	Minimal publicity, local
Medium	41-60% chance	1,000,000 - 2,500,000 USD
0.2-0.5% of operating income
1.5%-3.5% of net result	Local frontpage news / one-time
international publicity
High / widespread	61-80% chance	2,500,000 - 5,000,000 USD
0.5-1% of operating income
3.5%-7% of net result	Multiple days international coverage
Absolute / global / total	81-100% chance	>5,000,000 USD
<1% of operating income
>7% of net result	Multiple days international coverage,
recurring over months
Long lasting effects

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3.1.3.2 DUE DILIGENCE

Our double materiality assessment ensures thorough identification, assessment, prioritization and monitoring of both potential and actual impacts on people and the environment. The methodology is informed by a robust due diligence process, as defined by the UN Guiding Principles on Business and Human Rights and the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct. These frameworks emphasize the importance of due diligence to identify, prevent, mitigate and account for how companies address actual/potential adverse impacts as an integral part of business decision-making and risk management systems. Due diligence is an ongoing practice that responds to and may trigger changes in the strategy, business model, activities, business relationships, operations, sourcing and selling contexts. Besides, due diligence allows us to prioritize actions based on the severity and likelihood of impacts and helps identifying risks and opportunities (as these are often a product of such impacts).

At EXMAR, due diligence is woven into our governance structure, as information flows between different bodies and committees are clearly established. A key component of our due diligence process is the engagement with affected stakeholders. Thereby, we aim to identify and address emerging risks and get valuable insights that inform and strengthen our decision-making process.

In addition, our risk management framework depends on Key Risk Officers (KRO) (more information in Chapter 3.4 – Governance) who are responsible for due diligence in specific domains, related to compliance. We have the ambition to broaden this framework, integrating also other types of risks (e.g., reputational risks), striving towards a group-wide approach, fed by bottom-up information coming from teams and departments with specific knowledge and expertise.

Below, we provide a mapping of the due diligence process, explaining where the main steps are reflected in this sustainability statement. Applicable policies, processes and goals on climate change, own workforce and business conduct, are elaborated on in the corresponding chapters. An assessment of the sustainability-related goals will be done as from 2026 to define status and develop detailed action plans.

CORE DD ELEMENTS	PGH	TITLE
Embedding due diligence in governance, strategy and business model	3.1.2.1.5	ISO Certifications
	3.1.2.2	EXMAR's business context
	3.1.3.1	The double materiality process
	3.4.1.3	Roles and structured dedicated to ESG
Engaging with affected stakeholders in all key steps of the due diligence	3.1.3.1	The double materiality process
	3.3.2.2	Employee engagement
	3.4.3.1	Supporting our corporate culture
Identifying and assessing adverse impacts	3.1.3.1	The double materiality process
	3.1.3.3	Double materiality results
	3.2.3	Resilience analysis
	3.4.3.3	Anti-corruption & anti-bribery
Taking actions to address those adverse impacts	3.2.4	Climate change transition plan
	3.2.5	Climate change mitigation action plan
	3.3.2	Policies related to our own workforce
	3.3.3	Social projects and actions
	3.4.4	Business conduct action plan
	3.4.5	Incentivizing sustainability
Tracking the effectiveness of these efforts and communicating	3.2.5.5	GHG targets
	3.3.3.4	Social targets
	3.4.4	Business conduct action plan

3.1 SUSTAINABILITY AT EXMAR

3.1.3.3 DOUBLE MATERIALITY RESULTS

3.1.3.3.1 Connecting our material IROs to EXMAR's sustainability strategy

Material IROs related to climate change (E1)

Related to climate change, eight impacts and one financial risk were assessed as material for EXMAR.

Positive impacts

Fuel transition: At EXMAR, we explore more sustainable options within our sector, focusing on 'gas molecules as transition' through the projects we execute on sustainable energy sources and energy security, amongst others. We also provide our knowledge and expertise to our clients, aiming to assist them with methods to transition away from wood burning, coal and oil, towards alternative low carbon fuels (gas molecules).
Ammonia as a fertilizer: Despite the considerable environmental impact of grey ammonia, it is important to acknowledge that ammonia-derived nitrogen fertilizers are supporting the food production of nearly half the global population. This underscores the critical role of ammonia transport in the fight against hunger and in ensuring global food security.

Negative impacts

Investment portfolio: Most of our fleet is part of our joint ventures. Although we do not report the main part of emissions related to these vessels – as these are related to on-hire fuel and, hence, to be attributed to the charterparty – we acknowledge the considerable size and impact of these emissions.
Vessels sailing on conventional fuel: Until today, many of the vessels sail on conventional fuels emitting GHG, encompassing a significant part of our scope 3 emissions (as the charterer buys the fuel). Some of the vessels sail on alternative fuels, such as LPG or biofuel.
Infrastructure units using conventional fuel: The infrastructure units use conventional fuel to operate.
GHG emissions related to production, transport of spare parts and services, and business travel: The operation and maintenance of the fleet, related crew travel and procurement, is mainly organized in house.
Transport and transformation of hydrocarbons: Transport and transformation of hydrocarbons is EXMAR's core business. There is indirect contribution to GHG emissions through EXMAR's clients since hydrocarbon extraction leads to a lot of GHG emissions and is not a renewable energy source.
Transport of ammonia: EXMAR mainly transports grey ammonia (emission intensive extraction). Thereby, we indirectly contribute negatively to GHG emissions. Although the vessels are capable to carry low carbon ammonia as well and ready to support the industry when the need to transport low carbon ammonia rises.

Risks

In addition to the above, we have defined 'Energy transition' as a material risk for EXMAR. Energy transition is ongoing, moving away from oil and gas towards increased electrification, deployment of renewable energy, distribution and storage infrastructure, as well as the adoption of emerging low-carbon technologies such as biogas, green hydrogen and ammonia. We try to change this risk into an opportunity by investments in vessels sailing on alternative fuels (LPG or ammonia) or vessels and infrastructure units with the ability to use shore power.

The energy transition risk was identified as a climate-related transition risk. No material climate-related physical risks were identified in EXMAR's operations or along the value chain. We do very thorough safety engineering studies while constructing vessels (ships or infrastructure units), ensuring they are designed to withstand storms and to combat the effects of climate change at sea.

Furthermore, it must be noted that our current assessment of transitional risks only uses one climate-related scenario: the IMO trajectory which aims to limit global temperature rise to well below $2^{\circ}\mathrm{C}$ above pre-industrial levels and to pursue efforts to limit the increase to $1.5^{\circ}\mathrm{C}$. Although the shipping sector is not directly included and aligned with the Paris Agreement, EXMAR firmly believes that addressing the climate crisis requires collective action that transcends borders and spans the seas.

In the future, different climate-related scenarios will be assessed to include more than one scenario and make the assessment more robust. When different climate-related scenarios are included, both physical and transition risk identification will be reevaluated. In this analysis, we will make sure that the link is made with EXMAR's business plan and the related financial statements.

3.1 SUSTAINABILITY AT EXMAR

IMPACT	IRO	EXMAR KEY CONCEPT(S)	ACTIONS TAKEN	ACTIONS PLANNED	TIME HORIZON
+	Fuel transition	Gas molecules as transition	Provide clients with methods to transition to low carbon fuels. Two new alternative fueled vessels in management in 2025.	Eight alternative fueled vessels in management planned for 2026.	Short term
		Innovation & engineering	Equip vessels to transport green ammonia Influence on regulatory developments allowing ammonia as fuel on gas carriers.	Investments in the research and development of ammonia-fueled vessels and CO2 carriers.	Mid term
+	Ammonia as a fertilizer	Industry influence	Positive contribution in transporting ammonia worldwide as the largest independent transporter Capabilities to transport low carbon ammonia.	Future: low carbon ammonia transport with low carbon ammonia fueled vessels (delivery 2026).	Mid term
-	Investment portfolio	Strong design	Joint venture: one conventional fueled vessel sold in 2024 and 1 in 2025.	Market older conventional fueled tonnage for sale in view of the fleet renewal	Short term
		Gas molecules as transition	Joint venture: investing in a new fleet of dual-fueled vessels, able to burn LPG	New vessels to sail on transition fuel LPG	Short term
			Joint venture: investing in a new fleet of dual-fueled vessels, able to burn ammonia	New vessels to sail on ammonia	Short term
		Innovation & engineering	Increase energy efficiency (minimize fuel consumption) by efficient new vessel design	No actions defined.	N/A
-	Vessels sailing on conventional fuel	Strong design	3 older conventional fuelled vessels have been sold in 2025.	Selling part of the older conventional fueled vessels	Short term
		Gas molecules as transition	Two Very Large Gas Carriers (VLGC) and three Mid-size Gas Carriers (MGC) with dual fuel engines (LPG)	Vessels sailing on LPG as transition fuel (short term)	Short term
				Open the dialogue with stakeholders for vessels without dual-fuel engines to use cleaner fuels, such as biofuel blends	Mid term
		Efficient operations	Increase energy efficiency by optimizing vessel operations (Ship Energy Efficiency Management Plan (SEEMP) & Energy Manual in SMS).	Maintain ISO 50001 (energy management system certificate)	Short term
			We are training personnel in energy efficiency.	Company specific energy training for the crew	Short term
			Track emissions via increased digitalization and performance monitoring, allowing more in-depth data analysis of vessel performance.	Streamline digital platform integration throughout the company and expand automatic sensor data monitoring and sharing	Mid term
		High regulatory standards	Regulatory reporting of emissions according to EU MRV, UK MRV, IMO DCS, and FuelEU Maritime.	Follow up on EEXI & EEDI standard for existing vessels and CII in line with regulations	Short term
-	Infrastructure units using conventional fuel	Strong design	Eemshaven LNG operating on shore power	Invest in shore power or residual heat capturing for future infrastructure units	Mid term
		Innovation & engineering		Floating infrastructure for storage and transformation of blue and green molecules is being investigated	Long term
		Efficient operations	Increase energy efficiency by optimizing vessel operations (SEEMP & Energy Manual in SMS).	Maintain ISO 50001 (energy management system certificate)	Short term
			We are training personnel in energy efficiency.	Company specific energy training for the crew	Short term

3.1 SUSTAINABILITY AT EXMAR

IMPACT	IRG	EXMAR KEY CONCEPT(S)	ACTIONS TAKEN	ACTIONS PLANNED	TIME HORIZON
-	GHG emissions related to production, transport of spare parts & services, & business travel	Efficient operations	Track emissions for spare part transport	Preparing to consolidate logistics	Short term
			Track emissions for business flights	Visualize CO2 emissions for each flight, identifying the most fuel-efficient routes.	Mid term
				Optimize crew change, logistics, efficient planning & coordination.	Short term
			Estimate GHG emissions related to purchased goods and services	Move away from estimates towards actual emissions for the biggest suppliers.	Short term
				Investing in a system that will allow more local purchases.	Short term
-	Transport and transformation of hydrocarbons	Innovation & engineering	Infrastructure solutions play a critical role in reducing flaring during hydrocarbon extraction	Improve internet connectivity to allow for online connectivity for troubleshooting, services, inspections and reduce the need for physical attendance/travel.	Short term
-	Transport of grey ammonia	Industry influence		Invest in the research and development of CO2 carriers.	Mid term
				Map the amount of grey versus blue and green ammonia transported.	Short term
				Open dialogue with stakeholders to understand how we can support them with low carbon logistics. Marketing of our ammonia fueled vessels for low carbon ammonia market	Mid term

3.1 SUSTAINABILITY AT EXMAR

Material IROs related to own workforce (S1)

Related to our own workforce, we have identified five positive impacts and two negative impacts as material, all of which can be connected to our overarching ESG strategy and the SDGs.

Positive impacts

Promote safety of seafarers & employees: At EXMAR, we are committed to applying the highest standards and striving to exceed industry standards through innovative processes and with respect for our personnel and the environment in which we operate. The HSEQ department is continuously looking into ways to optimize processes and improve our performance. This concerns, in first instance, the establishment of policies and procedures to ensure that employees and seafarers may work in a safe and healthy environment. Secondly, our 'Taking the Safety Lead' (TTSL) program is aiming for a higher level of safety maturity with the ultimate objective of achieving a culture of proactive leadership. TTSL is an effective instrument to develop leadership skills of the officers and unleash the potential of juniors, widening their practical skills anchored within the right mindset. TTSL cultivates and enhances employees' perception of the EXMAR way of working. More information on TTSL is provided in Chapter 3.3 – Social.
Multicultural environment: We promote diversity and pay careful attention to diversified teams, leading to a lot of different nationalities, cultures, ages and genders on board and in our offices.
All contracts according to the applicable collective bargaining agreements (CBA) + Freedom of association for our workers: These positive impacts are described together as they are connected. CBA's offer advantages for seafarers and office employees, concerning improved wages and benefits, job security, safer working conditions and a stronger voice in the workplace. The CBAs for office personnel are according to the Paritair Committee, as appropriate. In addition, EXMAR promotes active participation of employees, and all our personnel are free to join recognized unions.
Highly skilled and trained crew and office personnel: We highly value the development of people according to industry applicable regulation while going beyond regulation, cultivating the in-house talent. The maritime gas industry sector requires specifically educated people and, hence, relevant training programs exist to support personnel competence.

Negative impacts

Lost time injuries: As our employees often work in hazardous environments, personal injuries of high severity are possible, with permanent partial/total disabilities or fatality as a result. In addition, our employees may also potentially face burnouts.
Adequate housing for crew (onboard) and for office people relocating: We are continuously investing in adequate housing for our seafarers and our office personnel that is relocating abroad.

Risks

In addition to the above, there are two risks connected to our own workforce. These are not connected specifically to our strategy or any SDGs. However, as we apply an integrated approach, for both risks, mitigating measures and/or preparations towards resilience are (partially) covered by other actions related to impacts. These risks concern:

Safety accidents due to the breakdown of safety critical equipment or an accident: A safety accident could occur due to an accident or a breakdown of safety critical equipment, leading to off-hire, high repair costs, delays and total loss of a vessel or a project, as well as personal injuries and potential burnouts.

Increased labor costs and reduced flexibility: CBAs may limit management's flexibility in scheduling, work assignments, or layoffs during economic downturns. Negotiated wage increases, improved benefits and shorter working hours can directly increase our labor costs.

Furthermore, we have performed a structured risk assessment of the workforce via direct engagement. Through surveys and data analysis from incident reports and safety audits, we could identify the workforce at greater risk of harm. Factors such as hazardous working environments, individual demographic vulnerabilities, and the nature of activities are systematically evaluated. For example, employees working on vessels handling hazardous materials, are identified as having elevated risk profiles. Even though the entire workforce (seafarers & office personnel) was considered in the DMA, it is obvious how most of the identified IROs are more relevant to the seafarers, as vessels present a more hazardous environment compared to office spaces. Consequently, safety measures and related training are significantly more comprehensive for seafarers or office personnel who frequently visit the fleet.

In addition, we must recognize that transition plans aimed at reducing environmental impacts and achieving greener, climate-neutral operations, also affect our personnel. Transitioning to alternative fuels like LPG or ammonia imposes stricter training and qualification requirements. While EXMAR has extensive experience in managing LPG and ammonia as cargo, using them as fuel necessitates additional safety measures and specialized technical expertise.

Lastly, whilst EXMAR is active in multiple locations worldwide with different risk profiles, applicable

3.1 SUSTAINABILITY AT EXMAR

international, regional, local and client-specific requirements are identified and adhered to for both shore-based and shipboard operations. This includes the continuous fight against forced or compulsory labor and child labor. The risks for incidents related to such labor in the maritime and offshore sector are

mitigated and controlled by policies and procedures, established in accordance with applicable regulatory requirements (e.g., Maritime Labor Convention 2006 – MLC) that apply across all entities throughout the group and are implemented in all geographical areas where activities are taking place.

IMPACT	IRO	EXMAR KEY CONCEPT(S)	ACTIONS TAKEN	ACTIONS PLANNED	TIME HORIZON
+	Promote safety of seafarers and employees	High regulatory standards	Safety Management System & HSEQ policy	Regular audits, certification and annual SMS reviews	Short term
		Safety maturity	Prevention of safety accidents through the Taking the Safety Lead program	Review and enhancement of Safety Culture Initiatives	Mid term
			Safety campaigns	Minimizing accidents and incidents as much as reasonably practicable	Short term
				Issue safety campaigns & share incidents and near misses	Short term
+	Multicultural environment	Act as one family	Promoting diversity and spending careful attention towards diversified teams	We ensure that the three biggest nationality groups within our seafarers do not exceed 65% of our total crew diversity.	Short term
+	All contract according to the applicable collective bargaining agreements (CBA) & freedom of association for our workers	Act as one family	Our contracts ensure fair terms of employment and are established in accordance with applicable Collective Bargaining Agreements, as appropriate.	No planned actions defined as the actions taken seem sufficient at this stage. This may be reassessed when deemed necessary.	N/A
+	Highly skilled and trained crew and office personnel	High regulatory standards	Training and employment of qualified personnel in line with defined matrices, according to international and local regulations	Regulatory and mandatory training for personnel	Short term
		Safety maturity	Training and employment of qualified personnel in line with defined matrices, according to international and local regulations	Additional training for our crew with company specific trainings	Short term
-	Lost time injuries	High regulatory standards	See the actions on safety promotion as these cover our initiatives to prevent lost time injuries.	No planned actions defined as the actions taken seem sufficient at this stage. This may be reassessed when deemed necessary.	Short term
		Safety maturity			N/A
-	Adequate housing for crew (onboard) and for office people relocating	High regulatory standards	Our vessels build post 2013 are designed beyond MLC regulations	No planned actions defined as the actions taken seem sufficient at this stage. This may be reassessed when deemed necessary.	N/A
		Act as one family	Guide office personnel relocating abroad, in the integration of the local country		N/A

3.1 SUSTAINABILITY AT EXMAR

Material IROs related to business conduct (G1)

Within the theme of business conduct, one material positive impact and one material risk were determined.

Positive impact

Prevention and detection of possible corruption, including bribery/facilitation: EXMAR trains its employees to effectively prevent and detect potential corruption, bribery and facilitation. This helps to ensure compliance and ethical business practices and provides employees with the right tools to handle activities, such as contract negotiations, vessel port calls, custom controls, and interactions with dishonest individuals.

Risks

Influence new international and local regulations: This financial risk arises from our operations within a constantly evolving regulatory landscape, facing the challenges of adapting to new and/or more stringent existing regulations. We are continuously following such developments and participate in various industry organizations to help shape these regulatory frameworks.

IMPACT	IRO	EXMAR KEY CONCEPT(S)	ACTIONS TAKEN	ACTIONS PLANNED	TIME HORIZON
+	Prevention and detection of possible corruption, including bribery/ facilitation	Act as one family	Like in 2024, in 2025 we remain focused on the effective training of employees to prevent and detect potential corruption.	We continue to strive towards zero bribery incidents	Short term
IMPACT	IRO	EXMAR KEY CONCEPT(S)	ACTIONS TAKEN	ACTIONS PLANNED	TIME HORIZON
---	---	---	---	---	---
Financial	Influence new international and local regulations	High regulatory standards	Continuous follow up on new and updated existing regulations	Compliance with applicable regulations	Short term
		Industry influence	Participate in various industry organizations to help shape regulatory frameworks	Awareness of regulations and the provision of expertise into draft regulations	Short term

3.1 SUSTAINABILITY AT EXMAR

3.1.3.3.2 Connecting our material IROs to the SDGs

In the picture below, each material IRO is connected to one or more Sustainable Development Goals (SDGs). Hereby we aim to demonstrate how each IRO,

and the corresponding key concept(s) (see tables above), can be placed within the overarching United Nations framework and goals, and how EXMAR aims to contribute to the achievement of these goals.

	Ammonia as a fertilizer
	Safety of seafarers & office employees
	Safety of seafarers & office employees Highly skilled & trained personnel Prevention & detection of possible corruption, including bribery & training Sailing on conventional fuel Infrastructure units using conventional fuel
	Safety of seafarers & office employees
	Multiculturalism Freedom of association & collective bargaining agreements Adequate housing
	Transport & transformation of hydrocarbons
	Fuel transition
	Sailing on conventional fuel Infrastructure units using conventional fuel Investment portfolio GHG emissions related to production, transport of spare parts & services, business travel Transport of shale gas & grey ammonia
	Influence new international & local regulations Sailing on conventional fuel Investment portfolio GHG emissions related to production, transport of spare parts & services, business travel

3.1.3.3.3 Financial exposures

EXMAR's key financial exposures are related to investments, labor costs and regulatory compliance. Through a proactive compliance and risk management framework, we aim to mitigate these exposures while ensuring sustainable and responsible business operations.

