Guidance Raised on Improved Cash Flow Visibility While Geopolitics Is Keeping the Spot Market Tight

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Guidance Raised on Improved Cash Flow Visibility While Geopolitics Is Keeping the Spot Market Tight

May 13, 2026 Flex LNG Ltd

(FLNG-US, Neutral)

Gregory Lewis, CFAMARITIME Guidance Raised on Improved Cash Flow Visibility While Geopolitics Is (212) 588-6543 glewis@btig.com

Keeping the Spot Market Tight Sherif Elmaghrabi

(332) 400-5177 selmaghrabi@btig.com

WHAT YOU SHOULD KNOW: FLNG reported Q1 earnings (BMO) with adjusted EPS Ben Sommers of $0.31 coming below the Street's $0.35 forecast and EBITDA of ~$53M ~9% aboveEQUITY (212) 738-6049 bsommers@btig.com consensus on higher than expected operating costs. FLNG declared a Q1 dividend of Company Data

$0.75, which points to the stock trading at a ~9% annualized yield and represents a

~120% distribution of operating cash flow. The average contract duration of FLNG's Closing Price $32.71

fleet stands at ~4 years after the company chartering one ship on a new two-year Price Target -

contract while two more vessels saw multiyear contract extensions. In March the Market Cap (M) $1,769.36

Aurora wrapped up work under an old agreement and almost immediately began Enterprise Value (M) $3,181.65RESEARCH trading under a new two-year contract, with three two year options that could keep the Shares Out (M) 54.09

vessel employed into 2304. Last month also saw ~2 year options exercised for Resolute Avg Daily Vol-3 Months (M) 0.63

and Courageous that will keep both vessels working until 1Q32. Against the backdrop

of a tight spot market, FLNG also fixed its two spot vessels on short-term charters Dividend / Yield $3.00 / 9.2%

redelivering in Q3 this year which points to ~91% fixed rate contract coverage through Revisions

year-end (2027 fixed coverage is ~73%), leading management to raise guidance (details Previous Current

below).