EXMAR report 2025

— — 5.1 ANNUAL REPORT OF THE BOARD OF DIRECTORS TO THE SHAREHOLDERS 176 5.2 CONSOLIDATED FINANCIAL STATEMENTS 182 Consolidated statement of financial position 183 Consolidated statement of profit and loss and other comprehensive income 184 Consolidated statement of cash flows 185 Consolidated statement of changes in equity 186 Note 1 - Accounting policies 188 Note 2 - Segment reporting 200 Note 3 - Reconciliation segment reporting  205 Note 4 - Revenue 209 Note 5 - Gain on disposal 210 Note 6 - Vessel and engineering project expenses 210 Note 7 - Purchase of goods 210 Note 8 - General and administrative expenses 211 Note 9 - Personnel expenses 211 Note 10 - Provisions 211 Note 11 - Finance result 212 Note 12 - Income taxes 213 Note 13 - Vessels and barges 214 Note 14 - Other property, plant and equipment 216 Note 15 - Right-of-use assets 217 Note 16 - Investments in equity accounted investees 218 Note 17 - Financial information equity accounted investees 219 Note 18 - Borrowings to equity accounted investees 222 Note 19 - Tax assets and liabilities 223 Note 20 - Other non-current financial assets 223 Note 21 - Financial Assets at FVTPL 224 Note 22 - Trade and other receivables 224