Slides
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Third Quarter 2026 27 October 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 (collectivel y, "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 October 2026. Neither the delivery of this presentation nor any further discussions by the Com pany 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 e xclusive 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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Highlights Third Quarter 2026 5 Commercial momentum • Weaker tanker market while dry bulk market maintained strength • Stronger CABU trading efficiency offsets negative effects of weaker markets • CLEANBU gradually returning to traditional combination trading patterns • Continue expanding CLEANBU customer base and acceptance Fleet expansion • All 3 CABU newbuildings in operation from early August • Limited Q3 and Q4 off-hire • “Banastar” enters 25-year docking and life extension upgrade in end October Middle East crisis • Sustained oil and tanker market disruptions, but Asian CPP flows starting to normalize Average TCE earnings1 $36,116/day Q2 2026: $37,782/day EBITDA USD 40.4m Q2 2026: USD 38.5m Profit after tax USD 23.6m Q2 2026: USD 20.8m Dividend USD 0.36 per share Q2 2026: USD 0.30 per share 1. TCE earnings $/day is an alternative performance measures (APMs) which is defined and reconciled in the excel sheet “APM3Q2026” published on the Company’s homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q3 2026 report.
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6 Business update
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Weaker tanker markets through summer, but bouncing back in the autumn 7 Source: Clarksons Securities and Clarksons SIN. From March 2026, a revised calculation method for the LR1 rate has been applied. - 10 000 20 000 30 000 40 000 50 000 60 000 70 000 80 000 90 000 100 000 110 000 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 Jan-26 Jul-26 TCE earnings ($/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 Q3 TCE earnings driven by strong markets and operational efficiency 8 % days in combination trades & ballast Quarterly TCE earnings1,2 ($/day) 1. TCE earnings $/day is an alternative performance measures (APMs) which is defined and reconciled in the excel sheet “APM3Q2026” published on the Company’s homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q3 2026 report. 2. Clarksons, MR (CABU) and LR1 (CLEANBU) tanker multiple calculated based on assumption of one-month advance cargo fixing/«lag» % of days in tanker and dry bulk trades Add animation
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CLEANBU 9 % days in combination trades & ballast 1. TCE earnings $/day is an alternative performance measures (APMs) which is defined and reconciled in the excel sheet “APM3Q2026” published on the Company’s homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q3 2026 report. 2. Clarksons, MR (CABU) and LR1 (CLEANBU) tanker multiple calculated based on assumption of one-month advance cargo fixing/«lag» Resilient TCE earnings in a weaker and volatile LR1 summer market Add animation % of days in tanker and dry bulk trades Quarterly TCE earnings1,2 ($/day)
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10 Financial performance
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EBITDA +5% Q-o-Q driven by more earning days 11 EBITDA Q3 2026 compared to Q2 2026 (USD millions)
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Revenue increase partly offset by lower other income and higher costs 12 Net revenue from operation of vessels EBITDA Profit after tax • The Q-o-Q net revenue increase mainly relates to the newbuild delivery and less off-hire, continued strong markets and improved trading efficiency • The other income decrease largely reflects loss-of-hire compensation recognized in Q2 for the vessel trapped in the Middle East during Q1 and Q2 • The OPEX increase is largely driven by newbuilds entering operations, timing effects and non-recurring expenses • Depreciations decreased by USD 0.4 million Q-o-Q mainly due to timing of dry-docking deprecations • Net finance cost improved by USD 0.6 million Q-o-Q as refinancing cost in Q2 was partly offset by increased interest costs in Q3 • Annualized Return on Capital Employed* 15% and Return on Equity* 24% for the quarter USD million USD million USD million * Alternative performance measures (APMs) are defined and reconciled in the excel sheet “APM3Q2026” published on the Company’s homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q3 2026 report. Includes Loss of Hire Compensation recognised as other income in Income Statement.
