FLEX LNG Ltd. (FLNG) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:06.258 Hi, everybody. Welcome to Flex L&D's fourth quarter 2025 result presentation. 00:00:06.258 -- 00:00:11.484 My name is Maurits Foss. I'm the CEO of Flex L&D, and today I'm joined with our 00:00:11.484 -- 00:00:16.529 CFO, Knut Roholt, who will make us through the financial later in 00:00:16.529 -- 00:00:18.709 our presentation. 00:00:18.852 -- 00:00:23.497 Today, we will cover the Q4 and full year 2025 results, 00:00:23.497 -- 00:00:26.320 provide an update on the L&D shipping market. 00:00:26.320 -- 00:00:31.483 As always, we will conclude this webcast with a Q&A session. 00:00:32.279 -- 00:00:35.763 And before we start, we would like to highlight the following. 00:00:35.763 -- 00:00:41.631 We are using certain non-GAAP measures such as TCE, adjusted EBITDA 00:00:41.631 -- 00:00:46.917 and adjusted net income. These are supplements to the earnings report 00:00:46.917 -- 00:00:52.264 reported in accordance with the US GAAP. The reconciliation of these non-GAAP 00:00:52.264 -- 00:00:57.068 measures are available in the Q4 earnings report. 00:00:57.068 -- 00:01:01.333 There are also limitations to the completeness of our presentation. 00:01:01.333 -- 00:01:06.800 Therefore, we encourage you to read the quarterly report together with this presentation. 00:01:06.800 -- 00:01:11.383 And with that, let's begin. I'm back to you, Marius. 00:01:12.868 -- 00:01:15.911 We sell in revenues of $87.5 00:01:15.911 -- 00:01:21.875 million, or $85 million, excluding the EUA's related emission trading system. 00:01:21.875 -- 00:01:27.380 The fleet average TCE during the quarter ended up at $70,100 per day. 00:01:27.380 -- 00:01:28.881 Net 00:01:28.881 -- 00:01:32.585 income for the fourth quarter came in at $21.6 00:01:32.585 -- 00:01:37.407 million,...