EXMAR report 2025

5.2 Consolidated financial statements 238  Forward contracts: present value of the difference between the forward price at reporting date and the forward price paid  Interest bearing loans: present value of future cash flows, discounted at the market rate of interest at reporting date.  For certain financial assets and liabilities (trade and other receivables, cash and cash equivalents, trade and other payables and lease liabilities) not carried at fair value, no fair value is disclosed because the carrying amounts are a reasonable approximation of the fair values. Note 30 - Leases LEASES AS A LESSEE The Group leases properties, motor vehicles and IT equipment. (IN THOUSANDS OF USD) RIGHT-OF-USE ASSETS PROPERTY IT AND AIRPLANE TOTAL Balance as per December 31, 2024 3,812 442 4,253 Balance as per December 31, 2025 2,298 5,898 8,197 For the full roll forward schedule in respect of the right-of-use assets including the depreciation charge for the year, we refer to Note 15 - Right-of-use assets of this annual report. The Group has several lease contracts that include extension or termination options. These options are negotiated by management to provide flexibility in managing its lease portfolio. Judgement is applied in determining whether these extension and options are reasonably certain to be exercised (see Note 1 - Accounting policies). For the maturity analysis in respect of related lease liabilities, we refer to Note 29 - Financial risks and financial instruments. AMOUNTS RECOGNISED IN PROFIT OR LOSS (IN THOUSANDS OF USD) LEASES UNDER IFRS 16 2025 2024 Interest on lease liability 152 214  LEASES AS A LESSOR The Group entered into long-term time charter agreements for certain assets in its fleet. In respect of lease classification, it was judged that substantially all risks and rewards remain with the Group. As a consequence, these agreements qualify as operating leases. Rental income recognised by the Group during 2025 was USD 89.3 million (2024: USD 99.6 million). The following table sets out a maturity analysis of lease payments for contracts in force as of December 31, 2025, showing the undiscounted lease payments to be received after the reporting date. No variable lease payments are included. The decrease with USD 72.3 million in total lease payments (at the subsidiaries) compared to 2024 is the result of lease contracts of VLGC, EEMSHAVEN, EXCALIBUR and reduced pressurized fleet coming closer to maturity.