Slides
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Second Quarter 2026 25 August 2026
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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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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 August 2026. Neither the delivery of this presentation nor any further discussions by the Comp any 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. 2
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3 Agenda 01 Highlights 02 Business update 03 Financial performance 04 Sustainability performance 05 Outlook and summary
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4 Highlights
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Q2 2026 - it’s (nearly) all about the Middle East crisis 5 Source: France 24
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Highlights Second Quarter 2026 6 Commercial momentum • Start of a 2-year time charter of one CLEANBU vessel in June 2026 • 28-36-month COA for caustic soda solution into Brazil supporting adding a 2nd CABU vessel, MV Banastar, into the trade. The vessel will through 25-year life- extension docking in October Fleet expansion / renewal • Completion of the CABU newbuilding program with delivery of the three newbuilds in February, April and August 2026 expanding the KCC fleet to 19 vessels Middle East conflict • Banastar exited the Strait of Hormuz on 25 June • Limited impact to date on Australian caustic soda imports • Dramatic impact on the oil and tanker markets – rising tanker fleet inefficiencies offset lower shipment volumes Average TCE earnings1 $37,782/day Q1 2026: $33,432/day EBITDA USD 38.5m Q1 2026: USD 29.3m Profit after tax USD 20.8m Q1 2026: USD 15.6m Dividend USD 0.30 per share Q1 2026: USD 0.25 per share 1. TCE earnings $/day is an alternative performance measures (APMs) which is defined and reconciled in the excel sheet “APM2Q2026” published on the Company’s homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q2 2026 report.
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CABU Middle East conflict | MV Banastar transit through Strait of Hormuz 7 • The vessel was trapped inside Persian Gulf since start of the conflict end February • Thorough risk-evaluation and acceptance by crew before decision to exit • Followed US NCAGC “Facilitated transit” • The vessel made an outbound transit without any incidents during to night 25-26 June • Strong commitment and support by crew during stay inside MEG and the exit through the Hormuz Strait Mine area Routing of MV Banastar out of the Hormuz Strait 25-26 June 2026
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CLEANBU Middle East Crisis | Leveraging trading flexibility to capture opportunities 8 HORMUZ STRAIT BAB AL-MANDEB STRAIT
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9 Business update
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Support from continued strong product tanker and dry bulk markets 10 Source: Clarksons Securities and Clarksons SIN. From March 2026, a revised calculation method for the LR1 rate has been applied. - 10 000 20 000 30 000 40 000 50 000 60 000 70 000 80 000 90 000 100 000 110 000 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 Jan-26 Jul-26 TCE earnings ($/day) Panamax (P5TC_82) LR1 Tanker COVID-19 The Russian invasion of Ukraine and sanctions against Russia Houthi attacks and less vessel transits in Red Sea US invasion of Iran leading to the closure of the Strait of Hormuz The post-Covid dry bulk super cycle
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CABU Solid Q2 TCE earnings despite mixed effects of the Middle East Crisis 11 % days in combination trades & ballast Quarterly TCE earnings1,2 ($/day) Q3 25 Q4 25 Q1 26 Q2 26 95% 96% 85% 77% 17% 11% 13% 16% Q3 25 Q4 25 Q1 26 Q2 26 30 062 31 840 29 552 34 076 1.1x 1.4x 1.4x 0.7x Q3 25 Q4 25 Q1 26 Q2 26 30% 47% 53% 52% 48% 58% 42% 70% 1. TCE earnings $/day is an alternative performance measures (APMs) which is defined and reconciled in the excel sheet “APM2Q2026” published on the Company’s homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q2 2026 report. 2. Clarksons, MR (CABU) and LR1 (CLEANBU) tanker multiple calculated based on assumption of one-month advance cargo fixing/«lag» Combi in % Ballast in %% days as dry bulk vessel % days as tanker vessel % of days in tanker and dry bulk trades CABU TCE earnings per day MR tanker multiple
