Slides
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Third Quarter 2025 Fourth Quarter 2025
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Disclaimer This presentation has been prepared by Klaveness Combination Carriers ASA (the “Company”) and is furnished to you for informa tion purposes only and may not be reproduced or redistributed, in whole or in part, to any other person. Making this presentation available in no circumstances whatsoever implies the existence of a co mmitment or contract by or with the Company, or any of its affiliated entities, or any of its or their respective subsidiaries, directors, officers, representatives, employees, advisers or agents (collectively, "Affiliates") for any purpose. The presentation does not constitute or form part of any offering of securities, and the contents of this presentation have not been reviewed by any regulatory authority. The presentation should not form the basis for any investments nor be deemed to constitute investment advice by the Company i ncluding its affiliates or any of their directors, officers, agents, employees or advisers. 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None of the Company, any of its parent or subsidiary undertakings, or any such person’s officers, directors, or employees provides any assurance that the assumptions underlying such forward -looking statements are free from errors, nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments described herein. No undertaking, representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fai rness, accuracy or completeness of the information contained herein. Accordingly, neither the Company nor any of its Affiliates accept any liability whatsoever arising directly or indirectly fro m the use of this presentation, including any reproduction or redistribution. The information and opinions contained in this document are provided as at the date of this presentation and may be subject t o change without notice. Except as required by law, neither the Company nor any of its affiliates undertake any obligation to update any forward-looking statements or other information herein for any reas on after the date of this presentation or to conform these statements to actual results or to changes in our expectations or publicly release or inform of the result of any revisions to these forward -looking statements which the Company or any of its affiliates may make to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events. This presentation speaks as of February 2026. Neither the delivery of this presentation nor any further discussions by the Co mpany with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. The Company does not intend to, or w ill assume any obligation to, update this presentation or any of the information included herein. This presentation shall be governed by Norwegian law. Any dispute arising in respect of this presentation is subject to the excl usive jurisdiction of the Norwegian courts with the Oslo City Court as exclusive legal venue. This presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or re sident or located in any locality, state, country or other jurisdiction where such distribution or use would be contrary to law or regulation or which would require any registration or licensing within such j urisdiction.
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Agenda Introduction / performance overview Market review and commercial update Financial update Sustainability efforts Market outlook Commercial outlook and summary
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Key events for 2025 4 January Start of new operational model after Torvald Klaveness’ sale of Klaveness Ship Management to OSM Thome March Marine Money “Norwegian Bond Deal of the Year” for tap issue in 2024 September KCC enters collaboration with HUB Ocean on biodiversity June Bank financing secured for newbuildings including refinancing of CABU facility Launching of first CABU III newbuild, MV Balder October Release of final USTR port fee regulation left KCC’s business unaffected November First CPP shipment with Exxon Mobil December Hosting our first ever Capital markets day 25-year docking of “Barcarena” based on 32- months COA with Alunorte KCC achieves CDP B score for Climate Change Record caustic soda COA booking to Australia 2026
