EXMAR report 2025

5.1 ANNUAL REPORT OF THE BOARD OF DIRECTORS TO THE SHAREHOLDERS 178 Acquisition or sale of treasury shares There were no such transactions in 2025. We refer to the Corporate Governance Statement. On December 31, 2025 EXMAR owned 1,956,013 own shares, representing 2.40% of the total number of shares issued. Justification of the Accounting Principles The accounting principles applied during the closure of the statutory annual accounts do not differ from the accounting principles applied during the previous financial year. A summary of the accounting principles of valuation is attached to the statutory annual accounts. For the consolidated financial statements please refer to the section on valuation principles for the consolidated annual accounts. Defensive Mechanisms Described in the Corporate Governance Statement. Branch offices EXMAR NV has no branch offices. Stock Option Plan As of December 31, 2025 no plan is still open. Additional activities carried out by the Statutory Auditor During the past financial year, the Statutory Auditor or companies or persons related to the Statutory Auditor, have been involved in audit related matters and have provided limited tax services for the Group. The non-audit fees did not exceed the Group audit fees. Financial instruments The long-term vision, that is typical of EXMAR’s activities, is accompanied by long-term financing and therefore EXMAR’s activities are also exposed to floating interest rates. EXMAR actively manages this exposure and if deemed appropriate could cover itself for rising interest rates for a part of its debt portfolio by means of various instruments. The Group’s currency risk is historically mainly affected by the EUR/USD ratio for manning its fleet, paying salaries and all other personnel related expenses. As per December 31, 2025 the Company had financial instruments in place to cover the floating interest on loans.