Exmar Nv · EURONEXT:EXM

Exmar Nv — Debt Investor Presentation (August 2026)

42 slides from Exmar Nv's debt investor presentation, Aug 28, 2026

  1. Slide 1: Company Presentation

    Company Presentation 28 August 2026 I 1

  2. Slide 2: Disclaimer

    Disclaimer About this presentation “This presentation (the “Presentation”) has been produced by EXMAR NV (“EXMAR” or the “Company”). By attending a meeting where this Presentation is presented, or by reading the Presentation slides, the reader or the recipient, as the case may be, (the “Recipient”)

  3. Slide 3: Agenda

    Agenda 1. Introduction 2. Key credit highlights 3. Financials 4. Appendix I 3

  4. Slide 4: EXMAR at-a-glance

    EXMAR at-a-glance A leading pioneer in LPG shipping and floating infrastructure About EXMAR Segment overview 1980 >1,400 Founded Employees(7)  A fully integrated maritime company specializing in transportation and floating infrastructure  Roots dating back to 1829, EXMAR has Shipping 22 + 8(1) 3+0

  5. Slide 5: Almost 200 years of proud and rich maritime history

    Almost 200 years of proud and rich maritime history With roots to 1829, EXMAR has grown into a leading maritime platform Shipbuilder Shipowner Infrastructure 1829 1980-1990 2003 2012 2021-2022 Future development Boelwerf shipyard is founded Emerges as a dedicated gas shipping In June 2003, EXMAR NV

  6. Slide 6: Agenda

    Agenda 1. Introduction 2. Key credit highlights 3. Financials 4. Appendix I 6

  7. Slide 7: Introduction to key credit highlights

    Introduction to key credit highlights  A pioneer in introducing tailor-made innovations along the entire LPG/LNG/Ammonia value chain, with roots dating back to 1829 as a shipbuilder Leading maritime and floating  World's largest owner and operator of midsize LPG/Ammonia gas carriers, with a fleet(

  8. Slide 8: Leading diversified maritime and floating infrastructure platform

    1. Leading maritime and floating infrastructure platform 2 3 4 5 Leading diversified maritime and floating infrastructure platform Integrated owner and operator with complementary earnings streams Shipping Infrastructure  Leading global gas shipping platform with a diversified 43-vessel fleet(1) 

  9. Slide 9: World's largest owner and operator of midsize gas carriers

    1. Leading maritime and floating infrastructure platform 2 3 4 5 World's largest owner and operator of midsize gas carriers Scaled and versatile fleet serving leading energy and commodity customers worldwide Dual Dual Existing + NB Description Size ~Avg. Fleet Age(1) Employment Conventional Key cust

  10. Slide 10: LPG and Ammonia

    1. Leading maritime and floating infrastructure platform 2 3 4 5 CASE STUDY · SHIPPING INNOVATION TRACK RECORD LPG and Ammonia Step-change innovation across gas shipping For more than four decades, EXMAR has combined deep gas shipping expertise with first-mover technology, continuously advancing how

  11. Slide 11: Leading diversified floating infrastructure platform

    1. Leading maritime and floating infrastructure platform 2 3 4 5 Leading diversified floating infrastructure platform Portfolio of strategically located floating infrastructure assets with stable contracted cash flows Floating Storage and Floating Storage Unit Floating Transshipment Unit Floating Li

  12. Slide 12: Congo LNG Terminal

    1. Leading maritime and floating infrastructure platform 2 3 4 5 CASE STUDY · FLNG REPUBLIC OF CONGO Congo LNG Terminal Tango FLNG + Excalibur FSU Introducing Congo to the exclusive club of LNG exporters in record time - monetizing previously stranded gas and delivering LNG to Europe since 2024  De

  13. Slide 13: EemsEnergyTerminal

    1. Leading maritime and floating infrastructure platform 2 3 4 5 CASE STUDY · FSRU EEMSHAVEN, THE NETHERLANDS EemsEnergyTerminal FSRU extension project Deployed in just six months in 2022 to strengthen North-West European energy security and cut reliance on Russian gas - a 50:50 Gasunie / Vopak join

  14. Slide 14: Fully contracted infrastructure portfolio with 94% IG counterparties

    1 2. Strong financial profile and contracted backlog 3 4 5 Fully contracted infrastructure portfolio with 94% IG counterparties With contracts running until and beyond the maturity of the contemplated bonds Rating EBITDA Project Type Client Country 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2

