# EDGAR Filing Document

**Accession Number:** 0001772253
**File Stem:** 0001628280-25-051318
**Filing Date:** 2025-11
**Character Count:** 59146
**Document Hash:** 429c729d36d22d38e2eec889fc33785b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-051318.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001628280-25-051318

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Flex LNG Ltd.
- **CENTRAL INDEX KEY:** 0001772253
- **STANDARD INDUSTRIAL CLASSIFICATION:** WATER TRANSPORTATION [4400]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38904
- **FILM NUMBER:** 251468831

**BUSINESS ADDRESS:**
- **STREET 1:** PAR-LA-VILLE PLACE
- **STREET 2:** 14 PAR-LA-VILLE ROAD
- **CITY:** HAMILTON
- **STATE:** D0
- **ZIP:** 00000
- **BUSINESS PHONE:** 47 23 11 40 00

**MAIL ADDRESS:**
- **STREET 1:** PAR-LA-VILLE PLACE
- **STREET 2:** 14 PAR-LA-VILLE ROAD
- **CITY:** HAMILTON
- **STATE:** D0
- **ZIP:** 00000

---

| |
|:---|
| **UNITED STATES** |
| **SECURITIES AND EXCHANGE COMMISSION** |
| **Washington, D.C. 20549** |
| **FORM 6-K** |
| **REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO** |
| **RULE 13A-16 OR 15D-16 UNDER THE SECURITIES** |
| **EXCHANGE ACT OF 1934** |
| For the month of November 2025 |
| Commission File Number: 001-38904 |
| **FLEX LNG Ltd.** |
| (Translation of registrant's name into English) |
| **Par-La-Ville Place** |
| **14 Par-La-Ville Road** |
| **Hamilton** |
| **Bermuda** |
| (Address of principal executive offices) |

---

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

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**INFORMATION CONTAINED IN THIS FORM 6-K REPORT**

&nbsp;&nbsp;&nbsp;&nbsp;Attached hereto as <u>[Exhibit 99.1](q32025flexpr.htm)</u> is a press release of FLEX LNG Ltd. (the "Company"), dated November 12, 2025, announcing the Company's unaudited financial results for the third quarter and for the nine months ended September 30, 2025.

The information contained in Exhibit 99.1, excluding the commentary of Marius Foss, attached to this Report on Form 6-K is hereby incorporated by reference into the Company's Registration Statement on Form F-3 (File No. 333-268367) with an effective date of December 7, 2022, the Company's Registration Statement on Form F-3ASR (File No. 333-282473) with an effective date of October 2, 2024 and the Company's Registration Statement on Form S-8 (File No. 333-275460) with an effective date of November 9, 2023.

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**SIGNATURES**

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| **FLEX LNG Ltd.**<br>(registrant) | **FLEX LNG Ltd.**<br>(registrant) |
| By: | /s/ Knut Traaholt |
|  | Name: Knut Traaholt |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Chief Financial Officer of Flex LNG Management AS<br>(Principal Financial Officer of FLEX LNG Ltd.) |

---

Date: November 12, 2025

## Exhibit 99.1

![flexlogoa16a.jpg](flexlogoa16a.jpg)

Interim Financial Information

Flex LNG Ltd.

Third Quarter 2025

November 12, 2025

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November 12, 2025 - Hamilton, Bermuda

Flex LNG Ltd. ("we", "us", "our", "Flex LNG", or the "Company") today announced its unaudited financial results for the quarter ended September 30, 2025.

**Highlights:**

A summary of our financial highlights for the quarter are below:

---

| | | |
|:---|:---|:---|
| | **Q3 2025** | **Q2 2025** |
| Vessel operating revenues <sup>1</sup> | $85.7m | $86.0m |
| Net income | $16.8m | $17.7m |
| Earnings per share (basic) | $0.31 | $0.33 |
| Cash and cash equivalents | $478.7m | $412.7m |
| Vessels and equipment, net | $2,119.2m | $2,130.4m |
| Long-term debt | $1,874.6m | $1,802.2m |
| ***Non-GAAP Measures*** <sup>2</sup> |  |  |
| Time Charter Equivalent ("TCE") rate | $70921 | $72012 |
| Adjusted EBITDA | $61.2m | $62.6m |
| Adjusted net income | $23.5m | $24.8m |
| Adjusted earnings per share (basic) | $0.43 | $0.46 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)Vessel operating revenues includes $2.0 million income related to European Union Allowances ("EUAs") (Q2 2025: $2.0 million). The EUAs are receivable from our Charterers under the time charter contracts for voyages subject to the European Union's Emissions Trading System ("EU ETS"). An equivalent amount has been recorded under Voyage expenses for the relevant period.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2)TCE rate, Adjusted EBITDA, Adjusted net income/(loss) and Adjusted earnings/(loss) per share are non-GAAP measures as defined under SEC Regulation G. A reconciliation to the most directly comparable GAAP measure is included at the end of this earnings report.*

A summary of key events:

• Declared a dividend of $0.75 per share for the third quarter of 2025.

• Achieved a Time Charter Equivalent rate of $70,921 per day for the third quarter of 2025.

• Achieved an all-time high cash balance of $478.7 million, primarily as a result of the below vessel refinancings.

• Signed and completed a $180.0 million term loan facility in respect of *Flex Constellation.*

*•* Signed and completed a $175.0 million sale and leaseback for the vessel *Flex Resolute*.

• Completed scheduled drydockings for *Flex Amber* and *Flex Artemis* in September 2025.

• Delisted the common shares from the Oslo Stock Exchange ("OSE") from September 15, 2025.

1 Flex LNG Ltd. Third Quarter Results 2025

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**Marius Foss, Interim CEO, commented:**

"Third quarter revenues came in at $85.7 million, with a TCE rate of ~$70,900 per day. We completed the drydockings of two vessels during the quarter, and *Flex Artemis* traded in the spot market. The charterer of *Flex Volunteer* decided not to exercise the one-year option, and we expect her to be redelivered in late December this year. She will then go straight into drydock for her five-year special survey and thereafter be marketed for new employment. While this year's winter season began on a sluggish note, we are now observing spot rates for modern tonnage in the region of $60,000-70,000 per day.

