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1 SFL Corporation Ltd. Q4 2025 Results Presentation
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2 This presentation contains forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including SFL management's examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although SFL believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, SFL cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions. Important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward looking statements include the strength of world economies, fluctuations in currencies and interest rates, general market conditions including fluctuations in charter hire rates and vessel values, changes in demand in the markets in which the Company operates, changes in demand resulting from changes in the Organization of the Petroleum Exporting Countries’ petroleum production levels and worldwide oil consumption and storage, developments regarding the technologies relating to oil exploration, changes in market demand in countries which import commodities and finished goods and changes in the amount and location of the production of those commodities and finished goods, increased inspection procedures and more restrictive import and export controls, changes in the Company’s operating expenses, including bunker prices, dry-docking and insurance costs, performance of our charterers and other counterparties with whom the Company deals, the impact of any restructuring of the counterparties with whom the Company deals, timely delivery of vessels under construction within the contracted price, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, including any changes to energy and environmental policies and changes attendant to trade conflicts, potential disruption of shipping routes due to accidents or political events, the length and severity of the ongoing coronavirus outbreak and its impact on the demand for commercial seaborne transportation and the condition of the financial markets and other important factors described from time to time in the reports filed by the Company with the United States Securities and Exchange Commission. Forward Looking Statements
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3 Q4’25 key highlights Notes: (1) Gross revenue includes charter hire from all vessels and rigs, including assets in 100% owned subsidiaries classified as ‘Investment in associates’ and proportionate charter hire from partly owned vessels; (2) Adjusted EBITDA’ is a non- U.S. GAAP measure. It represents cash receipts from operating activities before net interest and capital payments. For details, please see SFL’s fourth quarter preliminary earnings release Appendix 1: Reconciliation of Adjusted EBITDA; (3) Based on SFL closing price of $9.13 on February 10, 2026; (4) Fixed rate backlog as of December 31, 2025 including subsequent sales and acquisitions, fully owned vessels, rigs and 100% of four partially owned 19,000 teu container vessels, which SFL also manages. The backlog excludes charterers’ extension options and purchase/cancellation options (if applicable) Recent Events & Highlights $0.20 Dividend per share $3.7 billion contracted backlog4 provides visibility in volatile markets, with two thirds contracted to investment grade counterparties $52 million net proceeds from the sale of two 2015 built Suezmax tankers, split between Q4 and Q1 88th consecutive quarterly dividend of $0.20 per share ~9%3 Dividend yield $5m Net loss $0.04 Loss per share $176m1 Gross revenue $109m2 Adjusted EBITDA $23 million investment in two 2020 built Suezmax tankers, with exposure to a very strong tanker market
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4 Notes: (1) Including partly owned vessels and acquired vessels yet to be delivered to SFL; (2) Average charter term weighted by charter revenues, excluding charterer option periods, and adjusted for subsequent sales and acquisitions; (3) Fixed rate backlog as of December 31, 2025 including subsequent sales and acquisitions, fully owned vessels, rigs and 100% of four partially owned 19,000 teu container vessels, which SFL also manages. The backlog excludes charterers’ extension options and purchase/cancellation options (if applicable). Excludes contracted revenue from dry bulk vessels, chemical vessel trading in a pool and potential future profit share A Leading Maritime Infrastructure Company Portfolio1 Contracted revenue3 30 Container 2 Energy 2 Dry bulk 16 Tanker 7 Car carrier Contract duration2 7.2 years 6.6 years 3.5 years 3.0 years < 1 year 75% 7% 11% 7% Container Tanker Car carrier Energy $3.7bn 66% 34% Investment grade (IG) Not rated or non-IG
