Financial Data and Key Metrics Changes - Revenues for Q4 2025 were $96.5 million, with an operating income of $8.4 million on a fully reported basis, or $28.6 million when excluding the impact of a non-cash impairment related to the Bodil Knutsen [4] - Net income on a fully reported basis was a loss of $6.2 million, whereas it was net income of $14 million when excluding the impairment [4] - Adjusted EBITDA was $59.3 million, and as of December 31, 2025, the company had $137 million in available liquidity, consisting of $89 million in cash and cash equivalents and $48 million in undrawn capacity on credit facilities, which was $11.8 million higher than September 30 [4] Business Line Data and Key Metrics Changes - The company operated with a 99.5% utilization rate, accounting for the scheduled dry docking of Synnøve Knutsen, resulting in an overall utilization of 96.4% [5] - A cash distribution of $0.026 per common unit was declared following Q4, paid in February [5] Market Data and Key Metrics Changes - The markets in both Brazil and the North Sea are tightening, driven by FPSO startups, ramp-ups, expansions, and technology-driven increases in production [8] - The backlog as of December 31, 2025, was sustained at $929 million in fixed contracts averaging 2.6 years, with potential for more if all options are exercised [8] Company Strategy and Development Direction - The company is focused on capital allocation decisions, including distributions, buybacks, and investments in the fleet, with no direct formula for prioritizing these options [26][36] - The company is encouraged by its refinancing experiences and the strong signal regarding lenders' continued appetite for financing [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the tightening market and expanding backlog, indicating a positive momentum heading into spring 2026 [7] - The company noted that Petrobras continues to deploy significant capital expenditures into a long-term FPSO pipeline, which is expected to increase shuttle tanker demand [12][13] Other Important Information - The company entered into a $71.1 million senior secured term loan facility to refinance Synnøve Knutsen early in Q4 [5] - The discussions regarding the unsolicited offer from KNOT to buy publicly owned common units were concluded with no transaction recommended [3] Q&A Session Summary Question: Has there been a valuation of KNOP in connection with the TSSI bond issue? - Management indicated that anyone interested in the bond's circumstances should refer to the offering materials, as they were not directly aware of any valuation exercises on KNOP [17] Question: What is the rationale behind reducing the useful life of vessels from 23 to 20 years? - Management explained that the useful life is a measure of how long a vessel is expected to stay with the current owner, and clients typically prefer vessels under 20 years [19] Question: What will it take for the dividend to come back? - Management stated that capital allocation is continually assessed by directors, and there is no direct formula for when to increase distributions [26] Question: Will the annual general meeting be scheduled for this year? - Management confirmed the intention to satisfy the obligation to hold a meeting during 2026 [28] Question: How is the company prioritizing adding vessels to the fleet? - Management noted that there is no direct priority among capital allocation options, and all are considered simultaneously [36]

