EXMAR report 2025

5.2 Consolidated financial statements 210 Note 5 - Gain on disposal FOR THE PERIOD ENDED DECEMBER 31, (IN THOUSANDS OF USD) 2025 2024 Gain on sale of shares of Export LNG 0 78,000 Gain on sale of shares of Bexco NV 0 20,589 Gain on sale of vessels 5,451 3,991 Other   2,001 37 Gain on disposal 7,451 102,617 EXMAR realized in 2024 substantial income resulting from sales of shares:  During 2022, EXMAR sold 100% of the shares of Export LNG Ltd, the owner of the floating liquefaction unit TANGO FLNG, to ENI. The sales agreement contained a price adjustment clause between plus USD 44.0 million and minus USD 78.0 million, depending on the actual performance of the TANGO FLNG during the first six operational months on site. After successful performance testing in the fourth quarter of 2024, the liability of USD 78 million has been released.  As a result of the sale of the 100% shares of Bexco on May 21, 2024, EXMAR realized a non-recurring gain of USD 20.6 million. In 2025 EXMAR delivered three vessels, Debbie, Helane and Anne, to its new owners. The other gains on disposals realized in 2025 mainly relate to historic currency translation reserves, that were recycled into the income statement, following the disposal of its shares Springmarine Nigeria Ltd. Note 6 - Vessel and engineering project expenses FOR THE PERIOD ENDED DECEMBER 31, (IN THOUSANDS OF USD) 2025 2024 Vessel expenses crew -36,043 -39,472 Vessel expenses maintenance -32,260 -96,262 Vessel expenses insurance -1,715 -1,928 Vessel expenses other -661 1,193 Project expenses subcontracting & outsourcing services -16,137 -15,741 Project expenses withholding tax customer projects -4,224 -11,061 Vessel and engineering project expenses -91,040 -163,271 Vessel expenses are expenses made to operate a vessel and include primarily crew, maintenance, insurance and other related expenses. Vessel expenses exclude depreciations. Engineering project expenses include the expenses incurred to serve customer contracts and include primarily fees from subcontractors, fees for consultants employed on project and withholding taxes on foreign operations. Vessel and engineering project expenses exclude personnel expenses of onshore personnel. The decrease in the vessel and engineering project expenses in 2025 compared to 2024 is mainly the result of the lower expenses in relation to the engineering, procurement and conversion contracts for the TANGO FLNG and EXCALIBUR FSU with completion of conversion works early 2024 and lower number of pressurized vessels. Note 7 - Purchase of goods In 2024 EXMAR reports USD 10.4 million of purchases of goods in relation to the rope manufacturing activity at Bexco NV and USD 0 million in 2025. This decrease is a result of Bexco exiting the consolidation scope after the sale of all shares in May 2024.