Klaveness Combination Carriers

Investor Presentation • May 8, 2025

First Quarter 2025

Disclaimer

This presentation has been prepared by Klaveness Combination Carriers ASA (the "Company") and is furnished to you for information purposes only and may not be reproduced or redistributed, in whole or in part, to any other person. Making this presentation available in no circumstances whatsoever implies the existence of a commitment or contract by or with the Company, or any of its affiliated entities, or any of its or their respective subsidiaries, directors, officers, representatives, employees, advisers or agents (collectively, "Affiliates") for any purpose. The presentation does not constitute or form part of any offering of securities, and the contents of this presentation have not been reviewed by any regulatory authority.

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Agenda

Introduction / performance overview

Market review and commercial update

Financial update

Sustainability efforts

Market outlook

Commercial outlook and summary

A steady path through uncertain and volatile markets

• EBITDA of USD 15.0 million and EBT of USD 4.3 million
• Both segments outperformed the standard markets
• CABU TCE earnings of \$22,346/day (-\$6,650/day Q-o-Q) mainly due to weaker markets
• CLEANBU TCE earnings of \$22,449/day (-\$5,600/day Q-o-Q) impacted by weaker markets and less optimal trading
• Steel cutting for two out of three newbuilds
• Q1 dividend of USD 0.035 per share amounting to USD 2.1 million (Q4 2024: USD 0.10 per share)

Highlights Q1 2025 KCC TCE earnings (\$/day) 1,2

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1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM1Q2025" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q1 2025 report.

2) Standard tonnage assume one-month advance cargo fixing/"lag". Standard tonnage for bulk carriers are calculated averages of Panamax and Kamsarmax earnings weighted by CABU and CLEANBU onhire days respectively. Standard tonnage for product tankers are calculated averages of MR and LR1 earnings weighted by CABU and CLEANBU onhire days respectively. Multiples are calculated by dividing KCC average TCE earnings on standard tonnage for bulk carriers and product tankers. Source: Clarksons Securities and Clarksons SIN

Dividends distributed every quarter since listing in 2019

1) Close 7th May 2025, USDNOK Norges Bank 2) Adjusted Cash Flow to Equity (ACFE) is an alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM1Q2025" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q1 2025 report).

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Agenda

Introduction / performance overview

Market review and commercial update

Financial update

Sustainability efforts

Market outlook

Commercial outlook and summary

Weaker markets in Q1 - especially the dry bulk market was hit hard

TCE earnings development \$/day¹

1) Source: Clarksons Securities and Clarksons SIN

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Continued premium TCE earnings compared to standard markets

Quarterly KCC fleet TCE earnings¹ vs. standard tonnage²

• Lower TCE earnings volatility than the standard markets
• Outperforming standard product tankers by 1.2x and standard dry bulk vessels by 2.7x in Q1 2025

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1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM1Q2025" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q1 2025 report.

2) Standard tonnage assumes one-month advance cargo fixing/"lag". Standard tonnage for bulk carriers are calculated averages of Panamax and Kamsarmax earnings weighted by CABU and CLEANBU onhire days respectively. Standard tonnage for product tankers are calculated averages of MR and LR1 earnings weighted by CABU and CLEANBU onhire days respectively. Source: Clarksons Securities and Clarksons SIN

Weaker dry bulk markets and less CABU wet trading in Q1

1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM1Q2025" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q1 2025 report.

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Capitalizing on large CLEANBU trading flexibility in Q1

1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM1Q2025" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q1 2025 report.

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Agenda

Lower earnings partly offset by lower expenses and less dry-docking off-hire

EBITDA Q1 2025 compared to Q4 2024 (USD millions)

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Lower OPEX and off-hire compared to last quarter

Off-hire

	Q4 2024	Q1 2025
On-hire days	1 315	1 380
Scheduled off-hire	151	59
Unscheduled off-hire	6	0

¹ Comments

• Operating expenses, vessels decreased by USD 1.3 million/ 9% Q-o-Q, mainly due to one-off effects recognized in Q4 2024
• No unscheduled off-hire in Q1 2025
• The CABU fleet had 59 scheduled off-hire days related to the dry-docking of three vessels. One vessel finished dry-dock in the beginning of Q1 2025 and two vessels started dry-docking in March 2025
• Seven vessels scheduled for dry-docking in 2025, see slide 40 for more details

1) PE \$/day is an alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM1Q2025" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q1 2025 report.

