Interim report
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Third Quarter 2026
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QUARTER IN BRIEF THIRD QUARTER 2026 Solid Q3, record Q4 outlook • EBITDA of USD 40.4 million (Q2 2026: USD 38.5 million) and Profit after tax of USD 23.6 million (Q2 2026: USD 20.8 million) • Fleet TCE earnings of $36,116/day (Q2 2026: $37,782/day)1 • Q3 2026 dividend of USD 0.36 per share, totaling USD 21.4 million (Q2 2026: USD 0.30 per share) • More earning days from newbuilding deliveries and limited dry-docking • Record-high Q4 TCE rate guidance, with 64% of capacity fixed 1 12.0 10.4 15.6 20.8 23.6 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 28 921 29 333 33 432 37 782 36 116 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 "KCC delivered another solid quarter, supported by strong markets, improved trading efficiency and a higher number of earning days following the delivery of our third and final CABU newbuilding. We enter the fourth quarter with record-high TCE earnings guidance, underpinned by a buoyant tanker market and solid dry bulk earnings. While geopolitical disruption continues to drive market volatility, we remain focused on further strengthening the resilience of our business." - Engebret Dahm, CEO Klaveness Combination Carriers ASA Average TCE earnings ($/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 “APM3Q2026” published on the Company’s homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q3 2026 report. 24.0 22.6 29.3 38.5 40.4 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 EBITDA (MUSD)
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FINANCIAL PERFORMANCE OPERATING PERFORMANCE Q3 2026 Q2 2026 Δ Q3 2025 Δ YTD 2026 YTD 2025 Δ Average TCE $/day1 36 116 37 782 (4) % 28 921 25 % 35 784 25 310 41 % OPEX $/day1 9 998 9 793 2 % 9 092 10.0 % 9 778 9 176 7 % On-hire days 1 667 1 380 21 % 1 400 19 % 4 452 4 168 7 % Off-hire days, scheduled 26 231 (89) % 60 (58) % 332 177 88 % Off-hire days, unscheduled 19 19 (3) % 12 68 % 49 23 109 % % of days in combination trades2 69% 61% 13 % 91% (24) % 70% 86% (19) % INCOME STATEMENT (USD '000) Q3 2026 Q2 2026 Δ Q3 2025 Δ YTD 2026 YTD 2025 Δ Net revenues from vessel operations 60 191 52 128 15 % 40 492 49 % 159 348 105 477 51 % EBITDA 40 372 38 521 5 % 24 045 68 % 108 242 57 175 89 % Profit after tax 23 597 20 751 14 % 12 025 96 % 59 944 23 052 160 % Earnings per share (USD) 0.40 0.35 14 % 0.20 100 % 1.01 0.39 159 % CASH FLOW STATEMENT (USD '000) Q3 2026 Q2 2026 Δ Q3 2025 Δ YTD 2026 YTD 2025 Δ Cash flow from operations 35 550 38 840 (8) % 28 343 25 % 96 488 61 935 56 % Cash flow from investments (37 907) (51 399) (26) % (19 275) 97 % (128 027) (57 442) 123 % Cash flow from financing 2 487 18 800 (87) % (6 589) (138) % 47 112 (11 561) (507) % Net change in cash and cash equivalent 128 6 242 (98) % 2 478 (95) % 15 574 (7 069) (320) % OTHER FINANCIAL KEY FIGURES (USD '000) Q3 2026 Q2 2026 Δ Q3 2025 Δ YTD 2026 YTD 2025 Δ Dividends per share 0.36 0.30 20 % 0.12 200 % 0.91 0.205 344 % Cash and cash equivalents 65 305 65 177 — % 49 070 33 % 65 305 49 070 33 % Net interest bearing debt1 306 533 279 557 10 % 203 818 50 % 306 533 203 818 50 % Q3 2026 Q2 2026 Q-Q Q3 2025 Q-Q YTD 2026 YTD 2025 Q-Q Equity ratio1 48.7% 50.3% (1.6) % 56.4% (7.7) % 48.7% 56.4% (7.7%) ROCE annualised1 15% 14% 1 % 10% 5 % 13% 7% 8% ROE annualised1 24% 22% 2 % 13% 11 % 21% 8% 16% REVENUE AND EXPENSES EBITDA and Profit after tax for the third quarter ended at USD 40.4 million and USD 23.6 million respectively, up from USD 38.5 million (+5%) and USD 20.8 million (+14%) in the previous quarter. Net revenues from operation of vessels increased by USD 8.1 million/15% Q-o-Q driven by more on-hire days from newbuilding deliveries and Banastar’s return to service after the Strait of Hormuz exit, partly offset by lower average TCE earnings. Other income in Q3 2026 was USD 0.9 million compared to USD 5.4 million last quarter as a result of loss of hire compensation agreements. On a Q-o-Q basis, operating expenses increased by USD 1.2 million/7% primarily due to the delivery of the third and last CABU newbuilding in August 2026 , as well as certain non-recurring expenses. Other operating and administrative expenses increased by USD 0.6 million/20% from the previous quarter, but quite in line with Q1 2026. Depreciations were down USD 0 .4 million/3% from last quarter, mainly due to elevated Q2 depreciation related to earlier than planned dry-docking, partly offset by higher depreciation from newly delivered vessels. Net finance cost decreased by USD 0.6 million/11% Q-o-Q as cost of refinancing in Q2 2026 was partly offset by increased interest cost in Q3 2026 on additional mortgage debt following vessel deliveries. Compared to the same quarter last year, EBITDA and Profit after tax increased 68% and 96% respectively, primarily due to higher revenues driven by stronger underlying markets and more on-hire days. CAPITAL AND FUNDING Cash and cash equivalents ended at USD 65.3 million by the end of Q3 2026, quite flat from the end of second quarter 2026 (USD 65.2 million), while available long-term liquidity (cash and cash equivalents and available capacity on long-term revolving credit facilities) increased from USD 145.2 million by end of Q2 2026 to USD 154.3 million by the end of Q3. The Group had per end of Q3 USD 89.0 million available and undrawn under long-term revolving credit facilities (Q2 2026: USD 80.0 million) and USD 8.0 million available and undrawn under a 364-days overdraft facility (Q2 2026: USD 8.0 million). Positive cash flow from operations for Q3 2026 of USD 35.6 million and total drawdown on debt net of transaction costs and ordinary debt service o f USD 20.3 million were partly offset by costs for dry-docking, technical upgrades and energy saving devices of in total USD 1.5 million, newbuild CAPEX of USD 36.4 million and dividends of USD 17.8 million. Total equity ended at USD 388.8 million per end of Q3 2026, an increase of USD 6.9 million from the end of last quarter. The increase is mainly explained by