EXMAR report 2023

OUTLOOK Shipping: Very Large Gas Carriers (VLGC) EXMAR’s LPG fuelled 88,000 m³ VLGCs FLANDERS INNOVATION and FLANDERS PIONEER are serving a long-term time-charter agreement with Equinor ASA (Norway). With the large capacity and the dual fuel LPG engine, these vessels represent the best technology available today with respect to reducing greenhouse gas emissions. The VLGC BW TOKYO performed well in the course of 2023 in the BW VLGC pool and we expect similar performance in 2024. Midsize Gas Carriers (MGC) During 2023, 50% of EXMAR’s Midsize fleet was dedicated to transporting ammonia and is expected to continue in 2024. EXMAR, which has a 50 / 50 joint venture with SEAPEAK for the Midsize fleet, continues to build on its existing loyal customer base with extensions of existing time charter contracts at profitable levels. At the beginning of 2024, 92% of EXMAR’s Midsize fleet has already been committed to these clients for 2024. Pressurized EXMAR’s pressurized fleet of 10 ships remained dedicated to well-established industrial and long- term partners, both in North-West Europe and in Asia. The time charter coverage for 2024 stands at 53%. Liquefied Natural Gas (LNG) EXCALIBUR is under a 10-year charter for the ENI Marine XII infrastructure project in Congo, to serve as floating storage unit alongside the floating liquefaction plant TANGO FLNG. Infrastructure: Floating LNG barges TANGO FLNG is a floating LNG terminal which liquefies natural gas into LNG, which is then offloaded into LNG carriers laying alongside for export to LNG-importing countries. TANGO FLNG is owned by ENI as part of the activities of the natural gas development project in the Marine XII block. EXMAR carried out refurbishment on the TANGO FLNG as engineering, procurement and conversion contractor on the Marine II project in Congo in 2023. First gas was received year end 2023 and a first LNG cargo was successfully exported in February 2024. EXMAR has been heavily involved in this project as development and implementation partner and will continue its support as operations & maintenance partner after commissioning and performance acceptance. EEMSHAVEN LNG is a regasification unit and is operating under a five-year charter in the Netherlands since August 2022. The charter for operating the floating storage and regasification unit is proceeding satisfactorily. Accommodation barges The employment of the accommodation and work barge NUNCE has confirmed the reputation of EXMAR of delivering high standard services to its customer offshore Angola, and its contract was extended until May 2024. The accommodation and work barge WARIBOKO was deployed in Congo in the second half of 2023 till mid- February 2024 and is available for new assignments since then. In March 2024 it was decided to sell the work barge WARIBOKO. Drilling EXMAR acquired a holding of 11.5% in Vantage Drilling International in October 2023. Vantage provides offshore oil and natural gas drilling services. Vantage is listed on the US OTC market. Supporting Services: Ship Management 2023 has been a very busy year especially for the infrastructure business unit of EXMAR Ship Management, following the agreements with ENI for the conversion ahead of deployment for the TANGO FLNG and EXCALIBUR and the terminal operations of EEMSHAVEN LNG, which will continue in 2024. BEXCO The outlook for 2024 is positive with strong demand expected for Bexco’s tailor-made rope solutions for offshore wind as well as for its deep-water mooring ropes. TRAVEL PLUS Although 2023 was another challenging year, the company remained on track and ended the year with positive results, a trend which is expected to continue in 2024. EXMAR Yachting EXMAR Yachting's marketing strategy continues to focus on increasing brand awareness for yacht management, flag registry services, crew payroll, and sales brokerage. This strategy has been successful, attracting new clients to EXMAR Yachting. The outlook for 2024 is positive, with increased demand for technical support and a steady growth of charter yachts under their Central Agency. Approval and discharge of the annual accounts We hereby request the General Meeting of Shareholders to approve this report for the year ending December 31, 2023 in its entirety and to appropriate the results as provided in this report. We also request the shareholders to grant discharge to the directors and Statutory Auditor for the performance of their mandate during the above- mentioned financial year. Appointments The following mandates will expire at the General Meeting of Shareholders: • Carl-Antoine Saverys, executive director • Nicolas Saverys, executive director • Stephanie Saverys, non-executive director The Board of Directors, March 25, 2024 124 FINANCIAL REPORT