FLEX LNG (FLNG) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenues reached $87.5 million ($85 million excluding EU Emissions Trading System), with a TCE of $71,100 per day and net income of $21.6 million; adjusted net income was $23.3 million.

• Full year 2025 revenues totaled $340 million, adjusted EBITDA was $251 million, and TCE averaged $71,728 per day.

• 2025 saw strong operational performance with nearly 100% technical uptime and four drydockings completed.

• 78% of 2026 available days are fixed on long-term charters, with three vessels exposed to the spot market.

• Appointed Marius Foss as CEO, reinforcing leadership stability.

Financial highlights

• Q4 net income was $21.6 million, EPS $0.40; adjusted net income $23.3 million, adjusted EPS $0.43.

• Adjusted EBITDA for 2025 was $251 million; adjusted net income $101 million.

• Cash balance at year-end was $448 million; book equity ratio at 27%.

• $41 million distributed to shareholders in dividends; $27 million in scheduled debt repayments.

• Long-term debt reduced to $1,848.2 million at year-end; total equity at $719.3 million.

Outlook and guidance

• 2026 revenue guidance: $310–$340 million; TCE: $65,000–$75,000 per day; adjusted EBITDA: $225–$255 million.

• Three vessels in the spot market for 2026, with wide guidance ranges reflecting spot market volatility.

• 2026 OpEx budgeted at $16,000 per day, up due to maintenance and crew cost inflation.

• Three drydockings planned for 2026, with average cost of $5.9 million per docking.

• Contract backlog provides earnings visibility, with minimum 50 years of firm coverage, potentially up to 75 years with options.