Profit after tax of USD 23.6 million and positive other comprehensive income of USD 1.0 million, partly offset by dividend payments of USD 17.8 million. The equity ratio ended at 48.7% per end September 2026, down from 50.3 % per Q2 2026 and 55.0% per year-end 2025 mainly as a result of higher interest-bearing debt following debt drawdowns related to newbuildings. Interest-bearing debt was USD 371.8 million at the end of September 2026, an increase of USD 27.1 million from the end of Q2 2026 driven by debt drawdown related to delivery of the third and last CABU newbuild, partly offset by ordinary debt repayments. DIVIDEND On 26 October 2026, the Company’s Board of Directors declared to pay a cash dividend to the Company’s shareholders of USD 0.36 per share for third quarter 2026, in total approximately USD 21.4 million. Third 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 “APM3Q2026” published on the Company’s homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q3 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 Q3 2026 Q2 2026 Δ Q3 2025 Δ YTD 2026 YTD 2025 Δ Average TCE $/day1 34 499 34 076 1 % 30 062 15 % 32 909 26 355 25 % OPEX $/day1 9 374 9 093 3 % 8 439 11 % 9 080 8 535 6 % On-hire days 931 754 24 % 712 31 % 2 388 2 049 17 % Off-hire days, scheduled 26 129 (80) % 14 89 % 215 115 87 % Off-hire days, unscheduled 19 19 (1) % 10 81 % 48 20 135 % % of days in combination trades2 86% 77% 12 % 95% (9) % 83% 89% (7) % Ballast days in % of total on-hire days3 12% 16% (24) % 11% 12 % 15% 13% 13 % REVENUE AND EXPENSES Average TCE earnings per on-hire day for the CABU vessels were $34,499/day in Q3 2026 , $423/day/1% up from the previous quarter, primarily driven by higher caustic soda solution earnings reflecting a larger share of capacity employed on index-linked contracts and more efficient trading. This was partly offset by lower dry bulk earnings, impacted by Banastar’s positioning voyage to the Far East following its exit through the Strait of Hormuz. The CABU fleet had 86% combination trading and 12% ballast in Q3 2026. The delivery of the third and last CABU newbuilding on 6 August 2026 and Banastar’s return to service resulted in 24% more earnings days this quarter. Compared with the standard MR tanker market, the CABU TCE earnings multiple was 1.4x4 for the third quarter. TCE earnings in Q3 2026 were up $4,437/day/15% compared to the same quarter last year mainly due to stronger underlying markets. Average operating expenses of $9,374/day for Q3 2026 were up $282/day/3% and $935/ day/11% from last quarter and the same quarter last year. T he change from last quarter was primarily driven by timing effects and non-recurring expenses . Average operating expenses per day YTD 2026 have increased by approximately 5% compared to the average for 2025, mainly due to costs related to Banastar being trapped in the Middle East Gulf for approximately four months and other non-recurring expenses. DRY-DOCKING AND OFF-HIRE The CABU fleet had 26 scheduled off-hire days in the third quarter related to the dry-docking of one vessel. The fleet had 19 unscheduled off-hire days related to repairs and maintenance on six vessels. Banastar had a total of 109 off-hire days in the Middle East Gulf in 2026 . Off-hire days above the 14-day deductible in March have been compensated by loss of hire/war risk insurance recognised in the income statement in Q2 2026. The remaining 106 scheduled off-hire days for the first three quarters of 2026 relates to the periodic dry-docking of three vessels. One CABU vessel will complete dry-docking in Q4 2026 and one additional CABU vessel is planned for life-extension dry-docking in Q4 2026. Third Quarter 2026 Highlights Financial performance CABU CLEANBU Market Health, Safety, Environment Outlook Statements Notes 3 % in Wet and Dry Trades 47% 52% 58% 70% 54% 53% 48% 42% 30% 47% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Average TCE earnings ($/day)1 95% 96% 85% 77% 86% 11% 13% 17% 16% 12% Combi % Ballast % Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 % days in combination trades and ballast2 Dry Wet Average 2025 8 439 8 953 8 695 9 093 9 374 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Average OPEX ($/day)1 8 647 30 062 31 840 29 552 34 076 34 499 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 1 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. 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» 9 080 Average 2026
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SEGMENT REPORTING - THE CLEANBU BUSINESS Q3 2026 Q2 2026 Δ Q3 2025 Δ YTD 2026 YTD 2025 Δ Average TCE $/day1 38 164 42 243 (10) % 27 740 38 % 39 110 24 299 61 % OPEX $/day1 10 826 10 661 2 % 9 747 11 % 10 624 9 816 8 % On-hire days 735 626 17 % 688 7 % 2 065 2 120 (3) % Off-hire days, scheduled 0 102 (100) % 47 (100) % 118 62 89 % Off-hire days, unscheduled 1 0 n.a 1 (39) % 1 3 (71) % % of days in combination trades2 49% 42% 17 % 87% (44) % 55% 83% (34) % Ballast days in % of total on-hire days3 19% 32% (40) % 19% 3 % 22% 15% 44 % REVENUE AND EXPENSES Average CLEANBU TCE earnings in Q3 2026 of $38,164/day were down $4,079/day/10% from last quarter, mainly reflecting a weaker LR1 product tanker market during the summer and a higher share of vessel capacity employed in the dry bulk market (22% in Q3 compared to 4% in Q2). The decrease was partly offset by positive IFRS effects 5 in Q3 compared to negative IFRS effects in Q2. The CLEANBU TCE earnings achieved a multiple of 1.1x compared to the LR14 product tankers for the third quarter. Compared to Q3 2025, TCE earnings were up $10,424/day/38% mainly due to stronger markets and more capacity employed in wet trades. Average operating expenses for the CLEANBU vessels were $10,826day in Q3 2026, up $165/ day/2% from the previous quarter and $1,079/day/11% compared to the same quarter last year. The change from last quarter was mainly driven by timing effects and non-recurring expenses. Average operating expenses per day YTD 2026 have increased by approximately 8% compared to the average for 2025, mainly due to higher crewing costs and non-recurring expenses. DRY-DOCKING AND OFF-HIRE The CLEANBU fleet had one unscheduled off-hire day and no scheduled off-hire in Q3 2026. Two CLEANB U vessels completed dry-dock in the first half of 2026 with a total of 118 scheduled off-hire days. One of the vessels was fitted with several energy efficiency measures. Due to a prolonged yard stay for this vessel, a portion of its off-hire days were covered by loss of hire insurance, recognised as other income in Q2 2026 and Q3 2026. The CLEANBU fleet has completed its planned dry-docking program for 2026. Third Quarter 2026 Highlights Financial performance CABU CLEANBU Market Health, Safety, Environment Outlook Statements Notes 4 Average TCE earnings ($/day)1 27 740 26 851 37 311 42 243 38 164 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 1 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. 