Core Viewpoint - SFL Corporation Ltd. is set to release its preliminary financial results for Q3 2025 on November 11, 2025, and will host a conference call and webcast for stakeholders on the same day [1]. Group 1: Financial Results and Events - The preliminary financial results for Q3 2025 will be announced on November 11, 2025 [1]. - A conference call and webcast will take place on November 11, 2025, at 10:00 AM (EST) / 4:00 PM (CET) [1]. - Relevant materials will be available in the Investor Relations section of the Company's website on the same day [1]. Group 2: Participation Details - Stakeholders can join the conference call in listen-only mode via the Company's website or directly through a provided webcast link [2]. - Participants can also join a live Q&A session through Zoom using a specific meeting ID and passcode [2]. - A replay of the conference call will be accessible via the webcast on SFL's website [2]. Group 3: Company Overview - SFL Corporation Ltd. has a strong track record in the maritime industry, having paid dividends every quarter since its NYSE listing in 2004 [3]. - The Company's fleet includes tanker vessels, bulkers, container vessels, car carriers, and offshore drilling rigs [3]. - SFL's long-term distribution capacity is supported by a portfolio of long-term charters and significant growth in its asset base over time [3].

Core Viewpoint - The increase in global oil supply and sanctions have led to a surge in demand for "unaffected" tankers, resulting in the highest tanker earnings since the peak of the COVID-19 pandemic [1] Group 1: Oil Tanker Earnings - The daily rental rate for tankers transporting 2 million barrels of crude oil from the Middle East to China has risen by 40% to $125,000, marking the highest level since April 2020 [1] - The Baltic Exchange reports that this increase is driven by the need for alternative sources due to recent U.S. sanctions on two major Russian oil companies [1] Group 2: Market Dynamics - Lars Barstad, CEO of Frontline, noted that sanctioned crude oil transportation is hindered, leading to longer waiting times for vessels [1] - There has been an increase in shipping volume from the Atlantic Basin to Asia, contributing to a rise in ton-miles [1] - More OPEC crude oil is entering the market, further influencing tanker demand [1] Group 3: Related Stocks - Relevant stocks in the tanker industry include Frontline, Teekay, Teekay Tankers, CMB.Tech, Scorpio Tankers, DHT Holdings, Tsakos Energy Navigation, Navios Maritime Holdings, International Seaways, Nordic American Tankers, and SFL Corp [1]

Core Insights - Deutsche Digital Assets is set to list the Bittensor Staked TAO ETP on the SIX Swiss Exchange, collaborating with Safello to facilitate this process [1][2] - The ETP will provide investors exposure to TAO, linked to decentralized AI, with TAO tokens held in cold storage by a regulated custodian [2] - The fund will reinvest staking rewards automatically, with a maximum fee of 1.49%, although the recent news has not positively impacted TAO's price, which is currently at $429.47, down 3.3% in the last 24 hours [3] Institutional Interest - There is growing institutional interest in Bittensor, indicating a trend among institutional investors towards decentralized networks for AI [4] - Bittensor rewards contributions to data and computing tasks, such as text translation and fraud detection, enhancing its appeal to institutional players [4] Corporate Treasury Developments - The Bittensor corporate treasury is gaining traction, with significant announcements from Nasdaq-listed companies like Synaptogenix and Oblong regarding their TAO acquisitions [5][6] - Synaptogenix announced plans to acquire $10 million worth of TAO, exceeding its market cap at the time, while Oblong intends to secure $7.5 million for purchasing TAO tokens [5][6]

Core Insights - Deutsche Digital Assets plans to list an ETP for Bittensor (TAO), a cryptocurrency associated with decentralized AI, in collaboration with Safello [1] - The Safello Bittensor Staked TAO ETP will be traded on the SIX Swiss Exchange under the ticker STAO [1] - The product is physically backed by TAO tokens in cold storage, with returns based on TAO's price movements and staking rewards [2] Investment Product Details - The ETP will have a maximum fee of 1.49% and will automatically reinvest staking rewards into the fund [2] - It tracks the Kaiko Safello Staked Bittensor Index (KSSTAO) [5] Market Interest - There is increasing interest in Bittensor, a decentralized network for AI that incentivizes contributions of data and computing power for various tasks [3] - Bittensor is recognized for its potential in reshaping value creation through the convergence of decentralized technology and AI [5] Competitive Landscape - Yuma Asset Management, founded by Barry Silbert, has already launched an asset management approach to the Bittensor ecosystem, targeting wealthy investors [4] - In July, U.K. exchange Archax announced its agreement to acquire Deutsche Digital Assets [6]

Core Viewpoint - The previous update on SFL Corporation Ltd. highlighted the durability of its high yield due to a long-dated backlog that provides cash insulation [1]. Company Summary - SFL Corporation Ltd. is noted for its strong yield, which is supported by a substantial backlog that helps secure cash flow [1]. Industry Insights - The article reflects a positive outlook on the future of Bitcoin, indicating a belief in its potential growth and investment opportunities [1].

