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1 First Quarter 2025 Results Presentation May 21, 2025
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2 DISCLAIMER MATTERS DISCUSSED IN THIS PRESS RELEASE MAY CONSTITUTE FORWARD-LOOKING STATEMENTS. THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 PROVIDES SAFE HARBOUR PROTECTIONS FOR FORWARD-LOOKING STATEMENTS IN ORDER TO ENCOURAGE COMPANIES TO PROVIDE PROSPECTIVE INFORMATION ABOUT THEIR BUSINESS. FORWARD-LOOKING STATEMENTS INCLUDE STATEMENTS CONCERNING PLANS, OBJECTIVES, GOALS, STRATEGIES, FUTURE EVENTS OR PERFORMANCE, AND UNDERLYING ASSUMPTIONS AND OTHER STATEMENTS, WHICH ARE OTHER THAN STATEMENTS OF HISTORICAL FACTS. THE COMPANY DESIRES TO TAKE ADVANTAGE OF THE SAFE HARBOUR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND IS INCLUDING THIS CAUTIONARY STATEMENT IN CONNECTION WITH THIS SAFE HARBOUR LEGISLATION. THE WORDS "BELIEVE," "EXPECT," "FORECAST," "ANTICIPATE,“ “AIM”, “COMMIT”, "ESTIMATE," "INTEND," "PLAN," "POSSIBLE," "POTENTIAL," "PENDING," "TARGET," "PROJECT," "LIKELY," "MAY," "WILL," "WOULD," "SHOULD," "COULD" AND SIMILAR EXPRESSIONS IDENTIFY FORWARD-LOOKING STATEMENTS. THE FORWARD-LOOKING STATEMENTS IN THIS PRESS RELEASE ARE BASED UPON VARIOUS ASSUMPTIONS, MANY OF WHICH ARE BASED, IN TURN, UPON FURTHER ASSUMPTIONS, INCLUDING WITHOUT LIMITATION, MANAGEMENT’S EXAMINATION OF HISTORICAL OPERATING TRENDS, DATA CONTAINED IN THE COMPANY’S RECORDS AND OTHER DATA AVAILABLE FROM THIRD PARTIES. ALTHOUGH MANAGEMENT BELIEVES THAT THESE ASSUMPTIONS WERE REASONABLE WHEN MADE, BECAUSE THESE ASSUMPTIONS ARE INHERENTLY SUBJECT TO SIGNIFICANT UNCERTAINTIES AND CONTINGENCIES WHICH ARE DIFFICULT OR IMPOSSIBLE TO PREDICT AND ARE BEYOND THE COMPANY’S CONTROL, THERE CAN BE NO ASSURANCE THAT THE COMPANY WILL ACHIEVE OR ACCOMPLISH THESE EXPECTATIONS, BELIEFS OR PROJECTIONS. AS SUCH, THESE FORWARD-LOOKING STATEMENTS ARE NOT GUARANTEES OF THE COMPANY’S FUTURE PERFORMANCE, AND ACTUAL RESULTS AND FUTURE DEVELOPMENTS MAY VARY MATERIALLY FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. THE COMPANY UNDERTAKES NO OBLIGATION, AND SPECIFICALLY DECLINES ANY OBLIGATION, EXCEPT AS REQUIRED BY APPLICABLE LAW OR REGULATION, TO PUBLICLY UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE. NEW FACTORS EMERGE FROM TIME TO TIME, AND IT IS NOT POSSIBLE FOR THE COMPANY TO PREDICT ALL OF THESE FACTORS. FURTHER, THE COMPANY CANNOT ASSESS THE EFFECT OF EACH SUCH FACTOR ON ITS BUSINESS OR THE EXTENT TO WHICH ANY FACTOR, OR COMBINATION OF FACTORS, MAY CAUSE ACTUAL RESULTS TO BE MATERIALLY DIFFERENT FROM THOSE CONTAINED IN ANY FORWARD-LOOKING STATEMENT. IN ADDITION TO THESE IMPORTANT FACTORS, OTHER IMPORTANT