EXMAR : Results 2023

During its meeting of 25 March 2024, the Board of Directors of EXMAR ("EXMAR" or "the Company") reviewed the results for the year ending 31 December 2023.

HIGHLIGHTS 2023

• • The Marine XII project in Congo, with Eni, is driving revenue and EBITDA for the Infrastructure division.

• • The Midsize Gas Carrier market experienced another strong year. Building on EXMAR's four decades of ammonia expertise, 50% of the midsize fleet operated in the ammonia segment.

• • For the first time, BEXCO is contributing in full to EXMAR's revenue and EBITDA.

• • EXMAR re-entered the drilling segment, further expanding its role in the energy value chain.

SUBSEQUENT EVENTS

• • Jan 2024 Increase of holding in Vantage Drilling International in the first quarter of 2024 to 12.1%.

• • Mar 2024 Decision to sell the Offshore Accommodation Barge WARIBOKO

• • Mar 2024 Order of two additional innovative 46,000 m3 dual-fuel ammonia MGCs, as part of the strategy to develop a rejuvenated MGC fleet with zero emission capabilities. This brings the orderbook to ten vessels.

CONSOLIDATED KEY FIGURES

International Financial	Management reporting
Reporting Standards (IFRS)	based on proportionate
(1)	consolidation (2)

Consolidated results (in millions of USD)

Revenue

487.3

155.6

578.3

243.3

EBITDA Adjusted EBITDA Depreciations and amortisations Operating result (EBIT)

80.4

341.6

154.5

401.7

80.4

26.0

154.5

82.5

-31.3

-28.9

-59.7

-48.6

49.1

312.8

94.9

353.1

Net finance result

-5.1

-23.4

-31.9

Share of result of equity accounted investees (net of income tax) Result before income tax

32.1

32.0

0.2

0.3

76.2

321.4

76.4

321.4

Income tax expense Result for the period Of which Group share

-4.1

-1.1

-4.4

-1.1

72.0

320.3

72.0

320.3

72.0

320.3

72.0

320.3

Information per share (in USD per share)

Weighted average number of shares of the period EBITDA

Operating result (EBIT) Result for the period

57,415,904 1.40 0.86 1.25

57,226,7375.975.475.60

57,415,904 2.69 1.65 1.25

57,226,737 7.02 6.17 5.60

Information per share (in EUR per share)

Exchange rate

EBITDA

Operating result (EBIT) Result for the period

1.0824 1.29 0.79 1.15

1.05555.665.185.30

1.0824 2.49 1.53 1.16

1.0555 6.65 5.85 5.30

• (1) The figures in these columns have been prepared in accordance with IFRS as adopted by the EU

• (2) The figures in these columns reflect management presentation and include the joint-ventures based on the proportionate consolidation method instead of the equity method.

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 2023 AND OUTLOOK 2024

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

SHIPPING:

Proportionate consolidation - SHIPPING (In millions of USD)

Revenue

143.8 141.4

EBITDA

82.3 81.6

Adjusted EBITDA

82.3 81.6

Operating result (EBIT)

34.3 42.7

Segment result for the period

3.3 16.8

The EBITDA for the Shipping segment in 2023 shows a performance in line with 2022. Operating result and net result in 2023 are below 2022 mainly as a result of increased interests and impairment reversals for USD 9 million in 2022.

Very Large Gas Carriers (VLGC)

The VLGCs FLANDERS PIONEER and FLANDERS INNOVATION continued to perform under their current contracts with Equinor. VLGC BW TOKYO performed well in the BW VLGC pool in 2023 and benefited from high revenues achieved in the VLGC segment.

Midsize Gas Carriers (MGC)

The MGC market experienced another strong year, with an increased LPG activity and freight. Half of EXMAR's midsize fleet was dedicated to ammonia in 2023 and this is expected to continue in 2024. At the beginning of 2024, 92% of EXMAR's Midsize fleet is covered on contracts.

The LPG carriers LIBRAMONT and SOMBEKE were sold and chartered back in the fourth quarter of 2023. The LPG carrier BASTOGNE was sold in the first quarter of 2023.

Two additional 46,000 m3 Midsize LPG/Ammonia carriers were ordered in 2023. The vessels will be equipped with dual fuel ammonia propulsion. These will be the world's first deepsea going ammonia fueled vessels and thus capable of sailing with almost zero CO2 emission.

In March 2024, two additional dual fuel propulsion 46,000 m3 Midsize LPG/Ammonia carriers were ordered, with expected deliveries in 2026, bringing the total to six. In addition to the above orders, another four newbuild vessels have been chartered-in, bringing the total newbuild orderbook to ten vessels.

Pressurized

EXMAR's pressurized fleet of ten ships remained dedicated to well-established industrial and long- term partners, both in North-West Europe and in Asia. Reduced demand in the Far East, is compensated by stable European markets, which could benefit from improved LPG activity.

