FLEX LNG (FLNG) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenues were $89.5 million, with net income of $45.2 million, adjusted net income of $30.8 million, and EPS of $0.84, all in line with guidance.

• Full-year 2024 revenues reached $355–356.3 million, with adjusted EBITDA of $272.9–$273 million and net income of $117.7 million.

• Secured a 15-year charter for Flex Constellation starting 2026 and extended charters for Flex Courageous and Flex Resolute.

• Declared a Q4 dividend of $0.75/share, totaling $3 per share for 2024 (~12% yield), with 14 consecutive quarters of stable payouts.

• Initiated process to delist from Oslo Stock Exchange to reduce regulatory costs, maintaining NYSE listing.

Financial highlights

• Q4 vessel operating revenues were $90.9 million, with net freight income of $89.5 million and $1.4 million EU ETS compensation offset by voyage expenses.

• Technical uptime for the fleet was 99.7% for 2024, with only 33 days of dry docking.

• Cash balance at year-end stood at $437–$437.2 million; long-term debt was $1,810–$1,810.2 million.

• Adjusted net income for Q4 was $30.8 million; full-year adjusted net income was $127.7–$128 million.

• $610 million in dividends paid over the last 3.5 years; $161.7 million paid in 2024.

Outlook and guidance

• 2025 revenues are guided at $340–$360 million, with TCE rates expected at $72,000–$75,000/day and adjusted EBITDA of $250–$270 million.

• Four ships scheduled for special five-year surveys in 2025, resulting in ~80 days off-hire and $22 million in CAPEX.

• Dividend policy remains stable, supported by strong cash and backlog.

• Management expects 2025 performance to mirror 2024 despite a soft market.