FACTORS THAT, IN THE COMPANY’S VIEW, COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE DISCUSSED IN THE FORWARD-LOOKING STATEMENTS INCLUDE: UNFORESEEN LIABILITIES, FUTURE CAPITAL EXPENDITURES, THE STRENGTH OF WORLD ECONOMIES AND CURRENCIES, INFLATIONARY PRESSURES AND CENTRAL BANK POLICIES INTENDED TO COMBAT OVERALL INFLATION AND RISING INTEREST RATES AND FOREIGN EXCHANGE RATES, GENERAL MARKET CONDITIONS, INCLUDING FLUCTUATIONS IN CHARTER RATES AND VESSEL VALUES, CHANGES IN DEMAND IN THE LNG TANKER MARKET, THE IMPACT OF PUBLIC HEALTH THREATS, CHANGES IN THE COMPANY’S OPERATING EXPENSES, INCLUDING BUNKER PRICES, DRYDOCKING AND INSURANCE COSTS, THE FUEL EFFICIENCY OF THE COMPANY’S VESSELS, THE MARKET FOR THE COMPANY’S VESSELS, AVAILABILITY OF FINANCING AND REFINANCING, ABILITY TO COMPLY WITH COVENANTS IN SUCH FINANCING ARRANGEMENTS, FAILURE OF COUNTERPARTIES TO FULLY PERFORM THEIR CONTRACTS WITH THE COMPANY, CHANGES IN GOVERNMENTAL RULES AND REGULATIONS OR ACTIONS TAKEN BY REGULATORY AUTHORITIES, INCLUDING THOSE THAT MAY LIMIT THE COMMERCIAL USEFUL LIVES OF LNG TANKERS, CUSTOMERS' INCREASING EMPHASIS ON ENVIRONMENTAL AND SAFETY CONCERNS, POTENTIAL LIABILITY FROM PENDING OR FUTURE LITIGATION, GLOBAL AND REGIONAL ECONOMIC AND POLITICAL CONDITIONS OR DEVELOPMENTS, ARMED CONFLICTS, INCLUDING THE WAR BETWEEN RUSSIA AND UKRAINE, AS WELL AS THE DEVELOPMENTS IN THE MIDDLE EAST, INCLUDING CONTINUED CONFLICTS BETWEEN ISRAEL AND HAMAS AND THE CONFLICT REGARDING THE HOUTHI ATTACK IN THE RED SEA, TRADE WARS, TARIFFS, EMBARGOES AND STRIKES, THE IMPACT OF RESTRICTIONS ON TRADE, INCLUDING THE IMPOSITION OF NEW TARIFFS, PORT FEES AND OTHER IMPORT RESTRICTIONS BY THE UNITED STATES ON ITS TRADING PARTNERS AND IMPOSITION OF RETALIATORY TARIFFS BY CHINA AND THE EUROPEAN UNION ON THE UNITED STATES, BUSINESS DISRUPTIONS, INCLUDING SUPPLY CHAIN DISRUPTION AND CONGESTION, DUE TO NATURAL OR OTHER DISASTERS OR OTHERWISE, POTENTIAL PHYSICAL DISRUPTION OF SHIPPING ROUTES DUE TO ACCIDENTS, CLIMATE-RELATED INCIDENTS, OR POLITICAL EVENTS, POTENTIAL CYBERSECURITY OR OTHER PRIVACY THREATS AND DATA SECURITY BREACHES, VESSEL BREAKDOWNS AND INSTANCES OF OFF-HIRE, AND OTHER FACTORS, INCLUDING THOSE THAT MAY BE DESCRIBED FROM TIME TO TIME IN THE REPORTS AND OTHER DOCUMENTS THAT THE COMPANY FILES WITH OR FURNISHES TO THE U.S. SECURITIES AND EXCHANGE COMMISSION (“OTHER REPORTS”). FOR A MORE COMPLETE DISCUSSION OF CERTAIN OF THESE AND OTHER RISKS AND UNCERTAINTIES ASSOCIATED WITH THE COMPANY, PLEASE REFER TO THE OTHER REPORTS. THIS PRESENTATION IS NOT AN OFFER TO PURCHASE OR SELL, OR A SOLICITATION OF AN OFFER TO PURCHASE OR SELL, ANY SECURITIES OR A SOLICITATION OF ANY VOTE OR APPROVAL.