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 9 747 10 085 10 382 10 661 10 826 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 % days in combination trades and ballast2 87% 87% 77% 42% 49% 19% 15% 17% 32% 19% Combi % Ballast % Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 % in Wet and Dry Trades 60% 59% 87% 81% 75% 2% 5% 15% 3%38% 41% 8% 4% 22% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 WetDry Veg oil Average 2025 9 877 10 624 Average 2026
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MARKET DEVELOPMENT DRY BULK MARKET Average Panamax dry bulk earnings increased to $19,700/day in Q3 20262 from $18,200/day in Q2 2026. Panamax spot rates remained firm throughout the quarter, supported by a tight Capesize market driven by growth in ton-mile- intensive front-haul volumes. Q3 Guinea bauxite and iron ore volumes rose ~55 %3 Y-o-Y , with nearly all incremental volumes destined for China. Pacific cyclones constrained vessel outflow from the Far East, with ~6.5% of the dry bulk fleet congested at the mid- July peak, compared with ~4% last year3. Coal prices continued to increase on higher gas prices and the Strait of Hormuz situation. Supply was constrained, particularly in Indonesia, where low river levels limited output. While volumes were flat, freight demand increased as longer-haul supply from alternative exporters replaced Indonesian volumes. In addition, Panamax vessels carried 61% of coal volumes in Q3, compared with a Q3 2023– 2025 average of 55%3. Grain volume growth slowed following a strong first half 2026. Total global grain volume decreased by ~6% in Q3 compared to the same quarter last year, while tonne-mile decreased by ~3% 3. Negative Chinese crushing margins reduced China’s share of South American volumes, while renewed US–China grain trade shifted flows somewhat toward pre-trade-war patterns. Black Sea corn and wheat exports were severely disrupted by attacks on infrastructure and vessels and R ussia shipped approximately 1 Mt from the Baltic in September, compared with the 4–5 Mt typically exported from the Azov and Black Sea region 3. In addition, Ukraine’s Danube River and rail capacity remained constrained. Outlook Soybean demand remains dependent on non-China buyers unless Chinese crushing margins recover. Russia and Ukraine typically account for 20–30% of global corn and wheat trade. However, lower Black Sea exports may be partly offset by longer sailing distances as alternative exporters fill the gap. The near-term coal outlook is supported by Indian inventories at five-year lows, while the main downside risk is China’s stated plan to increase domestic coal production. The Panamaxes may continue to be supported by the Capesize market as Simandou iron ore volumes are expected to increase, especially once Morebaya port completes commissioning in Q1 2027. PRODUCT TANKER MARKET Average Q3 LR1 and MR product tanker rates fell back to $35,200/day and $25,200/day, respectively, from $68,000/day and $48,400/day in Q2 20264. Oil and oil products markets continue to be significantly impacted by geopolitical events, in particular the volatile situations in key supply chain choke points in the Middle East/Strait of Hormuz (SoH) and the Bab El-Mandeb Strait, and the continued attacks on Russian refineries. The third quarter started softer than the previous quarter as product tanker rates adjusted to lower volumes and ton-mile demand. The boost from replacement cargoes following the closure of the SoH and release of oil from strategic reserves gradually faded. Towards the middle of Q3, crude tanker rates surged as volumes through the SoH recovered. Increased shuttle and ship-to-ship activity related to the SoH export resulting in lower fleet efficiency together with longer sailing distances for replacement cargos drove rates sharply higher. This spilled over into the product tanker market, particularly as LR2s switched into crude trades. Product tanker rates increased to historically high levels by the end of the quarter and into Q4. Global refinery runs increased by approximately 2.3 mmbbl Q-o-Q but remained 5.3 mmbbl below the same quarter last year 5, reflecting reduced activity in the Middle East, Russia and Asia due to the ongoing conflicts/wars. However, crack spreads remained strong supporting refinery runs in Q3. On the supply side, deliveries of fully coated tankers increased to 16.5 million dwt YTD, up from 11.7 million dwt last year. However, increased clean-to-dirty switching has reduced the fleet trading CPP by approximately 3% YTD6. Outlook The fourth quarter has started with historically strong rates, and the outlook for remains positive, supported by record strong crack spreads, increased refinery runs and expected restocking of low products inventories globally. In particular tight middle distillates balances are a concern globally as. The product tanker market remains heavily influenced by geopolitical developments and is expected to experience continued volatility. With no near-term resolution to the conflict in the Middle East, volatile exports through the Strait of Hormuz, trade flow disruptions and elevated fleet inefficiencies are likely to persist. On the supply side, vessel deliveries are set to increase next year. Third Quarter 2026 Highlights Financial performance CABU CLEANBU Market Health, Safety, Environment Outlook Statements Notes 5 Average Market Rates with One Month Lag Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 2025 P5TC dry bulk earning $/day 19 700 18 200 14 400 17 600 11 600 12 900 Average MR Clean tanker earnings $/day 25 200 48 400 22 300 33 400 20 200 20 700 Average LR1 tanker earning $/day 35 200 68 000 24 700 44 900 22 200 22 500 Fuel price USD/mt 770 850 520 690 530 520 TCE earnings development $/day1 1 Source: Clarksons Securities and Clarksons SIN. From October 2026, a revised calculation method for the LR1 rate has been applied. 2 Source: Baltic Dry as of October 2026 (All series lagged by one month to reflect advance cargo fixing) 3 Source: Signal Ocean 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: Rystad Energy 6 Source: KPLER