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Momentum builds into year-end with top-of-year quarterly TCE earnings 5 Highlights Q4 2025 KCC TCE earnings ($/day)1,2 1) TCE earnings $/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet “APM4Q2025” published on the Company’s homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q4 2025 report. 2) Standard tonnage assume one-month advance cargo fixing/”lag”. Standard tonnage for bulk carriers are calculated averages of Panamax and Kamsarmax earnings weighted by CABU and CLEANBU onhire days respectively. Standard tonnage for product tankers are calculated averages of MR and LR1 earnings weighted by CABU and CLEANBU onhire days respectively. Multiples are calculated by dividing KCC average TCE earnings on standard tonnage for bulk carriers and product tankers. Source: Clarksons Securities and Clarksons SIN KCC guiding TankersKCC average Dry bulk 0 5 000 10 000 15 000 20 000 25 000 30 000 35 000 28 500 - 30 000 x1.8 29 333 x1.3 • Q4 EBITDA of USD 22.6mn (Q3-25: USD 24.0mn) and Profit after tax of USD 10.4mn (Q3-25: USD 12.0mn) • CABU TCE earnings of $31,840/day (Q3-25: $30,062/day) outperforming the MR index by ∼40% • CLEANBU TCE earnings of $26,851/day (Q3-25: $27,740/day), ∼10% above the LR1 index • Q4 2025 dividend of USD 0.08 per share amounting to USD 4.7mn (Q3-25: USD 0.12 per share) • Secured a record-high caustic soda solution contract of affreightment portfolio for 2026 • Lowest quarterly fleet carbon intensity ever with EEOI of 5.8, while full-year 2025 remains off target
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Unbroken dividend history since the listing in May 2019 6 Quarterly dividend payments USD million Policy Quarterly distributions of minimum 80% of adjusted cash flow to equity (EBITDA less debt service and maintenance costs) 1) Close 12 February 2026, USDNOK Norges Bank 2) Adjusted Cash Flow to Equity (ACFE) is an alternative performance measures (APMs) which are defined and reconciled in the excel sheet “APM4Q2025” published on the Company’s homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q4 2025 report). $0.08 Per share dividend payout ~3% Current dividend yield1 +90% Payout ratio of adjusted cash flow to equity2 TotalFY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 3 6 11 53 72 65 24 233 1.2 6.6 Q4 2025 Dividend Share buyback program
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Agenda Introduction / performance overview Market review and commercial update Financial update Sustainability efforts Market outlook Commercial outlook and summary
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Q4 2025 Strong end to 2025 and start of 2026 8 TCE earnings development $/day Source: Clarksons Securities and Clarksons SIN TCE earnings ($/day) • Healthy dry bulk market through most of the quarter • Strong but volatile product tanker market, rebounding in second half of November - 5 000 10 000 15 000 20 000 25 000 30 000 35 000 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Panamax (P5TC_82) LR1 Tanker
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CABU Another solid quarter for the CABUs 9 % days in combination trades & ballast Quarterly TCE earnings1 ($/day) Q1 25 Q2 25 Q3 25 Q4 25 81% 90% 95% 96% 11% 15% 12% 13% 0% 20% 40% 60% 80% 100% Q1 25 Q2 25 Q3 25 Q4 25 22 346 26 365 30 062 31 840 0 5 000 10 000 15 000 20 000 25 000 30 000 35 000 Q1 25 Q2 25 Q3 25 Q4 25 48% 48% 52% 54% 46% 47% 53% 52% 0% 20% 40% 60% 80% 100% 1) TCE earnings $/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet “APM4Q2025” published on the Company’s homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q4 2025 report. Combi in % Ballast in %% days as dry bulk vessel % days as tanker vessel % of days in tanker and dry bulk trades
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CLEANBU 10 % of days in tanker and dry bulk trades % days in combination trades & ballast Quarterly TCE earnings1 ($/day) Q1 25 Q2 25 Q3 25 Q4 25 81% 81% 87% 87% 19% 15% 13% 15% 0% 20% 40% 60% 80% 100% Q1 25 Q2 25 Q3 25 Q4 25 22 449 22 843 27 740 26 851 0 5 000 10 000 15 000 20 000 25 000 30 000 35 000 Q1 25 Q2 25 Q3 25 Q4 25 41% 58% 17% 25% 55% 12% 33% 60% 2% 38% 59% 0% 0% 20% 40% 60% 80% 100% 1) TCE earnings $/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet “APM4Q2025” published on the Company’s homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q4 2025 report. Combi in % Ballast in %% days as dry bulk vessel % days in veg. oil trades % days as tanker in CPP A reasonably good quarter – gaining traction on several fronts
