Flex LNG Ltd. · NYSE:FLNG
Flex LNG — Q3 2026 Earnings Presentation
19 slides from Flex LNG's earnings presentation, Nov 11, 2026
Slide 1: Third Quarter 2026 Result Presentation
Third Quarter 2026 Result Presentation November 11, 2026 1
Slide 2: Disclaimer
DISCLAIMER MATTERS DISCUSSED IN THIS PRESS RELEASE MAY CONSTITUTE FORWARD-LOOKING STATEMENTS. THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 PROVIDES SAFE HARBOR PROTECTIONS FOR FORWARD-LOOKING STATEMENTS IN ORDER TO ENCOURAGE COMPANIES TO PROVIDE PROSPECTIVE INFORMATION ABOUT THEIR BUSINESS.
Slide 3: Q3 Highlights
Q3 HIGHLIGHTS T TCE N E P S (EPS) EPS A A A S E Y R Y TCE Y A E T A S Note: 1) Revenue figures exclude EUAs; 2) Adjusted EBITDA, adjusted net income, adjusted EPS and TCE are non-GAAP measures. A reconciliation to the most directly comparable GAAP measure is included in the earnings report; 3) LTM d
Slide 4: High contract coverage and earnings visibility
HIGH CONTRACT COVERAGE AND EARNINGS VISIBILITY 48 years of minimum firm backlog which may grow to 75 years with charterers’ extension options C R NA R C E A NA E NA A R NA A NA NA O S 4
Slide 5: We maintain our FY2026 guidance
WE MAINTAIN OUR FY2026 GUIDANCE Guiding for FY2026 Key metrics Expectations TCE rate Revenues Adj. EBITDA 2 1 TCE R A E T A2 Note: 1) Revenue figures exclude EUAs; 2) Adjusted EBITDA and TCE are non-GAAP measures. A reconciliation to the most directly comparable GAAP measure is included in the earni
Slide 6: Earnings belong to shareholders
EARNINGS BELONG TO SHAREHOLDERS O S Dividend Dates S S Ex-Date: 27 Payment Date: E Short-term outlook: December 10 Soft spot market M Next 12-18 months: High availability of C tonnage (relets) C Longer-term outlook: Structural demand O story remains intact Note: 1) Adjusted EPS is non-GAAP measures.
Slide 7: Key financial highlights
KEY FINANCIAL HIGHLIGHTS R ( E A) 75 4 S O ( ) ( ) ( ) ( ) 4 T ( ) ( ) 4 ( ) ( ) A OPE M G ( ) 55 ( ) 85 OPE 5 EPS ( ) 4 SO R RC N A E T A( ) 4 A ( ) 75 7 A EPS ( ) 4 Note: 1) Adjusted EBITDA, adjusted net income, and adjusted EPS are non-GAAP measures. A reconciliation to the most directly comparab
Slide 8: Solid cash position
SOLID CASH POSITION Cash flow from Q2-2026 to Q3-2026, $m Strong earnings, however, charter hire receivables build-up during the quarter C C O S N C N C 8
Slide 9: Robust and clean balance sheet
ROBUST AND CLEAN BALANCE SHEET • 13 modern LNGCs (9x MEGIs, 4x X-DFs) • Average fleet age of 7.0 years per 2026 • Robust cash position of $371m • Interest rate hedging: Swap portfolio of $775m fixed at average 2.46% for an average of 2.0 years. Net hedge ratio of ~70-75% until mid-2027 • Book equity
Slide 10: Optimizing funding to lower the cost of capital
OPTIMIZING FUNDING TO LOWER THE COST OF CAPITAL • Signed JOLCO sale and leaseback refinancing of Flex Enterprise at SOFR+0.25%. ~$34m in estimated net proceeds. • Reduction of margin from 215bps to 140bps and quarterly amortization from $4.3m to $3.5m on the Flex Artemis and Flex Amber lease financi
