Slide 1: First Quarter 2026 Result Presentation
First Quarter 2026 Result Presentation 13 May 2026 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 HARBOR PROTECTIONS FOR FORWARD-LOOKING STATEMENTS IN ORDER TO ENCOURAGE COMPANIES TO PROVIDE PROSPECTIVE INFORMATION ABOUT THEIR BUSINESS.
Slide 3: Q1 Highlights
Q1 HIGHLIGHTS R TCE N E P S (EPS) EPS R C A TC C Y R ( ) TCE ( ) A E T A ( ) S Note: 1) Revenue figures exclude EUAs; 2) Adjusted EBITDA, adjusted net income, adjusted EPS and TCE are non-GAAP measures. A reconciliation to the most directly comparable GAAP measure is included in the earnings report;
Slide 4: Two of three drydockings completed so far in 2026
TWO OF OUT THREE DRYDOCKINGS COMPLETED SO FAR IN 2026 • Flex Volunteer completed her 5-year special survey in January, and commenced trading in the spot market • Flex Freedom completed her 5-year special survey in March, and went straight back to service with the charterer • Flex Vigilant is expecte
Slide 5: High contract coverage and earnings visibility
HIGH CONTRACT COVERAGE AND EARNINGS VISIBILITY 54 years of minimum firm backlog which may grow to 81 years with charterers’ extension options C R NA R C E A NA E NA A R NA A NA NA O S 5
Slide 6: Guidance upgrade: expectations of improved FY2026 results
GUIDANCE UPGRADE: EXPECTATIONS OF IMPROVED FY2026 RESULTS FY2026 TCE rate, ’ FY2026 Revenues1, $m FY2026 Adj. EBITDA, $m 10% 11% 8% O R O R O R Note: Growth from Old to Revised is based on mid-point figures; 1) Excl. EUAs 6
Slide 7: Earnings belong to shareholders
EARNINGS BELONG TO SHAREHOLDERS O S Dividend Dates S S Ex-Date: May 29 Payment Date: E Short-term outlook: June 11 M Firm 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-GAAP measures.
Slide 8: Financial highlights in Q1-2026
FINANCIAL HIGHLIGHTS IN Q1-2026 R ( E A) 4 88 R O ( ) ( ) 1 ( ) A ( ) ( ) 8 ( ) G ( ) 5 ( ) 1 OPE EPS ( ) 4 1 Y OPE A E T A( ) 8 1 4 A ( ) 4 1 5 A EPS ( ) 1 RC Note: 1) Adjusted EBITDA, adjusted net income, and adjusted EPS are non-GAAP measures. A reconciliation to the most directly comparable GAAP
Slide 9: Solid cash position
SOLID CASH POSITION Cash flow from Q4-2025 to Q1-2026, $m Receivables build-up during the quarter negatively impacted cash flow in the quarter C C O M 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 6.5 years per May 2026 • Robust cash position of $389m • Interest rate hedging: Swap portfolio of $775m fixed at average 2.46% for an average of 2.5 years. Hedge ratio of ~70% until mid-2027 • Book equity ra
Slide 11: Global LNG trade continues to grow despite Qatari shortfall
GLOBAL LNG TRADE CONTINUES TO GROW DESPITE QATARI SHORTFALL Top LNG exporters, YTD-2026, MT +14% +3% +4% Top LNG importers, YTD-2026, MT +6.1 MT +4.2 MT +1.9 MT % = Percentage change YTD-2026 from YTD-2025 + MT = Absolute change YTD-2026 from YTD-2025 48 +9% -% +1.0 MT +0.1 MT -45% -12.4 MT +2% +0.5
Slide 12: A tale of two countries: Qatari shortfall outweigh US growth
A TALE OF TWO COUNTRIES: QATARI SHORTFALL OUTWEIGH US GROWTH US LNG monthly export volumes, MT Qatari LNG monthly export volumes, MT 1 8 MTPA or 1 % of QatarEnergy’s liquefaction S P C C capacity is damaged, and QatarEnergy has declared force majeure on LNG supply to its offtakers P O M A M A S O N
Slide 13: Strong US–Asia flows persist despite low EU storage levels
STRONG US–ASIA FLOWS PERSIST DESPITE LOW EU STORAGE LEVELS US LNG exports to destination continents, Y/Y growth MT EU natural gas storage inventory, % of full 5 100 Europe Asia Americas/Africa 4 90 80 3 70 2 60 1 50 0 40 -1 33 30 10Y-range -2 20 2026 -3 US–Asia LNG flows continue to strengthen, poin
Slide 14: Shift toward longer-haul trade boosts tonne-mile demand
SHIFT TOWARD LONGER-HAUL TRADE BOOSTS TONNE-MILE DEMAND Average sailing distance, Nautical miles 6,000 5,500 5,000 4,500 4,000 3,500 2019 2020 2021 2022 2023 2024 2025 2026 Source: Clarksons 14
Slide 15: Newbuild orders to surpass 2025, term rates strengthen
NEWBUILD ORDERS TO SURPASS 2025, TERM RATES STRENGHTEN LNG newbuild orders by order year, LNG newbuild prices, Term rates, # vessels $m ’ 160 290 N 140 270 5-year TC 120 250 10-year TC 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 Mar-23 Dec-23 Sep-24 Jun-
Slide 16: Substantial newbuild deliveries over the next 24 months
SUBSTANTIAL NEWBUILD DELIVERIES OVER THE NEXT 24 MONTHS LNG newbuild delivery, # vessels O N Newbuild orderbook (O/B) of ~295 vessels, implying OB-to-fleet of ~40%. QatarEnergy controls ~85 of these vessels. 16 Source: SSY, Affinity, Clarksons
Slide 17: Spot market strength expected to persist through 2026
SPOT MARKET STRENGTH EXPECTED TO PERSIST THROUGH 2026 2-strokes spot rate, ’ 300 2025 2026 Average 2021-25 Spark 250 Shipbrokers' assessment 200 150 100 50 0 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 Source: Spark, Fearnleys, SSY 17
Slide 18: Liquefaction capacity expected to rise 50% in the coming years
LIQUEFACTION CAPACITY EXPECTED TO RISE 50% IN THE COMING YEARS Liquefaction capacity per country, MTPA Operating Under construction Rest of World 0 50 100 150 200 250 Source: Rystad 18
Slide 19: Q1 Highlights
Q1 HIGHLIGHTS R TCE N E P S (EPS) EPS R C A TC C Y R ( ) TCE ( ) A E T A ( ) S Note: 1) Revenue figures exclude EUAs; 2) Adjusted EBITDA, adjusted net income, adjusted EPS and TCE are non-GAAP measures. A reconciliation to the most directly comparable GAAP measure is included in the earnings report;
Slide 20: Thank you! Q&A
Ww Thank you! S Q&A