Q1 2025 Income Statement

USD thousand (unaudited accounts)	Q1 2025	Q4 2024	Quarterly variance
Net revenues from operations of vessels	30 911	37 504	(17.6) %	Q1 2025	Q4 2024
Operating expenses, vessels	(13 199)	(14 470)	(8.8) %	Earnings per share1	Earnings per share1
				\$0.07	\$0.14
SG&A	(2 673)	(2 842)	(5.9) %	Dividend per share2	Dividend per share2
EBITDA	15 039			\$0.035	\$0.10
		20 192	(25.5) %	ROCE3	ROCE3
Depreciation	(8 373)	(7 805)	7.3 %	5%	8%
				ROE3	ROE3
EBIT	6 666	12 387	(46.2) %	5%	10%
Net financial items	(2 362)	(3 772)	(37.4) %
Profit after tax	4 304	8 ୧75	(50.0) %

1) Basic earnings per share. Calculated basis 59 463 175 for Q1 2025 and 60 264 144 for Q4 2024 (average total shares adjusted for treasury shares) 2) Dividend for Q1 2025 approved 7 May 2025, to be distributed in Q2 2025 3) ROCE/ROE is based on annualized EBIT/Profit after tax for the quarter. ROE and ROCE are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM1Q2025" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q1 2025 report.

Balance sheet

USD thousand (unaudited accounts)	31 Mar 2025	31 Dec 2024	Quarterly variance
ASSETS
Non-current assets
Vessels	489 751	493 341	(3 590)
Newbuilding contracts	31 258	19 170	12 088
Other non-current assets	5 142	4 540	603
Current assets
Other current assets	33 929	39 027	(5 098)	Q1 2025	Q4 2024
Cash and cash equivalents	45 141	56 139	(10 998)
Total assets	605 221	612 216	(6 996)	Equity ratio1	Equity ratio
				57.8%	58.8%
EQUITY AND LIABILITIES
Equity	350 014	359 866	(9 852)
Non-current liabilities
Mortgage debt	137 492	128 559	8 933
Long-term financial liabilities	୧୧	4 529	(4 464)
Long-term bond loan	76 288	70 625	5 663
Current liabilities
Short-term mortgage debt	25 199	25 199
Other current liabilities	16 162	23 439	(7 277)
Total liabilities	255 206	252 351	2 855
Total liabilities and equity	605 271	612-216	(6 995)

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Q1 2025 Cash Flow

Comments

• Negative working capital change of USD 2 million following a positive change of USD 11.9 million in Q4 2024
• Steel cutting for two out of three newbuilds in Q1 2025
• Dry-docking and newbuild schedule 2025, see slide 40 and 41
• Drawdown on revolving credit facility to fund newbuild yard instalments
• Share buyback program finalized 10 February 2025 with 1.2 million shares purchased 13 Dec 2024 – 10 Feb 2025 of in total USD 7.9 million

Agenda

Introduction / performance overview

Market review and commercial update

Financial update

Sustainability efforts

Market outlook

Commercial outlook and summary

Improved EEOI across both fleets in Q1 2025

Carbon intensity (EEOI)¹

.

201 201 2020 2021 2022 202 202 Q1 2025

• Fleet-wide carbon intensity decreased by 7% from Q4 2024 to Q1 2025
• Increased speeds • CABU fleet EEOI improved to 6.3, down from a temporary peak of 7.0 in Q4 driven by an intense caustic soda shipment program
• CLEANBU fleet EEOI declined to 6.3, from 6.5 in Q4, supported by improved trading patterns as MV Bass returned to combination trading, after two years operating solely as a tanker under time charter
• Average speed was slightly lower in Q1 than the full-year 2024, in line with a softer market environment

Ageing hull coatings

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KCC well positioned to capitalize on new IMO regulation

IMO Net-Zero Framework requires GHG intensity reduction vs. historical baseline:

Implied additional cost on heavy fuel oil, USD/tVLSFOe:1)