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CLEANBU 12 % days in combination trades & ballast 1. TCE earnings $/day is an alternative performance measures (APMs) which is defined and reconciled in the excel sheet “APM2Q2026” published on the Company’s homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q2 2026 report. 2. Clarksons, MR (CABU) and LR1 (CLEANBU) tanker multiple calculated based on assumption of one-month advance cargo fixing/«lag» Near-record TCE earnings amid major trade disruptions Q3 25 Q4 25 Q1 26 Q2 26 87% 87% 77% 42% 17% 19% 15% 32% Q3 25 Q4 25 Q1 26 Q2 26 27 740 26 851 37 311 42 243 1.1x 0.6x 1.1x 1.2x Q3 25 Q4 25 Q1 26 Q2 26 10% 60% 2% 38% 59% 0% 41% 85% 5% 8% 2% 71% 15% 4% % days in CSS trades % days as dry bulk vessel % days in veg. oil trades % days as tanker in CPP Combi in % Ballast in % CLEANBU TCE earnings per day LR1 tanker multiple % of days in tanker and dry bulk trades Quarterly TCE earnings1,2 ($/day)
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13 Financial performance
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EBITDA +30% Q-o-Q supported by stronger markets, more wet trading and a larger fleet 14 EBITDA Q2 2026 compared to Q1 2026 (USD millions) AdmCLEANBU TCE rates EBITDA CABU newbuilds OPEX existing fleet Other incomeFewer on-hire days EBITDA Q1 2026 EBITDA Q2 2026CABU TCE rates existing fleet + 31 % 29.3 2.5 3.1 3.6 (4.9) 5.4 (1.1) 0.5 38.5
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Solid Q2 financials driven by strong markets and operations amidst geopolitical turmoil 15 * Alternative performance measures (APMs) are defined and reconciled in the excel sheet “APM2Q2026” published on the Company’s homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q2 2026 report. ** Includes Loss of Hire compensation for Q2 2026 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 +53% +11% 34.1 40.5 38.9 47.0 52.1 Net revenue from operation of vessels EBITDA Profit after tax Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 18.1 24.0 22.6 29.3 38.5 +31%+113% 62% 53% 59% 58% 67% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 +33%+209% 6.7 12.0 10.4 15.6 20.8 • Net revenue increase supported by higher TCE rates and newbuild capacity, partly offset by off-hire related to dry-docking and one vessel in the Middle East Gulf • USD 5.4 million in loss of hire insurance related to the vessel in the Middle East Gulf and one prolonged dry-docking booked as Other income in Q2, not include in Net revenue from operation of vessels • OPEX increase largely driven by newbuilds entering operations and one-offs • Depreciations and net finance cost increase due to a larger fleet, completed dry-dockings and refinancing of bank debt • Annualized Return on Capital Employed* 14% and Return on Equity* 22% for the quarter USD million USD million USD million EBITDA EBITDA margin* **
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Robust balance sheet and strengthened liquidity 16 * Equity ratio, NIBD and NIBD/EBITDA are alternative performance measures (APMs) which are defined and reconciled in the excel sheet “APM2Q2026” published on the Company’s homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q2 2026 report 1. Cash and cash equivalents + undrawn revolving credit facility capacity with due date above 12 months Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 354 363 366 377 382 50%56% 56% 55% 50% Book value equity Net interest-bearing debt Cash balance Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 205 204 219 287 280 3.1x 2.4x 2.6x 2.8x 2.4x Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 132 127 118 127 145 80 47 85 49 78 50 68 59 68 65 USD million USD million USD million Book value equity (USDm) Equity ratio* (%) • Equity ratio stable at 50% • Improved NIBD/EBITDA mainly driven by higher EBITDA • Long-term available liquidity position1 increased by USD 18.2 million Q-o-Q mainly due to positive cash flow from operations and increased available debt capacity NIBD* (USDm) NIBD/EBITDA LTM* Long-term RCF capacity Cash and cash equivalents