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HEALTH AND SAFETY ENVIRONMENT Environmental KPIs Q3 2026 Q2 2026 YTD 2026 2025 TARGET 2026 % of days in combination trades4 69% 61% 70% 87% >85% Ballast days in % of total on-hire days5 15% 23% 18% 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 6.4 8.0 6.9 6.1 5.8 7.6 7.9 7.4 7.4 6.9 6.5 6.6 6.1 6.5 8.0 6.4 EEOI Target 2026 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026Q2 2026Q3 2026 KCC’s carbon intensity (EEOI) decreased by 20% Q-o-Q to 6.4 in Q3 after reaching a historical high in Q2. Ballast levels were still high across the CLEANBU fleet in Q3, which spent 19% of Q3 on-hire days in ballast. This was down from Q2 but still higher than usual due to continued trade flow disruption and elevated tanker market levels that incentivize ballasting to CPP cargos over dry combinations. CABU fleet EEOI also improved in Q3 compared to the previous quarter. The EEOI for the three CABU newbuilds came in well below the 2026 target of 5.8 in Q3. This is projected to improve further over time as these vessels begin trading in efficient combination trades and further optimize their energy use. Third 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 0.56 LTIF Target Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 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 Q3 2026 was 0.56, above the target of 0.5. There were no new cases in third quarter 2026. The fleet experienced zero Serious Injury or Fatality Incidents (SIF) in Q3 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 0 Q4 2025Q1 2026Q2 2026Q3 2026 Serious Injuries or Fatality Incidents (SIF)2 (incidents per past 12 month)
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OUTLOOK CABU OUTLOOK Following delivery of the final third-generation CABU vessel in August 2026, KCC will have a full operative fleet of 11 CABU vessels throughout the fourth quarter with corresponding increased earnings capacity. KCC will add a second CABU vessel, Banastar, to the caustic soda trade between US Gulf and Brazil from February 2027, backed by the contract of affreightment concluded with Alunorte. Banastar will start its 25-year renewal docking and life extension upgrade in late October and will be positioned to Americas after completing the dry-dock in China in December. The vessel's deployment will enhance KCC’s operational flexibility and will support continued growth in the Brazilian caustic soda trade. As customary, discussions with customers for next year’s caustic soda contracts of affreightment are currently ongoing. The outlook for both the caustic soda contract volume and contract pricing for 2027 is positive. Close to the full tanker capacity of the CABU fleet is expected to be covered by a mix of floating- and fixed-rate contracts of affreightment within the end of the year. Discussions regarding pricing for the fixed-rate contracts for 2027 are supported by the current historically strong spot pricing and positive sentiment in the product tanker market. The CABUs are e xpected to deliver a record-strong quarter in Q4 2026. The nine vessels trading to and from Australia will be close to fully employed in caustic soda- dry bulk combination trading. In the Atlantic, Barcarena will continue its shuttle service between the US and Brazil and Banastar will start positioning to the Americas in early December. Spot market conditions remain supportive, underpinned by a historically strong MR product tanker market and healthy dry bulk demand. Based on current fixed days equal to 74% of the fleet capacity and KCC’s best estimates for the remaining open days, Q4 2026 TCE earnings guidance for the CABU fleet is $43,000-48,000/day. Apart from one CABU vessel completing scheduled dry-docking in early October, the life-extension docking of Banastar is the only CABU docking in Q4 2026. Total on-hire days are expected to be 959 days for the fourth quarter. CLEANBU OUTLOOK Ongoing disruptions in oil markets and tanker trades arising from the Middle East conflict continue to drive buoyant tanker earnings and influence CLEANBU trading patterns. Following the sharp strengthening of tanker markets in the second half of September, the CLEANBU fleet once again utilized its trading flexibility to capitalize on opportunities in the historically strong product tanker market. As a result, the fleet is shifted back to predominantly tanker trading in Q4 2026, following a period of increased tanker-dry bulk combination trading in Q3 2026. The vessels nevertheless remain largely deployed into established combination trading regions such as Australia and South America, serving strategically important CLEANBU customers. This supports the further development of the established combination trades through e.g. the expansion of port combinations enhancing future trading efficiency. In parallel, the CLEANBU customer base continue to broaden, with a milestone achieved in fourth quarter through the first fixture with another important oil major. Driven by this development, the CLEANBU fleet is expected to deliver record TCE earnings in Q4 2026. With 50% of capacity fixed and KCC’s best estimates for the remaining open days, Q4 2026 TCE earnings guidance for the CLEANBU fleet is $57,000-67,000/day. No further CLEANBU vessels will be dry-docked in 2026. Total on-hire days are expected to be 734 days in Q4 2026. Third Quarter 2026 Highlights Financial performance CABU CLEANBU Market Health, Safety, Environment Outlook Statements Notes 7 Q3 2026 Q4 Guiding CABU CLEANBU Fleet 931 959 735 734 1667 1693 Onhire days TCE ($/day) 34 499 43 000- 48 000 38 164 57 000- 67 000 36 116 49 100- 56 200 76% days fixed 64% days fixed 71% days fixed 50% days fixed 64% days fixed 74% days fixed