• Regulates the energy mix used by vessels on an annual basis
• Forces switch to lower-emission fuels or facing carbon tax of up to 380 USD/tCO2e
• Requires significantly reduced GHG intensity: 50-70% by 2040

IMO approves net-zero regulations for global shipping

1) Assumed compliance strategy is continued use of VLSFO, purchase SUs + RU1s. VLSFO 93, baseline 93.3 gCO2e/MJ. Costs per unit at RU1 100, RU2 380, SU 320 USD/tCO2e. Base trajectory starts at 96% in 2028, reduces 2%/yr to 2030, then 4.4%/yr to 2035, then 4%/yr. Direct reduction starts 83% in 2028, reduces 2/yr to 2030, then 4.4%/yr to 2035, then 5%/yr.

2) Calculations made in the important CLEANBU trade from Middle East to Argentina with return cargo of sugar from Brazil to the UAE. The calculations assume that market freight for standard dry bulk and product tankers are uplifted to cover the IMO regulatory costs.

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Agenda

Introduction / performance overview

Market review and commercial update

Financial update

Sustainability efforts

Market outlook

Commercial outlook and summary

Dry bulk and tanker market outlook – risks and opportunities

Oil demand looks relative healthy amidst US tariff policies and trade-war

"Hotter" crude tanker market support product tankers

OPEC+ hikes oil production – on the way to reverse the 2022 production cut of 2.2 mbd

OPEC production cuts/hikes Mbd

Aframax crude tankers outperform LR2 product tankers

LR2 non-eco VLSFO Aframax non-eco VLSFO

More LR2 vessels switch from clean petroleum (CPP) trading to crude oil (DPP) trading

of LR2 tankers in DPP and CPP

Are we also set for higher oil products trading / CPP shipping volumes…?

Falling crude oil prices – can forward oil pricing move into contango? Brent USD pb

Source: Bloomberg

Improving refinery margins

321 / crack spreads – USD pb

Asia gasoil crack (vs. Dubai)

Overall normalized CPP stock levels

Gasoil/diesel ARA stock level in 1,000 mt

US-China trade-war impacts dry bulk market

10 500 11 000 11 500 12 000 12 500 13 000 13 500 14 000 1-Feb 8-Feb 15-Feb 22-Feb 1-Mar 8-Mar 15-Mar 22-Mar 29-Mar 5-Apr 12-Apr 19-Apr 26-Apr P5TC Usd/day "Liberation day" "90 days pause"

Trade war "news flow" impacts dry bulk market Kamsarmax P5TC_82 FFA pricing Q2-Q4 2025 (\$/day)

Risks connected to US grain exports to China

US Exports seasonality 2021-2024 average (Supra/Pmx/Cape)

Strong start of the grain season

South American grain season in line with expectations

Daily avg. Panamax loadings Brazil (1,000 Dwt)

Optimism in Black Sea volumes – US exports uncertain

Daily average Panamax loading North Atlantic excl. Brazil

Positive effect from expected stronger capesize market

Strong growth in Capesize fronthaul volumes

Capesize shipments South/North Atlantic to Pacific - all commodities

30 35 40 45 50 55 60 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Millions tons/month range 21-23 24 25

Panamaxes capture coal shipments from the Capesizes

Daily average Panamax vs Cape Coal volumes – by month

USTR port fees for Chinese built vessels

First proposal 21 February → "Watered down" proposal 17 April → still uncertainties

Rules applicable for: Non-Chinese owned/operated vessels

• Apply from 14 October 2025
• Not applicable for non-Chinese built vessels (even if owned by a company owning Chinese built vessels)
• Only charged for first port of arrival (only one-time per voyage)
• Fee of \$0.18 per net ton (NRT)
• Annual fee escalation of +\$0.05 per net ton (NRT)

Exemptions

• For vessels arriving to US empty / in ballast (not applicable for vessels exporting cargo from the US)
• Vessels with capacity equal to or less than: 4,000 TEU, 55,000 DWT or an "individual bulk capacity of 80,000 DWT

KCC Exposure

• CABU fleet not exposed to the USTR port fee.
• CLEANBU fleet is built in China. One of three main CLEANBU trades involve trading to/from the USA.