We have completed all of the four planned drydockings for 2025, on time and within budget. I would like to extend my thanks to our dedicated technical team and the crew onboard for their outstanding efforts in ensuring safe and efficient operations throughout. Looking ahead, we plan to complete three drydockings in 2026: *Flex Volunteer*, *Flex Freedom* and *Flex Vigilant*.

In September, we finalized the refinancing of *Flex Constellation* and *Flex Resolute*, marking the completion of our Balance Sheet Optimization Program 3.0. Together with the refinancing of *Flex Courageous*, the program has delivered an aggregate of $530 million in new financings this year on attractive terms, extending our next debt maturity to 2029 and releasing $137 million in net proceeds. As of the end of the third quarter, we recorded an all-time high cash balance of $479 million.

2025 has seen record-high FIDs for new liquefaction capacity, with nearly 70 MTPA of additional capacity sanctioned, and this is supported by what could be the strongest year for long-term SPA contracting since 2011. In addition, US LNG export volumes are up more than 20% so far this year through an impressive ramp up of new export capacity and higher utilization, which has helped absorb available tonnage. We expect the short- to medium-term freight market to remain challenging, with newbuild deliveries occurring before new export capacity comes online. However, we are finally seeing a notable increase in scrapping activity, among older and less efficient steam vessels, with 14 scrapped year-to-date. With nearly 120 steam vessels either open or rolling off contracts over the next few years, we expect a wave of further retirements ahead. Despite near-term market softness, Flex LNG remains well positioned, supported by a robust balance sheet and a substantial charter backlog.

The Board has again declared an ordinary dividend of $0.75 per share for the 17<sup>th</sup> consecutive quarter. The dividend corresponds to an annualized dividend yield of approximately 11% and is supported by strong financial performance and position, as well as a minimum charter backlog of 53 years."

**Quarterly dividends**

On November 11, 2025, the Company's Board of Directors declared a cash distribution for the third quarter of 2025 of $0.75 per share. The distribution will be made from the Company's Contributed Surplus account, which consists of previously paid in share premium transferred from the Company's Additional Paid In Capital account. The dividend will be paid on or around December 11, 2025. The record date and ex-dividend date on the New York Stock Exchange ("NYSE") will be on or around November 28, 2025.

2 Flex LNG Ltd. Third Quarter Results 2025

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**Results for the three months ended September 30, 2025**

The Company recorded vessel operating revenues of $85.7 million for the third quarter 2025, or $83.7 million excluding EUAs; compared to $86.0 million in the second quarter 2025. The TCE rate<sup>1</sup> was $70,921 per day for the third quarter 2025, compared to $72,012 per day for the second quarter 2025. The decrease in revenue is due to two vessels, *Flex Amber* and *Flex Artemis,* entering drydock in the period, thus resulting in offhire days in August and September 2025. In addition to this, *Flex Artemis* was redelivered and was open post drydock since September 15, 2025. This was partially offset by the increased utilization of two vessels, *Flex Aurora* and *Flex Resolute,* which were undergoing drydocks during the second quarter of 2025.

Vessel operating expenses were $18.8 million in the third quarter 2025, compared to $18.2 million in the second quarter 2025. Operating Expenses ("Opex") per day<sup>1</sup> was $15,682 per day for the third quarter 2025, compared to $15,363 per day for the second quarter 2025. The increase in vessel operating expenses is due to higher costs related to crew changes. For the nine months ended September 30, 2025, the opex per day was $15,510.

During third quarter 2025, the Company incurred extinguishment costs related to the refinancing of *Flex Constellation* and *Flex Resolute* of $2.4 million. This relates to the write-off of unamortized debt issuance costs and prepayment fees.

The Company recorded a net loss on derivatives of $0.2 million in the third quarter 2025, which includes an net unrealized loss of $4.3 million, as a result of the change in fair value of our interest rate swap derivatives and a net realized gain of $4.1 million on interest rate swap settlements in the period.

Net income for the third quarter 2025 was $16.8 million and basic earnings per share were $0.31, compared to a net income of $17.7 million and basic earnings per share of $0.33 for the second quarter 2025. Adjusted net income<sup>1</sup> was $23.5 million for the third quarter 2025, compared to $24.8 million for the second quarter 2025.

As of September 30, 2025, the book value of vessels was $2,119.2 million, compared to $2,130.4 million as at June 30, 2025. The movement includes depreciation of $19.4 million and additions of $8.2 million in relation to vessel drydockings.

As of September 30, 2025, total long-term debt was $1,874.6 million, compared to $1,802.2 million as at December 31, 2024. The increase in debt is due to the refinancing of *Flex Constellation* and *Flex Resolute.* 

The Company released net cash proceeds of $93.7 million from the above refinancings, and as a result, cash and cash equivalents reached an all-time high of $478.7 million as of September 30, 2025. Cash and cash equivalents includes fully drawn revolving tranches under the $270 Million Facility, $290 Million Facility and the Flex Enterprise $150 Million Facility.

As at September 30, 2025, total equity was $738.3 million compared to $762.0 million as at June 30, 2025. This decrease in equity consists of distributions paid of $40.6 million, offset by net income of $16.8 million.

<sup>1</sup> Time Charter Equivalent rate, Adjusted net income and Opex per day are non-GAAP measures as defined under SEC Regulation G. A reconciliation to the most directly comparable GAAP measure is included in the end of this earnings report.

3 Flex LNG Ltd. Third Quarter Results 2025

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**Business Update and Fleet Overview**

In September 2025, we successfully completed our scheduled drydockings of *Flex Amber* and *Flex Artemis*. These drydockings resulted in 32 days of offhire, and were completed on-time and on-budget. With the completion of the drydockings of *Flex Aurora* and *Flex Resolute* in June and July, respectively, we have now completed all four scheduled drydockings for 2025 at an average cost of $5.6 million per vessel.

*Flex Constellation* had her short term charter contract extended until late February 2026. Subsequently, the vessel is scheduled to commence a new 15-year time charter in direct continuation.

*Flex Artemis* now operates on the spot market following redelivery from the long-term contract in August 2025.

In October 2025, the charterer of *Flex Volunteer* elected not to utilize their extension option. The vessel is expected to be re-delivered from the existing contract late in the fourth quarter of 2025. Following the re-delivery, the vessel will perform her scheduled 5-year drydocking and will subsequently be marketed for short and long-term contracts.