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Positive Q2 cash flow 17 Comments • CAPEX newbuilds include delivery settlement for one vessel and launching instalment for one vessel • Net debt drawdown consist of debt drawdown related to delivery of one newbuild and net effect of refinancing • For dry-docking and newbuild schedule, see slide 32-33 USD millions EBITDA Working capital CAPEX dry-dock Dividend Cash 30 Jun 2026 CAPEX energy efficiency Other operating items Cash 31 Mar 2026 CAPEX newbuilds Net debt drawdown Debt service incl transaction costs 126.9 145.2 58.9 68.0 38.5 -0.5 0.8 -7.9 -3.1 -40.4 -13.3 46.9 -14.8 65.2 80.0 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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Bank refinancing for CLEANBU fleet completed in Q2 18 Overview of debt maturities1, USD millions 2027 2028 2029 2030 2031 2032H2 2026 14 34 99 24 24 105 41 17.2 12 2 21 4 9 20 4 75 20 4 20 4 17 61 27 4 20 Bond Bank (ballon) RCF Installments 1. Capitalized fees not included. Based on drawn RCF amounts per end of Q2 2026. The NOK 800 million bond issue (KCC05) has been fixed through cross- currency swaps at 10.6475, and therefor differs from the balance sheet value, which uses the current exchange rate. • New USD 200 million senior secured bank facility, replacing USD 113.1 million of drawn bank debt and USD 68 million of undrawn RCF capacity under two existing facilities maturing in 2027 and 2028 • Consist of 50/50 term loan and RCF • Six-year tenor with a 20-year age-adjusted repayment profile • Margin of Term SOFR + 1.65% • All CLEANBU vessels excluding MV Bass serve as collateral
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Higher Q2 dividend supported by solid EBITDA increase 19 Overview of dividend declared last twelve months1 1. Paid in the following quarter 2. Adjusted Cash Flow to Equity (ACFE) is an alternative performance measure (APM) which is defined and reconciled in the excel sheet “APM2Q2026” published on the Company’s homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q2 2026 report). USD dividend per share USD million 0.12 0.08 0.25 0.30 0.75 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Total LTM 7.1 4.7 14.8 17.8 44.5 Payout Q2 2026 100% of adjusted cash flow to equity2 Track record Unbroken quarterly dividend history since the listing in May 2019 266 USD mn in total dividend and share buy-backs Policy Quarterly distribution of minimum 80% of adjusted cash flow to equity (EBITDA less debt service and maintenance cost)
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20 Sustainability performance
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Carbon intensity temporarily impacted by Middle East market disruptions 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026 Q2 2026 6.5 7.6 7.9 7.4 7.4 6.9 6.5 6.6 6.1 8.0 4.0 4.4 4.8 5.2 5.6 6.0 6.4 6.8 7.2 7.6 8.0 8.4 8.8 9.2 9.6 10.0 g CO2/(tons cargo x nautical miles) 2026 target = 5.8 Port time 2025 YTD 2026 OtherBallast time Cargo weight Energy efficiency 6.1 7.2 0.7 0.2 0.3 -0.2 0.1 Disruptions caused by the conflict in the Middle East resulted in reduced combination trading, which in turn increased ballast time and reduced cargo weight. Carbon intensity (EEOI), gCO2/tNM EEOI YoY bridge – 2025 vs YTD 2026 21
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22 Outlook and summary
