EXMAR report 2025

5.2 Consolidated financial statements 219 Note 17 - Financial information equity accounted investees EXMAR has the following assets and liabilities towards its equity accounted investees: (IN THOUSANDS OF USD) DECEMBER 31, 2025 DECEMBER 31, 2024 Investments in equity accounted investees: Joint ventures 178,961 156,643 Associates 2,917 3,046 Borrowings to equity accounted investees: Long term - Gross 2,057 2,037 Impairment -2,057 -2,037 Short-term (or current portion of long-term) - Gross 0 700 Short-term (or current portion of long-term) - Impairment 0 -652 Trade and other receivables (see also Note 33 - Related parties) Gross balance  13,751 8,277 Impairment -7,214 -6,844 Trade and other payables (see also Note 33 - Related parties) -1,366 0 Total 187,048 161,170 The investments at year-end 2025 can be detailed as follows: JOINT VENTURES SEGMENT JV PARTNER DESCRIPTION ACTIVITIES Estrela Ltd Infrastructure ASS Owner of the accommodation barge NUNCE EXMAR LPG BV Shipping SEAPEAK Holding company for EXMAR-Seapeak  activities EXMAR Shipping BV Shipping SEAPEAK Owner of 15 midsize carriers, of which four carriers under finance lease and 1 VLGC under finance lease Monteriggioni Inc Shipping MOL Owner of the LNG carrier EXCEL which was sold during 2017 - inactive company EXMAR LPG France Shipping SEAPEAK Owner of various newbuilds of the midsize gas segment  (remaining vessels under construction will be delivered in the period 2026-2027). Exmar France Crewing SAS Shipping SEAPEAK New company created in 2025, with main activity crew management ASSOCIATES SEGMENT OWNERSHIP% DESCRIPTION ACTIVITIES Ecos Srl Supporting services 33.30% Ship Management and operational services Marpos NV Supporting services 45.00% Provides waste solutions for maritime industry Electra Offshore Ltd Infrastructure 40.00% Former owner of the accommodation barge WARIBOKO Exview Hong Kong Ltd Infrastructure 40.00% Former bareboat owner of the accommodation barge WARIBOKO The Group incorporated the joint ventures EXMAR LPG France in 2024, and EXMAR France Crewing SAS in 2025 with its joint venture partner SEAPEAK. In 2025, the Group increased the impairment of the trade and other receivables on its equity accounted investees, Exview Hong Kong Ltd and Electra Offshore Ltd, by USD 0.3 million.