At the date of this report, the firm contract coverage is 92.2% for the remainder of 2025, and the aggregate firm contract backlog for the fleet is 53 years, which could increase to 80 years if our charterers exercise all of the extension options.

We achieved technical uptime excluding offhire for drydocking on our vessels of 99.5% in the third quarter 2025.

The following table sets forth an overview of our fleet as of November 12, 2025:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Vessel Name** | **Year Built** | **Shipyard**<sup>(1)</sup> | **Cargo Capacity (cbm)** | **Propulsion**<sup>(2)</sup> | **Boil off rate** | **Charter expiration**<sup>(3)</sup> | **Expiration with Charterer options**<sup>(4)</sup> |
| *Flex Endeavour* | 2018 | HO | 173400 | MEGI+PRS | 0.075% | Q1 2032 | Q1 2033 |
| *Flex Enterprise* | 2018 | HO | 173400 | MEGI+PRS | 0.075% | Q2 2029 | NA |
| *Flex Ranger* | 2018 | SHI | 174000 | MEGI | 0.085% | Q1 2027 | NA |
| *Flex Rainbow* | 2018 | SHI | 174000 | MEGI | 0.085% | Q1 2033 | NA |
| *Flex Constellation* | 2019 | HO | 173400 | MEGI+PRS | 0.075% | Q1 2041 | Q1 2043 |
| *Flex Courageous* | 2019 | HO | 173400 | MEGI+PRS | 0.075% | Q1 2027 | Q1 2039 |
| *Flex Aurora* | 2020 | HSHI | 174000 | X-DF | 0.085% | Q2 2026 | Q2 2028 |
| *Flex Amber* | 2020 | HSHI | 174000 | X-DF | 0.085% | Q2 2029 | NA |
| *Flex Artemis* | 2020 | HO | 173400 | MEGI+FRS | 0.035% | NA | NA |
| *Flex Resolute* | 2020 | HO | 173400 | MEGI+FRS | 0.035% | Q1 2027 | Q1 2039 |
| *Flex Freedom* | 2021 | HO | 173400 | MEGI+FRS | 0.035% | Q1 2027 | Q1 2029 |
| *Flex Volunteer* | 2021 | HSHI | 174000 | X-DF | 0.085% | Q4 2025 | NA |
| *Flex Vigilant* | 2021 | HSHI | 174000 | X-DF | 0.085% | Q2 2031 | Q2 2033 |

---

(1) As used in this report, "HO" means Hanwha Ocean (formerly known as Daewoo Ship building and Marine Engineering Co. Ltd.), "SHI" means Samsung Heavy Industries, and "HSHI" means Hyundai Samho Heavy Industries Co. Ltd. Each shipyard is located in South Korea.

(2) "MEGI" refers to M-type Electronically Controlled Gas Injection propulsion systems and "X-DF" refers to Generation X Dual Fuel propulsion systems. "FRS" and "PRS" refers to Full or Partial Re-liquefaction Systems.

(3) The expiration of our charters is considered the firm period known to the Company as of November 12, 2025, however these are generally subject to re-delivery windows ranging from 15 to 45 days before or after the expiration date.

(4) Where charterers have extension option(s) to be declared on a charter; the expiration provided assumes all extension options have been declared by the charterer for illustrative purposes.

4 Flex LNG Ltd. Third Quarter Results 2025

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**LNG Market Update**

The LNG shipping market entered Q3 2025 with softer sentiment, as geopolitical tensions eased in the Middle East. Two-stroke spot rates held steady at around $38,000 per day through July and August, before dropping to low $20,000 per day by late September, averaging roughly $35,000 per day for the quarter. Weak arbitrage economics and rapid fleet growth exerted downward pressure on day rates throughout the period. While US LNG exports grew by about 16 million tonnes for the first ten months of the year, exports to Asia fell by 11 million tonnes, and shipments to Europe surged by 23 million tonnes. Year-to-date, almost two-thirds of US LNG cargoes have been discharged in Europe, up from around half last year.

The spot market for modern tonnage has tightened markedly in recent weeks, driven by constrained vessel availability. In the Atlantic, shipbrokers report day rates approaching $70,000 per day. Strong growth in export volumes from the US, ongoing inefficiencies in Egypt, and increased liftings from Nigeria and Algeria have collectively supported elevated spot market levels.

Newbuilding activity remains subdued so far this year, with only 18 contracts signed in 2025, the lowest since 2020. According to shipbrokers, six of these have been speculative, reflecting expectations of a vessel shortage later in the decade. Notably, Hanwha Shipping has ordered two LNG carriers from Hanwha Philly – the first to be built in the US since 1980.

Despite slower ordering, the total LNG carrier order book stood at roughly 290 vessels as of the end of October 2025, including 98 tied to QatarEnergy's fleet renewal program. Among the remaining 180 non-Qatar vessels, less than 30 vessels are uncommitted. There are early signs of late-2025 deliveries slipping into 2026. Newbuild prices for a 174,000 cbm vessel are quoted at around $245 million, with earliest deliveries now scheduled for the second half of 2028. Scrapping activity has accelerated sharply – fourteen steam vessels have been recycled so far in 2025. These ships averaged 26 years of age, with the youngest being 21 years. The combined capacity of scrapped tonnage is equivalent to roughly ten modern 174,000 cbm vessels. We expect that the recycling trend will continue.

The wave of new project FIDs continued through the third quarter of 2025. Earlier in the year, several major projects reached FID, including Louisiana LNG, Corpus Christi Midscale Trains 8–9, CP2 LNG Phase 1 and Argentina FLNG Phase 1a–b, collectively adding around 40 MTPA of new capacity. This momentum carried into late Q3, when NextDecade approved its Rio Grande LNG Train 4 and 5. Sempra has since sanctioned its Port Arthur Phase 2 project, while ENI approved the Coral North FLNG development in Mozambique. Altogether, FIDs year-to-date total roughly 68 MTPA, with the US accounting for around 59 MTPA.

The upcoming surge in LNG supply could place downward pressure on global prices. Lower prices would benefit European industry, which continues to struggle with high energy costs, as well as price-sensitive developing economies in Asia, where demand is showing signs of recovery following the 2020–2022 energy crisis. Increased Atlantic-to-Asia flows would in turn support tonne-mile growth and help absorb the current excess shipping capacity.

