Klaveness Combination Carriers (KCC) Q4 2025 earnings summary

Executive summary

• Q4 2025 delivered strong time charter earnings, with CABU outperforming the MR index by 40% and CLEANBU about 10% above the LR1 index, despite a sequential EBITDA decline due to increased dry-docking and off-hire days.

• Full-year 2025 results were impacted by weaker markets, with EBITDA down 37% year-over-year and profit after tax down 59–60% compared to 2024.

• Environmental performance improved, with a focus on decarbonization, transparency, and record-low carbon intensity (EEOI) in Q4 2025.

• Dividend policy remained robust, with a Q4 payout of $0.08 per share and a payout ratio near 89–90% of adjusted cash flow to equity.

• Expansion in CLEANBU trading, diversification of cargo business, and new contract bookings increased operational resilience.

Financial highlights

• Q4 2025 time charter earnings averaged $29,333 per day, $400 higher than Q3, within guidance.

• Q4 2025 EBITDA was $22.6M (down from $24M in Q3); profit after tax was $10.4M (down from $12M in Q3).

• Full-year 2025 EBITDA was $79.8M and profit after tax $33.4M, both down significantly from 2024.

• Dividend for Q4 was $0.08 per share ($4.7M total), with total 2025 dividends paid at $17.4M–$18.1M ($0.285 per share).

• Year-end cash was $49.7M; equity ratio at year-end was 55%.

Outlook and guidance

• Q1 2026 expected to be the strongest since Q3 2024, with CABU guidance at $28,500–$29,500/day and CLEANBU at $34,500–$36,500/day; some sources guide CABU as high as $34,500–$36,500/day and CLEANBU at $31,400–$32,900/day.

• CABU fleet fully booked for 2026 with 20% more caustic soda cargoes and three newbuilds to be delivered in Q1–Q3 2026.

• Positive outlook for both product tanker and dry bulk markets, with high contract coverage and supportive fundamentals.