SFL (SFL) Q3 2026 earnings summary

Executive summary

• Q3 operating revenue was $201.6m, adjusted EBITDA was $122m, net income was $37.4m and basic EPS was $0.26.

• Declared a $0.22/share quarterly dividend, the 91st consecutive quarterly dividend.

• Fixed-rate charter backlog was $5.0bn at September 30, 2026, with a 7.1-year weighted remaining term.

• Fleet comprised 66 maritime assets across containerships, car carriers, gas carriers, tankers, energy and dry bulk.

Financial highlights

• Operating revenue was $201.6m versus $200.8m in Q2 2026; operating income was $56.0m versus $65.2m.

• Net income was $37.4m versus $33.8m in Q2; basic EPS was $0.26 versus $0.25.

• Adjusted EBITDA was $122m, including $7.9m from associates; consolidated adjusted EBITDA was $113.7m.

• Net cash provided by operating activities was $87.3m.

Outlook and guidance

• Six Hapag-Lloyd 15,400 TEU containerships received seven-year extensions through 2035–2036, adding $750m to backlog; three ammonia carriers’ long-term charters add at least $247m.

• Two 8,800 TEU vessels with eight-year charters are due in H2 2027; three 93,000 CBM VLACs with long-term charters are due in H2 2028.

• Remaining newbuilding commitments were $1.7bn, expected to be funded with cash on hand and secured credit facilities; 14 newbuildings are scheduled for delivery from H2 2027 through 2029.

• Hercules is preparing for a 400-day Canadian drilling campaign expected to start in March 2027, with elevated preparation expenses expected in Q4 and Q1.