5 Flex LNG Ltd. Third Quarter Results 2025

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**Finance update**

In July 2025, we signed a $180.0 million term loan facility in respect of *Flex Constellation* (the "Flex Constellation $180 Million Facility")*.* The new facility was drawn down on September 17, 2025. The Flex Constellation $180 Million Facility has a 15.5 year tenor and an interest rate of SOFR plus a margin of 165 basis points. The repayment of the facility is based on a 25-year age-adjusted repayment profile<sup>1</sup> for the first 7.5 years, and thereafter follows a 22-year profile until maturity. In August 2025, we prepaid the full amount outstanding relevant to *Flex Constellation*, under the $320 Million Sale and Leaseback facility. Following this repayment, the $320 Million Sale and Leaseback facility is repaid in full.

In August 2025, we signed a $175.0 million sale and leaseback agreement with an Asian-based lease provider for *Flex Resolute* (the "Flex Resolute Sale and Leaseback"). The financing was closed on September 24, 2025. Under the terms of the agreement, the vessel was sold for a consideration of $175.0 million, with a bareboat charter back of approximately 10 years. The lease is repaid on an age-adjusted repayment profile<sup>1</sup> of approximately 21 years. The Company has the first option to terminate the lease and repurchase the vessel at a fixed price after approximately 7 years. The bareboat lease is comprised of a fixed interest element and a floating interest element based on Term SOFR, plus a margin. In September 2025, the Company repaid the full amount outstanding under the Flex Resolute $150 Million Facility.

In order to reduce the risks associated with fluctuations in interest rates, the Company has entered into interest rate swap transactions, whereby floating rate has been swapped to a fixed rate of interest. In the third quarter 2025, three swaps with an aggregate notional principal of $75.0 million matured. As of September 30, 2025, the Company has fixed interest rates on an aggregate notional principal amount of $775.0 million. The interest rate swaps have a fixed rate of interest based on SOFR, with a weighted average fixed interest rate of 2.46% and a weighted average duration of 3.0 years.

**Corporate matters**

In May 2025, the shareholders approved at the Annual General Meeting to delist the common shares of the Company from the OSE. The last day of listing was September 15, 2025 and the Company's common shares were delisted on September 16, 2025. The Company's common shares are now listed exclusively on the NYSE.

The Company's Board of Directors has authorized a share repurchase program that allows the Company to repurchase up to $15 million of its outstanding common shares from time to time, valid until November 27, 2025. As of November 12, 2025, no repurchases have been made under the program.

<sup>1</sup> The age-adjusted repayment profile is a metric that we use to calculate the repayment period of our loans and leases to zero, in years and adjusted for the age of the financed vessel. The metric is used to compare repayment profiles between facilities on vessels of different ages.

6 Flex LNG Ltd. Third Quarter Results 2025

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The Company also has a dividend reinvestment plan ("DRIP") and an at-the-market ("ATM") offering, each authorizing the sale of up to $100 million of its common shares from time to time, and valid until November 15, 2025.

In November 2025, the board of Directors authorized to extend the DRIP, enabling shareholders receiving dividends to invest them in new ordinary shares. The share repurchase program and the ATM program have not been renewed, although the Company may reinstate similar programs at its discretion in the future.

Any transaction made under the above referenced offerings, including sale or repurchase of shares will be at the discretion of the Company and the timing, including the amount of any sale or repurchase of shares (as applicable), will depend on, among other things, legal requirements, market conditions, stock price, alternative uses of capital, capital availability, and other factors. Company is not obligated under the terms of any board authorization, including in respect of the ATM, DRIP or share repurchase program, to issue, sell or repurchase any number of shares and the foregoing may be amended, suspended or reinstated at any time at the Company's discretion and without further notice.

**Third Quarter 2025 Results Presentation**

Flex LNG will release its financial results for the third quarter 2025 on Wednesday November 12, 2025.

In connection with the earnings release, we will host a video webcast at 3:00 p.m. CET (9:00 a.m. EST). In order to attend the webcast use the following link:

https://events.webcast.no/flexlng/IqCHF6PFRyOkoOhpdu6c/cpHdmkPKO8fNiEKinryT

A Q&A session will be held after the conference/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 conference/webcast can be downloaded on **www.flexlng.com** and replay details will also be available at this website. None of the information contained on the Company's website is incorporated into or forms a part of this report.

7 Flex LNG Ltd. Third Quarter Results 2025

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**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, which 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. 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

8 Flex LNG Ltd. Third Quarter Results 2025

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or future litigation, global and regional economic and political conditions or developments, armed conflicts, including the war between Russia and Ukraine, and possible cessation of such war in Ukraine, the conflict between Israel and Hamas and related conflicts in the Middle East, the Houthi attack in the Red Sea and Gulf of Aden, threats by Iran to close 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, 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 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.

