EXMAR report 2025

5.2 Consolidated financial statements 202 (IN THOUSANDS OF USD) SHIPPING INFRASTRUCTURE SUPPORTING SERVICES ELIMINATIONS TOTAL CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2025 ASSETS Vessels and barges 577,866 181,382 0 759,247 Other property, plant and equipment 224 1,102 1,572 2,898 Intangible assets 298 123 607 1,029 Right-of-use assets 29,586 1,605 6,472 37,662 Investments in equity accounted investees 0 2,161 760 2,922 Borrowings to equity accounted investees 0 147 -4 143 Financial assets at FVTPL 0 0 55,268 55,268 Loan receivables intra-segment 345 86,808 415,654 -502,807 0 Other non-current financial assets 0 0 10,094 10,094 Cash and cash equivalents 12,883 44,136 149,996 207,015 Restricted cash 6,899 0 233 7,132 Assets held for sale 8,708 0 0 8,708 Total segment assets 636,808 317,464 640,651 -502,807 1,092,116 Unallocated trade and other receivables 83,421 Trade and other receivables intra-segment 2,407 28,402 6,746 -37,555 0 Other unallocated assets 10,885 Total assets -540,362 1,186,422 LIABILITIES Non-current borrowings 325,895 132,070 1,922 459,886 Current borrowings 45,510 25,543 988 72,042 Borrowings intra-segment 309,111 106,537 87,160 -502,807 0 Other payables & derivatives 605 888 0 1,493 Non-current provisions 797 293 4,308 5,398 Total segment liabilities 681,916 265,331 94,378 -502,807 538,819 Unallocated equity 549,113 Unallocated trade and other payables 94,605 Trade and other payables intra-segment -475,526 -81,346 594,427 -37,555 0 Unallocated other liabilities 3,886 Total equity and liabilities -540,362 1,186,422 CASH FLOW STATEMENT Cash from operating activities 184,757 Cash from investing activities -129,484 Cash from financing activities -203,799 Exchange rate fluctuations 516 Total cash flow -148,010 ADDITIONAL INFORMATION Capital expenditures -177,119 Proceeds from disposals 51,276