In the table we provide our financial exposures to each domain. The texts below provide some elaboration and clarifications.

DOMAIN	AMOUNT
Investments in new technology	Approx. USD 300 million
Increase in labor costs	Approx. USD 0.4 million
Regulatory costs	Approx. USD 1.8 million

Investments in new technology

In first instance, we continuously invest in more fuel-efficient ships. In 2025, two new LPG dual-fueled vessels have already been delivered. We are currently overseeing the construction of four midsize gas carriers equipped with cutting edge dual-fuel ammonia engines at HD Hyundai Mipo in South Korea. Moreover, four additional midsize gas carriers (MGC) dual-fuel LPG engines are under construction at CIMC Sinopacific. These investments demonstrate how EXMAR acts as a pioneer in adopting cleaner and more sustainable maritime fuels, investing in (new) technologies that significantly reduce emissions.

3.1 SUSTAINABILITY AT EXMAR

Secondly, we are committed to enhance sustainability within the maritime sector but also believe in a diversified energy mix. Our latest investment in oil tankers is therefore still relevant today and allows us to diversify our means while positioning ourselves to capitalize on favorable shipping market trends. The addition of these high-capacity, scrubber-fitted vessels underscores our strategic focus on growth, efficiency and long-term market leadership in the shipping market.

Lastly, we also invest in digital tools, both in our offices and onboard of our ships, enhancing data quality – amongst other benefits.

Increase in labor costs

Most of our vessels sail under an EU flag – with a substantial part under the Belgian or French flag – which increases our crew-related costs. These flags entail stricter rules, such as more stringent labor regulations and thereby result in higher labor costs than for our peers. However, we are keen to stay committed to these regulations as they make us more attractive to our customers and employees, through higher retention rates. A like-for-like comparison indicates an additional annual cost of approximately USD 200,000 per vessel, driven by crew composition requirements (21 crew members per vessel, with 25% EU-based personnel). Since two ships have been delivered in 2025, the additional costs are estimated to be USD 400,000.

Regulatory costs

We operate in a strongly regulated sector, which drives regulatory costs. Focusing specifically on sustainability-related regulations, the largest cost items are connected to CSRD compliant reporting, the EU Emissions Trading Schemes (EU ETS) and FuelEU Maritime. For these last two regulations, we clearly define the financial responsibility for compliance between contracting parties, including specific provisions that address related costs within the time-charter agreements. However, non-compliance could carry significant legal and financial costs. On 31/12/25 we had approx. USD 1.8 million in EU Allowances outstanding that have to be settled in 2026.

In addition, EXMAR is a strong advocate for the implementation of IMO's Net-Zero Framework: an industry-wide regulatory regime intended to require binding GHG standards and a global carbon pricing mechanism for shipping. However, in November 2025, the decision on the Net-Zero Framework was postponed for one year, leaving the shipping sector in regulatory limbo. By consequence, legal, commercial and ESG teams are in doubt on how to keep decarbonization strategies on track while expectations for formal regulation remain unsettled.

3.1.3.3.4 Non-material topics

The DMA has also resulted in several topics as 'not material', leading to immateriality of the corresponding topical ESRS. These are, by consequence, not included in the disclosures in this report:

ESRS E2: Pollution
ESRS E3: Water & marine resources
ESRS E4: Biodiversity & ecosystems
ESRS E5: Resource use & circular economy
ESRS S2: Workers in the value chain
ESRS S3: Affected communities
ESRS S4: Consumers and end-users

The reasons for immateriality for the standards above are provided in Appendix 1: Explanation for non-material topics.

Please note that the topical ESRS E1 on climate change is material for EXMAR, but the subtopics of climate change adaptation (ESRS E1-1) and energy (ESRS E1-5) are not. The arguments therefore are the following:

Climate change adaptation: Extreme weather events leading to unsafe situations or delays do not pose a material risk as EXMAR vessels have been built to withstand bad weather. Moreover, vessels can be deviated to avoid bad weather or take shelter.
Energy: The total energy consumption of EXMAR is minimal (see Chapter 3.1 – Environment). Our scope 1 and 2 emissions, and hence the total energy consumption, are very limited. In addition, potential consequences of energy and commodity market volatility (e.g., increased uncertainty in financial planning and key commodity forecasting, leading to higher costs for risk management) are more applicable to the oil industry than the gas industry. EXMAR transports manufactured cargo, which is part of an industrial process. Consequently, we mainly work with mid-term to long-term contracts and only in exceptional cases on spot.

Following the above, this report does not include disclosures related to climate change adaptation. 'Energy' is exceptionally included, due to its close interdependence with the material topic of climate change mitigation.

3.1 SUSTAINABILITY AT EXMAR

3.1.4 Data collection

With the double materiality assessment, we have defined our material topics from an impact, financial and double materiality viewpoint. Subsequently, these topics determined which ESRS apply and which data points were to be disclosed within this report. The next step contained a gap assessment to evaluate which information was already available and in what format. The gap assessment and, hence, data collection, proved to be a huge exercise in 2024 as information was spread throughout EXMAR Group, on different levels and in different entities. During 2025, many efforts were made to streamline the data collection process and improve efficiency and validation/controls. Coordinated by the Head of ESG & Compliance, responsible for sustainability at group level, we aim to structure data collection and reporting, developing clear data flows, including strict planning & deadlines and maintaining oversight as well as automating as much as possible. Although several steps have been taken, the process is still ongoing, and modifications are needed when challenges or issues arise.

In general, our ESG taskforce is responsible for developing, gathering and securing our data collection. This group consists of people across different departments and entities, with specific knowledge and expertise. Chapter 3.4 – Governance elaborates on the ESG taskforce, its members and their input and output. Concretely, the data collection process is coordinated by the Head of ESG & Compliance. She is responsible for collecting,

controlling and consolidating all data from the different data contributors worldwide. In addition, she is the contact person for audit, responsible for ensuring auditability of the process and the final report. Specifics on our data collection are provided in the chapters on environmental, social and governance topics, detailing the full process and providing information on data modifications (if needed).

3.1.4.1 ESTIMATES

We are optimizing our data process to create an efficient, consistent and continuous data flow, integrating the necessary controls and validation. However, several data points are still lacking direct measurements. The table below shows the metrics for which we rely on estimates (indirect sources). We are confident that these metrics have a minimal effect on data accuracy for four reasons. Firstly, the estimates are not applicable to all entities in scope as for some entities – e.g., the offices for EXMAR nv and EXMAR Ship Management, real data is available and estimates are not needed. Second, scope 1 and scope 2 emissions represent only $0.54\%$ of our total GHG emissions (1% in 2024). Third, emissions related to vessel fuel account for $89\%$ of scope 3 emissions and are based on actual data. Lastly, the number of worked hours of office employees is minimal compared to the number of worked hours of our seafarers – for which we have real data. In conclusion, EXMAR does not have any quantitative data or monetary amounts with a high level of measurement uncertainty.

	METRICS	ESTIMATES
Emissions offices (Scope 1)	Fuel usage for heating & cooling	The actual office space size (preferred): Actual total m2* CO2equivalent/yearThe number of people working in the office: # of people * CO2equivalent/year
Emissions offices (Scope 2)	Electricity consumption for heating, cooling & lighting	The actual office space size (preferred): Actual total m2* factor for kWh use per year * CO2equivalent/yearThe number of people working in the office: # of people * factor for kWh use per year * Average m2office per person * CO2equivalent/year
Emissions offices (Scope 3)	Employee commuting	Number of people travelling by car (not owned/leased by EXMAR) * Average distance travelled (km) per workday per employee * CO2equivalent for a medium sized diesel car
	Waste management	Number of people in office * CO2equivalent for office garbage/year
	Hotel stays	Number of nights in hotel * CO2equivalent for hotel stay in a particular country
Emissions vessels (Scope 3)	Vessel purchase, goods and services	Spend-based
Emissions OFFICES (SCOPE 3)	Office expenses	Spend-based
Social office personnel	Working hours of office employees	Number of hours people work contractually per week * 11 (average amount of weeks per quarter)

3.1 SUSTAINABILITY AT EXMAR

It is our ambition to limit the estimates as much as possible. Therefore, we are investigating comprehensive and accurate data collection methods across our value chain, including the possibility to obtain actual data from building lease owners (scope 1 & 2) and major suppliers (scope 3), to move away from spend-based calculations.

In 2025, some methodological changes have been implemented already, compared to 2024:

For scope 1 and scope 2 data (fuel usage & electricity consumption) for our headquarters (Antwerp office), we are now using the data provided by MCA (facility). They provide us with the amounts invoiced to all entities that rent office spaces in their buildings, including the estimates on m² (based on the lease agreement). This is different from 2024, where we estimated the m² ourselves.
We include the metrics ‘refrigerant use of owned vessels’ and ‘refrigerant usage of JV vessels’ in, respectively, scope 1 and 3. In 2024 this was estimated by the following calculation: the number of refrigerants*CO₂ equivalent. As of 2025, this is based on actual data, coming from ship reports that contain the quantity of refrigerants that the crew on the vessels has used.
The emission calculation for the purchased goods and services was expanded in two ways:
The category of OPEX2 is now included. This concerns all purchases related to vessels without a Purchase Order (PO). As for the other purchases, a spend-based approach applies.
The category of office expenses is now included. This concerns purchased goods and services for our offices. A spend-based approach applies.

3.1.4.2 RISK MANAGEMENT AND CONTROLS OVER SUSTAINABILITY REPORTING

The internal control system for our sustainability reporting process covers the entire scope and is tailored to EXMAR’s objectives, sizes and operational complexity. It is developed and implemented under the guidance of management, ensuring efficient operation, optimizing resource utilization and supporting sound decision-making.

Even with the efforts to streamline the data collection process, the risks related to data coming from EXMAR’s value chain are still considered as the main risks for ESG reporting. With an increased reporting scope since 2024 - involving much more stakeholders and revealing the great complexity of our business - data accuracy and completeness are the biggest challenges we face. These risks were identified in a ‘reporting risk assessment’, within our more extensive risk management framework, executed by Key Risk Officers: key personnel responsible for risk assessment and follow-up in specific domains. Our risk assessment includes reporting quality, alignment with stakeholder expectations and regulatory requirements and has led to the implementation of a wider range of internal controls, systematically being integrated into EXMAR’s internal functions and processes. This approach involves various departments, including technical, finance and operations, as well as specialized functions such as HR, crewing and HSEQ. If any of the internal controls lead to significant findings, this is reported by the Key Risk Officers and, if required, to the Audit & Risk Committee (ARC) on a quarterly basis.

Chapter 3.4 – Governance provides additional information on our risk management.

CHAMPAGNY

UPPER PLATFORM

3.2 ENVIRONMENT

For a company like EXMAR, operating in the maritime industry, attention to environmental impacts is a core responsibility. Maritime activities contribute to global trade and energy security, while also presenting significant environmental challenges, such as greenhouse gas emissions and biodiversity impacts. As regulatory expectations, stakeholder awareness, and climate-related risks continue to intensify, proactive environmental management is essential to ensure long-term resilience and sustainable value creation. The first step within environmental management is obtaining insights into our impact and communicating transparently thereon. Hence, in first instance, we provide an overview of our GHG emissions, GHG intensity, energy consumption and energy mix, while elaborating on our methodology, assumptions and scope for data collection and calculations. Subsequently, our approach to resilience analysis is described, as well as climate change transition and mitigation action plans.

3.2 ENVIRONMENT 89

3.2.1 Greenhouse gas (GHG) emissions

3.2.1.1 SCOPE AND METHODOLOGY

The scope for the calculation of EXMAR's GHG emissions is based on the consolidation and the concept of 'operational control'. Hence, we consider all emissions we have operational control over.

The sources of carbon emissions that are considered in this sustainability statement are grouped in four blocks:

Scope 1: Direct emissions
Scope 2: Indirect emissions (electricity)
Scope 3: Upstream emissions, resulting from activities not under our direct control, but from our business
Scope 3: Downstream emissions, resulting from activities not under our direct control, but from our business

The table below provides a breakdown of the scope 3 categories to demonstrate which are (not) included in our CO₂ calculations. The categories that are included contribute significantly to our indirect emissions across the value chain. In general, considering the nature of EXMAR's business activities, our scope 3 emissions cover 99.46% of the CO₂ emissions footprint (99% in 2024).

IN	CATEGORY	DESCRIPTION
1	Purchased goods and services	Emissions from the procurement of materials, products and services that are essential to our vessel operations, as well as emissions related to office expenses.
3	Fuel- and energy-related activities (not incl. in scope 1 or 2)	Emissions from energy-related upstream processes such as fuel extraction, refining and transportation.
4	Upstream transportation & distribution	Emissions from the transportation of goods and materials by a third-party logistics provider.
5	Waste generated in operations	Emissions from the treatment and disposal of waste generated by company operations both in office and on board.
6	Business travel	Emissions from employee travel for business purposes, including air, rail and car travel.
7	Employee commuting	Emissions resulting from employees traveling to and from the workplace.
8	Upstream leased assets	Emissions resulting from chartered in vessels and the lease of an airplane.
13	Downstream leased assets	Emissions resulting from chartered out vessels.
15	Investments	Emissions resulting from our Joint Ventures (JVs).
OUT	CATEGORY	DESCRIPTION
---	---	---
2	Capital goods	The construction and upgrade of vessels. The corresponding CapEx contains advance payments for new vessels and expenses related to drydock and offices (e.g., refurbishments). Emissions related to vessel acquisitions are only accounted for at vessel delivery. Drydock and office expenses are included in the emissions calculated in 3.1 Purchased goods & services.
9	Downstream transportation & distribution	Our business model does not transport or distribute sold products.
10	Processing of sold products	Our business model does not involve significant processing or transformation of sold products.
11	Use of sold products	EXMAR does not sell end products.
12	End-of-life treatment of sold products	EXMAR does not recycle vessels.
14	Franchises	EXMAR does not operate under a franchise model.

The calculation of our GHG emissions was prepared in accordance with the requirements of the Greenhouse Gas Protocol reporting standards (Corporate Accounting and Reporting Standard, 2004; corporate Value Chain Accounting and Reporting Standard, 2011), using a dedicated software package with built-in emission factors.

It is important to note that EXMAR Group contains fully owned entities (100% ownership) and Joint Ventures (JV) (50% ownership). Most of our vessels are part of JVs, owned for 50%, and chartered to third parties. Following the GHG Protocol, scope 1 and 2 emissions from JVs are to be included in EXMAR Group's scope 3 – in the category 3.15 'Investments'. Scope 3 emissions from the JVs relate to the emissions coming from on-hire fuel – paid by the charterer – and is therefore to be excluded. In addition, since JVs are not fully controlled by our company, the emissions related to these entities have been included in category 3.15 for 50% only.

3.2 ENVIRONMENT

3.2.1.1.1 CO₂ emission factors

The table below demonstrates which emissions factors were used for our calculations. We have used primary data wherever possible, especially regarding major sources of emissions. Where primary data is not available, a consistent and conservative approach to calculation is applied. In the introduction of the sustainability statement, it is described which estimates are used and which changes have been implemented, compared to 2024. In total, around 93% of scope 3 emissions (92.71% in 2024) are calculated based on primary data.

Scope 1	Mobile combustion	Specific emission factors based on FuelEU Maritime UK GOV GHG reporting factors
	Stationary combustion	Specific emission factors UK GOV GHG reporting factors
	Fugitive emissions	Specific emission factors UK GOV GHG reporting factors
Scope 2	Purchased electricity	IEA emission factor
Specific emission factors based on IEA/AIB
Scope 3
Upstream	Purchased goods & services	Purchased goods: Exiobase emission factors (spend based) + detailed mapping table available
		IT servers – cloud use: Microsoft Azure CO2 emissions used as benchmark
	Energy supply	Automatically generated by Carbon Alt Delete (based on scope 1 & 2 data input)
	Transport Upstream	Supplier CO₂: CO₂ data from partners
	Waste (both vessel and office waste)	EcoInvent 3.10
		UK GOV GHG reporting factors
		Intergovernmental Panel on Climate Change (IPCC) emission factors
	Business travel	UK GOV GHG reporting factors
Specific emission factors (Exiobase – spend based)
Supplier CO₂: CO₂ data from partners
	Employee commuting	UK GOV GHG reporting factors
	Upstream leased assets	Supplier CO₂
Scope 3
Downstream	Downstream leased assets	Specific emission factors based on FuelEU Maritime
	Investments (vessels in JV)	Specific emission factors based on FuelEU Maritime UK GOV GHG reporting factors

3.2.1.2 GHG EMISSIONS

The result of a comprehensive and data-driven assessment is a full-scale "CO₂ accounting" for EXMAR. By systematically analyzing emissions across all business units, we have established a robust and accurate baseline, providing a clear foundation for tracking, managing and ultimately reducing our carbon footprint. This milestone marks a significant step in our commitment to transparency, sustainability and long-term decarbonization efforts.

The table below depicts our GHG emissions. This includes the percentage of GHG emissions from regulated emission trading schemes, as our vessels are required to comply with the EU ETS regulations. Like in 2024, in 2025, this percentage stands at 0%.

The time our vessels were off-hire while subject to the scheme is immaterial. Any emissions falling under the trading scheme during on-hire, were covered by the charterers.

The table does not include milestones and target years as we do not have any EXMAR specific targets yet. The accuracy and integrity of these actual GHG emissions and related energy data are independently validated by Deloitte and not by any other external body. In addition, EXMAR has no projects related to GHG removals nor any internal carbon pricing mechanisms. We also do not separately trade environmental benefits associated with electricity production (not applicable to EXMAR). Nor do we engage in any contractual instruments to buy or sell electricity that includes specific information about its source (e.g., "100% renewable energy"). Lastly, we do not have any biogenic emissions in our value chain.

3.2 ENVIRONMENT

3.2.1.2.1 (Methodological) changes and Restatement

In 2025, we have made certain methodological changes concerning emission factors, the broadening of emission sources for category 3.1 Purchased goods & services, and the emission calculation for joint ventures within category 3.15 Investments. Since the changes have considerable impact on the total number of emissions, a restatement was made for 2024 in which all changes – except for the one for 3.1 Purchased goods & services – were integrated. Thereby, we allow for comparison between 2024 and 2025.

The overview below elaborates on each change and demonstrates which emission categories are impacted, explaining the difference between the original and the restated values for 2024.

TOPIC	CHANGE	IMPACT ON RESTATED VALUES
Emission factors	Custom emission factors have been developed for purchased electricity for Belgium, France and the Netherlands, based on a mix of IEA and AIB data.	■ Gross location-based Scope 2 emissions
■ Gross market-based Scope 2 emissions
	The emission factor applicable to the entity Exmar SGP Succursale Congo was changed from Democratic Republic of Congo to Republic of Congo.	■ Gross location-based Scope 2 emissions
■ Gross market-based Scope 2 emissions
■ Cat.3.3 Fuel- and energy-related activities
	Custom emission factors were developed for marine fuel data, based on FuelEU Maritime Regulation.	■ Gross Scope 1 GHG emissions
■ Scope 3 – Cat.3- Fuel and energy related activities
■ Scope 3 – Cat.13 – Downstream leased assets
■ Scope 3 – Cat.15 - Investments
Joint Venture emissions	In 2024, data to calculate scope 3 emissions included all fuel data for the vessels within joint ventures (on- and off-hire). As described above, we have decided to further align our methodology with the GHG Protocol. Therefore, as of 2025, we only include scopes 1 and 2, and not scope 3, from JVs. Hence, the emissions related to on-hire fuel for the vessels in JVs have been removed. With this change, category 3.15 Investments only includes off-hire fuel data and its related emissions.	■ Scope 3 – Cat.15 - Investments
Reviewed reporting scope	The entity IMA nv was reviewed as immaterial for the sustainability statement. In 2024, IMA's emissions were wrongly attributed to scope 1 & scope 2. As IMA concerns rental property, the corresponding emissions belong to scope 3 - cat.13 Downstream leased assets. In addition, within this category, the total number of emissions contributed to IMA nv represents less than 1% of the total emissions. Hence, it is considered as immaterial.	■ Gross Scope 1 GHG emissions
■ Scope 3 – Cat.3- Fuel and energy related activities
Cat. 3.1 Purchased goods & services	A methodology was developed to include emissions for purchases booked without a Purchase Order (PO) and emissions related to office expenses. Both groups of expenses are considered in the emission calculations on a spend-based basis.	■ Change not included in restatement.

