Slide 1: Second Quarter 2026 Result Presentation
Second Quarter 2026 Result Presentation 19 August 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: Q2 Highlights
Q2 HIGHLIGHTS R TCE , N , E P S (EPS) EPS , A C LNG C R R R TCE , , R A E IT 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 repor
Slide 4: All three drydockings in 2026 successfully completed
ALL THREE DRYDOCKINGS IN 2026 SUCCESSFULLY COMPLETED Flex Volunteer • Flex Volunteer completed her 5-year special The average cost of all survey in January, and commenced trading in three drydockings was the spot market ~$6m per vessel, with each completed within the budgeted Flex Freedom 20 days •
Slide 5: High contract coverage and earnings visibility
HIGH CONTRACT COVERAGE AND EARNINGS VISIBILITY 51 years of minimum firm backlog which may grow to 78 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: We maintain our FY2026 guidance
WE MAINTAIN OUR FY2026 GUIDANCE Guiding for FY2026 Key metrics Expectations TCE rate Revenues Adj. EBITDA 2 1 TCE R A E IT A2 Note: 1) Revenue figures exclude EUAs; 2) Adjusted EBITDA and TCE are non-GAAP measures. A reconciliation to the most directly comparable GAAP measure is included in the earn
Slide 7: Earnings belong to shareholders
EARNINGS BELONG TO SHAREHOLDERS O S Dividend Dates S S Ex-Date: September 3 Payment Date: E Short-term outlook: September 17 Volatile spot market M Next 12-18 months: L High availability of C tonnage (relets) C Longer-term outlook: Structural demand O story remains intact Note: 1) Adjusted EPS is no
Slide 8: Financial highlights in Q2-2026
FINANCIAL HIGHLIGHTS IN Q2-2026 R ( E A) 7 8 R O ( ) ( ) 5 ( ) ( ) 1 A C A , I ( ) ( ) 5 ( ) ( ) 7 M G ( ) ( ) 18 OPE , EPS ( ) 7 5 M E W Y , OPE A E IT A ( ) 58 A ( ) 5 5 L A EPS ( ) 7 1 RC Note: 1) Adjusted EBITDA, adjusted net income, and adjusted EPS are non-GAAP measures. A reconciliation to th
Slide 9: Solid cash position
SOLID CASH POSITION Cash flow from Q1-2026 to Q2-2026, $m Strong earnings, combined with the collection of receivables, improved operational cash flow in the quarter M , C C O , NWC NWC 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 6.8 years per August 2026 • Robust cash position of $397m • Interest rate hedging: Swap portfolio of $775m fixed at average 2.46% for an average of 2.3 years. Hedge ratio of ~70% until mid-2027 , • Book equi
Slide 11: LNG trade down <1% YTD, with Atlantic gains offsetting Qatar
LNG TRADE DOWN <1% YTD, WITH ATLANTIC GAINS OFFSETTING QATAR Top LNG exporters, YTD-2026, MT +14% -1% -2% Top LNG importers, YTD-2026, MT +6.1 MT -1.3 MT -1.3 MT % = Percentage change YTD-2026 from YTD-2025 +/- MT = Absolute change YTD-2026 from YTD-2025 78 -62% -4% -29.4 MT -3.1 MT +11% +1.9 MT +3%
Slide 12: Middle East volume loss mitigated by strong US growth
MIDDLE EAST VOLUME LOSS MITIGATED BY STRONG US GROWTH US liquefaction capacity is up 14 Weekly LNG exports from Qatar & UAE, MT Monthly US LNG export per facility, MT MT Y/Y (+23%), result of ramp up 12 of new liquefaction capacity 3.0 2025 Other 2026 Sabine Pass 2.5 10 Corpus Christi Combined Qatar
Slide 13: 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 2020 2021 2022 2023 2024 2025 H1-26 100 10 90 8 80 6 70 4 60 61% 2 50 0 -2 40 10Y-range -4 30 2026 Other -6 20 Asia 2025 -8 10 Europe -10 0 Q1 Q3 Q1 Q3 Q1 Q3 Q
Slide 14: High ordering activity persists as newbuild prices stabilize
HIGH ORDERING ACTIVITY PERSISTS AS NEWBUILD PRICES STABILIZE LNG newbuild orders by order year, LNG newbuild prices, Term rates, # vessels $m ’ 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-2
Slide 15: 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 ~285 vessels, implying OB-to-fleet of ~38% 15 Source: SSY, Affinity, Clarksons
Slide 16: 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 MPTA LNG Canada 60 Phase 2 14 MTPA Delfin 4.4 MTPA 40 Commonwealth 9.5 MTPA 20 CP2 Phase 2 14 MT
Slide 17: High vessel availability weigh on spot rates
HIGH VESSEL AVAILABILITY WEIGH ON SPOT RATES Vessel availability, # of vessels Spot rates 2-strokes, $/day 30 300 Pacific 2025 Middle East 2026 25 250 Atlantic Average 2021-25 Spark 5 yr Average 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 19 22 25
Slide 18: Q2 Highlights
Q2 HIGHLIGHTS R TCE , N , E P S (EPS) EPS , A C LNG C R R R TCE , , R A E IT 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 repor
Slide 19: Thank you! Q&A
Ww Thank you! S Q&A