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5 Notes: (1) Revenue by charter contract type. TC = time charter where SFL is providing crew and ship management services to the charterer. BB = Bareboat where SFL only provides the ship where the charterer undertakes crewing and ship management; (2) For vessels “operating days” equals calendar days less days for technical off hire, dry dock or yard stay. For rigs “operating days” equals days on rate or in transit covered by mobilisation fees less days off hire and time spent in port not on drilling rate; (3) Utilization means Operating days divided by calendar days; (4) Excluding expenses related to EUAs Operational Performance Highlights Utilization3 Q4 2025 Market Container Car carrier Tanker Dry bulk OPEX4 Q4 2025 $24m Revenue Q4 2025 $81m $26m $3m $23m Charter type1 Q4 2025 Energy $42m 93% 100% 100% 100% 100% $6m $15m $2m $21m 99% 100% 99% 100% 50% Operating days2 Q4 2025 2,267 641 1,624 184 92 BB TC
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6 Notes: (1) Not as accounted under US GAAP and including cash flow in 49.9% owned subsidiaries accounted for as ‘investment in associates‘ (Riverbox) SFL Financial Performance Adjusted EBITDA Q4 2025 Breakdown1 $81m $176m $109m $26m $42m $23m Container Car carriers Tanker Dry bulk Energy Gross charter hire (incl. profit share) -$67m Net operating and G&A expenses Adj. EBITDA $3m
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7 Income Statement (in thousands of $ except per share data) Three months ended Dec 31, 2025 Sep 30, 2025 Charter revenues: sales-type leases (excluding charter hire treated as Repayments) - 31 Charter revenues: operating leases and rig revenue contracts 169,495 173,399 Profit share income 1,194 1,809 Other operating income 4,818 2,968 Total operating revenues 175,507 178,207 (Loss)/Gain on sale of vessels and settlement of charters (11,702) 288 Vessel and rig operating expenses (70,951) (68,914) Administrative expenses (4,746) (3,933) Depreciation (56,296) (56,927) Total operating expenses (131,993) (129,774) Operating income 31,812 48,721 Results in associates 612 608 Interest income from associates 1,150 1,150 Interest income, other 3,355 3,029 Interest expense (42,938) (45,522) Interest and valuation gain/(loss) on non -designated derivatives 1,330 (246) Gain on investments in debt and equity securities 729 558 Other financial items 53 202 Taxes (756) 133 Net (loss)/income (4,653) 8,633 Basic (loss)/earnings per share ($) (0.04) 0.07 Operating Revenue • $176m of operating revenues, including $1.2m of profit share • Vessel charter hire of $152m • Rig charter hire of $23m Financial Items • Gain from sale of vessel of $11.3m • Expense of $23m related to charter buy-out Operating Expenses • Vessel operating expenses of $50m • Rig operating expenses of $21m Net Loss • $4.7m or $0.04 per share
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8 Notes: (1) Book values as of December 31, 2025 Balance Sheet Cash and Liquidity • $151m cash and cash equivalents at quarter end • Approximately $46m of undrawn credit lines • Unencumbered assets of more than $300 million Financing and Capital Expenditure • Capital expenditures of $850m remaining on five large container newbuildings, expected to be funded through pre- and post-delivery financing Capital Structure(1) • Book equity ratio of 26% (in thousands of $) Dec 31, 2025 Sep 30, 2025 ASSETS Short term Cash and cash equivalents 150,829 278,231 Investment in marketable securities 4,146 3,448 Amount due from related parties 6,941 6,029 Other current assets 97,302 92,892 Long term Vessels, rigs and equipment, net 3,122,633 3,209,225 Capital improvements, newbuildings and vessel deposits 181,074 184,433 Investment in associates 15,832 15,955 Amount due from related parties, long term 45,000 45,000 Other long term assets 14,386 15,398 Total assets 3,638,143 3,850,611 LIABILITIES AND STOCKHOLDERS’ EQUITY Short term Short term and current portion of long term interest bearing debt 605,943 813,119 Amount due to related parties 1,303 2,021 Other current liabilities 103,079 89,072 Long term Long term interest bearing debt, net of deferred charges 1,960,533 1,947,419 Other long term liabilities 6,423 7,388 Stockholders’ equity 960,862 991,592 Total liabilities and stockholders’ equity 3,638,143 3,850,611 (in thousands of $) Dec 31, 2024
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9 $0.20 Dividend per share 57 Maritime assets $151m Cash and cash equivalents $3.7bn Fixed revenue backlog SFL Corporation – Summary