FLEX LNG Ltd. (FLNG) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hi everybody and welcome to first quarter 2025 result presentation. My name is Marius Foss, I am the interim CEO of FlexLNG and as usual I'm joined by our CFO Knut Roholt who will guide you through the financials in a bit. We will cover the financials, market update and conclude the earnings presentation with a Q&A session. If you have any questions you can use the chat function or send questions to our IR at flexlng.com. And before we begin, as a quick reminder, today's presentations will include forward-looking statements. We will also be using non-GAAP measures. Adjusting for non-cash items, we booked 29.4 million in adjusted net income, implying a 54 cents in adjusted earnings per share. Last quarter, we added up to 37 years on new contracts backlog for Flex Consolation, Flex Courageous, and Flex Resolute. This opened up for a very attractive refinancing. We have therefore initiated the balance sheet optimization program 3.0, and Knut will guide on this later in the presentation. On the fleet, Flex Constellation was re-delivered from time charter in late February and has been traded in the spot market since. Lastly, Flex Artemis, who is currently trading on a variable index, will be re-delivered from a five-year time charter and we expect to get her back sometime in Q3 2025. We reconfirmed the full-year 2025 revenues and earnings guidance provided last quarter. We expect full-year revenues to come in at the range of $340 to $360 million, and we expect the TCE to be between $72,000 and $77,000 per day. Similarly, we expect the EBITDA to approach $250 to $270 million. The board has declared 75 cents per share dividend, implying the last 12 months dividends of $3 per share or a dividend yield of 12%. This distribution to shareholders is supported by our Fortress bal...