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Longer sailing distances + inefficiencies offset effects of lost export volumes 23 Source: KPLER, Steem 1960 Ton-mile demand negatively impacted by fall in traded volumes and not fully compensated by longer laden distances Increase in voyage distance due to shift in refinery capacity from West to East and trade disruptions: Russian war on Ukraine, closures of Red Sea and Strait of Hormuz. Waiting time and increased ballasting negatively influence fleet efficiency Product tanker market Export volumes out of the Arabian Gulf have fallen dramatically, while US exports have increased substantially, filling part of the gap caused by the Middle East crisis. Northeast Asian exports have declined, though refinery runs are now on the rise. CPP export per key region Products ton-mile demand Saling distances and fleet inefficiencies US NEAArabian Gulf -18% +16%-79% 2 880 594 2 402 2 783 2 256 1 857 ‘000 barrels per day 150 000 170 000 190 000 210 000 230 000 250 000 270 000 290 000 310 000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 5 year range 2025 2026 Average Bn ton-miles2025 Mar-Jul 2026 Mar-Jul 2 500 2 600 2 700 2 800 2 900 3 000 3 100 3 200 3 300 3 400 3 500 90 95 100 105 110 115 120 125 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 Jan-26 Jul-26 Inefficiency index Baseline Annaul average distance Below line = % addition to fleet efficiency Index baseline 2017-2019=100 Above baseline = % loss in fleet efficiency
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Dry bulk markets high expectations for 2H 2026 24 Source: Klaveness Research Capesize shipments out of Guinea US grain sales and exports Asian coal imports After slowdown in Guinean bauxite exports into the summer, August volumes of both bauxite and iron ore are expected to bounce back adding demand on the fronthaul again US soybean sales are at strongest since 2022 as China return to the market. Indicating likely to see a strong Q4 season out of USG/NOPAC Steady strong import coal demand from Asia to offset significant lower gas shipments creates steady strong growth in coal shipments Dry bulk markets 7 9 11 13 15 17 19 21 23 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Millions 23-24 range 2026 0 5 10 15 20 25 2023 2024 2025 2026 Millions US soybean sales (USDA 6th Aug)* Q4 Exports -6 -4 -2 0 2 4 6 8 10 12 Jan Feb Mar Apr May Jun Jul Millions tonnes YoY Asia coal imports YoY
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High CPP contract coverage in Q4 – upcoming 2027 contract renewals in Q4 25 Dry bulk market exposure Q4 20261 Tanker market exposure Q4 20261 1. As of 24 August 2026. Further details for contract coverage – see appendix page 30-31 * Based on expected contract days under booked COAs % share of fleet days % share of fleet days 79% 2% 19% FFA Fixed-rate COA Spot 45% 23% 32% Fixed-rate* Floating rate* Spot
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CLEANBU Despite oil/tanker market disruptions – the CLEANBU-strategy remains 26 Gradual recovery of CPP volumes in combi-trades - start returning CLEANBUs to main combi-trading patterns • One new oil companies approving CLEANBUs including one oil major , and two new customers chartering the vessels to date in 2026 • Expanding trading with important key customers 3 7 15 21 23 2 16 23 24 24 5 23 38 45 47 YE 2019 YE 2021 YE 2023 YE 2025 2026 YTD # of CLEANBU customers # of additional customers approving CLEANBUs Continue broaden customer base and deepen existing customer relationships • CPP cargo volumes in several established combi-trades start to recover • Returning CLEANBU vessels in trade WC India-US East Coast and Far East – Australia from August after 6 months absence
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CABU Full fleet on water – expanding and strengthening the CABU business 27 Completion of CABU III newbuilding program “on cost/before time” Expanding Brazil trading - adding a 2nd vessel which will go through 25-year docking / life extension • 3 x CABU newbuildings delivered Q1-Q3 2026 reinforce KCC’s competitive position in the Australian caustic soda market. • Higher cargo intake and improved operating efficiency deliver lower transportation costs and carbon emission reductions to customers Vila do Conde, Brazil • A new, second CoA with 28-36-month duration concluded with Alunorte covering part of the caustic soda capacity of a 2nd vessel in trades to Brazil • MV Banastar (built Oct 2001) to be brought through 25-year docking / life extension upgrade in October 2026 – start Brazil-service in Q1-2027
