SFL (SFL) Q4 2025 earnings summary

Executive summary

• Reported Q4 2025 revenues of $176 million and adjusted EBITDA of $109 million, with a net loss of $4.7 million or $0.04 per share, reflecting non-recurring items.

• Declared the 88th consecutive quarterly dividend of $0.20 per share, representing a yield of approximately 9%.

• Maintains a $3.7 billion charter backlog, with two-thirds contracted to investment-grade counterparties and a weighted average term of 6.5 years.

• Sold two 2015-built Suezmax tankers for $52 million net proceeds and invested $23 million in two 2020-built Suezmax tankers.

• Fleet consists of 57 maritime assets diversified across shipping and energy segments.

Financial highlights

• Q4 2025 operating revenues were $176 million, including $1.2 million profit share, with adjusted EBITDA of $109 million.

• Net loss of $4.7 million or $0.04 per share, impacted by a $23 million charter buy-out expense and $11.3 million gain on vessel sale.

• Cash and cash equivalents at year-end were $151 million, with $46 million undrawn credit lines.

• Book equity ratio at quarter-end was approximately 26%.

• Net cash provided by operating activities in Q4 2025 was $74.6 million.

Outlook and guidance

• Five 16,800 teu container vessels under construction, with $850 million in remaining capex, scheduled for delivery in 2028 and chartered on ten-year fixed rate contracts.

• $3.7 billion contracted backlog provides revenue visibility in volatile markets.

• Company may seek longer-term employment for Suezmax tankers currently in the spot market.

• Continued focus on long-term charters with investment-grade counterparties and asset diversification.

• Optimism for securing new employment for the idle Hercules rig, supported by industry consolidation and rising day rates.