FLEX LNG Ltd. (FLNG) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to FlexLNG first quarter 2026 results presentation. My name is Maurits Foss. I'm the CEO of the FlexLNG, and today I'm joined with our CFO, Knut Terholt, who will walk you through the financial late in the presentation. Today, we will cover the first quarter results and provide an update on the LNG shipping market. As always, we will conclude the webcast with a Q&A session. If you'd like to ask questions, please use the chat functions in the webcast or send questions by email to ir.flexlng.com. Before we start, we would like to highlight the following. We are using certain non-GAAP measures, such as TCE, adjusted EBTA, and adjusted net income. These are supplements to the earnings report, reported in accordance with U.S. GAAP. The reconciliations of these non-GAAP measures are available in the earnings report, which we released today. There are certain limitations to the completeness of our presentation. Therefore, we encourage you to read the quarterly report together with the presentation. And with that, back to you, Marius. Thank you, Knut. Let's begin with the highlights of the quarter. We failed in revenues of 80.5 million or 78 million, excluding the EUAs related to the EU sector. Emission trading system. The fleet average TCE during the quarter ended up at 65,700 per day. Net income for the first quarter came in at 19.5 million, implying an earnings per share of 36 cents. When adjusting for annualized gains of interest rates, swaps, and FX, we ended up with an adjusted net income of 16.9 million, or adjusted earnings per share of 31 cents. This has been an active quarter for Flex LNG. We have added more contract coverage. First, the charter of the Flex Vestalute and Flex Coratius has declared the two-year extension options from 2027 to 2029, and the re...