Company Overview - Flex LNG is a shipping company focused on the growing market for Liquefied Natural Gas (LNG) [1] - The company operates a fleet of thirteen state-of-the-art LNG carriers equipped with the latest generation two-stroke propulsion systems (MEGI and X-DF) [1] - These modern ships provide significant improvements in fuel efficiency and a reduced carbon footprint compared to older steam and four-stroke propelled vessels [1] Recent Developments - CFO Knut Traaholt will present at the 32nd Energy Conference in Oslo, hosted by Pareto Securities [1] - The presentation is available on the company's website [1] Financial Information - Flex LNG is listed on the New York Stock Exchange under the ticker FLNG [1] - The company announced its unaudited financial results for the six months ended June 30, 2025, indicating ongoing financial activities [4]

Core Points - Flex LNG Ltd. will trade ex-dividend of USD 0.75 per share on September 4, 2025, for shares on the Oslo Stock Exchange [1] - For shares traded on the New York Stock Exchange, the ex-dividend date is September 5, 2025, with payment scheduled for approximately September 18, 2025 [2] Company Overview - Flex LNG is a shipping company specializing in the Liquefied Natural Gas (LNG) market, operating a fleet of thirteen state-of-the-art LNG carriers [2] - The vessels utilize the latest generation two-stroke propulsion systems (MEGI and X-DF), which enhance fuel efficiency and reduce carbon footprint compared to older ship models [2]

Financial Data and Key Metrics Changes - Revenues for the quarter were $86 million, or $84 million excluding EUAs, with a TCE of $72,000 per day, reflecting a slight drop compared to the previous quarter due to seasonal market softness [3][13] - Net income for the quarter was $17.7 million, translating to an EPS of $0.33, while adjusted net income was $24.8 million or adjusted EPS of $0.46 [3][15] - The company reaffirmed its full-year 2025 revenue guidance of $350 million to $370 million and adjusted EBITDA guidance of approximately $250 million to $270 million [5][8] Business Line Data and Key Metrics Changes - The company completed two dry dockings in the second quarter, which reduced operational days and impacted revenues [14] - The average docking cost was estimated at $5.7 million per vessel, slightly above previous estimates due to higher costs in Europe compared to Singapore [7] Market Data and Key Metrics Changes - LNG trade from January to July 2025 grew approximately 2% year-over-year, with U.S. LNG exports increasing by over 20% [24][25] - European LNG imports amounted to 74 million tonnes in the January-July period, up 24% from the same period last year [27] - Chinese LNG imports decreased by around 19%, while Indian imports fell by 11% year-over-year due to various market dynamics [28] Company Strategy and Development Direction - The company is committed to maintaining a shareholder-friendly dividend policy and has launched a $50 million share buyback program [4][10] - The company aims to fortify its balance sheet and financial flexibility through refinancing and optimizing its debt maturity profile [17][20] Management Comments on Operating Environment and Future Outlook - Management maintains a cautious short-term outlook on the LNG market but remains bullish on the long-term LNG story, supported by a strong charter backlog and a fortress balance sheet [11][24] - The company expects to benefit from increasing LNG volumes coming onstream in the future, despite current market softness [9][11] Other Important Information - The company is delisting from the Oslo Stock Exchange, with the last day of trading on September 15 [4][21] - The company has a solid contract backlog, providing earnings visibility even with two vessels open for the rest of the year [7][9] Q&A Session Summary Question: What is the likelihood and timing of options for the Flex Aurora and Flex Volunteer? - The first option is due in Q4 2025 and the second in Q1 2026, with further updates to be provided as more information becomes available [40][41] Question: How does the company view reinvestments in new buildings? - The company is exploring opportunities for new buildings but emphasizes the importance of having contracts attached to any new orders due to current market conditions [42] Question: What will the company do with its cash balance? - The company has $413 million in cash and is utilizing a strict capital discipline, including a share buyback program independent of dividend considerations [43]

