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1 Fourth Quarter 2025 Result Presentation February 11, 2026
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2 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. FORWARD-LOOKING STATEMENTS INCLUDE STATEMENTS CONCERNING PLANS, OBJECTIVES, GOALS, STRATEGIES, FUTURE EVENTS OR PERFORMANCE, AND UNDERLYING ASSUMPTIONS AND OTHER STATEMENTS, WHICH 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. THE WORDS "BELIEVE," "EXPECT," "FORECAST," "ANTICIPATE," "AIM," "COMMIT," "ESTIMATE," "INTEND," "PLAN," "POSSIBLE," "POTENTIAL," "PENDING," "TARGET," "PROJECT," "LIKELY," "MAY," "WILL," "WOULD," "SHOULD," "COULD" AND SIMILAR EXPRESSIONS IDENTIFY FORWARD-LOOKING STATEMENTS. THE FORWARD-LOOKING STATEMENTS IN THIS PRESS RELEASE ARE BASED UPON VARIOUS ASSUMPTIONS, MANY OF WHICH ARE BASED, IN TURN, UPON 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, BECAUSE THESE ASSUMPTIONS ARE INHERENTLY SUBJECT TO SIGNIFICANT UNCERTAINTIES AND CONTINGENCIES WHICH ARE DIFFICULT OR IMPOSSIBLE TO PREDICT AND ARE BEYOND THE COMPANY’S CONTROL, 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 VARY MATERIALLY FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. THE COMPANY UNDERTAKES NO OBLIGATION, AND SPECIFICALLY DECLINES 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. 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 COMMERCIAL 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 THE WAR BETWEEN RUSSIA AND UKRAINE, AND POSSIBLE CESSATION OF SUCH WAR IN UKRAINE, THE CONFLICT BETWEEN ISRAEL AND HAMAS AND RELATED CONFLICTS IN THE MIDDLE EAST, THE HOUTHI ATTACK IN THE RED SEA AND GULF OF ADEN, THREATS BY IRAN TO CLOSE THE STRAIT OF HORMUZ, TRADE WARS, TARIFFS, EMBARGOES AND STRIKES, THE IMPACT OF RESTRICTIONS ON TRADE, INCLUDING THE IMPOSITION OF NEW TARIFFS, PORT FEES AND OTHER IMPORT RESTRICTIONS BY THE UNITED STATES ON ITS TRADING PARTNERS AND THE IMPOSITION OF RETALIATORY TARIFFS BY CHINA AND THE EUROPEAN UNION ON THE UNITED STATES, BUSINESS DISRUPTIONS, INCLUDING SUPPLY CHAIN DISRUPTION AND 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, POTENTIAL CYBERSECURITY OR OTHER PRIVACY THREATS AND DATA SECURITY BREACHES, 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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3 Q4 HIGHLIGHTS 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 dividend yield based on share price $26.4/share R TCE N E P S (EPS) EPS C R A TC M S Y R Y TCE Y A E T A S
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4 TCE ($/day) Revenues1 ($m) Adj. EBITDA2 ($m) Summary of 2025 Q1-2025 $73.9’/day Flex Constellation redelivered from charterer end-February Q2-2025 $72.0’/day Drydocking of Flex Aurora and Flex Resolute Q3-2025 $70.9’/day Drydocking of Flex Amber and Flex Artemis Q4-2025 $70.1’/day Volatile spot market FY2025 $71.7’/day Delivered 2025 in line with guidance FY2025 guiding ~$71-72’/day $340-360m $250-270m 2025 FIGURES IN LINE WITH GUIDANCE 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 earnings report
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5 HIGH CONTRACT COVERAGE AND EARNINGS VISIBILITY C R R C E A E R A A O O N A N A N A N A N A N A N A 50 years of minimum firm backlog which may grow to 75 years with charterers’ extension options
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6 SPOT MARKET EXPOSURE BROADENS OUR 2026 FINANCIAL GUIDANCE Key metrics TCE rate Revenues Adj. EBITDA Guiding for FY2026 TCE Expectations R A E T A We will carry out 3x drydockings in 2026; Flex Volunteer (completed), Flex Freedom in Q1, and Flex Vigilant in Q2 (expected in Europe). We assume ~20 days off-hire on average, and average cost of ~$5.9m. = FY2025
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7 EARNINGS BELONG TO SHAREHOLDERS O S S S E M C C O $3.00 Short-term outlook: Soft spot market Next 12-18 months: High availability of tonnage (relets) Longer-term outlook: Structural demand story remains intact Note: 1) Adjusted EPS is non-GAAP measures. A reconciliation to the most directly comparable GAAP measure is included in the earnings report Dividend Dates Ex-Date: February 27 Payment Date: March 12
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8 KEY OPERATIONAL FIGURES IN 2025 Note: TCE and OPEX per day are non-GAAP measures. A reconciliation to the most directly comparable GAAP measure is included in the earnings report Operating days TCE per day, ’ OPEX per day, ’ Y Y Y Y 64 days in dry-docking and 99.8% in technical utilization We budget vessel OPEX of ~$16,000/day in 2026
