EXMAR report 2025

5.2 Consolidated financial statements 209 Note 4 - Revenue FOR THE PERIOD ENDED DECEMBER 31, (IN THOUSANDS OF USD) 2025 2024 Shipping segment 50,573 53,988 Infrastructure segment - ordinary revenue 133,366 208,183 Supporting services segment - ordinary revenue 64,202 86,740 Revenue 248,140 348,911 The decrease in total revenue at the Shipping segment is mainly the result of a decrease of number of vessels in the pressurized fleet. Revenue in the Infrastructure segment decreased in 2025 as a result of the lower revenue from engineering, procurement and construction contracts for the Marine XII project in Congo, partially compensated by increased revenue from engineering projects managed by the Exmar Offshore Company, in Houston. The decrease in revenue at the Supporting services is the combined effect of Bexco NV, leaving the consolidation scope of the Group as of May 2024, lower ship management revenue from O&M services offset by higher revenue from the offshore accommodation barge. Revenue which falls within the scope of IFRS 16 Leasing represented 36.0 % (2024: 29.3%) of total revenue and is situated in the Shipping and Infrastructure segment. Revenue which falls within the scope of IFRS 15 Revenue from contracts with customers represented 64.0 % (2024: 70.7%) of total revenue. Major shipping clients Equinor (ex-Statoil), Nippon Gas Line Co. and SHV Gas Supply and Risk Management represented 61.2% (2024: 55.8%), 10.1% (2024: 0.0%) and 6.8% (2024: 5.8%) respectively of the revenue of the Shipping segment. These three clients contributed 12.5% (2024: 8.6%), 2.1% (2024: 0.0%) and 1.4% (2024: 0.9%) respectively to the EXMAR Group revenue in 2025. In 2025 Nippon Gas Line Co 10.1% of the revenue of the Shipping segment and 2.1% of the EXMAR Group revenue versus 0.0% in 2024. ENI Congo and Gasunie represented 25.9% (2024: 23.5%), and 22.2% (2024: 13.7%) of the revenue of the Infrastructure segment. These two clients represented 13.9% (2024: 14.0%) and 11.9% (2024: 8.2%) of the EXMAR Group revenue in 2025. No other customers represent more than 10.0% of the EXMAR Group revenue in 2025. (IN THOUSANDS OF USD) DECEMBER 31, 2025 DECEMBER 31, 2024 Trade receivables, included in trade and other receivables (current + non-current) 59,818 94,302 Contract assets, included in trade and other receivables 15,173 15,995 Contract liabilities, included in trade and other payables 12,495 9,061 Contract balances 87,486 119,358 The decrease in contract balances in 2025 is resulting from decreased outstanding trade receivable balances related to the engineering and operation and maintenance agreements for TANGO FLNG and EXCALIBUR. The contract assets mainly relate to the Group’s rights to consideration for work completed but not billed at the reporting date. The contract assets are transferred to receivables when the rights become unconditional. The contract liabilities primarily relate to invoices issued in respect of vessel income (prepaid hire) and advances charged for planned services. The contract liabilities at the end of 2024 have been recognized in revenue in 2025.