EXMAR report 2025

2.2 Infrastructure 39 2.2 EXMAR Infrastructure provides innovative floating infrastructure solutions to the energy industry, covering the entire lifecycle of the project, starting from development studies, engineering, implementation and construction supervision, to moving into leasing/ownership, and operations &maintenance after delivery. December 31, 2025 December 31, 2024 PROPORTIONATE CONSOLIDATION - INFRASTRUCTURE (IN MILLIONS OF USD) Revenue 138.7 212.2 EBITDA 80.9 143.6 Adjusted EBITDA 80.9 65.6 Operating result (EBIT) 68.3 128.7 Segment result after tax 54.8 121.5 Vessels and barges (owned and leased) 181.4 192.4 Financial debts 157.6 182.2 2.2.1 Market outlook for floating oil & gas infrastructure An ever-increasing need for affordable energy in combination with decarbonization and reduction of the environmental footprint is on top of the list for many governments. The need to provide this energy at an affordable price forces countries to take a pragmatic approach to decarbonization. Natural gas will so remain a dominant source of energy in the years to come as it is considered as the cleanest alternative abundantly available to replace coal and oil. Upstream the LNG supply chain, investments in oil and gas infrastructure will remain needed to meet overall energy demand. This goes hand in hand with efforts to develop renewable energy alternatives and to revive nuclear energy. This paves the way for extra LNG production and commercialization. A massive wave of LNG supply is foreseen to ramp up in 2026 and will continue so in the years to come. Abundant availability of this LNG will result in competitive pricing and will be welcomed to meet above governmental objectives. Countries will continue to use LNG. Geopolitical developments have stressed the importance of LNG import facilities to diversify/secure the supply. Floating infrastructure provides a quick-to-market and cost competitive solution for the respective value chains. As one of the pioneers in floating regasification and liquefaction, EXMAR, through its Infrastructure department, delivers innovative maritime infrastructure solutions to the energy industry. EXMAR also provides highly specialized offshore engineering and consultancy services through its offices in Houston and Paris. EXMAR is well positioned to develop and own innovative production, storage, and transformation solutions for gaseous molecules across the oil and gas value chain, both upstream and downstream. This capability is underpinned by the company’s deep expertise in design, engineering, construction, offshore services, commissioning, operations management, and maintenance of floating infrastructure. In addition, EXMAR continues to pursue and evaluate floating solutions for ammonia storage, carbon dioxide injection and transportation, and to support the e-methanol and e-methane supply chains. INFRASTRUCTURE