3.2 ENVIRONMENT

When comparing 2024 and 2025, there are some additional notes to consider. Firstly, the reporting scope has slightly changed as for 2025 two entities are out of scope, and three new entities were included. The size and activities of these entities will impact

the emissions. Secondly, the category 3.8 Upstream leased assets contained emissions for chartered in vessels, corresponding to '0' in 2024. As of 2025, we include the emissions for the lease of an airplane, explaining the difference in values.

3.2.1.2.2 GHG emissions overview

| | BASE YEAR
2024
ORIGINAL | BASE YEAR
2024
RESTATED | 2025 |
| --- | --- | --- | --- |
| SCOPE 1 | tCO_{2}eq | tCO_{2}eq | tCO_{2}eq |
| Gross scope 1 GHG emissions | 4,072.68 | 3,874.04 | 913.17 |
| Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%) | 0 | 0 | 0 |
| SCOPE 2 | tCO_{2}eq | tCO_{2}eq | tCO_{2}eq |
| Gross location-based Scope 2 GHG emissions | 301.60 | 339.78 | 277.16 |
| Gross market-based Scope 2 GHG emissions | 284.30 | 293.32 | 261.02 |
| SIGNIFICANT SCOPE 3 | tCO_{2}eq | tCO_{2}eq | tCO_{2}eq |
| Total Gross indirect (Scope 3) GHG emissions | 481,248.21 | 253,513.46 | 217,396.89 |
| Cat.1 – Purchased goods & services | 31,435.38 | 31,435.38 | 14,503.88 |
| Cat.2 – Capital goods | 0.00 | 0.00 | 0.00 |
| Cat.3 – Fuel- and energy-related activities | 390.20 | 317.26 | 180.55 |
| Cat.4 – Upstream transportation and distribution | 761.00 | 761.00 | 487.81 |
| Cat.5 – Waste generated in operations | 2,673.69 | 2,673.69 | 2,384.82 |
| Cat.6 – Business travel | 5,108.94 | 5,108.94 | 5,044.07 |
| Cat.7 – Employee commuting | 571.11 | 571.11 | 431.91 |
| Cat.8 – Upstream leased assets | 0.00 | 0.00 | 264.78 |
| Cat.13 – Downstream leased assets | 210,732.66 | 208,195.50 | 190,154.74 |
| Cat.15 – Investments | 229,575.23 | 4,450.58 | 3,944.33 |
| TOTAL GHG EMISSIONS | tCO_{2}eq | tCO_{2}eq | tCO_{2}eq |
| Total GHG emissions (location-based) | 485,622.50 | 257,727.28 | 218,587.22 |
| Total GHG emissions (market-based) | 485,605.20 | 257,680.82 | 218,571.08 |

It is important to clarify the substantial difference between the emissions for 3.1 Purchased goods & services in 2024 and 2025. Two elements contribute to the difference of 16,931.50 tCO $_{2}$ eq. In first instance, there is a difference of around 22 million USD spent in 2024 and 2025. As the emissions for category 3.1 are calculated spend-based, this impacts the outcome. Secondly, the methodology for this category was refined and expanded in 2025, including OPEX2 and office expenses based on amounts spent. Specific emission factors were attributed to each purchase, based on the categorization thereof (e.g., 'computer & related services - product'). On the contrary, in 2024, OPEX2 was included in the emissions by means of an average emission factor. Hence, not connecting specific emission factors to each purchase and applying a more general, less precise, approach.

3.2.1.3 GHG INTENSITY

One of the foundational concepts in climate policy, environmental reporting and sustainable energy planning, is Greenhouse Gas intensity (GHGi): the

amount of greenhouse gases emitted per unit of output or activity. It quantifies the carbon footprint of a given process, fuel or activity in proportion to its output. It is a key metric to evaluate the climate impact of energy carriers, industrial processes, transport fuels, products and organizations as it enables comparative assessment, regulatory compliance, and informed decision-making in the transition to a low-carbon economy.

Below, we provide insights into EXMAR's emissions efficiency, relative to our economic activity. Our revenue and total GHG emissions (scope 1, 2 & 3) are used to calculate our GHG intensity – expressed in 1,000 USD. The GHG intensity is calculated by the following formula:

$$
\frac{\text{Total GHG emissions (tCO}_2\text{eq)}}{\text{Net revenue (monetary unit)}}
$$

	2024	2025
Net revenue used to calculate GHG intensity	348,911,450.00	248,140,383.45
Net revenue (other)	0.00	0.00
Total net revenue
(in financial statements)	348,911,450.00	248,140,383.45
	2024
ORIGINAL GHG INTENSITY	2024
RESTATED GHG
INTENSITY	2025 GHG INTENSITY
---	---	---
Location-based	1.39	0.74
Market-based	1.39	0.74

Note that, as for the GHG emissions, the GHG intensity is also affected by the restatement for 2024. The total amount of emissions has changed; the net revenue has not changed. The JVs were, for example, already excluded from this number in 2024. Again, the restated information has been provided to allow comparison between 2024 and 2025. Besides this update, no changes were made to the methodology to calculate the GHG intensity.

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3.2.2 Energy consumption and mix

3.2.2.1 ENERGY CONSUMPTION OF OWN OPERATIONS

Our energy consumption and mix refer to energy consumed by EXMAR itself. Hence, this includes scope 1 (fuel consumption from owned or controlled sources, e.g., marine fuels, gas) and scope 2 (purchased electricity, steam, heat or cooling). Our calculation is automatically executed by our GHG emission software.

The overview below provides the consumption by fuel source. In summary, most of our energy is derived from fossil fuels, a small part comes from renewable sources, and no energy is derived from nuclear sources.

Please note that the restatement on the emissions for 2024 also impacts the energy consumption and mix. Hence, a restatement for 2024 on energy consumption & mix as well as energy intensity (see below) has been made to allow comparison between 2024 and 2025.

ENERGY CONSUMPTION & MIX		2024 ORIGINAL	2024 RESTATED	2025
(1)	Fuel consumption from coal and coal products (MWh)	0.00	0.00	0.00
(2)	Fuel consumption from crude oil and petroleum products (MWh)	5,108.15	5,108.15	2,445.81
(3)	Fuel consumption from natural gas (MWh)	1,735.86	617.53	371.01
(4)	Fuel consumption from other fossil sources (MWh)	0.00	0.00	0.00
(5)	Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources (MWh)	3,232.15	1,492.16	1,049.25
(6)	Total energy consumption (MWh)	10,076.16	7,216.58	3,866.07
	Share of fossil sources in total energy consumption (%)	99.25%	98.96%	99.98%
(7)	Consumption from nuclear sources (MWh)	0.00	0.00	0.00
	Share of consumption from nuclear sources in total energy consumption (%)	0.00%	0.00%	0.00%
(8)	Fuel consumption for renewable sources, incl. biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.) (MWh)	0.00	0.00	0.93
(9)	Consumption of purchased or acquired electricity, heat, steam and colling from renewable sources (MWh)	11.38	11.38	0.00
(10)	The consumption of self-generated non-fuel renewable energy (MWh)	64.35	64.35	0.00
(11)	Total renewable energy consumption (MWh)	75.73	75.73	0.93
	Share of renewable sources in total energy consumption (%)	0.75%	1.04%	0.02%
Total energy consumption (MWh)	10,151.89	7,292.30	3,867.00

Please note that the difference in renewable energy consumption between 2024 and 2025 is due to the purchased electricity in our office in Singapore. The energy provider in Singapore offers both conventional and renewable electricity. As we do not have the assurance that the electricity within our office is renewable, we apply a conservative approach for 2025, assuming that the electricity we consume in Singapore is based on fossil fuels.

3.2.2.2 ENERGY INTENSITY OF OWN OPERATIONS

Energy intensity is a measure of energy required to produce a unit of output or economic activity. It quantifies how efficiently energy is used, with lower energy intensity indicating more efficient energy use. For the calculation of the energy intensity of our own operations, we apply the following formula:

$$
\text{scope 1 \& 2 energy consumption}
$$

The high climate impact sector revenue (expressed in thousand USD)

The information for the numerator is provided above. The denominator requests the revenue from high climate impact sectors. Such sectors are industries that significantly contribute to GHG emissions and environmental degradation, including fossil fuels. The NACE codes of companies define if the activities are considered as part of such sectors (NACE sections A-H and section L, as defined in the Commission Delegated Regulation (EU) 2022/1288).

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EXMAR is active in high climate impact sectors (mainly oil & gas), deriving 94.49% of its revenues from activities therein (95.3% in 2024), as demonstrated in the table below. As high climate impact industries are closely scrutinized for their environmental footprint, the net revenue figure serves as a key indicator of our exposure to carbon-intensive activities. The remaining 5.51% comes from staffing, financial and insurance activities (activities of holding companies) and other supporting services.

	2024	2025
Net revenue from activities in high climate impact sectors	332,404,954.60	234,459,897.68
Net revenue (other)	16,506,495.35	13,680,485.77
Total net revenue (financial statements)	348,911,449.95	248,140,383.45

Returning to the formula mentioned above, we can calculate the energy intensity. As mentioned above, the restatement for 2024 also impacts energy intensity. Hence, a restated intensity value for 2024 was calculated.

	2024 ORIGINAL	2024 RESTATED	2025
Total energy consumption from activities in high climate impact sectors per net revenue from activities in high climate impact sectors (MWh/monetary unit)	0.03	0.02	0.02

3.2.3 Resilience analysis

EXMAR's climate resilience analysis assesses its ability to withstand, adapt to and recover from climate-related risks, such as extreme weather events, regulatory changes, and resource scarcity. It evaluates vulnerabilities, identifies mitigation strategies and ensures long-term sustainability in a changing climate. Our analysis applies to the same scope as our double materiality assessment and follows one scenario: the IMO trajectory. This scenario aims to limit global temperature rise to well below 2°C above pre-industrial levels and to pursue efforts to limit the increase to 1.5°C. Related thereto, the main regulations that apply to the resilience analysis are:

MARPOL: Maritime Convention for the Prevention of Pollution from Ships
Energy Efficiency Design Index (EEDI)
Energy Efficiency Existing Ship index (EEXI)
Carbon Intensity Indicator (CII)
Data Collection System (DCS)
EU Emission Trading Scheme (ETS)
Monitoring, Reporting and Verifying (MRV) GHG emissions
Fuel EU Maritime

Details on these regulations are provided in the introduction of our sustainability statement (see 3.1 Sustainability at EXMAR).

A first look into resilience analysis was made in the second half of 2024. Our initial plan to enhance, deepen and draft this analysis throughout 2025 is delayed. We intend to take this on in 2026. Key additions in the coming years may include the use of multiple scenarios and time horizons, including long-term projections, that allow for the establishment of a clear connection between the analysis, our business strategy and our overarching sustainability trajectory, ensuring adaptability to various climate change challenges. The assessment may also incorporate macroeconomic trends, energy consumption patterns, energy mix evolution, and assumptions regarding technological advancements. We have the ambition to develop a resilience analysis that provides critical insights into the extent to which our assets and business activities may be exposed to potential risks and that accounts for certain uncertainties.

3.2.3.1 OUTCOME

Through our resilience analysis, we have identified one material climate-related transition risk on the medium term: energy transition moving away from oil & gas. The energy transition is proceeding towards increased electrification, deployment of renewable energy, distribution and storage infrastructure, and the adoption of emerging low-carbon technologies (e.g., biogas, low carbon hydrogen & ammonia). This leads to investments in vessels sailing on alternative fuels (LPG or ammonia) or vessels and infrastructure units with the ability to use shore power.

We have not identified any climate-related physical risks where additional measures should be taken. EXMAR does thorough safety engineering studies while constructing vessels (ships or infrastructure units) to ensure these are designed to withstand bad weather, combatting effects of climate change at sea.

In general, EXMAR is diversifying its business portfolio to adapt to the challenges of climate change. The next part on transition planning provides more details thereto.

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3.2.4 Climate change transition plan

3.2.4.1 CLIMATE POLICY

Addressing climate change is a fundamental pillar of our sustainability strategy and an integral component of our Health, Safety, Environment and Quality (HSEQ) policy. As for the resilience analysis described above, our ambitions related to developing an in-depth climate policy in 2025 have not been realized. We intend to take this on in 2026, focusing on establishing a comprehensive and dedicated climate policy, building upon a refined climate resilience analysis. The effectiveness of (new) policies and related actions and targets will be tracked on a periodical basis; enabling us to continuously improve and adjust, in line with the fast-changing maritime economy.

3.2.4.2 EXMAR TRANSITION PLAN

In 2024, the first steps were taken towards the development of a transition plan. With the uncertainties concerning Omnibus, we have not taken any actions to develop this further in 2025. It is our intention to do this throughout 2026. In doing so, we will also consider an updated resilience analysis based on several scenarios and possibilities to map progress (if applicable).

EXMAR's approach to the transition plan builds on our three business units, making it as practical as possible. We outline our strategy to shift toward a low-carbon, climate-resilient future and have considered targets, timelines, and actions for reducing emissions, adapting operations, and aligning with regulatory and market shifts toward sustainability. Moreover, full integration with our action plan is key, ensuring a clear and strategic path forward. Furthermore, as an essential component of our business strategy and financial planning, the transition plan should guide decisions and investments towards a sustainable future.

Shipping

88.80% of EXMAR's GHG emissions are related to fleet fuel consumption. This concerns on-hire fuel for vessels within downstream leased assets and off-hire fuel for vessels within investments. Hence unsurprisingly, the focus within BU Shipping is entirely on the vessels, specifically related to three domains:

Targets for vessels, based on international regulation
Investments in vessels with dual fuel engines
Sale of older, fossil fueled vessels

Targets for vessels, based on international regulations:

While awaiting the IMO mid-term measures to fight climate change, we are striving to achieve a GHG intensity below the target set in the FuelEU Maritime.
We have ongoing discussions with charterers to assess the consumption of sustainable biofuels.
Carbon Intensity Index (CII) measures have been included in recent charter parties to incentivize charterers to operate the vessels in the most efficient way. They can do so by slow steaming when possible, optimizing port calls, limiting waiting times and potentially switching to cleaner fuels such as B10-B30 biofuels.
A transition is ongoing to change refrigerants to a lower GWP alternative.

Investments in vessels with dual-fuel engines, both LPG as ammonia fueled:

Fleet: EXMAR VLGC bv owns two LPG fueled VLGCs since 2021
Fleet: EXMAR Shipping BV (JV) has invested in two LPG fueled vessels that joined the fleet in 2025. In addition, investments are made in:
Six LPG fueled vessels joining the fleet in 2026 and four LPG fueled vessels joining the fleet in 2027-2028.
Four ammonia fueled vessels (joining the fleet in 2026).

Sale of older, fossil fueled vessels:

Five fully pressurized vessels have been sold in 2024 (2) and 2025 (3).

EXMAR Shipping BV (JV) sold two older, fossil fueled, midsize gas carriers in 2024 (1) and in 2025 (1).

Infrastructure

Related to our infrastructure activities, the main actions concern investments in the development of shore power or residual heat capturing solutions for future infrastructure units. Two potential actions are worth mentioning:

Using EXMAR's technical and marine expertise in the development of solutions to run facilities using electricity or residual heat, instead of hydrocarbons.
Investigating the construction of process and storage facilities. This concerns the selection of fuel-efficient process equipment, improving boil-off gas management capabilities, and installing a shore power connection and electrical drivers, instead of combustion engines or gas turbines.

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Supporting services

For our supporting services, three overarching action points were defined:

Investigate the reduction of scope 3 emissions in production, transport of spare parts and service
Investigate the reduction of scope 3 emissions in business travel
Improve our scope 1 & 2 emissions

Investigate the reduction of scope 3 emissions in production, transport of spare parts and service

For existing vessels, sourcing and equipment selection is based on the total cost of ownership over the lifetime of the equipment. We will investigate if additional criteria can be added to include climate change mitigation in the decision-making process. Such elements may be the carbon footprint of the equipment, power consumption, or regional production availability.

Investigate the reduction of scope 3 emissions in business travel

EXMAR operates across the globe with specialized processing and marine equipment on board. The expertise of our seafarers is essential and explains the need for expats and frequent business travel. We consider the diversity of our crew very important and continuously investigate if local project support is possible. On our vessels that operate in a dedicated trading area, we optimize and limit travel by employing crew from that area/region.

Improve our scope 1 & 2 emissions

Even though our scope 1 & 2 emissions only reflect 0.54% of our total GHG emissions (1% in 2024), we are committed to take responsibility and set a clear improvement trajectory. We aim to move away from estimates for office energy consumption, map out actual energy use and investigate current contracts and possible switches towards green energy providers. Secondly, we want to check possibilities for implementing the new car policy at HQ in all subsidiary offices, moving towards electrification in cars. Lastly, we will investigate charging opportunities, switching to green providers in the coming years.

Key role in the transition plan of our stakeholders

In addition to targets/actions described above, we intend to play a key role in the transition of our stakeholders. In first instance, related to shipping, we intend to discuss transition plans with charterers from grey towards blue and green ammonia production – starting with mapping the amount of grey versus blue and green ammonia transported.

Secondly, the EXMAR infrastructure portfolio and services play an essential role in the transition to low carbon fuels. Hence, we intend to:

Quick-to-market facilities to transfer captured gas to liquid gas which can be shipped instead of emitted into air.
Quick-to-market facilities to provide regions with low carbon natural gas to replace coal and oil as energy sources.
Invest technical and marine expertise in developing facilities with decreasing footprint, which can be deployed again to the oil and gas industry, and which may offer small-scale marine solutions for providing energy to remote areas.

3.2.4.3 PARIS AGREEMENT ALIGNMENT

The Paris Agreement (PA) is a legally binding international treaty on climate change adopted by 195 Parties at the UN Climate Change Conference (COP21) in Paris on December 12, 2015. It aims to limit global warming to well below 2°C above pre-industrial levels and to pursue efforts to limit temperature increase to 1.5°C. The agreement emphasizes the need for all countries to contribute to climate action, including providing financing to developing nations to help them mitigate and adapt to climate impacts.

The Paris Agreement does not specifically cover international shipping. On the other hand, the International Maritime Organization (IMO), has committed to reducing GHG emissions from global maritime transport, following the same ambition as the PA. In addition, the shipping industry is subject to European Union regulations, particularly those developed under the 'Fit for 55 package' and the 'EU Green Deal' (more information on these frameworks is available in the introduction of our sustainability statement.

The EU's regulatory framework is among the most stringent in the world, setting ambitious targets for emission reductions. At EXMAR, we are dedicated to aligning our global shipping fleet with these high standards, ensuring compliance beyond international requirements. Furthermore, while awaiting further developments on the IMO Climate Strategy, EXMAR is going the extra mile and strives to stay below the GHG intensity targets that are currently set by the FuelEU Maritime regulation. In that respect EXMAR also supports the development of a global regulatory framework such as the IMO Net Zero Framework. These targets are not yet translated into EXMAR-specific targets. Once this has been done, we will show their compatibility with the Paris Agreement.

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3.2.5 Climate change mitigation action plan

Climate change mitigation refers to actions to limit greenhouse gases in the atmosphere that cause climate change. Climate change mitigation actions include, amongst others, conserving energy and replacing fossil fuels with clean energy sources.

In 2024, first steps towards the development of a climate change mitigation action plan were made by defining several actions related to energy efficiency and fuel transition. These actions are not yet quantified in achieved and expected GHG emission reductions. The implementation of these actions is directly dependent on the availability and allocation of both internal and external resources, including financial support and personnel. Hence, we have ensured adequate resource allocation to timely and effectively execute these measures (see financial resources below). For the short-term actions, necessary budgets in terms of personnel and tools have been considered. Mid-term investments are part of the financial planning of the group. New investments will be taken into close consultation with our stakeholders to safeguard the long-term viability of our company.

In general, our ESG taskforce is mainly responsible for the realization of the actions below, supported by the energy efficiency team. This team is responsible for identifying, implementing and monitoring the success of operational energy management measures and for safeguarding the organizational anchoring thereof. They oversee for example the content of the Ship Energy Efficiency Management Plan (SEEMP), roll-out specific operational actions, identify potential improvement measures, ensure accurate data reporting from vessels, and conduct continuous performance analysis.

