STEAMSHIP MUTUAL UNDERWRITING ASSOCIATION LIMITED Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Registered in England and Wales – Registration number 105461. PRA and FCA registration number 202548) MANAGERS: STEAMSHIP P&I MANAGEMENT LLP SPIM is an appointed representative of Steamship Insurance Management Services Limited which is authorised and regulated by the Financial Conduct Authority (Registered in England and Wales – Registration Number OC376859. FCA registration number 597046) 155 Bishopsgate, Floor 6, London, EC2M 3TQ Tel + 44 20 7247 5490 Year End Results and Renewal Report 2025/26 Financial Year Highlights May 2026 To the Members At the Board meeting, held in Monaco on 26 May 2026, the following developments were reported in respect of the Steamship Mutual group of companies. 2025/26 Financial year highlights: • Free Reserves increase to $578.3m • Financial year surplus of $41.3m • Investments recorded a gain of $104.3m, a 7.0% return • Owned tonnage increased to 138m GT after renewal • Total entered tonnage, including chartered, increased to 283m GT • Combined ratio of 112.0% • The Club’s own large loss experience for the 2025 policy year was higher than expectations • International Group claims costs for the 2025 policy year in line with expectations • Prior year claim releases less than expected Financial results and position The Annual Report and Accounts of Steamship Mutual Underwriting Association Limited, Steamship Mutual Underwriting Association (Europe) Limited, The Steamship Mutual Underwriting Association (Bermuda) Limited, and The Steamship Mutual Trust were approved by their respective Directors at their Board Meetings. The Directors noted the impact on the underwriting performance of increased large claims activity for the Club’s own claims in the 2025 policy year. There were releases for prior year claims, but less than expected on account of deterioration in the 2024 policy year. This experience placed pressure on underwriting results and contributed to the combined ratio of 112.0%. The Board is satisfied that the Club remains well placed, supported by strong capital, and a long-term approach to risk. STEAMSHIP MUTUAL UNDERWRITING ASSOCIATION LIMITED Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Registered in England and Wales – Registration number 105461. PRA and FCA registration number 202548) MANAGERS: STEAMSHIP P&I MANAGEMENT LLP SPIM is an appointed representative of Steamship Insurance Management Services Limited which is authorised and regulated by the Financial Conduct Authority (Registered in England and Wales – Registration Number OC376859. FCA registration number 597046) 155 Bishopsgate, Floor 6, London, EC2M 3TQ Tel + 44 20 7247 5490 2026 Policy year renewal The Board continues to take a disciplined approach to underwriting and capital management ensuring fairness and consistency in decision making. • A general increase of 8% was set for the 2026 policy year renewal • 6.7% was achieved after taking changes in terms into account These measures ensure that the Club continues to respond proactively to claims experience and maintain financial resilience. Capital management In October 2026, as part of its annual overall review of available and projected capital requirements and resources, the Board will consider whether a furt