  15. Slide 15: Consistently high shipping utilization supports debt service

    1 2. Strong financial profile and contracted backlog 3 4 5 Consistently high shipping utilization supports debt service Shipping has delivered strong numbers in recent years with a high forward cover by yearend Proven and stable earnings with consistently high utilization Backlog naturally rolls off

  16. Slide 16: EXMAR is positioned for disciplined growth

    1 2 3. Conservative balance sheet supporting long-term growth 4 5 EXMAR is positioned for disciplined growth Higher earnings and capital discipline have strengthened leverage, liquidity and financial flexibility Strong financial performance and a solid cash balance... … resulting in improved credit

  17. Slide 17: Continued strategic initiatives for the next phase of growth

    1 2 3. Conservative balance sheet supporting long-term growth 4 5 Continued strategic initiatives for the next phase of growth Growing a leading maritime platform through investments in shipping and floating infrastructure assets Shipping — Fleet renewal program Infrastructure — Strategic growth ini

  18. Slide 18: Demand for VLGCs and MGCs have outpaced deliveries

    1 2 3 4. Supportive LPG & LNG industry fundamentals 5 Demand for VLGCs and MGCs have outpaced deliveries… …even when the global fleet has grown significantly in recent years VLGC fleet development (no. of ships) & 1yr TC rate(1) Strong LPG fundamentals 80,000 VLGC Fleet development (rhs) 450 US NGLs

  19. Slide 19: Increasing U.S. exports and Asian demand in the LPG trade

    1 2 3 4. Supportive LPG & LNG industry fundamentals 5 Increasing U.S. exports and Asian demand in the LPG trade… …continue to drive tonne-mile growth despite a slowdown in Middle East exports 1 2 3 4 Growing production and expanding export …met by surging Asian import demand, led ...have resulted in

  20. Slide 20: The LNG market has grown rapidly in the last 10 years

    1 2 3 4. Supportive LPG & LNG industry fundamentals 5 The LNG market has grown rapidly in the last 10 years Driven by major shifts in the global energy trade between the Americas and Asia/Europe U.S. has emerged as a major LNG export hub in the last 10 years… …while Asia and Europe have grown signif

  21. Slide 21: FSRUs are becoming a backbone of global gas import infrastructure

    1 2 3 4. Supportive LPG & LNG industry fundamentals 5 FSRUs are becoming a backbone of global gas import infrastructure FSRUs delivered the highest Q2 on record with ~17% of all LNG volumes imported Structural growth in floating import capacity 20% % of global imports on FSRUs Strongest Q2 on record

  22. Slide 22: Experienced management with long-term ownership alignment

    1 2 3 4 5. Experienced management with long-term ownership alignment Experienced management with long-term ownership alignment Nearly two centuries of family stewardship supported by disciplined leadership and capital allocation 1829 1829–2000s 2005–2017 Today 92.6% Ownership retained by SAVEREX NV,

  23. Slide 23: EXMAR historical floating infrastructure operations

    1 2 3 4 5. Experienced management with long-term ownership alignment EXMAR historical floating infrastructure operations Worldwide implementation of infrastructure and offshore projects FSRU FSU FLNG Engineering /OPTI Gulf of Mexico – Engineering / OPTI projects Boston, USA Turret-moored Delta House

  24. Slide 24: Agenda

    Agenda 1. Introduction 2. Key credit highlights 3. Financials 4. Appendix I 24

  25. Slide 25: Financial summary

    Financial summary Strong operations has provided record high earnings Revenue (USDm) Adjusted EBITDA(1) (USDm) Available Liquidity (USDm) Undrawn RCF Cash and cash Equivalents 578 547(2) 435 175 178 384 154 151 343 336 355 301 225 247 243 240 80 78 82 94 56 160 107 41 77 54 207 119 2019 2020 2021 20

  26. Slide 26: Diversified and material asset base with NAV at USD 899m

    Diversified and material asset base with NAV at USD 899m(1) With conservative gross leverage in each core segment on broker values(1) USD 976m USD 383m NAV 899m Shipping GAV Infrastructure GAV Net Asset Value USD 351m USD 144m USD 225m Shipping debt Infrastructure debt Unsecured debt(2) 36% 38% 4.0x

  27. Slide 27: Liquidity and backlog ensures optionality for funding capex

    Liquidity and backlog ensures optionality for funding capex Backlog and liquidity cover core capex 2.9x, with headroom to raise financing during expansion Commentary Core(1) capex is covered by contracted backlog and available liquidity multiple times – excluding open shipping days  Core sector cap

  28. Slide 28: Debt financing overview

    Debt financing overview EXMAR has a diversified banking group providing debt financing on attractive terms Commentary Pro forma debt stack and maturity profile (USDm) Shipping Unsecured RCF + Corporate ROU  EXMAR has longstanding relationships with leading shipping banks, and a diversified lender b

