Recently I have stumbled upon DigiKam software which uses intenally Libraw library as a raw conversion engine.
I have tried to convert one of the images I have using DigiKam with all conversion settings disabled/set to default (i.e. gamma 1.0, no auto brightness, camera wb, no expsoure correction) and only I have an input a custom icc profile and output color space set to AdobeRGB. The output looks like this here (https://imgur.com/a/rJ3pS2b)

However, when I do "almost" the same using Libraw library from the cmd (dcraw_emu.exe) which is compiled already with LCMS I get totally different results (https://imgur.com/a/bKtVuXZ) where colors are not as bright and shiney as they look in DigiKam's output.
the parameters I used for Libraw are (-4 -T -w -p custom.icc -o AdobeRGB.icc -o 0) which are supposed to match the default settings of DigiKam.

Any idea why Libraw cmd output looks kinda washed-out and with different colors?