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Solid balance sheet and growing available long-term liquidity position 13 * Equity ratio, NIBD and NIBD/EBITDA are alternative performance measures (APMs) which are defined and reconciled in the excel sheet “APM3Q2026” published on the Company’s homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q3 2026 report 1. Cash and cash equivalents + undrawn revolving credit facility capacity with due date above 12 months Book value equity Net interest-bearing debt Cash balance USD million USD million USD million • Equity ratio down 1.6 %-points Q-o-Q to 49% by the end of Q3, driven by debt drawdown related to newbuild delivery • Improved NIBD/EBITDA mainly driven by higher EBITDA although higher debt burden following newbuild delivery • Long-term available liquidity position1 increased by USD 9.1 million Q-o-Q driven by positive cash flow from operations and increased available debt capacity
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Stable cash position supported by active management of revolving credit facility capacity 14 Comments • CAPEX newbuilds include delivery settlement for one vessel • Net debt drawdown consist of debt drawdown related to delivery of one newbuild, net of adjustment to drawn amount on revolving credit facilities • Dividend announced for Q2 2026, paid in Q3 2026 • For dry-docking information, see slide 28-29 USD millions Net cash flow from operating activities Net cash flow from investment activities Net cash flow from financing activities
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Higher Q3 dividend supported by EBITDA increase and lower maintenance CAPEX 15 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 “APM3Q2026” published on the Company’s homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q3 2026 report). USD dividend per share USD million 0.08 0.25 0.30 0.36 0.99 Payout Q3 2026 81% of adjusted cash flow to equity2 Track record Unbroken quarterly dividend history since the listing in May 2019 267 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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16 Sustainability performance
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Carbon intensity trending towards target following Q3 improvement 2026 target = 5.8 Although many KCC vessels returned to combination trading during Q3 with positive effect on various metrics, results were still worse than target and best historical performance. Carbon intensity (EEOI), gCO2/tNM EEOI bridge – Q3 vs Q2 17
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18 Outlook and summary
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Record strong crude rates and refinery sector disruptions drive the product tanker market - continued risks to CPP shipping volumes 19 Source: KPLER, Clarksons and Rystad Energy Product tanker market Volumes and ton-mile demand have improved from the trough in May/June, but still remain below normal historical levels Products ton-mile demandAfra/LR2 Spread, % trading dirty Refinery runs ‘000 barrels per day$/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 Strong dirty freight has incentivized owners to switch from clean to dirty trading. Currently ~70% of LR2s trade dirty as compared to 56% at the beginning of this 2026 • Refinery runs remain under pressure but is expected to improve into 2027 and normalize compared to 2025 baseline within the end of 2027. Tightness in middle distillates (e.g. diesel and jet fuel) will remain • Highly dependent on MEG situation and Russia/Ukraine war 51% 56% 68% 70% 30% 35% 40% 45% 50% 55% 60% 65% 70% 75% -21 000 -1 000 19 000 39 000 59 000 79 000 99 000 119 000 139 000 159 000 Jun-25 Oct-25 Feb-26 Jun-26 Oct-26 Afra/LR2 Spread % of LR2 fleet trading dirty % Quarterly refinery runs compared to 2025 as baseline ( mmbbl)
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Dry bulk demand strength continues to offset fleet supply growth 20 Source: Signal Ocean and USDA -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% Jan Feb Mar Apr May Jun Jul Aug Sep Oct YoY change in ton-mile demand from Panamax coal and grains shipments Coal YoY Grains YoY 0 10 20 30 40 50 60 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Millions Tons/Annum (run-rate) Simandou annualised output quarterly - 5 10 15 20 Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Millions tons outstanding sales Outstanding US (USDA) Soybean sales 2024 2025 2026 Dry bulk market Large outstanding US Grains salesStrong Simandou ramp-up Solid coal shipments 2H 2026 Large outstanding (not yet shipped) soybean sales support Panamax demand growth into 2027 • Faster than expected ramp-up of iron ore shipments from Simandou - supportive for Capesizes • Panamaxes are benefitting through increasing market share for coal shipments • Strong Panamax coal shipments driven by high energy prices and increasing Panamax coal market share • Seasonally weaker S. American grain exports, delayed US shipments and struggling Black Sea exports
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Limited 2027 contract coverage today- high contracting activity over next months 21 Dry bulk market exposure 20271 Tanker market exposure 20271 1. As of 26 October 2026. Further details for contract coverage – see appendix page 26-27 * Based on expected contract days under booked COAs % share of fleet days % share of fleet days
