FLEX LNG Ltd. (FLNG) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

On a quick note, we will be using some non-GAAP measures such as TCE, adjusted EBITDA and adjusted net income. These are supplements to the results reported in accordance with US GAAP and a reconciliation of these are available in the earnings report. As a limitation to the completeness of the presentation, we encourage you to read the SEC filings and the quarterly report together with the presentation. If you have any questions, please use the chat functions on the webcast or send an email to ir.flexlnd.com and we will cover that in the Q&A session. And with that, let's begin and over to you, Marius. Thank you, Knut. We sailed in $86 million or $84 million excluding EUAs. The TCE during the quarter ended up at $72,000 per day. Net income for the quarter came in at $17.7 million, implying an EPS of $0.33 per share. Adjusting for the unrealized losses on the devreds and exit costs for Croatia's refinancing, we end up with an adjusted net income of $24.8 million or adjusted earnings per share at $0.46. The Balance Sheet Optimization Program 3.0 is progressing according to plan. In May, we completed the $175 million refinancing of FlexCoratius, generating net proceeds of approximately $43 million. Today, we are announcing that we have signed the documentation of the refinancing of FlexConstellation and FlexResolute. We are targeting closing of same in the third quarter, Sjöbygg, to customary closing conditions. Knut will speak more about that later in the presentation. We announced this morning the launch of a share buyback program for $50 million. Any purchase under the buyback program is made independent of the next dividend considerations for Q3. Lastly, as a reminder, Flex L&D is delisting from Oslo Stock Exchange and last day of listing is 15th of September. We rec...