EXMAR report 2025

1.3 Our roots and our businesses 16 LPG VALUE CHAIN Upstream market Midstream market Petchem gases Propylene VCM Ethylene Fuel Gas C1 Hydrogen Pygas BTX Heavy aromatics C5/C6 non armatics Fuel oil Crude C4s Butadiene Mixed butylenes Downstream market Source: EXMAR 1 fibres, fabrics, injection mouldings, car appliances, toys, ... 2 pipes, electric cables, signs, clothing, furniture, healthcare, flooring, ... 3 food packaging, milk, water and juice bottles, power cables, chemical containersinjection mouled products, ... 4 car tyres, sport shoes, ... 5 foam, insulations, ... POLYPROPYLENE 1 PVC 2 POLYETHYLENE 3 RUBBERS 4 STYRENES 5 Refinery cracking Refinery cracking Naphta Gas oils LPG Residential Petrochemical cracking Ethane Propane Butanes Condensate 1.3.2 Our roots EXMAR’s roots originate from the banks of the river Scheldt. In 1829, Boelwerf, a traditional ship yard, emerged that specialized in building wooden river crafts and transformed itself into a major industrial wharf. This formed the breeding ground for the largest inland waterway vessel in Europe in 1911: the 112-meter GRAAF DE SMET-DE NAYER. Under guidance of Georges Van Damme, the shipyard expanded rapidly during the postwar period and new investments in shipyard infrastructure lead to building larger, more innovative vessels. During the following years, Boelwerf reached many milestones, including delivering the METHANIA LNG-carrier in 1978, constructing its first owned LPG gas carrier CORAL TEMSE (7,300 m³) which marked the introduction into the gas sector, followed by the appointment of Van Damme’s son-in-law Philippe Saverys as Chairman. In 1983, the fleet expanded quickly as more vessels were built at Boelwerf, including EUPEN (57,000 m³), TIELRODE (25,000 m³) and several time-chartered vessels, such as the sister vessel GENT (57,000 m³), delivered in 1985. At first, EXMAR was only the commercial and shipping unit of Boelwerf shipyard. During the 1980s, EXMAR expanded its gas carrier activities in LPG, ammonia and ethylene segments as owner, operator, charterer and international supplier to chemical and oil majors. In the 1990s, EXMAR became a subsidiary of the publicly-quoted Compagnie Maritime Belge (CMB) and entered the LNG and Offshore markets for the first time while growing its LPG midsize fleet to 23 vessels and participating in both semi-pressurized and Very Large Gas Carrier (VLGC) markets with chartered tonnage and newbuilds. Over the years, the EXMAR Group developed from a traditional shipping company into an innovation-driven gas energy provider. Today, EXMAR is actively involved at the very heart of the global energy value chain.