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Building tanker contract book in booming tanker markets 22 MR-tanker 12 months TC and Pacific spot earnings • Annual caustic soda contract negotiations for the CABU fleet ongoing and are expected to be completed over the next two months • Target booking 95-100% of CABU 2027 tanker capacity on floating rate and fixed rate COAs within year-end 2026 • Considering additional CLEANBU fixed rate coverage • Target increasing contract durations beyond 2027 Contract season 2024 (for 2025) Contract season 2025 (for 2026) Contract season 2026 (for 2027) 0 20 000 40 000 60 000 80 000 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 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 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Oct-26 Nov-25 Dec-26 Pacific MR-tanker spot earnings (TC7-TCE) 1 Year TC.rate 47-48,000 dwt MR TCE-earnings ($/day)
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Q4 2026 guiding: On track for record TCE earnings and results 23 Estimate based on booked cargoes and KCC’s best estimate of expected employment for the remaining open days 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 “APM3Q2026” published on the Company’s homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q3 2026 report. $/day 64 % days fixed 50 % days fixed74 % days fixed 43 000 - 48 000 57 000 - 67 000 49 100 - 56 200 754 931 959 626 735 734 1 380 1 667 1 693 On-hire days the open days – increasing the certainty of our estimated ending at $49- 54000/day With an increasing visibility for the Q2- earnings we appreciate as mentioned the high risks for 2nd half given the uncertainties linked to the ongoing conflict in Iran. We believe KCC is well position for whatever comes – and we continue to deliver on the promised value creation vs. standard markets – higher TCE-earning and lower volatility over the shipping cycle –and continue to give the best risk-adjusted return in dry bulk and tanker shipping
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2021-2025 Product tanker x1.2 Dry bulk x1.7 Proven business model delivering value throughout the shipping cycle 24 2013-2020 Product tanker x1.5 Dry bulk x2.3 Average KCC TCE earnings1 vs. standard tonnage ($/day)2 1. TCE earnings $/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet “APM3Q2 026” published on the Company’s homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q3 2026 report. 2. Standard tonnage assume one-month advance cargo fixing/”lag”. Standard tonnage for bulk carriers are calculated averages of Panamax and Kamsarmax earnings and CABU and CLEANBU onhire days. Standard tonnage for product tankers are calculated averages of MR and LR1 earnings and CABU and CLEANBU onhire days. * 2026 based on actual Q3 YTD and Q4 guiding with actual spot rates with one-month lag. 0 5 000 10 000 15 000 20 000 25 000 30 000 35 000 40 000 45 000 50 000 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026* KCC fleet average Bulk carrier spot earnings Product tanker spot earnings
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FUTURE BOUND
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Detailed Q4 2026 and 2027 contract coverage – wet 26 Contract coverage (as per 26 October 2026) CABU: CSS contract coverage CLEANBU: CPP contract coverage Total wet contract coverage
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Detailed Q4 2026 and 2027 contract coverage – dry bulk 27 Contract coverage (as per 26 October 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) 28 *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 from the attacks started end February until 25 June. ***Life extension beyond 25-year. 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 25-35 % 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. Sum total off-hire days exclude 109 off-hire days for Banastar trapped inside Strait of Hormuz
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Dry docking preliminary plan for 2027 (CAPEX in USD millions and off-hire in parenthesis) 29 *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 Scheduled 2027 dry dockings: Depreciation 2027: Depreciation for 2027 is expected to remain broadly in line with 2026. The full-year effect of newbuilds delivered in 2026 will be offset by lower depreciation on older vessels following extensions of their useful lives, and the absence of the elevated 2026 depreciation related to earlier-than-planned dry-docking.
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Overview of actual dividend distribution compared to dividend policy 30 1) Cash interest cost and ACFE are alternative performance measures (APMs) which are defined and reconciled in the excel sheet “APM3Q2026” published on the Company’s homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q3 2026 report. 2) Ordinary debt repayments and mandatory reduction of revolving credit facility capacity 3) Normal drydocking and technical upgrades, not included energy efficiency investments 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)