Flex LNG raises FY26 guidance on strong backlog and dividend
FLEX LNG Ltd reported Q1 revenues of $80.5 million and raised FY26 guidance to $345-$370 million. Adjusted EBITDA is projected at $255-$280 million. The Board declared a $0.75 per share dividend.
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FLEX LNG Ltd reported first-quarter revenues of $80.5 million, with a net income of $9.5 million and adjusted net income of $16.9 million. The company raised its full-year 2026 guidance, citing new charter agreements and a firmer spot market. The Board declared a quarterly dividend of $0.75 per share, marking the 19th consecutive dividend.
Financial Performance
The fleet average Time Charter Equivalent (TCE) during the quarter was $65,700 per day. Net income per share was $0.36, while adjusted earnings per share stood at $0.31. Revenues excluding EUAs related to the Euro Emission Trading System were $78 million.
| Metric | Q1 2026 Value |
|---|---|
| Revenues | $80.5 million |
| Net Income | $9.5 million |
| Adjusted Net Income | $16.9 million |
| Average TCE | $65,700 per day |
| Net Income Per Share | $0.36 |
| Adjusted EPS | $0.31 |
Operational Updates
The company announced new charter agreements, including two-year extensions for Flex Dissolute and Flex Correatious, securing employment until 2032. A new contract for Flex Aurora was fixed with a supermajor. Dry dockings for Flex Volunteer and Flex Freedom were completed ahead of schedule, while Flex Vigilant is scheduled for dry dock later in May. The total contract coverage for the remaining available days in 2026 is 91%.
Revised Guidance
Full-year 2026 guidance has been updated upwards. Revenues are now expected to be between $345 million and $370 million, an increase of approximately 10% from previous guidance. Adjusted EBITDA is projected to be $255 million to $280 million, up 11%. The TCE is expected to range between $73,000 and $78,000 per day.
| Guidance Metric | FY26 Range |
|---|---|
| Revenues | $345 million - $370 million |
| Adjusted EBITDA | $255 million - $280 million |
| TCE | $73,000 - $78,000 per day |
Dividend Declaration
The Board declared a quarterly dividend of $0.75 per share, payable on June 11 to shareholders of record as of May 29. The company has distributed approximately $810 million in dividends since 2021, with a dividend yield of 9.2% over the last 12 months.
What factors are driving the firmer spot market that enabled the increase in full-year 2026 guidance?
How will the new charter agreements and extended coverage impact the company's ability to secure favorable rates in future quarters?
What are the potential risks to the revised revenue and EBITDA guidance given the volatile nature of the LNG shipping market?
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