Financial Data and Key Metrics Changes - Revenues for Q4 2025 were $96.5 million, with an operating income of $8.4 million on a fully reported basis, or $28.6 million when excluding the impact of a non-cash impairment related to the Bodil Knutsen [4] - Net income on a fully reported basis was a loss of $6.2 million, whereas it was net income of $14 million when excluding the impairment [4] - Adjusted EBITDA was $59.3 million, and as of December 31, 2025, the company had $137 million in available liquidity, consisting of $89 million in cash and cash equivalents and $48 million in undrawn capacity on credit facilities, which was $11.8 million higher than September 30 [4] Business Line Data and Key Metrics Changes - The company operated with a 99.5% utilization rate, accounting for the scheduled dry docking of Synnøve Knutsen, resulting in an overall utilization of 96.4% [5] - The company secured a time charter for Fortaleza Knutsen with KNOT to commence in Q2 2026, lasting between 1-3 years [6] Market Data and Key Metrics Changes - The markets in Brazil and the North Sea are tightening, driven by FPSO startups, ramp-ups, expansions, and technology-driven increases in production [7][8] - The backlog as of December 31, 2025, was $929 million in fixed contracts averaging 2.6 years, with potential for more if all options are exercised [8] Company Strategy and Development Direction - The company is focused on capital allocation decisions, including distributions, buybacks, and investments in the fleet through drop-downs, which are essential for fleet rejuvenation [11][12] - The company is encouraged by its refinancing experiences and the strong signal regarding lenders' continued appetite for financing [10] Management's Comments on Operating Environment and Future Outlook - Management noted a strong financial position compared to previous years and emphasized that capital allocation decisions are under continual review [26][27] - The company believes that shuttle tanker demand will absorb the current order book, indicating a medium-term shortage of shuttle tankers against forthcoming production [13] Other Important Information - The company has a fleet of 19 vessels with an average age of 10.2 years and is continuing to repay debt at a rate of $90 million or more per year [9] - The average margin on floating rate debt during Q4 was 2.2% over SOFR [10] Q&A Session Summary Question: Has there been a valuation of KNOP in connection with the TSSI bond? - Management indicated that anyone interested in the bond's circumstances should refer to the offering materials, as they are not directly aware of valuation exercises on KNOP [17] Question: What is the rationale behind reducing the useful life of vessels from 23 to 20 years? - Management explained that the useful life is a measure of how long a vessel is expected to stay with a current owner, and clients typically prefer vessels under 20 years [19] Question: What will it take for the dividend to come back? - Management stated that capital allocation is continually assessed by directors, and there is no direct formula for when dividends will be increased [26] Question: Are there any priorities for drop-downs versus dividends or debt repayment? - Management clarified that there is no working priority among different capital allocation options, and all are considered simultaneously [35]

25.03.2026 25.03.2026 December 31, 2024, and any subsequent reports on Form 6-K. 4Q 2025 March 2026 (NYSE:KNOP) Forward-looking statements This presentation contains certain forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) that reflect management's current view and involve known and unknown risks and are based upon assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control ...

Financial Data and Key Metrics Changes - Revenues for Q2 2025 were $87.1 million, with operating income at $22.2 million and net income at $6.8 million, while adjusted EBITDA was $51.6 million [3][11] - Available liquidity as of June 30, 2025, was $104 million, consisting of $66.3 million in cash and cash equivalents and $38.5 million in undrawn credit facilities, which is $4 million higher than at the end of Q1 [3][11] Business Line Data and Key Metrics Changes - The company operated with full utilization, achieving an overall utilization rate of 96.8%, despite the start of two dry dockings [3] - The backlog as of June 30, 2025, was extended to $895 million in fixed contracts, averaging 2.6 years [9] Market Data and Key Metrics Changes - The shuttle tanker market is tightening in both Brazil and the North Sea, driven by Floating Production Storage and Offloading (FPSO) startups and ramp-ups [8][9] - The average age of the fleet was reduced from 10.1 years to 9.7 years with the addition of a new vessel [9][28] Company Strategy and Development Direction - The company aims to continue growth through acquisitions while maintaining high operational utilization and safe operations [17] - The strategy includes increasing the pipeline of long-term contracts, fleet growth, and reducing the average fleet age [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the financial outlook, citing positive momentum in the shuttle tanker market and the company's ability to address debt maturities [12] - The company is focused on capital allocation towards both growth and returns to unit holders, indicating a balanced approach to fleet expansion and distribution increases [27] Other Important Information - The company declared a cash distribution of $0.026 per common unit, paid in August [4] - A $10 million unit buyback program was initiated, with 226,000 common units repurchased at an average price of $7.24 per unit [6][10] Q&A Session Summary Question: Delivery timeline for Dakin Connexion - Management confirmed that the Dakin Connexion was delivered on July 2, 2025, the same day it was announced [19][20] Question: Future dropdowns and fleet growth - Management indicated that they do not have a specific timing for future dropdowns but will respond to opportunities as they arise, emphasizing the importance of financial capacity [20][22] Question: Contracting discussions for older vessels - Management stated that their business model focuses on operating vessels rather than trading them, and they are actively discussing contracts for older vessels with clients [26] Question: Balancing fleet growth and distribution increases - Management explained that fleet growth and returns to unit holders are both important and can be pursued simultaneously, with the buyback program being a smaller component compared to fleet acquisitions [27][28]

