Flex Lng Ltd. · NYSE:FLNG
Flex Lng — 32nd Energy Conference (Pareto Securities), Oslo, September 2025
14 slides from Flex Lng's conference presentation, Sep 11, 2025
Slide 1: 32nd Energy Conference
32nd Energy Conference Oslo, September 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: Flex LNG Investment Highlights
FLEX LNG INVESTMENT HIGHLIGHTS 13x modern two-stroke LNGCs (4x X-DFs and 9x MEGIs) with an average age of 5.8 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 55 years of minimum charter backlog,
Slide 4: High Contract Coverage and Earnings Visibility
HIGH CONTRACT COVERAGE AND EARNINGS VISIBILITY 55 years of minimum firm backlog which may grow to 84 years with charterers’ extension options 5 8 piry essels 4 4 4 4 4 4 n rm nc op ons C R NA R C E A NA E NA 4 4 A 4 4 R 4 4 4 NA A 4 4 NA O O 4
Slide 5: Fortress Balance Sheet
FORTRESS BALANCE SHEET SOURCE: Figures as of Q2-2025 5 NOTE: 1) Subject to customary closing conditions of refinancing of Flex Resolute
Slide 6: Strong Pull from Europe, but the Arb to Asia About to Open
STRONG PULL FROM EUROPE, BUT THE ARB TO ASIA ABOUT TO OPEN TTF: $11.4/MMBtu US Gulf to NW Europe: Henry Hub: $3.1/MMBtu $/MMBtu JKM: $11.8/MMBtu Cargo margin: ~$19m US Gulf to JKT region: HH T S M T $/MMBtu Cargo margin: ~$16m HH T S M T Source: Spark, October assessments of TTF and JKM from CME as
Slide 7: Surge in European Demand at the Expense of Asian Importers
SURGE IN EUROPEAN DEMAND AT THE EXPENSE OF ASIAN IMPORTERS Top LNG exporters, YTD-2025, MT -3% +2% -1% Top LNG importers, YTD-2025, MT -3.0 MT +5.4 MT -0.7 MT % = Percentage change YTD-2025 from YTD-2024 + MT = Absolute change YTD-2025 from YTD-2024 84 91 -8% +23% -5% -1.8 MT +15.1 MT -2.6 MT +2% 5
Slide 8: High Vessel Availability Continues to Keep a Lid on Spot Rates
HIGH VESSEL AVAILABILITY CONTINUES TO KEEP A LID ON SPOT RATES Spot rates (2-stroke), $’ y Vessel availability, # vessels 250 50 2024 Atlantic 2025 Middle East 200 Average 2020-24 40 Pacific Spark 5 yr Average 150 30 100 20 50 10 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
Slide 9: Term Rates Currently Hover at $75-80,000/Day
TERM RATES CURRENTLY HOVER AT $75-80,000/DAY LNG newbuild price (lhs), and 5-year and 10-year TC rates (rhs) $ $ y , , , 5 5 5 5 5 58 58 55 55 55 55 55 55 , 5 5 5 5 5 4 48 48 48 4 4 4 , M y M y M y M y O O O M M M A A A N N N A A A A S S S Source: SSY, Clarksons 9
Slide 10: Substantial Newbuild Deliveries Over the Next Months
SUBSTANT AL N WBU LD D L R SO R TH N XT 4 MONTHS… LNGC newbuild delivery, # of vessels Total O/B to fleet of ~42%. N ~280x new 2-strokes being delivered High newbuild prices discourage speculative ordering Source: Fearnleys, SSY, Clarksons 10
Slide 11: Accelerated Scrapping of Aging LNG Steamships
…ACC L RAT SCRAPP NG OF AG NG LNG ST AMSH PS ST vessels on water to ay… …albeit > % are i ling or in lay-up… …will accelerate scrapping LNG fleet on water, # vessels Idle vessels by propulsion, # of vessels LNG vessels retired, # of vessels y Avg. age of T E ST 4 19.4 years ST 8 SSD 706 vessels 12 v
Slide 12: North America Drives Growth in New Liquefaction Supply
NORTH AMERICA DRIVES GROWTH IN NEW LIQUEFACTION SUPPLY Project Project developer Status Capacity (MTPA) Start Plaquemines T1-28 Ramping up 15.5 MTPA 2024/25 LNG Canada Ramping up 14 MTPA 2024 Corpus Christi Midscale Ramping up 10 MTPA 2024/25 Golden Pass Under construction 18 MTPA 2025/26 Rio Grande
Slide 13: Third Wave of LNG Will Add >200 MTPA in New Capacity
THIRD WAVE OF LNG WILL ADD >200 MTPA IN NEW CAPACITY Global liquefaction capacity, MTPA 1st wave: 2nd LNG wave: 3rd LNG wave: 800 2006-’10 2015-’20 2025-’30: USA – >200 MTPA or Qatar adds Australia adds ~40 Under construction +45% growth ~50 MT MT, and US add or planned >60 MT 600 Qatar – Under cons
Slide 14: Thank you! Q&A
Ww Thank you! S Q&A
Flex LNG — 32nd Energy Conference (Pareto Securities), Oslo, September 2025 on 6ix