Flex LNG Ltd. announced its unaudited financial results for the three months and year ended December 31, 2025.

Highlights:

* Vessel operating revenues of $87.5 million for the fourth quarter 2025, compared to $85.7 million for the third quarter 2025.
* Net income of $21.6 million and basic earnings per share of $0.40 for the fourth quarter 2025, compared to net income of $16.8 million and basic earnings per share of $0.31 for the third quarter 2025.
* Average Time Charter Equivalent (“TCE”) rate of $70,119 per day for the fourth quarter 2025, compared to $70,921 per day for the third quarter 2025.
* Adjusted EBITDA of $61.8 million for the fourth quarter 2025, compared to $61.2 million for the third quarter 2025.
* Adjusted net income of $23.3 million for the fourth quarter 2025, compared to $23.5 million for the third quarter 2025.
* Adjusted basic earnings per share of $0.43 for the fourth quarter 2025, compared to $0.43 for the third quarter 2025.
* The Company declared a dividend for the fourth quarter 2025 of $0.75 per share. The dividend is payable on or about March 12, 2026 to shareholders, on record as of February 27, 2026.

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

“We are pleased to deliver financial performance for 2025 in line with our guidance. Our Time Charter Equivalent rate for the fleet came in at $71,728/day for the full-year 2025, thus in line with our guidance of $71,000 to 72,000/day. Adjusted EBITDA in 2025 was $251.1 million, slightly ahead of our guidance of ~$250 million. Following extensive refinancing initiatives in 2024 and 2025, we are now realizing tangible benefits. Full-year 2025 interest expenses declined to $92.6 million, down $13 million from 2024, driven by improved loan margins, lower base rates, and proactive management of our revolving credit facilities. Adjusted net income in the fourth quarter was $23.3 million, contributing to FY2025 adjusted net income of $101.1 million, with adjusted EPS of $1.87 per share.

The long-term LNG story remains compelling, and we view 2025 as the start of the third wave of new liquefaction capacity coming online. In 2025, global LNG exports grew by approximately 4% year-on-year, reaching 429 million tons (“MT”). North American projects were a major driver of this growth, with 25% growth year-on-year. Momentum in global project development also picked up, with 70 million tons per annum (“MTPA”) of new projects reaching FID during 2025, bringing total capacity under construction to around ~200 MTPA.

The short- to medium-term outlook for LNG shipping is expected to be impacted by deliveries of newbuildings ahead of liquefaction projects coming on stream. We anticipate continued volatility in the spot market over the next 12–18 months. In this period our contract backlog, currently a minimum of 50 years and potentially extending to 75 years if charterers exercise all extension options, provides us with earnings visibility. In 2026 we will remain exposed to a softer spot market for up to three open vessels, including the redelivery of Flex Aurora later in the first quarter of 2026.

Our 2026 financial guidance reflects the current soft market for our spot exposed ships, with wider ranges for TCE, revenues, and adjusted EBITDA. At the same time, we have strengthened our balance sheet to navigate these conditions. We completed three refinancings worth $530 million in 2025, enabling us to release $137 million in net cash proceeds, while at the same time both lowering our interest costs and increasing our debt maturity profile. As a result, we have no debt maturities before 2029, and we closed the year with a robust cash position of $448 million.

We are committed to shareholder return, and the Board has declared an ordinary quarterly dividend of $0.75 per share. This is our eighteenth ordinary quarterly dividend of $0.75 per share; and when adding special dividends, we will have paid out approximately $770 million of dividends to our shareholders since 2021.”

Source: Flex LNG