Klaveness Combination Carriers (KCC) investor relations material

Executive summary

• Q1 2026 delivered strong financial results, with EBITDA up 30% quarter-over-quarter to $29.3 million and profit after tax rising to $15.6 million, supported by robust tanker markets, increased fleet capacity, and new contracts.

• Earnings per day reached $33,432, the highest since Q3 2024, and the board declared a $0.25 per share dividend, totaling $14.8 million.

• Two new CABU vessels were delivered, expanding operational capacity and supporting higher on-hire days.

• Commercial momentum was supported by new contracts, including a 32-month COA for Barcarena and a 2-year CLEANBU time charter.

• One vessel remains trapped in the Middle East Gulf due to conflict, with crew safety prioritized and financial loss limited by war risk insurance.

Financial highlights

• Net revenue from vessel operations rose 21% quarter-over-quarter to $47 million, with EBITDA margin at 59% and profit after tax up 51% to $15.6 million.

• Cash and available RCF at Q1 end totaled $127 million; cash and cash equivalents were $58.9 million.

• Book value equity at $354 million, equity ratio at 50–55%, and net interest-bearing debt at $194–287.4 million.

• Annualized ROCE was 11% and ROE was 17%.

• 80 more on-hire days in Q1, driven by newbuild delivery and less off-hire from dry docking.

Outlook and guidance

• Q2 2026 is expected to be a record quarter, with TCE earnings guidance of $39,900–$43,200 per day, CABU at $32,500–$34,500 per day, and CLEANBU at $49,000–$54,000 per day.

• Strong contract backlog and flexible fleet position support robust performance amid market uncertainties.

• Dry bulk markets expected to remain strong, supported by higher Chinese coal imports and record South American grain exports.