EXMAR report 2025

5.2 Consolidated financial statements 188 Note 1 - Accounting policies A. REPORTING ENTITY EXMAR NV (“the Company”) is a company domiciled in Belgium whose shares are publicly traded (Euronext – EXM). The consolidated financial statements of the Group comprise the Company, its subsidiaries, and the Group’s interest in associates and joint arrangements (referred to as the “Group”). The Group is active in the industrial shipping business. B. BASIS OF PREPARATION The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) as adopted by EU on December 31, 2025. The accounting policies adopted in preparing the 2025 consolidated financial statements are consistent with those applied in the previous financial year, except for the items below. New and amended standards and interpretations, effective in 2025 The Group applied for the first time certain standards and amendments, which are effective for annual periods beginning on or after January 1, 2025:  Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability The Group concluded that these have little or no impact on its consolidated financial statements. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. Standards issued but not yet effective A number of new standards, amendments to standards and interpretations are not yet effective for the year ended December 31, 2025 and have not been applied in preparing these consolidated financial statements. The following new or amended standards or interpretations, are not yet applicable for the annual period beginning on 1 January 2026. Except for IFRS 18, these standards and amendments to standards are not expected to have a significant impact on the Group’s consolidated financial statements:  IFRS 18 - Presentation and Disclosures in Financial Statements;  IFRS 19 - Subsidiaries without Public Accountability: Disclosures;  Amendments to IAS 21 : The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency;  Amendments IFRS 9 and IFRS 7 regarding the classification and measurement of financial instruments and regarding contracts referencing Nature-dependent Electricity;  Annual Improvements to IFRS Accounting Standards — Volume 11. The consolidated financial statements were approved and were authorised for issue by the Board of Directors on March 26, 2026. IFRS 18 In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. The standard requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and it also includes new requirements for aggregation and disaggregation of financial information based on the identified ‘roles’ of the primary financial statements (PFS) and the notes. In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from ‘profit or loss’ to ‘operating profit or loss’ and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards.