EXMAR report 2025

5.2 Consolidated financial statements 228 BANK LOANS The bank loans mainly relate to: FLANDERS INNOVATION & FLANDERS PIONEER – USD 117.5 million (December 2024: USD 123.7 million) In 2021, the Group obtained USD 144.0 million financing for the two VLGC’s: FLANDERS INNOVATION (USD 72.0 million) and FLANDERS PIONEER (also USD 72.0 million) maturing in fifteen years. The weighted average interest rate implicit in these loans amounts to 5.62%. EXMAR NV has guaranteed the underlying obligations. LPG pressurized facilities - USD 0 million (December 2024: USD 5.6 million) In the last quarter of 2018 and in April 2019, EXMAR refinanced respectively six and four of its LPG pressurized fleet vessels through a JOLCO (Japanese Operating Lease with Call Option) structure. The loans are repayable in quarterly tranches and the applicable interest percentage amounts to three-month SOFR plus 2.4%. The last repayment that was foreseen in December 2025 has been executed as scheduled. EEMSHAVEN - USD 68.1 million (December 2024: USD 81.2 million) End 2023 EXMAR Energy Netherlands BV (a 100% subsidiary of EXMAR NV) signed a facility agreement of USD 96 million with ABN AMRO Bank N.V., Belfius Bank NV/SA, BNP PARIBAS FORTIS NV/SA and KBC BANK NV for the financing of FSRU EEMSHAVEN and maturing August 16, 2027. The facility agreement has an interest rate of SOFR 3 months plus 2.16%. The facility agreement is repayable in seven semi-annually tranches and a balloon at termination date. All obligations of the borrower are guaranteed by EXMAR NV (“guarantor”). EXCALIBUR - USD 87.8 million (December 2024: USD 96.9 million) On July 29, 2024 EXMAR Export Netherlands BV (a 100% subsidiary of EXMAR NV) signed a Bareboat Charter agreement of USD 100.5 million with Ocean Offshore 2401 Ltd, for the financing of EXCALIBUR, maturing February 20, 2034. The agreement has an interest rate of SOFR 3 months plus 2.20%. The agreement is repayable in thirty-eight quarterly tranches and a balloon at termination date. The obligations of the borrower are initially guaranteed by EXMAR Energy Hong Kong Ltd and EXMAR NV is the standby guarantor. OTHER LOANS Pressurized fleet - USD 0 million (December 2024: USD 3.0 million) At December 31 2024, the outstanding balance amounts to USD 3.0 million and related to one vessel. Management exercised the purchase options of the remaining vessel at the end of the lease. AVAILABLE CREDIT FACILITIES In 2025 EXMAR obtained EUR 80.0 million revolving credit facility from a Belgian financial institution with maturity date August 29, 2029 and an interest rate of EURIBOR 3 months plus 1.425%. EXMAR did not draw upon this facility per end 2025. Other information EXMAR Shipping BV On December 16, 2022 EXMAR Shipping BV, a major equity accounted investee, signed a senior sustainability linked facility with a consortium of banks. On October 23, 2024 the parties agreed on an amount of USD 381.4 million as revolving credit facility and the expiry date was extended. The loan matures on December 16, 2029. As at December 31, 2025, EXMAR Shipping BV had drawn USD 299.5 million of the revolving credit facility. EXMAR LPG France SAS On October 24, 2024 EXMAR LPG France SAS, a major equity accounted investee, signed a bareboat charter agreement by way of a French tax lease for its 6 new build vessels (delivery between January 2025 and January 2027) with a consortium of banks. Total amount agreed will be around USD 240.0 million. Two newbuild vessels were delivered in 2025. The future cash outflows have been considered in the determination of the carrying value of the vessels.