Flex LNG - First Quarter 2025 Earnings Release

Core Insights - Flex LNG reported solid financial results for Q1 2025, with revenues of $88.4 million and net income of$18.7 million, translating to earnings per share (EPS) of $0.35 [1][4] - Revenue decreased by$3 million compared to Q4 2024, primarily due to lower earnings from Flex Artemis and the redelivery of Flex Constellation [1][4] - The company has secured a total minimum firm backlog of 59 years, with potential expansion to 88 years through charterers' extension options, providing strong earnings visibility [3] Financial Performance - Vessel operating revenues for Q1 2025 were $88.4 million, down from$90.9 million in Q4 2024 [4] - Net income for Q1 2025 was $18.7 million, compared to$45.2 million in Q4 2024 [4] - Adjusted EBITDA for Q1 2025 was $65.6 million, down from$68.7 million in Q4 2024 [4] Vessel Operations - Flex Constellation was redelivered in March 2025 and is expected to remain in the spot market until a 15-year time charter begins in H1 2026 [1][4] - Flex Artemis will be redelivered in Q3 2025 after a 5-year time charter and will undergo drydocking [2][4] Financing and Refinancing - The company received a credit-approved term sheet for a $175 million sale and leaseback for Flex Courageous [5] - Refinancing processes for Flex Resolute and Flex Constellation have been initiated to improve liquidity and reduce debt costs [5] ESG and Shareholder Actions - The company published its 2024 ESG report, highlighting a Lost Time Injury Frequency (LTIF) of zero [7] - A quarterly dividend of$0.75 per share was declared, amounting to approximately $41 million, with trailing twelve months dividends totaling$3.0 per share [8]