3.2.5.1 ENERGY EFFICIENCY ACTIONS

In the short term, we will focus on actions and measures related to the day-to-day operations of our vessels. For shipping and infrastructure, we foresee to roll out a digital and enhanced performance platform for the fleet. Additionally, we will closely follow-up on performance ratings (such as CII & FuelEU Maritime), as well as execute proactive hull and propeller inspections (ensuring continuous performant vessels). Related to supporting services, we will endeavor to train personnel in energy efficiency and to maintain ISO 50001 certification.

Mid-term actions and investments are focused on the use of fuel-efficient process equipment for the BU Infrastructure. Secondly, concerning supporting services, we aim to track the actual footprint for our main suppliers (procurement) and to incorporate this in the sourcing and evaluation process for suppliers. On top, we are developing a program for optimization of crew changes and related business travel.

3.2.5.2 FUEL TRANSITION ACTIONS

For the fuel transition, we will also focus on actions and measures related to the day-to-day operations of our vessels in the short term. For shipping and infrastructure, we will (where required) open a dialogue with stakeholders to reduce emissions by improving operational efficiency and switching to cleaner fuels where feasible. Moreover, we aim to create KPIs on fleet level and open the dialogue with stakeholders to burn low carbon and/or biofuel blends, both aiming to stay below GHG in line with FuelEU Maritime reference GHG intensity or other applicable emission regulations, which have been set by qualified authorities to comply with the Paris Agreement.

Our mid-term actions and investments on fuel transition focus for shipping in first instance on the new building project and employment of twelve LPG fueled vessels and four ammonia fueled vessels. Additionally, we aim to reduce the exposure to conventional fuel by marketing some older vessels for sale and reducing the older conventional fueled fleet, while expanding our dual fuel fleet. Lastly, we intend to work with all stakeholders to assist in the transition towards decarbonization of both transported products and transportation methods.

For infrastructure we will promote shore power connections and electrical drivers instead of combustion engines or gas turbines.

3.2.5.3 FINANCIAL RESOURCES

The table below demonstrates the financial resources that were made available in 2025 for the implementation of our actions. Future financial resources are not listed yet. The main costs depicted are related to OpEx and CapEx.

For OpEx, we are spending significant amounts on a yearly basis to capture, monitor and optimize the energy efficiency of our vessels. One of the methods is via collection of sensor data and creating digital twins. Furthermore, we organize energy efficiency training and maintain an ISO 50001 certificate. We have also made a one-time investment to implement a new accounting logic for the reporting of GHG emissions with the support of an external consultant (Moore).

Related to CapEx, the EXMAR Technical Department is supporting the plan approval phase while building new vessels and providing on-site support during the construction of newbuild vessels. This is an initiative taken by the company as it is not a legal requirement nor an industry standard.

3.2 ENVIRONMENT

		ACTION	VALUE	COMMENTS	REF. FINANCIAL STATEMENTS	EU TAXONOMY
Vessel performance platform	OPEX	Performance platform	400,038	5-insight weather routing, Emission connect & digital performance twin	Note 6 – Vessel expenses	Included
	OPEX	Follow up CII & other regulations	-	HSEQ overhead costs already incl. in social	Note 9 – Personnel expenses	Included
Energy efficiency	OPEX	Energy efficiency training	154,225		Note 9 - Personnel expenses	Included
	OPEX	ISO 50001 certification	10,000		Note 6 – Vessel expenses	Included
Optimize scope 3 emissions	OPEX	GHG calculation software	68,311	New GHG accounting logic	Note 8 – G&A expenses	Excluded
	OPEX	Suppliers' actual footprint	-	ProcureShip is in testing modus and will be implemented in 2025	N/A	N/A
	OPEX	Optimization of crew changes & related business travel	-	Tilia is in testing modus and will be implemented in 2025	N/A	N/A
Vessel portfolio	CAPEX	New building projects	5,161,084	Technical support vessel construction – other costs are part of JV	N/A (intercompany expense)	N/A (intercompany expense)
	CAPEX	Efficient process equipment for infrastructure projects	-	No new build infrastructure	N/A	N/A
Stakeholders	OPEX	Low carbon or biofuel blends	-	Dialogue does not have significant costs	N/A	N/A
	CAPEX	Shore power connection & electrical drivers	-	No new build infrastructure	N/A	N/A
TOTAL	MIX		5,793,658

The table above provides a link between our action plan and financial statements and highlights eligible activities under the EU Taxonomy. Note that currently, none of our activities are Taxonomy aligned. We are investigating to align some of our eligible activities as of 2026. More information on the EU Taxonomy is provided further on in this chapter.

3.2.5.4 DECARBONIZATION LEVERS

Decarbonization levers are strategic actions implemented to reduce GHG emissions, improve sustainability and transition industries towards a low-carbon economy. These levers play a critical role in mitigating climate change and ensuring compliance with global regulations. At EXMAR, the focus lays on two primary decarbonization levers, in accordance with our actions described above: energy efficiency and fuel switching. Through this prioritization, we aim to optimize operations, reduce carbon intensity and contribute to a more sustainable maritime and energy sector.

The quantitative contribution of the levers below (and potentially additional levers) will be defined after an in-depth analysis of the drivers behind our $\mathrm{CO}{2}$ emission footprint. We do expect that, due to fleet expansion, absolute emissions will rise in the short term. On the longer term, the dual-fueled vessels (LPG and $\mathrm{NH}{3}$ ) might be the decarbonization levers that contribute the most to obtain these targets. They will also have a significant effect on the fleet's GHG intensity.

3.2.5.4.1 Energy efficiency

Strong design

EXMAR supports R&D for low emission technologies and is exploring the use of commercially viable zero/ low emission fuel propelled vessels. We expect this impact to be gradual over the medium to long term. Accordingly, EXMAR is continuously evaluating the commercial viability of its fleet and actively invests and divests to maintain a state-of-the-art fleet.

3.2 ENVIRONMENT

The latest newcomers in our fleet are equipped with innovative designs that improve their environmental performance when compared to their peers. As an example, two of our VLGCs and two MGCs already run on LPG as fuel – LPG having a lifetime GHG emission saving potential of 20% compared to HFO – and have a lower EEDI level than required. All new vessels will be equipped with a shaft generator, improving total power efficiency during sailing.

Efficient operation

The Carbon Intensity Index (CII) tracks a vessel's effective carbon emissions versus its type and size. The CII of each vessel is evaluated yearly and will become increasingly more stringent towards 2050. CII improvement actions are incorporated in the Shipboard Energy Efficiency Management Plan (SEEMP), which is currently exceeding regulatory compliance by being subject to ISO 50001 certification. The impact of the EEXI regulations on our existing fleet portfolio has been assessed.

3.2.5.4.2 Fuel switching

Innovation and Engineering

Our activity portfolio plays an active role on the path towards decarbonization by supplying the alternative fuels needed in the energy transition. We do our research on the potential of carbon-neutral fuels such as (green) hydrogen and (green) ammonia. Furthermore, we strongly stimulate and try to steer research and development to aid the industry in reaching its carbon neutrality goal. In addition, the potential of carbon capture for storage calls for means of transportation for which EXMAR is actively participating in the development of CO₂ carriers.

Gas molecules as a transition

Within our joint venture with Seapeak, we plan the delivery of four ammonia and ten additional LPG fueled MGCs to the shipping fleet, over the next three years. These will be a significant lever for the global shipping fleet since LPG and green ammonia have a reduction potential of 20% and 97% in lifetime GHG emissions, respectively, compared to the standard HFO fuel. These will be the first ammonia fueled engines and will be the start of a significant reduction of global shipping emissions.

Charterers as a key partner in our transition

Our assets are chartered out to customers. Installation of decarbonization levers and actions in terms of OpEx and CapEx depend on their ESG strategy and transition plans.

In 2024, a project was started to create vessel performance "digital twins". Throughout 2025, project development continued and we will soon be able to use it in different formats. The digital twins may incentivize both owner and charter to obtain the best possible vessel performances and, as such, reduce emissions. In addition, a transition is ongoing to change refrigerants towards a lower GWP alternative. Lastly, we have an agreement with the charterer of the Eemshaven LNG to use shore power and residual heat on board of the vessel, avoiding burning 4600 ton of natural gas in 2024 and thereby drastically reducing GHG emissions.

3.2.5.5 GHG TARGETS

Above, we have described our ambitions to develop a sound resilience analysis and climate change transition plan. In addition, we have defined some actions for climate change mitigation but have not quantified GHG emission reductions yet. Hence, we cannot report any progress made so far. It is however important to note that we have been tracking the GHG emissions of our fleet for several years in our energy efficiency program.

In 2026, we will start working on the development of concrete GHG targets as we are committed to follow the ambitions of the IMO and the EU Green Deal. We intend to do this by applying a science-based approach in which we consider a range of climate scenarios and consider market developments, policy-related developments as well as evolutions in environmental, societal and technological domains. Moreover, we will check consistency with GHG inventory boundaries.

As 2024 marked the first year of comprehensive carbon accounting for EXMAR, we will use 2024 as a baseline value for the targets and reductions we will develop. The calculation of this baseline value began with a comprehensive analysis of the distribution of operating revenues, expenses and capital expenditure across all entities within EXMAR Group. This approach ensures a granular understanding of the financial flows contributing to our overall carbon footprint. Once the financial distribution is established, each entity within our group is systematically assessed for its material impact in relation to total revenues, expenses, and capital expenditures at group level. This evaluation allows us to prioritize the most significant emission sources, ensuring that our decarbonization strategy is both data-driven and effectively targets achieving meaningful reductions. If amendments must be made to this baseline in the coming years, we will describe the effects thereof on the targets and achievements over time.

Locked-in emissions are future GHG emissions that are expected to occur due to existing infrastructure, vessels, or other investments that rely on fossil fuels. These emissions are locked in as they result from long-term decisions with a long operational lifespan. In the process of defining and quantifying specific GHG targets, we will assess the presence of locked-in emissions as well as their impact on the realization of our targets. This assessment was originally planned for 2025 but has been delayed. We intend to realize this throughout 2026.

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3.2.6 EU Taxonomy

To meet the EU's climate and energy targets for 2030 and reach the objectives of the European Green Deal, investments must be directed towards sustainable projects and activities. Therefore, the action plan on financing sustainable growth, called for the creation of a common classification system for sustainable economic activities: the EU Taxonomy. The EU Taxonomy allows companies, investors and policymakers to share a common definition of economic activities that can be considered environmentally sustainable.

The basis of the EU Taxonomy is established by the Taxonomy Regulation, which entered into force on 12 July 2020. This regulation sets out six environmental objectives:

Climate change mitigation
Climate change adaptation
The sustainable use and protection of water and marine resources
The transition to a circular economy
Pollution prevention and control
The protection and restoration of biodiversity and ecosystems

Delegated Acts specify the environmentally sustainable economic activities which the EU currently regards as making a substantial contribution to those objectives. In addition, they define the technical screening criteria which the activities must meet to be Taxonomy-aligned. The following disclosures are prepared in accordance with Article 8 of Regulation (EU) 2020/852 (the 'EU Taxonomy Regulation') and the Commission Delegated Regulation (EU) 2021/178 (the 'Disclosures Delegated Act'), as amended, which specifies the content and presentation of the Key Performance Indicators (KPIs) for turnover, capital expenditure (CapEx) and operating expenditure (OpEx).

Following the regulation, companies must undertake four steps:

assess the eligibility of their activities
assess the alignment of their activities with the Taxonomy to be able to label these activities as sustainable
calculate the financial KPIs related to aligned activities
report the financial KPIs.

As one of the main players in the maritime and offshore services industry, these EU efforts to screen, identify and address sustainable growth, are very welcome at EXMAR. Besides transporting ammonia and LPG and transforming LNG - all considered as transitional fuels under the EU Taxonomy - we pursue the development of sustainable solutions dedicated to the energy transition (as described throughout this report).

The texts below describe our EU Taxonomy process and provide an overview of eligible/aligned activities and financial KPIs. EXMAR has applied the same approach as for 2024. An evaluation was made of the simplification measures introduced by the Commission Delegated Regulation (EU) 2026/73 (the 'Omnibus Simplification Delegated Act'), which introduces streamlined disclosure templates, the application of a 10% materiality threshold for KPI calculations, as well as other simplification measures. For the 2025 reporting period, we have elected not to apply these simplification options. EXMAR Group continues to report full disclosures for Turnover, CapEx, and OpEx KPIs to ensure maximum transparency and year-on-year comparability of its sustainability performance.

3.2.6.1 ELIGIBILITY ASSESSMENT

EXMAR's eligibility assessment analyses the activities described in the Taxonomy Climate Delegated Act and the Environmental Delegated Act, matching these with our economic activities. We have evaluated eligibility through a methodological approach, including a detailed analysis of our activities against all six climate and environmental objectives. Additionally, we have mapped a correspondence table of business activities and accounting nomenclature, as described in the Technical Expert Group (TEG) report and the Taxonomy Climate Delegated Act.

In the analysis of our business activities, several sectors were considered as eligible for 'Climate change mitigation'. The result of the assessment is provided below and demonstrates activities related to the shipping segment, ship management services and supporting services & engineering eligible in line with Annex I of the Climate Delegated Act.

Other activities were identified as non-eligible as there was no perfect fit with the description of the activities in the Delegated Acts.

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BU	ACTIVITY DESCRIPTION	DELEGATED ACT SECTION, APPENDIX 1
SHIPPING	Shipping fleet involved in transport of ammonia & LPG	• H50.20/6.10: Sea and coastal freight transport
• H50.10/6.12: Retrofitting of sea and coastal freight and passenger water transport
• No dedicated NACE code/4: Energy	H50.20/6.10	• Dedicated NACE code/4: EXMAR shipping transports energy. This delegated act focuses on power generation, production of energy, and storage of electricity, hydrogen & thermal energy
INFRA-STRUCTURE	Exploitation of FSRU & FLNG units and accommodation barges	• No dedicated NACE code/4.11: Energy – storage of thermal energy
• D35.11/4.3: Energy – Electricity generation from wind-power construction or operation of electricity generation facilities that produce electricity from wind power		• Dedicated NACE code/4.11: EXMAR transforms and provides storage of energy. This delegated act refers to geothermal energy.
• D35.11/4.3 & M71.12/9.1: EXMAR’s engineering services are not only dedicated to the adaptation of climate change.
	Supporting services & engineering (DVO/EOC)	• M71.12/9.1: Engineering activities and related technical consultancy dedicated to the adaptation to climate change
SERVICES	EXMAR Ship Management (Belgium, India, Singapore & Seavie Caribbean)	• H50.20/6.10: Sea and coastal freight transport
• H50.10/6.11: Sea and coastal passenger water transportation
• D35.11/4.3: Energy – Electricity generation from wind-power construction or operation of electricity generation facilities that produce electricity from wind power
• F42/7.6: Installation, maintenance and repair of renewable energy technologies	H50.20/6.10	• D35.11/4.3 - H50.10/6.11 - F42/7.6: Portion of services related to passenger transport or possible inclusion in connection with offshore wind and solar photovoltaic systems, are insignificant.

3.2.6.2 ALIGNMENT ASSESSMENT

Where eligibility concerns the potential of a company to contribute to a sustainable future, activity alignment provides a view of our current sustainability status. Taxonomy-alignment implies that an activity complies with the requirements enumerated specifically for this activity in the Taxonomy.

In short, an activity is aligned only when it is compliant with:

the Technical Screening Criteria (TSC), which define the conditions for economic activities to be considered environmentally sustainable
the Do no Significant Harm criteria (DNSH), which ensure that activities substantially contribute to environmental objectives while avoiding harm to other objectives
the Minimal Safeguards linked to this activity, containing a set of standards that ensure compliance with human rights, labor rights, bribery, taxation and fair competition.

Based on the above, as a first step, compliance of our activities with the Technical Screening Criteria was assessed. For shipping in general, a crucial requirement in the list of criteria is the one of zero direct tailpipe $\mathrm{CO}{2}$ emissions. A buffer period applied until the end of 2025 to allow a certain number of direct emissions, depending on the use of the vessel. Generally, vessels will meet the criteria if they derive a minimum of 25% of their energy from zero direct $\mathrm{CO}{2}$ emission fuels. However, currently, such fuels are only very limited available and technological breakthroughs are still ahead of us.

Our vessels Flanders Pioneer and Flanders Innovation, as well as new build vessels (dual-fuel engine, capable to run on LPG or ammonia) do comply with substantial criteria 1d (Commission Delegated Regulation (EU) 2021/239, L442/111): "Where technologically and economically not feasible to comply with the criterion on zero direct tailpipe $\mathrm{CO}{2}$ emissions, until 31 December 2025, the vessels have an attained Energy Efficiency Design Index (EEDI) value 10% below the EEDI requirements applicable on 1 April 2022 if the vessels are able to run on zero direct (tailpipe) $\mathrm{CO}{2}$ emission fuels or on fuels from renewable sources."

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Considering the DNSH criteria, we can state that EXMAR complies with those of water, circular economy and pollution prevention. On the other hand, we do not comply with the DNSH criteria for climate change adaptation and must further investigate those for biodiversity. This result is due to the current lack of a robust climate risk and vulnerability assessment. In addition, and more specifically, our state-of-the-art vessels mentioned in the part above, are not Taxonomy aligned as they do not comply with the DNSH criteria.

In conclusion, considering the criteria above and given the current state of technology, the shipping industry in general, and EXMAR specifically, is up for a huge challenge and will continue to struggle to show efforts made towards a more sustainable world. Our ambition, however, remains and, as one of the leading experts in the maritime transport of ammonia, we continue to actively invest in ocean-going vessels that are propelled by ammonia as fuel. Note that ammonia does not have any $\mathrm{CO}_{2}$ emissions, but that pilot fuel is needed to run the engines. At EXMAR, we are preparing for a scenario whereby (green) ammonia gets traction as a dominant energy carrier, following the switch to hydrogen - as our vessels are fully ready to transport such green ammonia.

3.2.6.3 RESULTS OF THE TAXONOMY SCREENING

The Taxonomy is supplemented by a Disclosure Delegated Act (06/07/2021), specifying the content and presentation of Taxonomy-related information which a company in scope of CSRD must disclose. Hence, the information provided below is based on the KPI disclosures that are outlined in this regulation:

The proportion of turnover derived from products or services that are associated with environmentally sustainable activities
The proportion of capital expenditure (CapEx)
The proportion of operating expenditure (OpEx) related to assets or processes that are associated with environmentally sustainable activities

Note that EXMAR's financial statements are in accordance with International Financial Reporting Standards (IFRS), adopted by the European Union. The calculated KPIs below, on the other hand, are based on the EU Taxonomy Regulation definition. We ensure no double counting has occurred and we provide additional information for clarity on what is included or excluded from the KPIs in comparison with the IFRS financial information.

The parts below contain information per KPI. More details are available in Appendix 3: EU Taxonomy Templates.

3.2.6.3.1 KPI 1 - Turnover

	SHIPPING	INFRASTRUCTURE	SERVICES	GROUP
Total k$ (2025)	50,573	133,366	64,202	248,140
Total k$ (2024)	55,508	171,329	122,074	348,911
Total k$ (2023)	52,553	371,226	63,539	487,318
Eligible k$ (2025)	50,573	-	12,678	63,251
Eligible k$ (2024)	55,508	-	95,952	151,460
Eligible k$ (2023)	52,553	-	18,521	71,075
Eligible % (2025)	100%	0%	20%	25%
Eligible % (2024)	100%	0%	79%	43%

The eligible turnover above is analyzed on an activity-based assessment per subsidiary, mapping the turnover to the relevant Taxonomy activities. In 2025, there is a significant decrease in turnover, compared to 2024. This is mainly driven by supporting services, with lower total revenue due to the sale of Bexco NV and lower ship management revenue overall.

Details of the turnover can be found in Note 4 of the financial statements. This includes both IFRS 15 Revenue from contracts with customers and IFRS 16 Leases related revenue.

