During its meeting of 27 March 2025, the Board of Directors of EXMAR (“EXMAR” or “the Company”) reviewed the results for the year ending 31 December 2024.

HIGHLIGHTS 2024

§2024 marks a year of exceptional results
§The infrastructure division continues its strong performance, with the successful startup of the FLNG terminal operations in Congo
§The group divested Bexco NV to Bekaert NV
§In March 2024, the accommodation and work barge WARIBOKO was sold to the Adnoc group
§EXMAR opened a new French entity, EXMAR LPG France, which will operate 10 newbuild dual fuel LPG/NH3 Midsize Gas Carriers (MGC), being constructed at HD HYUNDAI MIPO in Korea, and CIMC SOE in China
§The shipping division sold and delivered one MGC (WARINSART) and sold four fully pressurized ships (SABRINA, HELANE, MAGDALENA, DEBBIE) for delivery throughout 4Q 2024 and 1Q 2025
§EXMAR’s engineering affiliate, EXMAR Offshore Company (EOC), has signed an engineering contract with BP for an Opti-Ex design
§The group improved its liquidity position through the financing of the EXCALIBUR, and the refinancing of the revolving credit facility of its MGC fleet

SUBSEQUENT EVENTS

§(Jan 2025) Delivery of the 46,000 m³ newbuild dual-fuel MGC, named CHAMPAGNY
§(Jan 2025) An agreement was reached for the delivery of the MGC WAREGEM in April 2025
§(Feb 2025) Closing of the novation of 4 shipbuilding contracts from Avance gas (dual-fuel LPG), as part of the strategy to adopt cleaner and more sustainable maritime fuels
§(Feb 2025) Saverex launched a voluntary and conditional public takeover offer for all outstanding shares in EXMAR that are not yet owned by Saverex
§(Feb 2025) Warranty period for the Marine XII project in Congo ended, the related provision for warranty claims (USD 15 million) will be reversed in the 1st quarter of 2025
§(Mar 2025) Sales agreement of the pressurized vessel FATIME signed, with delivery in 2026
§(1Q 2025) Vessels HELANE and DEBBIE were delivered to their new owners

The statutory auditor has confirmed that his audit activities, which have been substantially completed, have not to date revealed the need for any significant adjustments to the consolidated key figures presented in this press release.

KEY EVENTS 2024 AND OUTLOOK 2025

The figures discussed below are all based on the proportionate consolidation method.

The segment demonstrated a stable revenue year-on-year, driven by another year of strong market conditions. The net result in 2024 is positively impacted by the settlement on the UK tax lease claim on the EXCEL.

Very Large Gas Carriers (VLGC)

Freight rates for VLGCs dropped in the course of 2024 to levels below half of what they were at the beginning of the year. On average for 2024 rates were about USD 1.2 million per month.

The VLGCs FLANDERS PIONEER and FLANDERS INNOVATION continued to perform under their current contracts with Equinor ASA. The EXMAR-controlled BW TOKYO performed well in the BW VLGC pool during 2024 with reasonable revenue albeit lower than the exceptional year 2023.

Midsize Gas Carriers (MGC)

The strong MGC freight market sustained until the fourth quarter of 2024 and freight rates remained firm unlike the VLGC market. Both spot and term contracts for modern tonnage exceeded USD 1 million per month. At the end of the year the pressure on freight increased with Charterers redelivering tonnage. At the beginning of 2025, 81% of EXMAR’s midsize fleet is covered in contracts.
EXMAR’s fleet renewal program, with 16 newbuild ships on the books, started early 2025. The delivery of CHAMPAGNY and COURCHEVEL in the first half of 2025, both 46,000 cbm with LPG propulsion, marks the start of deliveries of new ships to EXMAR’s Midsize fleet. During 2024, one LPG carrier (WARINSART) was sold and chartered back.

Pressurized

In Europe, 2024 set off with consistent requests for employment. Demand soon outpaced available tonnage pushing up rates to healthier levels until the seasonal summer decline set in. Maintenance in various production facilities led to some length in the market and it took to the latter part of the year to see an uplift in rates again. Overall, it was a steady year for this segment. The market has been supported by the EU sanctioning of Russian LPG.

Demand for tonnage in the East generally remained low keeping the ship list long for longer periods. Rates didn’t move much over the course of the year unlike in the West.

EXMAR has a fleet of six pressurized vessels and has two 7.500 cbm vessels to be delivered on long term charter in 2027 and 2028. In 2024, four pressurized vessels were sold with delivery of the SABRINA and MAGDALENA in the fourth quarter of 2024 and delivery of the HELANE and DEBBIE in the first quarter of 2025.

Strong operational performance resulted in a significant contribution to the group result.