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INCOME STATEMENT Unaudited Unaudited Audited USD '000 Notes Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Freight revenue 3 83 722 59 229 222 301 159 716 218 870 Charter hire revenue 3 10 909 5 242 22 903 15 008 19 585 Total revenue, vessels 94 631 64 471 245 204 174 724 238 455 Voyage expenses (34 440) (23 979) (85 851) (69 247) (94 058) Net revenues from operation of vessels 60 191 40 492 159 348 105 477 144 397 Other income 3 907 - 6 257 - 1 142 Operating expenses, vessels (17 117) (13 384) (47 275) (40 080) (54 090) Services from related parties 11 (1 270) (1 170) (3 631) (3 358) (4 368) Salaries and other employee costs 10 (1 769) (1 482) (4 819) (3 094) (4 738) Tonnage tax (63) (44) (167) (140) (194) Other operating and administrative expenses (506) (367) (1 471) (1 631) (2 379) Operating profit before depreciation (EBITDA) 40 372 24 045 108 242 57 175 79 769 Depreciation 4 (12 085) (8 673) (34 842) (25 728) (34 746) Operating profit after depreciation (EBIT) 28 287 15 371 73 400 31 448 45 024 Finance income 7 704 361 1 795 3 224 3 867 Finance costs 7 (5 394) (3 707) (15 250) (11 619) (15 477) Profit before tax (EBT) 23 597 12 025 59 944 23 053 33 414 Income tax expenses - - - - - Profit after tax 23 597 12 025 59 944 23 053 33 414 Attributable to: Equity holders of the Parent Company 23 597 12 025 59 944 23 053 33 414 Total 23 597 12 025 59 944 23 053 33 414 Earnings per Share (EPS): Basic earnings per share 0.40 0.20 1.01 0.39 0.56 Diluted earnings per share 0.40 0.20 1.01 0.39 0.56 STATEMENT OF COMPREHENSIVE INCOME Unaudited Unaudited Audited USD '000 Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Profit/ (loss) of the period 23 597 12 025 59 944 23 053 33 414 Other comprehensive income to be reclassified to profit or loss Net movement fair value on cross-currency interest rate swaps (CCIRS) 2 873 846 4 045 10 567 9 795 Reclassification to profit and loss (CCIRS) (2 927) (865) (4 158) (9 721) (8 960) Net movement fair value on interest rate swaps 560 (488) 857 (3 373) (3 741) Net movement fair value bunker hedge 574 55 196 (144) (20) Net movement fair value FFA futures (37) 83 (942) 83 (32) Net other comprehensive income to be reclassified to profit or loss 1 044 (369) (3) (2 589) (2 958) Total comprehensive income/(loss) for the period, net of tax 24 641 11 656 59 942 20 464 30 456 Attributable to: Equity holders of the Parent Company 24 641 11 656 59 942 20 464 30 456 Total 24 641 11 656 59 942 20 464 30 456 Third Quarter 2026 Highlights Financial performance CABU CLEANBU Market Health, Safety, Environment Outlook Statements Notes 8
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STATEMENT OF FINANCIAL POSITION ASSETS Unaudited Audited USD '000 Notes 30 Sep 2026 31 Dec 2025 Non-current assets Vessels 4 658 288 486 742 Newbuilding contracts 5 - 78 361 Long-term financial assets 6 10 109 6 252 Long-term receivables 243 186 Total non-current assets 668 639 571 541 Current assets Short-term financial assets 6 3 356 2 315 Inventories 18 084 11 206 Trade receivables and other current assets 42 647 30 326 Short-term receivables from related parties - 218 Cash and cash equivalents 6 65 305 49 732 Total current assets 129 393 93 796 TOTAL ASSETS 798 032 665 337 EQUITY AND LIABILITIES Unaudited Audited USD '000 Notes 30 Sep 2026 31 Dec 2025 Equity Share capital 8 6 868 6 868 Share premium 8 196 793 196 772 Other reserves 3 012 2 832 Retained earnings 8 182 104 159 579 Total equity 388 775 366 051 Non-current liabilities Mortgage debt 6 253 138 167 054 Long-term financial liabilities 6 6 10 Long-term bond loan 6 83 712 79 567 Total non-current liabilities 336 856 246 631 Current liabilities Short-term mortgage debt 6 34 988 22 493 Short-term financial liabilities 6 997 43 Trade and other payables 6 35 933 29 675 Short-term debt to related parties 312 248 Tax liabilities 170 197 Total current liabilities 72 400 52 656 TOTAL EQUITY AND LIABILITIES 798 032 665 337 The Board of Directors of Klaveness Combination Carriers ASA Oslo, 26 October 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 Third Quarter 2026 Highlights Financial performance CABU CLEANBU Market Health, Safety, Environment Outlook Statements Notes 9
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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) 4 260 159 579 366 051 Profit (loss) for the period - - - - 59 944 59 944 Other comprehensive income for the period - - - (3) - (3) Share option exercise (note 9) - - - - (143) (143) Employee share purchase (note 8,9) - 21 182 - - 203 Dividends - - - - (37 277) (37 277) Equity at 30 September 2026 6 868 196 793 (1 246) 4 257 182 104 388 775 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 - - - - 23 053 23 053 Other comprehensive income for the period - - - (2 589) - (2 589) 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 - - - - (11 012) (11 012) Equity at 30 September 2025 6 868 196 772 (1 428) 4 628 156 025 362 865 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) 4 260 159 579 366 051 STATEMENT OF CASH FLOWS Unaudited Unaudited Audited USD '000 Notes Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Profit before tax 23 597 12 025 59 944 23 053 33 414 Tonnage tax expensed 63 44 167 140 194 Depreciation 4 12 085 8 673 34 842 25 728 34 746 Amortization of upfront fees bank loans 243 297 1 852 892 1 435 Financial derivatives loss / gain (-) 6 60 (31) 12 (530) (154) LTIP expense - - - - 256 Gain /loss on foreign exchange 7 (242) 13 (55) (399) (336) Interest