Flex LNG : Q1 2024 Presentation

First Quarter 2024 Result Presentation

May 23, 2024

DISCLAIMER

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," "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, 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, dry-docking 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 or future litigation, general domestic and international political conditions or events, including the war between Russia and Ukraine, as well as the developments in the Middle East, including continued conflicts between Israel and Hamas and the conflict regarding the Houthi attack in the Red Sea, 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, vessel breakdowns and instances of off-hire, 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.

2

Q1 HIGHLIGHTS

Note: 1) Adjusted net income, adjusted EPS and TCE are non-GAAP measures. A reconciliation to the most directly comparable GAAP measure is included in the earnings report, 2) LTM dividend yield assuming a share price of $29

3

Q1 RESULTS IN LINE WITH GUIDING

		Q1-2024
Key metrics	Guiding	Actuals	Guiding for Q2-2024
TCE rate	~$75-80'/day	~$76,500/day	~$72-74'/day

		Revenues	~$90m	$90.2m	Close to $85m

Adj. EBITDA	~$70m	$70.6m	Close to $65m
	• 5-year special survey of Flex Constellation successfully completed in
Drydock	April, according to schedule and budget ($5m)
	• Flex Courageous progressing according to plan and budget ($5m)

Note: 1) Adjusted EBITDA and TCE are non-GAAP measures. A reconciliation to the most directly comparable GAAP measure is included in the earnings report

4

DRYDOCKING ACCORDING TO PLAN

• Flex Constellation completed her 5-year special survey in April, and traded in a challenging spot market for a short period, before commencing a firm TC of 312 days + 1-year charterer's option
• Flex Courageous progressing according to schedule and budget. She is now currently out of drydock berthed alongside quay for finalization and expect to be back in service end-May

5

HIGH CONTRACT COVERAGE AND EARNINGS VISIBILITY…

50 years of minimum firm charter backlog which may grow to 69 years with charterer's extension options

		0 4	0	0	0 7		0 8	0		E	y
V		4	4	4	4		4	4	E d		I
Flex Rainbow										N
Flex	ndeavour
Flex	igilant
Flex	mber										N
Flex	nterprise										N
Flex Freedom
Flex Resolute
Flex Courageous
Flex	olunteer					4	4
Flex	urora					4	4
Flex Ranger				4	4	4				N
Flex Constella on	New contract			4	4	4
Flex	rtemis
		Fixed hire	ariable hire	Op ons	Open spot

6

…SUPPORT STABLE ATTRACTIVE DIVIDEND…

Quarterly dividend, $m	$	m in dividends last three years and counting…
pecial dividend
Ordinary dividend

7

…AND EARNINGS BELONG TO SHAREHOLDERS

Note: 1) Adjusted EPS is a non-GAAP measure. A reconciliation to the most directly comparable GAAP measure is included in the earnings report

Spot market is

weaker this year

dragging down the

front-end of the rate curve, while long term rates have stabilized at healthy levels. This is a key reason for

us adding near term coverage.

8

FINANCIAL HIGHLIGHTS

Note: 1) Adjusted EBITDA, adjusted net income, adjusted EPS and TCE are non-GAAP measures. A reconciliation to the most directly comparable GAAP measure is included in the earnings report

9

ADJUSTED NET INCOME OF $37.9M IN THE QUARTER

Adjusted net income bridge, $m	RELEVANT
	PERFORMANCE
	METRIC
EPS: $0.62/share	EPS: $0.70/share
$ .	$ .
$ .

$ .

$ .

Net income	( ) nreali ed gain	( ) F loss	( ) Cash proceeds	d usted net income
	from change in fair value		from termina on of swap
	of deriva ves
NOTE: Adjusted net income is a non-GAAP measures. A reconciliation to the most directly comparable GAAP measure is included in the earnings report		10