EXMAR report 2025

1. Panorama	9
1.1 Financial overview	10
1.2 EXMAR at a glance	12
1.3 Our roots and our businesses	14
2. Activity report	26
2.1 Shipping	28
2.2 Infrastructure	39
2.3 Supporting services	48
3. Sustainability report	57
3.1 Sustainability at EXMAR	60
3.2 Environment	88
3.3 Social	108
3.4 Governance	118
3.5 Appendix	128
4. Corporate governance statement	150
4.1 Corporate governance statement	152
4.2 Internal control and risk management systems – assessment	162
4.3 Remuneration report	170
5. Financial report	176
5.1 Annual report of the Board of Directors to the shareholders	180
5.2 Consolidated financial statements	186
5.3 Statutory financial statements EXMAR NV	254
6. Glossary	256
6.1 GLOSSARY	258

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