EXMAR report 2025

5.2 Consolidated financial statements 212 Note 11 - Finance result FOR THE PERIOD ENDED DECEMBER 31, (IN THOUSANDS OF USD) 2025 2024 Interest income on borrowings to equity accounted investees  0 1,951 Interest income on cash and cash equivalents 8,536 7,320 Interest income 8,536 9,271 Interest expenses on borrowings -18,060 -17,183 Amortisation transaction costs -576 -610 Interest expenses -18,636 -17,793 Interest income decreased as a result of lower interest income on borrowings to equity accounted investees. Interest expenses relate to EXMAR’s borrowings as disclosed in Note 26 – Borrowings. The increase of USD 0.8 million is mainly due to EXCALIBUR (CMFL) borrowing that commenced in August 2024, partially compensated by lower interest cost of LPG pressurized borrowings after exercising additional early buy out options in 2025. FOR THE PERIOD ENDED DECEMBER 31, (IN THOUSANDS OF USD) 2025 2024 Realised exchange gains 4,664 1,146 Unrealised exchange gains 3,955 6,813 Dividend income from non-consolidated companies 8,122 35 Equity securities measured at FVTPL 13 2,965 Fair value gain on financial instruments -483 1,072 Other  72 100 Realised gain on sale of Equity security 1,343 0 Other finance income 17,685 12,133 Realised exchange losses -4,484 -1,784 Unrealised exchange losses -9,183 -2,006 Equity securities measured at FVTPL -9,992 0 Banking fees -359 -261 Other   -603 -2,635 Other finance expenses -24,622 -6,685 Other finance income increased with USD 5.6 million to USD 17.7 million and is the result of the dividend income from shares in Vantage Drilling, gain on sale of shares and increased realized foreign exchange gains on EUR-receivable positions, slightly compensated by lower FX-gains on USD-receivables in Belgium and Congo in non-USD entities. Other finance expenses increased substantially with USD 17.9 million in comparison to 2024 with (i) higher realized and unrealized foreign exchange losses on USD-receivables in Belgium and Congo and (ii) the loss from remeasurement of shares in Vantage Drilling and in Ventura at fair value through profit and loss.