FLEX LNG Ltd.

On a quick note, we will be using some non-GAAP measures such as TCE, adjusted EBITDA and adjusted net income. These are supplements to the results reported in accordance with US GAAP and a reconciliation of these are available in the earnings report. As a limitation to the completeness of the presentation, we encourage you to read the SEC filings and the quarterly report together with the presentation. If you have any questions, please use the chat functions on the webcast or send an email to ir.flexlnd.com and we will cover that in the Q&A session. And with that, let's begin and over to you, Marius. Thank you, Knut.

We sailed in $86 million or $84 million excluding EUAs. The TCE during the quarter ended up at $72,000 per day. Net income for the quarter came in at $17.7 million, implying an EPS of $0.33 per share. Adjusting for the unrealized losses on the devreds and exit costs for Croatia's refinancing, we end up with an adjusted net income of $24.8 million or adjusted earnings per share at $0.46. The Balance Sheet Optimization Program 3.0 is progressing according to plan. In May, we completed the $175 million refinancing of FlexCoratius, generating net proceeds of approximately $43 million. Today, we are announcing that we have signed the documentation of the refinancing of FlexConstellation and FlexResolute. We are targeting closing of same in the third quarter, Sjöbygg, to customary closing conditions. Knut will speak more about that later in the presentation. We announced this morning the launch of a share buyback program for $50 million. Any purchase under the buyback program is made independent of the next dividend considerations for Q3. Lastly, as a reminder, Flex L&D is delisting from Oslo Stock Exchange and last day of listing is 15th of September. We reconfirm our full year 2025 guidance of revenues of $350 to $370 million, and TCE per day around $72 to $77,000 per day. Similarly, we reconfirm our guidance for expected adjusted EBITDA of approximately $250 to $270 million for the full year. The board has declared a 75% share dividend, resulting in last 12 months dividend of $3 per share. This implies dividend yield of 12% on a share price of $25. The dividend is supported by a Fortress balance sheet with $413 million in cash and a solid contract backlog. We have completed two of our four dry dockings so far this year. The dry docking of the Flex Aurora and the Flex Resolute was completed in June and early July respectively, and went straight back to service for the Charters X yard, minimizing off-fire days. We are pleased that both dockings were completed below our guided max 20 days of off-fire. We have two more dry dockings in 2025. Flex Amber is currently undertaking a five-year dry docking in Singapore where Flex Artemis will enter dry dock later in August, also in Singapore. Three of the four dry dockings are carried out in Singapore whilst Flex Aurora completed in Europe. On average, the docking cost is estimated around $5.7 million per vessel, slightly above our previous estimates. The increase is due to higher costs in Europe compared to Singapore. Thank you to our technical team and our crew on board for results and safe execution of the dry dockings. A strong backlog results in earning visibility, even with two vessels open for the rest of the year. We are reaffirming our guidance range of full year 2025 revenues for 340 to 360 million dollars, and we maintain our TCE range of 72 to 77 thousand dollars per day. As such, we are reaffirming our full year 2025 adjusted ABTA range from 250 to 270 million dollars. Looking at our contract coverage, we are very well covered for the next years with 56 years of minimum backlog, which might grow up to 85 years if the charters do declare all the options. As you can see from this slide, we have two vessels in the spot market. Flex Artemis is concluding her last voyage on a current time charter and will be delivered to us late in August and then go straight into dry dock in Singapore. We are now marking the vessel open ex dry dock. Flex Constellation has enjoyed some short-term employment since she was delivered to us in late February. She will trade in the spot market until commencement of her 15-year time charting during first half of 2026. In sum, we have a solid contract backlog with insulates as from soft short-term market and we are well positioned to benefit from increasing LNG volumes coming on stream in the future. We in FlexLNG are committed to maintain a shareholder-friendly dividend policy and delivering shareholder returns. We aim to provide a transparent framework for dividend payouts guided by a defined set of decision factors. This includes earning visibility, contract backlog, balance sheet strength and debt maturity profile. While we maintain our cautious short-term outlook on the LNG market, we remain bullish on the long-term LNG story. We have a very strong charted backlog and maintain a fortress balance sheet. On the back of this, the board has declared an ordinary quarterly dividend of 75 cents per share. The dividend will be paid out to shareholders on record 5th of September. The payment dates 18th of September for shareholders in New York Stock Exchange and 23rd of September for shareholders on Oslo Stock Exchange. With that, I will hand this over to Knut.