**Board of Directors of Flex LNG Ltd.**

November 12, 2025

Ola Lorentzon <br> *Chairman of the Board of Directors*

Steen Jakobsen <br> *Director*

Nikolai Grigoriev <br> *Director*

Susan Sakmar <br> *Director*

Mikkel Storm Weum <br> *Director*

9 Flex LNG Ltd. Third Quarter Results 2025

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Unaudited Interim Financial Information<br>Condensed Consolidated Interim Statements of Operations** | **Unaudited Interim Financial Information<br>Condensed Consolidated Interim Statements of Operations** | **Unaudited Interim Financial Information<br>Condensed Consolidated Interim Statements of Operations** | **Unaudited Interim Financial Information<br>Condensed Consolidated Interim Statements of Operations** | | |
| *(figures in thousands of $, except per share data)* | *(figures in thousands of $, except per share data)* | *(figures in thousands of $, except per share data)* |  |  |  |
|  | **Three months ended** | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
|  | **September 30,** | **June 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** |
| **Vessel operating revenues** | **85680** | 85983 | 90483 | **260100** | 265415 |
| Voyage expenses | **(3654)** | (2971) | (273) | **(8610)** | (1575) |
| Vessel operating expenses | **(18756)** | (18175) | (17836) | **(55044)** | (52321) |
| Administrative expenses | **(1825)** | (1924) | (1876) | **(6279)** | (7137) |
| Depreciation | **(19439)** | (18984) | (19012) | **(56980)** | (56467) |
| **Operating income** | **42006** | **43929** | **51486** | **133187** | **147915** |
| Interest income | **975** | 1263 | 937 | **3107** | 2996 |
| Interest expense | **(23279)** | (24306) | (26316) | **(69712)** | (80122) |
| Extinguishment costs of long-term debt | **(2439)** | (1630) | (637) | **(4069)** | (637) |
| (Loss)/gain on derivatives | **(186)** | (1326) | (8032) | **(8823)** | 2749 |
| Foreign exchange (loss)/gain | **(13)** | 165 | 84 | **487** | (179) |
| Other financial items | **(228)** | (360) | (97) | **(845)** | (186) |
| **Income before tax** | **16836** | **17735** | **17426** | **53332** | **72537** |
| Income tax expense | **(18)** | (16) | (18) | **(67)** | (70) |
| **Net income** | **16818** | **17719** | **17408** | **53265** | **72467** |
| **Earnings per share:** |  |  |  |  |  |
| Basic | **0.31** | 0.33 | 0.32 | **0.98** | 1.35 |
| Diluted | **0.31** | 0.33 | 0.32 | **0.98** | 1.34 |
| **Unaudited Interim Financial Information<br>Condensed Consolidated Statements of Comprehensive Income** | **Unaudited Interim Financial Information<br>Condensed Consolidated Statements of Comprehensive Income** | **Unaudited Interim Financial Information<br>Condensed Consolidated Statements of Comprehensive Income** | **Unaudited Interim Financial Information<br>Condensed Consolidated Statements of Comprehensive Income** | **Unaudited Interim Financial Information<br>Condensed Consolidated Statements of Comprehensive Income** | **Unaudited Interim Financial Information<br>Condensed Consolidated Statements of Comprehensive Income** |
| *(figures in thousands of $)* | *(figures in thousands of $)* | *(figures in thousands of $)* |  |  |  |
|  | **Three months ended** | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
|  | **September 30,** | **June 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** |
| Net income for the period | **16818** | 17719 | 17408 | **53265** | 72467 |
| Total other comprehensive income/(loss) | **—** |  |  | **—** |  |
| **Total comprehensive income** | **16818** | **17719** | **17408** | **53265** | **72467** |

---

10 Flex LNG Ltd. Third Quarter Results 2025

------

---

| | | | |
|:---|:---|:---|:---|
| **Unaudited Interim Financial Information<br>Condensed Consolidated Interim Balance Sheets** | **Unaudited Interim Financial Information<br>Condensed Consolidated Interim Balance Sheets** | **Unaudited Interim Financial Information<br>Condensed Consolidated Interim Balance Sheets** | |
| *(figures in thousands of $, except per share data)* | *(figures in thousands of $, except per share data)* | *(figures in thousands of $, except per share data)* |  |
|  | **September 30,** | **June 30,** | **December 31,** |
|  | **2025** | **2025** | **2024** |
| **ASSETS** |  |  |  |
| **Current assets** |  |  |  |
| Cash and cash equivalents | **478726** | 412681 | 437154 |
| Restricted cash | **76** | 56 | 49 |
| Inventory | **7784** | 4805 | 4824 |
| Other current assets | **53548** | 51923 | 31666 |
| Receivables due from related parties | **158** | 515 | 686 |
| **Total current assets** | **540292** | **469980** | **474379** |
| **Non-current assets** |  |  |  |
| Derivative instruments | **19581** | 23668 | 40090 |
| Vessels and equipment, net | **2119184** | 2130428 | 2154465 |
| Other fixed assets | **—** |  | 5 |
| Other non-current assets | **—** | 3487 |  |
| **Total non-current assets** | **2138765** | **2157583** | **2194560** |
| **Total Assets** | **2679057** | **2627563** | **2668939** |
| **EQUITY AND LIABILITIES** |  |  |  |
| **Current liabilities** |  |  |  |
| Current portion of long-term debt | **108182** | 105914 | 106708 |
| Derivative instruments | **415** | 250 |  |
| Payables due to related parties | **1141** | 826 | 523 |
| Accounts payable | **9238** | 2465 | 2002 |
| Other current liabilities | **55348** | 56313 | 49544 |
| **Total current liabilities** | **174324** | **165768** | **158777** |
| **Non-current liabilities** |  |  |  |
| Long-term debt | **1766372** | 1696278 | 1703529 |
| Other non-current liabilities | **85** | 3493 |  |
| **Total non-current liabilities** | **1766457** | **1699771** | **1703529** |
| **Total Liabilities** | **1940781** | **1865539** | **1862306** |
| **Equity** |  |  |  |
| Share capital (September 30, 2025, June 30, 2025 and December 31, 2024: 54,520,325 shares issued, par value $0.01 per share) | **545** | 545 | 545 |
| Treasury shares at cost (September 30, 2025, June 30, 2025 and December 31, 2024: 432,557) | **(4224)** | (4224) | (4224) |
| Additional paid in capital | **704344** | 704344 | 904268 |
| Contributed Surplus | **261837** | 302403 | 183535 |
| Accumulated deficit | **(224226)** | (241044) | (277491) |
| **Total equity** | **738276** | **762024** | **806633** |
| **Total Equity and Liabilities** | **2679057** | **2627563** | **2668939** |