Core Viewpoint - SFL Corp. has reduced its quarterly dividend by 26% to $0.20 per share due to the ongoing unemployment of the Hercules vessel and decreased revenues following asset disposition [1]. Group 1: Dividend Cut - The quarterly dividend has been cut from a previous amount to $0.20 per share, representing a 26% reduction [1]. - The decision to cut the dividend is attributed to the continued unemployment of the Hercules vessel [1]. - Reduced revenues following the disposition of assets have also influenced the company's decision to lower the dividend [1].

[SEC Filing Information](index=1&type=section&id=SEC%20Filing%20Information) Details the filing of Form 6-K by SFL Corporation Ltd. for August 2025, including official signatures [Form 6-K Details](index=1&type=section&id=1.1%20Form%206-K%20Details) SFL Corporation Ltd. filed Form 6-K for August 2025 as a foreign private issuer - **SFL Corporation Ltd.** filed Form 6-K for August 2025, reporting as a foreign private issuer[1](index=1&type=chunk)[2](index=2&type=chunk) [Signatures](index=3&type=section&id=1.2%20Signatures) Official signatures authorize the Form 6-K report on behalf of SFL Corporation Ltd - The report was signed by **Ole B. Hjertaker**, Principal Executive Officer of SFL Management AS, on August 19, 2025[8](index=8&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk) [Preliminary Q2 2025 Earnings Overview](index=5&type=section&id=Preliminary%20Q2%202025%20Earnings%20Overview) SFL announced preliminary Q2 2025 results, a $0.20 dividend, and strategic fleet management, despite rig challenges [Announcement and Highlights](index=5&type=section&id=2.1%20Announcement%20and%20Highlights) SFL announced preliminary Q2 2025 results, a $0.20 dividend, strengthened charter backlog, and asset sales - SFL announced preliminary Q2 2025 results and a quarterly cash dividend of **$0.20 per share**[14](index=14&type=chunk) - The company strengthened its charter backlog with strong counterparties and deployed high-quality assets, including cargo-handling and fuel-efficiency upgrades[16](index=16&type=chunk) - Continuous fleet renewal involved selling and redelivering older dry bulk and container vessels, generating over **$200 million**[19](index=19&type=chunk) | Metric | Q2 2025 | | :----- | :------ | | Net income | $1.5 million | | EPS | $0.01 | | Charter hire received | $194 million | | Adjusted EBITDA (consolidated) | $104 million | | Adjusted EBITDA (associated companies) | $8 million | [CEO Commentary](index=6&type=section&id=2.2%20CEO%20Commentary) CEO discussed strategic steps to strengthen charter backlog, improve fleet efficiency, and dividend adjustment from asset sales and reduced cash flow - Decisive steps taken to strengthen charter backlog, including investments in cargo-handling and fuel-efficiency upgrades and divesting older, less efficient vessels[16](index=16&type=chunk) - The market for the **Hercules drilling rig** remains challenging, impacting near-term financial results, but the company remains optimistic about new employment[17](index=17&type=chunk) - Asset sales increased available capital but reduced near-term cash flow, leading to a dividend adjustment to **$0.20 per share**[17](index=17&type=chunk) - SFL has distributed **$2.9 billion** to shareholders through 86 consecutive quarterly cash dividends since 2004, demonstrating ability to renew and diversify its portfolio[18](index=18&type=chunk) [Financial Performance Summary](index=8&type=section&id=Financial%20Performance%20Summary) SFL reported Q2 2025 financial results, including a $0.20 dividend, GAAP figures, and segmented performance [Quarterly Dividend Declaration](index=8&type=section&id=3.1%20Quarterly%20Dividend%20Declaration) The Board of Directors declared a quarterly cash dividend of $0.20 per share for Q2 2025, payable around September 29, 2025 | Dividend Metric | Value | | :-------------- | :---- | | Quarterly Cash Dividend | $0.20 per share | | Payment Date | On or around September 29, 2025 | | Record Date (NYSE) | September 12, 2025 | | Ex-dividend Date (NYSE) | September 12, 2025 | [Q2 2025 Consolidated Financial Results (U.S. GAAP)](index=8&type=section&id=3.2%20Q2%202025%20Consolidated%20Financial%20Results%20(U.S.