EXMAR report 2025

5.2 Consolidated financial statements 234 Exposure to risk (IN THOUSANDS OF USD) DECEMBER 31, 2025 DECEMBER 31, 2024 Borrowings to equity accounted investees 0 48 Derivative financial assets 67 1,658 Other non-current financial assets 10,094 0 Other investments - equity instruments at FVTPL 55,268 61,021 Trade and other receivables (see Note 22) 69,498 116,824 Restricted cash 7,132 0 Cash and cash equivalents 179,842 274,737 Carrying amount of financial assets 321,901 454,288 The carrying amounts of the financial assets represent the maximum credit exposure. Impairment losses As past due outstanding receivable balances are immaterial, no ageing analysis is disclosed. At year-end 2025, we recorded impairment charges for borrowings to and trade receivable balances from equity accounted investees for a total amount of USD 0.3 million. No impairment charges on other non-trade third-party receivables were required in 2025. Other non-current financial assets mainly comprise bonds measured at amortised cost. An expected credit loss assessment was performed in accordance with IFRS 9 – Financial Instruments and no impairment indicators were identified as at 31 December 2025. No impairment charges on other (non-trade) third party receivable were required in 2025. INTEREST RISK Interest risk policy The interest-bearing loans are mainly negotiated with variable interest rates. In order to monitor this interest risk, the Group makes use of interest hedging instruments available on the market when management is of the opinion that it is favorable to do so. In 2025 and 2024 interest rate swap (IRS) agreements are in place as well in subsidiaries as within our equity accounted investees. The Group applies hedge accounting when the conditions to apply hedge accounting are met. In case no hedge accounting is applied, the changes in fair value are recorded in the statement of profit or loss. Exposure to risk (IN THOUSANDS OF USD) DECEMBER 31, 2025 DECEMBER 31, 2024 Total borrowings (excluding lease liabilities) 273,398 312,068 with fixed interest rate 117,521 126,734 with variable interest rate 155,877 185,334 Interest rate financial instruments (nominal amount) 115,688 84,012 Net exposure  40,189 101,322