EXMAR report 2025

5.1 ANNUAL REPORT OF THE BOARD OF DIRECTORS TO THE SHAREHOLDERS 177 Investments in equity accounted investees increased by USD 22.2 million up to USD 181.9 million end 2025, primarily as a result of our share in the net profit of these joint ventures and associated companies (USD 24.5 million), offset by dividends (-USD 1.6 million) and interest rate swap impact on the Group’s other comprehensive income (-USD 1.5 million). In 2025 EXMAR acquired bonds in several companies for an amount of USD 9.8 million. In 2025 the financial assets at FVTPL decreased because of the loss on remeasurement of shares. Current trade and other receivables decreased by USD 46.5 million and is mainly due to a decrease of trade receivable balances in relation to engineering, operations and maintenance contracts for the Marine XII project in Congo, for TANGO FLNG and EXCALIBUR. The cash position on December 31, 2025, amounted to USD 179.8 million, a decrease by USD 94.9 million following net outflow of cash from financing activities which includes the dividend distributions of which optional dividend was a major driver in the cash position, offsetting strong growth of the cash flow from operating activities. Equity amounted to USD 549.1 million end 2025, or a decrease by USD 60.5 million primarily because of an aggregated dividend distribution of USD 325.0 million, partially converted into a capital increase of USD 186.1 million, and USD 74.3 million profit of the year. End 2025, borrowings (non-current and current) amounted to USD 278.2 million (2024: USD 316.5 million). The decrease of USD 38.4 million is in essence explained by the repayment of the existing facilities (USD 47.7 million), partially offset by new lease liabilities. COMMENTS ON THE STATUTORY FINANCIAL STATEMENTS The statutory accounts were prepared in accordance with Belgian GAAP and accounting principles were consistently applied. These accounts will be presented for approval to the General Meeting of Shareholders on May 19, 2026. The below comments cover the main items of the statutory annual accounts: The operational loss amounted to USD -15.8 million in 2025 (2024: USD -3.5 million). Financial year 2024 included a positive impact of USD 10.4 million of reversals of provision for a tax claim. Financial result decreased from USD 297.5 million (gain) in 2024 to USD 48.5 million (gain) in 2025. The decrease is primarily due to a decrease of the dividend income from subsidiaries by USD 162.2 million and the gain on the sale of financial assets that took place in 2024 (-USD 100.0 million). The statutory result for the financial year amounts to a profit of USD 30.0 million compared to a profit of USD 293.0 million in 2024. At the end of 2025, the total a ssets amounted to USD 717.8 million, including USD 516.0 million financial fixed asset and USD 146.1 million investments (treasury shares and term deposits) and cash. Equity amounted to USD 490.8 million at the end of 2025 (2024: USD 599.6 million) and decreased because of the dividend distributions of aggregate USD 325.0 million, partially converted into a capital increase of USD 186.1 million, and USD 30.0 million profit of the year. Liabilities amounted to USD 224.5 million end 2025 compared to USD 202.7 million in 2024. At the General Meeting of Shareholders on May 19, 2026, the Board of Directors will propose the payment of a dividend of (gross) EUR 0.27 per share and to allocate the result of the year as follows: Profit carried forward: USD 292,118,215.13 Profit of the financial year: USD 30,011,907.50 Dividend distributions of the year:: -USD 292.020.734,84 Transfer from reserves: USD 373,684.54 Transfer to legal reserves: -USD 1,500,595.38 RESULT TO APPROPRIATE: USD 28.982.476,95 Dividend payable: USD 25,226,513.50 Result to carry forward USD 3.755.963,45 RISK FACTORS As described in the Corporate Governance Statement. NON-FINANCIAL INFORMATION As described in chapter 3 of the EXMAR 2025 report. SUPPLEMENTARY INFORMATION Research and Development As described in chapter 3 of the EXMAR 2025 report. Employees On December 31, 2025, in accordance with the current CSRD-regulation EXMAR’s global staff comprised 1,411 employees, including 1,099 crew at sea (2024: 1,521 employees, including 1,219 crew at sea). Many of the crew at sea are employed on assets owned or operated by our equity accounted investees; the corresponding expenses are not included in EXMAR’s consolidated personnel or crew expenses.