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3.2.6.3.2 KPI 2 - CapEx

	SHIPPING	INFRASTRUCTURE	SERVICES	GROUP
Total k$ (2025)	27,941	246	7,474	35,662
Total k$ (2024)	10,045	835	702	11,581
Total k$ (2023)	1,340	3,240	3,550	8,130
Eligible k$ (2025)	137	-	266	403
Eligible k$ (2024)	6,639	-	-	6,639
Eligible k$ (2023)	1,340	-	839	2,179
Eligible % (2025)	0%	0%	4%	1%
Eligible % (2024)	66%	0%	0%	57%

The eligible CapEx above is analyzed on an activity-based assessment per subsidiary, mapping the CapEx to the relevant Taxonomy activities. The capital expenditures consist primarily of the acquisition of vessels (IAS 16 – see also note 13 in financial statements) and to a lesser degree the acquisition of other property, plant and equipment (IAS 16), right-of-use assets (IFRS 16) and capitalized intangible assets (IAS 38). In 2025, we have a higher CapEx compared to 2024 due to the early buy-out of one vessel and the drydocking of several vessels. There was, however, a significant decrease in eligibility percentage because of the investment in Suezmax oil tankers, which do not qualify as there is no alternative fuel capacity.

Additional information is available in Notes 13 & 14 of the financial statements.

3.2.6.3.3 KPI 3 - OpEx

	SHIPPING	INFRASTRUCTURE	SERVICES	GROUP
Total k$ (2025)	4,166	4,769	25,569	34,504
Total k$ (2024)	3,790	35,306	78,949	118,044
Total k$ (2023)	23,329	243,257	38,582	305,168
Eligible k$ (2025)	4,166	-	15,746	19,912
Eligible k$ (2024)	3,790	-	30,822	34,612
Eligible k$ (2023)	23,329	-	11,086	34,415
Eligible % (2025)	100%	0%	62%	58%
Eligible % (2024)	100%	0%	39%	29%

In general, our operating expenses are made up of vessel expenses, general and administrative (G&A) expenses and personnel expenses. As not all our operating expenses meet the definition of the OpEx KPI as defined in the Taxonomy Regulation, only vessel expenses, crew and maintenance have been included. All other expenses (e.g., insurance, depreciation and impairment, G&A expenses) were excluded. Compared to 2024, we have refined the methodology for calculating the OpEx denominator to strictly align with the categories defined in the EU Taxonomy Regulation. This must be considered when comparing the values between 2024 and 2025.

In 2025, the total eligibility percentage for OpEx increased, mainly due to less conversion costs in Infrastructure 'division from conversion' projects. As infrastructure has no eligible entities, the general percentage is more favorable overall.

Additional information is available in Note 6 of the financial statements.

Keel Laying of World's First Ocean

(Hull No. 1)

Hongoing Ammonia-Fuelled Vessel (No. 8389)

(No. 2025

OCCK TANK(PAN)

2025-03-27 10:27:44

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3.3.1 The EXMAR family

EXMAR's workforce consists of office employees and seafarers. Our office employees are present in the onshore headquarters and regional offices, with occasional visits to vessels, client premises or shipyards. Seafarers, on the other hand, operate internationally, being staffed on board of vessels (owned by or operated by EXMAR). The nature of such employment is rather complex as seafarers switch between projects – hence, between vessel owners and clients – and rotate longer periods offshore with periods of temporary leave. As our own workforce consists largely out of seafarers, this complexity presents unique challenges compared to other industries.

Seafarers working on EXMAR vessels or vessels where we operate are often mixed: a combination of people employed by an EXMAR entity and people hired by external contractors. Considering this, we clearly define 'employees' as anyone with a direct contract with EXMAR nv or one of its subsidiaries. By consequence, for vessels with mixed crew, only people related to one of EXMAR's entities are included in the numbers provided throughout this chapter and considered as 'own workforce' in the scope of this sustainability report. In comparison to 2024, our definition was narrowed to exclude people with a contract with EXMAR Ship Management (ESM) – an EXMAR entity responsible for crewing on own/ third-party vessels – but signed by ESM 'on behalf of' another party. The reasoning therefore is that ESM provides administrative support for these employees but is not involved in any other matters such as training, health and safety. Hence, these people are not included in the numbers demonstrated below. In 2024, this group represented 33 people, which should be considered when comparing values between 2024 and 2025.

In addition, 'non-employees' are understood as people who are self-employed, engaged in times of limited resources (e.g., project-related work) or who receive opportunities because of high potential (e.g., interns). Non-employees are not included in the numbers throughout this chapter.

Below, we dive into the numbers of our own workforce, elaborating on gender, contract types and age, in a multicultural context. Our headcount is measured at the end of each calendar year – rather than as an annual average – to provide a precise and up-to-date representation of our team. Even though seafarers may be on temporary leave at the end of the year, they are included in our count as they are lined up to go back on board. Our data originates from software applications and internal records; a combination that ensures accuracy, consistency and streamlined reporting. During data collection, we strictly adhere to applicable local regulations (e.g., GDPR) and fully respect individuals' rights to withhold information. Lastly, any assumptions during data collection are documented explicitly.

3.3.1.1 OUR WORKFORCE IN NUMBERS

EXMAR operates globally, in international waters and under different flags: a context that is reflected in our multicultural workforce. The diversity within our group of employees, including many different nationalities and places of residency, allows us to adapt to evolving demands of international markets while strengthening our global partnerships.

In 2025, our workforce consisted of 1,410 employees (per 31/12/25), mainly seafarers, spread over the different continents. Employees are connected to a specific geographical area based on place of residency (on- and off-shore) instead of nationality. This decision was specifically made because of the high diversity in nationality within our workforce, including many people with double nationalities, which makes distribution by nationality very complex. Besides the headcount by geographical area, we provide the number of employees in countries where our workforce exceeds 50 people, highlighting our global presence and operational scale across key regions, representing 88.44% of our employees (87.71% in 2024).

GEOGRAPHICAL AREAS	HEADCOUNT 2024	HEADCOUNT 2025
Europe	620	559
Asia	708	658
Africa	23	19
North America	102	101
South America	67	71
Oceania	1	2
TOTAL	1,521	1,410

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COUNTRIES WITH >50 EMPLOYEES	HEADCOUNT 2024	HEADCOUNT 2025
Philippines	368	336
India	300	289
Ukraine	214	194
Belgium	210	194
United States	98	100
Croatia	88	76
Jamaica	56	58

In the tables below, we provide the number of employees categorized by age and gender. In general, the bulk of our own workforce are men and are between 30 and 50 years old. These numbers, however, need some nuance as they do not fully capture our efforts towards a diverse workforce, especially considering our overall female representation – currently standing at $10.92\%$ (10% in 2024). Operating in a traditionally male-dominated sector, EXMAR is committed to break barriers. We seem to succeed in these efforts since currently, women represent $2.64\%$ (2.54% in 2024) of our crew onboard: more than double the industry average of $1\%$ (IMO-WISTA Women in Maritime Survey, 2024). About $50\%$ of these women are employed at Officer's position, being part of the vessels' operational teams, whereas the other female seafarers provide support such as cooking and cleaning services. Additionally, within the group of office employees, women significantly represent $40.06\%$ (equal to 2024), further emphasizing our dedication to gender balance and inclusion across all operational levels.

AGE BREAKDOWN	HEADCOUNT 2024	HEADCOUNT 2025
Younger than 30	220	193
Between 30 & 50 years old	1,031	963
Older than 50	270	254
TOTAL	1,521	1,410
GENDER BREAKDOWN	HEADCOUNT 2024	HEADCOUNT 2025
---	---	---
Male	1,369	1,256
Female	152	154
Other	0	0
Not reported	0	0
TOTAL	1,521	1,410

Due to the unique nature of the maritime industry, with specific operational, regulatory and logistic challenges, seafarers commonly work under temporary contracts. Such contracts reflect the rotational patterns that apply and allow seafarers to spend extended periods at home between assignments, balancing intense work periods with personal time. Moreover, it facilitates the employment of seafarers from different countries under temporary arrangements, aligning thereby with several labor laws and cost structures, while operating in international waters and under different flags. Additionally, it enhances flexibility for crew members to shift between vessels, based on specialized skills for specific cargo/vessels, creating diverse professional experiences and career growth opportunities. Seafarers can opt for specific assignments, aligning with their personal and professional goals while, at the same time, exploring new opportunities between contracts.

	MALE		FEMALE		OTHER		NOT REPORTED		TOTAL
	2024	2025	2024	2025	2024	2025	2024	2025	2024	2025
Permanent employees	181	185	121	124	0	0	0	0	302	309
Temporary employees	1,188	1 071	31	30	0	0	0	0	1,219	1 101
Employees with non-guaranteed hours	0	0	0	0	0	0	0	0	0	0
Full-time employees	1,366	1,252	133	135	0	0	0	0	1,499	1,387
Part-time employees	3	4	19	19	0	0	0	0	22	23
TOTAL	1,369	1,256	152	154	0	0	0	0	1,521	1,410

Enforcing alignment between employees' personal and professional goals reflects how EXMAR recognizes the value of experienced and committed crew members and prioritizes employee retention. The numbers on the table below confirm our approach. They support our commitment to invest in our own workforce, creating a stable and engaged team that drives long-term success.

	SEAFARERS WITH EXMAR >5 YEARS	NUMBER OF LEAVERS	TURNOVER RATE
2024	>70%	260	17.09%
2025	>62.20%	194	13.76%

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3.3.2 Policies related to our own workforce

There is no doubt that sound governance and Human Resource (HR) processes and practices are essential in a company like EXMAR. Hence, we have developed policies on both group and subsidiary level, tailored to the groups of employees throughout all entities.

For office employees, these policies are aligned with national labor laws and international labor standards, with particular attention to the requirements set out in PC 225 (for Belgium). PC 225 defines agreements for international trade, transport and related sectors and helps us to ensure that we comply with recognized frameworks for fair labor practices and employee rights. Regarding seafarers, our policies are aligned with the requirements of the Maritime Labor Convention (MLC) 2006. Through external certification of our vessels, we ensure compliance with MLC standards on topics such as the protection of seafarers' rights, working conditions and safety at sea. Lastly, all policies, for both groups of employees, are aligned with the UN Principles on Business and Human Rights: a framework to prevent, address and remedy human rights abuses that may occur in the context of business operations.

Within the set of policies and procedures, there is specific attention to the management of material impacts, risks and opportunities (IROs) connected to EXMAR's own workforce. The Privacy Policy, Sustainability Policy, Anti-harassment and Non-discrimination Policy as well as associated crewing and recruitment procedures, touch upon the material topics of 'freedom of association', 'collective bargaining', 'health and safety', 'training and skills development', 'diversity', and 'adequate housing'. In general, they enhance fair treatment and opportunities for all employees and help to mitigate risks. Besides, we try to respond to well-being, work-life balance, security, compliance and equitable access by a Home Office Arrangement, designed to address the evolving work environment – particularly for employees working remotely or in hybrid settings. This arrangement is already in place for HQ (Antwerp) and India. We intend to expand the approach to other offices worldwide. Lastly, we aim to support development and growth of all employees through different training programs. Thereby, we enhance expertise and knowledge to succeed in different roles, while also mitigating risks associated with underperformance or lack of skills.

Some documents deserve more attention. In first instance, our Code of Business Ethics (for office employees) and Code of Conduct (for seafarers) define the behavior and expectations of EXMAR's employees. Everyone is obliged to commit to these documents, to ensure that all activities are carried out in a safe, ethical and efficient manner, in compliance

with applicable rules and regulations. Employees are expected to operate with honesty and integrity, treating all colleagues, customers and partners with respect and professionalism and maintaining clear and timely communication with all parties involved. The Code of Business Ethics/Code of Conduct is included in the onboarding process and employees are encouraged to promote awareness thereof to everyone, as well as to report any violations – for which multiple (anonymous) channels are developed. For seafarers, additional emphasis is placed on EXMAR's safety vision as well as correct actions to prevent any unsafe work or behavior.

Secondly, the Health, Safety, Environment and Quality (HSEQ) Policy is in place for the safety and well-being of our own workforce, while managing the risks associated with maritime operations. As cornerstone of our Safety Management System, it is critical in minimizing risks, protecting human life, ensuring operational integrity, and preserving the maritime ecosystem. For seafarers this means not only adhering to these guidelines but also being proactive in promoting a culture of safety and sustainability.

In the parts below, we provide detailed descriptions of our approach to human rights & labor rights and employee engagement and inclusion. Furthermore, we describe how we tackle material negative impacts on our employees, focusing on grievance mechanisms. In Appendix 2 you find an overview of how each policy complies with the ESRS Minimum Disclosure Requirements for policies (MDR-P), outlining elements such as key content, scope and accountability.

3.3.2.1 HUMAN RIGHTS AND LABOR RIGHTS

EXMAR is committed to uphold and promote respect for human rights, incl. labor rights, across all segments of the workforce. We do our best to create a workplace where all individuals are respected, treated fairly, and protected from harm, regardless of their role or work location. Our commitment aligns with both national labor laws and international human rights standards, addressing human trafficking, forced or compulsory labor and child labor. Key principles include:

Respect for freedom of association and collective bargaining: Support employees' rights to form or join unions and engage in collective bargaining.
Non-discrimination and equal opportunities: Ensure no one faces discrimination based on race, gender, age, religion, nationality or any other status.
Fair and safe working conditions: Provide an environment that prioritizes health, safety and dignity for all employees.

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Fair wages and employment conditions: Guarantee fair remuneration and employment terms in line with applicable laws and collective agreements.
Prevention of harassment and promotion of well-being: Promote a workplace free from harassment and prioritizing mental and physical health.
Access to information: Ensure transparency regarding employees' rights and obligations under their employment terms.

We strive to maintain and enhance the commitment and principles mentioned above through our Corporate Governance Charter, our policy framework and collective agreements with relevant social partners (if applicable). Within this framework, we have tailored our approach to the specifics of office personnel versus seafarers. For office employees, we emphasize work-life balance (e.g., flexible working hours and remote work), career development (e.g., training & development opportunities), and workplace environment (e.g., ergonomics and accessible office set ups to enhance comfort and productivity).

Seafarers, on the other hand, require different accents as their rights and working conditions are shaped by the unique nature of their roles. For this group of employees, there are for example guidelines on the freedom to enter and exit employment (ensuring contract alignment with maritime labor conventions and collective agreements), maritime safety standards (adhering strictly to international maritime safety guidelines), living conditions onboard (maintaining high standards for accommodation, nutrition, and access to recreational facilities on vessels), access to communication (e.g., means to stay in touch with family and friends during deployment) and repatriation rights.

3.3.2.1.1 Addressing human rights impacts

To address potential human rights impacts, we have established mechanisms that allow office employees to report both internally – to a designated trust person – and externally – through an external prevention service. These mechanisms are designed to ensure confidentiality, non-retaliation, and a fair review process. If necessary, a thorough investigation can be initiated, conducted by an external party, to appropriately address any issues in accordance with best practices for human rights remediation. For seafarers specifically, a grievance procedure in line with the requirements of the Maritime Labor Convention (MLC) 2006, has been implemented, providing a transparent and effective channel to raise concerns.

The Human Resources (HR) department at the headquarters in Antwerp collects the number of work-related grievances, incidents and complaints related to social and human rights matters for office personnel; the crewing departments do so for seafarers. If there are any cases, these are reported to the management team, which also receives regular updates on the status of incidents and complaints as well as actions taken thereto.

In 2025, zero incidents of discrimination took place and zero concerns regarding discrimination have been raised by employees. On top, zero severe human rights issues and incidents connected to our own workforce have occurred, resulting in zero fines or penalties.

3.3.2.2 EMPLOYEE ENGAGEMENT

At EXMAR, we recognize that active involvement of our office personnel and seafarers is essential to the success and well-being of our company. Hence, we are dedicated to meaningful and effective engagement with all employees, built on core principles of feedback, professional development and meaningful interaction.

For office employees, we have developed regular feedback channels, such as performance evaluation meetings and employee engagement surveys. This way, we can gather valuable insights into workplace satisfaction and identify opportunities for improvement. Additionally, there is a strong focus on career development through targeted training programs. Lastly, the organization of group events for informal team gatherings, such as conferences and team-building activities, help strengthen relationships within the EXMAR group and foster a collaborative and cohesive work environment.

Engagement with office personnel starts during the recruitment process, where candidates are evaluated for their match with EXMAR and our company culture. This is done through interviews, assessments, and introductory meetings with HR and relevant managers. Once hired, new employees go through an onboarding process to integrate them into the organization. Their induction includes orientation sessions, introduction to company policies, training on key systems and departmental overviews, typically taking place within the first days or weeks of employment. Subsequently, regular engagement moments take place during employment, with scheduled check-ins to ensure that employees feel supported and can address any concerns. Those are usually informal meetings, check-ins with departmental heads, and other informal discussions, which take place regularly, with varying frequency – dependent on the department and topic. In addition, performance reviews and career development are conducted through formal meetings with managers, taking place at least three times a year. In such meetings, employee progress, feedback and potential career development opportunities are discussed. Lastly, when an employee leaves EXMAR, we conduct exit interviews to gather feedback and ensure smooth offboarding.

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Regarding seafarers, we emphasize continuous communication, safety and well-being in the unique context of maritime employment. Engagement takes place through sign-on meetings (reviewing expectations), debriefings, on-board visits, and evaluation moments, providing ongoing support and feedback during employees' time at sea. One example is our 'sign-off survey', designed to assess well-being, performance, gather feedback on working conditions, and measure safety maturity. Additionally, initiatives such as crew conferences and office visits help bridge the gap between ships and shore, building stronger connections and significantly improving relationships between office staff and seafarers. Special emphasis is placed on ensuring seafarers feel supported during extended periods at sea, addressing the challenges of isolation and limited social interaction.

Engagement activities and sharing the results thereof throughout our organization are key. For office personnel, responsibility therefore lies with the Deputy COO (Chief Operating Officer) who is the primary responsible for overseeing the execution of engagement activities across our entire workforce. Her role is supported by the event team, HR Director, HR Business Partner and the senior leadership team. These people are accountable for executing engagement initiatives that are aligned with the organization's goals and culture, contributing to positive employee experiences and feedback.

With respect to seafarers, the Managing Director of EXMAR Ship Management (ESM) provides high-level oversight of all engagement activities. He/she is ultimately responsible for engagement activities' execution and the use of their outcomes to drive improvements in both operational and workforce strategies. In addition, the Heads of Fleet Management play a key role in managing the day-to-day engagement processes, including recruitment, onboarding and evaluation of crew members. Lastly, the Head of Crewing and other senior leaders in the maritime operations team support engagement with seafarers, particularly in terms of ensuring safety, operational efficiency and job satisfaction.

Engaging with our own workforce is one thing; tracking its effectiveness and incorporating employees' feedback and insights, is another. By means of structured feedback mechanisms (e.g., surveys and one-on-ones) and the monitoring of our overall performance through KPI tracking (e.g., on retention rate), we try to understand how effective our engagement approach is today – to be used in future modifications. On top of that, we incorporate employees' perspectives into our decisions and activities to manage actual and potential impacts. Engagement ensures that knowledge, experience and insights of employees – especially those in critical roles – directly influence operational and strategic outcomes. Below, we provide two examples:

Seafarers use a formalized channel to propose changes to existing procedures by submitting a Document Change Request (DCR). This allows them to use their firsthand operational experience to drive improvements in processes and practices.
Crew members on board play a pivotal role in day-to-day operational decisions. Their autonomy ensures quick and practical responses to situational challenges, aligning with broader operational frameworks.

3.3.2.3 FOR INCLUSION, AGAINST DISCRIMINATION

EXMAR strives to create an inclusive workspace where everyone is valued, respected and empowered. Our policies and practices aim to create a fair and supportive environment for all employees, regardless of their background or identity. They are framed within our labor regulations which explicitly prohibit discrimination based on race, gender, age, disability, sexual orientation, religion or any other characteristic. An example of how we put this into practice is our adoption of inclusive hiring methods by employing a highly international and elaborate selection process, ensuring that candidates from diverse backgrounds are considered. Secondly, our anti-harassment policy creates a safe and supportive environment for all employees and provides tools to report or address any incidents of harassment. Lastly, we adhere to equal opportunities for career advancement and development and actively work towards a diverse workforce. These principles and initiatives are equally important for office personnel and seafarers, which is reflected in our policies related thereto. Furthermore, they help ensure that discrimination is prevented, mitigated and acted upon once detected. Any form of discrimination must be addressed and mitigated swiftly through a well-defined reporting process, which includes clear procedures for investigation and remediation (see grievance mechanism).

