Flex LNG Q4 Revenues Reach $87.5M with $0.75 Dividend; 2025 EBITDA $251M
Flex LNG reported Q4 vessel operating revenues of $87.5 million, net income of $21.6 million ($0.40/share) and adjusted EBITDA of $61.8 million, declaring a $0.75 quarterly dividend. For 2025, the fleet achieved $71,728/day TCE, $251.1 million in adjusted EBITDA, $448 million cash and no debt maturities before 2029.
1. Fourth Quarter Performance
Flex LNG posted vessel operating revenues of $87.5 million in Q4, up from $85.7 million in Q3, with net income rising to $21.6 million ($0.40/share) versus $16.8 million ($0.31). The average Time Charter Equivalent rate held at $70,119/day and adjusted EBITDA reached $61.8 million. The Board declared a $0.75/share quarterly dividend payable March 12, 2026.
2. Full-Year 2025 Results
The fleet achieved an average Time Charter Equivalent rate of $71,728/day, delivering adjusted EBITDA of $251.1 million, adjusted net income of $101.1 million and EPS of $1.87, aligning with guidance of $250 million EBITDA and $71,000–72,000/day TCE.
3. Refinancing and Balance Sheet Strength
During 2024 and 2025 the company completed three refinancing transactions totaling $530 million, generating $137 million net cash proceeds and reducing interest expenses by $13 million to $92.6 million. Debt maturities have been extended with no obligations before 2029, and the cash position stood at $448 million at year-end.
4. Outlook and Dividend
With a contracted backlog covering at least 50 years of charter commitments, Flex LNG expects spot market volatility over the next 12–18 months as newbuild deliveries outpace liquefaction capacity additions. The company is exposed to up to three open vessels in 2026 and has provided wider guidance ranges while reaffirming its commitment to shareholder returns.