EXMAR report 2025

5.2 Consolidated financial statements 229 In 2025 EXMAR LPG France SAS signed a second bareboat charter agreement by way of a French tax lease for 4 new build vessels (delivery between January 2026 and December 2026) with a consortium of banks. Total amount agreed will be around USD 168.0 million. As at December 31, 2025, EXMAR LPG France SAS had drawn an amount of USD 99.2 million under the facilities. In general, the borrowings held by EXMAR and its equity accounted investees are secured by a mortgage on the underlying assets owned by EXMAR and its equity accounted investees. Furthermore, different pledges and other types of guarantees exist to secure the borrowings. Covenants Different debt covenants exist that require compliance with certain financial ratios. These ratios are calculated semi-annually based on EXMAR’s consolidated figures in which equity accounted investees are not accounted for under IFRS 11 but still on a proportionate basis (similar to accounting policies used for segment reporting purposes). We refer to the table below for an overview of the applicable covenants. APPLICABLE COVENANTS RATIO CREDIT FACILITIES (1) ACTUAL DECEMBER 31, 2025 (2) ACTUAL DECEMBER 31, 2024 (2) Minimum free cash ≥ USD 20 million USD 214.1 million USD 355.0 million Working capital min positive USD 310.6 million USD 444.7 million Net financial indebtedness ratio < 70% 35.06% 23.42% Outstanding loan amount (in thousands of USD) 67,552 1 Relates to the EEMSHAVEN credit facility and Revolving credit facility. 2 The actual amounts presented are based on the most restrictive definitions. Explanation of the major definitions applied in the covenant calculations:  Book equity: equity excluding treasury shares and the effect of any impairment of intangible assets and the effect of fair value changes of any financial derivative;  Free cash: cash in hand (excluding pledged or blocked cash), time deposits and, in certain covenants, including undrawn credit facilities with minimum six months to maturity;  Working capital: current assets less current liabilities;  Net interest-bearing debt: consolidated interest-bearing financial indebtedness less free cash (and in one covenant also less restricted cash used as debt collateral). As of December 31, 2025, EXMAR was compliant with all covenants with sufficient headroom. EXMAR is continuously monitoring compliance with all applicable covenants to meet all covenants per June 2026 and December 2026. In case of non-compliance with these covenants, early repayment of related borrowings might be required and should therefore be accounted for as short-term debt.