In addition to the above, we also take proactive steps to hear and consider the voices and perspectives of individuals who may be marginalized and/or particularly vulnerable to impacts. By implementing targeted feedback mechanisms (e.g., employee engagement surveys and one-on-one feedback sessions), we aim to provide safe and open communication channels. This way, we try to understand and address unique challenges faced by such groups, while identifying barriers, mitigating risks and implementing meaningful changes that enhance the overall experience and well-being of our workforce.

3.3.2.4 GRIEVANCE MECHANISM

At EXMAR, we are dedicated to promptly and effectively addressing any material negative impact on our own employees. Our approach is built on clear, accessible grievance mechanisms, including anonymous reporting systems and direct

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communication channels, to ensure that employees can voice their concerns safely and without hesitation. We prioritize understanding employees' needs and concerns and involve direct managers to facilitate resolution and support when needed.

Our employees have access to multiple channels to raise concerns or needs. In general, the Human Resources team is available to address concerns and provide guidance and has installed an open-door policy in which employees are encouraged to directly approach management at any time. Our office employees can address concerns and share ideas with their own management ad hoc or during regular meetings. Seafarers can always directly contact the ship's Master (Captain), the person who holds the ultimate command and who is the link between ship and shore – or may reach out to a Designated Person Ashore (DPA). In addition, anonymous reporting channels and an external prevention service are available, ensuring confidentiality for sensitive matters and effective follow-up on complaints.

Lastly, a formal grievance process is installed for seafarers specifically, working with a grievance team to closely monitor and address reports and, thereby, ensure timely and effective resolutions.

Both processes are outlined in detail in our Work Regulations (for office personnel) and Grievance Procedure (for seafarers) and referred to in our Whistleblowing Policy. These documents establish clear, confidential and formal methods to report and address complaints and grievances. They also ensure that all individuals that file a concern or complaint are protected against any form of retaliation, which is key for the functioning of any grievance procedures.

Office employees are informed of the grievance mechanism during their onboarding; seafarers receive a copy of the procedures together with their employment agreement. Additionally, through visits on board and crew conferences, we increase awareness of the methods that are available. Any subsequent updates or changes to the documents are also communicated to ensure transparency and awareness.

In general, we closely monitor reports and related corrective actions and the timely closing thereof.

We also conduct follow-up conversations with the parties involved, to check the effectiveness of our mechanisms.

3.3.2.5 COLLECTIVE BARGAINING AGREEMENTS

In the texts above, freedom of association and collective bargaining agreements (CBA) have been mentioned a few times already, for example as a key labor right. Our office personnel are free to enter into association with the union of their choice. For seafarers, EXMAR participates regularly in meetings between the Shipowners Association and unions in Belgium. During such meetings, conditions of employment and social security benefits for seafarers on board of Belgian, but also other flagged vessels, are addressed, with collective agreements as results. Our employees are not represented by a European Works Council, as this is not formally required for EXMAR. However, we remain committed to open dialogue and constructive engagement with our workforce through other communication and feedback mechanisms.

Diving into the numbers, 79.08% of our employees are currently covered by a CBA, ensuring that they benefit from negotiated terms on wages, working conditions, benefits and other employment-related matters. This includes offices employees in the Belgian and French offices as well as all seafarers. This percentage is lower than in 2024, where 85.93% was covered.

The table below provides a breakdown of CBA coverage and workplace representation across different regions. This data was collected via a dedicated tool for our seafarers – Adonis – and an internal tool for our office employees. The calculation is only done for countries with more than 10% of our total number of employees, hence 140 employees, and has followed the following formula:

$$
\frac{\text{# employees with CBA coverage or workplace representation in a country or region}}{\text{total # employees in that country or region}}
$$

COLLECTIVE BARGAINING COVERAGE				SOCIAL DIALOGUE
	Employees – EEA		Employees – non-EEA		Workplace representation (EEA only)
Coverage rate (%)	2024	2025	2024	2025	2024	2025
0-19						Belgium
20-39					Belgium
40-59
60-79
80-100	Belgium	Belgium	East Europe Southeast Asia South Asia	East Europe Southeast Asia South Asia

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3.3.3 Social projects and actions

3.3.3.1 GENERATING POSITIVE IMPACTS

Our initiatives aim for positive impact on our employees, focusing on skills and career development. This starts with our close ties with several maritime institutions to identify high potentials in a very early career stage. Thereby, we can source seafarers and office personnel from the very beginning of their professional path. Examples are the longstanding cooperations between EXMAR and the Antwerp Maritime Academy, the established Caribbean Maritime Training Institute (Jamaica) and the Mapua School and Philcamsat Training Centre (Philippines).

Additionally, throughout employment, we keep focusing on career paths by setting up leadership track programs, amongst other initiatives.

Lastly, we are creating opportunities for employees through developments and actions related to vessel design and construction. EXMAR is pioneering in the adoption of alternative fuel types, with LPG-fueled assets already in operation and the first ammonia-fueled gas carriers currently under construction. Both office-personnel and seafarers are involved in the design and construction of these vessels, and in the development of operational procedures to ensure safe operations. Personnel involved often receive specific training to enhance their knowledge and expertise in these matters. Moreover, it opens new career opportunities and enforces personal growth.

3.3.3.2 ADDRESSING NEGATIVE IMPACTS

As demonstrated in the beginning of this chapter, we operate internationally and within a multicultural environment. Our workforce consists out of people with diverse backgrounds, cultures and religions. Hence, it is very important to us to promote diversity and celebrate differences, based on respect for one another. Furthermore, we always strive to also employ local personnel and engage in local workforce development at the locations where we are active.

Second, our recruitment and engagement practices ensure that personnel benefit from fair terms of employment and freedom of association, for example by adopting collective bargaining agreements. This way, they can work in a safe environment, protected by overarching rules and regulations.

Thirdly, it makes sense for us to provide adequate housing for our seafarers, as they spend several months abroad. EXMAR follows the standards from the Maritime Labor Convention (MLC) on living conditions on all new build vessels that we design and order. Our commitment thereto exceeds compliance and involves (former) seagoing staff in the design, to ensure that well-being and comfort of crew is prioritized. Moreover, for office personnel

relocated abroad, we provide the appropriate financial and material support – such as housing -, complemented with assistance to integrate in the local culture of their new working location.

Subsequently, we have developed a training program to enhance the skills and competences of our employees. Training is tailored to the different groups of employees and modified or created depending on needs from the own workforce, sometimes in collaboration with local training institutes. Internally, we are working on specific targets and objectives to track progress, evaluate the effectiveness of our training and develop new programs, if required.

3.3.3.2.1 Taking The Safety Lead (TTSL)

Besides all elements mentioned above, we want to highlight our approach on the safety of seafarers and office employees, as our program 'Taking the Safety Lead' (TTSL) is one of EXMAR's cornerstones.

This program is developed and managed by the Health, Safety, Environment and Quality (HSEQ) team and promotes safety and well-being of shore-based employees and seafarers. It provides tools to direct people to a high level of safety maturity, while

developing leadership skills and unleashing the potential of junior employees. TTSL cultivates and enhances employees' perception of the EXMAR way of working. Its ultimate objective is to establish a company culture in which people act proactively to improve our safety practices and behavior. The framework focuses on six elements: (1) risk management, (2) safety leadership, (3) health and wellbeing, (4) incident reporting, (5) safety mindset and behaviors, and (6) training. Within TTSL, frequent safety campaigns are organized, and we have sound training programs in place. The training courses contain both standard updates on company and regulatory requirements and ad-hoc sessions based on incidents and their investigations. Examples are training on safety leadership, the hazards of marine fuels, mental health and many other topics related to crew's wellbeing.

All policies, procedures, work instructions and annexes related to TTSL are gathered in an electronic Safety Management System (SMS), which is internally reviewed on an annual basis and externally verified by several regulatory instances. These check our compliance with both local and international regulations on topics covered in our SMS.

TTSL and SMS belong to Health, Safety, Environment and Quality (HSEQ) in general, managed by a dedicated HSEQ team. Our approach to HSEQ is evaluated against several regulations and frameworks,

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such as the requirements of the Maritime Labor Convention, MARPOL and certain ISO standards - as briefly mentioned in the introduction of this sustainability statement. External audits, internal audits and certifications for some entities and assets within EXMAR Group allow us to strive for the best and modify our framework, therefore.

The HSEQ team ensures that our people are covered by the HSEQ system, meaning that they have access to all information and tools provided. As shown in the table below, our entire own workforce is covered by this system. Additionally, we are confident that our current approach is working properly as the key metrics related to health and safety (in the table below) reflect our ability to maintain a safe and secure working environment. For our seafarers, these metrics are tracked in dedicated ERP software, whereas this goes through an internal tool for office personnel.

	EMPLOYEES		TOTAL
	2024	2025	2024	2025
Personnel covered by HSEQ system	1,521	1,410	1,521	1,410
Percentage covered by HSEQ system	100%	100%	100%	100%
	AMOUNT
---	---	---
	2024	2025
Fatalities	0	0
Recordable work-related accidents	18	10
Rate of recordable work-related accidents	2.72	1.73
Workers in the value chain fatalities	0	0

In addition to the actions described above, we have also established some mitigating measures to prevent our workforce from being negatively impacted. This starts with our communication to ensure transparency of EXMAR's goals, changes and potential impacts thereof for employees and enhancing an open-door policy in which open communication and feedback is key. Second, there is a focus on work-life balance initiatives, including flexible work options like remote work and flexible working hours. Connected to that, we encourage

employees to sporadically take some time off and use their vacation days (beyond the legal minimum). In addition, we emphasize our employees' health, both physically and mentally, through the provision of resources and support (e.g., external counsel services) as well as ergonomic workstations and incentives to do sports.

We aim to drive continuous improvement in our actions and mitigations based on insights gained from regular meetings and employee engagement surveys. Acting proactively enables us to identify and mitigate potential impacts on our workforce before they may escalate. Additionally, in the event of severe accidents, a thorough assessment is executed to ensure that corrective measures are implemented effectively to prevent recurrence and enhance overall workplace safety. Lastly, the actions described originate partly from the performance reviews of employees in which material risks from impacts and dependencies on our own workforce are addressed. Moreover, the effectiveness of actions taken is also discussed and thereby monitored during such conversations.

3.3.3.3 HUMAN AND FINANCIAL RESOURCES

To successfully implement our actions, dedicated teams are strategically focused on environmental, social and governance (ESG) initiatives, as well as corporate social responsibility (CSR). HR and Crewing play an essential role and are supported by cross-functional collaboration to ensure a holistic and integrated approach. We try to develop initiatives in which a top-down (group-level) and bottom-up (including expertise from subsidiary entities and specific teams) approach is combined, aiming for meaningful and lasting impact.

Financially, we have made resources available to implement our actions to address potential negative impacts. The initiatives for additional positive impact are currently less quantifiable, and we did not define any specific targets nor calculate potential financial benefits, therefore. The overview below demonstrates the resources spent throughout 2025. It does not include resources that we can/will dedicate to the actions in the future.

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ACTION	COST		VALUE	COMMENT	REF. FINANCIAL STATEMENT
Own workforce safety	HSEQ Overhead cost	OPEX	727,024		Note 9 – Personnel expenses
	Unexpected off-hire costs	CAPEX	-		Note 6 – Vessel expenses
	Regulatory o& commercial compliance cost	OPEX	42,000	DOC & ISO certifications	Note 6 – Vessel expenses
Multicultural environment	Career development	-	-	No calculation of the benefits	Note 9 – Personnel expenses
Freedom of association	-	-	-	No calculation of the benefits	N/A
CBAs	Crew wages above CBA	OPEX	196,849	Delta between the EXMAR crew salaries & the legal CBA levels	Note 9 – Personnel expenses
Skills & competencies	Crew training costs	OPEX	873,730	Costs made by EXMAR to train crew	Note 9 – Personnel expenses
	HQ training costs	OPEX	95,587	Costs made by EXMAR to train HQ employees	Note 9 – Personnel expenses
Adequate housing	Upgrade for new vessels	CAPEX	-	No newbuild vessels delivered in 2024	N/A

3.3.3.4 SOCIAL TARGETS

Setting up an action plan and allocating financial resources are means to a bigger ambition. In 2024, we have set clear social targets; tangible goals we are striving for. Throughout 2025, steps have been taken towards implementation and to allow tracking and comparison with the 2024 baseline. In 2026, we will continue to develop this with the aim to start reporting on the progress.

The targets are:

Safety of seafarers and employees: zero fatalities
Training programs:
100% completion of the regulatory mandatory required training for all employees
85% completion of company-specific training required for seafarers
Multicultural environment: for seafarers, ensuring that the three biggest nationality groups combined do not exceed 65% of our total crew diversity.

Do note that there are currently no specific targets nor metrics defined for adequate housing and collective bargaining agreements (CBA). For other conditions related to seafarers' employment, we have already indicated to comply – and even exceed – regulations and frameworks. Through external inspections and certifications many topics are validated, such as requirements on minimum age, medical certifications, training and qualifications, recruitment and placement services and work and resting hours. Although no specific targets were defined for such matters, we strive to keep on

passing these external validations and maintain the highest standards in that domain. Furthermore, it is our intention to, as from 2026 on, possibly add some targets, related to the retention rate for our employees, lost time injuries, safety campaigns and information sharing, company-specific training required for office personnel, and minimizing accidents and incidents.

The social targets were determined, based on input from strategic office meetings, management forums, on board health and safety committee meetings, safety management system reviews, and informal discussions. These different insights have helped to shape meaningful objectives and targets which are then clearly communicated across our company to ensure alignment, collective commitment and integration in personal goal setting. We actively involve our own workforce and their representatives in tracking performance against targets by designated working groups, consultation meetings, and structured feedback channels. While our current approach ensures participation, we aim to further strengthen engagement by enhancing data accessibility, implementing interactive performance tracking tools and fostering greater collaboration across departments. In addition, we encourage non-managerial employees to actively contribute to identifying lessons learned and driving improvements by various processes, such as regular meetings, performance reviews, and incidents investigations. Their input is vital in enhancing operational efficiency and workplace safety. To further strengthen this engagement, we aim to implement more structured feedback loops in the offices.

3.4 GOVERNANCE

TOP MANAGEMENT	COMMITTEES
Board of Directors
Strategic decision-making	Nomination & Remuneration Committee
Executive Committee
Operational leadership
• Chief Executive Officer (CEO) – Chairman
• Chief Operating Officer (COO)
• Chief Financial Officer (CFO)
• Executive Director BU Shipping
• Executive Director BU Infrastructure	Audit & Risk Committee
	Key Risk Officers
• CFO – Compliance Officer
• Head of ESG & Compliance
• Head of HSEQ
• Chief Legal Officer
• HR Director
• IT Director
• Head of Consolidation & Accounting
• Head of Controlling
• Head of Treasury & Structured Finance

3.4.1 Roles and responsibilities connected to our ESG strategy

3.4.1.1 TOP MANAGEMENT

EXMAR Group's top management is represented by the Board of Directors (BoD) – the company's governing body – and the Executive Committee (ExCo) – the operational leadership.

The Board of Directors is the highest decision-making body of the company and is authorized to perform all acts that are necessary or useful for the realization of the company's goal, apart from those that are reserved for the Shareholders Meeting (by the Belgian Code of Companies and Associations or the coordinated articles of association). Our BoD strives for long-term success, providing the necessary leadership and ensuring that risks can be identified and managed, and are responsible for the overall strategy and values of the company. Moreover, they aim for sustainable value creation by determining our sustainability strategy, establishing effective, responsible and ethical leadership, and overseeing EXMAR's performance. The BoD develops an inclusive approach that strikes a balance between the legitimate interests and expectations of shareholders and other stakeholders. Furthermore, they are responsible for defining and reviewing key policies and EXMAR's risk profile, as well as ensuring that the corporate culture promotes responsible and ethical behavior.

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The Executive Committee is responsible for the company's day-to-day management and policy, the implementation of decisions taken by the BoD, and specific tasks delegated – such as the establishment of internal controls. ExCo plays a key role in the processes, controls and procedures used to monitor, manage and oversee the impacts, risks and opportunities applicable to EXMAR. The executive responsibility for managing the business activities of the entire group lies with the Chief Executive Officer (CEO); the chairman of the ExCo.

ExCo reports directly to the BoD, which supports it in the execution of its tasks and constructively challenges its decisions when appropriate. Once a year, the BoD deliberates on the delegated tasks to the members of the ExCo and evaluates its effectiveness.

The tables below provide an overview of the BoD (administrative) and ExCo (management), distinguishing between executive and non-executive members, and demonstrating the gender diversity within EXMAR's top management. Three of our non-executive board members are independent, corresponding to 42.85%. This percentage has decreased compared to 2024, where the independence stood at 50%.

	ADMINISTRATIVE		MANAGEMENT
	2024	2025	2024	2025
Executive	3	2	5	5
Non-executive	7	5	0	0
	10	7	5	5
DOMAIN	BOD		EXCO
---	---	---	---	---
	2024	2025	2024	2025
Male	6	5	5	5
Female	4	2	0	0
Unknown	0	0	0	0
Other	0	0	0	0
Total	10	7	5	5
Diversity %	40%	28.6%	0%	0%

Please note that one member of ExCo is also part of the BoD, explaining why the total number of people amounts to 11 when calculating the gender diversity of top management. Gender diversity is calculated by dividing the number of women in top management by the total number of top management members.

3.4.1.2 COMMITTEES

The two main committees within EXMAR's governance model are the Nomination and Remuneration Committee (NRC) and Audit & Risk Committee (ARC). Below, a description of both committees is provided. Specifics on the members of each is available in Chapter 4.1 – Corporate Governance Statement.

Firstly, the Nomination and Remuneration Committee (NRC) supports our BoD in undertaking responsibility for the nomination procedures for Board and Executive Committee members. Its tasks include establishing objective selection criteria and determining the profile for membership of the BoD and ExCo. Besides, the NRC proposes the most suitable candidates and makes recommendations concerning the appointment or reappointment of directors, in line with our company's procedures. Related thereto, we state that appointments of members of administrative, management and supervisory bodies who held a comparable position in public administration in two years preceding such

appointment, have not taken place at EXMAR.

Secondly, the Board of Directors established the Audit and Risk Committee (ARC). The ARC monitors compliance with EXMAR's Corporate Governance Charter - a summary of rules and principles which our corporate governance policy is organized around (see Chapter 4.1 - Corporate Governance Statement) - and our Compliance Manual containing several policies (see below). Additionally, the ARC has the broadest investigative powers concerning ESG, holding oversight of ESG impacts, risks and opportunities. Therefore, it receives input from the Key Risk Officers (see below). The ARC consists of at least three non-executive directors (hence, members of the BoD) of which at least one is independent. To ensure clear accountability and governance, the responsibilities related to impacts, risks and opportunities are reflected in the ARC terms of reference and board mandates – the latter stating the role of BoD members within the ARC.

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3.4.1.3 ROLES AND STRUCTURES DEDICATED TO ESG

For ESG matters, some dedicated roles and structures were created. As the job title suggests, EXMAR Group's Head of ESG & Compliance is responsible for everything relating to ESG and compliance (e.g., group policies, risk management & certifications). This person is part of the Finance, Legal and Tax (FLT) team and reports directly to the Chief Financial Officer (CFO), who is a member of ExCo as well as the company's Compliance Officer (see below). The close collaboration with Finance as well as the CFO allows the Head of ESG to develop a comprehensive view on sustainability, integrating ESG into the company's business model and strategy. Moreover, it facilitates setting realistic actions and ambitions that are supported throughout the group. The Head of ESG and CFO have regular one-on-one meetings, and the CFO brings the topics discussed to ExCo and BoD (if needed).

The Head of ESG is responsible for a group-wide approach, keeping oversight of all initiatives throughout. However, she does not operate alone. An ESG Taskforce was created to assist in data collection, data control and the setup of processes. This body consists of experts across different departments (e.g., Finance, Legal & HSEQ) and entities (e.g., DVO & EOC). With top-down coordination, we aim to create an efficient collaboration throughout the EXMAR Group, capturing all expertise and feeding our reporting intentions, new initiatives and overarching action plan(s) bottom-up.

The table below outlines the input and output of each (group of) partner(s) within the ESG Taskforce, related to sustainability matters and broader than reporting.

