During its meeting of 4 September 2025, the Board of Directors of EXMAR (“EXMAR” or “the Company”) reviewed and approved the interim accounts for the period ending June 30, 2025. The interim condensed consolidated financial statements have not been subjected to an audit or a review by the statutory auditor.

HIGHLIGHTS
▪ MGC fleet renewal is progressing, with the launch of two MGCs (CHAMPAGNY and COURCHEVEL) in Q1 and the closing of the sale of one MGC (WAREGEM) in Q2
▪ The group finalized the sale and delivery of two pressurized vessels (DEBBIE and HELANE)
▪ Operational performance in line with expectations, results supported by strong performance in the engineering business
▪ Net results positively impacted (USD 15 million) by the reversal of the provision related to warranty claims for the Marine XII project in Congo SUBSEQUENT EVENTS
▪ On July 31st, 2025, a Memorandum of Agreement was signed for the sale of pressurized vessel (ANNE), which will be delivered in Q3
▪ The Extraordinary General Meeting of the shareholders of Exmar NV, held on August 4th, 2025, approved a gross dividend of 4.07143 EUR per share for the financial year 2024. The shareholders had the option to contribute their dividend to the Company’s capital. This has resulted in a capital increase to USD 274,955,436.46, represented by 81,472,210 fully paid-up ordinary shares
▪ On August 29th, 2025, the group closed an unsecured revolving credit facility with KBC, which is partially guaranteed by Gigarant, for an amount of EUR 80 million. This further strengthens the group’s access to liquidity for growth.
▪ On September 3rd, 2025, EXMAR LPG France signed the financing of the four MGCs under construction at CIMC SOE in China

KEY EVENTS FIRST HALF YEAR 2025 AND OUTLOOK
The figures discussed below are all based on the proportionate consolidation method.

The segment demonstrated stable revenue year-on-year, despite challenging market conditions. The high contract cover
on the fleet supported results in line with expectations.

Market overview and outlook
The current freight market remains challenging, with rate levels approximately 20% lower year-on-year. Despite these
market conditions, EXMAR’s fleet continues to achieve high utilization, securing both short and long term charters with
established key clients as well as new customers. As of today, coverage for the Midsize Gas Carrier (MGC) fleet stands at
approximately 95% for the remainder of 2025.

Looking ahead, freight rates for all sizes of fully refrigerated vessels are expected to improve in the second half of 2025.
The anticipated commissioning of additional LPG storage capacity in the US Gulf region during the latter half of the year
should drive further shipping demand for both Very Large Gas Carriers (VLGC) and MGC units. Additionally, new ammonia
production capacity is expected to come online in the US Gulf in late 2025; however, it remains uncertain how much
midsize gas carrier capacity will be utilized for ammonia transportation.
In regulatory developments, the new US administration has introduced revised port tariffs targeting Chinese owned and
operated vessels. EXMAR’s fleet is not directly impacted by these measures.

Fleet renewal
EXMAR currently has 14 vessels under construction, of which 8 are fully owned and 6 are chartered through a partnership
with a Japanese entity. During the first quarter, two 46,000 cbm dual-fuel LPG vessels (CHAMPAGNY and COURCHEVEL)
were delivered and operate successfully for top-tier clients. EXMAR is scheduled to take delivery of MERIBEL, a 41,000
cbm dual-fuel LPG vessel from CIMC SOE, at the end of 2025, along with an additional eight newbuilds throughout 2026.
The company’s flagship ammonia-fueled newbuilds are on track for delivery beginning in the first quarter of 2026 and
are expected to play a pivotal role in ammonia transportation while leveraging ammonia as a marine fuel, significantly
reducing emissions in compliance with evolving European Union and IMO decarbonization targets. All new vessels are
constructed to the latest energy efficiency standards, with both dual-fuel LPG and dual-fuel ammonia capabilities.

The sale of WAREGEM (38,000 cbm, built 2015) was finalized, and divestment of older pressurized vessels operating East
of Suez continued: DEBBIE (3,500 cbm) and HELANE (5,000 cbm) were delivered to their buyers earlier this year, with
ANNE (3,500cbm) scheduled for delivery in Q3 2025 and FATIME (5,000 cbm) early 2026.

