Slide 1: Third Quarter 2025 Results Presentation
Third Quarter 2025 Results Presentation November 12, 2025 1
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 HARBOUR PROTECTIONS FOR FORWARD-LOOKING STATEMENTS IN ORDER TO ENCOURAGE COMPANIES TO PROVIDE PROSPECTIVE INFORMATION ABOUT THEIR BUSINESS.
Slide 3: Q3 Highlights
Q3 HIGHLIGHTS R TCE , N , E P S (EPS) EPS , A C TC Y R Y TCE , , Y A E IT A S Note: 1) Revenue figures exclude $2.0m in EU ETS income in Q3-2025. Vessel Operating Revenues were thus $86m; 2) Adjusted EBITDA, adjusted net income, adjusted EPS and TCE are non-GAAP measures. A reconciliation to the mos
Slide 4: High Contract Coverage and Earnings Visibility
HIGH CONTRACT COVERAGE AND EARNINGS VISIBILITY 53 years of minimum firm backlog which may grow to 80 years with charterers’ extension options C R NA R C E A NA E NA A R NA NA A NA O O 4
Slide 5: We Expect ~$340M in Revenues and Adj. EBITDA of ~$250M
WE EXPECT ~$340M IN REVENUES AND ADJ. EBITDA OF ~$250M Guiding for FY2025 Key metrics Expectations TCE rate ~340 ~250 Revenues Adj. EBITDA TCE R A E IT A 5
Slide 6: Earnings Belong to Shareholders
EARNINGS BELONG TO SHAREHOLDERS O S Dividend Dates S S Record date: November 28 Payment date: E Short-term outlook: December 11 M Soft spot market Next 12-18 months: High availability of C tonnage (relets) C Longer-term outlook: O Structural demand story remains intact Note: 1) Adjusted EPS is non-G
Slide 7: All Four Drydockings Completed on Time and on Budget
ALL FOUR DRYDOCKINGS COMPLETED ON TIME AND ON BUDGET Flex Aurora • Flex Aurora completed her five-year special survey in June, and went straight back to service with the charterer The average cost of all four Flex Resolute drydockings was ~$5.6m per • Flex Resolute completed her five-year special su
Slide 8: Key Financial Highlights
KEY FINANCIAL HIGHLIGHTS Revenues: TCE of ~$70,900/day in Q3- 2025 compared to ~$72,000 in Q2- R ( E A) 0 0 2025, explained by lower TCE from Flex Constellation and Flex Artemis. O ( ) ( ) 0 ( ) ( ) OPEX: Average vessel OPEX of ~$15,700/day in Q3-2025 vs. I ( ) ( ) 0 ( ) ( ) 0 ~$15,400/day in Q2. Ma
Slide 9: All-Time High Cash Position
ALL-TIME HIGH CASH POSITION Cash flow from Q2-2025 to Q3-2025, $m Net proceeds of $94m from refinancing of Flex Constellation and Flex Resolute in September. , C C O N S , N C N C 9
Slide 10: Robust and Clean Balance Sheet
ROBUST AND CLEAN BALANCE SHEET • 13 modern LNGCs (9x MEGIs, 4x X-DFs) • Average fleet age of 6.0 years per November 2025 • Completed $355m of new financing releasing $94m • All-time high cash position of $479m • Interest rate hedging: Swap portfolio of $775m fixed at average 2.46% for an average of
Slide 11: Fortress Balance Sheet
FORTRESS BALANCE SHEET S A S RC N C C 11
Slide 12: Spot Rates Spike on Rising US Volumes and Inefficiencies
SPOT RATES SPIKE ON RISING US VOLUMES AND INEFFICIENCIES Utilization drivers Spot rates for 2-strokes, ’ 250 2024 RECORD US EXPORT VOLUMES 200 2025 MORE LIFTINGS OUT OF AFRICA Average 2020-24 150 EGYPTIAN CONGESTION 100 50 EAST/WEST ARB MOVEMENTS 0 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37
Slide 13: Surge in European Demand at the Expense of Asian Importers
SURGE IN EUROPEAN DEMAND AT THE EXPENSE OF ASIAN IMPORTERS Largest LNG exporters by country/region YTD-2025, MT Largest LNG importers by country/region YTD-2025, MT Global LNG exports YTD-2025 Figures in ( ) are y/y change YTD-2025 v. YTD-2024 amounted to 350 MT (+3%) 67.9 MT 59.4 MT 87.3 MT (+3%) 1
Slide 14: Strong US LNG Exports Growth
STRONG US LNG EXPORTS GROWTH US LNG monthly exports to destination continents, MT 12 Key contributors to US LNG Europe Asia Americas Africa (Egypt) volume growth: 10 Plaquemines YTD-2024: - MT ∞% 8 YTD-2025: 12.2 MT 6 Corpus Christi YTD-2024: 12.1 MT +10% 4 YTD-2025: 13.3 MT Freeport 2 YTD-2024: 9.6
Slide 15: Newbuild Stabilized Price at ~$245M, Curbed New Orders YTD
NEWBUILD STABILIZED PRICE AT ~$245M, CURBED NEW ORDERS YTD LNGC newbuilding orders by order year, LNGC newbuild delivery, # vessels # vessels N O N Total O/B to fleet of ~40%, YT with less than 30 LNG newbuild prices, uncommitted newbuilds $m 270 Clarksons 250 SSY 230 210 190 170 Jan-21 Oct-21 Jul-2
Slide 16: Scrapping Hits New High in 2025, with Many More to Come
SCRAPPING HITS NEW HIGH IN 2025, WITH MANY MORE TO COME LNG vessels retired, # of vessels Age distribution of LNG fleet, # of vessels 4% 10% 33% T E M ST % of live fleet YT Source: Clarksons, SSY 16
Slide 17: Record High SPA Volumes Supporting New FIDs
RECORD HIGH SPA VOLUMES SUPPORTING NEW FIDs SPA contract volumes, MTPA FIDs per project and year, MTPA 90 Corpus Christi T8-9 79 Coral North FLNG 80 Southern Energy Cap Lopez FLNG FLNG 70 Plaquemines Rio Grande Phase 2 T4-5 60 Port Arthur Port Arthur 50 T1-2 T3-4 40 ZLNG Sabah Congo FLNG Qatar NFS C
Slide 18: New LNG Capacity Additions Driven by the US and Qatar
NEW LNG CAPACITY ADDITIONS DRIVEN BY THE US AND QATAR Liquefaction capacity outlook, Annual growth in liquefaction capacity, MTPA MTPA 800 N A Under Construction In Operation 600 R 400 200 0 2015 2018 2021 2024 2027 2030 Source: Rystad Energy, IEA 18 Note: 1) Liquefaction capacity includes volumes i
Slide 19: Q3 Highlights
Q3 HIGHLIGHTS R TCE , N , E P S (EPS) EPS , A C TC Y R Y TCE , , Y A E IT A S Note: 1) Revenue figures exclude $2.0m in EU ETS income in Q3-2025. Vessel Operating Revenues were thus $86m; 2) Adjusted EBITDA, adjusted net income, adjusted EPS and TCE are non-GAAP measures. A reconciliation to the mos
Slide 20: Thank you! Q&A
Ww Thank you! S Q&A