EXMAR report 2025

3.2 Environment 96 3.2.4 Climate change transition plan 3.2.4.1 CLIMATE POLICY Addressing climate change is a fundamental pillar of our sustainability strategy and an integral component of our Health, Safety, Environment and Quality (HSEQ) policy. As for the resilience analysis described above, our ambitions related to developing an in-depth climate policy in 2025 have not been realized. We intend to take this on in 2026, focusing on establishing a comprehensive and dedicated climate policy, building upon a refined climate resilience analysis. The effectiveness of (new) policies and related actions and targets will be tracked on a periodical basis; enabling us to continuously improve and adjust, in line with the fast-changing maritime economy. 3.2.4.2 EXMAR TRANSITION PLAN In 2024, the first steps were taken towards the development of a transition plan. With the uncertainties concerning Omnibus, we have not taken any actions to develop this further in 2025. It is our intention to do this throughout 2026. In doing so, we will also consider an updated resilience analysis based on several scenarios and possibilities to map progress (if applicable). EXMAR’s approach to the transition plan builds on our three business units, making it as practical as possible. We outline our strategy to shift toward a low-carbon, climate-resilient future and have considered targets, timelines, and actions for reducing emissions, adapting operations, and aligning with regulatory and market shifts toward sustainability. Moreover, full integration with our action plan is key, ensuring a clear and strategic path forward. Furthermore, as an essential component of our business strategy and financial planning, the transition plan should guide decisions and investments towards a sustainable future. Shipping 88.80% of EXMAR’s GHG emissions are related to fleet fuel consumption. This concerns on-hire fuel for vessels within downstream leased assets and off-hire fuel for vessels within investments. Hence unsurprisingly, the focus within BU Shipping is entirely on the vessels, specifically related to three domains:  Targets for vessels, based on international regulation  Investments in vessels with dual fuel engines  Sale of older, fossil fueled vessels Targets for vessels, based on international regulations:  While awaiting the IMO mid-termmeasures to fight climate change, we are striving to achieve a GHG intensity below the target set in the FuelEU Maritime.  We have ongoing discussions with charterers to assess the consumption of sustainable biofuels.  Carbon Intensity Index (CII) measures have been included in recent charter parties to incentivize charterers to operate the vessels in the most efficient way. They can do so by slow steaming when possible, optimizing port calls, limiting waiting times and potentially switching to cleaner fuels such as B10-B30 biofuels.  A transition is ongoing to change refrigerants to a lower GWP alternative. Investments in vessels with dual-fuel engines, both LPG as ammonia fueled:  Fleet: EXMAR VLGC bv owns two LPG fueled VLGCs since 2021  Fleet: EXMAR Shipping BV (JV) has invested in two LPG fueled vessels that joined the fleet in 2025. In addition, investments are made in: - Six LPG fueled vessels joining the fleet in 2026 and four LPG fueled vessels joining the fleet in 2027-2028. - Four ammonia fueled vessels (joining the fleet in 2026). Sale of older, fossil fueled vessels: Five fully pressurized vessels have been sold in 2024 (2) and 2025 (3). EXMAR Shipping BV (JV) sold two older, fossil fueled, midsize gas carriers in 2024 (1) and in 2025 (1). Infrastructure Related to our infrastructure activities, the main actions concern investments in the development of shore power or residual heat capturing solutions for future infrastructure units. Two potential actions are worth mentioning:  Using EXMAR’s technical and marine expertise in the development of solutions to run facilities using electricity or residual heat, instead of hydrocarbons.  Investigating the construction of process and storage facilities. This concerns the selection of fuel-efficient process equipment, improving boil-off gas management capabilities, and installing a shore power connection and electrical drivers, instead of combustion engines or gas turbines.