Slide 1: SFL Corporation Ltd. Q2 2024 Results Presentation
SFL Corporation Ltd. Q2 2024 Results Presentation 1
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including SFL management's examination of historical operating trends, data contained in the Company’s re
Slide 3: Q2 2024 Highlights
Q2 2024 Highlights GROSS REVENUE(1) • Adjusted EBITDA(2) of $131m $199m • Reduced contribution from energy assets NET INCOME • Earnings per share of $0.16 $21m DIVIDEND • 82nd consecutive quarterly dividend $0.27/share • ~9% dividend yield (3) BACKLOG (4) • Several vessel acquisitions and charter ex
Slide 4: Recent Events
Recent Events NEW PRODUCT AND • 5x product and chemical tankers with delivery Q2 - Q4 2024 CHEMICAL TANKERS • Added backlog of ~$265 million NEW MAERSK • New 5-year charters for seven large container vessels CHARTERS • Added backlog of ~$485 million NEWBUILD • 5x LNG dual-fuel 16,800 TEU container v
Slide 5: A Leading Maritime Infrastructure Company
A Leading Maritime Infrastructure Company PORTFOLIO(1) CONTRACT DURATION(2) CONTRACTED REVENUE(3) 39 Container 7.6 years 5x 16,800 TEU 4% 7 LNG Dual-Fuel 7.8 years 9% Car carrier 24% 18 Tanker 4.5 years 11% $4.9bn 2 Energy 3.7 years 13% 15 Dry bulk 4.1 years 39% CHARTER HIRE Q2 2024 Time charter 95%
Slide 6: Operational Performance Highlights
Operational Performance Highlights MARKET REVENUE CHARTER TYPE1) OPERATING DAYS2) UTILIZATION3) OPEX4) Q2 2024 Q1 2024 Q2 2024 Q2 2024 Q2 2024 Q2 2024 BB $90m $90m $16.4m 3,074 99.4% Container TC 90% $26m $25m $4.4m 637 100% Car carrier 100% $30m $30m $10.5m 1,185 98.5% Tanker 100% $23m $24m $12.4m
Slide 7: Adding Scale and Visibility to the Container Fleet
Adding Scale and Visibility to the Container Fleet Vessel size Charterer 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 + 19,000 TEU 2038 Leading 2038 16,800 TEU liner 2038 company 2038 2038 15,400 TEU Before 2024: 10,600 TEU 9,300 TEU 8,700 TEU 6,800 TEU Firm contract Option Note: 7 The list exc
Slide 8: Tanker Portfolio – Significant Uplift With New Transactions
Tanker Portfolio – Significant Uplift With New Transactions Vessel(1) Charterer Contract duration(2) Annualized EBITDA(3) $31m 3x LR2 Product Vessel ~5 years $0m $16m Total 2x Chemical Vessel ~8 years $0m +60% $41m $41m $130m 7x Crude / Product Vessel ~3 years $82m $30m $30m 4x Crude Vessel ~5 years
Slide 9: SFL Financial Performance
SFL Financial Performance ADJUSTED EBITDA Q2 2024 BREAKDOWN(1) In millions $29m $23m -$70m $2m $30m $26m $199m $131m $90m Container Car carriers Tanker Dry bulk Energy Gross Operating and Other income Adj. EBITDA revenue (incl. G&A expenses profit share) 1) Pro-forma illustration of cash flow is not
Slide 10: Income Statement
Income Statement REVENUE (in thousands of $ except per share data) Three months ended Jun 30, 2024 Mar 31, 2024 • $198.8m of charter hire, including share of revenue from associates and revenue Charter revenues: sales-type leases (excluding charter hire treated as Repayments) 556 840 Charter revenue
Slide 11: Balance Sheet
Balance Sheet CASH AND LIQUIDITY (in thousands of $) • $186m at quarter end Jun 30, 2024 Mar 31, 2024 ASSETS Short term FINANCING AND CAPITAL EXPENDITURE Cash and cash equivalents 186,062 168,153 Investment in marketable securities 4,662 4,382 • ~$340m of capex related to 5x tanker Amount due from r
Slide 12: Q2 2024 Summary
Q2 2024 Summary $4.9bn fixed revenue backlog 82 nd $186m consecutive Cash and cash quarterly equivalents $0.27 dividend Dividend per share 12