Interim report
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Second Quarter 2026
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QUARTER IN BRIEF SECOND QUARTER 2026 Solid Q2 financials driven by strong markets and operations amidst geopolitical turmoil • EBITDA of USD 38.5 million (Q1 2026: USD 29.3 million) and Profit after tax of USD 20.8 million (Q1 2026: USD 15.6 million) • Fleet TCE earnings of $37,782/day (Q1 2026: $33,432/day), secured in extremely volatile markets • Q2 2026 dividend of USD 0.30 per share, totalling USD 17.8 million (Q1 2026: USD 0.25 per share) • Banastar exited the Strait of Hormuz on 25 June 2026 • Backed by a new Alunorte contract, the operating life of Banastar will be extended beyond 25-years • USD 200 million bank facility closed, refinancing existing debt on favourable terms • The third and last CABU newbuild, equipped with wind-assisted propulsion, was delivered on 6 August 2026 completing the CABU newbuilding program “before time and at cost” 1 6.7 12.0 10.4 15.6 20.8 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 24 561 28 921 29 333 33 432 37 782 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 “With the delivery of our third and final CABU newbuilding on 6 August, our full fleet of 19 vessels is now in operation and is well positioned to benefit from robust product tanker and dry bulk markets. Following a strong second quarter, we see a positive outlook for the second half of 2026, supported by continued market tightness and lower KCC dry- docking activity.” - Engebret Dahm, CEO Klaveness Combination Carriers ASA Average TCE earnings ($/day)1 Profit/(loss) after tax (MUSD) 1 Average TCE earnings $/day 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. 18.1 24.0 22.6 29.3 38.5 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 EBITDA (MUSD)
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FINANCIAL PERFORMANCE OPERATING PERFORMANCE Q2 2026 Q1 2026 Δ Q2 2025 Δ 1H 2026 1H 2025 Δ Average TCE $/day1 37 782 33 432 13 % 24 561 54 % 35 586 23 483 52 % OPEX $/day1 9 793 9 508 3 % 9 270 5.6 % 9 662 9 214 5 % On-hire days 1 380 1 407 (2) % 1 387 (1) % 2 786 2 767 1 % Off-hire days, scheduled 231 77 202 % 57 302 % 307 116 164 % Off-hire days, unscheduled 19 10 77 % 12 62 % 29 12 150 % % of days in combination trades2 61% 81% (25) % 85% (28) % 71% 83% (14) % INCOME STATEMENT (USD '000) Q2 2026 Q1 2026 Δ Q2 2025 Δ 1H 2026 1H 2025 Δ Net revenues from vessel operations 52 128 47 028 11 % 34 074 53 % 99 157 64 985 53 % EBITDA 38 521 29 349 31 % 18 091 113 % 67 851 33 130 105 % Profit after tax 20 751 15 596 33 % 6 723 209 % 36 329 11 027 229 % Earnings per share (USD) 0.35 0.26 35 % 0.11 218 % 0.61 0.19 221 % CASH FLOW STATEMENT (USD '000) Q2 2026 Q1 2026 Δ Q2 2025 Δ 1H 2026 1H 2025 Δ Cash flow from operations 38 840 21 836 78 % 19 995 94 % 60 796 33 592 81 % Cash flow from investments (51 399) (38 721) 33 % (21 468) 139 % (90 119) (38 166) 136 % Cash flow from financing 18 800 26 087 (28) % 2 924 543 % 44 769 (4 972) (1000) % Net change in cash and cash equivalent 6 242 9 203 (32) % 1 451 330 % 15 445 (9 547) (262) % OTHER FINANCIAL KEY FIGURES (USD '000) Q2 2026 Q1 2026 Δ Q2 2025 Δ 1H 2026 1H 2025 Δ Dividends per share 0.30 0.25 20 % 0.05 500 % 0.55 0.085 547 % Cash and cash equivalents 65 177 58 935 11 % 46 592 40 % 65 177 46 592 40 % Net interest bearing debt1 279 557 287 365 (3) % 204 504 37 % 279 557 204 504 37 % Q2 2026 Q1 2026 Q-Q Q2 2025 Q-Q 1H 2026 1H 2025 Q-Q Equity ratio1 50.3% 50.0% 0.3 % 56.0% (5.7) % 50.3% 56.0% (5.7%) ROCE annualised1 14% 11% 3 % 6% 8 % 12% 5% 9% ROE annualised1 22% 17% 5 % 8% 14 % 19% 6% 16% REVENUE AND EXPENSES Second quarter 2026 EBITDA and Profit after tax for the second quarter ended at USD 38.5 million and USD 20.8 million respectively, up from USD 29.3 million (+31%) and USD 15.6 million (+33%) in the previous quarter. Net revenues from operation of vessels increased by USD 5.1 million/11% Q-o-Q due to stronger average TCE earnings partly offset by less on-hire days following more off-hire from dry-docking and Banastar being trapped in the Middle East Gulf. Total loss of hire compensation of USD 5.3 million for Banastar and one CLEANBU vessel with prolonged dry docking was recognised as other income in Q2 2026. On a Q-o-Q basis, operating expenses increased by USD 1.8 million/12% primarily due to the delivery of two new CABU vessels during first half of 2026 , as well as certain non-recurring expenses. Other operating and administrative expenses decreased by USD 0.5 million/14% from the previous quarter. Depreciations were up USD 2.2 million/21% from last quarter driven by dry-dockings and vessel deliveries. Net finance cost increased by USD 1 .8 million/53% Q-o-Q mainly as interest-bearing debt increased following vessel deliveries and refinancing of bank debt. EBITDA and Profit after tax increased 113% and 209%, respectively, compared to the same quarter last year, primarily due to higher revenues driven by stronger underlying markets. First half 2026 EBITDA and Profit after tax for the first half of 2026 were USD 67.9 million and USD 36.3 million, up from USD 33.1 million (+105%) and USD 11.0 million (+229%) in first half of 2025. Considerably stronger tanker and dry bulk markets and received loss of hire compensatio n had positive impact Y-o-Y, partly offset by higher operating and administrative expenses, depreciations and net finance costs. CAPITAL AND FUNDING Cash and cash equivalents ended at USD 65.2 million by the end of Q2 2026, up from USD 58.9 million at the end of first quarter 2026, while available long-term liquidity (cash and cash equivalents and available capacity on long-term revolving credit facilities) increased from USD 126.9 million by end of Q1 2026 to USD 145.2 million by the end of Q2. The Group had per end of Q2 USD 80.0 million available and undrawn under long-term revolving credit facilities (Q1 2026: USD 68.0 million) and USD 8.0 million available and undrawn under a 364-days overdraft facility (Q1 2026: USD 8.0 million). Positive cash flow from operations for Q2 2026 of USD 38.8 million and total drawdown on debt net of transaction costs and ordinary debt service of USD 33.5 million were partly offset by costs for dry-docking, technical upgrades and energy saving devices of in total USD 11.0 million, newbuild CAPEX of USD 40.4 million and dividends of USD 14.8 million. Total equity ended at USD 381.9 million, an increase of USD 5.0 million from the end of first quarter 2026. The increase is mainly explained by Profit after tax of USD 20.8 million partly offset by dividend payments of USD 14.8 million and negative other comprehensive income of USD 0.8 million. The equity ratio ended at 50.3% per end June 2026, quite stable from Q1 2026 and down from 55.0% per year-end 2025 as a result of higher interest-bearing debt following debt drawdowns related to newbuildings. Interest-bearing debt was USD 344.7 million at the end of June 2026, a small decrease of USD 1.6 million from the end of Q1 2026. This was impacted by a new USD 200 million senior secured bank facility for seven of in total eight CLEANBU vessels closed during the quarter. The facility consists of a 50/50 combination of a revolving credit facility (RCF) and a term loan, with a six-year tenor, a 20-year age- adjusted repayment profile, and bears interest at SOFR plus a margin of 165 bps p.a., representing an improvement in the overall financing terms compared with the existing facilities being refinanced. The new facility refinances fully a bank facility with due date in 2028 and partly a bank facility maturing in March 2027. DIVIDEND On 24 August 2026, the Company’s Board of Directors declared to pay a cash dividend to the Company’s shareholders of USD 0.30 per share for second quarter 2026, in total approximately USD 17.8 million. Second Quarter 2026 Highlights Financial performance CABU CLEANBU Market Health, Safety, Environment Outlook Statements Notes 2 1 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. 2 % of days in combination trades = number of days in combination trades as a percentage of total on-hire days. A combination trade starts with wet cargo (usually caustic soda or clean petroleum products), followed by a dry bulk cargo. A combination trade is one which a standard tanker or dry bulk vessel cannot perform. Exempt are trades with abnormal long ballast legs which are not defined as combination trades. The KPI is a measure of KCC’s ability to operate our combination carriers in trades with efficient and consecutive combination of wet and dry cargos versus trading as a standard tanker or dry bulk vessel. There are two exceptions to the main rule where the trade is a combination trade: Firstly, in some rare instances a tanker cargo is fixed instead of a dry bulk cargo out of the dry bulk exporting region where KCC usually transports dry bulk commodities. E.g., the vessel transports clean petroleum products to Argentina followed by a veg oil cargo instead of a grain cargo on the return leg. Secondly, triangulation trading which combines two tanker (dry bulk) voyages followed by a dry bulk (tanker) voyage with minimum ballast in between the three voyages (e.g., CPP Middle East-Far East +CPP Far East Australia +Dry bulk Australia-Middle East) are also considered combination trades).
