FLEX LNG (FLNG) Q2 2025 earnings summary

Executive summary

• Q2 2025 vessel operating revenues were $86 million, with TCE at $72,000 per day, net income of $17.7 million, and adjusted net income of $24.8 million ($0.46 EPS); a $0.75 per share dividend was declared.

• A share buyback program was launched, with authorization up to $50 million or $15 million, and delisting from the Oslo Stock Exchange is set for September 15, 2025.

• Major refinancing activities included $175 million for Flex Courageous and new facilities for Flex Constellation and Flex Resolute, generating up to $132 million in liquidity and extending debt maturities.

• Strong contract backlog of 56 years minimum, potentially up to 85 years with options, underpins long-term earnings visibility.

• Dividend yield is 12% based on a $25 share price, with $3 per share paid over the last 12 months.

Financial highlights

• Q2 2025 net income was $17.7 million ($0.33 per share); adjusted net income was $24.8 million ($0.46 per share) after adjustments for derivatives and refinancing.

• Revenues for the first half of 2025 were $174.4 million, with Q2 vessel operating revenues at $86 million.

• Adjusted EBITDA for Q2 2025 was $62.6 million; H1 2025 was $128.1 million.

• Operating expenses for Q2 2025 were $18.2 million ($15,400 per day); H1 2025 opex per day was $15,422.

• Cash and cash equivalents stood at $413 million as of June 30, 2025.

Outlook and guidance

• Full year 2025 revenue guidance reaffirmed at $350 million–$370 million, with TCE per day of $72,000–$77,000.

• Adjusted EBITDA guidance for 2025 is $250 million–$270 million.

• Contract coverage for 2025 is 85.7%, with 14.5% spot exposure.

• Two remaining vessel drydockings scheduled for Q3 2025.

• Long-term outlook remains positive, supported by structural LNG demand and strong backlog.