income 7 (621) (331) (1 676) (2 286) (3 007) Interest expenses 7 5 151 3 396 13 273 10 689 12 904 Tonnage tax paid (191) - (191) - - Change in current assets (9 780) 1 006 (19 038) (1 086) (4 865) Change in current liabilities 4 735 2 969 5 487 4 395 6 475 Collateral paid/received on cleared derivatives 6 (172) (49) 195 (39) (39) Interest received 7 621 331 1 676 1 380 2 102 A: Net cash flow from operating activities 35 550 28 343 96 488 61 935 83 125 Acquisition of tangible assets 4 (1 540) (4 862) (14 753) (16 384) (28 146) Installments and other cost on newbuilding contracts 5 (36 367) (14 413) (113 274) (41 058) (56 686) B: Net cash flow from investment activities (37 907) (19 275) (128 027) (57 442) (84 832) Share buyback program - - - (6 637) (6 637) Share option settlement - - (143) - - Proceeds from long term incentive plan 8 - - 203 185 185 Transaction costs on issuance of debt 6 (14) - (1 740) - (2 144) Scheduled debt installments 6 (5 982) (6 300) (18 229) (18 900) (23 023) Drawdown of mortgage debt 6 40 000 7 000 240 000 37 000 107 000 RCF and refinancing repayments (10 000) - (123 110) - (47 351) Interest paid 7 (3 711) (4 313) (12 592) (12 197) (14 656) Dividends (17 807) (2 976) (37 277) (11 012) (18 075) C: Net cash flow from financing activities 2 487 (6 589) 47 112 (11 561) (4 702) Net change in liquidity in the period 128 2 478 15 574 (7 069) (6 408) Cash and cash equivalents at beginning of period 65 177 46 592 49 732 56 139 56 139 Cash and cash equivalents at end of period 65 305 49 070 65 305 49 070 49 732 Net change in cash and cash equivalents in the period 128 2 478 15 574 (7 069) (6 408) Cash and cash equivalents 65 305 49 070 65 305 49 070 49 732 Other interest bearing liabilities (overdraft facility) 6 - - - - - Cash and cash equivalents (as presented in cash flow statement) 65 305 49 070 65 305 49 070 49 732 Third Quarter 2026 Highlights Financial performance CABU CLEANBU Market Health, Safety, Environment Outlook Statements Notes 10
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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 Third Quarter 2026 Highlights Financial performance CABU CLEANBU Market Health, Safety, Environment Outlook Statements Notes 11
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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 eleven CABU vessels (note 4) with capacity to transport caustic soda solution (CSS), floating fertilizer (UAN) and molasses as well as all dry bulk commodities. 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. Third Quarter 2026 Highlights Financial performance CABU CLEANBU Market Health, Safety, Environment Outlook Statements Notes 12
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NOTE 2 - SEGMENT REPORTING QUARTERLY Operating income and operating expenses per segment Q3 2026 Q3 2025 USD '000 CABU CLEANBU Total CABU CLEANBU Total Total revenue, vessels 54 300 40 331 94 631 35 555 28 916 64 471 Voyage expenses (22 169) (12 271) (34 440) (14 144) (9 835) (23 979) Net revenues from operations of vessels 32 131 28 060 60 191 21 410 19 081 40 492 Other income 609 298 907 - - - Operating expenses, vessels (9 149) (7 967) (17 117) (6 211) (7 173) (13 384) Group commercial and administrative services (679) (591) (1 270) (543) (627) (1 170) Salaries and social expense (946) (823) (1 769) (688) (794) (1 482) Tonnage tax (38) (25) (63) (23) (20) (44) Other operating and administrative expenses (271) (236) (506) (171) (197) (368) Operating profit before depreciation (EBITDA) 21 657 18 716 40 372 13 774 10 270 24 044 Depreciation (6 084) (6 002) (12 085) (3 866) (4 806) (8 673) Operating profit after depreciation (EBIT) 15 574 12 714 28 287 9 907 5 464 15 370 Reconciliation of average revenue per on-hire day (TCE earnings $/day) Q3 2026 Q3 2025 USD '000 CABU CLEANBU Total CABU CLEANBU Total Net revenues from operations of vessels 32 131 28 060 60 191 21 410 19 081 40 492 On-hire days 931 735 1 667 712 688 1 400 Average TCE earnings ($/day) 34 499 38 164 36 116 30 062 27 740 28 921 Reconciliation of opex ($/day) Q3 2026 Q3 2025 USD '000 CABU CLEANBU Total CABU CLEANBU Total Operating expenses, vessels 9 149 7 967 17 117 6 211 7 173 13 384 Operating days 976 736 1 712 736 736 1 472 Opex ($/day) 9 374 10 826 9 998 8 439 9 747 9 092 YEAR TO DATE Operating income and operating expenses per segment YTD 2026 YTD 2025 USD '000 CABU CLEANBU Total CABU CLEANBU Total Total revenue, vessels 136 159 109 045 245 204 94 592 80 133 174 724 Voyage expenses (57 563) (28 293) (85 856) (40 591) (28 657) (69 248) Net revenues from operations of vessels 78 595 80 752 159 348 54 001 51 476 105 477 Other income 4 919 1 338 6 257 - - - Operating expenses, vessels (24 072) (23 203) (47 275) (18 641) (21 439) (40 080) Group commercial and administrative services (1 849) (1 782) (3 631) (1 562) (1 796) (3 358) Salaries and social expense (2 454) (2 365) (4 819) (1 439) (1 655) (3 094) Tonnage tax (93) (74) (167) (73) (67) (140) Other operating and administrative expenses (749) (722) (1 471) (758) (872) (1 631) Operating profit before depreciation (EBITDA) 54 297 53 944 108 242 31 528 25 647 57 175 Depreciation (17 765) (17 077) (34 842) (11 732) (13 996) (25 728) Operating profit after depreciation (EBIT) 36 532 36 867 73 400 19 796 11 651 31 448 Reconciliation of average revenue per on-hire day (TCE earnings $/day) YTD 2026 YTD 2025 USD '000 CABU CLEANBU Total CABU CLEANBU Total Net revenues from operations of vessels 78 595 80 752 159 348 54 001 51 476 105 477 On-hire days 2 388 2 065 4 453 2 049 2 118 4 167 Average TCE earnings ($/day) 32 909 39 110 35 784 26 355 24 299 25 310 Reconciliation of opex $/day YTD 2026 YTD 2025 USD '000 CABU CLEANBU Total CABU CLEANBU Total Operating expenses, vessels 24 072 23 203 47 275 18 641 21 439 40 080 Operating days 2 651 2 184 4 835 2 184 2 184 4 368 Opex $/day 9 080 10 624 9 778 8 535 9 816 9 176 Third Quarter 2026 Highlights Financial performance CABU CLEANBU Market Health, Safety, Environment Outlook Statements Notes 13