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Continue improving relative performance to tankers 11 Quarterly KCC fleet TCE earnings1 vs. standard tonnage2 1) TCE earnings $/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet “APM4Q2025” published on the Company’s homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q4 2025 report. 2) Standard tonnage assumes one-month advance cargo fixing/”lag”. Standard tonnage for bulk carriers are calculated averages of Panamax and Kamsarmax earnings weighted by CABU and CLEANBU onhire days respectively. Standard tonnage for product tankers are calculated averages of MR and LR1 earnings weighted by CABU and CLEANBU onhire days respectively. Source: ClarksonsSecurities and Clarksons SIN 34 052 28 527 22 400 24 561 28 921 29 333 0 5 000 10 000 15 000 20 000 25 000 30 000 35 000 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 KCC fleet average Bulk carrier spot earnings Product tanker spot earnings • Outperforming standard product tankers by 1.3x and standard dry bulk vessels by 1.8x in Q4 2025
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Agenda Introduction / performance overview Market review and commercial update Financial update Sustainability efforts Market outlook Commercial outlook and summary
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EBITDA down 6% Q-o-Q driven by more dry-docking off-hire 13 EBITDA Q4 2025 compared to Q3 2025 (USD millions) AdmOPEXCABU TCE rates CLEANBU TCE rates Other incomeEBITDA Q3 2025 EBITDA Q4 2025Fewer on-hire days 24.0 1.2 (0.6) (2.2) 1.1 (0.6) (0.4) 22.6 (6)%
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Despite a 5% Q-o-Q increase, 2025 OPEX is marginally down year-on-year 14 OPEX ($/day)1 Comments 1) OPEX $/day is an alternative performance measures (APMs) which are defined and reconciled in the excel sheet “APM4Q2025” published on the Company’s homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q4 2025 report. • Operating expenses, vessels increased USD 0.6 million/+5% from Q3 to Q4 2025 • Operating expenses, vessels decreased by USD 0.7 million/-1% from 2024 to 2025 • In 2026, OPEX per day will be negatively impacted by operating expenses incurred on newbuildings prior to their delivery, as these costs are recorded without corresponding operating days • The fleet had in total 140 scheduled off-hire days related to the dry-docking of two CABU vessels and two CLEANBU vessels in Q4 2025, compared to 60 days in Q3 2025. See slide 38 for more details • Unscheduled off-hire was five days in Q4 2025, compared to 12 days in the previous quarter Off-hire On-hire days Scheduled off-hire Unscheduled off-hire 2024 5 427 408 21 2025 5 495 317 28 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Average 2024 Average 2025 8 631 8 823 8 348 8 439 8 953 8 647 +0,2% CABU CLEANBU Q1 2025 Q2 2025 Q3 2025 Q4 2025 Average 2024 Average 2025 10 083 9 510 10 190 9 747 10 085 9 877 -2,0%
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Q4 2025 Income Statement 15 1) Basic earnings per share. Calculated basis59 290 153 for Q4 2025 and 59 290 153 for Q3 2025 (average total shares adjusted for treasury shares) 2) Dividend for Q4 2025 approved 12 February 2026, to be distributed in Q1 2026 3) ROCE/ROE is based on annualized EBIT/Profit after tax for the quarter. ROE and ROCE are alternative performance measures (APMs) which are defined and reconciled in the excel sheet “APM4Q2025” published on the Company’s homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q4 2025 report. Q4 2025 Q3 2025 USD thousand (unaudited accounts) Net revenues from operations of vessels Operating expenses, vessels SG&A EBITDA Depreciation EBIT Net financial items Profit after tax Q4 2025 38 922 (14 012) (3 457) 22 594 (9 018) 13 576 (3 215) 10 361 Q3 2025 40 492 (13 384) (3 063) 24 045 (8 673) 15 371 (3 346) 12 025 Quarterly variance (3.9) % 4.7 % 12.9 % (6.0) % 4.0 % (11.7) % (3.9) % (13.8) % $0.17 $0.20 $0.08 $0.12 Dividend per share2 Dividend per share2 ROCE3 ROCE3 9% 10% 11% 13% ROE3 ROE3 Earnings per share1 Earnings per share1
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2025 EBITDA down 37% Y-o-Y primarily due to weaker underlying markets 16 EBITDA 2025 compared to 2024 (USD millions) AdmOPEXCABU TCE rates CLEANBU TCE rates EBITDA 2024 EBITDA 2025Other incomeMore on-hire days 126.5 (13.6) (35.1) 1.1 0.3 0.7 (0.2) 79.8 (37)%
