실적분석 2026년 8월 19일

Flex LNG ($FLNG) Q2 2026 Earnings Analysis — Revenue and Adjusted EPS Both Beat, Full-Year Guidance Reiterated

Earnings Scorecard

Revenue: $106.8 million (+24% YoY, vs. $94.05 million estimate) ✅ Beat

EPS: Adjusted $0.79 (vs. $0.61 estimate, ~+30%) ✅ Beat

Guidance: Reiterated — FY2026 revenue $345–$370 million (excluding EU emissions allowances), fleet-wide charter-equivalent daily rate $73,000–$78,000, adjusted EBITDA $255–$280 million

Stock Reaction: +0.96% after-hours ($31.4) — as of 20:58 KST, 08-19

Positives

Revenue beat: $106.8 million, +24% YoY, above the $94.05 million estimate

Record charter day rate: $86,119 per day, the highest since Q4 2021

20 consecutive quarters of dividends: $0.75 per share maintained, with cumulative returns of approximately $850 million

Vessels operated on the spot market — the Artemis and the Voluntas — along with ships entering new long-term charters, pushed quarterly earnings higher. With approximately $397 million in cash and no debt maturing before 2029, the company confirmed it has the financial capacity to continue its dividend.

Negatives

Fleet supply glut: 55 vessels delivered in the first half, with 40–45 additional deliveries expected by year-end

Spot re-chartering challenge: The Artemis and the Voluntas, two vessels, need to be redeployed from late Q3

Second-half rate volatility: Continued volatility expected in the second half amid Middle East tensions and tonnage competition

The company expects the rates market to remain choppy for the rest of the year but did not change its full-year numbers. Year-end contract coverage stands at approximately 89%, but the re-charter terms for the two spot vessels are a key variable for second-half results.

What the Company Said

The CEO explained that Middle East tensions have roiled the energy market, opening opportunities for spot-exposed vessels. The company signaled it will continue its per-share dividend, backed by its contract backlog and cash position, while keeping the full-year outlook intact.

Market Reaction and Key Points Ahead

With revenue and adjusted EPS both beating expectations and the full-year outlook and dividend maintained, the print itself was a relief catalyst — but with second-half fleet supply and rate headwinds still in play, the response was modest rather than a sharp rally.

Whether the re-charter rates for the two spot vessels from late Q3 underpin the full-year charter-equivalent daily rate guidance

Where the company lands within the $345–$370 million full-year revenue range

The impact of European gas storage and the normalization of Qatar exports on Atlantic basin rates