EXMAR report 2025

5.2 Consolidated financial statements 217 Note 15 - Right-of-use assets The Group has initially applied IFRS 16 from January 1, 2019. IFRS 16 introduced a single, on-balance sheet accounting model for lessees. As a result, the Group, as a lessee, has recognised right-of-use assets representing its rights to use the underlying assets and lease liabilities representing its obligation to make lease payments (we refer to Note 26 - Borrowings in respect of right-of-use lease liabilities). (IN THOUSANDS OF USD) PROPERTY IT AND AIRPLANE TOTAL COST Balance as per January 1, 2024 14,214 821 15,033 Changes during the financial year Additions 235 93 329 Increase/(Decrease) through business combinations -4,748 0 -4,748 Terminations -174 0 -174 Exchange differences -390 -10 -400 Contract re-measurement/contract modification 1,250 36 1,286 Balance as per December 31, 2024 10,388 940 11,326 Balance as per January 1, 2025 10,388 940 11,326 Changes during the financial year Additions 248 6,522 6,770 Terminations -210 0 -210 Exchange differences -4 -1 -6 Balance as per December 31, 2025 10,421 7,461 17,881 DEPRECIATIONS AND IMPAIRMENT LOSSES Balance as per January 1, 2024 5,062 311 5,373 Changes during the financial year Depreciations 1,779 189 1,968 Terminations -174 0 -174 Exchange differences -91 -3 -94 Balance as per December 31, 2024 6,576 498 7,074 Balance as per January 1, 2025 6,576 498 7,074 Changes during the financial year Depreciations 1,815 1,065 2,880 Terminations -209 0 -209 Exchange differences -59 -1 -60 Balance as per December 31, 2025 8,122 1,562 9,685 NET BOOK VALUE Net book value as per December 31, 2024 3,812 442 4,252 Net book value as per December 31, 2025 2,298 5,898 8,197 The increase in the net book value of the right-of-use assets is mainly due to the investment in a time charter for an air plane.