FLEX LNG (FLNG) investor relations material

Executive summary

• Achieved Q2 2026 revenues of $106.8 million and net income of $44.9 million, the highest since Q4 2021, with basic EPS of $0.83 and adjusted EPS of $0.79, more than double the previous quarter.

• Declared a $0.75 per share dividend for the twentieth consecutive quarter, totaling $3 per share over the last 12 months and a 12-month yield of ~9.7%.

• Maintained robust contract coverage with 51 years minimum firm backlog and up to 89% coverage for 2026.

• Flex Artemis and Flex Volunteer benefited from strong spot market performance; all 13 vessels completed five-year drydockings.

• Strong financial position and contract backlog underpin ongoing dividend policy.

Financial highlights

• Revenues reached $106.8 million (or $102.7 million excluding EUAs), driven by strong spot earnings and new contracts.

• Adjusted EBITDA was $79.0 million, up from $53.2 million in Q1 2026.

• Operating expenses averaged $16,260 per day in Q2, with full-year guidance at $16,000 per day.

• Cash and cash equivalents stood at $397.4 million as of June 30, 2026.

• Net cash provided by operating activities was $76.8 million, up from $9.7 million in Q1 2026.

Outlook and guidance

• Full-year 2026 revenue guidance maintained at $345–$370 million, with TCE expected at $73,000–$78,000 per day and adjusted EBITDA at $255–$280 million.

• No dry dockings scheduled for 2027; next scheduled drydockings set for 2028.

• Market outlook remains cautious due to volatile spot market, high vessel availability, and geopolitical risks.

• Longer-term outlook: structural demand for LNG remains strong.