FLEX LNG (0QQA) Q2 2026 Earnings Report

The call conveyed a predominantly positive operational and financial picture: a very strong Q2 with improved revenues, higher TCEs, robust cash generation, solid liquidity and continued dividend payments. Management maintained full-year guidance and highlighted long-term supportive demand fundamentals driven by U.S. export growth and healthy contracting pipelines. Key risks include elevated geopolitical disruption in the Middle East (impacting routing, insurance and OpEx), recent softening of the spot market due to increased vessel availability and a large newbuilding orderbook, and some near-term exposure from two vessels returning to the spot market. On balance, the positive results, balance-sheet strength, and backlog/contract coverage outweigh the headwinds discussed.

Flex LNG reiterated full-year guidance of $345–$370 million in revenues, a fleet TCE of $73,000–$78,000/day and adjusted EBITDA of $255–$280 million, while keeping OpEx guidance at about $16,000/day. Supporting Q2 metrics include revenues of $106.8M ($102.7M excl. EUAs), fleet average TCE of $86,100/day, net income of $44.9M ($0.83/share) and adjusted net income of $42.5M ($0.79/share), operating cash flow of $63M, ending cash of $397M and net cash flow of $8M after $28M of debt repayments and $41M of dividends paid. The company cited strong contract coverage — 51 years of minimum firm backlog (up to 78 years if options exercised) and ~89% coverage of remaining 2026 days — a healthy balance sheet (book equity ratio 27.4%), an interest‑rate hedge notional of $775M (portfolio value $22M, avg fixed rate 2.46%, ~70% hedge ratio into mid‑next year), first debt maturity in Q1 2029, and continuation of the $0.75/share quarterly dividend (LTM $3.00/share, ~9.7% yield).