EXMAR report 2025

5.2 Consolidated financial statements 222 Note 18 - Borrowings to equity accounted investees (IN THOUSANDS OF USD) SHIPPING INFRASTRUCTURE SUPPORTING SERVICES TOTAL As per January 1, 2024 0 11,597 0 11,597 New loans and borrowings 700 0 0 700 Elimination after share deal  0 0 0 0 Accrued interest 0 899 0 899 Repayments 0 -12,500 0 -12,500 Netting negative equity and impairment -652 0 0 -652 Foreign currency translation differences 0 4 0 4 Repayments 0 0 0 0 Write-off 0 0 0 0 Change in allocated negative net assets  0 0 0 0 As per December 31, 2024 48 0 0 48 More than 1 year 0 0 0 0 Less than 1 year  48 0 0 48 Gross 2,737 0 0 2,737 Impairment -2,689 0 0 -2,689 As per January 1, 2025 48 0 0 48 New loans and borrowings 230 0 0 230 Converted into capital  -930 0 0 -930 Accrued interest 267 0 0 267 Repayments -267 0 0 -267 Netting negative equity and impairment 652 0 0 652 Foreign currency translation differences 0 0 0 0 As per December 31, 2025 0 0 0 0 More than 1 year 0 0 0 0 Less than 1 year  0 0 0 0 Gross 2,057 0 0 2,057 Impairment -2,057 0 0 -2,057 The activities and assets of certain of our equity accounted investees are financed through shareholder borrowings made by the Company to the respective equity accounted investees. Such borrowings granted are in substance part of the net investment in an associate or joint venture and any expected credit losses are accounted for before allocating negative net assets. During 2024, EXMAR obtained reimbursement of a borrowing for USD 12.5 million.