EXMAR report 2025

3.2 Environment 100 The latest newcomers in our fleet are equipped with innovative designs that improve their environmental performance when compared to their peers. As an example, two of our VLGCs and two MGCs already run on LPG as fuel – LPG having a lifetime GHG emission saving potential of 20% compared to HFO – and have a lower EEDI level than required. All new vessels will be equipped with a shaft generator, improving total power efficiency during sailing. Efficient operation The Carbon Intensity Index (CII) tracks a vessel’s effective carbon emissions versus its type and size. The CII of each vessel is evaluated yearly and will become increasingly more stringent towards 2050. CII improvement actions are incorporated in the Shipboard Energy Efficiency Management Plan (SEEMP), which is currently exceeding regulatory compliance by being subject to ISO 50001 certification. The impact of the EEXI regulations on our existing fleet portfolio has been assessed. 3.2.5.4.2 Fuel switching Innovation and Engineering Our activity portfolio plays an active role on the path towards decarbonization by supplying the alternative fuels needed in the energy transition. We do our research on the potential of carbon-neutral fuels such as (green) hydrogen and (green) ammonia. Furthermore, we strongly stimulate and try to steer research and development to aid the industry in reaching its carbon neutrality goal. In addition, the potential of carbon capture for storage calls for means of transportation for which EXMAR is actively participating in the development of CO 2 carriers. Gas molecules as a transition Within our joint venture with Seapeak, we plan the delivery of four ammonia and ten additional LPG fueled MGCs to the shipping fleet, over the next three years. These will be a significant lever for the global shipping fleet since LPG and green ammonia have a reduction potential of 20% and 97% in lifetime GHG emissions, respectively, compared to the standard HFO fuel. These will be the first ammonia fueled engines and will be the start of a significant reduction of global shipping emissions. Charterers as a key partner in our transition Our assets are chartered out to customers. Installation of decarbonization levers and actions in terms of OpEx and CapEx depend on their ESG strategy and transition plans. In 2024, a project was started to create vessel performance “digital twins”. Throughout 2025, project development continued and we will soon be able to use it in different formats. The digital twins may incentivize both owner and charter to obtain the best possible vessel performances and, as such, reduce emissions. In addition, a transition is ongoing to change refrigerants towards a lower GWP alternative. Lastly, we have an agreement with the charterer of the Eemshaven LNG to use shore power and residual heat on board of the vessel, avoiding burning 4600 ton of natural gas in 2024 and thereby drastically reducing GHG emissions. 3.2.5.5 GHG TARGETS Above, we have described our ambitions to develop a sound resilience analysis and climate change transition plan. In addition, we have defined some actions for climate change mitigation but have not quantified GHG emission reductions yet. Hence, we cannot report any progress made so far. It is however important to note that we have been tracking the GHG emissions of our fleet for several years in our energy efficiency program. In 2026, we will start working on the development of concrete GHG targets as we are committed to follow the ambitions of the IMO and the EU Green Deal. We intend to do this by applying a science-based approach in which we consider a range of climate scenarios and consider market developments, policy-related developments as well as evolutions in environmental, societal and technological domains. Moreover, we will check consistency with GHG inventory boundaries. As 2024 marked the first year of comprehensive carbon accounting for EXMAR, we will use 2024 as a baseline value for the targets and reductions we will develop. The calculation of this baseline value began with a comprehensive analysis of the distribution of operating revenues, expenses and capital expenditure across all entities within EXMAR Group. This approach ensures a granular understanding of the financial flows contributing to our overall carbon footprint. Once the financial distribution is established, each entity within our group is systematically assessed for its material impact in relation to total revenues, expenses, and capital expenditures at group level. This evaluation allows us to prioritize the most significant emission sources, ensuring that our decarbonization strategy is both data-driven and effectively targets achieving meaningful reductions. If amendments must be made to this baseline in the coming years, we will describe the effects thereof on the targets and achievements over time. Locked-in emissions are future GHG emissions that are expected to occur due to existing infrastructure, vessels, or other investments that rely on fossil fuels. These emissions are locked in as they result from long-term decisions with a long operational lifespan. In the process of defining and quantifying specific GHG targets, we will assess the presence of locked-in emissions as well as their impact on the realization of our targets. This assessment was originally planned for 2025 but has been delayed. We intend to realize this throughout 2026.