EXMAR report 2025

5.2 Consolidated financial statements 236 LIQUIDITY RISK Liquidity risk policy The Group manages the liquidity risk in order to meet financial obligations as they fall due. The risk is managed through a continuous cash flow projection follow-up, monitoring balance sheet liquidity ratio’s against internal and regulatory requirements and maintaining a diverse range of funding sources with adequate back-up facilities. Different debt covenants exist that require compliance with certain financial ratio’s. As of December 31, 2025, EXMAR was compliant with all covenants. We also refer in this respect to Note 26 - Borrowings. Maturity analysis of financial liabilities, borrowings to equity accounted investees and financial guarantees Our current financial liabilities such as trade and other payables are expected to be paid within the next twelve months and are therefore not included in the tables below. The contractual maturities of our financial liabilities and our borrowings to equity accounted investees, including estimated interest payments, are detailed in the tables below. The contractual maturities of our financial liabilities are based on the contractual amortization tables of the facilities. The undrawn parts of our credit facilities are not included in the tables below. The contractual maturities of our borrowings to equity accounted investees are based on the cash flow projections for future years for the EXMAR LPG shareholder’s loan, excluding netting of negative net assets (see Note 18 - Borrowings to equity accounted investees). EXMAR has also provided guarantees to financial institutions that have provided credit facilities to her equity accounted investees. The amount that EXMAR would have to pay if the guarantee is called on, is disclosed below under financial guarantees. (IN THOUSANDS OF USD) CURR. INTEREST RATE MATUR. CARRYING AMOUNT CONTRACTUAL CASH FLOWS DECEMBER 31, 2025 TOTAL < 1 YEAR 1-2 YEARS 2-5 YEARS > 5 YEARS Bank loans VLGC's USD 5,62% 2036 -117,521 -164,269 -13,104 -13,003 -38,588 -99,575 Bank loan - EEMSHAVEN USD SOFR 3m +2.16% 2027 -68,064 -73,508 -17,549 -55,959 0 0 Bank loan - EXCALIBUR USD SOFR 3m +2.2% 2034 -87,807 -110,469 -14,182 -13,669 -36,045 -46,573 Lease liabilities  USD -4,234 -8,530 -5,913 -2,051 -567 0 Lease liabilities  EUR -343 -632 -272 -192 -168 0 Lease liabilities  SGD 0 0 0 0 0 0 Lease liabilities  CNY 0 -74 -51 -23 0 0 Lease liabilities  INR -112 -129 -56 -59 -15 0 Lease liabilities  XAF -86 -84 -84 0 0 0 -278,167 -363,568 -57,081 -84,955 -75,384 -146,148 Borrowings to equity accounted investees USD 0 0 0 0 0 0 Financial guarantees USD 0 -261,251 -44,014 -26,881 -151,785 -38,571