---

11 Flex LNG Ltd. Third Quarter Results 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Unaudited Interim Financial Information<br>Condensed Consolidated Interim Statements of Cash Flows** | **Unaudited Interim Financial Information<br>Condensed Consolidated Interim Statements of Cash Flows** | **Unaudited Interim Financial Information<br>Condensed Consolidated Interim Statements of Cash Flows** | | | |
| *(figures in thousands of $)* | *(figures in thousands of $)* | *(figures in thousands of $)* |  |  |  |
|  | **Three months ended** | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
|  | **September 30,** | **June 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** |
| **OPERATING ACTIVITIES** |  |  |  |  |  |
| **Net income** | **16818** | **17719** | **17408** | **53265** | **72467** |
| Adjustments to reconcile net income to net cash provided by operating activities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | **19439** | 18984 | 19012 | **56980** | 56467 |
| &nbsp;&nbsp;&nbsp;Extinguishment costs of long-term debt | **2439** | 1630 | 637 | **4069** | 637 |
| &nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | **517** | 585 | 666 | **1736** | 1890 |
| &nbsp;&nbsp;&nbsp;Equity settled share-based payments | **—** | 23 | 288 | **76** | 1009 |
| &nbsp;&nbsp;&nbsp;Foreign exchange (gain)/loss | **13** | (165) | (84) | **(487)** | 314 |
| &nbsp;&nbsp;&nbsp;Change in fair value of derivative instruments | **4252** | 5660 | 10497 | **20924** | 13113 |
| &nbsp;&nbsp;&nbsp;Drydocking expenditure | **(8189)** | (10891) | (797) | **(21693)** | (10900) |
| &nbsp;&nbsp;&nbsp;Other | **(6)** | 5 | (27) | **7** | (225) |
| &nbsp;&nbsp;&nbsp;*Changes in operating assets and liabilities, net:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory | **(2979)** | 224 | (17) | **(2960)** | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | **(1625)** | (6900) | 3447 | **(21882)** | (9400) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | **3487** | (3487) |  | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables due from related parties | **357** | (364) | (201) | **528** | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables due to related parties | **315** | 527 | (102) | **618** | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **6773** | (1255) | (377) | **7236** | (1127) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | **(965)** | 1101 | (2184) | **5804** | 6134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-current liabilities | **(3408)** | 3493 | **—** | **85** | **—** |
| **Net cash provided by operating activities** | **37238** | **26890** | **48166** | **104307** | **130516** |
| **INVESTING ACTIVITIES** |  |  |  |  |  |
| **Net cash used in investing activities** | **—** | **—** | **(4)** | **—** | **(4)** |
| **FINANCING ACTIVITIES** |  |  |  |  |  |
| Repayment of long-term debt | **(24109)** | (27191) | (26565) | **(78397)** | (79526) |
| Proceeds from revolving credit facilities | **388675** | 458675 | 85000 | **1236025** | 885000 |
| Repayment of revolving credit facilities | **(388675)** | (458675) | (335000) | **(1236025)** | (1135000) |
| Prepayment of long-term debt | **(257902)** | (129613) | (80769) | **(387514)** | (80769) |
| Proceeds from long-term debt | **355000** | 175000 | 270000 | **530000** | 270000 |
| Extinguishment costs paid on long-term debt | **(648)** | (648) |  | **(1296)** |  |
| Proceeds from termination of derivative instruments | **—** |  | 222 | **—** | 10577 |
| Financing costs | **(2936)** | (1352) | (2510) | **(4288)** | (2522) |
| Proceeds from distribution of treasury shares | **—** |  | 1025 | **—** | 1909 |
| Dividends paid | **(40566)** | (40566) | (40403) | **(121698)** | (121108) |
| **Net cash (used in)/provided by financing activities** | **28840** | **(24369)** | **(129000)** | **(63193)** | **(251439)** |
| Effect of exchange rate changes on cash | **(13)** | 164 | 156 | **484** | (44) |
| **Net (decrease)/increase in cash, cash equivalents and restricted cash** | **66065** | **2685** | **(80682)** | **41599** | **(120971)** |
| Cash, cash equivalents and restricted cash at the beginning of the period | **412737** | 410052 | 370255 | **437203** | 410544 |
| **Cash, cash equivalents and restricted cash at the end of the period** | **478802** | **412737** | **289573** | **478802** | **289573** |

---

12 Flex LNG Ltd. Third Quarter Results 2025

------

---

| |
|:---|
| **Unaudited Interim Financial Information<br>Condensed Consolidated Interim Statement of Changes in Equity** |
| *(figures in thousands of $, except per share data)* |

---

For the nine months ended September 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Number of Shares Outstanding** | **Share Capital** | **Treasury Shares** | **Additional Paid in Capital** | **Contributed Surplus** | **Accumulated Deficit** | **Total Equity** |
| **At January 1, 2025** | **54087768** | **545** | **(4224)** | **904268** | **183535** | **(277491)** | **806633** |
| Share-based payments |  |  |  | 53 |  |  | 53 |
| Net income |  |  |  |  |  | 18728 | 18728 |
| Dividends paid |  |  |  |  | (40566) |  | (40566) |
| **At March 31, 2025** | **54087768** | **545** | **(4224)** | **904321** | **142969** | **(258763)** | **784848** |
| Transfer to contributed surplus |  |  |  | (200000) | 200000 |  |  |
| Equity settled share-based payments |  |  |  | 23 |  |  | 23 |
| Net income |  |  |  |  |  | 17719 | 17719 |
| Dividends paid |  |  |  |  | (40566) |  | (40566) |
| **At June 30, 2025** | **54087768** | **545** | **(4224)** | **704344** | **302403** | **(241044)** | **762024** |
| Net income |  |  |  |  |  | 16818 | **16818** |
| Dividends paid |  |  |  |  | (40566) |  | **(40566)** |
| **At September 30, 2025** | **54087768** | **545** | **(4224)** | **704344** | **261837** | **(224226)** | **738276** |

---

For the nine months ended September 30, 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Number of Shares Outstanding** | **Share Capital** | **Treasury Shares** | **Additional Paid in Capital** | **Contributed Surplus** | **Accumulated Deficit** | **Total Equity** |
| **At January 1, 2024** | **53736318** | **5452** | **(7560)** | **1204634** | **—** | **(354873)** | **847653** |
| Share-based payments |  |  |  | 358 |  |  | **358** |
| Net income |  |  |  |  |  | 33224 | **33224** |
| Dividends paid |  |  |  |  |  | (40302) | **(40302)** |
| **At March 31, 2024** | **53736318** | **5452** | **(7560)** | **1204992** | **—** | **(361951)** | **840933** |
| Transfer arising from change in par value of shares | **—** | (4907) |  |  | 4907 |  | **—** |
| Transfer to contributed surplus | **—** |  |  | (300000) | 300000 |  | **—** |
| Distributed treasury shares | 134514 |  | 1297 | (413) |  |  | **884** |
| Equity settled share-based payments |  |  |  | 363 |  |  | **363** |
| Net income |  |  |  |  |  | 21835 | **21835** |
| Dividends paid |  |  |  |  | (40403) |  | **(40403)** |
| **At June 30, 2024** | **53870832** | **545** | **(6263)** | **904942** | **264504** | **(340116)** | **823612** |
| Distributed treasury shares | 216936 |  | 2039 | (1015) |  |  | **1024** |
| Equity settled share-based payments |  |  |  | 287 |  |  | **287** |
| Net income |  |  |  |  |  | 17408 | **17408** |
| Dividends paid |  |  |  |  | (40403) |  | **(40403)** |
| **At September 30, 2024** | **54087768** | **545** | **(4224)** | **904214** | **224101** | **(322708)** | **801928** |

