EXMAR report 2025

5.2 Consolidated financial statements 233 FAIR VALUE & FAIR VALUE HIERARCHY The following table shows financial assets and financial liabilities measured at fair value, including their level in the fair value hierarchy. (IN THOUSANDS OF USD) DECEMBER 31, 2025 LEVEL 1 LEVEL 2 LEVEL 3 TOTAL Derivative financial asset 0 67 0 67 Equity securities - FVTPL 50,877 4,391 0 55,268 Total financial assets carried at fair value 50,877 4,458 0 55,335 Derivative financial liabilities 888 888 Total financial liabilities carried at fair value 0 888 0 888 (IN THOUSANDS OF USD) DECEMBER 31, 2024 LEVEL 1 LEVEL 2 LEVEL 3 TOTAL Derivative financial asset 0 1,658 0 1,658 Equity securities - FVTPL 60,259 762 0 61,021 Total financial assets carried at fair value 60,259 2,420 0 62,679 Derivative financial liabilities 0 1,240 0 1,240 Total financial liabilities carried at fair value 0 1,240 0 1,240 Financial instruments other than those listed above are all measured at amortized cost. CREDIT RISK Credit risk policy The Group is exposed to credit risk from its operating activities (primarily trade and other receivables and transactions with equity accounted investees) and from its financing activities, including deposits with banks, foreign exchange transactions and other financial instruments. Credit risk is monitored closely and by each segment on an ongoing basis by the Group and creditworthiness controls are carried out if deemed necessary. The borrowings to equity accounted investees consist of shareholder loans to our equity accounted investees that own or operate a LPG vessel or Offshore platform. As all vessels are operational and generate income or are pledged as a security for the underlying borrowing, we do not anticipate any recoverability issues for the outstanding borrowings (after impairment) to equity accounted investees. The equity accounted investees for whom the share in the net assets is negative, are allocated to other components (mainly deducted from receivables) of the investor’s interest in the equity accounted investee and if the negative net asset exceeds the investor’s interest, a corresponding liability is recognized to the extent that the Group has a legal or constructive obligation. The terms of the shareholder loans are discussed in Note 26 - Borrowings to equity accounted investees of this annual report. EXMAR reviews the recoverable amount of each trade and other receivable on an individual basis at the end of the reporting period to ensure that an adequate loss allowance is made for irrecoverable amounts. Monitoring procedures are also in place to ensure that follow-up action is taken to recover overdue debts. In this regard, considering historical default rates below 1% for 2024 and 2025, Group management considers that the group’s credit risk is remote. The Group only engages with banks with a good credit rating. The Group monitors and manages exposures to banks with approved counterparty credit limits and credit risk parameters in order to mitigate the risk of default.