Financial Performance - Second quarter revenues reached $84 million with a TCE (Time Charter Equivalent) rate of $72,000 per day[7] - Net income was $17.7 million, and adjusted net income was $24.8 million[7] - Earnings Per Share (EPS) was $0.33, and adjusted EPS was $0.46[7] Guidance and Outlook - The company reconfirmed its 2025 revenue guidance of approximately $340-360 million, with a TCE rate of $72,000-77,000 per day[7] - Adjusted EBITDA for 2025 is reconfirmed at around $250-270 million[7] Balance Sheet and Refinancing - Refinancing of Flex Courageous was completed, yielding net proceeds of approximately $43 million[27, 31] - Three refinancings are expected to generate around $132 million in net proceeds and lower the average pro forma cost of debt to approximately 5.6%[31] - The company's interest rate swap portfolio stood at $850 million (notional) with a weighted average rate of 2.33%[34] Dividends and Share Buy-Back - A dividend of $0.75 per share was declared for the second quarter[7] - The dividend per share for the last twelve months is $3.00[7] - A share buy-back program of up to $15 million has been launched[7, 39] Operational Updates - Two out of four planned drydockings have been completed ahead of schedule[8, 13] - The estimated average cost of all four drydockings is approximately $5.7 million per vessel[13] Market Trends - Global LNG exports YTD-2025 amounted to 244.7 MT, representing a 2% increase[41] - US LNG exports have surged, accompanied by approximately 24% growth in European LNG imports[40, 41]

Financial Performance - Vessel operating revenues for Q2 2025 were $86.0 million, a decrease of 2.7% from Q1 2025's $88.4 million[4] - Net income for Q2 2025 was $17.7 million, down from $18.7 million in Q1 2025, resulting in earnings per share of $0.33[4] - Adjusted EBITDA for Q2 2025 was $62.6 million, compared to $65.6 million in Q1 2025, reflecting a decline of 4.6%[4] - Net income for Q2 2025 was $17,719,000, down from $21,835,000 in Q2 2024, reflecting a decrease of approximately 19%[73] - Total net income for the first half of 2025 was $36,447,000, down 33.6% from $55,059,000 in the first half of 2024[135] - Adjusted net income for Q2 2025 was $24,844,000, down 18.0% from $30,423,000 in Q2 2024[135] - Adjusted diluted earnings per share (EPS) for Q2 2025 was $0.46, a decrease of 17.9% compared to $0.56 in Q2 2024[135] Dividends and Shareholder Returns - The company declared a dividend of $0.75 per share for Q2 2025, bringing the trailing twelve-month dividend to $3.00 per share[13] - The company approved a cash distribution of $0.75 per share for Q2 2025, to be paid from the Contributed Surplus account[124] - The company has authorized a share repurchase program allowing for the repurchase of up to $15 million of outstanding shares, valid through November 27, 2025[26] Debt and Financing - Cash and cash equivalents as of June 30, 2025, were $412.7 million, with total long-term debt at $1,802.2 million[23] - The company signed a $180 million term loan facility for Flex Constellation, with a 15.5-year tenor and an interest rate of SOFR plus 165 basis points[6] - Long-term debt stood at $1,696,278 as of June 30, 2025, compared to $1,703,529 as of December 31, 2024, indicating a decrease of approximately 0.4%[76] - The company incurred extinguishment costs of long-term debt amounting to $1,630,000 in the first half of 2025[135] Operational Highlights - The firm contract coverage for the remainder of 2025 is 85.7%, with a total contract backlog of 56 years, potentially extending to 85 years[16] - The company completed drydocking for Flex Aurora and Flex Resolute ahead of schedule, minimizing off-hire days[10] - The company has a 14.5% exposure to the spot market for the remainder of 2025, primarily related to Flex Artemis and Flex Constellation[17] - Voyage expenses for Q2 2025 were $3.0 million, an increase from $2.0 million in Q1 2025[30] Market and Industry Trends - US LNG exports surged 22% year-on-year to 60 MT in the January–July period of 2025[59] - Europe saw a 24% increase in US LNG imports, reaching 74 MT compared to the same period in 2024[58] - Long-term LNG sales and purchase agreements totaling 47.2 MTPA were signed in the first half of 2025, just short of the record 49 MTPA in H1 2024[62] - Seventeen newbuild LNG carriers were delivered in Q2 2025, bringing the total for the first half of the year to 33 units[60] - The global LNG carrier orderbook is estimated at just short of 300 vessels, with around 30% on order at Chinese yards[60] Cash Flow and Liquidity - Cash, cash equivalents, and restricted cash totaled $412.7 million as of June 30, 2025, up from $410.1 million at the end of Q1 2025[50] - Net cash provided by operating activities for the six months ended June 30, 2025, was $67,069, down from $82,350 for the same period in 2024, a decrease of about 18.5%[77] - Cash and cash equivalents increased to $412.681 million as of June 30, 2025, compared to $409.618 million at March 31, 2025[86] Asset Management - Total assets as of June 30, 2025, were $2,627,563, a slight decrease from $2,668,939 as of December 31, 2024[76] - The net book value of vessels and equipment decreased to $2,130.428 million as of June 30, 2025, from $2,154.465 million at January 1, 2025[90] - Trade accounts receivable, net, rose to $5.184 million in Q2 2025, up from $1.404 million in Q2 2024, indicating a significant increase of 269.5%[88] Foreign Exchange and Other Losses - The company reported a foreign exchange loss of $500 for the six months ended June 30, 2025, compared to a gain of $398 for the same period in 2024[77] - The company reported a foreign exchange loss of $500,000 in the first half of 2025, compared to a gain of $263,000 in the first half of 2024[135]