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ESG PARTNER	INPUT	OUTPUT
BoD	• Communicates strategic objectives on ESG in its interaction with shareholders
• Prepares and presents CSRD report to General Meeting with shareholders
• Upholds strategies and values of EXMAR in its sustainable value creation
• Reviews Dealing Code & Code of Business Ethics
• Determines company strategy, Corporate Governance Charter, Corporate Governance Statement and Compliance Manual
• Validates press releases of subjects under non-financial regulations	• Imposes company-wide compliance with the Corporate Governance Charter, Compliance Manuals and laws and regulations
• Validates compliance of the annual CSRD report
ExCo / ARC	• Day-to-day management and policy of the group
• Implementation of decisions taken by the BoD
• Establishment of internal controls
• Reviews and challenges annual CRSD accounts
• Communicates proposals on company strategy to the BoD
• Reviews and challenges press releases	• Validates and provides advice to the BoD on the CSRD report
• Suggests proposals on company strategy
EXMAR	• Creates the annual CSRD report
• Upholds ESG targets in business interaction
• Reports and consolidates ESG KPIs
• Completes questionnaires on ESG
• Sets up group policies and procedures	• Compliance risk assessment, model & manual
• Ensures company-wide compliance with CSRD
Subsidiaries	• Report on ESG KPIs
• Support in developing group policies and procedures
• Regulatory monitoring
• Reporting as per regulations
• Implementing policies and procedures
• Uphold ESG targets in business interaction	• Review policies and procedures
• Ensure regulatory compliance

3.4.1.4 RISK MANAGEMENT

To maintain an overview of all EXMAR-related risks, we have built a Compliance Risk Universe, in which risks for legal, regulatory and business requirements are detailed. The primary themes are:

Corporate governance
Competition, antitrust laws, trade sanctions
Conflict of interest
Insider transactions
Anti-money laundering
Financial statement fraud
Fraud & corruption
Health & safety
Environmental protection
Information management/security
Intellectual property
Employee obligations
Individuals
Privacy

For each theme, a Key Risk Officer (KRO) has been designated, responsible for assessing the risks related to their domain. The Head of ESG & Compliance maintains a comprehensive overview of all sustainability-related risks, ensuring alignment with the company's broader risk management strategy. Besides, a Compliance Officer was appointed by the BoD, accountable for tracking and escalating concerns or cases of non-compliance and any related issues. The KROs, Head of ESG & Compliance and Compliance Officer convene quarterly to review, discuss and address emerging risks across all designated themes. The results of these meetings are reported to the ARC.

3.4.1.5 INFORMATION FLOW TO TOP MANAGEMENT

As mentioned above, certain information flows to top management. Furthermore, Chapter 3.3– Social demonstrates the engagement with our own workforce and how we encourage everyone to utilize the multiple reporting channels available to ensure their voices are heard. Since our employees are vital stakeholders for our ESG strategy, their feedback is communicated regularly to top management.

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Based on this feedback, material impacts, risks and opportunities (IROs) are discussed during ExCo, ARC and BoD meetings. If more details are required, this is taken up by the CFO with the Head of ESG & Compliance. When needed, the broader ESG Taskforce is also included. However, the final decision-making power lies with the BoD. Input (e.g., risk management elements or financial resources for ESG matters) is therefore provided by ExCo and subsequently endorsed by the BoD.

The Executive Committee meets on a weekly basis to keep a close eye on EXMAR's operations. However, the members of the committee are available on an ad hoc basis when required, depending on the priority of a certain topic. Feedback on material IROs (especially risks) is the responsibility of the Key Risk Officers. They must channel any information related to the implementation of due diligence as well as results and effectiveness of policies, actions, metrics and targets adopted.

The BoD meets at least four times a year, receiving the input from the ARC. If required, the BoD can also be convened at the request of at least three directors. The actual number of BoD meetings throughout 2025, is provided in Chapter 4.1 – Corporate Governance Statement.

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3.4.2 ESG experience and skills

As sustainability-related expertise is embedded across different levels in the company (e.g., with operational teams and crew members on board of our vessels or in key roles staffed by individuals with relevant ESG expertise), engagement with all internal stakeholders is essential to maintain a culture of continuous learning, to strengthen ESG knowledge across the organization and to ensure that sustainability principles are integrated into decision-making at both strategic and operational levels. This is demonstrated by our ESG Taskforce, consisting of members of senior management as well as operational, technical and corporate profiles. These individuals are specialists in the maritime and energy sector, both of which present unique and complex sustainability challenges. Their in-depth knowledge enables them to navigate industry-specific ESG issues effectively, ensuring that sustainability strategies are practical, realistic and impactful. By leveraging their extensive experience, they drive innovation, regulatory compliance and long-term resilience in an evolving global landscape. This enhances EXMAR's ESG profile and allows us to uphold our key principles (see introduction), while ensuring that ESG strategies are embedded in the core of our company. Combined with the extensive expertise of our BoD and ExCo on business conduct matters, there is a solid basis to make decisions on material impacts, related actions and internal controls. Information on the expertise of the members of our BoD and ExCo is available on the website (www.exmar.com).

Our approach ensures that we can provide a CSRD-compliant sustainability report and take steps towards a more sustainable company future, partially driven by legislative requirements. The reporting process (incl. data collection, processing and writing of the report) is the responsibility of the Head of ESG & Compliance, supervised by the CFO. Throughout the process, they reinforce the ESG knowledge of the ARC and ExCo. These bodies oversee the annual auditing and consolidation of the ESG results for the group and are responsible for the preparation and accurate publication of the sustainability statement.

3.4.3 The EXMAR way of working

3.4.3.1 SUPPORTING OUR CORPORATE CULTURE

EXMAR's corporate culture is built on our core values, as demonstrated in the picture above. We strive for creativity and technological innovation to supply energy to the world in an ever faster, safer, more efficient and sustainable way, while attaching great importance to business ethics, corporate integrity and regulatory compliance. To ensure that we meet the highest standards thereto, we have implemented a set of policies, providing a robust framework for ethical decision-making, risk mitigation and corporate governance. These policies serve as the foundation for a transparent resilient and responsible business environment and assist in managing impacts, risks and opportunities related to business conduct. Besides, they provide tools and channels for reporting any incident or suspicion of violations of local and international laws, EXMAR policies or any other internal procedures. As we find a strong ethical culture paramount, we are committed to investigating business conduct incidents promptly, independently and objectively.

Our approach to (enhance) an ethical corporate culture is supported by the Code of Business Ethics and the Dealing Code. The Code of Business Ethics (Code of Conduct for seafarers) describes the way we work, highlighting our guiding principles and explaining individual and peer responsibilities, as well as responsibilities to our employees, customers, shareholders and other stakeholders. It encourages staff to report any issues or concerns that can endanger employees, other people or the company, to their direct manager(s) - enhancing our open-door

3.4 GOVERNANCE

policy. When required, such issues may be escalated to the Human Resources Department or the CFO. In addition, the Dealing Code focuses on handling inside information, aiming to ensure confidentiality and to avoid market manipulation. Both codes are included in EXMAR's Corporate Governance Charter, which is published on our website: www.exmar.com.

Secondly, we have developed a Compliance Manual, confirming our commitment to comply with applicable laws and regulations. The manual contains the main policies for EXMAR Group: (1) anti-fraud and anti-corruption policy, (2) antitrust and competition policy, (3) anti-money laundering policy, (4) sanctions policy, (5) external and internal privacy policy, (6) HSEQ policy, (7) acceptable use policy, (8) whistleblowing policy, (9) intellectual property policy and (10) sustainability policy. The policies for internal use are available to all employees on the intranet. The external privacy policy and whistleblowing policy are published on our website. In Appendix 2, you find an overview of how each policy complies with the ESRS Minimum Disclosure Requirements for policies (MDR-P), outlining elements such as key content, scope and accountability.

All the above is described in EXMAR's Compliance Model (also available on the website). This model was developed in cooperation with management and external advisors and is based on the international standard COSO Framework (Committee of Sponsoring Organizations). It describes the structures and procedures used to assess and detect risks, to report and curb violations, and to provide additional training when required. By means of this model, we systematically assess and prioritize present and emerging compliance and ethical risks as well as industry issues. Changes to the organization, legislation, risk exposure and control status are assessed on a yearly basis, working towards continuous improvement. To realize this, we have built the Compliance Risk Universe, as mentioned in 3.4.1.4 Risk management. The details on our risk management approach are also included in the Compliance Model.

Based on the Compliance Model, a Compliance Program was implemented by our Board of Directors to achieve optimal compliance with rules and laws and to reduce risks of infringements and possible adverse consequences for EXMAR and its stakeholders. The program is designed to foster a corporate culture that motivates all employees, while at the same time assigning individual responsibility. The BoD and the ExCo ensure that employees – including themselves – have appropriate training and receive all information necessary to foster appropriate business conduct.

3.4.3.2 PROTECTION OF WHISTLEBLOWERS

As we encourage our stakeholders to raise concerns or report cases in situations of

(suspected) non-compliance, it is quintessential to have a framework to protect whistleblowers. Our whistleblowing policy clearly describes the channels that are to be used and provides details on data collection, the internal follow-up process, the investigation, the mechanisms for feedback, decision-making, record keeping and data protection. More specifically, the policy provides two options for reporting: the EXMAR Ship Management Reporting Channel (to the HR Director) or the Group Reporting Channel (to the Chief Legal Officer). Both ways allow for confidential and anonymous reporting, and our privacy policies apply to all data that is processed.

It is ensured that the policy and reporting mechanisms align with applicable whistleblower protection laws as we strictly adhere to all legal requirements and regulatory frameworks. This way, we guarantee a secure, confidential and retaliation-free environment for individuals reporting misconduct or unethical practices.

As mentioned above, the whistleblowing policy is available both on the intranet and on our website. All employees have access thereto and are informed when updates are made. A dedicated training course on whistleblowing is currently not in place.

3.4.3.3 ANTI-CORRUPTION & ANTI-BRIBERY

The maritime industry is particularly exposed to corruption risk as its activities involve numerous stakeholders across several jurisdictions, creating many opportunities for corruption and bribery. This may interrupt normal operations, cause delays, generate higher operational costs, threaten safety and affect the well-being of seafarers. Therefore, at EXMAR, we have developed a sound framework to tackle such risks, compliant with all applicable laws, regulatory requirements and codes in the areas where we operate (e.g., the provisions of the UN Convention against Corruption). This is supported by our membership of the Maritime Anti-Corruption Network (MACN). MACN was established in 2011 and has by now grown into a significant industry initiative, offering a platform to learn from peers and provide tools and insights that are useful to seafarers to withstand bribery and facilitation.

Our framework is documented in the anti-fraud and anti-corruption policy, established to prevent, detect and address allegations or incidents of corruption and bribery. Moreover, multiple safeguards to limit the risk of anti-corruption ashore were established, such as:

standardized purchase flows demanding three-way verification by several employees
standard tender processes incl. careful evaluation and final supplier selection for substantial investments
maintaining long-term commitments with counterparties of prime quality

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125

Furthermore, our Charter Party Agreements with our clients include regular sanction clauses but also tailor-made anti-bribery, anti-corruption and ethics clauses. In addition, relevant BIMCO clauses are included: clauses provided by the Baltic and International Maritime Council. As the world's largest direct membership organization for shipowners, charterers, shipbrokers and agents, BIMCO provides information and advice while promoting fair business practices and facilitating harmonization and standardization of commercial shipping practices and contracts. Through the tools and expertise that we can leverage from this platform, we are able to reduce the risk of corruption and bribery by, for example, avoiding port calls to countries with a low score on the International Corruption Index.

Lastly, each vessel has a class approved Ship Security Plan (SSP), aligned with the International Ship and Port Facility Security (ISPS) Code. The SSP details all procedures to ensure vessel, crew and cargo security. Key elements of such a plan focus on prevention, detection, response, recovery and compliance and include a threat assessment, risk mitigation strategies and response procedures. In addition, employees can always reach out to the Company Security Officer (CSO) (ashore) or a dedicated Ship Security Officer (SSO) (offshore), if needed.

3.4.3.3.1 Reporting process

The process of reporting and investigating potential corruption or bribery is aligned with the policies mentioned above and the Compliance Model. A clear distinction is made between reporting, investigating, preventing and detecting. Investigations are separated from the chain of management involved in the prevention and detection of corruption and bribery. One way to report risks or the need for increased attention to a topic is through the Key Risk Officers, whose findings are subsequently reported to the Audit & Risk Committee and, in turn, presented to the Board of Directors.

Like in 2024, in 2025, we had 0 convictions for violation of anticorruption and anti-bribery laws, resulting in 0 fines or penalties.

3.4.3.3.2 Training

EXMAR's policies and procedures are complemented with dedicated training, enhancing proper behavior regarding corruption and bribery. For office employees – including top management -, such training consists of a multiple-choice test through an e-learning tool, presenting a series of questions that describe business conduct situations (incl. potential corruption and/or bribery) in which one could find themselves. A minimum score must be achieved, and the training must be repeated every five years. The program was first implemented at our headquarters and is now progressively extended to all subsidiaries.

Besides, our seafarers are also offered e-learnings, organized by MACN and provided on three levels: ratings, officers and masters.

At EXMAR, we consider our top management (ExCo & BoD), captains and chief engineers (onboard) to hold functions-at-risk for corruption and bribery. Where for top management, this goes without saying; for captains and chief engineers this is due to their central role in interactions with shore-based entities, increasing the opportunities for corruption and bribery. As mentioned above, top management is expected to follow the same compliance training as the other office personnel. Captains and chief engineers, on the other hand, receive training by MACN. This is a new development rolled out during 2025, allowing these employees to interact with someone from MACN to discuss strategies to tackle corruption and facilitation payments. Employees can share experiences, while MACN provides practical tools to address these challenges effectively.

Note that, in the report of 2024, the percentage of functions-at-risk that had completed their mandatory anti-corruption and anti-bribery training included all office personnel at our HQ in Antwerp. For 2025, the definition of functions-at-risk was revised and narrowed for office employees, including only Exco and BoD members (top management). To allow comparison between the percentages, a recalculation was made for 2024. The table below demonstrates the updated percentages for functions at risk that have received and completed their mandatory anti-corruption and anti-bribery training.

2024 - ORIGINAL	2024 - RESTATED	2025
62.91%	59.03%	81.94%

3.4.3.4 POLITICAL INFLUENCE AND LOBBYING

At EXMAR, we draw a clear distinction between direct political influence and lobbying efforts conducted through industry groups, ensuring that all engagements align with ethical standards and regulatory requirements. Our Compliance Risk Universe framework ensures robust oversight of political influence and lobbying activities. Thereby, we systematically assess and manage potential risks while maintaining transparency and accountability. The CFO is responsible for follow-up and communication with the ARC.

In this context, it is relevant to mention our membership of several economic groups or sector groups, such as the Belgian Investor Relations Association VZW, Intertanko, Ammonia Energy Association, BIMCO, Voka, SIGGTO, Singapore Shipping Association and the Royal Belgian Shipowners Association (RBSA). These memberships could be considered as 'lobbying' in the broadest sense of the word. However, being a member only and not actively participating in external interactions,

3.4 GOVERNANCE

we are not able to disclose main topics or positions. By means of example: the RBSA closely collaborates with all relevant national and international parties and defends the interests of Belgian shipowners regarding, for instance, measures to decarbonize maritime transport. Thereby, the association offers operational support and clarification concerning fiscal, social, environmental and maritime legislation.

Note that the RBSA is registered in the EU Transparency Register (REG Nr.: 085057391751-17) – a database listing interest representatives who carry out activities to influence the EU policy and decision-making processes –, but EXMAR itself is not.

As in 2024, EXMAR has in 2025 not provided any financial support, in-kind donations or any form of direct or indirect contributions to political parties, candidates or related organizations. Hence, the monetary value of such contributions is 0.

3.4.4 Business conduct action plan

Above, the principles and guidelines that govern EXMAR's behavior in a business context have been described. This emphasizes the importance of integrity, ethical standards and acting in a fair and trustworthy manner. In what comes next, we outline the actions that were defined related to the material IROs for business conduct. Note that all actions are defined in the short term, as they are continuously being implemented.

The influence of new international and/or local regulations: We respect high standards and strive towards full regulatory compliance. We aim to successfully complete all audits and certification processes applicable to our business and invest in digitalization to reach regulatory compliance when needed. On the other hand, we actively shape industry regulations by engaging with key industry organizations, such as the RBSA and Intertanko.

This way, we are, for example, able to provide feedback on draft regulations that impact our sector and operations.

The prevention and detection of corruption: EXMAR strives towards zero bribery incidents. We try to achieve this through clear company guidelines on anti-bribery procedures as well as providing tools to seafarers to fight bribery, partially coming from MACN.

The table below depicts the costs connected to the above, including costs of our memberships of economic/sector groups ('lobbying' in the broadest sense of the word) and network activities made by EXMAR entities throughout the year, as well as costs related to the implementation of new software tools to facilitate data gathering and standardize our reporting process (e.g. PowerApp & Tagetik CCH). These investments were initially made in 2024 and have continued throughout 2025.

Please note that the table only demonstrates financial resources that have already been made available, excluding future financial resources.

To measure the effectiveness of our actions and reinforce our commitment to ethical business practice, we follow up on two metrics: regulatory violations and bribery incidents. It is our ambition to reach zero violations and incidents: targets reflecting our dedication to transparency and regulatory excellence in all aspects of our operations.

In 2024, we have focused on processes, responsibilities, policies and data collection of our material IROs. Throughout 2025, this was developed and optimized further as certain gaps still needed to be closed. Data analysis and consistent monitoring processes are elements we will look at as of 2026, as a joined effort between ExCo, the ESG taskforce, the Key Risk Officers and the Audit and Risk Committee.

IRO	ACTION	COST	VALUE	COMMENTS	REF. FINANCIAL STATEMENT
Influence of new international and/or local regulations	‘Lobbying’ & network activities	OPEX	170,389		Note 8 – G&A expenses
	Digitalization for new regulations	OPEX	75,237		Note 8 – G&A expenses
Prevention and detection of corruption	Compliance training	OPEX	-	MACN training cost incl. in subscription + office training incl. in HQ training cost in social actions	Note 8 – G&A expenses
Note 9 – Personnel expenses

3.4 GOVERNANCE

3.4.5 Incentivizing sustainability

EXMAR's ESG strategy focuses on innovation, pushing boundaries, safety and our own workforce. Within that context, we have described multiple actions, targets and ambitions throughout this sustainability report. However, implementing these actions and realizing our ambitions, as well as reporting properly and in a compliant manner on our sustainability approach, remains challenging. Despite our efforts, for some colleagues, sustainability remains rather abstract and distant from daily tasks. One way to make sustainability more tangible and to encourage employees to get (more) involved, could be the integration of sustainability-related KPIs in our remuneration policy. This policy applies to our employees and top management and aims to attract, motivate, reward and retain qualified professionals. As said, sustainability-related KPIs are currently not included. Hence, no internal ESG-related incentive schemes apply, and, by consequence, there is no variable remuneration dependent on sustainability-related targets and/or impacts. This will be reconsidered in 2026, connected to an evaluation of the sustainability data collection process - with

the aim to identify recurring issues/challenges – and to what we wish to develop throughout the year (e.g., transition planning or refining our social targets). Thereby, we will investigate possible ESG incentive schemes to, on the one hand, discourage negative behavior or lack of action, while, on the other, encourage positive actions and celebrate motivation and drive towards sustainable goals. Potential ESG incentive schemes may be proposed to the Nomination and Remuneration Committee and must be approved by the Board of Directors. At this occurrence, we will clearly explain the arguments for specific KPIs, such as climate-related considerations.

Details on the remuneration policy are available in Chapter 4.3 - Remuneration Report.

On the contrary, external incentive schemes are present. Such incentives are applicable to vessel financing in our joint ventures within the framework of sustainability-linked loans. We have committed to meeting ESG KPIs agreed on with financial institutions, in return for lower interest margins. If we do not meet these KPIs, this results in a higher interest margin, acting as a financial incentive to continue our sustainability path.