Slide 11: LNG trade down 2% YTD, 2026 gains almost offsetting Qatar
LNG TRADE DOWN 2% YTD, 2026 GAINS ALMOST OFFSETTING QATAR Top LNG exporters, YTD-2026, MT +13% -2% -3% Top LNG importers, YTD-2026, MT +13.2 MT -7.2 MT -3.9 MT % = Percentage change YTD-2026 from YTD-2025 +/- MT = Absolute change YTD-2026 from YTD-2025 110 -65% -7% -43.7 MT -6.7 MT +14% Egypt is now
Slide 12: Middle East volume loss mitigated by strong US growth
MIDDLE EAST VOLUME LOSS MITIGATED BY STRONG US GROWTH US liquefaction capacity is up 18 Weekly LNG exports from Qatar & UAE, MT Monthly US LNG export per facility, MT MT Y/Y (+20%), result of ramp up 12 of new liquefaction capacity 3.0 2025 Other 2026 Sabine Pass 2.5 10 Corpus Christi Combined Qatar
Slide 13: EU storage at record low, with US LNG going to Asia
EU STORAGE AT RECORD LOW – WITH US LNG GOING TO ASIA US LNG exports to Europe and Asia Y/Y, MT European gas storage levels, % of full 12 2020 2021 2022 2023 2024 2025 9M-26 100 Germany and Netherlands with storage levels at 59% and 64%, 10 90 respectively. 8 80 6 73% 70 4 60 2 50 TBU 0 40 -2 10Y-ran
Slide 14: High vessel availability weigh on spot rates
HIGH VESSEL AVAILABILITY WEIGH ON SPOT RATES Vessel availability, # of vessels Spot rates 2-strokes, $/day Pacific 2025 30 300 Middle East 2026 Atlantic Average 2021-25 5 yr Average Spark 25 250 20 200 15 150 10 100 5 50 0 0 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 1 4 7 10 13 16 19 22 25
Slide 15: Substantial newbuild delivery schedule the next 24 months
SUBSTANTIAL NEWBUILD DELIVERY SCHEDULE THE NEXT 24 MONTHS LNG newbuild delivery, # vessels LNG fleet by propulsion type, % of fleet Newbuild orderbook (O/B) T S S S O of ~290 vessels, implying N OB-to-fleet of ~35% T 15 Source: SSY, Affinity, Clarksons
Slide 16: Continued high newbuild ordering activity
CONTINUED HIGH NEWBUILD ORDERING ACTIVITY LNG newbuild orders by order year, LNG newbuild prices, Term rates, # vessels $m ’ 290 160 5-year TC N 270 140 10-year TC 120 250 100 230 80 210 60 190 40 170 20 150 0 YT Sep-21 Sep-22 Sep-23 Sep-24 Sep-25 Sep-26 Sep-22 Sep-23 Sep-24 Sep-25 Sep-26 Source: SS
Slide 17: Scheduled new US export volumes to watch out for in 2027
SCHEDULED NEW US EXPORT VOLUMES TO WATCH OUT FOR IN 2027 Train 1-3 Phase 1 Phase 1 CP2 Phase 1 Train 1 Train 1-2 Train 1-26 Start up: 2026-2027 Start up: 2H-2027 Start up: 2H-2027 Start up: 2H-2027 18 MTPA 6.5 MTPA 12 MTPA 20 MTPA 56 MTPA OF NEW LIQUEFACTION CAPACITY TO RAMP UP IN 2027 17
Slide 18: Q3 Highlights
Q3 HIGHLIGHTS T TCE N E P S (EPS) EPS A A A S E Y R Y TCE Y A E T A S Note: 1) Revenue figures exclude EUAs; 2) Adjusted EBITDA, adjusted net income, adjusted EPS and TCE are non-GAAP measures. A reconciliation to the most directly comparable GAAP measure is included in the earnings report; 3) LTM d
Slide 19: Thank you! Q&A
Ww Thank you! S Q&A