FLEX LNG (FLNG) investor relations material

Executive summary

• Q3 2025 vessel operating revenues reached $85.7 million, with a TCE rate of $70,921 per day and net income of $16.8 million; adjusted net income was $23.5 million, and EPS was $0.31 (adjusted EPS $0.43).

• Cash and cash equivalents hit a record $479 million, driven by vessel refinancings and strong operational cash flow.

• A $0.75 per share dividend was declared for the 17th consecutive quarter, with a trailing twelve-month yield of 11%.

• Strong contract backlog with 53 years minimum firm coverage, potentially rising to 80 years if all options are exercised; 80% of 2026 days are covered.

• FY2025 guidance: revenues of ~$340 million, TCE/day of $71,000–$72,000, and adjusted EBITDA of ~$250 million.

Financial highlights

• Q3 2025 net income was $16.8 million (EPS $0.31), with adjusted net income of $23.5 million (adjusted EPS $0.43); adjusted EBITDA was $61.2 million.

• Fleet average TCE for Q3 was $70,921 per day; full-year 2025 TCE expected at $71,000–$72,000 per day.

• Operating expenses for Q3 were $18.8 million ($15,682 per day), in line with full-year guidance.

• Book value of vessels stood at $2,119.2 million; total long-term debt increased to $1,874.6 million after refinancing.

• Total equity at quarter-end was $738.3 million, down from $762.0 million in Q2 due to dividend distributions.

Outlook and guidance

• FY2025 revenue expected at ~$340 million, with adjusted EBITDA of ~$250 million and TCE guidance of $71,000–$72,000 per day.

• No debt maturities before 2029, providing financial flexibility.

• Short- to medium-term freight market expected to remain challenging due to newbuild deliveries ahead of new export capacity, but long-term demand remains robust.

• Increased scrapping of older vessels anticipated to help balance supply.

• Three drydockings planned for 2026.