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1 SFL Corporation Ltd. Q3 2026 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 Q3’26 key highlights Notes: (1) 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 third quarter preliminary earnings release Appendix 1: Reconciliation of Adjusted EBITDA Q3 2026 Highlights $0.22 Dividend per share $37m Net Income $0.26 Earnings per share $202m Operating revenue $122m1 Adjusted EBITDA CHARTER EXTENSIONS • Six 15,400 TEU container vessels • Seven-year charter extensions from 2028/29 onwards CONTAINERSHIP NEWBUILDINGS • Two 8,800 TEU container vessels with eight-year charters • Delivery second half 2027 GAS CARRIER NEWBUILDINGS • Three 93,000 CBM VLACs with long term charters • Delivery second half 2028 • Estimated net cash proceeds of ~$275 million in aggregate • Delivery to new owner split between Q4 and Q1 91st Consecutive dividend SALE OF SEVEN TANKER VESSELS
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4 1.9 years 3.2 years 5.0 years 5.7 years 8.3 years 71% 11% 5% 5% 7% 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 September 30, 2026 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 revenue3Contract duration2 $5.0bn 58% 42% Investment grade (IG) Not rated or non-IG 32 Container 2 Energy 2 Dry bulk 16 Tanker 11 Car carrier < 1 year 3 Gas carrier Container Tanker Car carrier Energy Gas carrier
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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 and voyage expenses Operational Performance Highlights Utilization3 Q3 2026 Market Container Car carrier Tanker Dry bulk OPEX4 Q3 2026 Revenue Q3 2026 Charter type1 Q3 2026 Energy 91% 100% 100% 100% 100% 100% 98% 100% 97% 50% Operating days2 Q3 2026 2,300 630 1,472 178 92 BB TC $56m $12m $85m $15m $27m $7m $3m $2m $23m $27m
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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 Q3 2026 breakdown1 $85m $27m $56m $23m $3m $195m -$73m $122m Container Car carriers Tanker Dry bulk Energy Gross charter hire (incl. profit share) Net operating and G&A expenses Adj. EBITDA
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7 Income Statement (in thousands of $ except per share data) Three months ended Sep 30, 2026 Jun 30, 2026 Charter revenues: operating leases and rig revenue contracts 189,395 191,383 Profit share income 2,590 2,152 Other operating income 9,596 7,230 Total operating revenues 201,581 200,765 Vessel and rig operating expenses (85,395) (73,820) Administrative expenses (3,897) (6,933) Depreciation (56,262) (54,792) Total operating expenses (145,554) (135,545) Operating income 56,027 65,220 Results in associates 554 576 Interest income from associates 1,150 1,138 Interest income, other 1,313 1,598 Interest expense (34,594) (36,443) Interest and valuation gain on non-designated derivatives 14,072 4,009 Gain/(loss) on investments in equity securities 772 (1,231) Other financial items (1,364) (674) Taxes (579) (400) Net income 37,351 33,793 Basic earnings per share ($) 0.26 0.25 Operating Revenues • $202m of operating revenues • Vessel charter hire of $178m • Rig charter hire of $23m Non-recuring and non-cash items • Positive mark-to-market effects from swaps of $13m • Positive mark-to-market effects from equity investments of $1m Operating Expenses • Vessel operating expenses of $58m • Rig operating expenses of $27m Net Income • $37m or $0.26 per share
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8 Notes: (1) Book values as of September 30, 2026 Balance Sheet Cash and Liquidity • $112m cash and cash equivalents at quarter end • $160m of undrawn credit lines Financing and Capital Expenditure • The remaining capital expenditure commitments of approximately $1.7 billion are expected to be funded through a combination of cash on hand and secured credit facilities Capital Structure1 • Book equity ratio of ~31% (in thousands of $) Sep 30, 2026 Jun 30, 2026 ASSETS Short term Cash and cash equivalents 111,895 113,104 Investment in marketable securities 5,950 5,013 Amount due from related parties 3,222 11,865 Other current assets 126,037 121,453 Long term Vessels, rigs and equipment, net 2,945,437 2,992,540 Capital improvements in progress and newbuildings 217,224 188,781 Investment in associates 15,413 15,586 Amount due from related parties, long term 45,000 45,000 Other long term assets 45,504 22,417 Total assets 3,515,682 3,515,759 LIABILITIES AND STOCKHOLDERS’ EQUITY Short term Short term and current portion of long term interest bearing debt 612,766 575,539 Amount due to related parties 2,278 1,377 Other current liabilities 91,104 84,521 Long term Long term interest bearing debt, net of deferred charges 1,720,715 1,808,877 Other long term liabilities 1,696 10,067 Stockholders’ equity 1,087,123 1,035,378 Total liabilities and stockholders’ equity 3,515,682 3,515,759 (in thousands of $) Dec 31, 2024
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9 Notes: (1) Cash and cash equivalents including undrawn lines 91 Consecutive quarters of dividends $5.0bn Fixed revenue backlog1 $272m Liquidity2 66 Maritime assets $0.22 Dividend per share Notes: (1) Fixed rate backlog as of September 30, 2026 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); (2) Cash and cash equivalents including undrawn lines