Revenue decreased in 2024 with modifications and startup of the LNG infrastructure units on their respective projects largely completed in 2023. The year-on-year decrease was partially compensated for by a higher revenue from engineering projects managed by EOC in Houston, USA.

Net result for 2024 was significantly boosted by the reversal of the contingent liability accrued at the time of the sale of TANGO FLNG (+USD 78 million).

LNG Infrastructure

EXMAR is a trusted partner to Eni, driving their LNG export project off the coast of Congo Brazzaville.

While in 2023 EXMAR’s focus was on the engineering, procurement and conversion (EPC) of TANGO FLNG and EXCALIBUR for their use in Congo Brazzaville, in 2024 the activities and revenue have shifted into commissioning and operations.

After provisional acceptance in February 2024, 700,000 m³ of LNG has already been offloaded and exported from the facility at the end of 2024, showing effective performance. The value of the share purchase agreement of the owning company of TANGO FLNG, dependent on actual performance, valued at USD 78 million, has therefore been considered as fully acquired in the business unit result in 2024.

EXMAR’s LNG Carrier EXCALIBUR, added to the same project as floating LNG storage unit (FSU) under a 10-year charter, generated stable hire revenue in 2024 with 100% uptime.

The EEMSHAVEN LNG, the 600 mmscfd regasification barge currently in EXMAR’s portfolio, has been operating for two years now in Eemshaven in the north of the Netherlands as LNG import facility.

With these milestone projects performing above expectations, 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 barges

The extension of the deployment of the accommodation and work barge NUNCE until January 2027 consolidates EXMAR’s reputation as a high-quality service provider to Sonangol in Angola.

In March 2024, the accommodation and work barge WARIBOKO was sold to the Adnoc group.

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.

A highlight of 2024 was the selection and contract award to engineer and design a new hull, deck and mooring system for the floating production facility for BP’s Kaskida development in the US Gulf. The use of EOC’s proprietary, patented OPTI® hull design for Kaskida marks the fifth time that this hull design will be used. It proves the acceptance of its application across a broad spectrum of customers.

Revenue in 2024 has been exceptional with high utilization rates reflecting a record high number of major capital projects. These include work on three OPTI® based and two other semi-submersible designs.

Revenue in the Supporting Services segment increased thanks to strong operations & maintenance contracts. Net results were positively impacted by the sale of Bexco in May 2024 (+USD 20.6 million).

Exmar Ship Management

EXMAR Shipmanagement experienced further growth in the LPG and NH3 market and continues to benefit from the long-term commitments for the FSRU and FLNG infrastructure business.

TRAVEL PLUS

Travel Plus demonstrated a solid performance throughout the year, resulting in the best results post-COVID, generating a positive contribution to the EXMAR revenue and EBITDA.

Investments

EXMAR invested in Vantage Drilling International for a stake of 12.4% and procured a shareholding in Ventura Offshore Holding, which amounts to 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.

In 2024 EXMAR’s net debt position was lowered thanks to robust growth of the cashflow resulting from operating activities and the sale proceeds of the sale of Bexco NV in May 2024.

Dividend

The Board of Directors proposes to the General Meeting of Shareholders on 20 May 2025 not to issue a dividend.

Statement on the true and fair view of the consolidated financial statements and the fair overview of the management report.

The Board of Directors, represented by Nicolas Saverys (Chairman) and Francis Mottrie (representing FMO BV), and the Executive Committee, represented by Carl-Antoine Saverys, CEO (representing CASAVER BV) and Hadrien Bown, CFO (representing HAX BV), hereby confirm that, to the best of their knowledge:

§the consolidated financial statements for the year ended 31 December 2024, which have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) as adopted by the European Union, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the entities included in the consolidation as a whole, and
§the management report includes a fair overview of the important events that have occurred during the financial year and of the major transactions with the related parties, and their impact on the consolidated financial statements, together with a description of the principal risks and uncertainties they are exposed to.

GLOSSARY

§EBITDA: Earnings before interests, taxes, depreciation, amortization and impairment.
§Adjusted EBITDA: EBITDA adjusted for certain non-recurring transactions for which management believes that excluding these provides better insights in the actual performance of the Group.
§EBIT: Earnings before interests and taxes.
§Net financial debt/(cash): borrowings minus (restricted) cash and cash equivalents.
§FVTPL: Fair value through profit and loss

ANNEX

§Consolidated statement of financial position;
§Consolidated statement of profit or loss and other comprehensive income;
§Consolidated statement of cash flows;
§Consolidated statement of changes in equity.

CALENDAR 2025

§Financial Report EXMAR available on website: Thursday 17 April 2025
§Annual General Meeting of Shareholders: Tuesday 20 May 2025
§Announcement of the results of the first semester 2025: Friday 4 September 2025

Source: EXMAR