EXMAR report 2025

5.2 Consolidated financial statements 224 Note 21 - Financial Assets at FVTPL (IN THOUSANDS OF USD) DECEMBER 31, 2025 DECEMBER 31, 2024 Quoted shares 50,877 60,259 Unquoted shares  4,391 762 Financial Assets - FVTPL 55,268 61,021 The quoted shares include :  1,605,833 shares of Vantage Drilling International Ltd. (Vantage), representing approximately 12.3% of total shares in Vantage. Vantage is listed on the Oslo stock exchange (‘VDI’) and valued USD 35.7 million at December 31, 2025 (USD 40.9 million at December 31, 2024).  116,338 shares of Frontera Energy Corporation, traded on the Toronto Stock Exchange (‘FEC’), valued USD 0.5 million on December 31, 2025 (December 31, 2024: USD 0.7 million).  7,825,837 shares of Ventura Offshore Holding Ltd., listed on the Oslo stock exchange (‘VTURA’) and valued USD USD 14.7 million at December 31, 2025 (18.6 million at December 31, 2024). The unquoted shares include:  149 shares of Sibelco, valued USD 1.0 million at December 31, 2025  seven smaller investments in investment funds and companies for a total amount of USD 3.4 million at December 31, 2025. Note 22 - Trade and other receivables (IN THOUSANDS OF USD) 2025 2024 Trade receivables (including contract assets) - Gross 71,527 121,668 Impairment trade receivables -11,709 -11,106 Cash guarantees 448 179 Other receivables 12,208 8,886 Deferred charges and accrued income 4,946 4,259 Balance as per December 31 77,420 123,886 Of which financial assets 69,498 116,824 The decrease in the trade and other receivables in 2025 is primarily the result of lower outstanding receivables in the Congo branch mainly related to engineering, maintenance and operations services for the Marine XII project. The contract assets (see. Note 4 - Revenue) included in the table above amounted to USD 15.0 million for the period ended December 31, 2025 (December 2024: USD 16.0 million). Deferred charges comprise expenses already invoiced relating to the next accounting year, e.g. hire, insurances, commissions, bunkers, prepaid credit facility costs. Accrued income comprises un-invoiced revenue related to the current accounting period such as interests. Note 23 - Restricted cash and cash and cash equivalents (IN THOUSANDS OF USD) DECEMBER 31, 2025 DECEMBER 31, 2024 Restricted cash 7,132 0 Bank 119,417 114,142 Cash in hand 12 10 Short-term deposits 60,414 160,585 Net cash and cash equivalents 179,842 274,737 The restricted cash is a contract security obtained from the customer in relation to a FSRU-project in Colombia. We refer to the consolidated statement of cash flows for a detailed analysis of the cash movements.