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SFL (SFL) investor relations material

SFL Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary11 Feb, 2026

Executive summary

  • Reported Q4 2025 revenues of $176 million and adjusted EBITDA of $109 million, with a net loss of $4.7 million or $0.04 per share, reflecting non-recurring items.

  • Declared the 88th consecutive quarterly dividend of $0.20 per share, representing a yield of approximately 9%.

  • Maintains a $3.7 billion charter backlog, with two-thirds contracted to investment-grade counterparties and a weighted average term of 6.5 years.

  • Sold two 2015-built Suezmax tankers for $52 million net proceeds and invested $23 million in two 2020-built Suezmax tankers.

  • Fleet consists of 57 maritime assets diversified across shipping and energy segments.

Financial highlights

  • Q4 2025 operating revenues were $176 million, including $1.2 million profit share, with adjusted EBITDA of $109 million.

  • Net loss of $4.7 million or $0.04 per share, impacted by a $23 million charter buy-out expense and $11.3 million gain on vessel sale.

  • Cash and cash equivalents at year-end were $151 million, with $46 million undrawn credit lines.

  • Book equity ratio at quarter-end was approximately 26%.

  • Net cash provided by operating activities in Q4 2025 was $74.6 million.

Outlook and guidance

  • Five 16,800 teu container vessels under construction, with $850 million in remaining capex, scheduled for delivery in 2028 and chartered on ten-year fixed rate contracts.

  • $3.7 billion contracted backlog provides revenue visibility in volatile markets.

  • Company may seek longer-term employment for Suezmax tankers currently in the spot market.

  • Continued focus on long-term charters with investment-grade counterparties and asset diversification.

  • Optimism for securing new employment for the idle Hercules rig, supported by industry consolidation and rising day rates.

Suezmax charter release: expected returns?
Energy segment Q4 loss: What are the drivers?
Newbuild container capex: financing strategy?
Suezmax long-term charter strategy
Hercules rig employment triggers?
Capital allocation for growth vs. dividend
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Frequently asked questions

SFL Corporation Ltd. engages in the ownership and operation of vessels, which includes crude oil tankers, chemical carriers, clean product tankers and gas carriers; provision of offshore support services including platform supply services through a fleet of vessels providing logistics support to the oil and gas exploration, field development and production activities offshore and in the shallow waters; provision of ship management services to third parties through an associated company comprising, among others, crew management, technical management, procurement and accounting services; investment in real estate properties; investment holding and provision of general administrative services. SFL Corporation Ltd. was incorporated in 2003 and is based in Hamilton, Bermuda.

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