Thank you, Marius. And let's walk through the key financial highlights of the quarter. Revenues for the first quarter came in at 86 million or 84 million net of e-rays. This translates into a time charter equivalent of $72,000 per day. This represents a slight drop compared to the first quarter, which is primarily due to the seasonal softer spot market impacting earnings for the Flex Constellation, who operated in the spot market, and Flex Artemis, which is on a variable higher contract. We also had two vessels in dry dock in the second quarter, reducing the number of operational days impacting the revenues. Revenues for the first half of the year was approximately $171 million net of ERAs. On the operating expenses, it came in at 18.2 million or around 15,400 per day. And this is in line with our full year 2025 guidance and slightly lower than the first quarter. Vessel OPEX can vary somewhat from quarter to quarter due to timing effects. However, we maintain our full year OPEX guidance of around 15,500. As you will note in the report, we booked 1.6 million in extinguishment costs for the refinancing of Flex Courageous and a net loss on the interest rate derivatives of 1.3 million. This includes realized gains of 4.3 million and unrealized losses of 5.7. This results in a net income of 17.7 million for the quarter or 33 cents per share. Adjusting for the unrealized losses of the derivatives and extinguishment costs for the financing, we end up with an adjusted net income of 24.8 million or adjusted earnings per share of 46 cents. Looking at the cash flow for the quarter, we started the quarter with 410 million in cash. We generated 44 million from operations, which was offset by negative working capital movements of 7 million, as well as 11 million in dry docking expenditures. These expenditures include both costs for the two dry dockings completed in the quarter, as well as prepayment for the cost for the next two dry dockings scheduled in the third quarter. We paid 27 million in scheduled debt installments, and as you can see, we realized 43 million in net proceeds from the refinancing of the Flex Courageous. Net of 41 million in dividends, the cash balance at the end of the quarter came in at 413 million. With the closing of the financings announced today, we will add additional 90 million to our cash balance in the third quarter. Today, we are pleased to announce additional two new financings for the Flex Resolute and Flex Constellation. With the closing of these transactions, we are concluding the balance sheet optimization program 3.0 and freeing up 132 million in liquidity, pushing out the maturity profile and reducing the cost of debt. The new financing of Flex Resolus is a Japanese Jolko on the same terms as for the Flex Courageous concluded in May. This addresses our first debt maturity in 2028 and push out the maturity date to 2035. The new lease comes with an attractive blended cost of debt of so far plus 1%. And as you can see, the repayment profile is slightly lower, and that is due to the fact that Resolute is one year younger than the Courageous, and the financings are on exactly the same terms. We are also announcing a new 15.5 years, 180 million bank facility with the margin of 165 basis points for the Flex Constellation. This financing is back to back with the 15 years charter contract for Flex Constellation. However, it allows us to make full drawdown now prior to commencement of the contract. For the first seven and a half years, the facility is repaid on an age-adjusted repayment profile of 25 years, while the last eight years is on a 22 years profile to zero. We are grateful for the trust and support from our financing partners, both the new coming in for this financing and the ones who have provided the previous financing of these three ships. Thank you. On the interest rate portfolio, we have made no additions to the portfolio since the 150 million added in April. The overview now includes the fixed rate element for the new Jolkollis for Flex Resolut, resulting in about 70% hedge ratio in the next quarters. Our swap portfolio is today 850 million with an average duration of three years and fixed at an average interest rate of 2.3%. Since January in 2021, this portfolio has generated unrealized and realized gains of 131 million dollars. So with the new financings freeing up additional liquidity, we are fortifying our balance sheet even further. Together with the sound contract portfolio, limited capex liabilities and no debt maturity before 2029, this gives us a solid commercial platform and provide us financial flexibility. On this slide, we are again reminding our shareholders on Oslo Stock Exchange about the delisting with the last day of trading on the 15th of September. We encourage shareholders to contact their broker investment advisor to transfer the Oslo listed shares to the New York listed share if you would like to continue the journey with Flex. Following the last day of trading, the shares registered with Euronext Securities Oslo, or commonly known as VPS, will for practical purposes be illiquid due to the administrative burden on transferring the shares after the delisting. So we remind the shareholders to be mindful and take action before the last day of trading. For the dividend, the payment date of the Q2 dividend comes after the delisting date from Oslo. So please be aware that shareholders on record on 5th of September will receive the dividend to the VPS account irrespecting of the delisting. As already mentioned, we have today announced a $15 million buyback program. And the program will last until the Q3 reporting in November. This will enable us to buy back shares in both New York and in Oslo. If we will utilize the program and buy back shares, such will be announced in accordance with the rules of the respective stock exchanges. And more details on the program are found in the separate stock exchange disclosure made today. As the program is limited in size and time, our considerations for a dividend for the third quarter will be made independently of any purchases under the program. We find it natural to have a buyback program as part of our financial toolkit, and we will reassess the scope of the program before the third quarter presentation. And with that, I hand it back to you, Marius.