EXMAR report 2025

5.2 Consolidated financial statements 232 The actuarial assumptions and average duration of the plans are detailed below: (IN WEIGHTED AVERAGES) 2025 2024 MOST SIGNIFICANT ASSUMPTIONS Discount rate at 31 December 3.65% 3.15% Expected return on assets at 31 December 3.65% 3.15% Inflation 2.00% 2.00% Duration of defined benefit plans (in years) 7 8 Duration of the Belgian defined contribution plans (in years) 12 13 The plan assets are composed as follows: (IN THOUSANDS OF USD) FOR THE PERIOD ENDED DECEMBER 31 2025 2024 Shares 3.0% 4.0% Bonds & loans 87.0% 87.0% Property investments 10.0% 8.0% Cash 0.0% 1.0% Note 28 - Trade and other payables (IN THOUSANDS OF USD) DECEMBER 31, 2025 DECEMBER 31, 2024 Trade payables 19,479 38,938 Other payables 33,930 16,223 Deferred income 13,178 11,081 Trade and other payables 66,587 66,252 Of which financial liabilities (Note 31) 52,032 53,603 The decrease of the trade payables compared to 2024 is mainly explained by a decrease in Infrastructure project activity in Congo at the end of December 2025. The increase in other payables includes increased payables from cash pool with joint-venture entities and from a contract security obtained from a customer. Other payables contain advances received, VAT, cash pool and payroll payables. Deferred income comprises already invoiced revenue, related to the next accounting year, e.g. freight, hire. Note 29 - Financial risks and financial instruments During the normal course of its business, EXMAR is exposed to various risks as described in more detail in the Corporate Governance Statement. EXMAR is exposed to credit, interest, currency and liquidity risks and in order to hedge this exposure, EXMAR uses different financial instruments, mainly interest rate hedges situated within our equity accounted investees as well as foreign currency forward contracts. EXMAR applies hedge accounting for all hedging relations which meet the conditions to apply hedge accounting (formal documentation and high effectiveness at inception and on an ongoing basis). Financial instruments are recognised initially at fair value. Subsequent to initial recognition, the effective portion of changes in fair value of the financial instruments qualifying for hedge accounting (i.e. cash flow hedges), is recognised in other comprehensive income. Any ineffective portion of changes in fair value and changes in fair value of financial instruments not qualifying for hedge accounting are recognised immediately in profit or loss.