EXMAR report 2025

5.2 Consolidated financial statements 218 Note 16 - Investments in equity accounted investees The change in investments in equity accounted investees can be detailed as follows: (IN THOUSANDS OF USD) 2025 2024 Balance as per January 1 159,689 135,388 Changes during the period: Share in profit/(loss) 24,784 25,798 Changes in other comprehensive income equity accounted investees  -1,462 606 Netting negative equity and impairment -11 -207 Dividends -1,595 -1,769 Exchange differences 473 -14 Other 0 -113 Balance as per December 31 181,878 159,689 The share in the profit of equity accounted investees of USD 24.8 million in 2025 is due to the contribution of the joint venture with SEAPEAK LPG. EXMAR has provided guarantees to financial institutions that granted credit facilities to its equity accounted investees. As of December 31, 2025 an amount of USD 438.7 million (December 2024: USD 381.4 million) was outstanding under such loan agreements, of which EXMAR has guaranteed USD 219.4 million (December 2024: USD 190.7 million). EXMAR did not incur material contingent liabilities versus its equity accounted investees. No other commitments than the aforementioned guarantees are provided by EXMAR to its equity accounted investees. Following regulatory requirements or borrowing arrangements, our joint ventures or associates may be restricted to make cash distributions such as dividend payments or repayments of shareholder loans. Under the borrowing arrangements our joint ventures or associates may only make a distribution if no event of default or no breach of any covenant would result from such distribution. Under corporate law, dividend distributions are restricted if the net assets would be less than the amount of paid up capital plus any reserves that cannot be distributed. For the fleet under joint-venture ownership, impairment triggers are evaluated in the same way as for the wholly-owned fleet. We refer to Note 13 - Vessels and barges for more information in this respect. There were no changes of impairment losses on the vessels recorded in the profit of the equity accounted investees.