EXMAR report 2025

5.2 Consolidated financial statements 215 In 2025, the acquisitions relate to downpayments for three of the four newbuild Suezmax vessels, capitalized dry dock expenses in the Shipping segment and the lifting of the early buy out option for one pressurized vessel. In 2025, three pressurized vessels were sold resulting in a gain of USD 5.5 million (see Note 5 – Gain on disposal). Two pressurized vessels were transferred to asset held for sale in 2025 with one sale finalized in 2025 (with gain included in the gain on disposal in 2025) and a second one with an expected delivery in the first quarter of 2026 (USD 8.7 million). The impact for the two vessels is a decrease of the net book value in the segment Shipping of USD 15.4 million. The vessels are pledged as a security for the related underlying liabilities. We refer to Note 26 - Borrowings for more information in respect of these underlying liabilities. IMPAIRMENT For the wholly-owned fleet, internal and external triggers are evaluated which indicate that the carrying value of the fleet should be tested for impairment. The carrying amount of the fleet is compared to the recoverable amount, which is the higher of the fair value less cost to sell and the value in use. The fair value less costs to sell is based upon the average fair market value as determined by two independent ship brokers or recent market transactions of comparable assets. This market value is corrected with an average brokerage commission to be paid when a vessel is sold. The value in use is based upon the estimated future cash flows discounted to their present value and reflecting current market assessments relating to freight rate estimates, employment, and operating expenses. The value in use model also includes assumptions taken amongst others with respect to future hire paid, contract duration and number of months’ interval between two contracts. The operating cash flows are based on internal information and a sensitivity analysis is performed on each assumption. The discounted cash flow model used by management includes estimated cash flows for the remaining lifetime of the wholly owned fleet. Three-year cash flow forecasts are estimated by management based upon the past experience as well as current market expectations regarding volumes and freight rates going forward. Freight rates as well as operating expenses subsequent to this three-year period are expected to change in line with estimated inflation afterwards. The discount rate used is a weighted average cost of capital of 10.7% for the Shipping LPG segment (2024: 11.2%), 8.0% for the Shipping LNG segment (2024: 9.5%) and 10.0% for the Infrastructure segment (2024: 12.2%). For vessels under joint venture ownership, impairment triggers are evaluated in the same way as for the wholly- owned fleet. We refer to Note 16 - Investments in equity accounted investees in this respect. In both 2025 and 2024 EXMAR did not record a change in impairments.