KCC Annual Report and Fourth Quarter 2025 — Ending the year positively with strong momentum set for 2026
Image*: MV Balder, KCC “CABU III” vessel delivered February 2026
Oslo, 13 February 2026: Klaveness Combination Carriers ASA (“KCC”) reported EBITDA of USD 22.6 million and Profit after tax of USD 10.4 million for the fourth quarter of 2025. For the full year 2025, EBITDA amounted to USD 79.8 million and Profit after tax to USD 33.4 million.
CEO Engebret Dahm commented: “Following a strong close to 2025, we are well positioned for 2026, backed by record-high bookings of caustic soda solution cargoes and the delivery of three CABU newbuildings during the first seven months of the year. With both product tanker and dry bulk markets providing solid support, KCC is set for a robust start to the year, with TCE guidance for Q1 at the highest level since Q3 2024.”
Highlights for Fourth Quarter 2025:
EBITDA of USD 22.6 million (Q3 2025: USD 24.0 million) and Profit after tax of USD 10.4 million (Q3 2025: USD 12.0 million).
CABU TCE earnings [2] of $31,840/day (Q3 2025: $30,062/day), outperforming the MR index by approximately 40% [1].
CLEANBU TCE earnings [2] of $26,851/day (Q3 2025: $27,740/day), approximately 10% above the LR1 index [1].
Q4 2025 dividend of USD 0.08 per share, amounting to USD 4.7 million (Q3 2025: USD 0.12 per share).
Secured a record-high caustic soda solution contract of affreightment portfolio for 2026.
Lowest quarterly fleet carbon intensity ever with an EEOI of 5.8, while full-year 2025 remains off target.
While delivering the strongest quarterly average TCE earnings per day in 2025, fourth quarter 2025 EBITDA was 6% lower and Profit after tax declined 14% versus the previous quarter, primarily due to more off-hire related to dry-dockings and higher OPEX and administrative costs.
For the full year 2025, EBITDA reached USD 79.8 million compared to USD 126.5 million in 2024, while Profit after tax was USD 33.4 million, down from USD 81.4 million in 2024. Return On Equity (ROE) [2] was 9% and Return On Capital Employed (ROCE) [2] was 7% for 2025. Average TCE earnings [2] of the fleet decreased approximately $9,100/day/26% in 2025 compared to 2024. Weaker product tanker and dry bulk markets and higher depreciations had a negative impact on the financial results when comparing 2025 to 2024, slightly offset by lower costs and more on-hire days.
Total dividends for 2025, including dividends for Q4 to be distributed in 2026, amount to USD 16.9 million and equal 87% of the adjusted cash flow to equity (ACFE) [2].
While carbon intensity (EEOI) was 32% lower than that of standard vessels in the same trades and was down approximately 8% from 2024 to 2025, KCC’s EEOI of 6.1 for 2025 fell short of the 5.8 target for the year.
KCC’s newbuild program in China continued to progress on time and on budget. The first vessel, MV Balder, was delivered on 6 February 2026 with the two sister vessels expected to join the fleet in April and July 2026, respectively.
The 2026 outlook and the start of the year for the CABU business are strong. Caustic soda solution contract bookings for 2026 ended around 20% higher compared to 2025, securing the employment of the full capacity of the growing CABU fleet in combi-trading to/from Australia. In addition, the 32-month COA for caustic soda solution to Brazil secures continued employment of the 25-year-old CABU vessel MV Barcarena from March 2026, with a solid earnings contribution from Q2 2026, considering the vessel’s age and COA duration. The CLEANBUs have also started the year on a positive note supported by a strong product tanker market and a higher share of CLEANBU capacity trading in tanker trades in Q1 2026 relative to the last quarters. The CABU fleet TCE guidance for Q1 2026 is $28,500-29,500/day and the CLEANBU fleet TCE guidance is $34,500-36,500/day [3].
[1] Standard tonnage for bulk carriers is calculated averages of Panamax and Kamsarmax earnings weighted by CABU and CLEANBU on-hire days respectively. Standard tonnage for product tankers is calculated averages of MR and LR1 earnings weighted by CABU and CLEANBU on-hire 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.
[2] 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 “APM4Q2025” published on the Company’s homepage Investor Relations/Reports and Presentations under the section for the Q4 2025 report. The address to the Company’s homepage is: www.combinationcarriers.com.
[3] Estimate based on booked cargoes and expected employment for open capacity basis forward freight pricing (FFA).
Invitation to presentation of Q4 2025 financial results
In connection with the release of financial results for the fourth quarter of 2025, Klaveness Combination Carriers ASA (“KCC”) will hold a webcast presentation at 09:00 CET on Friday 13 February, 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-q4-2025-financial-results.
Questions for the Q&A session can be submitted in writing through the webcast solution during the presentation.
About Klaveness Combination Carriers ASA
KCC is the world leader in combination carriers, owning and operating nine CABU and eight CLEANBU combination carriers with two CABU vessels under construction for delivery in 2026. 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 efficiency, the vessels emit up to 40% less CO2 per transported ton compared to standard tanker and dry bulk vessels in current and targeted combination trading patterns.
For further queries, please contact:
Engebret Dahm, CEO
Telephone: +47 957 46 851
Liv Dyrnes, CFO and Deputy CEO
Telephone: +47 976 60 561
*Image credit: Hu Jun Liang, DNV