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Q3 2026 guiding – strong Q3 results as fleet reaches full scale 28 Estimate based on booked cargoes and expected employment for open capacity basis forward freight pricing (FFA) Q3 2026 TCE earnings1 guiding vs. actual last two quarters 1. TCE earnings $/day is an alternative performance measures (APM) which is defined and reconciled in the excel sheet “APM2Q2026” published on the Company’s homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q2 2026 report. $/day CABU CLEANBU KCC average 37 782 29 552 34 076 37 311 42 243 33 432 - 5 000 10 000 15 000 20 000 25 000 30 000 35 000 40 000 45 000 50 000 55 000 60 000 Q1 2026 (actual) Q2 2026 (actual) Q3 2026 (guiding) 88 % days fixed 80 % days fixed 94 % days fixed 33 500 - 34 500 36 500 - 38 500 34 800 - 36 300 703 754 933 704 626 734 1 407 1 380 1 667 On-hire days
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FUTURE BOUND
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Detailed 2026 and 2027 contract coverage – wet 30 Contract coverage (as per 24 August 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 31 Contract coverage (as per 24 August 2026) CABU: dry contract coverage CLEANBU: dry contract coverage Total dry contract coverage
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Dry docking preliminary plan for 2026 (CAPEX in USD millions and off-hire in parenthesis) 32 *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 was trapped inside the Strait of Hormuz since the attacks started until 25 June. ***Dry docking to prepare the vessel for the life extension program. Vessel Bangor Bass Banastar Balzani Balboa Baffin Banastar*** Total 2026 Type CABU CLEANBU CABU CLEANBU CABU CABU CABU Dry docking and other technical upgrades 3.2 3.1 0.9 2.6 1.9 2.2 2.9 16.7 Energy efficiency measures 4.8 4.8 Estimated total cost (off-hire days) 3.2 (52) 7.9 (89) 0.9 (109)** 2.6 (30) 1.9 (26) 2.2 (27) 2.9 (42) 21.5 (266) Timing* Q1/Q2 Q1/Q2 Q1/Q2 Q2 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 15-25 % higher than 2025. Delivery of three 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 33 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 MV Balder USD 57.4m 5.74 5.74 8.61 5.74 31.57 MV Bastion USD 57.4m 5.74 5.74 8.61 5.74 31.57 MV Baltazar 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 3.00 2.96 2 5.7 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 34.57 43.51 37.27
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Overview of actual dividend distribution compared to dividend policy 34 Period 2019 2020 2021 2022 2023 2024 2025 Q1 2026 Q2 2026 EBITDA 25.8 48.1 67.1 107.0 134.9 126.5 79.8 29.3 38.5 Cash interest cost 1 10.3 12.5 14.7 17.9 21.1 18.4 16.6 4.7 6.2 Ordinary debt repayments 2 13.9 17.4 23.6 24.0 24.1 25.2 23.0 5.6 6.6 Dry docking cost including technical upgrades 3 6.0 4.9 12.4 10.2 5.3 15.3 20.7 0.7 7.9 Adjusted cash flow to equity (ACFE) 1 -4.4 13.4 16.4 54.8 84.4 67.5 19.4 18.4 17.8 Dividends 4 2.7 5.8 11.0 52.9 72.3 63.4 16.9 14.8 17.8 Dividends/ACFE n.a. 5 43% 67% 97% 86% 94% 87% 81% 100% 1) Cash interest cost and ACFE are alternative performance measures (APMs) which are defined and reconciled in the excel sheet “APM2Q2026” published on the Company’s homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q2 2026 report. 2) Cash Flow Statement, Repayment of mortgage debt. For periods not stated separately in Cash Flow Statement, see note Financial assets and liabilities in Financial Statements for relevant period/year for some more information 3) Normal drydocking and technical upgrades, not included energy efficiency investments. See note Vessels in Financial Statements for relevant period/year for more information 4) Dividend for the relevant quarter, distributed the following quarter 5) 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)