EXMAR report 2025

7 — — — — — 5. FINANCIAL REPORT 172 6. GLOSSARY 252 5.1 Annual report of the Board of Directors to the shareholders 176 5.2 Consolidated financial statements 182 5.3 Statutory financial statements EXMAR NV 250 1. PANORAMA 9 2. ACTIVITY REPORT 26 3. SUSTAINABILITY REPORT 57 4. CORPORATE GOVERNANCE STATEMENT 146 1.1 Financial overview 10 1.2 EXMAR at a glance 12 1.3 Our roots and our businesses 14 2.1 Shipping 28 2.2 Infrastructure 39 2.3 Supporting services 48 3.1 Sustainability at EXMAR 60 3.2 Environment 88 3.3 Social 108 3.4 Governance 118 3.5 Appendix 128 4.1 Corporate governance statement 148 4.2 Internal control and risk management systems – assessment 158 4.3 Remuneration report 166