Time Charter Equivalent (in USD per day)

2023

2022

Midsize (100 pool points)

25,640 23,910

VLGC (Average)

44,681 32,389

Pressurized (Average)(3,500 m3)

7,835 6,999

Pressurized (Average)(5,000 m3)

9,184 8,550

INFRASTRUCTURE:

Proportionate consolidation - INFRASTRUCTURE (In millions of USD)

374.7 80.5

75.7 323.1

75.7 7.4

66.6 314.7

56.1 296.4

Revenue in the Infrastructure segment increased in 2023 by USD 294.2 million to USD 374.7 million and was boosted by revenues from the engineering, procurement, and conversion contracts for the Marine XII project in Congo. The full period employment of EEMSHAVEN LNG and EXCALIBUR contributed to the increase of revenue in 2023.

EBITDA 2023 stands at USD 75.7 million and is 247.4 million below 2022. Making abstraction of the gain on disposal upon sale of shares of Export LNG Ltd, the owner of the TANGO FLNG, in August 2022 (USD 315.7 million), Adjusted EBITDA increased by USD 68.4 million and is the result of the operations in Eemshaven, Netherlands and the Republic of Congo.

LNG Infrastructure

The MARINE XII project came online one year after the FID by our customer Eni, and features a liquefaction facility, TANGO FLNG, with a capacity of about 1 billion cubic meters per year (BCMA). Moored alongside, is EXMAR's EXCALIBUR Floating Storage Unit (FSU), using an innovative configuration developed in-house called "split mooring", implemented for the first time in a floating LNG terminal. EEMSHAVEN LNG performed as per expectations.

In parallel EXMAR is working on various new Floating LNG Liquefaction projects and Floating LNG Regasification projects.

Accommodation barges

The employment of the accommodation and work barge NUNCE has confirmed its reputation of high standard services to its customer offshore Angola, under a contract that has been extended until May 2024.

The accommodation and work barge WARIBOKO was deployed in the second half of 2023 on a project of TotalEnergies.

Engineering

EXMAR's engineering subsidiaries continue to see high utilization of project management and engineering services supporting various contracts for the development and implementation of different deep-water offshore developments, mainly in the Gulf of Mexico for key customers including developments for Woodside Trion and BP Kaskida. The combination of the local engineering team, supported with contractors, enables the engineering division to accommodate the flexibility of this specific market.

Investments

EXMAR's Infrastructure portfolio has been complemented with a participation of approximately 12.1% in Vantage Drilling International ("Vantage"). Vantage is a player in offshore oil and natural gas well drilling services, with a fleet comprising of two ultra-deep-water drill ships and two premium jack-up rigs, listed on the US OTC market under VTDRF. This investment is driven by promising value due to continued underinvestment in the offshore drilling market. After over two decades, EXMAR re-enters the drilling sector, further expanding its role in the energy value chain.

SUPPORTING SERVICES:

Proportionate consolidation - SUPPORTING SERVICES (In millions of USD)

71.1 31.0

-3.6 -3.1

-3.6 -6.6

-6.1 -4.4

12.7 7.1

Revenues in the Supporting Services segment increased thanks to the twelve months contribution of BEXCO (part of Group revenues since November 2022) and its role in the Marine XII project.

Exmar Ship Management

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

BEXCO

2023 has proven an excellent year for BEXCO, driven by high demand in the Offshore Energy market, as well as improved demand for the supply of Polyester Mooring ropes for 'permanent mooring'.

TRAVEL PLUS

Further recovery during 2023 in retrospect of the pandemic, resulted in a positive contribution to the EXMAR revenue and EBITDA.

FINANCIAL:

Additional informationProportionate consolidation (in million USD)

Net financial debt/(cash)

December 31, 2023 December 31, 2022 252.1 -105.2

In 2023 EXMAR turned into a net debt position.

The proceeds of the sale in 2023, of 100% of the shares of Export LNG Ltd, the owning company of the TANGO FLNG, have been distributed as dividend, resulting in a normalized net financial debt position.

Dividend

The Board of Directors proposes to the General Meeting of Shareholders on 21 May 2024 to distribute a gross dividend of (gross) EUR 0.40 per share from the profit carried forward and the distribution of (gross) EUR 0.38 per share from the available share premium.

Ex date : 27 May 2024 - Record date : 28 May 2024 - Pay date : 29 May 2024.

***

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 Carl-Antoine Saverys (CEO), and the Executive Committee, represented by Francis Mottrie, COO (representing FMO 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 2023, 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.

