Flex LNG - Second Quarter 2026 Earnings Release

HAMILTON, Bermuda, Aug. 19, 2026 /PRNewswire/ -- Flex LNG Ltd. ("Flex LNG" or the "Company") today announced its unaudited financial results for the quarter ended June 30, 2026.

Highlights:

• Vessel operating revenues of $106.8 million for the second quarter 2026, compared to $80.5 million for the first quarter 2026.
• Net income of $44.9 million and basic earnings per share of $0.83 for the second quarter 2026, compared to net income of $19.5 million and basic earnings per share of $0.36 for the first quarter 2026.
• Average Time Charter Equivalent ("TCE") rate of $86,119 per day for the second quarter 2026, compared to $65,729 per day for the first quarter 2026.
• Adjusted EBITDA of $79.0 million for the second quarter 2026, compared to $53.2 million for the first quarter 2026.
• Adjusted net income of $42.5 million for the second quarter 2026, compared to $16.9 million for the first quarter 2026.
• Adjusted basic earnings per share of $0.79 for the second quarter 2026, compared to $0.31 for the first quarter 2026.
• The Company declared a dividend for the second quarter 2026 of $0.75 per share. The dividend is payable on or about September 17, 2026 to shareholders, on record as of September 3, 2026.

Marius Foss, CEO of Flex LNG Management AS, commented:

"In the second quarter of 2026, we generated revenues of $106.8 million, or $102.7 million excluding EU Allowances, our highest quarterly revenue since the fourth quarter of 2021. Fleet-wide Time Charter Equivalent earnings were $86,119 per day, compared with $65,729 per day in the first quarter. Adjusted net income was $42.5 million, resulting in adjusted earnings per share of $0.79, an increase of 155% from the first quarter.

Energy markets have experienced significant volatility in recent months, as hostilities in the Middle East disrupted the broader energy complex. The resulting volatility and trading inefficiencies created attractive opportunities for our two spot-exposed vessels, Flex Volunteer and Flex Artemis. We secured employment for both vessels covering the second and third quarters, and each contributed to the increase in revenues. Both vessels are currently being marketed for spot and term employment from the end of the third quarter of 2026, leaving us with approximately 89% firm contract coverage for the remainder of the year.

In addition, Flex Aurora commenced her two-year firm charter with a supermajor in late March 2026. The charter runs until 2028 and includes three successive two-year extension options. We therefore benefited from a full quarter of earnings from the vessel during the second quarter. Likewise, Flex Constellation completed her first full quarter under her new 15-year charter. These two vessels made a solid contribution to both revenues and earnings.

Looking ahead to the remainder of 2026, we expect the freight market to remain volatile. On the supply side, around 55 vessels were delivered during the first seven months of the year, and shipbrokers expect a further 40 to 45 vessels to enter the fleet before year-end, hence, fleet growth is expected to remain high. At the same time, several demand-side factors could provide support to the market. European gas storage levels are currently at multi-year lows of around 61% as of mid August, while the shortfall in Qatari export volumes is contributing to the redirection of U.S. export volumes toward Asian importers. Despite the reduction in Qatari volumes, global LNG exports are flat year-on-year, supported by solid growth in U.S. export volumes and strong growth from West African exporters.

Against this backdrop, we are entering an interesting and potentially volatile period for the LNG shipping market, with the balance between continued fleet growth and competition on LNG volumes between Europe and Asia.

However, we maintain our full-year 2026 revenue guidance of $345 - $370 million, excluding EUAs. We also maintain expected fleet-wide TCE earnings of $73,000 - $78,000 per day. Our guidance range for adjusted EBITDA is $255 - $280 million.

Supported by a strong earnings outlook for 2026, substantial contract backlog and a robust balance sheet, including $397 million of cash and no debt maturities before 2029, the Board is pleased to declare another quarterly dividend of $0.75 per share, equivalent to an aggregate distribution of approximately $41 million, marking our twentieth consecutive ordinary quarterly dividend of $0.75 per share. Including special dividends, we will have returned approximately $850 million to shareholders since 2021."

Second Quarter 2026 Results Presentation

In connection with the earnings release, a video webcast will be held today at 15:00 CEST (09:00 a.m. EST).

In order to watch the webcast, use the following link:

Link to register and watch webcast

A Q&A session will be held after the webcast. Information on how to submit questions will be given at the beginning of the session.

The presentation material which will be used in the live video webcast can be downloaded on www.flexlng.com and replay details will also be available at this website.

For further information, please contact:
Mr. Knut Traaholt, Chief Financial Officer of Flex LNG Management AS
Telephone: +47 23 11 40 00
Email: [email protected]

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor 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, that are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. Words such as "believe," "expect," "forecast," "anticipate," "aim," "commit," "estimate," "intend," "plan," "possible," "potential," "pending," "target," "project," "likely," "may," "will," "would," "should," "could" and similar expressions are intended to identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, on 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, they are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond the Company's control, and accordingly 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 differ materially from those projected in the forward-looking statements. The Company undertakes no obligation, and specifically disclaims 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 or to assess the impact of each such factor, or combination of factors, on its business or results of operations. 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 Company's business strategy and expected and unexpected capital spending and operating expenses, including drydocking, surveys, repairs, upgrades, insurance costs and bunker 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 and developments, armed conflicts, including developments involving Russia and Ukraine, Israel, Iran and regional actors in the Middle East, actual or threatened attacks on commercial shipping and disruptions affecting strategic waterways and major maritime trade routes, including the Red Sea and Gulf of Aden, threats to close or disrupt strategic waterways such as the Strait of Hormuz, 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 the imposition of retaliatory tariffs by China and the European Union on the United States, the cost and effects of cybersecurity incidents or other failures, including system interruptions, breaches, software failures or data security incidents, risks arising from the misuse, misapplication or failure of artificial intelligence in the Company's operations, business disruptions, including supply chain disruption and congestion, including port congestion, due to natural or other disasters or otherwise, potential physical disruption of shipping routes due to accidents, climate-related incidents, public health threats or political events, potential cybersecurity or other privacy threats and data security breaches, vessel breakdowns and instances of offhire, 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.

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SOURCE Flex LNG