%20GAAP)) SFL reported Q2 2025 GAAP operating revenues of $192.6 million and net income of $1.5 million, impacted by non-recurring items - Total U.S. GAAP operating revenues were approximately **$192.6 million** in Q2 2025, which is lower than cash received due to accounting classifications[22](index=22&type=chunk) - Net income was impacted by non-recurring items such as a **$4.2 million** net gain on vessel sales, negative mark-to-market effects from hedging derivatives (**$2.4 million**), and equity investments (**$1.0 million**)[23](index=23&type=chunk) - Scheduled drydocking activity in the quarter temporarily reduced revenues and increased expenses, with lower activity expected in future quarters[24](index=24&type=chunk) | Income Statement Item | Q2 2025 (in thousands of $) | Q1 2025 (in thousands of $) | Full Year 2024 (audited, in thousands of $) | | :-------------------- | :-------------------------- | :-------------------------- | :---------------------------------------- | | Total operating revenues | 192,588 | 186,739 | 904,404 | | Gain on sale of vessels | 4,242 | — | 5,374 | | Total operating expenses | (151,347) | (176,077) | (603,061) | | Operating income | 45,483 | 10,662 | 306,717 | | Net income/(loss) | 1,460 | (31,871) | 130,653 | | Basic earnings/(loss) per share ($) | 0.01 | (0.24) | 1.01 | [Segmented Financial Performance](index=19&type=section&id=3.3%20Segmented%20Financial%20Performance) SFL's Q2 2025 financial results are segmented into Shipping and Energy, with Shipping contributing positively and Energy reporting a loss | Income Statement Item (in thousands of $) | Shipping | Energy | Total | | :-------------------------------------- | :------- | :----- | :---- | | Total operating revenues | 166,644 | 25,944 | 192,588 | | Gain on sale of vessels | 4,242 | — | 4,242 | | Total operating expenses | (117,451) | (33,896) | (151,347) | | Operating income/(loss) | 53,435 | (7,952) | 45,483 | | Net income/(loss) | 14,919 | (13,459) | 1,460 | [Shipping Segment Performance](index=19&type=section&id=3.3.1%20Shipping%20Segment%20Performance) The Shipping segment reported total operating revenues of $166.6 million and net income of $14.9 million for Q2 2025 | Shipping Segment (in thousands of $) | Q2 2025 | | :--------------------------------- | :------ | | Total operating revenues | 166,644 | | Operating income | 53,435 | | Net income | 14,919 | [Energy Segment Performance](index=19&type=section&id=3.3.2%20Energy%20Segment%20Performance) The Energy segment generated $25.9 million in operating revenues but incurred an operating loss of $7.9 million and net loss of $13.5 million | Energy Segment (in thousands of $) | Q2 2025 | | :------------------------------- | :------ | | Total operating revenues | 25,944 | | Operating loss | (7,952) | | Net loss | (13,459) | [Adjusted EBITDA Reconciliation](index=20&type=section&id=3.4%20Adjusted%20EBITDA%20Reconciliation) SFL reported a consolidated Adjusted EBITDA of $104.1 million for Q2 2025, including contributions from associates - Adjusted EBITDA is a non-U.S. GAAP measure representing cash receipts from operating activities before net interest and capital payments[53](index=53&type=chunk)[71](index=71&type=chunk) | Adjusted EBITDA (in thousands of $) | Shipping | Energy | Total | 49.9% owned associates | | :-------------------------------- | :------- | :----- | :---- | :--------------------- | | Net cash provided by operating activities | 68,707 | 1,429 | 70,136 | 4,539 | | Adjusted EBITDA | 97,490 | 6,560 | 104,050 | 7,769 | [Business Operations and Fleet Update](index=8&type=section&id=Business%20Operations%20and%20Fleet%20Update) SFL's Q2 2025 charter backlog, diversified fleet details, and operational updates across segments [Charter Backlog and Fleet Overview](index=8&type=section&id=4.1%20Charter%20Backlog%20and%20Fleet%20Overview) SFL's fixed rate charter backlog was $4.2 billion as of June 30, 2025, with a weighted remaining term of 6.7 years | Metric | Value | | :----- | :---- | | Fixed Rate Charter Backlog (as of June 30, 2025) | ~$4.2 billion | | Weighted Remaining Charter Term | 6.7 years | | Number of Vessels/Newbuildings | 60 | | Backlog from Investment Grade Customers | ~66% | - Some charters include purchase options that may reduce backlog but increase capital, and profit-sharing features that may improve operating results[26](index=26&type=

