FLEX LNG (FLNG) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenues reached $87.5 million, with TCE of $71,100 per day and net income of $21.6 million; adjusted net income was $23.3 million and adjusted EPS $0.43.

• Full-year 2025 revenues totaled $340 million, with adjusted EBITDA of $251 million and TCE averaging $71,728 per day.

• Declared a $0.75 per share dividend for Q4 2025, maintaining a strong track record and totaling $3.00 per share for the year, with a yield of approximately 11.5%.

• Appointed Marius Foss as CEO, following his interim tenure and prior role as Chief Commercial Officer.

• Four drydockings completed in 2025, with Flex Volunteer completed in January 2026 and Flex Aurora redelivery expected in March 2026.

Financial highlights

• Adjusted EBITDA for 2025 was $251 million; adjusted net income $101 million; Q4 adjusted EBITDA was $61.8 million.

• Cash and cash equivalents at year-end were $448 million; book equity ratio at 27%; long-term debt was $1,848.2 million.

• Total equity at year-end was $719.3 million, reflecting dividend distributions and net income.

• Interest expenses for 2025 declined to $92.6 million, down $13 million year-over-year, reflecting refinancing benefits.

• $41 million distributed to shareholders in dividends; $27 million in scheduled debt repayments.

Outlook and guidance

• 2026 revenue guidance: $310–$340 million; TCE: $65,000–$75,000 per day; adjusted EBITDA: $225–$255 million.

• Up to three vessels exposed to the spot market in 2026, with wide guidance ranges reflecting market volatility.

• 2026 OpEx budgeted at $16,000 per day, up due to maintenance and crew cost inflation.

• Three drydockings planned for 2026, with average cost of $5.9 million per docking.

• No debt maturities before 2029, following $530 million in refinancing during 2025.