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2025 Income Statement 17 1) Basic earnings per share. Calculated basis59 290 153 for Q4 2025 and 59 290 153 for Q3 2025 (average total shares adjusted for treasury shares) 2) Dividend for Q4 2025 approved 12 February 2026, to be distributed in Q1 2026 3) ROCE/ROE is based on annualized EBIT/Profit after tax for the quarter. ROE and ROCE are alternative performance measures (APMs) which are defined and reconciled in the excel sheet “APM4Q2025” published on the Company’s homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q4 2025 report. 2025 2024 USD thousand (unaudited accounts) Net revenues from operations of vessels Operating expenses, vessels SG&A EBITDA Depreciation EBIT Net financial items Profit after tax 2025 144 397 (54 090) (11 679) 79 769 (34 746) 45 024 (11 610) 33 414 2024 191 940 (54 794) (11 447) 126 516 (30 444) 96 072 (14 662) 81 410 Variance (24.8) % (1.3) % 2.0 % (36.9) % 14.1 % (53.1) % (20.8) % (59.0) % $0.56 $1.35 $0.285 $1.05 Dividend per share2 Dividend per share2 ROCE3 ROCE3 7% 16% 9% 23% ROE3 ROE3 Earnings per share1 Earnings per share1
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Balance sheet 18 1) Equity ratio is an alternative performance measure (APM) which is defined and reconciled in the excel sheet “APM4Q2025” published on the Company’s homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q4 2025 report. USD thousand (unaudited accounts) ASSETS Non-current assets Vessels Newbuilding contracts Other non-current assets Current assets Other current assets Cash and cash equivalents Total assets EQUITY AND LIABILITIES Equity Non-current liabilities Mortgage debt Long-term financial liabilities Long-term bond loan Current liabilities Short-term mortgage debt Other current liabilities Total liabilities Total liabilities and equity 31 Dec 2025 486 742 78 361 6 438 - - 44 065 49 732 665 337 - - 366 051 - - 167 054 10 79 567 - - 22 493 30 163 299 286 - 665 337 30 Sep 2025 483 998 61 890 8 851 - - 39 189 49 070 642 999 - - 362 866 - - 147 357 10 80 332 - - 25 199 27 236 280 133 - 642 999 Quarterly variance 2 744 16 471 (2 413) 4 876 662 22 338 3 185 19 697 - (765) (2 706) 2 927 19 153 22 338 55.0% 56.0% Equity ratio1 Equity ratio1 YE 2025 Q3 2025
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Q4 2025 Cash Flow 19 Comments • Limited working capital changes in Q4 2025 • CAPEX reflects more dry-dockings and yard instalments related to launching of the second vessel and keel laying for the third vessel in Q4 2025 • RCF/Refinancing includes drawdown on a revolving credit facility to fund newbuild yard instalments and refinancing and upsizing of the CABU bank facility • For dry-docking and newbuild schedule 2025 and 2026, see slide 38-39 USD millions EBITDA Working capital Interest received DividendCAPEX energy efficiency CAPEX newbuilds RCF/ Refinancing CAPEX dry-docking Cash 30 Sep 2025 Cash 31 Dec 2025 Debt service 127.1 117.7 49.1 78.0 22.7 0.7 -1.4 -8.8 -3.0 -15.6 -9.5 22.6 -7.1 49.7 68.0 Long-term RCF capacity Cash Net cash flow from operating activities Net cash flow from investment activities Net cash flow from financing activities
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Agenda Introduction / performance overview Market review and commercial update Financial update Sustainability efforts Market outlook Commercial outlook and summary
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Updated “Smart Leader” strategy: High ambition calibrated with recent insights 21 Carbon intensity (Energy Efficiency Operating Indicator/EEOI), gCO2/tNM Actual 2022 target 2022 alt. target (without customer/regulatory support) 2025 updated target 2025 alt. target (with customer/regulatory support) 6.1 5.8 3 4 5 6 7 8 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 −14% −16% Updated trajectory vs. existing (2022) target: • Biofuels and customer support not included in our new base target • Slower rollout and reduced scale of energy efficiency measures • Somewhat lower than expected effects of certain energy efficiency measures KCC’s Sustainability-Linked Financing Framework is based on the most ambitious 2022 target. The existing 2030 ambitions were an EEOI of 5.1 without customer/regulatory support, and 4.1 with support. The latter is included in KCC’s existing Sustainability-Linked Financing Framework established in June 2023.