KCC's Exposure dependent on :

• Definition of "Individual bulk capacity". If exemption for tankers = 55,000 DWT – CLEANBUs will be liable for USTR fees in trade to US
• To the extent LR1 tanker market freight will increase to absorb all or part of the new port fees

USTR port fees for Chinese built vessels – effect on the CLEANBU TCE earnings

	WORST CASE		BEST CASE
Exemption for tankers vessel size (up to and including)	<= 55,000 DWT	<= 55,000 DWT	<= 80,000 DWT
Market freight rate effect	None	Freight rates increase corresponding to e.g. 10-90% of additional port costs	N.a.
Extra port costs1) 2) for trade to/ from the US per RV	\$380,000	\$380,000	\$0
TCE-earnings effect1) on full RV	-\$2,500/day	-(\$250-2,250/day)	\$0
TCE-earnings effect1) CLEANBU (If US trade =1/3 of CLEANBU days3 ) )	-\$850/day	-(\$80-750/day)	\$0

Agenda

Introduction / performance overview

Market review and commercial update

Financial update

Sustainability efforts

Market outlook

Commercial outlook and summary

High CABU tanker/caustic soda contract coverage for 2025

Split of tanker and dry booking¹

% share of fleet as of 7 May 2025

Spot loating rate ixed rate

Q2 2025 TCE earnings supported by stronger markets

Dry bulk and tanker spot market development (\$/day) 1,2

Quarterly average dry bulk and tanker spot market development (\$/day)1,2

CABU Q2 2025 to date:

• Strong operational performance
• Positive effect on CABU floatingrate COAs from stronger Pacific MR-tanker market
• CABU dry bulk earnings driven by stronger dry bulk markets

High spot market exposure – target expanding COA coverage

Split of tanker and dry booking¹

% share of fleet as of 7 May 2025

*Based on expected contract days under booked COAs 1) Further details for contract coverage – see appendix page 38-39

Q2 2025 TCE earnings weakened by geopolitics and inefficiencies

Dry bulk and tanker spot market development (\$/day) 1

Quarterly average dry bulk and tanker spot market development (\$/day)1,2

• Less efficient operation with more waiting days
• Lower CPP/tanker trading higher dry bulk trading relative to Q1-2025
• Reduced US shipments due to uncertainties re. USTR port fees
• Increased trading East of Suez some phase-in costs to expand trades

CLEANBU

Q2 2025 guiding – CABUs leading the way

Q2 2025 TCE earnings¹ guiding vs. actual last two quarters

Estimate based on booked cargoes and expected employment for open capacity basis forward freight pricing (FFA)

1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM1Q2025" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q1 2025 report.

Getting the best out of peaking markets – overperforming in "normal" markets

Average KCC TCE earnings¹ vs. standard tonnage (\$/day)²

1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM1Q2025" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q1 2025 report.

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2) Standard tonnage assume one-month advance cargo fixing/"lag". Standard tonnage for bulk carriers are calculated averages of Panamax and Kamsarmax earnings and CABU and CLEANBU onhire days. Standard tonnage for product tankers are calculated averages of MR and LR1 earnings and CABU and CLEANBU onhire days. *H1 2025 based on KCC Q1 actual TCE earnings and Q2 guiding TCE earnings. Market rates are to date with one month lag as of 07.05.2025

FUTURE BOUND

Detailed 2025-2026 contract coverage – wet

Contract coverage (as per 7 May 2025)

CABU: CSS contract coverage

CLEANBU: CPP contract coverage

# of days	02 2025	2H 2025	2026
Fixed rate COA/TC/fixtures in the book	341
Floating rate COA		195
Total contract days	341	195
FFA coverage
Available wet days CLEANBU	443	790	16/2
Fixed rate coverage [CPP]	ਦਰ ਦੇ ਕੇ	0 %	0 %
Fixed rate coverage [veg oil]	18 %	0 %	0 %
Floating rate	0 %	25 %	0 %
Spot	23 %	75 %	100 %
1 217000000

Total wet contract coverage

Detailed 2025-2026 contract coverage – dry bulk

Contract coverage (as per 7 May 2025)