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3 Q1 HIGHLIGHTS Note: 1) Revenue figures excludes $1.6m in EU ETS income in Q1-2025. Vessel Operating Revenues were thus $88.4m; 2) Adjusted EBITDA, adjusted net income, adjusted EPS and TCE are non-GAAP measures. A reconciliation to the most directly comparable GAAP measure is included in the earnings report; 3) LTM dividend yield based on closing of trade NYSE May 19, 2025 @ $24.9/share
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4 HIGH CONTRACT COVERAGE AND EARNINGS VISIBILITY C R R C E A E A R A O O N A N A N A N A N A 59 years of minimum firm backlog which may grow to 88 years with charterers’ extension options
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5 WE MAINTAIN OUR FY2025 GUIDANCE Key metrics TCE rate Revenues Adj. EBITDA Guiding for FY2025 TCE Expectations R A E IT A We will carry out five-year special surveys of four ships in 2025, total of ~80 days off-hire: Flex Aurora and Flex Resolute in Q2, Flex Artemis and Flex Amber in Q3. We budget $5.5m in CAPEX per dry-dock. = FY2024
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6 EARNINGS BELONG TO SHAREHOLDERS Note: 1) Adjusted EPS is non-GAAP measures. A reconciliation to the most directly comparable GAAP measure is included in the earnings report Short-term outlook: Soft spot market Next 12-18 months: High availability of tonnage (relets) Longer-term outlook: Structural demand story remains intact
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7 FINANCIAL HIGHLIGHTS IN Q1-2025 Note: 1) Adjusted EBITDA, adjusted net income, adjusted EPS and TCE are non-GAAP measures. A reconciliation to the most directly comparable GAAP measure is included in the earnings report R ( E A ) O I G ( ) EPS ( ) A E IT A ( ) A ( ) A EPS ( ) ( ) ( ) ( ) ( ) ( ) 5 9 ( ) ( ) 5 5 8 5 TCE , , , S A , C M A OPE , , Y OPE , R ,
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8 HEALTHY CASH POSITION WHICH IS SET TO GROW Cash flow from Q4-2024 to Q1-2025, $m
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9 ROBUST AND CLEAN BALANCE SHEET • 13 modern LNGCs (9x MEGIs, 4x X-DFs) • Average fleet age of ~5.5 years per May 2025 • Ample cash position of $410m • Book equity ratio of 30% although the fleet was acquired at historical low prices compared to ’ thus reflect historical cost adjusted with regular depreciations A E , , C
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10 SWAP PORTFOLIO: WELL COVERED AT ATTRACTIVE LEVELS Note: 1) Hedge ratio estimated net of undrawn RCF facilities, of which total RCF capacity amount to $414m; 2) Hedge ratio assumes refinancing of Flex Courageous, which is subject to customary closing conditions , , S H Hedge ratio1 Q1-25, $m • As of Q1-2025, our interest rate swap portfolio stood at $700m (notional) with a weighted avg. rate of 2.09% and a weighted avg. duration of 3.5 years • In March and April, we added $250m of interest rate swaps in April with weighted avg. rate of 3.54% with a duration of 2 years • Additionally, we have $230m in long-term fixed rate leases at attractive terms, which will increase to ~$280m following the ongoing refinancing of Flex Courageous • Realized and unrealized gains on interest rate hedging since January 2021: $132m
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11 BALANCE SHEET OPTIMIZATION 3.0 – AIM TO FREE UP ~$120M Note: 1) Calculated blended margin of the fixed rate interest of the JOLCO equity of $50m and the floating interest under the $125m bank financing of the JOLCO; 2) Assumes that Flex LNG will utilize the 2-year extension option (no cost) for the two leases financing Flex Amber and Flex Artemis plus conclusion of the indicative new financings for Flex Resolute and Flex Constellation A C M M A C C SO R • Initiated refinancing process of Flex Courageous, Flex Resolute, and Flex Constellation with the aim of releasing ~$120m in net proceeds, reduce cost of debt, and extend debt maturities • Secured attractive Japanese Operating Lease («JOLCO») financing for Flex Courageous on the back of the contract extension announced in Q4-2024. Subject to documentation and closing procedures, the closing is expected in Q2-2025, is estimated to release ~$40m in cash proceeds and reduce the cost of debt by ~1.5% p.a. • In discussions with prospective financiers for the refinancing of Flex Resolute and Flex Constellation – target commitments and signing by second half of 2025 Pro forma debt maturity profile2, $m Flex Courageous Flex Resolute Flex Constellation