  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 2024

• • Financial Report EXMAR available on website: Thursday 18 April 2024

• • Announcement of the first quarter results 2024: Thursday 16 May 2024

• • Annual General Meeting of Shareholders: Tuesday 21 May 2024

• • Announcement of the results of the first semester 2024: Friday 6 September 2024

• • Announcement of the results of the third quarter 2024: Friday 8 November 2024

The Board of Directors

Antwerp, 25 March 2024

(In thousands of USD)

December 31, 2023

Non-current assets Vessels and barges

619,437

415,747

December 31, 2022

437,966

Other property, plant and equipment Intangible assets

314

225

Right-of-use assets

Investments in equity accounted investees Deferred tax assets

135,388

4,429

107,082

1,071

Other investments Current assets Derivative financial assets Inventories

37,928 307,496

550

15,134

1,849 604,616

573

9,217

Trade and other receivables

97,384

67,089

Short term borrowings to equity accounted investees Current tax assets

11,597

5,900

7,000

1,185

Cash and cash equivalents

176,930

519,553

Total assets

926,933

1,178,276

Equity

482,138

798,691

Equity attributable to owners of the Company

481,992

798,511

Share capital

88,812

88,812

Share premium Reserves

148,796

172,412

209,902

179,480

Result for the period

71,972

320,317

Non-controlling interest Non-current liabilities Borrowings

147 248,862

219,831

180 250,370

167,548

Other Payables

0

78,000

Employee benefit obligations Provisions

999

25,006

1,040

800

Deferred tax liabilities Current liabilities Borrowings

Trade and other payables Current tax liability

3,026 195,932 45,480 146,909 3,544

2,982 129,215 50,800 75,542 2,873

Total liabilities

Total equity and liabilities

444,795 926,933

379,585 1,178,276

ANNEX TO THE PRESS RELEASE RESULTS 2023

Consolidated statement of profit and loss

(In thousands of USD)

26/03/2024 - 7.30 AM

2023

Revenue

487,318

2022

155,604

Gain on disposal

868

Other operating income Operating income

4,020 492,206

1,601 476,848

Vessel expenses

-263,114

-60,121

Raw materials and consumables used General and administrative expenses Personnel expenses

-23,279

-54,804

-46,176

-3,447

-39,293

-32,333

Depreciations & amortisations Impairment losses and reversals Loss on disposal

-33,956

2,701

-82

-33,624

4,768

0

Other operating expenses Result from operating activities

-24,356 49,140

-25 312,773

Interest income

Interest expenses Other finance income Other finance expenses Net finance result

Result before income tax and share of result of equity accounted investees

17,961 -10,938 1,373 -13,515 -5,120 44,020

Share of result of equity accounted investees (net of income tax)

Result before income tax

Income tax expense Result for the period Attributable to:

Non-controlling interest

Owners of the Company

32,136 76,156 -4,148 72,007

0

36

Result for the period

Basic earnings per share (in USD) Diluted earnings per share (in USD)

7,125 -21,954 9,525 -18,055 -23,359 289,414

71,972 72,007 1.25 1.25

32,007 321,420 -1,072 320,348 0 30 320,317 320,348 5.60 5.60

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Result for the period

Items that are or may be reclassified subsequently to profit or loss: Equity accounted investees - share in other comprehensive income Foreign currency translation differences

Other

Items that will never be reclassified to profit and loss:

Employee benefits - remeasurements of defined benefit liability/assets Total other comprehensive income for the period (net of tax) Total comprehensive income for the period

-2,098 1,572 211 -456 -771 71,237

Attributable to:

320,348

1,943 580 -202 -706 1,615 321,963

Non-controlling interest Owners of the Company

-33 71,270

37 321,926

ANNEX TO THE PRESS RELEASE RESULTS 2023

Consolidated statement of cash flow

26/03/2024 - 7.30 AM

(In thousands of USD)

12 months ended 31 December,2023

Result for the period

72,007

2022

Share of result of equity accounted investees (net of income tax) Depreciations & amortisations

-32,136

-32,007

Impairment losses and reversals Net finance result

-2,701

-4,768

Income tax expense/ (income) Net (gain)/ loss on sale of assets Other non-cash items

4,148

-868

1,072

-319,643

0

-1,193

Increase/(decrease) in provisions and employee benefits Realized foreign currency gains (losses)

Gross cash flow from operating activities

23,671

-7,257 95,941

-361

-3,357 17,075

(Increase)/decrease of inventories (Increase)/decrease of trade and other receivables Increase/(decrease) of trade and other payables Cash generated from operating activities

-5,457 -32,146 -1,713 56,626

2,268 -6,488 27,512 40,368

Interest paid

Interest received Income taxes paid

NET CASH FROM OPERATING ACTIVITIES

-9,928 16,427 -11,267 51,858

-18,483 5,411 -1,311 25,985

Acquisition of vessels and vessels under construction Acquisition of other property plant and equipment Acquisition of intangible assets

