EXMAR report 2025

3.2 Environment 89 3.2.1 Greenhouse gas (GHG) emissions 3.2.1.1 SCOPE AND METHODOLOGY The scope for the calculation of EXMAR’s GHG emissions is based on the consolidation and the concept of ‘operational control’. Hence, we consider all emissions we have operational control over. The sources of carbon emissions that are considered in this sustainability statement are grouped in four blocks:  Scope 1: Direct emissions  Scope 2: Indirect emissions (electricity)  Scope 3: Upstream emissions, resulting from activities not under our direct control, but from our business  Scope 3: Downstream emissions, resulting from activities not under our direct control, but from our business The table below provides a breakdown of the scope 3 categories to demonstrate which are (not) included in our CO 2 calculations. The categories that are included contribute significantly to our indirect emissions across the value chain. In general, considering the nature of EXMAR’s business activities, our scope 3 emissions cover 99.46% of the CO 2 emissions footprint (99% in 2024). IN CATEGORY DESCRIPTION 1 Purchased goods and services Emissions from the procurement of materials, products and services that are essential to our vessel operations, as well as emissions related to office expenses. 3 Fuel- and energy-related activities (not incl. in scope 1 or 2) Emissions from energy-related upstream processes such as fuel extraction, refining and transportation. 4 Upstream transportation & distribution Emissions from the transportation of goods and materials by a third-party logistics provider. 5 Waste generated in operations Emissions from the treatment and disposal of waste generated by company operations both in office and on board. 6 Business travel Emissions from employee travel for business purposes, including air, rail and car travel. 7 Employee commuting Emissions resulting from employees traveling to and from the workplace. 8 Upstream leased assets Emissions resulting from chartered in vessels and the lease of an airplane. 13 Downstream leased assets Emissions resulting from chartered out vessels. 15 Investments Emissions resulting from our Joint Ventures (JVs). OUT CATEGORY DESCRIPTION 2 Capital goods The construction and upgrade of vessels. The corresponding CapEx contains advance payments for new vessels and expenses related to drydock and offices (e.g., refurbishments). Emissions related to vessel acquisitions are only accounted for at vessel delivery. Drydock and office expenses are included in the emissions calculated in 3.1 Purchased goods & services. 9 Downstream transportation & distribution Our business model does not transport or distribute sold products. 10 Processing of sold products Our business model does not involve significant processing or transformation of sold products. 11 Use of sold products EXMAR does not sell end products. 12 End-of-life treatment of sold products EXMAR does not recycle vessels. 14 Franchises EXMAR does not operate under a franchise model. The calculation of our GHG emissions was prepared in accordance with the requirements of the Greenhouse Gas Protocol reporting standards (Corporate Accounting and Reporting Standard, 2004; corporate Value Chain Accounting and Reporting Standard, 2011), using a dedicated software package with built-in emission factors. It is important to note that EXMAR Group contains fully owned entities (100% ownership) and Joint Ventures (JV) (50% ownership). Most of our vessels are part of JVs, owned for 50%, and chartered to third parties. Following the GHG Protocol, scope 1 and 2 emissions from JVs are to be included in EXMAR Group’s scope 3 – in the category 3.15 ‘Investments’. Scope 3 emissions from the JVs relate to the emissions coming from on-hire fuel – paid by the charterer – and is therefore to be excluded. In addition, since JVs are not fully controlled by our company, the emissions related to these entities have been included in category 3.15 for 50% only.