Slide 1: First Quarter 2025 Results Presentation
First Quarter 2025 Results Presentation May 21, 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: Q1 Highlights
Q1 HIGHLIGHTS Note: 1) Revenue figures excludes $1.6m in EU ETS income in Q1-2025. Vessel Operating Revenues were thus $88.4m; 2) Adjusted EBITDA, adjusted net income, adjusted EPS and TCE are non-GAAP measures. A reconciliation to the most directly comparable 3 GAAP measure is included in the earni
Slide 4: High Contract Coverage and Earnings Visibility
HIGH CONTRACT COVERAGE AND EARNINGS VISIBILITY 59 years of minimum firm backlog which may grow to 88 years with charterers’ extension options C R NA R C E A NA E NA A R NA A NA O O 4
Slide 5: We Maintain Our FY2025 Guidance
WE MAINTAIN OUR FY2025 GUIDANCE We will carry out five-year special surveys of Guiding for FY2025 four ships in 2025, total of ~80 days off-hire: Flex Aurora and Flex Resolute in Q2, Flex Artemis and Flex Amber in Q3. We budget Key metrics Expectations $5.5m in CAPEX per dry-dock. = FY2024 TCE rate
Slide 6: Earnings Belong to Shareholders
EARNINGS BELONG TO SHAREHOLDERS Short-term outlook: Soft spot market Next 12-18 months: High availability of tonnage (relets) Longer-term outlook: Structural demand story remains intact Note: 1) Adjusted EPS is non-GAAP measures. A reconciliation to the most directly comparable GAAP measure is inclu
Slide 7: Financial Highlights in Q1-2025
FINANCIAL HIGHLIGHTS IN Q1-2025 R ( E A) O ( ) ( ) 5 ( ) TCE , , , S I ( ) ( ) ( ) A , C G ( ) ( ) M A OPE , EPS ( ) 9 5 , Y OPE , R A E IT A ( ) 5 , A ( ) 85 A EPS ( ) Note: 1) Adjusted EBITDA, adjusted net income, adjusted EPS and TCE are non-GAAP measures. A reconciliation to the most directly co
Slide 8: Healthy Cash Position Which Is Set to Grow
HEALTHY CASH POSITION WHICH IS SET TO GROW Cash flow from Q4-2024 to Q1-2025, $m 8
Slide 9: Robust and Clean Balance Sheet
ROBUST AND CLEAN BALANCE SHEET • 13 modern LNGCs (9x MEGIs, 4x X-DFs) • Average fleet age of ~5.5 years per May 2025 • Ample cash position of $410m • Book equity ratio of 30% although the fleet was acquired at historical low prices compared to , ’ , thus reflect historical cost adjusted with regular
Slide 10: Swap Portfolio: Well Covered at Attractive Levels
SWAP PORTFOLIO: WELL COVERED AT ATTRACTIVE LEVELS Hedge ratio1 Q1-25, $m S H • As of Q1-2025, our interest rate swap portfolio stood at $700m (notional) with a weighted avg. rate of 2.09% , and a weighted avg. duration of 3.5 years , • In March and April, we added $250m of interest rate swaps in Apr
Slide 11: Balance Sheet Optimization 3.0 – Aim to Free Up ~$120M
BALANCE SHEET OPTIMIZATION 3.0 – AIM TO FREE UP ~$120M • Initiated refinancing process of Flex Courageous, Flex Resolute, and Flex Constellation with the aim of releasing ~$120m in net proceeds, reduce cost of debt, and extend debt maturities • Secured attractive Japanese Operating Lease («JOLCO») f
Slide 12: Fortress Balance Sheet
FORTRESS BALANCE SHEET A STABLE CASH FLOWS CAPITAL AVAILABLE WITH LIMITED CAPEX LIABILITIES SUPPORTS THE FLEX LNG LOW CARRY COST AND FIRST DEBT MATURITY JOURNEY IN DECEMBER 2028 o ¥ & Sustainable cash flows from long $410m in available cash and 2025 capex liability limited to Strong balance sheet wi
Slide 13: Our 7th Annual ESG Report Released Today
OUR 7TH ANNUAL ESG REPORT RELEASED TODAY Our seventh annual ESG report according to KEY HIGHLIGHTS 2024: SASB guidelines, which includes information 0.00 about: Lost Time Injury Frequency • Environmental footprint of fuel use 0 • Ecological impacts number of spills • Business ethics • Health & safet
Slide 14: Delisting Process from Oslo Stock Exchange
DELISTING PROCESS FROM OSLO STOCK EXCHANGE • T O S E (“OSE”) • We expect OSE will conclude the application process within Q2-2025 and that the last day of trading on OSE will be some time in the 2nd half of 2025 • The last day of trading is decided by OSE and will be announced by a separate stock ex
Slide 15: Europe Replaced Asia as the LNG Demand Sink
EUROPE REPLACED ASIA AS THE LNG DEMAND SINK Top LNG exporters, YT-2025, MT -5% +1% +21% Top LNG importers, YTD-2025, MT -2.3 MT +1.6 MT +8.1 MT % = Percentage change YTD-2025 from YTD-2024 + MT = Absolute change YTD-2025 from YTD-2024 47 -5% -3% -0.6 MT -7% -1.4 MT -1.9 MT +1% 45 +1.4 MT -24% -6.1 M
Slide 16: Newbuilding Prices Stabilized, Long-Term Rates at ~$85,000/Day
NEWBUILDING PRICES STABILIZED, LONG-TERM RATES AT ~$85,000/DAY , , , , , O O O M M M A A A M M M M N N N A A A S S S Source: SSY, Clarksons 16
Slide 17: Our Backlog Insulates Us from Near Term Fleet Growth
OUR BACKLOG INSULATES US FROM NEAR TERM FLEET GROWTH LNGC newbuild delivery, # of vessels N High newbuild prices discouraging speculative ordering Source: Fearnleys, SSY 17
Slide 18: Weak Outlook for Older Steam Tonnage Accelerates Scrapping
WEAK OUTLOOK FOR OLDER STEAM TONNAGE ACCELERATES SCRAPPING Idle vessels by propulsion, # of vessels LNG vessels retired, # of vessels Older steam turbine ships are redelivered from long-term TCs T E into a weak market. YTD-2025, three vessel are confirmed sold ST for recycling YT Source: SSY, Clarks
Slide 19: Third Wave of LNG Will Add >200 MTPA in New Capacity
THIRD WAVE OF LNG WILL ADD >200 MTPA IN NEW CAPACITY Liquefaction supply, MTPA 900 1st wave: 2nd LNG wave: 3rd LNG wave: 2006-’ 0 2015-’ 0 2026-’30 800 Qatar adds ~50 MT Australia adds ~40 MT, USA – and US add >60 MT Under construction 700 Qatar – or planned Under construction 600 or planned 500 USA
Slide 20: Q1 Highlights
Q1 HIGHLIGHTS Note: 1) Revenue figures excludes $1.6m in EU ETS income in Q1-2025. Vessel Operating Revenues were thus $88.4m; 2) Adjusted EBITDA, adjusted net income, adjusted EPS and TCE are non-GAAP measures. A reconciliation to the most directly comparable 20 GAAP measure is included in the earn
Slide 21: Thank you! Q&A
Ww Thank you! S Q&A