-4,218

-2,152

-112

-19,867

-554

-51

Proceeds from the sale of vessels and other property, plant and equipment Dividends from equity accounted investees

278

1,772

13,722

2,079

Other dividends received

19

18

Proceeds from the sale of a subsidiary, net of cash disposed off Acquisition of subsidiaries, net of cash acquired

-1,173

646,599

0

-9,169

Acquisition of an asset through an other asset deal, net of cash acquired Other investment increase (decrease)

0

-39,132

-4,698

0

Borrowings to equity accounted investees Repayments from equity accounted investees NET CASH FROM INVESTING ACTIVITIES

-996

0 -45,713

-41,085

52,260 639,253

Dividend paid

-391,089

-59,646

Proceeds from new borrowings Repayment of borrowings

102,132

-58,389

50,014

-279,818

Repayment of lease liabilities IFRS 16 (principal portion) Payment of debt transaction costs & banking fees Proceeds from exercising share option plans Release restricted cash

-2,283

-2,664

3,299

NET CASH FROM FINANCING ACTIVITIES

0 -348,994

-1,476

-2,577

0

76,121 -217,383

NET INCREASE/ (DECREASE) IN CASH AND CASH EQUIVALENTS

-342,849

447,856

Consolidated statement of changes in equity

(In thousands of USD)

88,812 0 0 0 0

Opening equity as previously reported per January 1, 2023

Comprehensive result for the period

Result for the period

Foreign currency translation differences

NoteShare capitalShare premiumRetained earningsReserve for treasury sharesTranslati on reserveHedging reserveShare-based payments reserve

TotalNon- controllin g interest

209,902 0 0 0 0

542,676 0 71,972 0 0

-44,349 0 0 0 0

-2,760 0 0 1,641

3,010 0 0 0 0

1,221 0 0 0 0

798,511 0 71,972 1,641

180 0 36 -69

798,691

0

72,007

1,572

0 0 0 0

Foreign currency translation differences - share equity accounted investees

57

57

57

0 0

Employee benefits - remeasurement net defined benefit obligations

Other

Net change in fair value of cash flow hedges - share equity accounted investees

Total other comprehensive result

Total comprehensive income for the period

0 0 0

0 0 0

-456 211

0 0 0

0 0 0

0 0 0

-456 211

-456

211

0

-2,155

-2,155

-2,155

0 0

0 0

-245 71,727

0 0

1,698 1,698

-2,155 -2,155

0 0

-702 71,270

-69 -33

-771

71,237

0 0 0 0

Transactions with owners of the Company Dividends declared

Share-based payments

Total transactions with owners of the Company

0 -61,106 0 -61,106

0 -329,983 -1,669

-331,653

0 0 6,189 6,189

0 0 0 0

0 0 0 0

0 0 -1,221 -1,221

0 -391,089 3,299

-387,790

0 0 0 0

0 -391,089 3,299 -387,790

Closing equity per December 31, 2023

88,812

148,796

282,751

-38,160

-1,062

855

0

481,991

147

482,138

(In thousands of USD)

Note

Share capital

Share premium

Retained earnings

Reserve for treasury shares

Translati on reserve

Hedging reserve

Share-based payments reserve

Total

Non- controllin g interest

536,231 0

761 0 0 0 0 0 0

-3,028 0 0 573 -305

Opening equity as previously reported per January 1, 2022

Comprehensive result for the period

Result for the period

88,812 0 0 0 0 0 0 0

209,902 0

282,048 0

• 0 320,317

-44,349 0 0 0 0 0 0 0

0 0 0 0 0

Foreign currency translation differences

Foreign currency translation differences - share equity accounted investees

2,086 0

• 0 320,317

271 0

536,502 0

30 320,348

0 0 -706 -202

0 0 0 0 0

573 -305 -706 -202 2,249

7 580

0 -305

0 0

Employee benefits - remeasurement net defined benefit obligations

Other

Net change in fair value of cash flow hedges - share equity accounted investees

Total other comprehensive result

Total comprehensive income for the period

0

• 0 2,249

0 -706

0 -202

0 2,249

0 0

0 0

-908 319,409

0 0

268 268

2,249 2,249

0 0

1,608 321,926

7 1,615

37

321,963

0 0 0 0

Transactions with owners of the Company Dividends declared

Share-based payments

Total transactions with owners of the Company

0

0

• 0 -59,646

0 0 0 0

0 0 0 0

0 0 0 0

0

0

• 0 -59,646

0

0

• -128 -59,775

0 0

865 -58,781

-865 -865

0 -59,646

0 -128

0 -59,775

Closing equity per December 31, 2022

88,812

209,902

542,676

-44,349

-2,760

3,010

1,221

798,511

180

798,691