CABU: dry contract coverage

CLEANBU: dry contract coverage

# of days	Q2 2025 2H 2025		2026
Fixed rate COA/fixtures in the book	204
Floating rate COA		236
Sum	204	236
FFA coverage
Available dry days	278	526	1115
Fixed rate coverage	73 %	0 %	0 %
Floating rate coverage	0 %	45 %
Spot	27 %	55 %	100 %

Dry docking overview remaining 2024 and preliminary plan for 2025

(CAPEX in USD millions and off-hire in parenthesis)

Depreciations 2025: Following completed DDs in 2024 and 2025, we expect to see an increasingly recognized depreciation cost per quarter from in range 10-25% per quarter throughout 2025 (compared to Q4 2024). On an annual basis we expect depreciation cost for 2025 to be approximately in range 15-20 % higher than 2024.

Scheduled 2025 dry dockings:

essel	Type	docking and other technical ry upgrades	e iciency Energy measures	Estimated total (o hire cost days)	Timing
alboa	CA	2		(5 )	1 11 202 10 01 2025
akkedal	CA	2 1	0 0	( ) 2 1	0 0 2025 1 0 2025
a in	CA	2		(5 )	0 0 2025 0 05 2025
antry	CA	2	0 0	( 2) 2	mid rom une
aleen	C EA	2 5	0 0	( ) 2 5	Early uly
angor	CA	2 5	0 0	( 2) 2 5	Q
angus	C EA	2 5		( 0)	Q
aiacu	C EA	2		( 0) 2	Q
Total

Newbuild CAPEX overview

Estimated CAPEX¹ per vessel (USDm)

Name	Contract price	2023		2024			2025				2026
		Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
CABU III – 1560	USD 57.4m		5.74						5.74	8.61		5.74	31.57
CABU III – 1561	USD 57.4m		5.74						5.74		8.61	5.74	31.57
CABU III - 1562	USD 57.4m		5.74							5.74		8.61		5.74	31.57
Other costs1	USD 21.5m												12.602		9.002
Total	USD 193.8m		17.22						11.48	14.35	8.61	20.09	75.74	5.74	40.57

Payment structure

Milestone payments	Signing	Steel cutting	Keel laying	Launching	Delivery
% of total contract price	10%	10%	15%	10%	55%

1) Other cost swill include costs for change orders, supervision and project management fee, upstoring costs and energy efficiency investments. Delivery cost for vessel 1560 and 1561 = USD 6.3m per vessel. Delivery cost for vessel 1562 = USD 9.0m (including USD 2.7m related to installment of sails) 2)Timing not exact

Overview of actual dividend distribution compared to dividend policy

Dividend policy: KCC intends, on a quarterly basis (after the initial investment period 2019-2021), to distribute a minimum 80% of the adjusted cash flow to equity, i.e. EBITDA less debt service and maintenance cost as dividends to its shareholders, provided that all known, future capital and debt commitments are accounted for, and the company's financial standing remains acceptable.

Reconciliation of Adjusted Cash Flow to Equity (ACFE)

Period	E IT A1	cost2 Cash interest	rdinary debt repayments	docking ry cost including technical upgrades	Adjusted cash flow to 5 (AC E) equity	ividends	ividends/AC E
201	25	10	1	0		2	n.a.
2020	.1	12 .5	1 .		1	5.
2021	.1	1 .	2	12	1	11.0
2022	10 0	1 .	2 0	10 2	5 .	52
202	1	21 .1	2 .1	5.		2
202	12 .5	1	25 2	15.	.5	.5
Q1 2025	15.0				1.	2 .1	1 5

1) Income Statement, EBITDA

2) Interest paid to related parties, Interest expenses mortgage debt, Interest expenses bond loan, Amortization capitalized fees loans

3) Cash Flow Statement, Repayment of mortgage debt. For periods not stated separately in Cash Flow Statement, see note Financial assets and liabilities for some more information

4) Normal drydocking and technical upgrades, not included energy efficiency investments. See note Vessels for more information

5) ACFE = EBITDA – cash interest cost – ordinary debt service – dry docking and technical upgrades. KCC believes reconciliation of ACFE provides useful information for KCC's stakeholders to understand dividend payments in context of the Company's dividend policy.

6) Dividend for the relevant quarter, distributed the following quarter 7) Negative ACFE