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SFL (SFL) investor relations material

SFL Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary11 Nov, 2025

Executive summary

  • Reported Q3 2025 revenue of $178 million, adjusted EBITDA of $113 million, and net income of $8.6 million or $0.07 per share, reflecting operational stability.

  • Declared 87th consecutive quarterly dividend of $0.20 per share, totaling $2.9 billion returned to shareholders and a yield over 10%.

  • Charter backlog stands at $4.0 billion, with over two-thirds contracted to investment-grade counterparties, ensuring strong cash flow visibility.

  • Ongoing fleet renewal and optimization through divestment of older vessels and investment in fuel efficiency, including LNG-capable vessels and newbuildings.

  • Nearly $100 million invested in vessel efficiency upgrades and retrofits since 2023.

Financial highlights

  • Q3 2025 revenue was $178 million, including $1.8 million from profit share; adjusted EBITDA reached $113 million.

  • Net income for the quarter was $8.6 million, or $0.07 per share.

  • Ended the quarter with $278 million in cash and $44 million in undrawn credit lines, totaling $322 million in liquidity.

  • Operating expenses were $69 million, down from $86 million in the previous quarter due to vessel divestitures and fewer dry dockings.

  • Net cash provided by operating activities was $66.8 million for Q3 2025.

Outlook and guidance

  • Focus remains on investing in accretive growth opportunities, supported by strong liquidity and undrawn credit lines.

  • $850 million in capital expenditures remain for five large container newbuildings, expected to be funded through pre- and post-delivery financing.

  • Continued emphasis on fleet modernization, energy efficiency, and long-term charters with strong counterparties.

  • Contracted fixed rate charter backlog was approximately $4.0 billion with a weighted average remaining term of 6.5 years.

  • Investment capacity remains for new transactions across segments, with no specific guidance on timing or segment allocation.

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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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