Exmar N.V.

EXM.BR

Oil & Gas Equipment & Services · Energy

Exchange

Euronext Brussels

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Good

Growth

Weak

Cash Flow

Exceptional

Stability

Good

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

Exmar N.V. is a Belgian shipping and energy infrastructure company that specializes in transporting and processing liquefied gases, mainly liquefied petroleum gas (LPG) and liquefied natural gas (LNG). It owns and operates a fleet of gas carrier vessels and floating infrastructure units, serving energy producers, traders, and utilities around the world. The company is listed in Brussels and is one of the smaller but specialized players in the global gas shipping industry.

Exmar earns money by chartering out its vessels and floating units under time charters or spot contracts, where customers pay to use the ships or infrastructure for a set period. It operates globally, with activity spanning the Americas, Europe, Africa, and Asia, and generates relatively strong margins for its size thanks to long-term charter contracts that provide predictable cash flow. The key risk is exposure to volatile LNG and LPG shipping rates, which can swing sharply depending on global energy demand and the supply of competing vessels entering the market.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

33.0%

Modest — 33.0% gross margin

Profit after running costs

Operating Margin

31.6%

Excellent — 31.6% operating margin

Return on the money invested

ROCE

10.6%

Below par — 10.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

-28.6%

Shrinking sales (-28.6% YoY)

Profit growth

EPS YoY

-63.5%

Earnings shrinking (-63.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

147%

Turns 147% of profit into real cash

Spare cash per sale

FCF Margin

32.3%

Converts sales into free cash efficiently (32.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.50

Conservative — low debt load (0.50)

Covers its interest

Interest Cover

2.28x

Tight — interest eats into profit (2.3x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

9.8x

no trend

Attractive valuation — P/E 9.8

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

42.65%

no trend

Healthy income — 42.65% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

-24.1%

no trend

Dividend cut (-24.1% YoY) — warning sign

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