FLEX LNG (FLNG) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached $85.7 million, with net income at $16.8 million and adjusted net income of $23.5 million; EPS was $0.31 and adjusted EPS $0.43, with an all-time high cash balance of $479 million driven by vessel refinancings.

• Board declared a $0.75 per share dividend for the 17th consecutive quarter, with a trailing twelve-month yield of 11%.

• FY2025 guidance includes revenues of ~$340 million, TCE/day of $71,000–$72,000, and adjusted EBITDA of ~$250 million.

• Strong contract backlog with 53 years minimum firm coverage, potentially rising to 80 years if all options are exercised; 80% of 2026 days are covered.

• All four scheduled 2025 drydockings completed on time and within budget.

Financial highlights

• Fleet average TCE for Q3 2025 was $70,900–$70,921 per day; full-year 2025 TCE expected at $71,000–$72,000 per day.

• Adjusted EBITDA for Q3 2025 was $61.2 million; FY2025 projected at $250 million.

• Operating expenses for Q3 were $18.8 million ($15,700 per day), in line with full-year guidance.

• Interest expenses for the first nine months fell by $10 million year-over-year due to improved financing terms and lower base rates.

• Cash and cash equivalents reached $478.7–$479 million as of September 30, 2025.

Outlook and guidance

• FY2025 revenue expected at ~$340 million, with adjusted EBITDA of ~$250 million and strong revenue visibility from contract backlog.

• No debt maturities before 2029, providing financial flexibility.

• Dividend policy remains shareholder-friendly, with continued focus on balance sheet strength and contract coverage.

• Short- to medium-term freight market expected to remain challenging due to newbuild deliveries ahead of new export capacity.

• Increased scrapping of older vessels anticipated to help balance supply.