EXMAR report 2025

5.2 Consolidated financial statements 211 Note 8 - General and administrative expenses FOR THE PERIOD ENDED DECEMBER 31, (IN THOUSANDS OF USD) 2025 2024 Administrative expenses -32,802 -34,265 Freight charges 0 -817 Non-income based taxes -1,318 -1,759 Other expenses -1,800 -2,511 General and administrative expenses -35,920 -39,352 During 2025 administrative expenses decreased mainly due to Bexco exiting the consolidation scope. Administrative expenses are expenses that do not relate to a vessel or a customer project. They include IT-expenses, office expenses, director fees, travel expenses, consultancy fees, outsourced administrative and technical services, insurance fees. Note 9 - Personnel expenses FOR THE PERIOD ENDED DECEMBER 31, (IN THOUSANDS OF USD) 2025 2024 Salaries and wages -40,157 -38,131 Social security charges -5,591 -5,822 Employee benefit, defined benefit and defined contribution plan -722 -766 Personnel expenses -46,470 -44,719 AT YEAR-END 2025 2024 Seagoing 1,099 1,219 Staff 312 302 Number of personnel members 1,411 1,521 Salaries and wages increased following increased personnel expenses in different locations partially offset by the exit of Bexco (included four first months of 2024). The number of personnel members represents the effective number of personnel members in service per period end (including the seagoing employees of our equity accounted investees). A significant part of EXMAR’s seafarers is employed on the assets held or operated by EXMAR’s equity accounted investees, the related expense is not included in the personnel expenses or crew expenses disclosed above. Note 10 - Provisions FOR THE PERIOD ENDED DECEMBER 31, (IN THOUSANDS OF USD) 2025 2024 Provision tax claim - Decrease 800 10,446 Warranty claim - (Increase)/Decrease 15,233 -3,551 Other -66 -217 Provisions - (Increase)/Decrease 15,967 6,678 In 2024 an agreement was reached on the dispute on the former lease arrangement of LNG Carrier EXCEL. As a result, the provision for a total amount of USD 10.4 million was reversed. The increase in warranty claim provision in 2024 for a total of USD 3.6 million corresponds to obligations under the engineering, procurement and construction contracts for the Marine XII project in Congo. In February 2025 the warranty period for the engineering, procurement and construction contracts for the Marine XII project in Congo ended and resulted in the release of USD 15.2 million provision.