Core Insights - Three stocks with strong value characteristics and a buy rank are highlighted for investors: KNOT Offshore Partners LP, Natural Gas Services Group, Inc., and Penguin Solutions, Inc. [1][2][3] Company Summaries - **KNOT Offshore Partners LP (KNOP)**: - Zacks Rank: 1 - Earnings estimate increase: 44.9% over the last 60 days - Price-to-earnings ratio (P/E): 9.80 (industry average: 16.00) - Value Score: A [1] - **Natural Gas Services Group, Inc. (NGS)**: - Zacks Rank: 1 - Earnings estimate increase: 18.6% over the last 60 days - Price-to-earnings ratio (P/E): 17.43 (S&P 500 average: 23.48) - Value Score: B [2] - **Penguin Solutions, Inc. (PENG)**: - Zacks Rank: 1 - Earnings estimate increase: 14.2% over the last 60 days - Price-to-earnings ratio (P/E): 13.03 (S&P 500 average: 23.48) - Value Score: A [3]

Financial Data and Key Metrics Changes - Revenues for Q1 2025 were $84 million, with operating income at $23.4 million and net income at $7.6 million. Adjusted EBITDA was reported at $52.2 million [4] - The company closed Q1 with $101 million in available liquidity, consisting of $67 million in cash and cash equivalents, plus $34 million in undrawn capacity on credit facilities [4] - The company operated with a 99.5% utilization rate, accounting for the start of two drydockings, resulting in an overall utilization of 96.9% [4] Business Line Data and Key Metrics Changes - The partnership has a strong contracted revenue position of $854 million at the end of Q1, with fixed contracts averaging 2.3 years in duration [6] - The economic rationale for exercising transfer options has strengthened, with expectations for these options to be taken up due to market tightness [7] Market Data and Key Metrics Changes - Significant growth is anticipated in production fields relying on shuttle tankers, particularly in Brazil and the North Sea [5] - The company noted a projected shortage of shuttle tanker capacity in the coming years, necessitating newbuild orders [5] Company Strategy and Development Direction - The company aims to pursue long-term charter visibility and accretive dropdowns to support long-term cash flow generation [14] - The strategy includes increasing revenue backlog while lowering the average fleet age through dropdowns from the sponsor [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding industry dynamics and the partnership's positioning to benefit from market conditions [4] - The company is cautiously optimistic about securing additional coverage in the current tight market, with 96% of fixed charter coverage for the last three quarters of 2025 [12] Other Important Information - The company has a strong track record of refinancing success, even in less favorable market environments [10] - The average maturity of interest rate hedges is one and a half years, with new hedges being put in place as suitable terms arise [29] Q&A Session Summary Question: Timing of potential dropdowns from the sponsor - Management stated that each potential transaction is reviewed individually, and there is no clear timing for dropdowns [21][22] Question: Anticipated refinancing terms - Management indicated that they are working towards refinancing at similar or better terms, with ongoing discussions with lenders [25] Question: Impact of expiring interest rate hedges - Management noted that while the average maturity is one and a half years, new interest rate hedges will be put in place as suitable terms are available [29] Question: Details on refinancing specific facilities - Management clarified the timeline for refinancing various facilities, with some due in August to November 2025 [40] Question: Valuation and loan-to-value considerations - Management explained that banks generally use mark-to-market valuations for determining loan-to-value ratios [44][46] Question: Stability of ship valuations - Management confirmed that ship valuations have held steady, with no significant depreciation despite the aging fleet [51] Question: Future cash flow expectations - Management indicated that the full impact of dropdowns will be seen in the second quarter, leading to a potential increase in free cash flow [65]

