Belgium's Exmar posts lower profit as Congo contract winds down, Bexco sale weighs

EXMAR NV

26/03/2026 17:23

March 26 (Reuters) - Belgian gas shipping and infrastructure group Exmar EXMR.BR posted an annual adjusted operating profit of $101.6 million, around 4% lower than a year earlier, dragged down by the completion of a major LNG construction contract in Congo and the disposal of subsidiary Bexco.

Exmar, which provides floating infrastructure solutions to the oil and gas industry, said it saw no immediate operational impact resulting from the war in Iran and the closure of the Strait of Hormuz.

Annual revenue plunged 29% to $248.1 million, largely due to the completion of the Marine XII EPC contract in Congo and the exit of Bexco from the group's consolidation scope.

Infrastructure EBITDA slumped to $80.9 million from $143.6 million as the Congo contract wound down, while supporting services swung to a $7.9 million loss, hit by the Bexco sale and a stronger euro.

The shipping segment remained stable year-on-year, with solid contract cover and firm LPG spot rates offsetting a weaker second quarter.

The board proposes an annual dividend of 0.27 euro per share.

(1 euro = $1.1535)

 (Reporting by Hugo Lhomedet; Editing by Alison Williams)

 ((hugo.lhomedet@thomsonreuters.com))