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KCC’s carbon intensity continues to reduce in Q4 22 Carbon intensity (EEOI), gCO2/tNM Strong quarterly performance in all metrics 2025 target = 5.8 2018 2019 2020 2021 2022 2023 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 6.1 7.6 7.9 7.4 7.4 6.9 6.5 6.6 6.3 6.2 5.8 5.2 5.6 6.0 6.4 6.8 7.2 7.6 8.0 8.4 g CO2/(tons cargo x nautical miles) Cargo weight 2021 2022 2023 2024 2025 Q4 49 600t % speed <13 knots 74% Technical fuel performance -12% vs baseline High level of operational, energy, and trading efficiency across the board in Q4: 2025 actual = 6.1
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Agenda Introduction / performance overview Market review and commercial update Financial update Sustainability efforts Market outlook Commercial outlook and summary
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Positive outlook for tanker demand driven by strong crude trade and supportive oil market fundamentals 24 2025 second half momentum in tanker markets continues into 2026 Oil market fundamentals supportive of tankers demand Source: KPLER , Rystad Energy 1.00 1.05 1.10 1.15 1.20 1.25 1.30 1.35 1.40 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2020-2024 range 5 year average 2025 2026 Liquids supply growth Implied delta liquids balance Increase global refinery runs Liquids demand growth 3.42 2.57 0.75 -0.85 0.75 Total tanker ton-miles (million) Est 2026 year-over-year growth, million barrels per day Product tanker market
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Positive effects of higher LR2 dirty trading and escalating shadow fleet sanctions 25 Increasing LR2s trading dirty reducing product tanker supply despite high nominal fleet growth Stricter US/European sanctions on shadow fleet positive for mainstream tanker demand Source: Clarksons, KPLER Product tanker market 63 212 (46%) 244 (54%) LR2 trading Jan. 2025 12 Change LR2s trading clean Change LR2s trading dirty 275 (54%) 232 (46%) LR2 trading Jan. 2026 456 507 +11% LR2s trading CLEAN (% Share of fleet) LR2s trading DIRTY (% Share of fleet) 0 200 400 600 800 1 000 1 200 1 400 1 600 1 800 2 000 2 200 2 400 2 600 2 800 3 000 3 200 3 400 3 600 01.03.25 01.05.25 01.07.25 01.09.25 01.11.25 01.01.26 01.03.26 Iran to China Russia to India and China Jan ‘26 Change in LR2 deployment, number of ships Volumes on key crude trade lanes for sanctioned tonnage, kbd
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Manageable dry bulk supply growth Lower efficiency of aging dry bulk fleet - average age reaches 13 years in 2026 Moderate 2026 fleet growth due to declining efficiency Source: Signal Ocean/Klaveness Research, Clarksons 60 70 80 90 100 110 120 130 140 0 5 10 15 20 25 30 Vessel age ( # of years) Average work capacity (ton cargo x laden duration/DWT vs. vessel age (bss. data 2023-2025) vs. vessel age 2.6% 2.7% 2.3% 2.2% 2.4% 2.7% -2.0 % -1.0 % 0.0 % 1.0 % 2.0 % 3.0 % 4.0 % 2022 2023 2024 2025 2026 2027 CAPACITY REDUCTION (AGE) DELIVERIES SCRAPPINGS NET GROWTH Mandatory dockings Gross and net dry bulk fleet growth (%) Dry bulk markets 26
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450 500 550 600 650 700 750 800 2021 2022 2023 2024 2025 2026 2027 Million Tons Capesize strength driving panamax demand Capesize fronthaul volumes rising on higher West African bauxite and iron ore output Coal increasingly shipped on Panamax vessels Source: AXS Marine/Klaveness Research -60 -40 -20 0 20 40 60 80 100 2021 2022 2023 2024 2025 2026 2027 Millions tons Cape vs PMX Delta PMX Delta Cape Estimated Capesize fronthaul (West to East) cargo volume (million mt) Changes in coal volumes (million mt) shipped by Capesize vs. Panamax Dry bulk markets 27
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Agenda Introduction / performance overview Market review and commercial update Financial update Sustainability efforts Market outlook Commercial outlook and summary
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CABU 2026-2030 strategy update Taking the CABU business into a new chapter 29 Further improve resilience of CABU Australia business Diversify CABU trading to new regions Improve synergies between CABU and CLEANBU business Maintain optionality to grow the CABU fleet