Financial Data and Key Metrics Changes - Revenues for Q1 2025 were $84 million, with operating income at $23.4 million and net income at $7.6 million. Adjusted EBITDA was £52.2 million [4] - The company closed Q1 with $101 million in available liquidity, consisting of £67 million in cash and cash equivalents, plus £34 million in undrawn capacity on credit facilities [4] - The company operated with a 99.5% utilization rate, accounting for the start of two drydockings, resulting in an overall utilization of 96.9% [4] Business Line Data and Key Metrics Changes - The partnership has a strong contracted revenue position of $854 million at the end of Q1, with fixed contracts averaging 2.3 years in duration [6] - The economic rationale for exercising transfer options has strengthened, with expectations for these options to be taken up due to market tightness [6] Market Data and Key Metrics Changes - Significant growth is anticipated in production fields relying on shuttle tankers, particularly in Brazil and the North Sea [5] - The company noted a continued shortage of shuttle tanker capacity projected in the coming years, necessitating newbuild orders [5] Company Strategy and Development Direction - The company aims to pursue long-term charter visibility and accretive dropdowns to support long-term cash flow generation [14] - The strategy includes increasing revenue backlog while lowering the average fleet age through dropdowns from the sponsor [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding industry dynamics and the partnership's positioning to benefit from market conditions [4] - The company is cautiously optimistic about securing additional coverage in the current tight market, either through extensions or new charters [12] Other Important Information - The company has a typical pattern of refinancing debt facilities on comparable terms, with a good track record of refinancing success [10] - The average maturity of interest rate hedges is one and a half years, with new hedges being put in place as suitable terms arise [29] Q&A Session Summary Question: Timing of potential dropdowns from the sponsor - Management stated that each potential transaction is reviewed individually, and there is no clear timing for dropdowns as it depends on when vessels are offered [22] Question: Anticipated refinancing terms - Management indicated they are working towards refinancing at similar or better terms, with ongoing discussions with lenders [24] Question: Impact of interest rate hedges expiring - Management noted that while interest rate hedges will expire, new hedges are put in place on a rolling basis when attractive terms are available [30] Question: Long-term debt increase explanation - The increase in long-term debt was primarily due to a vessel swap transaction that involved assuming $73 million of debt, but the net increase was only $47 million due to debt repayments [72] Question: Future charter rates and renewals - Management could not comment on specific charter rates but indicated that there is typically a small escalation in option terms at renewals [86] Question: Market conditions and demand for shuttle tankers - Management acknowledged that the market is currently tight, which positions the company favorably for future contracts [92] Question: Comparison of dropdowns versus share buybacks - Management emphasized that the board's focus is on fleet growth and capital value rather than share buybacks, although they consider both options [105]

Financial Performance - Q1 2025 - Revenues reached $84 million[7] - Operating income was $234 million[7] - Net income amounted to $76 million[7] - Adjusted EBITDA stood at $522 million[7] - Available liquidity as of March 31, 2025, was $1008 million, including $673 million in cash and $335 million from an undrawn credit facility[7] Operational Highlights - Fleet utilization was 995%, or 969% overall when considering drydocking schedules for the Raquel Knutsen and Windsor Knutsen[7] - A cash distribution of $0026 per common unit was paid in May 2025[7] - The company is repaying debt at approximately $90+ million per year[8] Contractual and Fleet Updates - The contractual backlog expanded to $854 million of fixed contracts, averaging 23 years[8] - Charterers' options average an additional 47 years[8] - The fleet consists of 18 vessels with an average age of 98 years[8] - The Live Knutsen was purchased and the Dan Sabia was sold in a swap transaction with Knutsen NYK[9, 13]