FLEX LNG (FLNG) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenues reached $87.5 million ($85 million excluding EU ETS), with TCE of $71,100 per day and net income of $21.6 million; adjusted net income was $23.3 million and adjusted EPS $0.43.

• Full-year 2025 revenues totaled $340 million, with adjusted EBITDA of $251 million and TCE averaging $71,728 per day, in line with guidance.

• Declared $0.75 per share dividend for Q4 2025, totaling $3.00 per share for the year and $770 million distributed since 2021, with a yield of approximately 11.5%.

• Completed drydocking of FLEX VOLUNTEER; FLEX AURORA redelivery expected in March 2026, increasing spot exposure.

• Appointed Marius Foss as CEO following his interim role since September 2025.

Financial highlights

• Q4 2025 adjusted EBITDA was $61.8 million; full-year adjusted EBITDA reached $251 million, with adjusted net income of $101 million.

• Cash and cash equivalents at year-end were $448 million; book equity ratio at 27%, with $2.6 billion in assets and $1.85 billion in debt.

• $41 million distributed to shareholders in dividends and $27 million in scheduled debt repayments in 2025.

• Total equity at year-end was $719.3 million, reflecting dividend distributions and net income.

Outlook and guidance

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

• Three vessels exposed to the spot market in 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 and ~20 days off-hire per vessel.