The older pressurized vessels will be replaced by two 7.500 cbm vessels that are scheduled to be delivered on long term
charter in 2027 and 2028.

INFRASTRUCTURE

Revenue is down year-on-year due to the completion of the EPC contract for the Marine XII project in Congo. EBITDA
reflects the long-term contracts in the LNG infrastructure business, as well as the strong performance of the engineering
affiliate EXMAR Offshore Company. Operating result is supported by the reversal of a warranty provision related to the
EPC contract for the Marine XII project in Congo.

LNG infrastructure
EEMSHAVEN LNG, a 600 mmscfd regasification barge within EXMAR’s portfolio, has successfully operated for three years
as an LNG import facility in Eemshaven, in the north of the Netherlands and achieved 100% uptime during the first half
of 2025. The facility boasts a regasification capacity of 8 billion cubic meters (BCM) of natural gas per year, equivalent to
25% of the Netherlands’ annual natural gas demand. The use of shore-based electricity and heat in the regasification
process positions EEMSHAVEN LNG among the world’s most environmentally advanced floating storage and
regasification units (FSRUs). The current contract remains in effect until Q3 2027.

On the liquefaction side, EXMAR supported ENI to deliver LNG from their export terminal offshore Congo-Brazzaville,
deploying TANGO FLNG (acquired from EXMAR by ENI in 2022) as the floating LNG production facility and EXCALIBUR as FSU.

Following provisional acceptance in February 2024, the TANGO FLNG facility loaded and exported 1,250,000 m³ of LNG
by mid-2025, demonstrating strong operational performance. Based on these results, EXMAR is eligible for a performance
bonus under the sale and purchase agreement. However, the parties failed to agree and ENI has referred this matter to
the London Court of International Arbitration.

EXMAR’s LNG Carrier EXCALIBUR, generated stable hire revenue during the first half of 2025 with 100% uptime, under
the 10-year charter to ENI.

Building on the success of these milestone projects, EXMAR is working on the development of several floating liquefaction
projects (ranging from 0.5 to 5 MTPA), floating regasification projects and storage initiatives.

Accommodation barge
The extension of the deployment of the accommodation and work barge NUNCE until December 2026 further solidifies
EXMAR’s reputation as a premier service provider to Sonangol in Angola, a partnership that has been ongoing since 2009.

Engineering
EXMAR’s engineering subsidiaries, EOC and DVO, continue to see high utilization of project management and engineering
services supporting various contracts for the development and implementation of offshore projects.

Engineering for the fifth OPTI® hull is currently underway, destined for BP’s Kaskida development in the US Gulf.
Engineering revenue for the first half of 2025 was robust, supported by record-high utilization rates and ongoing work on
three OPTI®-based and two additional semi-submersible designs.

In addition to their valued third-party business, both EOC and DVO are playing increasingly crucial roles in developing
EXMAR’s new floating infrastructure projects.

SUPPORTING SERVICES

Adjusted EBITDA in the Supporting Services segment remained stable thanks to strong operations & maintenance contracts. Results in 2024 were positively impacted by the sale of Bexco in May 2024 (+USD 19.6 million).

EXMAR Ship Management
In the first half of 2025, EXMAR Ship Management, through its subsidiaries, maintained stable operations for both the shipping and infrastructure fleet. Furthermore, they progressed to the next development phase of EXMAR’s ammonia powered vessels. By building on a structured, project-based approach, the company continues to demonstrate leadership in innovation, proactively adapting to evolving regulations while promoting sustainable and efficient maritime solutions.

Investments

EXMAR invested in Vantage Drilling International for a stake of 12.1% and holds a shareholding in Ventura Offshore Holding of 7.4%.

Both companies provide offshore oil and natural gas drilling services. These investments are driven by promising value creation as a consequence of long-term underinvestment in the offshore drilling market.

Further, EXMAR continuously assesses opportunities to deploy liquidity in related activities, as a diversification and liquidity management tool.

Full Report

Source: EXMAR