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SEGMENT REPORTING - THE CABU BUSINESS Q2 2026 Q1 2026 Δ Q2 2025 Δ 1H 2026 1H 2025 Δ Average TCE $/day1 34 076 29 552 15 % 26 365 29 % 31 892 24 322 31 % OPEX $/day1 9 093 8 695 5 % 8 348 9 % 8 915 8 584 4 % On-hire days 754 703 7 % 677 11 % 1 457 1 337 9 % Off-hire days, scheduled 129 60 115 % 42 207 % 189 101 87 % Off-hire days, unscheduled 19 10 84 % 10 88 % 29 10 190 % % of days in combination trades2 77% 85% (9) % 90% (14) % 81% 85% (5) % Ballast days in % of total on-hire days3 16% 17% (6) % 12% 28 % 16% 14% 14 % REVENUE AND EXPENSES Second quarter 2026 Average TCE earnings per on-hire day for the CABU vessels were $34,076/day in Q2 2026 , $4,524/day/15% up from the previous quarter, primarily driven by stronger underlying markets and more capacity trading in wet mode. This was partly offset by less efficient trading, as the situation in the Middle East affected caustic soda procurement to the Australian alumina industry. The CABU fleet had 77% combination trading and 16% ballast in Q2 2026. The delivery of two CABU newbuildings on 6 February 2026 and 9 April 2026 resulted in increased number of earnings days. Compared with the standard MR tanker market, the CABU TCE earnings multiple was 0 .7x4 for the second quarter. TCE earnings in Q2 2026 were up $7,711/day/29% compared to the same quarter last year mainly due to stronger underlying markets. Average operating expenses of $9,093/day for Q2 2026 were up $398/day/5% and $745/ day/9% from last quarter and the same quarter last year. The change from last quarter was mainly due to Banastar’s stay in the Middle East Gulf. First half 2026 Average TCE earnings for the first half of 2026 were $31,892/day compared to $24,322/day for the first half of 2025. 1H 2026 was positively impacted by considerably stronger underlying markets as well as more capacity trading in wet. Average operating expenses of $8,915/day for the first half 2026 were up approximately $330/ day/4% from first half 2025, driven by higher crew-related costs and certain non-recurring expenses mainly related to Banastar in the Middle East. DRY-DOCKING AND OFF-HIRE The CABU fleet had 129 scheduled off-hire days in the second quarter related to the dry- docking of two vessels and Banastar being off-hire in the Middle East Gulf until 25 June 2026 following the effective closure of the Strait of Hormuz. The fleet had 19 unscheduled off-hire days related to repairs and maintenance on 5 vessels. Banastar had in total 109 off-hire days in the Middle East Gulf, whereof 88 day s in Q2. Off-hire days above the 14-day deductible in March have been compensated by loss of hire/war risk insurance. Remaining scheduled off-hire of in total 80 days for first half of 2026 are related to the periodic dry-docking of two vessels. Additional two CABU vessels are planned for dry-docking in the second half of 2026 including the 2001-built, Banastar, which will go through its 25-year docking and life extension upgrade preparing the vessel for trading in the Atlantic from 2027 together with the CABU vessel Barcarena. Second Quarter 2026 Highlights Financial performance CABU CLEANBU Market Health, Safety, Environment Outlook Statements Notes 3 % in Wet and Dry Trades 54% 47% 52% 58% 70% 46% 53% 48% 42% 30% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Average TCE earnings ($/day)1 90% 95% 96% 85% 77% 12% 11% 13% 17% 16% Combi % Ballast % Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 % days in combination trades and ballast2 Dry Wet Average 2025 8 348 8 439 8 953 8 695 9 093 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Average OPEX ($/day)1 8 647 26 365 30 062 31 840 29 552 34 076 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 1 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. 2 % of days in combination trades = see definition on page 2 3 Ballast in % of on-hire days = Number of days in ballast /number of on-hire days. Ballast days when the vessel is off-hire are not included. 4 Clarksons, MR (CABU) and LR1 (CLEANBU) tanker multiple calculated based on assumption of one-month advance cargo fixing/«lag»
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SEGMENT REPORTING - THE CLEANBU BUSINESS Q2 2026 Q1 2026 Δ Q2 2025 Δ 1H 2026 1H 2025 Δ Average TCE $/day1 42 243 37 311 13 % 22 843 85 % 39 633 22 645 75 % OPEX $/day1 10 661 10 382 3 % 10 190 5 % 10 528 9 852 7 % On-hire days 626 704 (11) % 711 (12) % 1 330 1 431 (7) % Off-hire days, scheduled 102 17 518 % 15 561 % 118 15 665 % Off-hire days, unscheduled 0 0 (100) % 2 (100) % 0 2 (94) % % of days in combination trades2 42% 77% (45) % 85% (51) % 59% 83% (29) % Ballast days in % of total on-hire days3 32% 17% 88 % 13% 141 % 24% 14% 72 % REVENUE AND EXPENSES Second quarter 2026 Average CLEANBU TCE earnings in Q2 2026 of $42,243/day were up $4,932/day/13% from last quarter, mainly reflecting a volatile, but in average significantly stronger LR1 product tanker market. Cargo volume in most of the CLEANBU fleet’s established combination trades were negatively impacted by the situation in the Middle East. However, the fleet’s flexibility enabled it to capture opportunities in the strong product tanker market, r esulting in 81% of available capacity being deployed in wet trades during the quarter. The TCE earnings were negatively impacted by IFRS effects 5 of ~1,900/day at quarter end due to more than usual ballasting for the fleet. The CLEANBU TCE earnings achieved a multiple of 0.6x compared to the LR14 product tankers for the second quarter. Compared to Q2 2025, TCE earnings were up approximately $19,400/day/85% mainly due to stronger product tanker and dry bulk markets and more capacity employed in wet trades. Average operating expenses for the CLEANBU vessels were $10,661/day in Q2 2026, up $279/ day/3% from the previous quarter and approximately $471/day/5% compared to the same quarter last year. The change from last quarter is mainly driven by insurance deductible costs. First half 2026 Average TCE earnings for the first half of 2026 were $39,633/day compared to $22,645/day for the first half 2025. Approximately 84% of fleet capacity was trading in an exceptionally strong product tanker market in the first half of 2026. Average operating expenses of $10,528/day for 1H 2026 were up by $676/day/7% from 1H 2025, mainly due to higher crewing costs. DRY-DOCKING AND OFF-HIRE The CLEANBU fleet had 102 scheduled off-hire days in the second quarter related to two dry- dockings which were both completed during the quarter. Total off-hire for these two vessels were 118 days for the first half of 2026. One of the vessels was fitted with several energy efficiency measures. Due to a prolonged yard stay for this vessel, part of its off-hire days were compensated by loss of hire insurance, recognised as other income in Q2. The CLEANBU fleet had no unscheduled off-hire in the first half of 2026. The CLEANBU fleet has completed its planned dry-docking program for 2026. Second Quarter 2026 Highlights Financial performance CABU CLEANBU Market Health, Safety, Environment Outlook Statements Notes 4 Average TCE earnings ($/day)1 22 843 27 740 26 851 37 311 42 243 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 1 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. 2 % of days in combination trades = see definition on page 2 3 Ballast in % of on-hire days = Number of days in ballast /number of on-hire days. Ballast days when the vessel is off-hire are not included. 4 Clarksons, MR (CABU) and LR1 (CLEANBU) tanker multiple calculated based on assumption of one-month advance cargo fixing/«lag» 5 IFRS recognises revenue based on load to discharge basis and not discharge to discharge Average OPEX ($/day)1 10 190 9 747 10 085 10 382 10 661 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 % days in combination trades and ballast2 85% 87% 87% 77% 42% 13% 19% 15% 17% 32% Combi % Ballast % Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 % in Wet and Dry Trades 55% 60% 59% 87% 81% 12% 2% —% 5% 15%33% 38% 41% 8% 4% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 WetDry Veg oil Average 2025 9 877
