3.2.4EU Taxonomy disclosures

ESRS E1

Disclosures pursuant to Article 8 of Regulation 2020/852/EU (Taxonomy Regulation)

The Taxonomy Regulation establishes a common classification system within the EU to identify environmentally sustainable activities. These activities must support at least one of the six environmental objectives: climate change mitigation, climate change adaptation, protection of water and marine resources, promotion of a circular economy, pollution prevention and control, and protection of biodiversity and ecosystems.

In conformity with the Regulation, SBM Offshore identifies activities that are eligible under the Taxonomy, assesses their alignment with the technical screening, do no significant harm (DNSH), and the minimum safeguard criteria, and discloses the proportion of its Turnover, CAPEX, and OPEX linked to Taxonomy-eligible activities. Details on how SBM Offshore evaluates the eligibility and alignment of its activities, along with the methodology and definitions of the Taxonomy financial KPIs, can be found in section 3.7.2.

Taxonomy at SBM Offshore

The following table shows the proportion of EU Taxonomy-eligible economic activities for SBM Offshore in 2025 and 2024 across the three financial KPIs: Turnover, CAPEX, and OPEX.

Summary of EU Taxonomy Eligibility − disclosure covering years 2025 and 2024

The OPEX related to eligible activities under ’CCM 9.1 Close to market research, development, and innovation’ decreased from US$10.2 million in 2024 to US$6.4 million in 2025. This declining trend, observed since 2023, is primarily driven by reduced investments in floating offshore wind (FOW) initiatives. As of 2024, these activities have largely transitioned to Ekwil, a non-consolidated joint venture established with Technip (50/50) dedicated to advancing FOW power development. The eligible OPEX in 2025 mainly reflects R&D activities in other renewable energy and lower-carbon technologies as well as carbon capture and storage solutions.

The CAPEX associated with eligible activities under ’CCM 7.7 Acquisition or ownership of buildings’ also declined, from US$26.4 million in 2024 to US$13.7 million in 2025. The higher level in 2024 was primarily linked to the lease agreement for the new office space in Rotterdam. SBM Offshore did not generate Turnover from eligible activities in 2025.

Despite the limited alignment of SBM Offshore’s activities with the EU Taxonomy classification system, SBM Offshore remains strongly committed to the decarbonization of the O&G industry. SBM Offshore continues to invest in the design and development of lower-carbon FPSOs. While these investments play a critical role in reducing emissions in a hard‑to‑abate industry, they are not Taxonomy-eligible, as O&G activities currently fall outside the scope of the regulation.

SBM Offshore understands that O&G continue to have an important role in the global economy and across industrial value chains. When produced responsibly, they can also serve as a significant source of income for emerging and developing economies, supporting a transition towards climate neutrality. More details on SBM Offshore’s decarbonization initiatives are presented in section 3.2.2.

The tables in section 3.6.1.2 disclose the proportion of CAPEX and OPEX for products or services related to Taxonomy-aligned economic activities in the reporting period, in accordance with Article 8 of Regulation 2020/852/EU and the template for KPIs of non-financial undertakings set by Commission Delegated Regulation (EU) 2023/2486. As clarified in the final table of section 3.6.1.2 consistent with the disclosure requirements of Commission Delegated Regulation (EU) 2022/1214, SBM Offshore has no eligible nuclear or fossil gas activities.