During its meeting of March 26, 2026, the Board of Directors of EXMAR ("EXMAR" or "the Company") reviewed and approved the results for the year ending December 31, 2025.
2025 HIGHLIGHTS2025 was characterized by strong cash generation across the various business units.
EXMAR continued its midsize gas carrier (MGC) fleet renewal, launching two new MGCs (CHAMPAGNY and COURCHEVEL) in Q1. The sale of one MGC (WAREGEM) was finalized in Q2.
EXMAR finalized the sale and delivery of three pressurized vessels (DEBBIE, HELANE and ANNE).
In September 2025 EXMAR ordered four Suezmax tankers at Daehan Shipbuilding Co. Ltd., in South-Korea. The first vessel will be delivered in Q3 2027.
EXMAR signed a contract with Regasificadora Del Pacífico (RDP) to deploy a LNG Floating Storage Unit (FSU) in Buenaventura, Colombia, aiming to start operations by Q3 2026.
EXMAR was awarded the extension and further development of the EemsEnergy LNG terminal for operation up to 2036, including a 750 mmscfd FSRU conversion. This contract is subject to the client's final investment decision.
SUBSEQUENT EVENTS(January 8, 2026) Delivery of the 41,000 m³ newbuild dual-fuel LPG MGC, named MERIBEL.
(January 14, 2026) Delivery of pressurized vessel FATIME to its new owner.
(March 4, 2026) EXMAR agreed to repurchase VLGC Flanders Innovation from its lessor in JPY - expected ~$12m financial gain; The vessel will be delivered end-June 2026.
(March 26, 2026) EXMAR agreed to repurchase VLGC Flanders Pioneer from its lessor in JPY - expected ~$12m financial gain; The vessel will be delivered in March 2027.
CONSOLIDATED KEY FIGURES | International Financial Reporting Standards (IFRS) (1) | |
Consolidated results (in millions of USD) December December 31, 2025 31, 2024 | ||
Revenue | 248.1 | 348.9 |
EBITDA | 101.6 | 204.7 |
Adjusted EBITDA | 101.6 | 106.1 |
Depreciations and amortizations | -26.6 | -34.4 |
Operating result (EBIT) | 75.0 | 170.2 |
Net finance result | -17.0 | -3.1 |
Share of result of equity accounted investees (net of income tax) | 24.5 | 24.9 |
Result before income tax | 82.4 | 192.1 |
Income tax expense | -8.1 | -11.1 |
Result for the period | 74.3 | 181.0 |
Of which Group share | 74.3 | 181.0 |
Management reporting based on proportionate consolidation (2) | |
December December 31, 2025 31, 2024 | |
343.0 | 434.9 |
178.2 | 273.8 |
178.2 | 175.2 |
-62.7 | -67.3 |
115.5 | 206.4 |
-32.2 | -17.0 |
-0.4 | 2.7 |
82.9 | 192.2 |
-8.5 | -11.2 |
74.3 | 181.0 |
74.3 | 181.0 |
Information per share (in USD per share) | December 31, 2025 | December 31, 2024 |
Weighted average number of shares of the period | 64,868,057 | 57,543,987 |
EBITDA | 1.57 | 3.56 |
Adjusted EBITDA | 1.57 | 1.84 |
Operating result (EBIT) | 1.16 | 2.96 |
Result for the period | 1.15 | 3.15 |
December 31, 2025 | December 31, 2024 |
64,868,057 | 57,543,987 |
2.75 | 4.76 |
2.75 | 3.04 |
1.78 | 3.59 |
1.15 | 3.15 |
Information per share (in EUR per share) | December 31, 2025 | December 31, 2024 |
Exchange rate | 1.1200 | 1.0849 |
EBITDA | 1.40 | 3.28 |
Adjusted EBITDA | 1.40 | 1.70 |
Operating result (EBIT) | 1.03 | 2.73 |
Result for the period | 1.02 | 2.90 |
December 31, 2025 | December 31, 2024 |
1.1200 | 1.0849 |
2.45 | 4.39 |
2.45 | 2.81 |
1.59 | 3.31 |
1.02 | 2.90 |
The figures in these columns have been prepared in accordance with IFRS as adopted by the EU.
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 figures discussed below are all based on the proportionate consolidation method.
SHIPPINGProportionate consolidation - SHIPPING (In millions of USD) | December 31, 2025 | December 31, 2024 |
Revenue | 148.3 | 142.8 |
EBITDA | 105.2 | 107.4 |
Adjusted EBITDA | 105.2 | 107.4 |
Operating result (EBIT) | 57.2 | 56.5 |
Segment result after tax | 21.1 | 20.8 |
Revenue in the shipping segment was up slightly compared to 2024, mainly driven by the delivery of two new MGCs, offset by the sale of one MGC and three pressurized vessels. The market was stable throughout the year, despite a weaker market in Q2 2025. This was absorbed by the healthy contract cover in the segment.