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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 Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Revenue from COA contracts Freight revenue 42 040 35 354 113 431 95 587 132 512 Revenue from spot voyages Freight revenue 41 682 23 875 108 870 64 130 86 359 Revenue from TC contracts Charter hire revenue 10 909 5 242 22 903 15 008 19 585 Total revenue, vessels 94 631 64 471 245 204 174 724 238 456 Other income USD '000 Classification Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Other income Other income 907 - 6 257 - 1 142 Total other income 907 - 6 257 - 1 142 Other income of USD 0.9 million in Q3 2026 consists of USD 0.3 million in compensation from loss of hire insurance (USD 6.3 million year-to- date) and USD 0.6 million in 2025 dividend from DNK (Den Norske Krigsforsikring for Skib). 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 DNK (USD 0.3 million). Third Quarter 2026 Highlights Financial performance CABU CLEANBU Market Health, Safety, Environment Outlook Statements Notes 14
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NOTE 4 - VESSELS Vessels USD '000 30 Sep 2026 31 Dec 2025 Cost price 1.1 810 421 782 276 Dry-Docking 9 439 19 077 Energy efficiency upgrade 4 517 7 557 Technical upgrade 797 1 512 Delivery of newbuilding 191 635 - Costprice end of period 1 016 809 810 421 Acc. Depreciation 1.1 323 680 288 935 Depreciation vessels 34 842 34 746 Acc. Depreciation end of period 358 522 323 680 Carrying amounts end of period* 658 288 486 742 *) carrying value of vessels includes dry-docking No. of vessels 19 16 Useful life (vessels) 25-27.5 25 Useful life (dry-docking) 2 -5 2 -5 Depreciation schedule Straight-line Straight-line Reconciliation of depreciations USD '000 Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Depreciation vessels 7 137 5 923 20 283 17 633 23 483 Depreciation dry-dock 4 948 2 750 14 559 8 095 11 263 Depreciations for the period 12 085 8 673 34 842 25 728 34 746 ADDITIONS IMPAIRMENT All of the three third generation CABU newbuildings were delivered 6 February 2026, 9 April 2026 and 6 August 2026 (note 5). One CABU vessel started dry-docking in Q3 with completion early October 2026. One additional CABU vessel is scheduled for dry- docking in Q4 2026. Dry-docking costs of USD 9.4 million have been recognized YTD 2026 (USD 1.4 in Q3 2026). In addition, technical upgrades of USD 0.8 million and energy efficiency upgrades of USD 4.5 million have been recognized YTD 2026 (respectively USD 0.3 million and USD -0.2 million in Q3 2026; negative addition in Q3 due to adjustment of Q2 capitalization). Identification of impairment indicators is 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 September 2026. USEFUL LIFE One CABU I vessel has per end Q3 2026 completed and one CABU I vessel is planned to undergo life extension dry-docking which will enable the vessels to continue trading in alternative trade in the Atlantic until they reach 27.5 years of age. The estimated useful life of these vessels has been revised from 25 years to 27.5 years. The remaining vessels in the fleet trading in the Pacific continue to be depreciated over an estimated useful life of 25 years. NOTE 5 - NEWBUILDINGS (USD '000) 30 Sep 2026 31 Dec 2025 Cost 1.1 78 361 19 170 Yard installments paid 99 866 54 213 Capitalized borrowing cost 1 470 2 506 Other capitalized cost 11 938 2 472 Delivery of newbuilding (note 4) (191 635) - Net carrying amount - 78 361 KCC has in 2026 taken delivery of three CABU newbuildings from New Yangzi Shipyard in China and have no further vessels under construction. The vessels were delivered on 6 February 2026, 9 April 2026 and 6 August 2026 with payment of final settlement of USD 32.9 million per vessel for each of the two first vessels and USD 35.6 million for the third and last vessel. USD 191.6 million in total has been transferred from newbuildings to vessels on the balance sheet. 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 was 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 and USD 40 million was drawn down in the third quarter for the last vessel. Loan expenses of USD 1.5 million were capitalized in the first three quarters of 2026 based on the Group’s general borrowings in line with IFRS. Third Quarter 2026 Highlights Financial performance CABU CLEANBU Market Health, Safety, Environment Outlook Statements Notes 15
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NOTE 6 - FINANCIAL ASSETS AND LIABILITIES During the quarter, the Group made a net drawdown of USD 30 million under the Group’s revolving credit facilities, mainly to finance the delivery of one CABU newbuilding. 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 10 588 USD 180 million Facility CABU July 2031 Term SOFR + 1.80 % (Commitment fee: 0.72%) Term Loan 55 500 RCF 78 000 40 000 USD 200 million Facility CLEANBU June 2032 Term SOFR + 1.65 % (Commitment fee: 0.58%) Term Loan 96 400 RCF 11 000 89 000 Capitalized loan fees (3 362) Mortgage debt 30 Sep 2026 89 000 288 127 * Potential margin adjustment up to +/- 10 bps once every year based on sustainability KPIs The Group had available undrawn long-term revolving credit facilities of USD 89 million and available capacity under a 364-days overdraft facility of USD 8 million as per end of Q3 2026. USD '000 Face value Carrying Amount Bond loan NOK'000 Maturity 30 Sep 2026 KCC05 800 000 05.09.2028 75 088 Exchange rate adjustment 8 589 Capitalized expenses (518) Bond Premium 553 Sum KCC05 800 000 83 712 The Group is subject to certain financial covenants and other undertakings in financing arrangements. As per 30 September 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 September 2026, the Company has no restricted cash. USD '000 Fair value Carrying amount Carrying amount Interest bearing liabilities 30 Sep 2026 30 Sep 2026 31 Dec 2025 Mortgage debt 256 500 256 500 170 334 Capitalized loan fees - (3 362) (3 280) Bond loan 86 020 83 677 79 519 Bond premium - 553 760 Capitalized expenses bond loan - (518) (712) Total non-current interest bearing liabilities 342 520 336 850 246 621 Mortgage debt, current 34 988 34 988 22 493 Total interest bearing liabilities 377 508 371 839 269 114 USD '000 Financial assets 30 Sep 2026 31 Dec 2025 Financial instruments at fair value through OCI Cross-currency interest rate swap 9 046 5 006 Interest rate swaps 4 418 3 561 Financial assets 13 465 8 567 Current 3 356 2 315 Non-current 10 109 6 252 USD '000 Financial liabilities 30 Sep 2026 31 Dec 2025 Financial instruments at fair value through OCI Cross-currency interest rate swap 43 10 Forward Freight Agreements 937 32 Financial instruments at fair value through P&L Forward currency contracts 23 11 Financial liabilities 1 002 52 Current 997 43 Non-current 6 10 Third Quarter 2026 Highlights Financial performance CABU CLEANBU Market Health, Safety, Environment Outlook Statements Notes 16