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9 KEY FINANCIAL FIGURES FOR 2025 Revenues1, $m Adjusted EBITDA2, $m Adjusted net income2, $m Y Y ( ) Y Y ( ) Y Y ( ) Note: 1) Revenue figures exclude EUAs; 2) Adjusted EBITDA and adjusted net income are non-GAAP measures. A reconciliation to the most directly comparable GAAP measure is included in the earnings report
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10 SOLID CASH POSITION Cash flow from Q3-2025 to Q4-2025, $m C N C O C N C S
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11 ROBUST AND CLEAN BALANCE SHEET • 13 modern LNGCs (9x MEGIs, 4x X-DFs) • Average fleet age of 6.2 years per February 2026 • Robust cash position of $448m • Interest rate hedging: Swap portfolio of $775m fixed at average 2.46% for an average of 2.8 years. Hedge ratio of ~70% until mid-2027 • Book equity ratio of ~27% although the fleet was acquired at historical low prices compared to ’ thus reflect historical cost adjusted with regular depreciations A E C
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12 EXPORTS ROSE 4% IN 2025, EUROPE AS THE PRIMARY DEMAND DRIVER LNG export by largest origin country/region FY2025 Q4-25 vs. Q4-24: FY25 vs. FY24: R T M +37% +3% -3% +0% +3% +25% +5% +10% +25% +2% -4% -6% +1% +3% -3% +4% Q4-25 vs. Q4-24: FY25 vs. FY24: LNG import by largest destination country/region FY2025 E R T M +25% -3% +5% -9% +8% +6% +10% -1% 24% -15% -3% -0% -4% +6% +7% +4% Source: Kpler Note: Import is export destination, some LNG is utilized as boil-off gas for fuel
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13 EUROPE ENTERS WINTER SEASON WITH LOW GAS INVENTORIES -10 -5 0 5 10 15 20 Y/Y Q1-22 Y/Y Q2-22 Y/Y Q3-22 Y/Y Q4-22 Y/Y Q1-23 Y/Y Q2-23 Y/Y Q3-23 Y/Y Q4-23 Y/Y Q1-24 Y/Y Q2-24 Y/Y Q3-24 Y/Y Q4-24 Y/Y Q1-25 Y/Y Q2-25 Y/Y Q3-25 Y/Y Q4-25 Asia Europe Africa Americas Y/Y change in quarterly European LNG imports, MT FY2022 import: ~127 MT FY2023 import: ~125 MT FY2024 import: ~103 MT FY2025 import: ~128 MT Source: Kpler, AGSI EU natural gas storage inventory, % of full 40 0 10 20 30 40 50 60 70 80 90 100 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 10Y-range 2026 2025
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14 HIGH VESSEL AVAILABILITY WEIGH ON SPOT RATES Source: Fearnley, Spark 0 50 100 150 200 250 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 Week 2025 2026 Average 2021-25 Spark Spot charter rate (modern two-strokes), ’
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15 ~20 NEWBUILD ORDERS YTD-26, NEWBUILD PRICES AROUND ~$250M LNG newbuild orders by order year, # vessels Source: SSY, Clarksons YT LNG newbuild prices, $m 150 170 190 210 230 250 270 290 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 Term rates, ’ 0 20 40 60 80 100 120 140 160 Jun-22 Jun-23 Jun-24 Jun-25 5-year TC 10-year TC N
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16 B WB O H X O H … Source: SSY, Clarksons LNG newbuild delivery, # vessels O N 78 newbuilds delivered in 2025, with 15–20 deliveries slipping into 2026. The current OB-to-fleet stands at ~40%, of which 40-45 vessels are reportedly uncommitted.
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17 … PP O H P Source: Clarksons, SSY YT 0 20 40 60 80 100 120 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 3Y-range 2026 2025 Spot charter rates for steam vessels, ’ Steam vessels recycling, # vessels Expected removals of steam vessels, # of vessels C ST ( ) C ( ) ( ) A ( )
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18 3rd LNG wave: 2025-’30: >200 MTPA 2nd LNG wave: 2015-’20 Australia adds ~40 MT, and US add >60 MT 1st wave: 2006-’10 Qatar adds ~50 MT 0 200 400 600 800 2005 2010 2015 2020 2025 2030 THIRD WAVE OF LNG WILL ADD >200 MTPA IN NEW CAPACITY Source: Rystad Energy Global liquefaction capacity, MTPA Other countries Australia Qatar – In operation USA – In operation Qatar – Under construction or planned USA – Under construction or planned
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19 Q4 HIGHLIGHTS 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 dividend yield based on share price $26.4/share R TCE N E P S (EPS) EPS C R A TC M S Y R Y TCE Y A E T A S
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20 Thank you! Q&A