EXMAR report 2025

3.1 Sustainability at EXMAR 64 As of 1 January 2026, the EU ETS scope is broadened to include reporting of methane (CH 4 ) and nitrous oxide (N 2 0). Ships failing to comply with the regulation for two or more consecutive periods, may be denied entry in EU ports. As companies must surrender enough allowances to fully account for their annual emissions, sound monitoring and reporting of emissions is key. Therefore, the EU ETS has been merged with the EU Monitoring Reporting and Verification Regulation (EU MRV), requiring companies to monitor emissions and other relevant information for each of their vessels on an annual basis. To consistent and comparable monitoring, companies must document their methodology in a monitoring plan, including complete and transparent documentation on, for example, vessels’ emission sources. 3.1.2.1.3 FuelEU Maritime In 2025, the FuelEU Maritime regulation entered into force. This regulation establishes a progressive limit on the Greenhouse Gas (GHG) intensity of the fuels consumed on board of ships operating within the European Union, including incoming and outgoing ships on international trade. The GHG intensity limit will tighten in successive five-year phases, incentivizing a gradual reduction of GHG emissions across the maritime sector. FuelEU Maritime represents the first legislation to account for Well-to-Wake (WTW) GHG missions, encompassing the complete life cycle GHG emissions, including CO 2 , N 2 O and CH 4 . Under the regulation, conventional fossil fuels, such as Heavy Fuel Oil (HFO) and Marine Gas Oil (MGO) are non-compliant from the outset. In contrast, Liquefied Petroleum Gas (LPG) and Liquefied Natural Gas (LNG) will remain compliant until 2039. For alternative fuels (e.g., biofuels) compliance depends upon the sustainability of their production, which must be certified in accordance with the EU Renewable Energy Directive (RED). Lastly, within the framework, low-carbon ammonia is identified as one of the future-compliant fuels beyond 2050. Non-compliance with the prescribed GHG intensity limits will result in a FuelEU penalty. However, the regulation allows for compliance pooling: grouping compliant and non-compliant vessels to achieve an average GHG intensity within the allowable limits. Through strategic investments in dual-fuel vessels, capable of operating on ammonia or LPG, EXMAR is positioning itself for long-term compliance and resilience within the evolving regulatory landscape. Furthermore, the compliance costs associated with FuelEU Maritime are addressed within our time charter agreements, under which the responsibility for regulatory compliance is contractually defined and allocated. 3.1.2.1.4 Maritime Labor Convention The Maritime Labor Convention (MLC, 2006) of the International Labor Organization (ILO) defines comprehensive rights and standards for seafarers to ensure decent working and living conditions across the global shipping industry (e.g., wages, accommodation, hours of work/rest and social security). EXMAR ensures strict adherence to the MLC regarding such conditions for all seafarers. Our Safety Management System (SMS) includes robust procedures with the goal of preventing incidents and addressing issues like fatigue, well-being on board and retention. We prioritize mental health (support), offer competitive compensation and career development, ensure fair rotation policies and adequate shore leave to improve work-life balance and focus on a positive and inclusive work culture. 3.1.2.1.5 ISO Certifications In addition to the regulations described above, EXMAR has obtained certain ISO certifications. Even though these are in general of a voluntary nature, some certifications are paramount in the global shipping industry, such as the ones focusing on efficiency, safety and customer satisfaction. Maintaining high standards is quintessential in competing effectively, building customer trust and complying with stringent regulations. ISO certifications have become a key tool that help ensure consistency, quality and operational excellence. In this regard, we have obtained the following ISO certifications:  ISO 9001: Quality Management Systems  ISO 14001 : Environmental Management Systems  ISO 45001 : Occupational Health & Safety  ISO 50001: Energy Management 3.1.2.2 EXMAR’S BUSINESS CONTEXT EXMAR is split into three business units: Shipping, Infrastructure and Supporting services. Firstly, we are a leading shipowner and operator in the transportation of liquefied petroleum gas (LPG), ammonia (NH₃) and petrochemical gases. Secondly, our infrastructure business aims at developing innovative and fast-track oil and gas infrastructure solutions to support the energy industry in providing communities with clean and affordable energy. Finally, EXMAR has business interests in a variety of companies in the fields of ship management, specialized travel and components for the marine and offshore industry, each with significant markets and customer groups. The overview below contains the main markets for each business unit. For more details and information on our business and activities, we refer to Chapter 2 – Activity Report.