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Increasing CABU market share to Australia Record caustic soda COA booking for 2026 30 # of CSS1 cargoes booked and # of CABU vessels in Australia trade CSS = caustic soda solution 35 41 43 47 45 55-57 6.9 7.4 8.0 8.0 8.0 8.7 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 0 10 20 30 40 50 60 2021 2022 2023 2024 2025 2026 Estimate Booked CSS cargoes to Australia # of CABU vessels in trade to Australia ~38% fixed-rate ~62% floating-rate
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CABU III newbuildings - introducing a new era of efficiency Further improving CABU competitiveness and value creation 31 First CABU III newbuilding, MV Balder, delivered 6 February 2026 CABU III vs. the “outgoing” CABU I vessels MV Balder sailing out Yangtze River 7-15% Larger cargo carrying capacity 20-25% Improved fuel efficiency from extensive energy efficiency measures installed and improved design 25-30% Lower carbon footprint ~20% Higher earnings capacity
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Started diversifying CABU-trading beyond Australia Using old CABUs as spearhead for business development 32 MV Barcarena discharging CSS in Brazil in 2018 • MV Barcarena completed 25-year docking / life-extension program 1st half December 2025 • Currently being positioned to US Gulf, an “investment” negatively impacting CABU Q1-2026 TCE-earnings • Starts 32-months COA with Hydro Alunorte in mid- March 2026
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Building tanker market contract backlog 33 Dry bulk market exposure Q2-Q4 20261 Tanker market exposure Q2-Q4 20261 1) As of 12 February 2026. Further details for contract coverage – see appendix page 36-37 * Based on expected contract days under booked COAs % share of fleet days % share of fleet days 81% 7% 12% FFA Floating rate COA Spot 44% 27% 29% Fixed-rate* Floating rate* Spot
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Q1 2026 guiding – positive outlook for both segments 34 Estimate based on booked cargoes and expected employment for open capacity basis forward freight pricing (FFA) Q1 2026 TCE earnings1 guiding vs. actual last two quarters 1) TCE earnings $/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet “APM4Q2025” published on the Company’s homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q4 2025 report. $/day CABU CLEANBU KCC average 29 333 30 062 31 840 27 740 26 851 28 921 - 5 000 10 000 15 000 20 000 25 000 30 000 35 000 40 000 45 000 Q3 2025 (actual) Q4 2025 (actual) Q1 2026 (guiding) 82 % days fixed 77 % days fixed 86 % days fixed 28 500 - 29 500 34 500 - 36 500 31 400 - 32 900
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FUTURE BOUND
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Detailed 2026 and 2027 contract coverage – wet 36 Contract coverage (as per 12 February 2026) CABU: CSS contract coverage CLEANBU: CPP contract coverage Total wet contract coverage
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Detailed 2026 and 2027 contract coverage – dry bulk 37 Contract coverage (as per 12 February 2026) CABU: dry contract coverage CLEANBU: dry contract coverage Total dry contract coverage
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Dry docking preliminary overview 2025 (CAPEX in USD millions and off-hire in parenthesis) 38 *Period indicated is expected quarter in which drydocking will start, off-hire may occur in following period, while costs may occur in previous or following period ** Dry-docking started in Q4 2024. Completed in early January 2025. Vessel Balboa** Bakkedal Baffin Baleen Bantry Bangus Barcarena Baiacu Total 2025 Type CABU CABU CABU CLEANBU CABU CLEANBU CABU CLEANBU Dry docking and other technical upgrades 3.1 1.8 2.8 3.5 3.2 3.0 2.4 2.3 22.0 Energy efficiency measures 4.6 0.0 4.6 0.3 0.1 4.9 0.0 0.2 14.7 Total cost 7.7 1.8 7.4 3.8 3.3 7.9 2.4 2.5 36.7 Timing 14.11.24-10.01.25 06.03.25-14.04.25 07.03.25-04.05.25 16.06.25-10.08.25 11.09.25-30.10.25 27.09.25-19.11.25 02.11.25-08.12.25 17.11.25-08.12.25 Est. Offhire* 57 39 53 56 49 53 36 22 364 Completed 2025 dry dockings: Depreciations 2025: Depreciation increased by USD 4.3 million from 2024 to 2025, mainly driven by completed dry-dockings in 2024 and 2025.
