Flex Lng Ltd. · NYSE:FLNG
Flex Lng — Q2 2025 Earnings Presentation
24 slides from Flex Lng's earnings presentation, Aug 20, 2025
Slide 1: Second Quarter 2025 Results Presentation
Second Quarter 2025 Results Presentation August 20, 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: Q2 Highlights
Q2 HIGHLIGHTS Note: 1) Revenue figures exclude $2.0m in EU ETS income in Q2-2025. Vessel Operating Revenues were thus $86m; 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 earnings
Slide 4: Two out of four drydockings completed so far
TWO OUT OF FOUR DRYDOCKINGS COMPLETED SO FAR Flex Aurora • Flex Aurora completed her five-year special survey in June, and went straight back to service with the charterer Flex Aurora and Flex Resolute Flex Resolute completed • Flex Resolute completed her five-year special survey their five-year spe
Slide 5: We maintain our FY2025 guidance
WE MAINTAIN OUR FY2025 GUIDANCE Guiding for FY2025 Key metrics Expectations = FY2024 TCE rate Revenues Adj. EBITDA TCE R A E IT A 5
Slide 6: High contract coverage and earnings visibility
HIGH CONTRACT COVERAGE AND EARNINGS VISIBILITY 56 years of minimum firm backlog which may grow to 85 years with charterers’ extension options C R NA R C E A NA E NA A R NA A NA O O 6
Slide 7: Earnings belong to shareholders
EARNINGS BELONG TO SHAREHOLDERS Dividend record date: September 5 Payment date to shareholders on NYSE: September 18 Short-term outlook: Soft spot market Payment date to shareholders on OSE: September 23 Next 12-18 months: High availability of tonnage (relets) Longer-term outlook: Structural demand
Slide 8: Key financial metrics
KEY FINANCIAL METRICS Revenues1, $m TCE per day, ’ Vessel OPEX per day, ’ H H H G Note: 1) Revenue figures exclude EU ETS income, 2) TCE and Vessel OPEX are non-GAAP measures. A reconciliation to the most directly comparable GAAP measure is included in the earnings report 8
Slide 9: Adjusted net income of $24.8m in the quarter
ADJUSTED NET INCOME OF $24.8M IN THE QUARTER Adjusted net income bridge, $m RELEVANT PERFORMANCE METRIC EPS: $0.33/share EPS: $0.46/share 9
Slide 10: Healthy cash position which is set to grow
HEALTHY CASH POSITION WHICH IS SET TO GROW Cash flow from Q1-2025 to Q2-2025, $m Net proceeds of $43m from refinancing of Flex Courageous completed in late May 10
Slide 11: Refinancings will free up ~$132m in net proceeds
REFINANCINGS WILL FREE UP ~$132M IN NET PROCEEDS • The refinancing of Flex Courageous was completed in Pro forma debt maturity profile4, $m Q2-2025, releasing net proceeds of ~$43m, extending debt maturity to 2035 and will reducing the cost of debt Flex Courageous by ~1.5% p.a. Flex Resolute • We ha
Slide 12: Swap portfolio: well covered at attractive levels
SWAP PORTFOLIO: WELL COVERED AT ATTRACTIVE LEVELS Hedge ratio1 Q2-25, $m S H • As of Q2-2025, our interest rate swap portfolio stood at $850m (notional) with a weighted avg. rate of 2.33% , and a weighted avg. duration of 3.0 years , • Additionally, we have ~$230m in long-term fixed rate leases at a
Slide 13: 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 2029 a rs 4 Sustainable cash flows from long $413m in available cash and 2025 capex liability limited to Strong balance sheet with term
Slide 14: Last day of Oslo Stock Exchange listing is September 15
LAST DAY OF OSLO STOCK EXCHANGE LISTING IS SEPTEMBER 15 O S E (“OSE”) f NG f OSE Last day of listing on OSE is September 15, 2025 Af , NG N Y S E (“NYSE”) If you wish to continue trading the Flex LNG stock, we recommend contacting your bank or broker to initiate a transfer from the VPS to a U.S. sec
Slide 15: Launch of share buy-back program of up to $15m
LAUNCH OF SHARE BUY-BACK PROGRAM OF UP TO $15M • We are launching a share buy-back program of up to $15m. • The share buy-back program commences today (August 20, 2025) and lasts until the Q3-2025 earnings release date currently set to November 27, 2025. • Any purchase under the share buy-back progr
Slide 16: US exports surge amid ~24% growth in European LNG import
US EXPORTS SURGE AMID ~24% GROWTH IN EUROPEAN LNG IMPORT Largest LNG exporters by country/region YTD-2025, MT Largest LNG importers by country/region YTD-2025, MT Global LNG exports YTD-2025 amounted to 244.7 MT (+2%) 47.9 MT 60.2 MT (+3%) 79.2 MT 41.3 MT (+22%) (-1%) (+4%) Qatar Other US JKT 45.3 M
Slide 17: Plunge in European storage levels driving spot LNG demand
PLUNGE IN EUROPEAN STORAGE LEVELS DRIVING SPOT LNG DEMAND US LNG exports to destination continent Y/Y, MT European natural gas storage inventory, % of full 2020 2021 2022 2023 2024 H1- 100 2025 10Y-range 90 2025 2024 80 72 70 60 50 40 30 E 20 A A 10 Af 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov D
Slide 18: Strong contracting momentum and burst in FID activity
STRONG CONTRACTING MOMENTUM AND BURST IN FID ACTIVITY Signed SPA LNG volumes, MTPA FIDs per project and year, MTPA January 2024: January 2025: Biden issued Trump lifted US LNG H Cap Lopez FLNG US LNG export export moratorium, moratorium unleashing new FIDs H Plaquemines Phase 2 Port Arthur Corpus Ch
Slide 19: Our backlog insulates us from near term fleet growth
OUR BACKLOG INSULATES US FROM NEAR TERM FLEET GROWTH LNGC newbuild delivery, # of vessels N Source: Fearnleys, SSY 19
Slide 20: Newbuilding prices stabilized, long-term rates at ~$80,000/day
NEWBUILDING PRICES STABILIZED, LONG-TERM RATES AT ~$80,000/DAY , , , , , O O O M M M A A A M M M M N N N A A A A S S S Source: SSY, Clarksons 20
Slide 21: Low appetite for steamers accelerate scrapping
LOW APPETITE FOR STEAMERS ACCELERATE SCRAPPING Idle vessels by propulsion, # of vessels LNG vessels retired, # of vessels T E f ST 8 vessels confirmed scrapped in YTD-2025, with several more reportedly up for sale YT Source: SSY, Clarksons, Affinity A ( ) 21
Slide 22: Spot rates currently soft, history suggests rebound in Q3-Q4
SPOT RATES CURRENTLY SOFT, HISTORY SUGGESTS REBOUND IN Q3-Q4 Spot rates (2-stroke), ’ Historical spot rates from Sep. to Dec. (2-stroke)1, ’ 250 2024 A 2025 M 200 Average 2020-24 Spark 150 100 50 0 1 5 9 13 17 21 25 29 33 37 41 45 49 53 Source: Fearnleys, Affinity, Spark Week 22 Note: 1) Simple aver
Slide 23: Q2 Highlights
Q2 HIGHLIGHTS Note: 1) Revenue figures exclude $2.0m in EU ETS income in Q2-2025. Vessel Operating Revenues were thus $86m; 2) Adjusted EBITDA, adjusted net income, adjusted EPS and TCE are non-GAAP measures. A reconciliation to the most directly comparable 23 GAAP measure is included in the earning
Slide 24: Thank you! Q&A
Ww Thank you! S Q&A