EXMAR report 2025

3.1 Sustainability at EXMAR 71 3.1.3.1.3 Step 3: Determining our Impacts, Risks & Opportunities (IRO) IRO Identification Determining our Impacts, Risks and Opportunities (IRO) implied a step-by-step process, as demonstrated below. The initial IRO list – the short list – was based on the (not CSRD-aligned) materiality analysis of the 2023 ESG report, combined with the main characteristics of internal control and risk management systems, for strategic, operational and financial risk. In the second phase, the short list was broadened to a long list by additional IROs. To identify these IROs, three actions were taken:  Organization of an internal brainstorm session (e.g., between Head of HSEQ & HSEQ Officer)  Execution of a peer analysis within and outside the maritime industry  Cross check with the ESRS guidelines (ESRS 1 – AR16) to verify if all relevant topics were reviewed The long list provided a solid basis for the discussions with stakeholders. Through in-depth interviews with internal and external stakeholders, existing IROs were validated or amended, and additional IROs were identified if needed. In this third step, we aimed to ensure that stakeholders’ views and interests were understood properly, refining the long list of IROs. This included detailed and nuanced input and led to a clarification that the IROs may encompass one or more smaller impacts that are closely interlinked. As such, certain smaller but interconnected impacts were consolidated into overarching IROs, where relevant, ensuring a cohesive and comprehensive assessment. Note that the feedback from external stakeholders largely aligned with our existing framework and did not result in significant changes to the IROs. The refined IRO list was presented and discussed during a workshop with ExCo, which allowed them to evaluate the identified IROs in the context of EXMAR’s strategic priorities, operational goals and long-term sustainability vision. Their input was instrumental and resulted in broadening or amending certain IROs to better reflect EXMAR’s organization. In doing so, the IROs were cross-checked with our risk register, encompassing key strategic, operational and financial risks (More info in Chapter 3.4 – Governance), ensuring alignment and integration with EXMAR’s broader risk management framework. The assessment and management of impacts and risks are seamlessly embedded into the overall risk management process, enabling a holistic evaluation of the company’s risk profile. By doing so, we ensure that our approach to risk is comprehensive, consistent and reflective of both immediate and long-term priorities, enhancing the effectiveness and resilience of risk management practices. Stakeholder engagement As described above, stakeholder engagement was part of the DMA to validate and/or amend IROs and to identify additional IROs where necessary. Through in-depth interviews with our stakeholders, we were able to refine our IRO list and develop a cohesive and comprehensive assessment. The engagement process contained two phases to provide depth and relevance, combining rigorous preparation with personal, direct communication. This ensured that our engagement was both informed and impactful, laying the groundwork for stronger collaboration and more aligned sustainability initiatives. In the first phase, thorough preparation to gain preliminary insights was done by extensive indirect research. This research included analyzing stakeholders’ sustainability reports where available, reviewing publicly accessible information on their websites, and monitoring their communication through platforms like LinkedIn to understand priorities, challenges and perspectives. IRO SHORT LIST IRO LONG LIST IRO LIST REFINING starting from the 2023 materiality assessment based on brainstorm sessions, peer analysis and ESRS guidelines based on stakeholder interviews