FLEX LNG (FLNG) investor relations material

Executive summary

• Q1 2026 revenues reached $80.5 million ($78 million excluding EUAs), with net income at $19.5 million and adjusted net income at $16.9 million; EPS was $0.36 and adjusted EPS $0.31.

• 91% of 2026 available days are fixed, with a contract backlog of 54 years, potentially up to 81 years if all options are exercised.

• Significant contract extensions and new charters secured, including Flex Resolute and Flex Courageous extended to 2032, Flex Aurora fixed for a two-year firm charter with options up to eight years, and Flex Constellation commencing a 15-year charter.

• Three drydockings scheduled for 2026, with two completed ahead of schedule and the third set for May; average cost per drydocking is $6 million.

• 19th consecutive quarterly dividend of $0.75 per share declared, totaling $3 per share over the last 12 months (9.2% yield).

Financial highlights

• Revenues for Q1 2026 were $80.5 million ($78 million excluding EUAs), down sequentially due to fewer available days and scheduled drydockings.

• Net income was $19.5 million ($0.36 per share); adjusted net income was $16.9 million ($0.31 per share), with adjusted EBITDA at $53.2 million.

• Cash and cash equivalents at quarter-end were $389 million; long-term debt was $1,821 million.

• Cash flow from operations was $37 million, impacted by an $18 million negative change in working capital and $9 million in drydock expenses.

• Dividend per share for the last twelve months was $3.00, implying a yield of ~9.2%.

Outlook and guidance

• Full-year 2026 revenue guidance increased to $345–$370 million (up ~10%), TCE guidance raised to $73,000–$78,000 per day (up 8%), and adjusted EBITDA expected at $255–$280 million (up 11%).

• 91% of remaining 2026 days are covered by firm contracts.

• Market outlook remains cautious due to geopolitical risks and newbuilding delivery schedule, but long-term demand outlook is robust.