Klaveness Combination Carriers (KCC) investor relations material

Executive summary

• Q3 EBITDA was $40.4m and profit after tax $23.6m; average fleet TCE was $36,116/day, down 4% QoQ and up 25% YoY.

• More earning days from the final CABU newbuilding and Banastar’s return supported results; record-high Q4 fleet TCE guidance was issued with 64% of capacity fixed.

Financial highlights

• Net revenue from vessel operations was $60.2m, up 15% QoQ and 49% YoY; EBITDA rose 5% QoQ to $40.4m, up 68% YoY.

• Profit after tax rose 14% QoQ to $23.6m, up 96% YoY; EPS was $0.40 versus $0.35 in Q2 and $0.20 in Q3 2025.

• EBITDA margin was 67%; EBIT was $28.3m versus $15.4m in Q3 2025, and YTD EBITDA and profit after tax were $108.2m and $59.9m.

• More earning days, including fewer dry-docking days and Banastar’s return, contributed $8m QoQ; the newbuild added $1.7m EBITDA.

• Other income fell $4.4m as Q2 included loss-of-hire compensation; fleet OPEX and administrative expenses rose $0.4m and $0.6m QoQ.

Outlook and guidance

• Q4 fleet TCE guidance is $49,100–$56,200/day with 64% of capacity fixed; expected on-hire days are 1,693.

• CABU Q4 TCE guidance is $43,000–$48,000/day with 74% of capacity fixed; CLEANBU guidance is $57,000–$67,000/day with 50% fixed.

• Q4 guidance points to record TCE earnings and results, supported by a strong tanker market and supportive dry market; estimates reflect booked cargoes and remaining open days.

• Target is to cover 95%–100% of CABU 2027 tanker capacity with fixed- and floating-rate contracts by year-end 2026; expected fixed mix is 40%–50%, with the balance floating.

• 2026 depreciation is expected 25%–35% above 2025, including $5.8m from newbuilds; 2027 depreciation is expected broadly in line with 2026.