---

13 Flex LNG Ltd. Third Quarter Results 2025

------

**APPENDIX A - Supplemental Financial Information**

**(A) Vessels and equipment, net**

Movements in the nine months ended September 30, 2025 for vessels and equipment, net is summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
| (figures in thousands of $) |  |  |  |
|  | **Vessels and equipment** | **Drydocks** | **Total** |
| **Cost** |  |  |  |
| At January 1, 2025 | 2467470 | 50859 | 2518329 |
| Additions |  | 21700 | 21700 |
| Disposals |  | (10000) | (10000) |
| **At September 30, 2025** | **2467470** | **62559** | **2530029** |
| **Accumulated depreciation** |  |  |  |
| At January 1, 2025 | (341275) | (22590) | (363865) |
| Charge | (49157) | (7823) | (56980) |
| Disposals |  | 10000 | 10000 |
| **At September 30, 2025** | **(390432)** | **(20413)** | **(410845)** |
| **Net book value** |  |  |  |
| At January 1, 2025 | 2126195 | 28269 | 2154465 |
| **At September 30, 2025** | **2077038** | **42146** | **2119184** |

---

**(B) Capital commitments** 

As of September 30, 2025, the Company's capital commitments related to long-term debt obligations are summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(figures in thousands of $)* |  |  |  |  |
|  | **Sale and leaseback** <sup>(1)</sup> | **Period repayment** | **Balloon repayment** | **Total** |
| 1 year | 59491 | 50694 |  | **110185** |
| 2 years | 62543 | 50694 |  | **113237** |
| 3 years | 64828 | 50694 |  | **115522** |
| 4 years | 67180 | 37344 | 290154 | **394678** |
| 5 years | 69674 | 22371 | 180000 | **272046** |
| Thereafter | 751727 | 130000 |  | **881727** |
| **Total** | **1075443** | **341798** | **470154** | **1887395** |

---

(1) Sale and leasebacks, which are classified as financing arrangements, include loan amortization and the final amounts payable in connection with repurchase obligations payable at the end of their respective charters.

14 Flex LNG Ltd. Third Quarter Results 2025

------

**(C) Long-term debt**

As of September 30, 2025, the Company's long-term debt obligations, net of debt issuance costs, are summarized as follows;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(figures in thousands of $)* |  |  |  |  |  |
| **Facility Name** | **Type** | **Maturity Date** | **Current portion** | **Non-current portion** | **Total** |
| Flex Enterprise $150 Million Facility | Term and revolving | June 2029 | 9737 | 110543 | **120280** |
| Flex Constellation $180 Million Facility<sup>(1)</sup> | Term and revolving | March 2041 | 9849 | 168588 | **178437** |
| $290 Million Facility | Term and revolving | March 2029 | 14264 | 238633 | **252897** |
| $270 Million Facility | Term and revolving | February 2030 | 16039 | 240752 | **256791** |
| $330 Million Sale and Leaseback | Sale and leaseback | February 2035 | 16672 | 264372 | **281044** |
| Flex Rainbow Sale and Leaseback | Sale and leaseback | February 2033 | 9244 | 147027 | **156271** |
| Flex Volunteer Sale and Leaseback | Sale and leaseback | December 2031 | 7530 | 124412 | **131942** |
| Flex Endeavour Sale and Leaseback | Sale and leaseback | June 2034 | 8021 | 143047 | **151068** |
| Flex Courageous Sale and Leaseback | Sale and leaseback | July 2035 | 8756 | 163357 | **172113** |
| Flex Resolute Sale and Leaseback<sup>(1)</sup> | Sale and leaseback | November 2035 | 8069 | 165642 | **173711** |
|  |  |  | **108182** | **1766372** | **1874554** |

---

(1) Flex Constellation $180 Million facility and Flex Resolute Sale and Leaseback were signed and completed in the third quarter of 2025.

**(D) Derivative Instruments**

Our interest rate swap contracts as of September 30, 2025, of which none are designated as hedging instruments, are summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(figures in thousands of $)* | **Notional principal** | **Weighted Average Duration** | **Weighted Average Fixed Interest Rate** | **Interest Rate Benchmark** |
| Receiving floating, pay fixed | 775000 | 3.0 years | 2.46% | SOFR |

---

Movements in the nine months ended September 30, 2025 for the derivative instrument assets and liabilities is summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(figures in thousands of $)* |  |  |  |
|  | **Derivative Instrument Asset** | **Derivative Instrument Liability** | **Total** |
| **At January 1, 2025** | 40090 |  | 40090 |
| Change in fair value of derivative instruments | (20509) | (415) | (20924) |
| **At September 30, 2025** | **19581** | **(415)** | **19166** |

---

Gain/(Loss) on derivatives as recorded on the Company's unaudited condensed consolidated statements of operations is summarized as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (figures in thousands of $) | (figures in thousands of $) |  |  |  |  |
|  | **Three months ended** | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
|  | **September 30,** | **June 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** |
| Change in fair value of derivative instruments | **(4252)** | (5660) | (10497) | (20924) | (13113) |
| Realized gain on derivative instruments | **4066** | 4334 | 2465 | 12101 | 15862 |
| **(Loss)/Gain on derivatives** | **(186)** | **(1326)** | **(8032)** | **(8823)** | **2749** |

---

15 Flex LNG Ltd. Third Quarter Results 2025

------

**APPENDIX B - Reconciliation of Non-GAAP Measures**

In this appendix we present additional information and measures intended to supplement investors' understanding of our operating performance, by providing information regarding our ongoing performance that exclude items we believe do not directly affect our core operations and enhancing the comparability of our ongoing performance across periods. These measures are not items recognized by U.S. GAAP, and should not be considered in isolation or used as alternatives to our operating performance or liquidity calculated in accordance with U.S. GAAP. Our management considers these measures to be useful to investors, because such performance measures provide information regarding the profitability of our core operations and facilitate comparison of our operating performance to that of our peers. Additionally, our management use these measures when reviewing the Company's operating performance. While we believe these measures are useful to investors, the definitions used by us may not be comparable to similar measures used by other companies.

