FLEX LNG (FLNG) Pareto Securities' 32nd Annual Energy Conference presentation summary

Investment highlights

• Operates 13 modern LNG carriers with an average age of 5.8 years and low newbuild costs compared to current market prices.

• Maintains a minimum charter backlog of 55 years, potentially extending to 84 years with options.

• Strong balance sheet with $413m in cash at Q2 and no debt maturities before 2029; capex limited to drydocking.

• Paid out $690m in dividends since Q4-2021, with a last twelve months dividend yield of approximately 11.8%.

• Listed on NYSE with a market cap of $1.4bn and high daily trading volume.

Contract coverage and fleet profile

• High earnings visibility with long-term fixed rate contracts and limited near-term market exposure.

• Fleet includes vessels with firm contract expiries ranging from 2025 to 2043, with several options for extension.

• 55 years of minimum firm backlog, potentially growing to 84 years with charterers' options.

Market dynamics and LNG trade

• European LNG demand surged in 2025, with imports up 23% year-over-year, while Asian imports declined.

• US LNG exports increased by 20% YTD 2025, while Russian and Australian exports declined.

• Cargo margins for US Gulf to Europe and Asia remain strong, with $19m and $16m per cargo, respectively.