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Dry docking preliminary plan for 2026 (CAPEX in USD millions and off-hire in parenthesis) 39 *Period indicated is expected quarter in which drydocking will start, off-hire may occur in following period, while costs may occur in previous or following period Vessel Bangor Bass Banastar Balzani Balboa Baffin Total 2026 Type CABU CLEANBU CABU CLEANBU CABU CABU Dry docking and other technical upgrades 3.1 2.9 0.5 2.9 2.1 2.1 13.6 Energy efficiency measures 0.0 4.9 0.0 0.4 0.0 0.0 5.3 Estimated total cost (off-hire days) 3.1 (42) 7.8 (57) 0.5 (7) 3.3 (42) 2.1 (35) 2.1 (35) 18.9 (218) Timing* Q1 Q1 Q1 Q2 Q3 Q4 Scheduled 2026 dry dockings: Depreciations 2026: Following completed DDs in 2025 and 2026, we expect to see an increasingly recognized depreciation cost throughout 2026. Compared to 2025, we expect depreciation cost for 2026 to approximately in range 10-20 % higher than 2025. Delivery of 3 new vessels in 2026 will increase deprecation cost from date of delivery, estimated to be approximately in total USD 5.8 million for 2026.
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Newbuild CAPEX overview 40 1) Other costs will include costs for change orders, supervision and project management fee, upstoring costs and energy efficiency investments. Delivery cost for vessel 1560 and 1561 = USD 6.3m per vessel. Delivery cost for vessel 1562 = USD 9.0m (including USD 2.7m related to installment of sails). Does not include capitalized borrowing costs. 2)Timing not exact Milestone payments Signing Steel cutting Keel laying Launching Delivery % of total contract price 10% 10% 15% 10% 55% Estimated CAPEX1 per vessel (USDm) Payment structure Name Contract price 2023 2024 2025 2026 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 CABU III – 1560 USD 57.4m 5.74 5.74 8.61 5.74 31.57 CABU III – 1561 USD 57.4m 5.74 5.74 8.61 5.74 31.57 CABU III - 1562 USD 57.4m 5.74 5.74 8.61 5.74 31.57 Other costs1 USD 21.5m 0.21 0.26 0.36 0.36 0.41 0.42 0.36 0.37 0.35 1.23 9.20 2 7.95 2 Total USD 193.8m 17.22 0.26 0.36 0.36 0.41 0.42 11.84 14.72 14.67 15.57 72.33 5.74 40.57
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Overview of actual dividend distribution compared to dividend policy 41 Period 2019 2020 2021 2022 2023 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 EBITDA 1 25.8 48.1 67.1 107.0 134.9 126.5 15.0 18.1 24.0 22.6 79.8 Cash interest cost 2 10.3 12.5 14.7 17.9 21.1 18.4 3.9 4.0 4.3 4.4 16.6 Ordinary debt repayments 3 13.9 17.4 23.6 24.0 24.1 25.2 6.3 6.3 6.3 4.1 23.0 Dry docking cost including technical upgrades 4 6.0 4.9 12.4 10.2 5.3 15.3 3.4 4.5 3.9 8.9 20.7 Adjusted cash flow to equity (ACFE) 5 -4.4 13.4 16.4 54.8 84.4 67.5 1.4 3.3 9.5 5.3 19.4 Dividends 6 2.7 5.8 11.0 52.9 72.3 63.4 2.1 3.0 7.1 4.7 16.9 Dividends/ACFE n.a. 7 43% 67% 97% 86% 94% 149%* 90%* 75% 90% 87% 1) Income Statement, EBITDA 2) Interest paid to related parties, Interest expenses mortgage debt, Interest expenses bond loan, Amortization capitalized fees loans. Capitalized borrowing cost on newbuilds has been added for Q1 and Q2 2025, with effect on ACFE and Dividends/ACFE. 3) Cash Flow Statement, Repayment of mortgage debt. For periods not stated separately in Cash Flow Statement, see note Financial assets and liabilities for some more information 4) Normal drydocking and technical upgrades, not included energy efficiency investments. See note Vessels for more information 5) ACFE = EBITDA – cash interest cost – ordinary debt service – dry docking and technical upgrades. KCC believes reconciliation of ACFE provides useful information for KCC’s stakeholders to understand dividend payments in context of the Company’s dividend policy. 6) Dividend for the relevant quarter, distributed the following quarter 7) Negative ACFE *Adjusted for treasury shares Dividend policy: KCC intends, on a quarterly basis (after the initial investment period 2019-2021), to distribute a minimum 80% of the adjusted cash flow to equity, i.e. EBITDA less debt service and maintenance cost as dividends to its shareholders, provided that all known, future capital and debt commitments are accounted for, and the company’s financial standing remains acceptable. Reconciliation of Adjusted Cash Flow to Equity (ACFE)