  29. Slide 29: 1H 2026 results reinforce a conservative credit profile

    1H 2026 results reinforce a conservative credit profile Equity-funded balance sheet, substantial covenant headroom and an extended maturity profile Credit highlights - reported book values and covenant considerations Subsequent Events Net financial indebtedness ratio Asset base, equity and debt (USD

  30. Slide 30: Agenda

    Agenda 1. Introduction 2. Key credit highlights 3. Financials 4. Appendix Risk factors A. Financials B. Corporate C. Operations I 30

  31. Slide 31: Detailed historical financials

    Detailed historical financials Income statement(1) Audited Audited Audited Audited Audited Unaudited (USD '000) 2021 2022 2023 2024 2025 H1'26 Revenue 247,046 243,328 578,289 434,893 343,037 161,890 Gain on disposal 204 319,533 7,436 105,834 10,019 5,452 Other operating income 990 4,688 4,020 4,328

  32. Slide 32: Detailed historical financials

    Detailed historical financials Balance sheet(1) (1/2) Audited Audited Audited Audited Audited Unaudited (USD '000) 2021 2022 2023 2024 2025 H1'26 Vessels and barges 964,481 719,599 692,236 633,325 759,247 879,120 Other property, plant and equipment 1,274 14,556 15,970 2,336 2,898 2,741 Intangible as

  33. Slide 33: Detailed historical financials

    Detailed historical financials Balance sheet(1) (2/2) Audited Audited Audited Audited Audited Unaudited (USD '000) 2021 2022 2023 2024 2025 H1'26 Equity 536,502 798,689 482,138 609,626 549,113 574,399 Borrowings 531,502 339,284 413,317 473,494 459,886 387,148 Other payables & derivatives 78,000 7 1,

  34. Slide 34: Detailed historical financials

    Detailed historical financials Cash flow statement(1) Audited Audited Audited Audited Audited Unaudited (USD '000) 2021 2022 2023 2024 2025 H1'26 Cash at beginning of period 131,070 184,956 549,215 241,809 355,025 214,147 Cash from operating activities (EBITDA) 113,283 82,144 147,081 167,927 168,177

  35. Slide 35: Agenda

    Agenda 1. Introduction 2. Key credit highlights 3. Financials Risk factors 4. Appendix A. Financials B. Corporate C. Operations I 35

  36. Slide 36: Executive Committee

    Executive Committee Carl-Antoine Saverys Francis Mottrie Chief Executive Officer Chief Operating Officer  Carl-Antoine Saverys has been involved in the Saverys  Francis Mottrie has over 30 years of experience in the family ship-owning business since 2009 maritime industry  From 2017, he played a

  37. Slide 37: Board of Directors

    Board of Directors Nicolas Saverys Carl-Antoine Saverys Executive Chairman Chief Executive Officer & Executive Director  Nicolas Saverys is the Executive Chairman of EXMAR  Carl-Antoine Saverys is an Executive Director and has NV, a position he has held since April 2020, having served as Chief Exe

  38. Slide 38: Agenda

    Agenda 1. Introduction 2. Key credit highlights 3. Financials 4. Risk factors 4. Appendix A. Financials B. Corporate C. Operations I 38

  39. Slide 39: Floating Storage & Transshipment Units

    CASE STUDY · FTU IN EUROPE Floating Storage & Transshipment Units Leveraging EXMAR’s 50 years of LNG experience 2 Contracts awarded for fast-track deployment of a Floating Storage Unit in Colombia (start operations in Q4 2026) and a Floating Transshipment Unit in Europe (start operations in Q1 2027)

  40. Slide 40: EXMAR Offshore Company

    CASE STUDY · US GULF OF MEXICO EXMAR Offshore Company OPTI® deepwater semisubmersible platform Houston-based design house behind the patented OPTI® series - the reference hull for deepwater production in the US Gulf  Founded 1997, c.200 engineers - concept and naval architecture through detailed de

  41. Slide 41: EXMAR asset list

    EXMAR asset list Overview of current shipping and infrastructure assets # Name Type Flag Built Status Capacity # Name Type Flag Built Status Capacity 1 MARIANNE Pressur. Belgium 2009 Owned 3,539 cbm 28 TIELT MGC Singapore 2026 Time Charter 41,000 cbm 2 JOAN Pressur. Belgium 2009 Time Charter(1) 3,54

  42. Slide 42: Thank you

    Thank you WWW.EXMAR.BE I 42

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