EXMAR report 2025

5.2 Consolidated financial statements 237 (IN THOUSANDS OF USD) CURR. INTEREST RATE MATUR. CARRYING AMOUNT CONTRACTUAL CASH FLOWS DECEMBER 31, 2024 TOTAL < 1 YEAR 1-2 YEARS 2-5 YEARS > 5 YEARS Bank loans VLGC's USD 5,62% 2036 -123,736 -190,631 -13,258 -13,104 -39,026 -125,243 Bank/other loans - pressurized fleet USD LIBOR+ 2.4% 2025 -8,651 -5,872 -5,872 0 0 0 Bank loan - EEMSHAVEN USD SOFR 3m +2.16% 2027 -81,851 -92,685 -18,786 -17,699 -56,200 0 Bank loan - EXCALIBUR USD SOFR 3m +2.2% 2034 -97,830 -135,951 -17,002 -16,259 -42,250 -60,440 Bank loans - other EUR EURIBOR + 1.7% 2028 0 0 0 0 0 0 Lease liabilities  USD -3,777 -2,506 -819 -836 -851 0 Lease liabilities  EUR -393 -1,578 -966 -337 -261 -114 Lease liabilities  SGD 0 -352 -121 -138 -93 0 Lease liabilities  CNY 0 -126 -51 -51 -23 0 Lease liabilities  INR -159 -186 -54 -57 -75 0 Lease liabilities  XAF -156 -164 -86 -78 0 0 -316,552 -430,050 -57,138 -48,559 -138,779 -185,697 Borrowings to equity accounted investees USD 700 784 784 0 0 0 Financial guarantees USD 0 -206,283 -30,754 -29,377 -146,153 0 FAIR VALUES Carrying amounts versus fair values (IN THOUSANDS OF USD) 2025 2024 FV HIERARCHY CARRYING AMOUNT FAIR VALUE FV HIERARCHY CARRYING AMOUNT FAIR VALUE Borrowings to equity accounted investees 2 0 0 2 48 48 Other investments - equity instruments at FVTPL 1/2 55,268 55,268 1/2 61,021 61,021 Derivative financial asset 2 67 67 2 1,658 1,658 Borrowings (excluding lease liabilities) 2 -273,392 -293,178 2 -312,068 -333,285 -218,057 -237,843 -249,341 -270,557 The financial assets and liabilities carried at fair value are analysed and a hierarchy in valuation method has been defined:  Level 1 being quoted bid prices in active markets for identical assets or liabilities;  Level 2 being inputs in other than quoted prices included in level 1 that are observable for the related assets and liabilities, either directly (as prices) or indirectly (derived from prices);  Level 3 being inputs for the asset or liability that are not based on observable market data. The breakdown between level 1 and 2 of the equity instruments at FVTPL is shown in the beginning of this note. Basis for determining fair values:  Borrowings to equity accounted investees: present value of future cash flows, discounted at the market rate of interest at reporting date or the fair value of the underlying pledged asset  Equity instruments at FVTPL: ■  Quoted closing bid price at reporting date for : - Frontera shares - Ventura Offshore shares (acquired in 2024) - Vantage Drilling shares (as of closing 2024) ■  Non-quoted closing fixing price at reporting date through a public auction via Euronext for Sibelco shares