EXMAR report 2025

2.1 Shipping 28 2.1 EXMAR Shipping is a leading shipowner specializing in the transportation of LPG, ammonia, and petrochemical gases. As the largest midsize LPG and ammonia owner-operator, EXMAR fosters long-term business partnerships with first-class customers. December 31, 2025 December 31, 2024 PROPORTIONATE CONSOLIDATION - SHIPPING (IN MILLIONS OF USD) Revenue 148.3 142.8 EBITDA 105.2 107.4 Adjusted EBITDA 105.2 107.4 Operating result (EBIT) 57.2 56.5 Segment result after tax 21.1 20.8 Vessels and barges (owned and leased) 607.3 471.0 Financial debts 371.4 369.1 2.1.1 Market overview Similarly to the preceding year, 2025 was characterized by an ever evolving geopolitical, macroeconomic, and regulatory landscape. A year that in many ways was impacted just as much, if not more by geopolitics rather than market fundamentals. Traditional trade lanes were disrupted by political decisions, including the introduction of tariffs and counter-tariffs between major economies, alongside ongoing sanctions regimes and infrastructure constraints including limitations at key points such as both the Panama and Suez Canal. Despite the volatile backdrop, global LPG demand continued to grow, albeit at a slower pace than in previous years. Export volumes were predominantly driven by the United States and the Middle East, while China remained the largest importing country. Most of these volumes were transported on VLGCs. The delay in the implementation of the global IMO’s Net-Zero framework created a “sudden” shift in expectations from a structured pathway with clear timelines to a more uncertain outlook, with ambiguity surrounding when emissions-related incentives and regulations for cleaner fuels will effectively come into place. The ammonia market was less optimistic in 2025. However, despite a less favorable sentiment, new ammonia plants and developments are underway, with new blue and green production capacity expected in the coming years from both the US, Americas, Middle East, India and China. In Europe, the start of CBAM from January 2026 (Carbon Border Adjustment Mechanism) created a lot of uncertainty before year-end as it was unclear if CBAM would be fully applicable to ammonia. In the VLGC segment, spot rates averaged slightly above 2024 levels following a highly volatile first half of the year, ultimately strengthening toward year-end. MGC earnings broadly followed the same trajectory, remaining firmer than expected continuing to benefit from the strong VLGC market. 2.1.1.1 LPG In 2025, seaborne LPG exports from the US recorded a growth of only about 3% year on year, which is far less than the previous year. For 2026, the IEA has forecast a double-digit export growth of seaborne LPG. The LPG cargo pricing was under pressure with lower demand from the petrochemical sector in the Far East, which put a damper on VLGC rates accordingly. The capacity expansion in the US, especially at Energy Transfer’s LPG terminal, unlocked increased opportunities for exports long awaited. More terminal expansion in the US will continue to support the expected LPG production growth in the Permian as well as a variety of offshore US Gulf LNG projects. SHIPPING