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MARKET DEVELOPMENT DRY BULK MARKET Average Panamax dry bulk earnings increased from $14,700/day in Q1 2026 to $18,200/day in Q2 20262. Panamax rates remained strong throughout Q2, with limited volatility. Panamax fleet utilization was high, supported by continued robust grain volumes out of East Coast South America, as well as higher coal volumes driven by increased energy security concerns following the Middle East situation and coal’s relative cost advantage versus gas amid a tight gas market. June was particularly strong, with lower fuel prices supporting Chinese coal imports relative to domestic alternatives, while high temperatures increased coal burn across Asia3. The Panamax market was as well supported by a strong Capesize market. Front-haul volume growth lifted fleet utilization, with Guinea contributing significantly through increased iron ore exports and record bauxite volumes. Outlook Several factors are likely to support a continued healthy Panamax market and contribute to Y-o-Y growth in volumes and tonne-mile. Global coal demand is expected to remain strong over the coming months, and potentially for longer, as coal demand continues to be supported by the situation in the Middle East Gulf. For grains trades, the upcoming US soybean export season starting in Q4 2026 is expected to be more active than in recent years, driven by renewed Chinese purchases. Grain shipments from East Coast South America are expected to slow seasonally towards Q4 and Black Sea grain exports remain increasingly disrupted. All-in-all, the recovery in US-China grain trade is likely to make grain a net positive for the Panamax segment for the remainder of the year. The positive uplift from a strong Capesize market enjoyed by the Panamax segment is set to continue as growing bauxite and iron ore volumes out of Guinea will absorb more and more Capesize vessels an keep rates elevated, while leaving a larger share of the coal trade for the Panamax fleet. Furthermore, congestion and increased restrictions in the Panama Canal are also expected to have a positive impact on the Panamax rates going forward. The geopolitical situation continues to be uncertain. High energy prices add uncertainty to global industrial activity. However, the global economy has absorbed the disruptions well so far and the commodities trade is still expected to grow at a healthy pace compared to limited tonnage growth. PRODUCT TANKER MARKET Average Q2 LR1 and MR product tanker rates increased to $68,000/ day and $48,400/day, respectively, from $31,900/day and $26,700/ day in Q1 20264. Product tanker markets were significantly impacted by the attacks on Iran, counterattacks on US allies in the Middle East Gulf, and the effective closure of the Strait of Hormuz. These developments reduced fleet availability, created operational inefficiencies and drove a sharp increase in freight rates as well as resulting in extreme rate volatility during the quarter. Product tanker rates were in the first part of the second quarter positively impacted by tonnage tied up inside the Strait of Hormuz, vessels in transit for cargoes fixed prior to the conflict, and the repositioning of vessels into alternative loading regions. Later in the quarter, freight rates softened considerably, but partly recovered towards the end of the quarter. Although demand for refined products appeared to be resilient, export cargo availability was constrained, resulting in inventory draws and lower voyage volumes and tonne-miles. This was partly offset by increasing inefficiencies including increased waiting time and ballasting as well as a strong crude tanker market, which encouraged LR2s to switch into dirty trades. Outlook Coming into Q3, seaborne product trade fell 12% y-o-y in Jul y5, mainly in exporting regions generating long voyages. It was mainly driven by lower export volumes and not weak demand. The product tanker markets have rebounded somewhat coming into August and the autumn/winter outlook remains positive as the product tankers are entering a seasonally stronger autumn and winter period. This is further supported by record strong refinery margins and expected restocking of low inventories. With no immediate resolution to the Middle East conflict and no reopening of the Strait of Hormuz in sight, disruptions to trade flows and increased inefficiencies are expected to persist, underpinning tanker market earnings over the next quarters. The medium to long- term outlook is, however, uncertain as the effects of a possible full reopening of the Strait of Hormuz likely will be negative after an initial market tightening to ship oil volumes tied up within the gulf. Second Quarter 2026 Highlights Financial performance CABU CLEANBU Market Health, Safety, Environment Outlook Statements Notes 5 Average Market Rates with One Month Lag Q2 2026 Q1 2026 Q2 2025 1H 2026 1H 2025 2025 P5TC dry bulk earning $/day 18 200 14 700 11 600 16 400 10 200 12 900 Average MR Clean tanker earnings $/day 48 400 26 700 20 100 37 500 19 250 20 700 Average LR1 tanker earning $/day 68 000 31 900 23 900 50 300 21 000 22 500 Fuel price USD/mt 850 460 510 640 540 520 TCE earnings development $/day1 1 Source: Clarksons Securities and Clarksons SIN. From August 2026, a revised calculation method for the LR1 rate has been applied. 2 Source: Baltic Dry as of August 2026 (All series lagged by one month to reflect advance cargo fixing) 3 Source: Klaveness Dry Bulk 4 Source: Shipping Intelligence Network and Clarkson’s Securities; Average LR1 tanker earnings are MEG-Cont and MED-Japan triangulations; (All series lagged by one month to reflect advance cargo fixing) 5 Source: IEA
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HEALTH AND SAFETY ENVIRONMENT Environmental KPIs Q2 2026 Q1 2026 1H 2026 2025 TARGET 2026 % of days in combination trades4 61% 81% 71% 87% >85% Ballast days in % of total on-hire days5 23% 17% 20% 14% <13.75% # of spills to the environment 0 0 0 0 0 CO2-emissions per ton transported cargo per nautical mile (EEOI) (grams CO2/(tons cargo x nautical miles))2 8.0 6.5 7.1 6.1 5.8 7.6 7.9 7.4 7.4 6.9 6.5 6.6 6.1 6.5 8 EEOI Target 2026 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026 Q2 2026 The carbon intensity (EEOI) of the fleet in Q2 2026 stood at 8.0, a Q-o- Q increase of 22%, and KCC's highest quarterly EEOI in five years. Combination trading was highly disrupted in Q2 due to both direct and indirect effects of the closure of the Strait of Hormuz. In this environment, two CLEANBU vessels sailed long-distance ballast legs into the Atlantic to secure employment, and many CLEANBU vessels took shorter but still notable ballast legs within the Atlantic, breaking the combination trade to load in US ports where freight rates were elevated compared to weaker markets elsewhere. The CABU fleet also had less efficient trading as the situation in the Middle East affected caustic soda procurement to the alumina industry. In Q2, only two vessels achieved EEOI lower than the 2026 target of 5.8. Both of these vessels are equipped with shaft generator and air lubrication systems, and they both traded in combination during Q2. Despite severe headwinds in Q2, KCC continues to work on reducing the emissions intensity. One example being experimenting with a new performance clause for TCs that both provides the charterer with a more comprehensive guarantee and more fully rewards the owner for investing in measures that reduce fuel consumption. The first test with a major charterer was concluded in April, the second such voyage is currently underway, and customer feedback has so far been positive. With the fleet returning towards combination trading in second half of the year, EEOI is expected to reduce towards the 5.8 target and we remain optimistic that the longer-term targets of 5.6 in 2027 and 5.1 in 2030 (or even 4.4 in 2030 given increased customer or regulatory support) are achievable. Second Quarter 2026 Highlights Financial performance CABU CLEANBU Market Health, Safety, Environment Outlook Statements Notes 6 3 EEOI (Energy Efficiency Operational Index) is defined by IMO and represents grams CO2 emitted per transported ton cargo per nautical mile for a period of time (both fuel consumption at sea and in port included). 4 % of days in combination trades = see definition on page 2. 5 Ballast in % of on-hire days = Number of days in ballast /number of on-hire days. Ballast days when the vessel is off-hire are not included. 0.3 0.3 0.6 0.6 0.9 LTIF Target Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 1 LTIF per 1 million working hours. Lost Time Injuries (LTIs) are the sum of fatalities, permanent total disabilities, permanent partial disabilities and lost workday cases (injuries leading to loss of productive work time). In line with OCIMF (Oil Companies International Marine Forum) 2 SIF per 1 million working hours. Serious Injury or Fatality Incident (SIF)s are the incidents that has the potential, or actually does, result in a fatal or life-altering injury or illness. Lost Time Injury Frequency (LTIF) for the last twelve months per end of Q2 2026 was 0.9, above the target of 0.5. During the quarter, the fleet recorded one injury classified as a Lost Workday Case, which resulted in repatriation. All incidents are reviewed, and targeted initiatives have been implemented to address underlying causes and reduce the risk of recurrence where relevant. The fleet experienced zero Serious Injury or Fatality Incidents (SIF) in Q2 2026. Lost Time Injuries Frequency (LTIF)1 (incidents per past 12 month) 0.5 Energy Efficiency Operational Index (EEOI)3 Target: 0 0 0 0 Q4 2025 Q1 2026 Q2 2026 Serious Injuries or Fatality Incidents (SIF)2 (incidents per past 12 month)
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OUTLOOK CABU OUTLOOK Following the safe transit of Banastar through the Strait of Hormuz on 25 June, and the delivery of the third and final CABU newbuilding on 6 August, KCC has a full fleet of eleven CABU vessels in operation. This significantly strengthens KCC’s earnings capacity and market presence and the newbuildings further reinforce KCC’s competitive position in the Australian caustic soda market. These newbuildings’ higher cargo intake and improved operating efficiency deliver lower transportation costs to our customers and a lower carbon footprint of their seaborne logistics. Caustic soda shipment volumes under KCC’s contracts of affreightment to Australia have so far been only marginally affected by the conflict in the Middle East Gulf. Cancelled cargoes from the region have largely been replaced by shipments sourced from the Far East. Despite significant disruptions across both the chlor-alkali and aluminium industries value chains since the outbreak of the conflict, the Australian alumina industry has demonstrated considerable resilience. This provides confidence in the outlook for caustic soda import volumes into Australia over the coming quarters. The successful launch of Barcarena trading in the Americas since March 2026 has opened opportunities for KCC to increase its share of the Brazilian caustic soda market. Under a new 28–36-month contract of affreightment with Alumina do Norte do Brasil, KCC will introduce a second vessel, Banastar, into the trade from early 2027. Banastar will start its 25-year renewal docking in October and will start repositioning to the Americas in November. The vessel's deployment will enhance KCC’s operational flexibility and will support continued growth in the Brazilian caustic soda trade. The CABU fleet is expected to deliver another strong quarter in Q3 2026. The 9-10 vessels trading to and from Australia will be fully employed in caustic soda-dry bulk combination trading while Barcarena will continue its shuttle service between the US and Brazil. Market conditions remain supportive, underpinned by a strong MR product tanker market and healthy dry bulk demand. Based on current fixed days equal to 94% of the fleet capacity and assuming FFA- pricing for the open days, Q3 2026 TCE earnings guidance for the CABU fleet is $33,500-34,500/day. One CABU vessel will commence scheduled dry-docking in early September in addition to the life-extension docking of Banastar starting in October. Total on-hire days are expected to be 933 days for the third quarter. CLEANBU OUTLOOK The ongoing conflict in the Middle East continues to disrupt oil markets and product tanker trading while supporting strong product tanker earnings in Q3. Although shipment volumes in several of the CLEANBU fleet's established combination trades have been temporarily affected, the vessels have successfully leveraged their trading flexibility to capture attractive opportunities in the product tanker market. Recent examples include shipments of gasoil from Antwerp to Sydney combined with dry bulk shipments out of Australia, as well as grain shipments into the Red Sea combined with oil products cargoes on the return voyage through the Suez Canal. Despite the disruptions, the CLEANBU fleet continues to broaden its customer base, secure new customer approvals, and deepen existing customer relationships. This ongoing commercial development further enhances the fleet's resilience and trading efficiency going forward. The trading efficiency of the CLEANBU fleet has improved in Q3 compared with Q2, although it remains below pre-conflict levels. As the quarter has progressed cargo volumes in several combination trades have gradually recovered, allowing some vessels to return to more traditional trading patterns. This has supported both fleet efficiency and earnings. Based on fixed days equal to 80% and assuming FFA pricing for the open days, Q3 2026 TCE earnings guidance for the CLEANBU fleet is $36,500-38,500/day. No further CLEANBU vessels will be dry-docked in 2026. Total on-hire days is expected to be 734 days in Q3 2026. Second Quarter 2026 Highlights Financial performance CABU CLEANBU Market Health, Safety, Environment Outlook Statements Notes 7 754 933 626 734 1380 1667 Onhire days Q2 2026 Q3 Guiding CABU CLEANBU Fleet TCE ($/day) 34 076 33 500- 34 500 42 243 36 500- 38 500 37 782 34 800- 36 300 76% days fixed 64% days fixed 71% days fixed
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RESPONSIBILITY STATEMENT BY THE BOARD AND CEO The Board and CEO have reviewed and approved the condensed financial statements for the period 1 January to 30 June 2026. To the best of our knowledge, we confirm that: • The condensed financial statements for the period 1 January to 30 June 2026 have been prepared in accordance with IAS 34 Interim Financial Statements. • The information presented in the condensed financial statements gives a true and fair view of the Company’s assets, liabilities, financial position and profit. • The management report includes a fair review of important events that have occurred during the period and their impact on the consolidated financial statements and a description of the principal risks and uncertainties for the period. • The information presented in the condensed interim financial statements gives a true and fair view on related-party transactions. The Board of Directors of Klaveness Combination Carriers ASA Oslo, 24 August 2026 Ernst A. Meyer Gøran Andreassen Magne Øvreås Chair of the Board Board member Board member Marianne Møgster Brita Eilertsen Engebret Dahm Board member Board member CEO Second Quarter 2026 Highlights Financial performance CABU CLEANBU Market Health, Safety, Environment Outlook Statements Notes 8
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INCOME STATEMENT Unaudited Unaudited Audited USD '000 Notes Q2 2026 Q2 2025 1H 2026 1H 2025 2025 Freight revenue 3 69 005 52 089 138 579 100 486 218 870 Charter hire revenue 3 9 038 4 070 11 994 9 767 19 585 Total revenue, vessels 78 043 56 159 150 573 110 253 238 455 Voyage expenses (25 915) (22 086) (51 416) (45 268) (94 058) Net revenues from operation of vessels 52 128 34 073 99 157 64 985 144 397 Other income 3 5 350 - 5 350 - 1 142 Operating expenses, vessels (15 962) (13 498) (30 176) (26 695) (54 090) Group commercial and administrative services 11 (1 178) (1 152) (2 362) (2 188) (4 368) Salaries and social expenses 10 (1 364) (706) (3 050) (1 611) (4 738) Tonnage tax (53) (49) (104) (97) (194) Other operating and administrative expenses (400) (577) (965) (1 264) (2 379) Operating profit before depreciation (EBITDA) 38 521 18 091 67 851 33 130 79 769 Depreciation 4 (12 475) (8 681) (22 758) (17 054) (34 746) Operating profit after depreciation (EBIT) 26 046 9 410 45 094 16 076 45 024 Finance income 7 732 1 162 1 172 2 876 3 867 Finance costs 7 (6 027) (3 849) (9 937) (7 925) (15 477) Profit before tax (EBT) 20 751 6 723 36 329 11 027 33 414 Income tax expenses - - - - - Profit after tax 20 751 6 723 36 329 11 027 33 414 Attributable to: Equity holders of the Parent Company 20 751 6 723 36 329 11 027 33 414 Total 20 751 6 723 36 329 11 027 33 414 Earnings per Share (EPS): Basic earnings per share 0.35 0.11 0.61 0.19 0.56 Diluted earnings per share 0.35 0.11 0.61 0.19 0.56 STATEMENT OF COMPREHENSIVE INCOME Unaudited Unaudited Audited USD '000 Q2 2026 Q2 2025 1H 2026 1H 2025 2025 Profit/ (loss) of the period 20 751 6 723 36 329 11 027 33 414 Other comprehensive income to be reclassified to profit or loss Net movement fair value on cross-currency interest rate swaps (CCIRS) (1 532) 3 673 1 172 9 720 9 795 Reclassification to profit and loss (CCIRS) 1 310 (3 189) (1 231) (8 856) (8 960) Net movement fair value on interest rate swaps 162 (1 184) 297 (2 885) (3 741) Net movement fair value bunker hedge (647) 262 (379) (199) (20) Net movement fair value FFA futures (96) - (905) - (32) Net other comprehensive income to be reclassified to profit or loss (803) (437) (1 047) (2 220) (2 958) Total comprehensive income/(loss) for the period, net of tax 19 948 6 286 35 282 8 807 30 456 Attributable to: Equity holders of the Parent Company 19 948 6 286 35 282 8 807 30 456 Total 19 948 6 286 35 282 8 807 30 456 Second Quarter 2026 Highlights Financial performance CABU CLEANBU Market Health, Safety, Environment Outlook Statements Notes 9
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STATEMENT OF FINANCIAL POSITION ASSETS Unaudited Audited USD '000 Notes 30 Jun 2026 31 Dec 2025 Non-current assets Vessels 4 602 889 486 742 Newbuilding contracts 5 29 577 78 361 Long-term financial assets 6 7 029 6 252 Long-term receivables 237 186 Total non-current assets 639 731 571 541 Current assets Short-term financial assets 6 3 039 2 315 Inventories 17 653 11 206 Trade receivables and other current assets 33 355 30 326 Short-term receivables from related parties - 218 Cash and cash equivalents 6 65 177 49 732 Total current assets 119 224 93 796 TOTAL ASSETS 758 955 665 337 EQUITY AND LIABILITIES Unaudited Audited USD '000 Notes 30 Jun 2026 31 Dec 2025 Equity Share capital 8 6 868 6 868 Share premium 8 196 793 196 772 Other reserves 1 967 2 832 Retained earnings 8 176 295 159 579 Total equity 381 923 366 051 Non-current liabilities Mortgage debt 6 228 073 167 054 Long-term financial liabilities 6 5 10 Long-term bond loan 6 80 790 79 567 Total non-current liabilities 308 869 246 631 Current liabilities Short-term mortgage debt 6 35 871 22 493 Short-term financial liabilities 6 937 43 Trade and other payables 6 31 006 29 675 Short-term debt to related parties 244 248 Tax liabilities 106 197 Total current liabilities 68 164 52 656 TOTAL EQUITY AND LIABILITIES 758 955 665 337 The Board of Directors of Klaveness Combination Carriers ASA Oslo, 24 August 2026 Ernst A. Meyer Gøran Andreassen Magne Øvreås Chair of the Board Board member Board member Marianne Møgster Brita Eilertsen Engebret Dahm Board member Board member CEO Second Quarter 2026 Highlights Financial performance CABU CLEANBU Market Health, Safety, Environment Outlook Statements Notes 10
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STATEMENT OF CHANGES IN EQUITY Attribute to equity holders of the parent Unaudited USD '000 Share capital Other paid in capital Treasury Shares Hedging reserve Retained earnings Total Equity 1 January 2026 6 868 196 772 (1 428) 4 260 159 579 366 050 Profit (loss) for the period - - - - 36 329 36 329 Other comprehensive income for the period - - - (1 047) - (1 047) Share option exercise (note 9) - - - - (143) (143) Employee share purchase (note 8,9) - 21 182 - - 203 Dividends - - - - (19 470) (19 470) Equity at 30 June 2026 6 868 196 793 (1 246) 3 213 176 295 381 923 Unaudited USD '000 Share capital Other paid in capital Treasury Shares Hedging reserve Retained earnings Total Equity 1 January 2025 6 977 202 949 (1 262) 7 217 143 984 359 865 Profit (loss) for the period - - - - 11 027 11 027 Other comprehensive income for the period - - - (2 220) - (2 220) Share buyback program (note 8) - - (6 637) - - (6 637) Share redemption (note 8) (110) (6 112) 6 222 - - - Employee share purchase (note 8,9) - (65) 250 - - 185 Dividends - - - - (8 036) (8 036) Equity at 30 June 2025 6 868 196 772 (1 428) 4 997 146 975 354 184 Audited USD '000 Share capital Other paid in capital Treasury Shares Hedging reserve Retained earnings Total Equity 1 January 2025 6 977 202 949 (1 262) 7 217 143 984 359 865 Profit (loss) for the period - - - - 33 414 33 414 Other comprehensive income for the period - - - (2 958) - (2 958) Share buyback program (note 8) - - (6 637) - - (6 637) Share redemption (note 8) (110) (6 112) 6 222 - - - Employee share purchase (note 8) - (65) 250 - 256 441 Dividends - - - - (18 075) (18 075) Equity at 31 December 2025 6 868 196 772 (1 428) 4 260 159 579 366 050 STATEMENT OF CASH FLOWS Unaudited Unaudited Audited USD '000 Notes Q2 2026 Q2 2025 1H 2026 1H 2025 2025 Profit before tax 20 751 6 723 36 329 11 027 33 414 Tonnage tax expensed 53 49 104 97 194 Depreciation 4 12 475 8 681 22 758 17 054 34 746 Amortization of upfront fees bank loans 1 272 297 1 609 594 1 435 Financial derivatives loss / gain (-) 6 30 (147) (49) (499) (154) LTIP expense - - - - 256 Gain /loss on foreign exchange 7 165 (83) 206 (412) (336) Interest income 7 (712) (932) (1 055) (1 957) (3 007) Interest expenses 7 4 589 3 552 8 122 7 293 12 904 Change in current assets (5 759) (6 768) (9 259) (2 092) (4 865) Change in current liabilities 4 690 8 144 752 1 426 6 475 Collateral paid/received on cleared derivatives 6 574 (39) 367 10 (39) Interest received 7 712 518 1 055 1 051 2 102 A: Net cash flow from operating activities 38 840 19 995 60 939 33 592 83 125 Acquisition of tangible assets 4 (10 999) (6 740) (13 213) (11 522) (28 146) Installments and other cost on newbuilding contracts 5 (40 401) (14 729) (76 907) (26 645) (56 686) B: Net cash flow from investment activities (51 399) (21 469) (90 119) (38 167) (84 832) Share buyback program - - - (6 637) (6 637) Share option settlement (143) - (143) - - Proceeds from long term incentive plan 8 203 185 203 185 185 Transaction costs on issuance of debt 6 (1 726) - (1 726) - (2 144) Repayment of mortgage debt 6 (6 624) (6 300) (12 247) (12 600) (23 023) Drawdown of mortgage debt 6 160 000 15 000 200 000 30 000 107 000 Repayment of debt facility in relation to refinancing (113 110) - (113 110) - (47 351) Interest paid 7 (5 024) (3 844) (8 882) (7 884) (14 656) Dividends (14 776) (2 116) (19 470) (8 036) (18 075) C: Net cash flow from financing activities 18 800 2 925 44 626 (4 972) (4 702) Net change in liquidity in the period 6 242 1 451 15 445 (9 547) (6 408) Cash and cash equivalents at beginning of period 58 935 45 141 49 732 56 139 56 139 Cash and cash equivalents at end of period 65 177 46 592 65 177 46 592 49 732 Net change in cash and cash equivalents in the period 6 242 1 451 15 445 (9 547) (6 408) Cash and cash equivalents 65 177 46 592 65 177 46 592 49 732 Other interest bearing liabilities (overdraft facility) 6 - - - - - Cash and cash equivalents (as presented in cash flow statement) 65 177 46 592 65 177 46 592 49 732 Second Quarter 2026 Highlights Financial performance CABU CLEANBU Market Health, Safety, Environment Outlook Statements Notes 11
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NOTES 01 ACCOUNTING POLICIES 02 SEGMENT REPORTING 03 REVENUE AND OTHER INCOME 04 VESSELS 05 NEWBUILDINGS 06 FINANCIAL ASSETS AND LIABILITIES 07 FINANCIAL ITEMS 08 SHARE CAPITAL, SHAREHOLDERS AND DIVIDENDS 09 LONG-TERM INCENTIVE PLAN 10 SALARIES 11 TRANSACTIONS WITH RELATED PARTIES 12 EVENTS AFTER THE BALANCE SHEET DATE Second Quarter 2026 Highlights Financial performance CABU CLEANBU Market Health, Safety, Environment Outlook Statements Notes 12
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NOTE 1 - ACCOUNTING POLICIES Corporate information Klaveness Combination Carriers ASA ("Parent Company"/“the Company"/" KCC") is a public limited liability company domiciled and incorporated in Norway. The share is listed on Oslo Stock Exchange with ticker KCC. The consolidated interim accounts include the Parent Company and its subsidiaries (referred to collectively as "the Group"). The objectives of the Group are to provide transportation for dry bulk, chemical and product tanker clients, as well as to develop new investments and acquire assets that fit the Group's existing business platform. The Group has ten CABU vessels (note 4) with capacity to transport caustic soda solution (CSS), floating fertilizer (UAN) and molasses as well as all dry bulk commodities, and one CABU vessel under construction (note 5). Further, the Group has eight CLEANBU vessels. The CLEANBUs are both full-fledged LR1 product tankers and Kamsarmax dry bulk vessels. Accounting policies The interim condensed financial statements of the Group have been prepared in accordance with IAS 34 Interim Financial Reporting. The interim condensed financial statements of the Group should be read in conjunction with the audited consolidated financial statements for the year ended 31 December 2025, which have been prepared in accordance with IFRS Accounting Standards, as adopted by the European Union. Tax The Group has subsidiaries in various tax jurisdictions, including ordinary and tonnage tax regimes in Norway and ordinary taxation in Singapore. Income from international shipping operations is tax exempt under the Norwegian tax regime, while financing costs are partly deductible. As such, the Group does not incur material tax expenses. New accounting standards The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the annual consolidated financial statements of the year ended 31 December 2025, except for the adoption of new accounting standards or amendments with effective date after 1 January 2026. There was no material impact of new accounting standards or amendments adopted in 2026. Second Quarter 2026 Highlights Financial performance CABU CLEANBU Market Health, Safety, Environment Outlook Statements Notes 13
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NOTE 2 - SEGMENT REPORTING QUARTERLY Operating income and operating expenses per segment Q2 2026 Q2 2025 USD '000 CABU CLEANBU Total CABU CLEANBU Total Total revenue, vessels 44 281 33 763 78 043 29 624 26 535 56 159 Voyage expenses (18 597) (7 318) (25 915) (11 783) (10 303) (22 086) Net revenues from operations of vessels 25 684 26 445 52 128 17 841 16 232 34 073 Other income 4 310 1 040 5 350 - - - Operating expenses, vessels (8 202) (7 761) (15 962) (6 078) (7 419) (13 498) Group commercial and administrative services (605) (573) (1 178) (519) (633) (1 152) Salaries and social expense (701) (663) (1 364) (318) (388) (706) Tonnage tax (25) (22) (53) (27) (24) (49) Other operating and administrative expenses (205) (194) (400) (260) (317) (577) Operating profit before depreciation (EBITDA) 20 255 18 272 38 521 10 639 7 450 18 090 Depreciation (6 831) (5 645) (12 475) (4 108) (4 572) (8 681) Operating profit after depreciation (EBIT) 13 424 12 627 26 047 6 530 2 878 9 409 Reconciliation of average revenue per on-hire day (TCE earnings $/day) Q2 2026 Q2 2025 USD '000 CABU CLEANBU Total CABU CLEANBU Total Net revenues from operations of vessels 25 684 26 445 52 128 17 841 16 232 34 073 On-hire days 754 626 1 380 677 711 1 387 Average TCE earnings ($/day) 34 076 42 243 37 782 26 365 22 843 24 561 Reconciliation of opex ($/day) Q2 2026 Q2 2025 USD '000 CABU CLEANBU Total CABU CLEANBU Total Operating expenses, vessels 8 202 7 761 15 962 6 078 7 419 13 498 Operating days 902 728 1 630 728 728 1 456 Opex ($/day) 9 093 10 661 9 793 8 348 10 190 9 271 HALF YEAR Operating income and operating expenses per segment 1H 2026 1H 2025 USD '000 CABU CLEANBU Total CABU CLEANBU Total Total revenue, vessels 81 859 68 714 150 573 59 037 51 217 110 253 Voyage expenses (35 394) (16 021) (51 416) (26 447) (18 822) (45 268) Net revenues from operations of vessels 46 464 52 693 99 157 32 591 32 395 64 986 Other income 4 310 1 040 5 350 - - - Operating expenses, vessels (14 932) (15 244) (30 176) (12 430) (14 266) (26 695) Group commercial and administrative services (1 169) (1 193) (2 362) (1 019) (1 169) (2 188) Salaries and social expense (1 509) (1 541) (3 050) (750) (861) (1 611) Tonnage tax (59) (44) (104) (53) (44) (97) Other operating and administrative expenses (477) (487) (965) (589) (675) (1 264) Operating profit before depreciation (EBITDA) 32 628 35 223 67 852 17 751 15 380 33 131 Depreciation (11 682) (11 076) (22 758) (7 864) (9 190) (17 054) Operating profit after depreciation (EBIT) 20 946 24 147 45 094 9 888 6 190 16 076 Reconciliation of average revenue per on-hire day (TCE earnings $/day) 1H 2026 1H 2025 USD '000 CABU CLEANBU Total CABU CLEANBU Total Net revenues from operations of vessels 46 464 52 693 99 157 32 591 32 395 64 986 On-hire days 1 457 1 330 2 786 1 337 1 431 2 767 Average TCE earnings ($/day) 31 892 39 633 35 586 24 380 22 645 23 483 Reconciliation of opex $/day 1H 2026 1H 2025 USD '000 CABU CLEANBU Total CABU CLEANBU Total Operating expenses, vessels 14 932 15 244 30 176 12 430 14 266 26 695 Operating days 1 675 1 448 3 123 1 448 1 448 2 896 Opex $/day 8 915 10 528 9 662 8 584 9 852 9 218 Second Quarter 2026 Highlights Financial performance CABU CLEANBU Market Health, Safety, Environment Outlook Statements Notes 14
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ANNUALLY Operating income and operating expenses per segment 2025 USD '000 CABU CLEANBU Total Total revenue, vessels 132 307 106 149 238 455 Voyage expenses (57 295) (36 763) (94 058) Net revenues from operations of vessels 75 012 69 386 144 397 Other income 154 988 1 142 Operating expenses, vessels (25 249) (28 841) (54 090) Group commercial and administrative services (2 039) (2 329) (4 368) Salaries and social expense (2 212) (2 527) (4 738) Tonnage tax (101) (87) (194) Other operating and administrative expenses (1 110) (1 268) (2 379) Operating profit before depreciation (EBITDA) 44 455 35 322 79 769 Depreciation (15 557) (19 189) (34 746) Operating profit after depreciation (EBIT) 28 898 16 133 45 024 Reconciliation of average revenue per on-hire day (TCE earnings $/day) 2025 USD '000 CABU CLEANBU Total Net revenues from operations of vessels 75 012 69 386 144 397 On-hire days 2 708 2 787 5 495 Average TCE earnings ($/day) 27 700 24 897 26 278 Reconciliation of opex ($/day) 2025 USD '000 CABU CLEANBU Total Operating expenses, vessels 25 249 28 841 54 090 Operating days 2 920 2 920 5 840 Opex ($/day) 8 647 9 877 9 262 NOTE 3 - REVENUE AND OTHER INCOME Revenue types USD '000 Classification Q2 2026 Q2 2025 1H 2026 1H 2025 2025 Revenue from COA contracts Freight revenue 37 273 30 614 71 391 60 233 132 512 Revenue from spot voyages Freight revenue 31 732 21 476 67 188 40 255 86 359 Revenue from TC contracts Charter hire revenue 9 038 4 070 11 994 9 767 19 585 Total revenue, vessels 78 043 56 159 150 573 110 253 238 456 Other income USD '000 Classification Q2 2026 Q2 2025 1H 2026 1H 2025 2025 Other income Other income 5 350 - 5 350 - 1 142 Total other income 5 350 - 5 350 - 1 142 Other income of USD 5.4 million in Q2 2026 consists of compensation from loss of hire insurance for two vessels. In 2025, other income of USD 1.1 million consists of compensation from loss of hire insurance (USD 0.8 million) and No-Claims Bonus from Den Norske Krigsforsikring for Skib (USD 0.3 million). Second Quarter 2026 Highlights Financial performance CABU CLEANBU Market Health, Safety, Environment Outlook Statements Notes 15
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NOTE 4 - VESSELS Vessels USD '000 30 Jun 2026 31 Dec 2025 Cost price 1.1 810 421 782 276 Dry-Docking 8 027 19 077 Energy efficiency upgrade 4 684 7 557 Technical upgrade 502 1 512 Delivery of newbuilding 125 691 - Costprice end of period 949 325 810 421 Acc. Depreciation 1.1 323 680 288 935 Depreciation vessels 22 758 34 746 Acc. Depreciation end of period 346 437 323 680 Carrying amounts end of period* 602 889 486 742 *) carrying value of vessels includes dry-docking No. of vessels 18 16 Useful life (vessels) 25 25 Useful life (dry-docking) 2 -5 2 -5 Depreciation schedule Straight-line Straight-line Reconciliation of depreciations USD '000 Q2 2026 Q2 2025 1H 2026 1H 2025 2025 Depreciation vessels 6 880 5 879 13 146 11 709 23 483 Depreciation dry-dock 5 594 2 802 9 611 5 345 11 263 Depreciations for the period 12 475 8 681 22 758 17 054 34 746 ADDITIONS IMPAIRMENT Two of the third generation CABU newbuildings were delivered 6 February 2026 and 9 April 2026 (note 5). Three CABU and two CLEANBU vessels finalized dry-docking in Q2 2026. Two additional CABU vessels are scheduled for dry-docking in second half of 2026. Dry-docking costs of USD 8.0 million have been recognized for 1H 2026 (USD 7.6 in Q2 2026). In addition, technical upgrades of USD 0.5 million and energy efficiency upgrades of USD 4.7 million have been recognized in 1H 2026 (USD 0.4 million and USD 3.2 million in Q2 2026). Identification of impairment indicators are based on an assessment of development in market rates (dry bulk, MR tanker, LR1 tanker and fuel), TCE earnings for the fleet, vessel opex, operating profit, technological development, change in regulations, interest rates and discount rate. Expected future TCE earnings for both CABUs and CLEANBUs, diversified market exposure, development in second-hand prices and the combination carriers’ trading flexibility support the conclusion of no impairment indicators identified as per 30 June 2026. NOTE 5 - NEWBUILDINGS (USD '000) 30 Jun 2026 31 Dec 2025 Cost 1.1 78 361 19 170 Yard installments paid 68 508 54 213 Capitalized borrowing cost 1 309 2 506 Other capitalized cost 7 089 2 472 Delivery of newbuilding (note 4) (125 691) - Net carrying amount 29 577 78 361 Remaining newbuilding installments (USD '000) 2026 CABU III - Hull 1562 31 543 Net carrying amount 31 543 KCC has during first half of 2026 taken delivery of two out of three CABU newbuildings from New Yangzi Shipyard in China. The two vessels were delivered on 6 February 2026 and 9 April 2026 with payment of final settlement of USD 32.9 million per vessel. Approximately USD 126 million in total has been transferred from newbuildings to vessels on the balance sheet. The third and last newbuilding will be delivered in early August 2026 (note 12). A yard instalment of USD 5.7 million was paid in Q2 2026 in relation to the third vessel. The newbuildings are partly financed through equity raised in 2023, cash on the balance sheet and mortgage debt. A mortgage debt facility agreement to part fund the newbuildings was signed in September 2025 and drawdown is made in connection with the delivery of each of the vessels in 2026 (note 6, note 12). USD 80 million was drawn in the first quarter of 2026 for the first two vessels. Loan expenses of USD 1.3 million were capitalized in the first half of 2026 based on the Group’s general borrowings in line with IFRS. Second Quarter 2026 Highlights Financial performance CABU CLEANBU Market Health, Safety, Environment Outlook Statements Notes 16
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NOTE 6 - FINANCIAL ASSETS AND LIABILITIES During the quarter, a subsidiary of the Company closed a new USD 200 million senior secured bank facility, replacing USD 116.4 million of drawn bank debt and USD 68.0 million of undrawn Revolving Credit Facility (RCF) capacity under two existing facilities. The new facility consists of a USD 100 million RCF and a USD 100 million term loan, with a six-year tenor, a 20-year age-adjusted repayment profile, and interest of SOFR plus 165 basis points per annum. Seven of the Group’s CLEANBU vessels serve as collateral. The facility fully refinances one existing facility maturing in 2028 and partly refinances a facility maturing in March 2027. USD '000 Mortgage debt Type Maturity Interest rate Type Undrawn and available amount Carrying amount USD 60 million Facility* CLEANBU March 2027 Term SOFR + 2.35 % Term Loan 11 471 USD 180 million Facility CABU July 2031 Term SOFR + 1.80 % (Commitment fee: 0.72%) Term Loan 57 000 RCF** 79 000 USD 200 million Facility CLEANBU June 2032 Term SOFR + 1.65 % (Commitment fee: 0.58%) Term Loan 100 000 RCF 80 000 20 000 Capitalized loan fees (3 527) Mortgage debt 30 Jun 2026 80 000 263 944 * Potential margin adjustment up to +/- 10 bps once every year based on sustainability KPIs ** Total amount of USD 120m, where availability is linked to vessel deliveries. USD 40m will become available upon delivery of each CABU newbuild in 2026 The Group had available undrawn long-term revolving credit facilities of USD 80 million and available capacity under a 364-days overdraft facility of USD 8 million as per end of Q2 2026. USD '000 Face value Carrying Amount Bond loan NOK'000 Maturity 30 Jun 2026 KCC05 800 000 05.09.2028 75 088 Exchange rate adjustment 5 662 Capitalized expenses (582) Bond Premium 622 Sum KCC05 800 000 80 790 The Group is subject to certain financial covenants and other undertakings in financing arrangements. As per 30 June 2026 the Group was in compliance with all financial covenants and is expected to remain compliant over the next 12 months, provided that the Group’s operation continues in accordance with the current plan and course of business. For further details on covenants please see the 2025 Annual Report. As per 30 June 2026, the Company has no restricted cash. USD '000 Fair value Carrying amount Carrying amount Interest bearing liabilities 30 Jun 2026 30 Jun 2026 31 Dec 2025 Mortgage debt 231 600 231 600 170 334 Capitalized loan fees - (3 527) (3 280) Bond loan 83 291 80 750 79 519 Bond premium - 622 760 Capitalized expenses bond loan - (582) (712) Total non-current interest bearing liabilities 314 891 308 863 246 621 Mortgage debt, current 35 871 35 871 22 493 Total interest bearing liabilities 350 762 344 734 269 114 USD '000 Financial assets 30 Jun 2026 31 Dec 2025 Financial instruments at fair value through OCI Cross-currency interest rate swap 6 173 5 006 Interest rate swaps 3 857 3 561 Financial instruments at fair value through P&L Forward currency contracts 38 - Financial assets 10 068 8 567 Current 3 039 2 315 Non-current 7 029 6 252 USD '000 Financial liabilities 30 Jun 2026 31 Dec 2025 Financial instruments at fair value through OCI Cross-currency interest rate swap 5 10 Forward Freight Agreements 937 32 Financial instruments at fair value through P&L Forward currency contracts - 11 Financial liabilities 942 52 Current 937 43 Non-current 5 10 Second Quarter 2026 Highlights Financial performance CABU CLEANBU Market Health, Safety, Environment Outlook Statements Notes 17
