EXMAR report 2025

3.1 Sustainability at EXMAR 84 Secondly, we are committed to enhance sustainability within the maritime sector but also believe in a diversified energy mix. Our latest investment in oil tankers is therefore still relevant today and allows us to diversify our means while positioning ourselves to capitalize on favorable shipping market trends. The addition of these high-capacity, scrubber-fitted vessels underscores our strategic focus on growth, efficiency and long-termmarket leadership in the shipping market. Lastly, we also invest in digital tools, both in our offices and onboard of our ships, enhancing data quality – amongst other benefits. Increase in labor costs Most of our vessels sail under an EU flag – with a substantial part under the Belgian or French flag - which increases our crew-related costs. These flags entail stricter rules, such as more stringent labor regulations and thereby result in higher labor costs than for our peers. However, we are keen to stay committed to these regulations as they make us more attractive to our customers and employees, through higher retention rates. A like-for-like comparison indicates an additional annual cost of approximately USD 200,000 per vessel, driven by crew composition requirements (21 crew members per vessel, with 25% EU-based personnel). Since two ships have been delivered in 2025, the additional costs are estimated to be USD 400,000. Regulatory costs We operate in a strongly regulated sector, which drives regulatory costs. Focusing specifically on sustainability-related regulations, the largest cost items are connected to CSRD compliant reporting, the EU Emissions Trading Schemes (EU ETS) and FuelEU Maritime. For these last two regulations, we clearly define the financial responsibility for compliance between contracting parties, including specific provisions that address related costs within the time-charter agreements. However, non-compliance could carry significant legal and financial costs. On 31/12/25 we had approx. USD 1.8 million in EU Allowances outstanding that have to be settled in 2026. In addition, EXMAR is a strong advocate for the implementation of IMO’s Net-Zero Framework: an industry-wide regulatory regime intended to require binding GHG standards and a global carbon pricing mechanism for shipping. However, in November 2025, the decision on the Net-Zero Framework was postponed for one year, leaving the shipping sector in regulatory limbo. By consequence, legal, commercial and ESG teams are in doubt on how to keep decarbonization strategies on track while expectations for formal regulation remain unsettled. 3.1.3.3.4 Non-material topics The DMA has also resulted in several topics as ‘not material’, leading to immateriality of the corresponding topical ESRS. These are, by consequence, not included in the disclosures in this report:  ESRS E2: Pollution  ESRS E3: Water & marine resources  ESRS E4: Biodiversity & ecosystems  ESRS E5: Resource use & circular economy  ESRS S2: Workers in the value chain  ESRS S3: Affected communities  ESRS S4: Consumers and end-users The reasons for immateriality for the standards above are provided in Appendix 1: Explanation for non-material topics. Please note that the topical ESRS E1 on climate change is material for EXMAR, but the subtopics of climate change adaptation (ESRS E1-1) and energy (ESRS E1-5) are not. The arguments therefore are the following:  Climate change adaptation: Extreme weather events leading to unsafe situations or delays do not pose a material risk as EXMAR vessels have been built to withstand bad weather. Moreover, vessels can be deviated to avoid bad weather or take shelter.  Energy: The total energy consumption of EXMAR is minimal (see Chapter 3.1 – Environment). Our scope 1 and 2 emissions, and hence the total energy consumption, are very limited. In addition, potential consequences of energy and commodity market volatility (e.g., increased uncertainty in financial planning and key commodity forecasting, leading to higher costs for risk management) are more applicable to the oil industry than the gas industry. EXMAR transports manufactured cargo, which is part of an industrial process. Consequently, we mainly work with mid-term to long-term contracts and only in exceptional cases on spot. Following the above, this report does not include disclosures related to climate change adaptation. ‘Energy’ is exceptionally included, due to its close interdependence with the material topic of climate change mitigation.