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NOTE 7 - FINANCIAL ITEMS USD '000 Finance income Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Other interest income 621 329 1 675 2 285 3 006 Gain on currency contracts 3 31 119 539 524 Other financial income - - 1 1 1 Gain on foreign exchange 80 - - 399 336 Finance income 704 361 1 795 3 224 3 867 USD '000 Finance cost Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Interest expenses mortgage debt 3 451 1 541 8 122 5 233 6 619 Interest expenses bond loan 1 428 1 432 4 192 4 489 6 068 Amortization capitalized fees on loans 243 297 1 852 892 1 435 Commitment fee 163 370 701 787 1 099 Other financial expenses 109 54 258 180 217 Loss on currency contracts - - - 38 38 Loss on foreign exchange - 13 125 - - Finance cost 5 394 3 707 15 250 11 619 15 477 In Q3 2026, USD 0.2 million in interest expenses related to mortgage debt have been capitalized as newbuildings (USD 1.5 million for the first three quarters of 2026), and USD 2.5 million was capitalized in 2025 (note 5). In relation to the refinancing of a debt facility in Q2 2026 USD 1.0 million of capitalized fees of the old debt facilities have been expensed in 2026. Interest-bearing debt YTD 2026 has increased from same period last year due to the delivery of newbuildings, resulting in higher interest expenses. NOTE 8 - SHARE CAPITAL, SHAREHOLDERS AND DIVIDENDS Dividends of USD 17.8 million were paid to the shareholders in September 2026 (USD 0.30 per share). A total of USD 37.3 million in dividends were paid to shareholders during the first three quarters of 2026 (USD 0.63 per share). Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Weighted average number of ordinary shares for basic EPS 59 317 877 59 290 153 59 317 877 59 347 827 59 333 409 Share options (note 9) 268 664 213 568 283 497 166 467 203 981 Weighted average number of ordinary shares for the effect of dilution 59 586 541 59 503 721 59 601 374 59 514 294 59 537 390 The following table summarizes the Treasury shares activity as per 30 September 2026: YTD 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 % Third Quarter 2026 Highlights Financial performance CABU CLEANBU Market Health, Safety, Environment Outlook Statements Notes 17
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NOTE 9 - LONG-TERM INCENTIVE PLAN The Company has an ongoing Long-Term Incentive Plan (LTIP) for its employees. Details on the program are described in the Annual Report 2025, note 17, published on the Company’s homepage (www.combinationcarriers.com). Movements in the programme during 2026 are disclosed in the first and second quarter reports for 2026. There have been no changes or movements to the programme since the Q2 2026 report. The following table summarizes the option activity as per 30 September 2026: Average exercise price YTD 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 NOTE 10 - SALARIES In Q3 2026, USD 40k (USD 0.3 million YTD 2026) of employee salary costs were capitalised as newbuildings relating to time spent on project activities directly attributable to these assets (note 5). Third Quarter 2026 Highlights Financial performance CABU CLEANBU Market Health, Safety, Environment Outlook Statements Notes 18
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NOTE 11 - TRANSACTIONS WITH RELATED PARTIES During the third quarter of 2026, the Company's largest shareholder, Rederiaksjeselskapet Torvald Klaveness (RASTK), reduced its ownership in Klaveness Combination Carriers ASA from approximately 55% to approximately 44%. RASTK remains a related party of KCC due to its significant ownership in the Company and that the CEO of RASTK is the Chair of the Board of Directors of KCC. Transactions with RASTK group entities hence continue to be disclosed as related party transactions. The change in ownership structure did not have any impact on the Group's financial position, results of operations or cash flows. USD '000 Type of services/transactions Provider1 Price method Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Business adm. services KAS Cost + 5% 830 813 2 376 2 299 2 968 Business adm. services KA Ltd Cost + 5% 12 18 48 56 72 Business adm. services KD Priced as third party services 6 8 18 24 31 Commercial services KAD Cost + 7.5% 222 174 696 486 675 Business adm. services KSS Cost + 7.5% 72 80 226 252 336 Commercial services KDB Cost + 7.5% 128 77 267 241 286 Total commercial and administrative services from related parties 1 270 1 169 3 631 3 358 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 Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Board member fee (administrative expenses) KAS Fixed fee as per Annual General meeting 22 20 65 59 80 Total other services/ transactions 22 20 65 59 80 NOTE 12 - EVENTS AFTER THE BALANCE SHEET DATE On 26 October 2026, the Company’s Board of Directors declared to pay a cash dividend to the Company’s shareholders of USD 0.36 per share for the third quarter 2026, in total approximately USD 21.4 million. There are no other events after the balance sheet date that have material effect on the Financial Statement as of 30 September 2026. Third Quarter 2026 Highlights Financial performance CABU CLEANBU Market Health, Safety, Environment Outlook Statements Notes 19 1 Klaveness AS (KAS) , 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)