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NOTE 7 - FINANCIAL ITEMS USD '000 Finance income Q2 2026 Q2 2025 1H 2026 1H 2025 2025 Other interest income 711 931 1 054 1 956 3 006 Gain on currency contracts 20 147 117 507 524 Other financial income 1 1 1 1 1 Gain on foreign exchange - 83 - 412 336 Finance income 732 1 162 1 172 2 876 3 867 USD '000 Finance cost Q2 2026 Q2 2025 1H 2026 1H 2025 2025 Interest expenses mortgage debt 2 900 1 795 4 671 3 691 6 619 Interest expenses bond loan 1 391 1 491 2 764 3 057 6 068 Amortization capitalized fees on loans 1 272 297 1 609 594 1 435 Commitment fee 225 199 538 418 1 099 Other financial expenses 75 67 149 127 217 Loss on currency contracts - - - 38 38 Loss on foreign exchange 165 - 206 - - Finance cost 6 027 3 849 9 937 7 925 15 477 In Q2 2026, USD 0.4 million in interest expenses related to mortgage debt have been capitalized as newbuildings (USD 1.4 million for 1H 2026), and USD 2.5 million was capitalized in 2025 (note 5). In relation to the refinancing in Q2 2026 USD 1.0 million of capitalized fees of the old debt facilities were expensed (note 6). NOTE 8 - SHARE CAPITAL, SHAREHOLDERS AND DIVIDENDS Dividends of USD 14.8 million were paid to the shareholders in May 2026 (USD 0.25 per share). A total of USD 19.5 million in dividends were paid to shareholders during the first two quarters of 2026. Q2 2026 Q2 2025 1H 2026 1H 2025 2025 Weighted average number of ordinary shares for basic EPS 59 317 877 59 290 153 59 304 164 59 376 664 59 333 409 Share options (note 9) 298 331 184 807 256 407 142 916 203 981 Weighted average number of ordinary shares for the effect of dilution 59 616 208 59 474 960 59 560 571 59 519 580 59 537 390 The following table summarizes the Treasury shares activity as per 30 June 2026: 1H 2026 2025 Opening balance beginning of period 218 078 202 126 Treasury shares used for LTIP (note 9) (27 724) (38 205) Share buy-back program - 1 004 157 Share redemption - (950 000) Closing balance end of period 190 354 218 078 % of Total Outstanding Shares 0.32 % 0.33 % Second Quarter 2026 Highlights Financial performance CABU CLEANBU Market Health, Safety, Environment Outlook Statements Notes 18
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NOTE 9 - LONG-TERM INCENTIVE PLAN The Board proposed a Long-Term Incentive Plan (LTIP) which was approved by the General Meeting in April 2023. Details on options granted and fair value calculation are further described in the Annual Report 2025, note 17, published on the Company’s homepage (www.combinationcarriers.com). On 31 March 2026, employees of the Company purchased in total 27,724 shares in KCC as part of the Company's LTIP . The shares were acquired at a price of NOK 71.48 per share. The shares will be settled using Treasury shares and the Q1 2026 effect of the equity settled share- based payment is a decrease in equity of USD 0.2 million. In connection with the share purchases in March 2026, and in accordance with the terms of the LTIP, five senior employees were awarded in total 85,096 share options in KCC at a strike price of NOK 89.3, adjusted for any distribution of dividends made before the relevant options are exercised. The share purchases are partly financed through loans. The fair value of the share options granted on 31 March 2026 was calculated based on the Black-Scholes Merton method. The key assumptions used to estimate the fair value of the share options are set out below: Model inputs Dividend yield (%) 14% Expected volatility (%)* 30% Risk-free interest rate (%)** 4.42% Expected life of share options (year) 5 Weighted average share price (NOK) 94.9 *The expected volatility reflects the assumption that the historical shipping industry average is indicative of future trends, which may not necessarily be the actual outcome. **Average five-year Norwegian Government bond risk-free yield-to-maturity rate of 4.4% as of March 2026 as an estimate for the risk-free rate to match the expected three-year term of the share options. On 30 June 2026, the CEO, Engebret Dahm exercised 30,000 share options in the Company against cash settlement by the Company. The shares options were granted in June 2023. The options settlement of USD 143k is recognized directly to equity in Q2 2026. The following table summarizes the option activity as per 30 June 2026: Average exercise price 1H 2026 2025 Opening balance beginning of period 213 568 101 025 Granted during the year NOK 89.3 (2025: NOK 69.5) 85 096 112 543 Exercised during the year (30 000) - Forfeited during the year - - Expired during the year - - Closing balance end of period 268 664 213 568 The fair value of the share options granted is calculated to USD 0.3 million, i.e. USD 3.61 per share option. NOTE 10 - SALARIES In Q2 2026, USD 0.2 million (USD 0.3 million 1H 2026) of employee salary costs were capitalised as newbuildings relating to time spent on project activities directly attributable to these assets. In Q2 2026, the CEO, Engebret Dahm exercised 30,000 share options in the Company against cash settlement by the Company. The shares options were granted in June 2023. The options settlement of USD 143k is recognized directly to equity in Q2 2026. Second Quarter 2026 Highlights Financial performance CABU CLEANBU Market Health, Safety, Environment Outlook Statements Notes 19
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NOTE 11 - TRANSACTIONS WITH RELATED PARTIES USD '000 Type of services/transactions Provider1 Price method Q2 2026 Q2 2025 1H 2026 1H 2025 2025 Business adm. services KAS Cost + 5% 761 784 1 546 1 486 2 968 Business adm. services KA Ltd Cost + 5% 19 24 36 39 72 Business adm. services KD Priced as third party services 6 8 12 16 31 Commercial services KAD Cost + 7.5% 251 165 475 312 675 Business adm. services KSS Cost + 7.5% 75 86 154 171 336 Commercial services KDB Cost + 7.5% 67 86 139 163 286 Total group commercial and administrative services 1 178 1 151 2 362 2 188 4 368 Some bunker purchases are made through AS Klaveness Chartering which holds the bunker contracts with suppliers in some regions. No profit margin is added to the transactions, but a service fee is charged based on time spent (cost +7.5%) by the bunkering team in KDB and charged as part of the commercial services from KDB. USD '000 Type of services/transactions Provider1 Price method Q2 2026 Q2 2025 1H 2026 1H 2025 2025 Board member fee (administrative expenses) KAS Fixed fee as per Annual General meeting 22 20 43 39 80 Total other services/ transactions 22 20 43 39 80 NOTE 12 - EVENTS AFTER THE BALANCE SHEET DATE On 24 August 2026, the Company’s Board of Directors declared to pay a cash dividend to the Company’s shareholders of USD 0.30 per share for the second quarter 2026, in total approximately USD 17.8 million. On 6 August 2026, the Group took delivery of the last of three CABU vessels under construction in China. USD 35.5 million was paid as final settlement to the yard in relation to the delivery. A drawdown of USD 40 million was made on a related bank debt facility. There are no other events after the balance sheet date that have material effect on the Financial Statement as of 30 June 2026. Second Quarter 2026 Highlights Financial performance CABU CLEANBU Market Health, Safety, Environment Outlook Statements Notes 20 1 Klaveness AS (KAS), Klaveness Ship Management AS (KSM), Klaveness Asia Pte.Ltd (KA Ltd), Klaveness Dry Bulk AS (KDB), , Klaveness Asia Pte. Ltd - Dubai Branch (KAD),Klaveness Digital AS (KD), Klaveness Shore Services (KSS)