EXMAR report 2025

5.2 Consolidated financial statements 213 Note 12 - Income taxes FOR THE PERIOD ENDED DECEMBER 31, (IN THOUSANDS OF USD) 2025 2024 Taxes current period  -6,457 -11,093 Prior year adjustments 445 -289 Income taxes -6,012 -11,402 Deferred income taxes -2,075 284 Income taxes -8,087 -11,118 RECONCILIATION Result before income tax 82,431 192,109 Tax at domestic tax rate -25.00% -20,608 -25.00% -48,027 Tax impact on share of profit of equity accounted investees 6,220 5,617 Increase/decrease resulting from: Effects of tax rates in foreign jurisdictions 4,395 25,975 Non-deductible expenses -390 -336 Other taxes 0 0 Current year tax losses/ credits for which no deferred tax asset has been recognised -7,231 -2,931 Use of tax credits, tax losses carried forward,... for which no DTA was recognised before 10,725 7,554 Unused tax losses under the Belgian tonnage tax regime -1,440 -1,920 Tax exempt income 0 2,906 Adjustments in respect of prior years 242 44 Reconciliation of the effective tax rate (1) -9.8% -8,087 -5.8% -11,118 1 The effective tax rate calculated as tax expense over result before income tax corrected for the share of profit for equity method investees amounts to 7.6% (2024: 6.6%).