FLEX LNG Ltd.

Hi, everybody. Welcome to Flex L&D's fourth quarter 2025 result presentation. My name is Maurits Foss. I'm the CEO of Flex L&D, and today I'm joined with our CFO, Knut Roholt, who will make us through the financial later in our presentation. Today, we will cover the Q4 and full year 2025 results, provide an update on the L&D shipping market. As always, we will conclude this webcast with a Q&A session.

And before we start, we would like to highlight the following. We are using certain non-GAAP measures such as TCE, adjusted EBITDA and adjusted net income. These are supplements to the earnings report reported in accordance with the US GAAP. The reconciliation of these non-GAAP measures are available in the Q4 earnings report. There are also limitations to the completeness of our presentation. Therefore, we encourage you to read the quarterly report together with this presentation. And with that, let's begin. I'm back to you, Marius.

We sell in revenues of $87.5 million, or $85 million, excluding the EUA's related emission trading system. The fleet average TCE during the quarter ended up at $70,100 per day. Net income for the fourth quarter came in at $21.6 million, implying an earnings per share at $0.40. When adjusting for underrise losses and interest rate swap and FX, ending up with adjusted net income of $23.3 million or adjusted earnings per share of $0.43. We completed the dry dock of Flex Volunteer in January. She is now trading in the spot market. We received a notice from one of our charters that they will not declare the one-year options on the good vessel Flex Aurora and we expect to have her back in our fleet in March. Our spot exposure in 2026 is limited to three vessels. Flex Volunteer, Flex Aurora and the Flex Artemis. And all three vessels are marked for long-term contracts. The remaining ten vessels are on time charters. We are today presenting guidance for the full year, and with three vessels in the spot market, we are presenting wide ranges, reflecting exposure to the volatile spot markets. We expect full year revenues to be between 310 and 340 million, and we expect a TCE per day around 65 to 75 thousand dollars per day. Adjusted EBITDA is expected to come in at around $225 to $255 million for the full year. The Flex LNG has a very robust financial position with a cash balance of $448 million at the year end. No debt matures prior to 2029 and we have a solid contract backlog. The board has declared another $0.75 per share dividend This is the 18th consecutive dividend of 75 cents per share, and we have distributed then around $770 million since 2021. Our last 12 months dividend is $3 per share, implying a dividend yield of approximately 11.5%. When looking at the 2025 figures, the short summary is that we delivered in line with our guidance. The full year TCE ended at $72,000 per day, and we sailed in revenues of $340 million. Our adjusted EBITDA came in at $251 million. We traded two vessels in the spot market in 2025, the Flex Artemis and the Flex Constellation, and we completed four dry dockings in 2025, Flex Aurora and Flex Resolute in Q2, Flex Amber and Flex Artemis in Q3. With that, let's have a look at our contract backlog. In 2026, we have 78% of available days fixed on long-term charters. As you can see in the bottom of this slide, Flex Artemis and Flex Volunteer are now trading in the spot market, while Flex Aurora will be re-delivered from her current charters in March. We are actively marketing all three vessels for both spot and long-term contracts. Further, in 2027, we have options for Flex Resolute, Flex Courageous and Flex Freedom. These options are due to be declared during this year. The spot market was a roller coaster last year, with soft rates in the start of the year, while we saw a rally in Q4, with spot fixtures for modern two-strokes reaching up to $175,000 per day. We expect 2026 to be equally volatile and active market with many fixtures. There is a lot of new L&D export volumes ramping up, continued geopolitical uncertainties, potential congestions, both at import and export terminals. But at the same time, there's also a lot of new buildings being delivered. Therefore, we have modest expectations for the earnings from our spot exposure exposed vessel this year. FlexConstellation is due to complete her final voyage in March before she will commence her 15-year time chart delivered in direct continuation. Looking at our total contract coverage, we have today 50 years of minimum firm backlog, which may grow up to 75 years if the charters declare all the options attached. We are optimistic about our open exposure later in this decade. We have greater open exposure during this period, which aligns well with our expectations of an attractive shipping market. Significant new supply volumes are set to come on stream, creating strong market fundamentals. Let's have a look at the guiding for 2026. We expect full year revenues to be between 310 and 340 million. And correspondingly, we expect the TCE for 2026 to be around 65 to 75 thousand dollars per day. The range in revenues and TCE reflect our open position exposure to the volatile spot markets. Adjusted EBITDA is expected to come in around 225 to 255 million dollars for the full year. In addition, we will complete three dry dockings in 2026. The docking of the Flex Volunteer was completed in January, while Flex Freedom will enter dry dock later in February. Flex Vigilant is expected to dry dock in Q2. We have budget around 20 days of fire on average, and the average cost of $5.9 million per docking. Before handing over to Knut, I want to touch base on the key factors behind the dividend decision. Most of our decision indicators are dark green, with a few exceptions. Earnings and cash flow. We have adjusted this to a lighter green, reflecting more open exposure. Market outlook. We maintain orange level. The supply of new L&D volumes is firm. that there are simply too many ships delivered ahead of the new volumes. The long-term outlook is, however, very optimistic. Backlog and visibility. Even though we have a comfortable 50 years of minimum firm backlog, it is prudent to maintain light green. Based on these factors, the board has declared another quarterly dividend of 75 cents per share. The dividend will be paid out on about 12th of March for shareholders on record 27th of February. And with that, I hand it back to you, Knut, for a walkthrough through the financials.