Flex Lng Ltd. · NYSE:FLNG

Flex Lng — Pareto Securities' 33rd Annual Energy Conference 2026

14 slides from Flex Lng's conference presentation, Sep 17, 2026

  1. Slide 1: 33rd Annual Energy Conference

    33rd Annual Energy Conference Oslo, September 2026 1

  2. Slide 2: Disclaimer

    DISCLAIMER MATTERS DISCUSSED IN THIS PRESS RELEASE MAY CONSTITUTE FORWARD-LOOKING STATEMENTS. THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 PROVIDES SAFE HARBOR PROTECTIONS FOR FORWARD-LOOKING STATEMENTS IN ORDER TO ENCOURAGE COMPANIES TO PROVIDE PROSPECTIVE INFORMATION ABOUT THEIR BUSINESS.

  3. Slide 3: Flex LNG Investment Highlights

    FLEX LNG INVESTMENT HIGHLIGHTS 13x modern two-stroke LNGCs (4x X-DFs and 9x MEGIs) with an average age of 6.8 years. Modern Ordered at the right time in the cycle, avg. all-in newbuild cost of $185m, vs. LNGC fleet current newbuild prices of ~$250m High earnings 50 years of minimum charter backlog,

  4. Slide 4: Disciplined Capital Allocation

    DISCIPLINED CAPITAL ALLOCATION 1 2 3 INVESTING FINANCING DIVIDEND Invest when expected return Optimize funding to lower Invest or return excess cash exceeds return requirement the cost of capital to shareholders LNGC newbuild price, $m Quarterly dividend, $m 275 • Right time of the cycle 250 225 Con

  5. Slide 5: High Contract Coverage and Earnings Visibility

    HIGH CONTRACT COVERAGE AND EARNINGS VISIBILITY 50 years of minimum firm backlog which may grow to 77 years with charterers’ extension options 0 0 7 0 0 0 0 essels n rm nc op ons C R NA R C E A NA E NA A R NA A NA NA O S 5

  6. Slide 6: Supply Disruption and Softer Demand Pushed Trade Down 2%

    SUPPLY DISRUPTION AND SOFTER DEMAND PUSHED TRADE DOWN 2% Top LNG exporters, YTD-2026, MT +13% -2% -2% Top LNG importers, YTD-2026, MT +11.2 MT -4.4 MT -1.9 MT % = Percentage change YTD-2026 from YTD-2025 +/- MT = Absolute change YTD-2026 from YTD-2025 5 89 -64% -5% -34.6 MT -4.0 MT +12% +2.4 MT 0 +3

  7. Slide 7: Middle East Volume Loss Mitigated by Strong US Growth

    MIDDLE EAST VOLUME LOSS MITIGATED BY STRONG US GROWTH US liquefaction capacity is up 15 Weekly LNG exports from Qatar & UAE, MT Monthly US LNG export per facility, MT MT Y/Y (+22%), a result of ramp 3.0 12 up of new liquefaction capacity Other 2025 Sabine Pass 2026 Corpus Christi 2.5 10 Plaquemines

  8. Slide 8: Low EU Storage Sets Up a Tug-of-War with Asia for US LNG

    LOW EU STORAGE SETS UP A TUG-OF-WAR WITH ASIA FOR US LNG US LNG exports to Europe and Asia Y/Y, MT European gas storage levels, % of full 12 100 2020 2021 2022 2023 2024 2025 H1-26 10 90 8 80 6 70 68% 4 60 2 50 0 10Y-range -2 40 2026 -4 30 2025 Other -6 20 Asia -8 10 Europe -10 0 Q1 Q3 Q1 Q3 Q1 Q3 Q

  9. Slide 9: Elevated Natgas Prices Could Unlock Attractive Arbitrage

    ELEVATED NATGAS PRICES COULD UNLOCK ATTRACTIVE ARBITRAGE Spot LNG trading at premium to crude OIL LNG TTF1: $28.3/MMBtu $108 $164 Henry Hub1: $2.9/MMBtu JKM1: $29.7/MMBtu Source: 1) S&P Platts front month October 9 Note: Assume large cargo of 4 trillion BTU or approx. 172,000 cbm. Barrel of oil equi

  10. Slide 10: High Vessel Availability Prior to Seasonal Demand Pull

    HIGH VESSEL AVAILABILITY PRIOR TO SEASONAL DEMAND PULL Vessel availability, # of vessels Spot rates 2-strokes, $/day 30 300 2025 Pacific Middle East Atlantic 5 yr Average 2026 25 250 Average 2021-25 Spark 20 200 15 150 10 100 5 50 0 0 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 1 4 7 10 13 16

  11. Slide 11: Substantial Newbuild Deliveries Over the Next 24 Months

    SUBSTANTIAL NEWBUILD DELIVERIES OVER THE NEXT 24 MONTHS LNG newbuild delivery, # vessels O Newbuild orderbook (O/B) N of ~290 vessels, implying OB-to-fleet of ~38% 11 Source: SSY, Affinity, Clarksons

  12. Slide 12: Newbuild Ordering Activity Is Back as Prices Stabilize

    NEWBUILD ORDERING ACTIVITY IS BACK AS PRICES STABILIZE LNG newbuild orders by order year, LNG newbuild prices, Term rates, # vessels $m $’ y 290 160 5-year TC N 140 10-year TC 270 120 250 100 230 80 210 60 190 40 170 20 150 0 YT Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 Jun-22 Jun-23 Jun-24 Jun-25 J

  13. Slide 13: Continued High SPA Volumes Supporting New FIDs

    CONTINUED HIGH SPA VOLUMES SUPPORTING NEW FIDs LNG SPA volumes signed per year, MTPA FIDs per project in 2026, MTPA 120 H1 H2 100 Brownsville/Texas LNG Delfin Phase 2 4 MPTA 8.8 MTPA Ksi Lisims LNG 80 12 MTPA LNG Canada 60 Phase 2 14 MTPA Delfin 4.4 MTPA 40 Commonwealth 9.5 MTPA 20 CP2 Phase 2 14 MT

  14. Slide 14: Thank you! Q&A

    Ww Thank you! S Q&A

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