FLEX LNG (FLNG) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached $85.7 million, with net income at $16.8 million and EPS of $0.31; adjusted net income was $23.5 million, or $0.43 per share, after excluding derivative and refinancing impacts.

• Achieved an all-time high cash balance of $479 million following refinancing activities.

• Board declared a $0.75 per share dividend for Q3, marking the 17th consecutive payout at this level, with a 12-month trailing yield of 11%.

• FY2025 guidance: revenues of ~$340 million, TCE/day of $71,000–$72,000, and adjusted EBITDA of ~$250 million.

• Solid contract backlog with 53 years minimum firm coverage, potentially rising to 80 years if all options are exercised; 80% of 2026 days are covered.

Financial highlights

• Fleet average TCE for Q3 was $70,900–$70,921 per day; full-year 2025 TCE expected at $71,000–$72,000 per day.

• Adjusted EBITDA for Q3 2025 was $61.2 million; full-year 2025 projected at $250 million.

• Operating expenses for Q3 were $18.8 million ($15,682–$15,700 per day), in line with full-year guidance.

• Interest expenses for the first nine months fell by $10 million year-over-year due to improved financing terms and lower base rates.

• Net operating cash flow for Q3 was approximately $37 million after drydock expenditures.

Outlook and guidance

• 2025 revenues expected around $340 million, with strong revenue visibility from contract backlog.

• No debt maturities before 2029, providing financial flexibility.

• Dividend policy remains shareholder-friendly, with continued focus on balance sheet strength and contract coverage.

• Soft spot market expected in the short term, but structural demand story remains intact for the longer term.

• Notable increase in scrapping activity among older steam vessels is expected to continue, potentially tightening supply.