3.5 APPENDIX

3.5.1 Appendix 1: Explanation of non-material topics

3.5.1.1 E2 – POLLUTION

ESRS E2 is non-material for EXMAR, based on the following considerations:

Low actual severity in case of accidents: In the unlikely event of an accidental pollution incident, the severity would be minimal due to the comprehensive safety protocols in place. These measures significantly mitigate potential impacts on the environment.
Strict safety regulations and oversight: All our vessels operate under stringent safety regulations mandated by international maritime laws and audited regularly by flag state and clients. This significantly reduces the risk of accidental water or air pollution.
Prohibition of waste disposal overboard: EXMAR strictly prohibits the disposal of non-food waste overboard on all vessels, following MARPOL regulations. This policy prevents microplastic release into the ocean, safeguarding marine ecosystems.
Irrelevance of specific pollution categories: The pollution of living organisms, food resources, or soil is not applicable to EXMAR's operations, as its activities do not intersect with these domains.
No substances of concerns: We don't carry any substances classified as substances of (very) high concern. This further minimizes the potential environmental impact of its operations.

In conclusion, due to our stringent measures and the nature of our operations, pollution risks are effectively managed and controlled, rendering E2 Pollution non-material for EXMAR.

3.5.1.2 E3 – WATER AND MARINE RESOURCES

ESRS E3 is non-material for EXMAR, based on the following considerations:

Negligible water extraction and discharge: The total amount of water extracted and discharged by our vessels from the ocean is negligible, minimizing the impact on water and marine ecosystems.
Ballast water treatment systems: The largest volume of water used in its operations is treated through advanced ballast water treatment systems. These systems ensure that discharged water has a very limited effect on water quality and marine resources.

In conclusion, due to the minimal water extraction and discharge volumes and the effective treatment measure sin place, the impact on water and marine resources is negligible, rendering E3 Water and Marine Resources non-material for EXMAR.

3.5.1.3 E4 – BIODIVERSITY AND ECOSYSTEMS

ESRS E4 is non-material for EXMAR, based on the following considerations:

Limited impact on drivers of biodiversity loss: Operations do not directly influence the primary drivers of biodiversity loss, such as land-use changes, freshwater use, sea-use or climate change.
Minimal impact on species and habitats: Our activities have a negligible impact on the state of species, including population sizes and risks of extinction. We don't operate in high-risk areas known for significant biodiversity concerns.
Strict environmental regulations in international waters: Operating in international waters, EXMAR adheres to rigorous environmental regulations. Our measures include robust onboard protocols designed to prevent the introduction of invasive species, ensuring minimal ecological disturbance.
Non-dependence on ecosystem services: EXMAR's business model is not reliant on ecosystem services, further reducing its direct or indirect impact on biodiversity.

Given these factors, E4 is determined not to be a material aspect of our sustainability reporting, as our business activities inherently have limited relevance to this domain.

3.5 APPENDIX

3.5.1.4 E5 - RESOURCE USE AND CIRCULAR ECONOMY

ESRS E5 is non-material for EXMAR, based on the following considerations:

Limited role in the circular economy: EXMAR does not actively participate in the circular economy. Our owned vessels are sold well before reaching their recycling age. Furthermore, an essential clause is included in sales contracts, requiring the vessel to remain operational for at least one-year post-sale, ensuring continued use rather than immediate recycling.
No end-product deliveries: As a service provider, EXMAR doesn't deliver end products. This means that we are not directly involved in product lifecycles or considerations around reuse, recycling, or waste management at the consumer level.
Minimal raw material use and waste production: The nature of operations requires minimal raw materials and the amount of waste generated is comparatively low. The focus on services, rather than manufacturing or heavy industrial activities, significantly reduces material consumption and waste footprint.

Given these factors, E5 is not material to our sustainability reporting, as the scope of our operations inherently minimizes relevance to resource use and circular economy considerations.

3.5.1.5 S2 - WORKERS IN THE VALUE CHAIN

ESRS S2 is non-material for EXMAR, for the following reasons:

Limited interaction with value chain workers: The nature of our operations, which primarily take place in international waters or as a service provider in local projects, inherently limits interaction with workers in the value chain.
Strict adherence to company procedures: In instances where workers from our value chain come on board of the vessels, they are required to comply with EXMAR's established health, safety and general working condition procedures. These measures create consistent standards across all personnel on board, regardless of their employment affiliation.
Service-oriented business model: As a service provider, the operational model does not depend heavily on extended value chin activities involving large numbers of external workers. This reduces the significance of risks or impacts associated with value chain labour issues.

Given these considerations, S2 has been deemed non-material for our sustainability statement, as the nature of our operations inherently minimize relevance to the concerns addressed under this standard.

3.5.1.6 S3 - AFFECTED COMMUNITIES

ESRS S3 is non-material for EXMAR, based on the following considerations:

Operations in international waters: A significant portion of the activities takes place in international waters, where there is no direct interaction with local communities.
Service-oriented projects in local areas: In instances where EXMAR operates as a service provider in local projects, its engagement remains focused on delivering specific services rather than interacting with local communities on economic, social, cultural, civil or political matters.
Minimal community impact: The operational model doesn't entail significant involvement in or impact on local communities, their rights or their well-being. This naturally limits the material relevance of community-related concerns to our activities.

Given these factors, S3 has been deemed non-material for our sustainability reporting, as the nature of our operations inherently minimizes relevance to the concerns addressed under this standard.

3.5.1.7 S4 - CONSUMERS AND END-USERS

ESRS S4 is non-material for EXMAR, based on the following considerations:

Business-to-business operating model: EXMAR operates exclusively within a B2B framework. As such, we don't have direct relationships with individual end-users or consumers.
No consumer-focused goods or services: Costumers do not acquire, consume or use our goods and services for personal use. This further minimizes any potential impact on or responsibility for individual consumers/end-users.
Service-oriented operations: As a service provider, our activities are focused on fulfilling contractual obligations to other businesses rather than delivering products or services to the consumer market.

Given these factors, S3 has been deemed non-material for our sustainability reporting, as the absence of end-users or consumers in EXMAR's business model renders the concerns addressed under this standard, irrelevant for our operations.

3.5 APPENDIX

3.5.2 Appendix 2: Overview of EXMAR policies and alignment with ESRS 2 MDR-P Disclosure Requirements

The table below demonstrates how EXMAR' policies referred to in the sustainability statement, comply with the Minimal Disclosure Requirements for Policies from ESRS 2 – General Disclosures. The policies concerned are the following:

GENERAL ESG	ENVIRONMENT	SOCIAL	GOVERNANCE
Sustainability policy HSEQ policy	Car policy	Internal & external privacy policy	Anti-fraud & anti-corruption policy
		Anti-harassment & non-discrimination Policy	Antitrust and competition policy
		Whistleblowing policy (incl. Grievance mechanism)	Anti-money laundering policy
		Home Office Arrangement	Sanctions policy
			Acceptable use policy
HEADLINE	ESRS 2 MDR-P-63	The undertaking shall apply the minimum disclosure requirements defined in this provision when it discloses the policies it has in place regarding each sustainability matter identified as material.
---	---	---	---
OBJECTIVE	ESRS 2 MDR-P-64	The objective of this Minimum Disclosure Requirement is to provide an understanding of the policies that the undertaking has in place to prevent, mitigate and remediate actual and potential impacts, to address risks and to pursue opportunities.
DISCLOSURE REQUIREMENTS	ESRS 2 MDR-P-65a	The undertaking shall disclose information about policies adopted to manage material sustainability matters. The disclosure shall include the following information: (a) the description of the key contents of the policy, including its general objectives and which material impacts, risks or opportunities the policy relates to and the process for monitoring	• The information for the sustainability policy, HSEQ policy, anti-harassment & non-discrimination policy, whistleblowing policy, home office arrangement, and anti-fraud & anti-corruption policy is provided in the social & governance chapters.
• Privacy policy: Description of data processing of employees/any other person using the services of or having business relationships with an EXMAR entity. In addition, the policies describe the data rights of employees/any other person using the services of or having business relationships with an EXMAR entity.
• Antitrust & competition policy: Basic principles contained in most antitrust and competition law regimes worldwide. The intention is to provide information on related rules, enabling personnel to spot and seek advice on potential issues. The information contains specifics on the consequences of non-compliance, sanctions, anti-competition agreements, prohibited actions, abuse of dominance, and procedures.
• Anti-money laundering: The policy deals with the requirements of anti-money laundering laws and regulations I the day-to-day operation of the business. It elaborates on target personnel and each employee's responsibility to raise concerns in case of suspicion. In addition, it includes a non-exhaustive guidance of areas that may be cause for concern.
• Sanctions policy: Information related to comply with sanctions, referred to as tools used by governments, international organisations and supranational bodies to encourage a change in the behaviour or a government or regime or to prevent financing of terrorism. The policy outlines responsibilities of EXMAR personnel to check that no contracts nor projects violate any sanctions.
• Acceptable use policy: This policy aims to secure our resources and data and places this responsibility with each employee. It summarizes the main information security guidelines and explains the expectations to EXMAR employees on the use of available IT resources and systems, referring to behaviour and best practices for information security.
• Intellectual property policy: Aims to protect the intellectual property rights, including inventions, ideas, discoveries and authored works. It elaborates on patents, trade secrets and confidential information, trademarks and copyright and outlines rights and responsibilities.

3.5 APPENDIX

| DISCLOSURE REQUIREMENTS | ESRS 2 MDR-P-65b | The undertaking shall disclose information about policies adopted to manage material sustainability matters. The disclosure shall include the following information: (b) a description of the scope of the policy, or of its exclusions, in terms of activities, upstream and/or downstream value chain, geographies and, if relevant, affected stakeholder groups | All policies are developed on group level and are applicable to both office employees and seafarers. We do apply a pragmatic approach, tailoring policies to the nature of employment. Hence, there may exist several versions of policies, dedicated for office employees versus seafarers (e.g., related to topics such as health & safety). In addition, the car policy & home office arrangement are currently applied at the headquarters office in Antwerp with the ambition to broaden the application to the regional offices.
Anti-fraud & anti-corruption policy: Applicable to both EXMAR personnel and all Third Parties.
Internal privacy policy: Applicable to both EXMAR personnel and other seafarers on vessels owned or chartered by EXMAR Group.
Whistleblowing policy: Applicable to EXMAR personnel, third parties and other seafarers on vessels owned or chartered by EXMAR Group.
Acceptable use policy: Applicable to EXMAR personnel, consultants and third-party contractors with access to EXMAR resources, data and information. |
| --- | --- | --- | --- |
| | ESRS 2 MDR-P-65c | The undertaking shall disclose information about policies adopted to manage material sustainability matters. The disclosure shall include the following information: (c) the most senior level in the undertaking's organisation that is accountable for the implementation of the policy | The Board of Directors is responsible for defining and reviewing key policies. The Executive Committee is accountable for our day-to-day management and policy, hence, the proper implementation of each policy. |
| | ESRS 2 MDR-P-65d | The undertaking shall disclose information about policies adopted to manage material sustainability matters. The disclosure shall include the following information: (d) a reference, if relevant, to the third-party standards or initiatives the undertaking commits to respect through the implementation of the policy. | References to applicable regulations per policy/domain. No references to third-party standards or initiatives. |
| | ESRS 2 MDR-P-65e | The undertaking shall disclose information about policies adopted to manage material sustainability matters. The disclosure shall include the following information: (e) if relevant, a description of the consideration given to the interests of key stakeholders in setting the policy | Described in the social & governance chapter. |
| | ESRS 2 MDR-P-65f | The undertaking shall disclose information about policies adopted to manage material sustainability matters. The disclosure shall include the following information: (f) if relevant, whether and how the undertaking makes the policy available to potentially affected stakeholders, and stakeholders who need to help implement it | The overarching framework for all policies is described in EXMAR's Compliance Model, which is available on the website.
All policies for internal use are available on EXMAR's Intranet.
Policies also applicable to external shareholders (external privacy policy & whistleblowing policy) are published on EXMAR's website.
Each new employee receives an onboarding package, including all policies. He/she is expected to acknowledge the receipt and confirm all policies have been read. |

3.5 APPENDIX 133

3.5.3 Appendix 3: EU Taxonomy Templates

3.5.3.1 NUCLEAR AND FOSSIL GAS RELATED ACTIVITIES

ROW	NUCLEAR ENERGY RELATED ACTIVITIES
1.	The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.	NO
2.	The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies.	NO
3.	The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.	NO
FOSSIL GAS RELATED ACTIVITIES
4.	The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels.	NO
5.	The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels.	NO
6.	The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.	NO

3.5 APPENDIX

134

3.5.3.2 PROPORTION OF TURNOVER FROM PRODUCTS OR SERVICES ASSOCIATED WITH TAXONOMY-ALIGNED ECONOMIC ACTIVITIES - DISCLOSURE COVERING YEAR 2025

FINANCIAL YEAR 2025	2025			SUBSTANTIAL CONTRIBUTION CRITERIA					DNSH CRITERIA = See Not Significantly Harmful
Economic activities (1)	Code (a) (2)	Turnover (3)	Proportion of Turnover, year N (4)	Climate change mitigation (5)	Climate change adaption (6)	Water and marine resources (7)	Pollution (8)	Circular economy (9)	Biodiversity and ecosystems (10)	Climate change mitigation (11)	Climate change adaption (12)	Water and marine resources (13)	Pollution (14)	Circular economy (15)	Biodiversity and ecosystems (16)	Minimum safeguards (17)	Proportion of Taxonomy aligned (A.1.) or eligible (A.2.) turnover, year 2024 (18)	Category (enabling activity or) (19)
Text	USD	%	Y; N; N/EL; (b)(c)	Y; N; N/EL; (b)(c)	Y; N; N/EL; (b)(c)	Y; N; N/EL; (b)(c)	Y; N; N/EL; (b)(c)	Y; N; N/EL; (b)(c)	Y; N; N/EL; (b)(c)	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	E
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmental sustainable activities (Taxonomy-aligned)
N/A	N/A	0	0	N	N	N	N	N	N	N	N	N	N	N	N	0%	N/A	N/A
Turnover of environmental sustainable activities (Taxonomy-aligned (A.1)	0	0%	0%	0%	0%	0%	0%	0%	0%	N	N	N	N	N	N	0%
Of which enabling	0	%	%	%	%	%	%	%	N	N	N	N	N	N	N	0%	N/A
Of which transitional	0	%							N	N	N	N	N	N	N	0%		N/A
A.2 Taxonomy-Eligible but not environmental sustainable activities (not Taxonomy-aligned activities) (g)
				EL; N/EL (f)	EL; N/EL (f)	EL; N/EL (f)	EL; N/EL (f)	EL; N/EL (f)	EL; N/EL (f)
Sea and coastal freight water transport, vessels for port operations and auxiliary activities	6,10	63,251	25%	EL	N/EL	N/EL	N/EL	N/EL	N/EL							43%
Turnover of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)	63,251	25%	%	0%	0%	0%	0%	0%								43%
A. Turnover of Taxonomy eligible activities (A.1+A.2)	63,251	25%	%	0%	0%	0%	0%	0%								43%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible activities (B)	184,889	75%
Total (A + B)	248,140	100%

3.5 APPENDIX

(a) The Code constitutes the abbreviation of the relevant objective to which the economic activity is eligible to make a substantial contribution, as well as the Section number of the activity in the relevant Annex covering the objective, i.e.: - Climate Change Mitigation: CCM - Climate Change Adaptation: CCA - Water and Marine Resources: WTR - Circular Economy: CE - Pollution Prevention and Control: PPC - Biodiversity and ecosystems: BIO For example, the Activity "Afforestation" would have the Code: CCM 1.1

Where activities are eligible to make a substantial contribution to more than one objective, the codes for all objectives should be indicated.

For example, if the operator reports that the activity "Construction of new buildings" makes a substantial contribution to climate change mitigation and circular economy, the code would be: CCM 7.1. / CE 3.1.

The same codes should be used in Sections A.1 and A.2 of this template.

(b) Y - Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective

N - No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective

N/EL - not eligible, Taxonomy non-eligible activity for the relevant environmental objective

(c) Where an economic activity contributes substantially to multiple environmental objectives, non-financial undertakings shall indicate, in bold, the most relevant environmental objective for the purpose of computing the KPIs of financial undertakings while avoiding double counting. In their respective KPIs, where the use of proceeds from the financing is not known, financial undertakings shall compute the financing of economic activities contributing to multiple environmental objectives under the most relevant environmental objective that is reported in bold in this template by non-financial undertakings. An environmental objective may only be reported in bold once in one row to avoid double counting of economic activities in the KPIs of financial undertakings. This shall not apply to the computation of Taxonomy-alignment of economic activities for financial products defined in point (12) of Article 2 of Regulation (EU) 2019/2088. Non-financial undertakings shall also report the extent of eligibility and alignment per environmental objective, that includes alignment with each of environmental objectives for activities contributing substantially to several objectives, by using the template below:

(d) The same activity may align with only one or more environmental objectives for which it is eligible.

(e) The same activity may be eligible and not aligned with the relevant environmental objectives.

(f) EL - Taxonomy eligible activity for the relevant objective

N/EL - Taxonomy non-eligible activity for the relevant objective

(g) Activities shall be reported in Section A.2 of this template only if they are not aligning to any environmental objective for which they are eligible. Activities that align to at least one environmental objective shall be reported in Section A.1 of this template.

(h) For an activity to be reported in Section A.1 all DNSH criteria and minimum safeguards shall be met. For activities listed under A2, columns (5) to (17) may be filled in on a voluntary basis by non-financial undertakings. Non-financial undertakings may indicate the substantial contribution and DNSH criteria that they meet or do not meet in Section A.2 by using: (a) for substantial contribution - Y/N and N/EL codes instead of EL and N/EL and (b) for DNSH - Y/N codes

PROPORTION OF TURNOVER/TOTAL TURNOVER
	Taxonomy-aligned per objective	Taxonomy-eligible per objective
CCM	0%	%	Climate Change Mitigation
CCA	0%	0%	Climate Change Adaptation
WTR	0%	0%	Water Resource Management
CE	0%	0%	Circular Economy
PPC	0%	0%	Pollution Prevention and Control
BIO	0%	0%	Biodiversity Conservation

XION3ddV 5'E 9E1

3.5.3.3 PROPORTION OF CAPEX FROM PRODUCTS OR SERVICES ASSOCIATED WITH TAXONOMY-ALIGNED ECONOMIC ACTIVITIES - DISCLOSURES FOR FY2025

FINANCIAL YEAR 2025	2025			SUBSTANTIAL CONTRIBUTION CRITERIA					ONSH CRITERIA (Case Not Significantly Harmful)
Economic activities (1)	Code (a) (2)	CapEx (3)	Proportion of CapEx, year N (4)	Climate change mitigation (5)	Climate change adaption (6)	Water and marine resources (7)	Pollution (8)	Circular economy (9)	Biodiversity and ecosystems (10)	Climate change mitigation (11)	Climate change adaption (12)	Water and marine resources (13)	Pollution (14)	Circular economy (15)	Biodiversity and ecosystems (16)	Minimum safeguards (17)	Proportion of Taxonomy aligned (A.1.) or eligible (A.2.) CapEx, year 2024 (18)	Category (enabling activity or) (19)
Text	USD	%	Y; N; N/EL; (b)(c)	Y; N; N/EL; (b)(c)	Y; N; N/EL; (b)(c)	Y; N; N/EL; (b)(c)	Y; N; N/EL; (b)(c)	Y; N; N/EL; (b)(c)	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	%	E
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmental sustainable activities (Taxonomy-aligned)
N/A	N/A	0	0%	N	N	N	N	N	N	N	N	N	N	N	N	0%	N/A	N/A
CapEx of environmental sustainable activities (Taxonomy-aligned (A.1)	0	0%	0%	0%	0%	0%	0%	0%	0%	N	N	N	N	N	N	0%
Of which enabling	0	0%	0%	0%	0%	0%	0%	0%	0%	N	N	N	N	N	N	0%	N/A
Of which transitional	0	0%							N	N	N	N	N	N	N	0%		N/A
A.2 Taxonomy-Eligible but not environmental sustainable activities (not Taxonomy-aligned activities) (g)
				EL; N/EL (f)	EL; N/EL (f)	EL; N/EL (f)	EL; N/EL (f)	EL; N/EL (f)	EL; N/EL (f)
Sea and coastal freight water transport, vessels for port operations and auxiliary activities	6,10	0,403	1%	EL	N/EL	N/EL	N/EL	N/EL	N/EL							57%
CapEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)	0,403	1%	27%	0%	0%	0%	0%	0%								57%
A. CapEx of Taxonomy eligible activities (A.1+A.2)	0,403	1%	27%	0%	0%	0%	0%	0%								57%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-eligible activities (B)	35,259	99%
Total (A + B)	35,662	100%