EXMAR report 2025

5.2 Consolidated financial statements 205 Note 3 - Reconciliation segment reporting The financial information of each operating segment is reviewed by management using the proportionate consolidation method. The below tables reconcile the financial information as reported in the consolidated statement of financial position and the consolidated statement of profit or loss (using the equity consolidation method as required under IFRS 11) with the financial information disclosed in Note 2 - Segment reporting (using the proportionate consolidation method). RECONCILIATION SEGMENT REPORTING 2025 (IN THOUSANDS OF USD) PROPORTIONATE CONSOLIDATION DIFFERENCE EQUITY CONSOLIDATION FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2025 Revenue 343,037 -94,896 248,140 Gain on disposal 10,019 -2,568 7,451 Other operating income 3,564 0 3,564 Vessel expenses -112,379 21,338 -91,040 General and administrative expenses -35,164 -755 -35,920 Personnel expenses -46,704 234 -46,470 Depreciations and amortisations -62,142 36,062 -26,080 Impairment losses and reversals -541 0 -541 Provisions - (Increase)/Decrease 15,967 0 15,967 Loss on disposal 0 0 0 Other operating expenses (+/-) -145 32 -113 Result from operating activities 115,513 -40,553 74,960 Interest income 10,574 -2,038 8,536 Interest expenses -35,371 16,735 -18,636 Other finance income 17,770 -86 17,685 Other finance expenses -25,208 586 -24,622 Result before income tax and share of result of equity accounted investees 83,279 -25,356 57,922 Share of result of equity accounted investees (net of income tax) -428 24,936 24,509 Income tax expense -8,507 420 -8,087 Result for the period 74,344 0 74,344