Financial Data and Key Metrics Changes - The company reported revenues of $194 million for the quarter, with an EBITDA equivalent cash flow of $112 million [5][24] - The EBITDA equivalent over the last twelve months was $526 million [5] - The net profit for the second quarter was approximately SEK 1.5 million or $0.01 per share, compared to a net loss of approximately SEK 32 million or $0.02 per share in the previous quarter [26] Business Line Data and Key Metrics Changes - The container vessel segment generated approximately $2 million in revenue, while the car carrier fleet generated approximately NOK 26 million, slightly up from the last quarter [21][22] - The tanker fleet's gross charter hire decreased to approximately NOK 41 million from NOK 45 million in the previous quarter due to scheduled dry dockings [22] - The overall utilization across the shipping fleet was 98.1%, with an adjusted utilization of 99.9% [15] Market Data and Key Metrics Changes - The charter backlog currently stands at $4.2 billion, with two-thirds of this backlog from customers with investment-grade ratings [10][29] - The company has a diversified fleet consisting of 60 maritime assets, including 30 containerships, 16 large tankers, and two drilling rigs [12] Company Strategy and Development Direction - The company is focused on strengthening its charter backlog by securing agreements with strong counterparties and investing in cargo handling and fuel efficiency upgrades [6][10] - The company has divested older, less efficient vessels and is committed to fleet renewal and new technology, with 11 vessels now capable of operating on LNG fuel [7][12] - The company aims to enhance its fleet to position itself for organic growth and comply with strict regulatory demands aimed at reducing shipping emissions [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about finding new employment for the idle drilling rig Hercules, despite current market volatility and oil price fluctuations [8][9] - The decision to adjust the dividend to $0.20 per share was made to ensure that distributions are not subsidized by idle assets, particularly the Hercules rig [10][36] - The company has a strong liquidity position, including undrawn credit lines and unencumbered vessels, which will enable continued investment in new assets [11][27] Other Important Information - The company has returned nearly $2.9 billion to shareholders over 86 consecutive quarters [10] - The average age of the vessels sold was about 18 years, reducing the fleet average by about two years [12] Q&A Session Summary Question: What’s the status with the lawsuit with Seadrill? - The company is involved in two lawsuits, with the larger one regarding the redelivery of the Hercules scheduled for 2026, and a guarantee for an adjustment amounting to approximately $45 million to $50 million has been received from Seadrill [30] Question: Can you walk us through your thought process on the decision to lower the dividend? - Management acknowledged disappointment regarding the dividend adjustment, attributing it to the idle status of the Hercules rig and the need to ensure that distributions are not subsidized by non-operational assets [34][36] Question: What are the expected costs for dry docking in the second half of the year? - Management expects dry docking costs to be significantly lower in Q3 and Q4 compared to Q2, with estimates around $3 million to $3.5 million for Q3 and $1 million to $2 million for Q4 [42][44] Question: How is the company viewing opportunities for potential acquisitions? - The company continues to look for acquisition opportunities, although the market has been slower due to general uncertainty. They have significant investment capacity following recent divestitures [46][47] Question: What should be expected for the organic EBITDA contribution from the energy side? - The energy segment is expected to have a negative drag going forward, but the shipping fleet is generating solid contributions and cash flow [50][54]

Financial Highlights - The company announced a dividend of $0.20 per share[5, 26], marking the 86th consecutive quarterly dividend[5] - The company reported a net income of $1 million, with earnings per share of $0.01[5] - The company's adjusted EBITDA was $112 million[5, 16] - The company's gross revenue reached $194 million[5, 16], which includes charter hire from all vessels and rigs[6] Contracted Revenue and Backlog - The company's fixed revenue backlog stands at $4.2 billion[5, 8, 26], with over two-thirds contracted to investment grade counterparties[5, 8] - The company extended three container vessels with Maersk for five years, adding approximately $225 million to the fixed backlog[5] - 71% of the company's contracted revenue is from container vessels[8] Operational Performance - The company's fleet utilization remains strong, with container vessels, car carriers, tanker vessels, and dry bulk vessels all reporting utilization rates at or near 100%[13] - The company's cash and cash equivalents at quarter end was $156 million[24, 26] Portfolio Composition - The company's portfolio includes 30 container vessels, 18 tanker vessels, 7 car carriers, 3 dry bulk vessels, and 2 energy assets[8] - The company's contracted revenue is diversified across various sectors, with container vessels accounting for 71%, tanker vessels for 11%, car carriers for 11%, and energy for 7%[8] Client Base - The company has a strong portfolio of industry-leading clients, including a world-leading chemical logistics company (29% of contracted revenue), a publicly listed investment grade shipping company (21% of contracted revenue), and other major players in the container shipping, energy, and automotive industries[11]

Core Insights - The company is set to present its preliminary second quarter results on August 19, 2025 [1] Group 1 - The presentation of the second quarter results is enclosed in the provided link [1] - The attachment includes the detailed results presentation for the second quarter of 2025 [2]