EXMAR report 2025

3.2 Environment 105 3.2.6.3.2 KPI 2 – CapEx SHIPPING INFRASTRUCTURE SERVICES GROUP Total k$ (2025) 27,941 246 7,474 35,662 Total k$ (2024) 10,045 835 702 11,581 Total k$ (2023) 1,340 3,240 3,550 8,130 Eligible k$ (2025) 137 - 266 403 Eligible k$ (2024) 6,639 - - 6,639 Eligible k$ (2023) 1,340 - 839 2,179 Eligible % (2025) 0% 0% 4% 1% Eligible % (2024) 66% 0% 0% 57% The eligible CapEx above is analyzed on an activity- based assessment per subsidiary, mapping the CapEx to the relevant Taxonomy activities. The capital expenditures consist primarily of the acquisition of vessels (IAS 16 – see also note 13 in financial statements) and to a lesser degree the acquisition of other property, plant and equipment (IAS 16), right- of-use assets (IFRS 16) and capitalized intangible assets (IAS 38). In 2025, we have a higher CapEx compared to 2024 due to the early buy-out of one vessel and the drydocking of several vessels. There was, however, a significant decrease in eligibility percentage because of the investment in Suezmax oil tankers, which do not qualify as there is no alternative fuel capacity. Additional information is available in Notes 13 & 14 of the financial statements. 3.2.6.3.3 KPI 3 - OpEx SHIPPING INFRASTRUCTURE SERVICES GROUP Total k$ (2025) 4,166 4,769 25,569 34,504 Total k$ (2024) 3,790 35,306 78,949 118,044 Total k$ (2023) 23,329 243,257 38,582 305,168 Eligible k$ (2025) 4,166 - 15,746 19,912 Eligible k$ (2024) 3,790 - 30,822 34,612 Eligible k$ (2023) 23,329 - 11,086 34,415 Eligible % (2025) 100% 0% 62% 58% Eligible % (2024) 100% 0% 39% 29% In general, our operating expenses are made up of vessel expenses, general and administrative (G&A) expenses and personnel expenses. As not all our operating expenses meet the definition of the OpEx KPI as defined in the Taxonomy Regulation, only vessel expenses, crew and maintenance have been included. All other expenses (e.g., insurance, depreciation and impairment, G&A expenses) were excluded. Compared to 2024, we have refined the methodology for calculating the OpEx denominator to strictly align with the categories defined in the EU Taxonomy Regulation. This must be considered when comparing the values between 2024 and 2025. In 2025, the total eligibility percentage for OpEx increased, mainly due to less conversion costs in Infrastructure ‘division from conversion’ projects. As infrastructure has no eligible entities, the general percentage is more favorable overall. Additional information is available in Note 6 of the financial statements.