Slide 1: Fourth Quarter 2025 Result Presentation
Fourth Quarter 2025 Result Presentation February 11, 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: Q4 Highlights
Q4 HIGHLIGHTS R TCE N E P S (EPS) EPS C R A TC M S Y R Y TCE Y 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; 3) LT
Slide 4: 2025 Figures in Line with Guidance
2025 FIGURES IN LINE WITH GUIDANCE TCE ($/day) Revenues1 ($m) Adj. EBITDA2 ($m) Summary of 2025 Flex Constellation redelivered Q1-2025 $73.9’/day from charterer end-February Drydocking of Flex Aurora and Q2-2025 $72.0’/day Flex Resolute Drydocking of Flex Amber and Q3-2025 $70.9’/day Flex Artemis Q4
Slide 5: High Contract Coverage and Earnings Visibility
HIGH CONTRACT COVERAGE AND EARNINGS VISIBILITY 50 years of minimum firm backlog which may grow to 75 years with charterers’ extension options C R NA R C E A NA E NA R NA A NA NA A NA O O 5
Slide 6: Spot Market Exposure Broadens Our 2026 Financial Guidance
SPOT MARKET EXPOSURE BROADENS OUR 2026 FINANCIAL GUIDANCE We will carry out 3x drydockings in 2026; Flex Volunteer (completed), Flex Freedom Guiding for FY2026 in Q1, and Flex Vigilant in Q2 (expected in Europe). We assume ~20 days off-hire on average, and average cost of ~$5.9m. Key metrics Expecta
Slide 7: Earnings Belong to Shareholders
EARNINGS BELONG TO SHAREHOLDERS O S Dividend Dates S S $3.00 Ex-Date: February 27 Payment Date: E Short-term outlook: March 12 M Soft 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-GA
Slide 8: Key Operational Figures in 2025
KEY OPERATIONAL FIGURES IN 2025 Operating days TCE per day, ’ OPEX per day, ’ 64 days in dry-docking and 99.8% We budget vessel OPEX in technical utilization of ~$16,000/day in 2026 Y Y Y Y Note: TCE and OPEX per day are non-GAAP measures. A reconciliation to the most directly comparable GAAP measur
Slide 9: Key Financial Figures for 2025
KEY FINANCIAL FIGURES FOR 2025 Revenues1, $m Adjusted EBITDA2, $m Adjusted net income2, $m ( ) ( ) ( ) Y Y Y Y Y Y Note: 1) Revenue figures exclude EUAs; 2) Adjusted EBITDA and adjusted net income are non-GAAP measures. A reconciliation to the most directly comparable GAAP measure is included in the
Slide 10: Solid Cash Position
SOLID CASH POSITION Cash flow from Q3-2025 to Q4-2025, $m S C C O N C N C 10
Slide 11: Robust and Clean Balance Sheet
ROBUST AND CLEAN BALANCE SHEET • 13 modern LNGCs (9x MEGIs, 4x X-DFs) • Average fleet age of 6.2 years per February 2026 • Robust cash position of $448m • Interest rate hedging: Swap portfolio of $775m fixed at average 2.46% for an average of 2.8 years. Hedge ratio of ~70% until mid-2027 • Book equi
Slide 12: Exports Rose 4% in 2025, Europe as the Primary Demand Driver
EXPORTS ROSE 4% IN 2025, EUROPE AS THE PRIMARY DEMAND DRIVER LNG export by largest origin country/region FY2025 LNG import by largest destination country/region FY2025 Q4-25 vs. FY25 vs. Q4-25 vs. FY25 vs. Q4-24: FY24: Q4-24: FY24: +37% +25% E +25% 24% +3% +2% -3% -15% -3% -4% +5% -3% +0% -6% -9% -0
Slide 13: Europe Enters Winter Season with Low Gas Inventories
EUROPE ENTERS WINTER SEASON WITH LOW GAS INVENTORIES Y/Y change in quarterly European LNG imports, MT EU natural gas storage inventory, % of full 20 100 FY2022 import: FY2023 import: FY2024 import: FY2025 import: ~127 MT ~125 MT ~103 MT ~128 MT 90 15 80 10 70 60 5 50 10Y-range 40 0 40 2026 30 Asia 2
Slide 14: High Vessel Availability Weigh on Spot Rates
HIGH VESSEL AVAILABILITY WEIGH ON SPOT RATES Spot charter rate (modern two-strokes), ’ 250 2025 200 2026 Average 2021-25 150 Spark 100 50 0 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 Week Source: Fearnley, Spark 14
Slide 15: ~20 Newbuild Orders YTD-26, Newbuild Prices Around ~$250M
~20 NEWBUILD ORDERS YTD-26, NEWBUILD PRICES AROUND ~$250M LNG newbuild orders by order year, LNG newbuild prices, Term rates, # vessels $m ’ 160 290 N 140 5-year TC 270 10-year TC 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-25 S
Slide 16: Newbuild Deliveries
B WB O H X O H … LNG newbuild delivery, # vessels 78 newbuilds delivered in 2025, with 15–20 O deliveries slipping into 2026. The current N OB-to-fleet stands at ~40%, of which 40-45 vessels are reportedly uncommitted. Source: SSY, Clarksons 16
Slide 17: Steam Vessel Rates and Recycling
… PP O HP Spot charter rates for steam vessels, ’ Steam vessels recycling, # vessels Expected removals of steam vessels, # of vessels 120 C ST ( ) C ( ) 100 3Y-range 2026 80 2025 ( ) 60 A ( ) 40 20 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YT Source: Clarksons, SSY 17
Slide 18: 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 Qatar adds Australia adds ~40 Under construction ~50 MT MT, and US add or planned >60 MT 600 Qatar – Under construction or pla
Slide 19: Q4 Highlights
Q4 HIGHLIGHTS R TCE N E P S (EPS) EPS C R A TC M S Y R Y TCE Y 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; 3) LT
Slide 20: Thank you! Q&A
Ww Thank you! S Q&A