Flex LNG – Second Quarter 2026 Earnings Release

Flex LNG Ltd. disclosed its unaudited financial results for the second quarter of 2026, highlighting a significant increase in revenues and earnings. The company reported vessel operating revenues of $106.8 million, a substantial jump from $80.5 million in the first quarter of the same year. Net income also saw a notable rise, reaching $44.9 million, compared to $19.5 million in Q1 2026.

Basic earnings per share reached $0.83, up from $0.36 in the previous quarter. There was a notable improvement in the average Time Charter Equivalent rate, climbing to $86,119 per day, an increase from $65,729 per day in Q1 2026. Adjusted EBITDA saw a substantial increase to $79.0 million, compared to $53.2 million for the same period last year.

Adjusted net income also rose to $42.5 million, with adjusted earnings per share standing at $0.79, a significant 155% increase from $0.31 a year earlier. CEO Marius Foss attributed this growth to favorable market conditions and the successful deployment of the company's spot-exposed vessels, Flex Volunteer and Flex Artemis, which secured employment during the second and third quarters, contributing to the increase in revenues.

The company is currently marketing these vessels for spot and term employment from the end of the third quarter of 2026. Additionally, Flex Aurora commenced a two-year firm charter with a supermajor in late March 2026, and Flex Constellation completed its first full quarter under a new 15-year charter, further bolstering the company's earnings.

Looking ahead, Flex LNG anticipates a volatile freight market with a high fleet growth rate due to recent vessel deliveries and demand-side factors such as low European gas storage levels and a shortfall in Qatari exports. Despite these challenges, the company maintains its full-year 2026 revenue guidance of $345 – $370 million, excluding EU Allowances, and expects fleet-wide TCE earnings of $73,000 – $78,000 per day.

The company has declared another quarterly dividend of $0.75 per share, marking its twentieth consecutive ordinary quarterly dividend of $0.75 per share.