EXMAR report 2025

5.2 Consolidated financial statements 206 (IN THOUSANDS OF USD) PROPORTIONATE CONSOLIDATION DIFFERENCE EQUITY CONSOLIDATION DECEMBER 31, 2025 Vessels and barges 759,247 -398,857 360,390 Other property, plant and equipment 2,898 -52 2,846 Intangible assets 1,029 -298 730 Right-of-use assets 37,662 -29,465 8,197 Investments in equity accounted investees 2,922 178,956 181,878 Other non-current financial assets 10,094 0 10,094 Derivative financial asset 224 -224 0 Deferred tax assets 2,558 0 2,558 Financial assets at FVTPL 55,268 0 55,268 Non-current assets 871,902 -249,941 621,960 Assets held for sale 8,708 0 8,708 Derivative financial asset 67 0 67 Trade and other receivables 83,354 -5,930 77,424 Borrowings to equity accounted investees 143 -147 -4 Current tax assets 8,103 0 8,103 Restricted cash 7,132 0 7,132 Cash and cash equivalents 207,015 -27,172 179,842 Current assets 314,521 -33,249 281,271 Total assets 1,186,422 -283,191 903,232 Equity 549,113 0 549,113 Borrowings 459,886 -214,888 244,998 Other payables & derivatives 1,493 -605 888 Employee benefits 554 0 554 Non-current provisions 5,398 -797 4,601 Deferred tax liabilities 0 0 0 Non-current liabilities 467,331 -216,290 251,042 Borrowings 72,042 -38,867 33,175 Derivative financial liabilities 0 0 0 Trade and other payables 94,605 -28,018 66,587 Current tax liability 3,332 -16 3,316 Current liabilities 169,979 -66,901 103,078 Total equity and liabilities 1,186,422 -283,191 903,232