KCC Second Quarter 2026 Solid Q2 financials driven by strong markets and operations amidst geopolitical turmoil

Oslo, 25 August 2026: Klaveness Combination Carriers ASA ("KCC") reported EBITDA of USD 38.5 million and Profit after tax of USD 20.8 million for the second quarter of 2026, representing a strong improvement from the first quarter. Fleet average TCE earnings [1] increased by $4,350/day to $37,782/day from Q1 to Q2. This was supported by tighter, though very volatile, markets - partly driven by the situation in the Middle East.

CEO Engebret Dahm commented: "With the delivery of our third and final CABU newbuilding on 6 August, our full fleet of 19 vessels is now in operation and is well positioned to benefit from robust product tanker and dry bulk markets. Following a strong second quarter, we see a positive outlook for the second half of 2026, supported by continued market tightness and lower KCC dry-docking activity."

KCC owns and operates a fleet of 19 combination carriers built for the transportation of both wet and dry bulk cargoes. The vessels are operated in trades where they efficiently combine dry and wet cargoes with minimum ballast, capitalizing on imbalances in global trade flows.

Highlights for Second Quarter 2026:

* EBITDA of USD 38.5 million (Q1 2026: USD 29.3 million) and Profit after tax of USD 20.8 million (Q1 2026: USD 15.6 million)

* Fleet TCE earnings [1] of $37,782/day (Q1 2026: $33,432/day), secured in extremely volatile markets

* Q2 2026 dividend of USD 0.30 per share, totalling USD 17.8 million (Q1 2026: USD 0.25 per share)

* Banastar exited the Strait of Hormuz on 25 June 2026

* Backed by a new Alunorte contract, the operating life of Banastar will be extended beyond 25-years

* USD 200 million bank facility closed, refinancing existing debt on favorable terms

* The third and final CABU newbuild, equipped with wind-assisted propulsion, was delivered on 6 August 2026, completing the CABU newbuilding program "before time and cost"

The 31% increase in EBITDA and 33% increase in profit after tax from Q1 to Q2 2026 were mainly driven by higher TCE earnings in both segments, supported by stronger markets and increased wet trading, partly offset by lower trading efficiency caused by disruptions related to the Middle East situation. Lost earnings days related to one CABU vessel being off-hire in the Middle East Gulf and one CLEANBU vessel's prolonged yard stay were largely compensated by loss-of-hire insurance. Return on capital employed was 14% for Q2 and Return on equity 22% [1].

EBITDA and profit after tax for the first half of 2026 were USD 67.9 million and USD 36.3 million, respectively, up more than 100% and close to 230% from the same period last year. While net revenue and other income increased approximately 60% compared to last year, expenses increased approximately 25% mainly due to a bigger fleet in operation.

The Board of Directors declares a quarterly dividend of USD 0.30 per share (Q1 2026: USD 0.25 per share) amounting to approximately USD 17.8 million, equaling 100% of the Adjusted Cash Flow to Equity (ACFE) for Q2 2026 [1].

KCC enters the second half of 2026 supported by all three newbuilds in full operation from early August, reduced dry-docking activity and continued strength in key markets. While geopolitical uncertainty remains high, KCC expects market conditions and fleet utilization to remain supportive over the next quarters. Based on current fixed days equal to 94% of the fleet capacity and assuming FFA-pricing for the open days, Q3 2026 TCE earnings guidance for the CABU fleet is $33,500-34,500/day and $36,500-38,500/day for the CLEANBU fleet based on current fixed days equal to 80% [2]. ------------------------------------------------------------------------------ [1] TCE earnings $/day, Return On Equity (ROE), Return On Capital Employed (ROCE) and Adjusted Cash Flow to Equity (ACFE) are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM2Q2026" published on the Company's homepage Investor Relations/Reports and Presentations under the section for the Q2 2026 report. The address to the Company's homepage is: www.combinationcarriers.com (https://www.combinationcarriers.com/).

[2] Estimate based on booked cargoes and expected employment for open capacity basis forward freight pricing (FFA). ------------------------------------------------------------------------------ Invitation to presentation of Q2 2026 financial results

In connection with the release of financial results for the second quarter of 2026, Klaveness Combination Carriers ASA ("KCC") will hold a webcast presentation at 09:00 CEST on Tuesday 25 August, 2026.

To follow the webcast live go to https://www.combinationcarriers.com/investor-relations/overview or copy and paste the following link to your browser: https://www.combinationcarriers.com/kcc-q2-2026-financial-results.

Questions for the Q&A session can be submitted in writing through the webcast solution during the presentation.

For further queries, please contact: Engebret Dahm, CEO, tel.: +47 957 46 851 Liv Dyrnes, CFO and Deputy CEO, tel.: +47 976 60 561

About Klaveness Combination Carriers ASA: KCC is the world leader in combination carriers, owning and operating 11 CABU and eight CLEANBU combination carriers. KCC's combination carriers are built for transportation of both wet and dry bulk cargoes, being operated in trades where the vessels efficiently combine dry and wet cargoes with minimum ballast. Through their high utilization and trading efficiency, the vessels emit up to 35% less CO2 per transported ton compared to standard tanker and dry bulk vessels in current and targeted combination trading patterns.

This information is subject to disclosure under the Norwegian Securities Trading Act, §5-12. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-08-25 07:00 CEST.

More information: Access the news on Oslo Bors NewsWeb site

680646_KCC Second Quarter 2026 Presentation.pdf 680646_KCC Second Quarter 2026 Report.pdf