EXMAR report 2025

5.2 Consolidated financial statements 200 Note 2 - Segment reporting In respect of joint ventures, the company continues to manage its operations based on internal management reports applying the principles of the proportionate consolidation method. The reconciliation of the segment reporting to the consolidated statement of financial position and the consolidated statement of profit or loss is presented in Note 3 -Reconciliation segment reporting. All differences relate to the application of IFRS 11 Joint arrangements , no other differences exist. The Group has three reportable segments. The Group’s operating segments reflect the level at which the Group’s CEO and the Executive Committee review the business and make decisions about the allocation of resources and other operating matters. These segments offer different products and services and are managed separately.  The activities in the Shipping segment include the transportation of liquefied gas products such as Liquefied Natural Gas (LNG), Liquefied Petroleum Gas (LPG), ammonia and petrochemical gases; or, as the case may be, transport of dry bulk, oil and petroleum products.  The Infrastructure segment provides innovative floating infrastructure solutions to the oil & gas industry both by making use of its asset portfolio and through developing new assets for near-shore and offshore production, processing, storage or other ancillary services.  The segment Supporting services includes the specialised supporting services such as ship management services, travel services and manufacturing activities as well as an investment portfolio. The company’s internal and management structure does not distinguish any geographical information (non-current assets and revenue per major country) as the company’s fleet is operated on a worldwide basis. The intra-segment revenue mainly relates to management, supervision and crew services provided between segments. Major shipping clients Equinor (ex-Statoil), Saudi Arabian Mining Company and CSSA Chartering and shipping services, represented 21.1% (2024: 21.5%), 10.9% (2024: 12.8%) and 8.5% (2024: 3.5%) of the revenue of the Shipping segment and 9.0% (2024: 6.9%), 4.7% (2024: 4.1%) and 3.6% (2024: 1.1%) of the EXMAR Group revenue in 2025. The remaining part of the Shipping revenue is divided between 24 different customers. ENI Congo, Gasunie and Sonangol exploration & production represented 25.1% (2024: 34.9%), 21.5% (2024: 20.4%) and 3.0% (2024: 3.7%) of the revenue of the Infrastructure segment. These three companies represented 10.1% (2024: 11.2%), 8.6% (2024: 6.6%) and 1.2% (2024: 1.2%) of the EXMAR Group revenue in 2025. The percentages mentioned are calculated excluding settlement fees. No other customers represented more than 10.0% of the EXMAR Group revenue in 2025.