Flex LNG - Third Quarter 2026 Earnings Release

HAMILTON, Bermuda, Nov. 11, 2026 /PRNewswire/ -- Flex LNG Ltd. ("Flex LNG" or the "Company") today announced its unaudited financial results for the quarter ended September 30, 2026.

Highlights:

• Vessel operating revenues of $97.4 million for the third quarter 2026, compared to 106.8 million for the second quarter 2026.
• Net income of $42.8 million and basic earnings per share of $0.79 for the third quarter 2026, compared to net income of $44.9 million and basic earnings per share of $0.83 for the second quarter 2026.
• Average Time Charter Equivalent ("TCE") rate of $78,875 per day for the third quarter 2026, compared to $86,119 per day for the second quarter 2026.
• Adjusted EBITDA of $72.1 million for the third quarter 2026, compared to $79.0 million for the second quarter 2026.
• Adjusted net income of $35.0 million for the third quarter 2026, compared to $42.5 million for the second quarter 2026.
• Adjusted basic earnings per share of $0.65 for the third quarter 2026, compared to $0.79 for the second quarter 2026.
• The Company declared a dividend for the third quarter 2026 of $0.75 per share. The dividend is payable on or about December 10, 2026 to shareholders, on record as of November 27, 2026.

Marius Foss, CEO of Flex LNG Management AS, commented:

"We are Flexcited to present our strongest third quarter revenues ever. Our fleet sailed in revenues of $97.4 million, or $95.2 million excluding EUAs. Fleet-wide TCE earnings were close to $79,000 per day. Adjusted EBITDA was $72.1 million, while adjusted net income of $35.0 million resulted in adjusted earnings of $0.65 per share. Flex Volunteer and Flex Artemis continued to contribute to the quarterly results with solid rates from their spot charters. Both these vessels are being marketed for long-term charters and will continue trading in the spot and short-term markets until suitable long-term employment is secured.

We expect the spot freight market to remain muted, but potentially volatile throughout the remainder of 2026, mainly due to further expected vessel deliveries and reduced Middle Eastern LNG exports. The reopening of the Strait of Hormuz and normalization of Qatari LNG supply remain key near-term swing factors, together with the potential effects of the El Niño climate pattern and the upcoming ban on Russian LNG imports to the EU from next year. In the longer term, expanding LNG export capacity should increase LNG shipping demand, absorbing surplus tonnage.

Today, we are pleased to announce an amendment to the lease financing for Flex Artemis and Flex Amber, reducing the margin and extending the repayment profile. In addition to this, we have signed an attractive sale and leaseback transaction to refinance Flex Enterprise. This refinancing also addresses one of our 2029 debt maturities. Both transactions contribute to improving our cost of debt, which is part of our continuous focus on optimizing our funding.

We are pleased to declare another dividend of $0.75 per share, equivalent to an aggregate distribution of approximately $41 million. This marks our 21st consecutive ordinary quarterly dividend of $0.75 per share. Including special dividends, we will have returned more than $900 million to shareholders since 2021.

I would like to thank everyone at Flex LNG, both at sea and ashore, for their dedication and hard work, and our valued clients and stakeholders for their continued trust and support. Together, our people drive our success, as demonstrated once again by this record third quarter."

Third Quarter 2026 Results Presentation

In connection with the earnings release, a video webcast will be held today at 15:00 CET (09:00 a.m. EST).

In order to watch the webcast, use the following link:

Link to register and watch webcast 

A Q&A session will be held after the webcast. Information on how to submit questions will be given at the beginning of the session.

The presentation material which will be used in the live video webcast can be downloaded on www.flexlng.com and replay details will also be available at this website.

For further information, please contact:
Mr. Knut Traaholt, Chief Financial Officer of Flex LNG Management AS
Telephone: +47 23 11 40 00
Email: [email protected]

Forward-Looking Statements

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. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, that are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. Words such as "believe," "expect," "forecast," "anticipate," "aim," "commit," "estimate," "intend," "plan," "possible," "potential," "pending," "target," "project," "likely," "may," "will," "would," "should," "could" and similar expressions are intended to identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, on further assumptions, including without limitation, management's examination of historical operating trends, data contained in the Company's records and other data available from third parties. Although management believes that these assumptions were reasonable when made, they are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond the Company's control, and accordingly there can be no assurance that the Company will achieve or accomplish these expectations, beliefs or projections. As such, these forward-looking statements are not guarantees of the Company's future performance, and actual results and future developments may differ materially from those projected in the forward-looking statements. The Company undertakes no obligation, and specifically disclaims any obligation, except as required by applicable law or regulation, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all of these factors or to assess the impact of each such factor, or combination of factors, on its business or results of operations. Further, the Company cannot assess the effect of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement.

In addition to these important factors, other important factors that, in the Company's view, could cause actual results to differ materially from those discussed in the forward-looking statements include: unforeseen liabilities, future capital expenditures, the strength of world economies and currencies, inflationary pressures and central bank policies intended to combat overall inflation and rising interest rates and foreign exchange rates, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the LNG tanker market, the Company's business strategy and expected and unexpected capital spending and operating expenses, including drydocking, surveys, repairs, upgrades, insurance costs and bunker costs, the fuel efficiency of the Company's vessels, the market for the Company's vessels, availability of financing and refinancing, ability to comply with covenants in such financing arrangements, failure of counterparties to fully perform their contracts with the Company, changes in governmental rules and regulations or actions taken by regulatory authorities, including those that may limit the commercially useful lives of LNG tankers, customers' increasing emphasis on environmental and safety concerns, potential liability from pending or future litigation, global and regional economic and political conditions and developments, armed conflicts, including developments involving Russia and Ukraine, Israel, Iran and regional actors in the Middle East, actual or threatened attacks on commercial shipping and disruptions affecting strategic waterways and major maritime trade routes, including the Red Sea and Gulf of Aden, threats to close or disrupt strategic waterways such as the Strait of Hormuz, trade wars, tariffs, embargoes and strikes, the impact of restrictions on trade, including tariffs, port fees, sanctions, import restrictions and other protectionist measures, the cost and effects of cybersecurity incidents, privacy breaches, data security incidents, software failures or other technology-related disruptions, arising from the misuse, misapplication or failure of artificial intelligence in the Company's operations, business disruptions, including supply chain disruption and congestion, including port congestion, due to natural or other disasters or otherwise, potential physical disruption of shipping routes due to accidents, climate-related incidents, public health threats or political events, vessel breakdowns and instances of offhire, and other factors, including those that may be described from time to time in the reports and other documents that the Company files with or furnishes to the U.S. Securities and Exchange Commission ("Other Reports"). For a more complete discussion of certain of these and other risks and uncertainties associated with the Company, please refer to the Other Reports.

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SOURCE Flex LNG