EXMAR report 2025

3.2 Environment 92 It is important to clarify the substantial difference between the emissions for 3.1 Purchased goods & services in 2024 and 2025. Two elements contribute to the difference of 16,931.50 tCO 2 eq. In first instance, there is a difference of around 22 million USD spent in 2024 and 2025. As the emissions for category 3.1 are calculated spend-based, this impacts the outcome. Secondly, the methodology for this category was refined and expanded in 2025, including OPEX2 and office expenses based on amounts spent. Specific emission factors were attributed to each purchase, based on the categorization thereof (e.g., ‘computer & related services – product’). On the contrary, in 2024, OPEX2 was included in the emissions by means of an average emission factor. Hence, not connecting specific emission factors to each purchase and applying a more general, less precise, approach. 3.2.1.3 GHG INTENSITY One of the foundational concepts in climate policy, environmental reporting and sustainable energy planning, is Greenhouse Gas intensity (GHGi): the amount of greenhouse gases emitted per unit of output or activity. It quantifies the carbon footprint of a given process, fuel or activity in proportion to its output. It is a key metric to evaluate the climate impact of energy carriers, industrial processes, transport fuels, products and organizations as it enables comparative assessment, regulatory compliance, and informed decision-making in the transition to a low-carbon economy. Below, we provide insights into EXMAR’s emissions efficiency, relative to our economic activity. Our revenue and total GHG emissions (scope 1, 2 & 3) are used to calculate our GHG intensity – expressed in 1,000 USD. The GHG intensity is calculated by the following formula: Total GHG emissions (tCO 2 eq) -------------------------------------- Net revenue (monetary unit) 3.2.1.2.2 GHG emissions overview BASE YEAR 2024 ORIGINAL BASE YEAR 2024 RESTATED 2025 SCOPE 1 tCO 2 eq tCO 2 eq tCO 2 eq Gross scope 1 GHG emissions 4,072.68 3,874.04 913.17 Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%) 0 0 0 SCOPE 2 tCO 2 eq tCO 2 eq tCO 2 eq Gross location-based Scope 2 GHG emissions 301.60 339.78 277.16 Gross market-based Scope 2 GHG emissions 284.30 293.32 261.02 SIGNIFICANT SCOPE 3 tCO 2 eq tCO 2 eq tCO 2 eq Total Gross indirect (Scope 3) GHG emissions 481,248.21 253,513.46 217,396.89 Cat.1 – Purchased goods & services 31,435.38 31,435.38 14,503.88 Cat.2 – Capital goods 0.00 0.00 0.00 Cat.3 – Fuel- and energy-related activities 390.20 317.26 180.55 Cat.4 – Upstream transportation and distribution 761.00 761.00 487.81 Cat.5 – Waste generated in operations 2,673.69 2,673.69 2,384.82 Cat.6 – Business travel 5,108.94 5,108.94 5,044.07 Cat.7 – Employee commuting 571.11 571.11 431.91 Cat.8 – Upstream leased assets 0.00 0.00 264.78 Cat.13 – Downstream leased assets 210,732.66 208,195.50 190,154.74 Cat.15 – Investments 229,575.23 4,450.58 3,944.33 TOTAL GHG EMISSIONS tCO 2 eq tCO 2 eq tCO 2 eq Total GHG emissions (location-based) 485,622.50 257,727.28 218,587.22 Total GHG emissions (market-based) 485,605.20 257,680.82 218,571.08 When comparing 2024 and 2025, there are some additional notes to consider. Firstly, the reporting scope has slightly changed as for 2025 two entities are out of scope, and three new entities were included. The size and activities of these entities will impact the emissions. Secondly, the category 3.8 Upstream leased assets contained emissions for chartered in vessels, corresponding to ‘0’ in 2024. As of 2025, we include the emissions for the lease of an airplane, explaining the difference in values.