Company Information - Flex LNG Ltd. is a shipping company focused on the growing market for Liquefied Natural Gas (LNG) [4] - The company operates a fleet of thirteen state-of-the-art LNG carriers equipped with the latest generation two-stroke propulsion systems, which enhance fuel efficiency and reduce carbon footprint compared to older vessels [4] Cash Distribution Details - For the second quarter of 2025, Flex LNG will distribute $0.75 per share to shareholders [3] - The distribution will be made from the Company's Contributed Surplus Account [1] - Key dates for the distribution include: - Last day including right for NYSE shareholders: September 4, 2025 - Ex-date for NYSE shareholders: September 5, 2025 - Record date for both NYSE and OSE shareholders: September 5, 2025 - Payment date for NYSE shareholders: September 18, 2025 - Payment date for OSE shareholders: September 23, 2025 [3]

Company Overview - Flex LNG is a shipping company focused on the growing market for Liquefied Natural Gas (LNG) [2] - The fleet consists of thirteen state-of-the-art LNG carriers equipped with the latest generation two-stroke propulsion systems (MEGI and X-DF) [2] - These modern ships provide significant improvements in fuel efficiency and a reduced carbon footprint compared to older steam and four-stroke propelled ships [2] Financial Results Announcement - Flex LNG will release its unaudited financial results for the second quarter of 2025 on August 20, 2025, at approximately 07:00 CEST (1:00 a.m. EST) [1] - A live video webcast will be held on the same day at 15:00 CEST (9:00 a.m. EST) [1] - The presentation material will be available on the company's website, and a replay of the webcast will also be accessible [2]

Group 1 - The UP World LNG Shipping Index increased by 4.83 points, representing a 2.98% gain, closing at 166.96 points [1] - The S&P 500 index also saw an increase, gaining 1.46% [1] - A chart illustrating the performance of both indices with weekly data is referenced [1]

Core Insights - BP plc has commenced commercial operations for its Greater Tortue Ahmeyim (GTA) project with Golar LNG's floating liquefied natural gas (FLNG) unit [1][9] - The Gimi FLNG unit has achieved a production level of approximately 2.4 million tons per annum (mtpa), which is 90% of its nameplate capacity and aligns with long-term supply contracts [2][9] - The GTA project has successfully exported multiple LNG cargoes, with an estimated total of 3.5 gross cargoes expected by the end of June [3] Project Details - The GTA project is operated by BP with a 56% working interest, alongside partners Kosmos Energy (27%), Petrosen (10%), and SMH (7%) [1] - The project is located offshore Mauritania and Senegal, recognized as one of the deepest offshore developments in Africa, with water depths reaching up to 2,850 meters [4][9] Future Outlook - Golar LNG expresses commitment to collaborating with BP and other stakeholders to ensure reliable operations and value creation within the GTA project [4]

Group 1: Runway Growth Finance Corp. (RWAY) - Runway Growth Finance Corp. is an externally managed business development company focused on providing flexible capital solutions to late-stage and growth companies [1] - The Zacks Consensus Estimate for its current year earnings has increased by 7.4% over the last 60 days [1] Group 2: Flex LNG (FLNG) - Flex LNG is a shipping company specializing in the transportation of liquefied natural gas [2] - The Zacks Consensus Estimate for its current year earnings has increased by 12.1% over the last 60 days [2] - Flex LNG has a dividend yield of 12.6%, compared to the industry average of 2% [2] Group 3: Upbound Group, Inc. (UPBD) - Upbound Group, Inc. is a leading lease-to-own provider with operations in the United States, Puerto Rico, and Mexico [3] - The Zacks Consensus Estimate for its current year earnings has increased by 2% over the last 60 days [3] - Upbound Group has a dividend yield of 6.5%, compared to the industry average of 4.1% [3]