FLEX LNG (FLNG) Q2 2025 earnings summary

Executive summary

• Q2 2025 vessel operating revenues were $86 million, with TCE at $72,000 per day, net income of $17.7 million, and adjusted net income of $24.8 million ($0.46 EPS); a $0.75 per share dividend was declared.

• A share buyback program of up to $50 million was launched, with $15 million authorized through November 27, 2025, and delisting from the Oslo Stock Exchange effective September 15, 2025.

• Six-month net income was $36.4 million, down from $55.1 million year-over-year; adjusted EBITDA for the period was $128.1 million.

• The board declared a $0.75 per share quarterly dividend, totaling $3 per share over the last twelve months, implying a 12% yield on a $25 share price.

Financial highlights

• Revenues for Q2 2025 were $86 million, with net income of $17.7 million and adjusted net income of $24.8 million; adjusted EBITDA was $62.6 million.

• Cash and cash equivalents at June 30, 2025, were $413 million; long-term debt stood at $1,802.2 million.

• Operating expenses per day were $15,400, with full-year guidance at $15,500.

• Cash flow from operations was $44 million, offset by $7 million negative working capital and $11 million in drydocking expenditures.

• Gross margin for Q2 2025 was 51% with operating income of $43.9 million on $86 million revenue.

Outlook and guidance

• Full year 2025 revenue guidance reaffirmed at $350 million–$370 million, with TCE per day of $72,000–$77,000 and adjusted EBITDA guidance of $250 million–$270 million.

• 85.7% firm contract coverage for the remainder of 2025; aggregate firm contract backlog of 56 years, potentially up to 85 years with options.

• No debt maturities prior to 2029; strong liquidity position supports ongoing dividends and buybacks.

• Flex Constellation to commence a 15-year charter in H1 2026; two vessels open for the rest of the year.

• Cautious short-term LNG market outlook, but bullish long-term view due to increasing LNG volumes and structural demand.