FLEX LNG Ltd. (FLNG) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hi, everybody. Welcome to Flex L&D's fourth quarter 2025 result presentation. My name is Maurits Foss. I'm the CEO of Flex L&D, and today I'm joined with our CFO, Knut Roholt, who will make us through the financial later in our presentation. Today, we will cover the Q4 and full year 2025 results, provide an update on the L&D shipping market. As always, we will conclude this webcast with a Q&A session. And before we start, we would like to highlight the following. We are using certain non-GAAP measures such as TCE, adjusted EBITDA and adjusted net income. These are supplements to the earnings report reported in accordance with the US GAAP. The reconciliation of these non-GAAP measures are available in the Q4 earnings report. There are also limitations to the completeness of our presentation. Therefore, we encourage you to read the quarterly report together with this presentation. And with that, let's begin. I'm back to you, Marius. We sell in revenues of $87.5 million, or $85 million, excluding the EUA's related emission trading system. The fleet average TCE during the quarter ended up at $70,100 per day. Net income for the fourth quarter came in at $21.6 million, implying an earnings per share at $0.40. When adjusting for underrise losses and interest rate swap and FX, ending up with adjusted net income of $23.3 million or adjusted earnings per share of $0.43. We completed the dry dock of Flex Volunteer in January. She is now trading in the spot market. We received a notice from one of our charters that they will not declare the one-year options on the good vessel Flex Aurora and we expect to have her back in our fleet in March. Our spot exposure in 2026 is limited to three vessels. Flex Volunteer, Flex Aurora and the Flex Artemis. And all three vessels are marked fo...