EXMAR report 2025

5.2 Consolidated financial statements 235 Sensitivity analysis In case the interest rate would increase/decrease with 50 basis points, the financial statements would be impacted with the following amounts (assuming that all other variables remain unchanged): (IN THOUSANDS OF USD) 2025 2024 + 50 BP - 50 BP + 50 BP - 50 BP Variable interest rate borrowings 779 -779 927 -927 Interest rate swaps and cross-currency rate swaps -578 578 -420 420 Sensitivity (net), of which 201 -201 507 -507 Impact in profit and loss 779 -779 927 -927 Impact in equity  -578 578 -420 420 A significant portion of EXMAR’s interest income is derived from borrowings to equity accounted investees with variable interest rates. Any increase/decrease in the interest rate would result in an increase/decrease of interest income but would mainly be offset by an increase/ decrease in the interest expense recognized by the equity accounted investee for a corresponding amount. Accordingly, any increase/decrease in the variable interest rate applied on the borrowings to equity accounted investees would have no impact on the net result of the Group. Therefore, borrowings to equity accounted investees have not been included in the above sensitivity analysis. Currency risk 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, which are expressed in EUR. In order to monitor the currency risk, the Group uses a range of foreign currency rate hedging instruments and forward contracts if deemed necessary. At year-end 2025, no financial instrument contracts were outstanding to cover the EUR/USD. Exposure to risk Exposure to currency risk, based on notional amounts in thousands of foreign currency: (IN THOUSANDS OF LOCAL 2025 2024 CURRENCY) XAF EUR ARS XAF EUR SGD ARS Receivables 321,257 14,428 -120,430 0 40,086 245 74,049 Payables -1,170,306 -25,774 1,010,452 -32,117,074 -20,108 -468 -50,144 Interest-bearing loans -48,225 -1,880 0 0 0 0 0 Balance sheet exposure  -897,275 -13,226 890,022 -32,117,074 19,978 -223 23,905 Forward contracts Net exposure -897,275 -13,226 890,022 -32,117,074 19,978 -223 23,905 In thousands of USD -1,607 -15,541 612 -50,867 20,755 -163 23 The above overview reflects the exposure for the top-4 currency risks. Sensitivity analysis As per December 31, 2025 an increase in the year-end EUR/USD rate of 10.0% would affect the statement of profit or loss with USD -1.6 million (2024: USD +2.1 million). A 10.0% decrease of the EUR/USD rate would impact the profit or loss statement with the same amount (opposite sign). As per December 31, 2025 an increase in the year-end XAF/USD rate of 10% would affect the statement of profit or loss with USD -0.2 million (2024: USD -5.1 million). A 10.0% decrease of the XAF/ USD rate would impact the profit or loss statement with the same amount (opposite sign).