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12 FORTRESS BALANCE SHEET
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13 OUR 7TH ANNUAL ESG REPORT RELEASED TODAY Our seventh annual ESG report according to SASB guidelines, which includes information about: • Environmental footprint of fuel use • Ecological impacts • Business ethics • Health & safety KEY HIGHLIGHTS 2024: 0.00 Lost Time Injury Frequency 0 number of spills B CDP rating
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14 DELISTING PROCESS FROM OSLO STOCK EXCHANGE • T O S E (“OSE”) • We expect OSE will conclude the application process within Q2-2025 and that the last day of trading on OSE will be some time in the 2nd half of 2025 • The last day of trading is decided by OSE and will be announced by a separate stock exchange disclosure • Shareholders with shares listed on the OSE can, in advance of the delisting, work with their bank, broker, nominee or other financial intermediary to transfer their Flex-shares from OSE to NYSE. • Shareholders may transfer their Flex-shares at any time, however, it is recommended to have completed the transfer as early as possible following the approval of OSE to delist and by latest prior to the announced last day of trading • For more information, visit www.flexlng.com/ose-delisting/
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15 EUROPE REPLACED ASIA AS THE LNG DEMAND SINK Source: Kpler Note: Import is export destination, some LNG is utilized as boil off gas for fuel, Year to date 2025 includes January 1 – April 30 T SA I C O O R E A NG , YT Top LNG exporters, YT-2025, MT Top LNG importers, YTD-2025, MT +21% +6.1 MT +1% +1.6 MT +21% +8.1 MT +1% +1.4 MT -7% -1.9 MT -5% -0.6 MT % = Percentage change YTD -2025 from YTD-2024 + MT = Absolute change YTD -2025 from YTD-2024 -5% -2.3 MT -3% -1.4 MT -24% -6.1 MT -% +0.0 MT +5% +1.1 MT 47 45 20 9 23
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16 M A S O N M A M A S O N M A M A S O N M A M , , , , , Source: SSY, Clarksons NEWBUILDING PRICES STABILIZED, LONG-TERM RATES AT ~$85,000/DAY
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17 OUR BACKLOG INSULATES US FROM NEAR TERM FLEET GROWTH Source: Fearnleys, SSY LNGC newbuild delivery, # of vessels High newbuild prices discouraging speculative ordering N
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18 WEAK OUTLOOK FOR OLDER STEAM TONNAGE ACCELERATES SCRAPPING Source: SSY, Clarksons Idle vessels by propulsion, # of vessels YT Older steam turbine ships are redelivered from long-term TCs into a weak market. YTD-2025, three vessel are confirmed sold for recycling LNG vessels retired, # of vessels T E ST
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19 3rd LNG wave: 2026-’30 2nd LNG wave: 2015-’ 0 Australia adds ~40 MT, and US add >60 MT 1st wave: 2006-’ 0 Qatar adds ~50 MT 0 100 200 300 400 500 600 700 800 900 2005 2010 2015 2020 2025 2030 THIRD WAVE OF LNG WILL ADD >200 MTPA IN NEW CAPACITY Source: Rystad Energy Note: Includes projects in operation, under construction (Altamira LNG, Arctic LNG 2, Cedar FLNG, Corpus Christi LNG Stage III, Energia Costa Azul LNG, Gabon FLNG, Golden Pass LNG, Kasuri Block, LNG Canada, Marine XII FLNG Ph. II, Marsa LNG, NLNG Seven Plus, Petronas ZLNG, Plaquemines LNG, Pluto LNG, Port Arthur LNG, QatarGas LNG, Rio Grande LNG, Ruwais LNG, Woodfibre LNG), planned (ARGLNG, Coral North FLNG, Corpus Christi LNG Stage III, CP2 LNG, Delfin FLNG, Golar PAE, Omang LNG T4, Port Arthur LNG, QatarGas, Rio Grande, Texas LNG, Tilbury LNG, UTM Offshore FLNG, Woodside Louisiana LNG) Liquefaction supply, MTPA Other Australia USA – In operation Qatar – In operation USA – Under construction or plannedQatar – Under construction or planned
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20 Q1 HIGHLIGHTS Note: 1) Revenue figures excludes $1.6m in EU ETS income in Q1-2025. Vessel Operating Revenues were thus $88.4m; 2) Adjusted EBITDA, adjusted net income, adjusted EPS and TCE are non-GAAP measures. A reconciliation to the most directly comparable GAAP measure is included in the earnings report; 3) LTM dividend yield based on closing of trade NYSE May 19, 2025 @ $24.9/share
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21 Thank you! Q&A