Dynagas LNG Partners (DLNG) Q4 2025 earnings summary

Executive summary

• Reported strong financial results for Q4 and full year 2025, highlighting business resilience and stability.

• Declared a Q4 2025 distribution of $0.050 per common unit, paid February 27, 2026.

• Repurchased 148,933 common units for $0.5M in Q4 2025; repurchase program renewed for another year with $10M authorization.

• Fully contracted fleet under long-term charters, minimizing exposure to short-term market volatility; all six LNG carriers are fixed on term contracts with strong counterparties and average remaining charter duration is ~4.9 years.

Financial highlights

• Q4 2025 net income was $15.7M and EPS was $0.38; adjusted net income was $14.1M and adjusted EPS was $0.34.

• Q4 2025 adjusted EBITDA was $26.9M; fleet utilization was 98.8%.

• Full year 2025 net income was $61.6M and EPS was $1.38; adjusted net income was $57.1M and adjusted EPS was $1.26.

• Full year 2025 adjusted EBITDA was $109.2M; fleet utilization was 99.3%.

• Q4 2025 voyage revenues were $40.0M, operating income $18.8M; full year voyage revenues $156.6M (flat YoY).

Outlook and guidance

• 100% of fleet contracted for 2026 and 2027, 64% for 2028, and 50% for 2029 (basis earliest delivery).

• Contracted revenue backlog is $0.84B with average remaining contract term of 5.1 years.

• Clean Energy vessel to enter new, higher-rate charter in April 2026, expected to boost revenues.