Exmar N.V.

EXM.BR

Oil & Gas Equipment & Services · Energy

Price

€11.55

+0.10 (+0.87%)

Market Cap

€749.3M

Exchange

Euronext Brussels

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Dec 31, 2025

Share count rising — dilution

+13.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 57.2M (2021) → 64.9M (2025)

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.

Winston Score History

Score breakdown

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Quality

Gross Margin

33.0%

Modest — 33.0% gross margin

Operating Margin

31.6%

Excellent — 31.6% operating margin

ROCE

4.9%

Weak — 4.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-28.6%

Shrinking sales (-28.6% YoY)

EPS YoY

-63.5%

Earnings shrinking (-63.5% YoY)

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

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

147%

Turns 147% of profit into real cash

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

Debt / Equity

0.50

Conservative — low debt load (0.50)

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

P/E Ratio (TTM)

10.0x

Attractive valuation — P/E 10.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

42.65%

Healthy income — 42.65% yield

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

Dividend Growth

-24.1%

Dividend cut (-24.1% YoY) — warning sign

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