**(A) Reconciliation of Net Income to EBITDA and Adjusted EBITDA (Earnings before Interest Taxes Depreciation and Amortization)**

EBITDA is defined as net income plus net interest expense, write-off of debt issuance costs, income tax expense / (benefit) and depreciation and amortization. Adjusted EBITDA represents EBITDA adjusted to exclude the items set forth in the table below, which represent items that we believe are not indicative of the ongoing performance of our core operations. EBITDA and Adjusted EBITDA are used by analysts in the shipping industry as common performance measures to compare results across peers.

The table below reconciles net income, the most directly comparable U.S. GAAP measure, to EBITDA and Adjusted EBITDA.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(Unaudited figures in thousands of $)* | **Three months ended** | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
|  | **September 30,** | **June 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** |
| **Net income** | **16818** | 17719 | 17408 | **53265** | 72467 |
| Interest income | **(975)** | (1263) | (937) | **(3107)** | (2996) |
| Interest expense | **23279** | 24306 | 26316 | **69712** | 80122 |
| Write-off of unamortized debt issuance costs | **1791** | 982 | 637 | **2773** | 637 |
| Income tax expense | **18** | 16 | 18 | **67** | 70 |
| Depreciation | **19439** | 18984 | 19012 | **56980** | 56467 |
| **EBITDA** | **60370** | **60744** | **62453** | **179690** | **206766** |
| Extinguishment costs paid on long-term debt | **648** | 648 |  | **1296** |  |
| (Gain)/loss on derivatives | **186** | 1326 | 8032 | **8823** | (2749) |
| Foreign exchange (gain)/loss | **13** | (165) | (84) | **(487)** | 179 |
| **Adjusted EBITDA** | **61217** | **62553** | **70401** | **189322** | **204196** |

---

16 Flex LNG Ltd. Third Quarter Results 2025

------

**(B) Reconciliation of Net Income to Adjusted Net Income and Adjusted Earnings Per Share**

Adjusted net income represents earnings before write-off and accelerated amortization of unamortized loan fees, fees in relation to the extinguishment of long-term debt, foreign exchange gains/loss and Change in assets/liabilities of derivative instruments. Adjusted Earnings Per Share ("EPS") represents earnings attributable to shareholders of the Company adjusted for the above items, divided by the weighted average number of shares outstanding. We believe that adjusted net income and adjusted EPS assist our management and investors in (i) understanding and analyzing the results of our operating and business performance, (ii) selecting between investing in us and other investment alternatives and (iii) monitoring our ongoing financial and operational strength in assessing whether to purchase and/or to continue to hold our common shares.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(Unaudited figures in thousands of $, except per share data)* | **Three months ended** | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
|  | **September 30,** | **June 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** |
| **Net income** | **16818** | 17719 | 17408 | **53265** | 72467 |
| Extinguishment costs of long-term debt | **2439** | 1630 | 637 | **4069** | 637 |
| Change in assets/liabilities of derivative instruments | **4252** | 5660 | 10719 | **20924** | 23690 |
| Foreign exchange (gain)/loss | **13** | (165) | (84) | **(487)** | 179 |
| **Adjusted net income** | **23522** | **24844** | **28680** | **77771** | **96973** |
| Weighted average number of ordinary shares | **54087768** | 54087768 | 53881486 | **54087768** | 53821601 |
| Denominator for diluted earnings per share | **54095710** | 54095508 | 54036136 | **54096236** | 54051376 |
| **Adjusted basic earnings per share** | **0.43** | 0.46 | 0.53 | **1.44** | 1.80 |
| **Adjusted diluted earnings per share** | **0.43** | 0.46 | 0.53 | **1.44** | 1.79 |

---

**(C) Reconciliation of Vessel Operating Revenues to Time Charter Equivalent Income and Time Charter Equivalent Rate**

Time charter equivalent rate ("TCE rate") represents the weighted average daily TCE income of our entire operating fleet. TCE rate is a measure of the average daily income performance. Our method of calculating TCE rate is determined by dividing TCE income by onhire days during a reporting period. We define TCE income as vessel operating revenues less voyage expenses. Onhire days are calculated on a vessel by vessel basis and represent the net of available days and offhire days for each vessel (owned or chartered in) in our possession during a reporting period. Available days for a vessel during a reporting period is the number of days the vessel (owned or chartered in) is in our possession during the period. Offhire days for a vessel during a reporting period is the number of days the vessel is in our possession during the period but is not operational as a result of unscheduled repairs, scheduled drydockings or special or intermediate surveys and lay-ups, if any.

17 Flex LNG Ltd. Third Quarter Results 2025

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The table below reconciles Vessel operating revenues to Time Charter Equivalent rate.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(Unaudited figures in thousands of $)* | **Three months ended** | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
|  | **September 30,** | **June 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** |
| **Vessel operating revenues** | **85680** | 85983 | 90483 | **260100** | 265415 |
| Less: |  |  |  |  |  |
| Voyage expenses | **(3654)** | (2971) | (273) | **(8610)** | (1575) |
| **Time charter equivalent income** | **82026** | **83012** | **90210** | **251490** | **263840** |
| Fleet onhire days | **1157** | 1153 | 1196 | **3479** | 3527 |
| **Time charter equivalent rate** | **70921** | **72012** | **75426** | **72281** | **74796** |

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**(D) Reconciliation of Vessel operating expenses to Operating Expenses per day**

Operating Expenses ("Opex") per day represents the weighted average daily vessel operating expenses of our entire operating fleet. Opex per day is a measure of the average daily operating performance. Our method of calculating Opex per day is determined by dividing vessel operating expenses by the available days during a reporting period. Available days for a vessel during a reporting period is the number of days the vessel (owned or chartered in) is in our possession during the period. Consistent with general practice in the shipping industry, we use Opex per day as a measure to compare Opex to compare the relative performance of the Companies technical performance with other industry peers.

The table below reconciles Vessel Operating Expenses to Opex per day.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(Unaudited figures in thousands of $, except for opex per day and available days)* | **Three months ended** | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
|  | **September 30,** | **June 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** |
| **Vessel operating expenses** | **(18756)** | (18175) | (17836) | **(55044)** | (52321) |
| Available days | **1196** | 1183 | 1196 | **3549** | 3562 |
| **Opex per day** | **(15682)** | **(15363)** | **(14913)** | **(15510)** | **(14689)** |

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18 Flex LNG Ltd. Third Quarter Results 2025