Market overviewIn 2025, despite ongoing geopolitical, economic, and regulatory volatility, global LPG demand grew, albeit at a slower pace. The US and Middle East drove exports, with China as the main importer, mostly via VLGCs. Spot rates for VLGCs and MGCs held firm compared to 2024, reflecting a resilient market.
EXMAR maintained high fleet utilization and secured both short- and long-term charters, with 86% of MGC capacity already covered for the remainder of 2026. Recent US port tariff changes affecting Chinese vessels do not impact EXMAR. However, delays in the IMO Net-Zero framework have increased regulatory uncertainty for emissions-related incentives and cleaner fuel regulations.
The EXMAR fleet has to date no immediate operational impact resulting from the geopolitical tensions in the Middle East and the closure of the Strait of Hormuz.
Fleet renewal and expansionEXMAR is currently executing one of the most ambitious newbuilding programs in its history. With vessels under construction across shipyards in South Korea, China, and Japan, EXMAR is strategically positioning its fleet to meet the dual challenges of global energy security and the need for low-emission, cost efficient transport.
During the first quarter of 2025, two 46,000 m³ dual-fuel LPG vessels (CHAMPAGNY and COURCHEVEL) were delivered and operate successfully for top-tier clients. EXMAR also took delivery of MERIBEL, a 41,000 m³ dual-fuel LPG vessel from CIMC SOE, in January 2026, and has an additional seven newbuilds planned for delivery throughout 2026.
The company's flagship ammonia-fueled newbuilds are on track for delivery in the first half 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 m³, built 2014) was finalized, and divestment of older pressurized vessels operating East of Suez continued: DEBBIE (3,500 m³), ANNE (3,500 m³) and HELANE (5,000 m³) were delivered to their buyers in 2025, and FATIME (5,000m³) was delivered in January 2026.
The older pressurized vessels will be replaced by two 7,500 m³ vessels that are scheduled to be delivered on long term charter in 2027 and 2028.
In September 2025, EXMAR placed an order for four modern Suezmax crude oil tankers, equipped with open-loop scrubbers, at Daehan Shipyard in South Korea. Suezmax tankers represent a core segment of the global crude oil transport market, combining scale with broad trading flexibility.
Time Charter EquivalentTime Charter Equivalent (in USD per day) | 2025 | 2024 |
Midsize (100 pool points - reference vessel Waasmunster) | 27,580 | 26,811 |
VLGC (Average) | 32,347 | 31,027 |
Pressurized (Average)(3,500 m3) | 8,475 | 7,707 |
Pressurized (Average)(5,000 m3) | 8,638 | 8,512 |
Proportionate consolidation - INFRASTRUCTURE (In millions of USD) | December 31, 2025 | December 31, 2024 |
Revenue | 138.7 | 212.2 |
EBITDA | 80.9 | 143.6 |
Adjusted EBITDA | 80.9 | 65.6 |
Operating result (EBIT) | 68.3 | 128.7 |
Segment result after tax | 54.8 | 121.5 |
Revenue is down year-on-year due to the completion of the EPC contract for the Marine XII project in Congo, partially compensated by increased revenue from engineering projects managed by Exmar Offshore Company (EOC), in Houston. EBITDA reflects the long-term contracts in the LNG infrastructure business, as well as the strong performance of the engineering affiliate EOC. FY2025 operating result is supported by the reversal of a warranty provision related to the EPC contract for the Marine XII project in Congo.
Market overviewAn ever-increasing need for reliable and affordable energy is on top of the list of objectives and actions of governments. With ongoing geopolitical escalations, energy diversification at an affordable price is key. As natural gas will remain a dominant source of energy in the years to come the continued need for flexible and innovative floating infrastructure remains strong.
EXMAR is well positioned to develop and own innovative production, storage, and transformation solutions for gaseous molecules across the oil and gas value chain.
LNG infrastructureEEMSHAVEN LNG, the 600 mmscfd regasification barge within EXMAR's portfolio, has successfully been operating for already 3.5 years as an LNG import facility in Eemshaven, in the north of the Netherlands and achieved 100% uptime during 2025. The facility boasts a regasification capacity of 8 billion cubic meters of natural gas per year, equivalent to 25% of the Netherlands' annual natural gas demand. The current contract remains in effect until Q3 2027. The customer, a 50/50 joint venture between Gasunie and VOPAK, has confirmed its intention to extend the operations. Through a competitive process, they have chosen EXMAR to prepare for the extension and further development of the LNG terminal for operation up to 2036. This contract is subject to the client's final investment decision. The terminal will have a storage capacity of 190,000 m³ LNG and will give customers direct access to the Dutch TTF market.
In addition, EXMAR signed an agreement with RDP for the deployment of a floating LNG storage unit on the west coast of Colombia. RDP is developing a LNG import solution in the inner bay of Buenaventura, under a term contract signed with Ecopetrol S.A. to provide regasification and logistics services for a volume of 60 mmscfd of gas. Start of operations is foreseen by Q3 2026.