EXMAR report 2025

5.2 Consolidated financial statements 185 Consolidated statement of cash flows (IN THOUSANDS OF USD) NOTE FOR THE 12 MONTHS ENDED DECEMBER 31 2025 2024 Result for the period 74,344 180,991 Share of result of equity accounted investees (net of income tax) 16 -24,509 -24,938 Depreciations & amortisations 13/14/15 26,080 31,702 Impairment losses and reversals 541 2,742 Net finance result 11 17,037 3,074 Income tax expense/ (income) 12 8,087 11,118 Net (gain)/ loss on sale of assets 5 -7,451 -102,617 Increase/(decrease) in provisions and employee benefits -16,214 -6,168 Realized foreign currency gains (losses) 11 701 -638 Gross cash flow from operating activities 78,617 95,266 (Increase)/decrease of inventories  0 -1,705 (Increase)/decrease of trade and other receivables 22 47,330 -41,038 Increase/(decrease) of trade and other payables  28 285 14,714 Cash generated from operating activities 126,232 67,237 Interest paid 11 -18,435 -15,816 Interest received 11 8,532 7,695 Income taxes paid -12,959 -6,762 NET CASH FROM OPERATING ACTIVITIES 103,371 52,354 Acquisition of vessels and vessels under construction  13 -27,805 -10,180 Acquisition of other property plant and equipment 14 -1,085 -1,226 Acquisition of intangible assets -3 -122 Proceeds from the sale of vessels and other property, plant and equipment  26,913 18,214 Dividends from equity accounted investees 16 1,595 1,768 Other dividends received 11 8,122 35 Proceeds from the sale of a subsidiary, net of cash disposed off 0 41,955 Proceeds from the sale of financial assets 4,024 0 Acquisitions of other non-current financial assets -9,804 0 Payments for financial assets at FVTPL 21 -6,146 -20,390 Repayments from equity accounted investees 18 -267 -700 Borrowings to equity accounted investees 18 230 12,500 NET CASH FROM INVESTING ACTIVITIES -4,225 41,855 Dividend paid -138,853 -48,122 Proceeds from new borrowings 26 1 100,500 Repayment of borrowings 26 -40,837 -42,064 Repayment of lease liabilities IFRS 16 (principal portion) 26 -6,825 -1,814 Payment of debt transaction costs & banking fees -895 -3,709 Increase in restricted cash -7,132 0 NET CASH FROM FINANCING ACTIVITIES -194,541 4,791 NET INCREASE/ (DECREASE) IN CASH AND CASH EQUIVALENTS -95,396 99,000 Net cash and cash equivalents at 1 January 23 274,737 176,930 Net increase/(decrease) in cash and cash equivalents -95,396 99,000 Exchange rate fluctuations on cash and cash equivalents 501 -1,193 NET CASH AND CASH EQUIVALENTS AT 31 DECEMBER 18 179,843 274,737