EarningsQ2 2026 Earnings Report
DE:UG6 Q2 2026 EPS Results
Actual EPS€0.23
Consensus EPS€0.12
Beat/MissBeat by +€0.11
One Year Ago EPS<€0.01
DE:UG6 Q2 2026 Revenue Results
Actual Revenue€179.16M
Expected Revenue€160.32M
Beat/MissBeat by +€18.84M
YoY Revenue Growth+4.25%
Earnings Announcement Details
QuarterQ2 2026
Date08/26/2026
TimeBefore Open
Conference CallWednesday, August 26, 2026
DE:UG6 Upcoming Earnings
SFL Corporation's next earnings date is estimated for November 4, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:UG6 Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a strong operational and financial quarter: revenue and EBITDA grew meaningfully quarter-over-quarter, utilization across core shipping segments was excellent, the charter backlog and counterparty quality provide multi-year cash flow visibility, and spot tanker performance produced significant upside. Management is investing in growth (notably LNG dual-fuel car carriers) and has actively raised capital while managing debt maturities. Offsetting this are sizable remaining newbuilding capex commitments (~$1.2B), energy-segment timing risk (Hercules warm stacked until 2027), reporting volatility from spot revenue recognition, and dilution from a $100M equity raise. Overall, positive momentum and balance-sheet actions outweigh the execution and funding risks, but the company faces notable near-term capital and timing challenges.Company Guidance
Quarterly Revenue and Profitability Growth
Reported operating revenues of $201M in Q2 versus $174.5M in Q1 (+15.2%). Adjusted EBITDA / EBITDA-equivalent cash flow was ~$130M, ~20% higher than Q1 (from ~$108M). Net income increased to ~$34M ($0.25 per share) from ~$26M ($0.20) in Q1 (+30.8%). Last twelve months EBITDA was $461M.
Strong Dividend Track Record and Yield
Declared 90th consecutive quarterly cash dividend of $0.22 per share. Company highlighted $3.0B in accumulated dividend payouts and >$32 returned per share since 2004. At current prices the dividend represents an annualized yield of ~7%.
Robust Charter Backlog and Counterparty Quality
Charter backlog of ~$3.8B, up from ~$3.7B at quarter end (+~2.7%). About 65% (approximately two-thirds) of contracted revenue is with investment-grade counterparties, providing long visibility and counterparty credit strength.
High Fleet Utilization and Fleet Scale
Portfolio of 61 maritime assets: 30 container ships, 16 tankers, 11 car carriers, 2 dry bulk vessels and 2 drilling rigs. Gross charter hire ~ $199M in Q2 across ~4,620 operating days. Utilization was strong across shipping segments: container 99.3%, car carriers 100%, tankers 99.8%, dry bulk 99.4% (energy 50%).
Exceptional Spot Performance on Suezmax Tankers
Two Suezmax vessels trading in the spot market achieved ~ $133k average daily TCE per vessel in Q2 versus $54k in Q1 (+146%). Tanker gross charter hire rose to ~$62M in Q2 from ~$46M in Q1 (+34.8%). For Q3 to date, 63% of days for those vessels covered at an average of ~$93k/day.
Car Carrier Growth: Orders and New Backlog
Ordered four dual-fuel (LNG) 7,000 CEU car carriers (aggregate yard cost ~ $360M). Two of these are chartered on 5+5 year deals; first firm five-year period adds ~$150M in backlog (potential to $300M with options). Quarter additions and related transactions added ~ $233M of firm backlog, bringing car carrier charter backlog to ~$578M with a weighted average firm duration of 5.9 years.
Capital Raising and Liability Management
Raised an aggregate of ~$100M via ATM and DRIP programs (8.8M shares issued) at a premium to VWAP. Completed a $75M tap of 2030 bonds at 103.5 (implied ~6.8% yield) and used proceeds/cash to redeem a $150M bond maturing May 2026. Cash and cash equivalents ~$113M plus ~$160M undrawn credit (~>$270M available liquidity).
DE:UG6 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed