SFL - Third Quarter 2025 Results

Rhea-AI Summary

SFL (NYSE:SFL) reported preliminary Q3 2025 results and declared its 87th consecutive quarterly dividend of $0.20 per share, payable around December 29, 2025 with NYSE record/ex-dividend dates on December 12, 2025. The company generated $178 million total operating revenues (≈86% shipping charter hire, 14% energy), Adjusted EBITDA $113 million (including $8 million from associates) and net income $8.6 million or $0.07 per share.

SFL cited near-term fleet optimization via sales of older dry bulk and container vessels, ~<$100 million> invested in fuel-efficiency and cargo upgrades that it says added approximately $1.2 billion to its fixed-rate charter backlog, which stands at ~$4 billion. One legacy drilling rig, Hercules, remains the only asset not on profitable employment.

Positive

• 87th consecutive quarterly dividend of $0.20 per share
• Total operating revenues of $178 million for Q3 2025
• Adjusted EBITDA of $113 million including $8 million from associates
• Fixed-rate charter backlog of approximately $4 billion
• Nearly $100 million invested in fuel-efficiency and cargo upgrades
• Upgrades added approximately $1.2 billion to charter backlog

Negative

• Reported net income only $8.6 million (earnings $0.07 per share)
• Legacy drilling rig Hercules not currently employed on profitable charters

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Preliminary Q3 2025 results and quarterly cash dividend of $0.20 per share

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Hamilton, Bermuda, November 11, 2025, SFL Corporation Ltd. (“SFL” or the “Company”) today announced preliminary financial results for the quarter ended September 30, 2025, and its 87^th consecutive quarterly dividend.

Highlights

• 87^th consecutive quarterly dividend declared, $0.20 per share
• Generated total operating revenues of $178 million, of which approximately 86 % of charter hire from shipping and 14 % from energy
• Adjusted EBITDA of $113 million, including $8 million from associated companies
• Reported net income of $8.6 million or $0.07 per share
• Continuous fleet optimization with the sale of older dry bulk and container vessels and efficiency upgrades on multiple modern vessels
  
  

Ole B. Hjertaker, CEO of SFL Management AS, said in a comment:

«SFL continues to strengthen its position as a leading maritime infrastructure company, with the majority of vessels and rigs on long term time charters to industrial end users. This strategy provides strong earnings visibility and a solid foundation for sustainable shareholder returns.

We remain focused on maintaining a modern and efficient fleet. So far, we have invested nearly $100 million in fuel efficiency and cargo optimization upgrades, improving both operational performance and environmental footprint. These initiatives have contributed to adding approximately $1.2 billion to our fixed rate charter backlog. And with the exception of our legacy drilling rig Hercules, all our assets are employed on profitable charters with high utilization. We remain optimistic about securing new employment for Hercules next year and continue to explore strategic opportunities to unlock additional value.

Our fixed rate charter backlog stands at approximately $4 billion, providing strong cash-flow visibility and supporting our long term dividend distribution capacity. Combined with our disciplined capital allocation and focus on accretive investments, SFL remains well positioned to deliver consistent value to its shareholders.»

Quarterly Dividend

The Board of Directors has declared a quarterly cash dividend of $0.20 per share. The dividend will be paid on or around December 29, 2025. The record date and ex-dividend date on the New York Stock Exchange will be on December 12, 2025.

The full report can be found in the link below and at the Company’s website www.sflcorp.com.

Webcast and Presentation

In connection with the earnings release, a webcast will be held today at 10:00 AM (EST) / 4:00 PM (CET)
In order to listen to the webcast and see the presentation, you may do one of the following: 

A: Join Webcast in Listen Only Mode:
Visit the Investor Relations section of the Company’s website at www.sflcorp.com and click on the link to "Webcasts", or access directly via the webcast link below. The webcast with slideshow will be played from this platform:

SFL Corporation Ltd. Q3 2025 Webcast

B: Join Conference Call to Participate in Live Q&A through Zoom:
Join through the Zoom link below to ask a question:

SFL Q3 2025 Q&A

Meeting ID: 922 0282 1319
Passcode: 915411

The presentation material used in the webcast may be downloaded at www.sflcorp.com and replay details are also available at the Company website.

Questions may be directed to SFL Management AS:

Investor and Analyst Contact

Espen Nilsen Gjøsund, Vice President - Investor Relations: +47 47500500
André Reppen, Chief Treasurer & Senior Vice President: +47 23114055
Aksel C. Olesen, Chief Financial Officer: +47 23114036

Media Contact

Ole B. Hjertaker, Chief Executive Officer: +47 23114011

About SFL
SFL has a unique track record in the maritime industry and has paid dividends every quarter since its initial listing on the New York Stock Exchange in 2004. The Company’s fleet of vessels is comprised of tanker vessels, bulkers, container vessels, car carriers and offshore drilling rigs. SFL’s long term distribution capacity is supported by a portfolio of long term charters and significant growth in the asset base over time. More information can be found on the Company’s website: www.sflcorp.com.

Cautionary Statement Regarding Forward Looking Statements
This press release may contain forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including SFL management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although SFL believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, SFL cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions.

Important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward looking statements include the strength of world economies, fluctuations in currencies and interest rates, general market conditions in the seaborne transportation industry, which is cyclical and volatile, including fluctuations in charter hire rates and vessel values, changes in demand in the markets in which the Company operates, including shifts in consumer demand from oil towards other energy sources or changes to trade patterns for refined oil products, changes in market demand in countries which import commodities and finished goods and changes in the amount and location of the production of those commodities and finished goods, technological innovation in the sectors in which we operate and quality and efficiency requirements from customers, increased inspection procedures and more restrictive import and export controls, changes in the Company’s operating expenses, including bunker prices, dry docking and insurance costs, performance of the Company’s charterers and other counterparties with whom the Company deals, the impact of any restructuring of the counterparties with whom the Company deals, and timely delivery of vessels under construction within the contracted price, governmental laws and regulations, including environmental regulations, that add to our costs or the costs of our customers, potential liability from pending or future litigation, potential disruption of shipping routes due to accidents, political instability, terrorist attacks, piracy or international hostilities, the length and severity of the coronavirus outbreak and governmental responses thereto and the impact on the demand for commercial seaborne transportation and the condition of the financial markets, and other important factors described from time to time in the reports filed by the Company with the United States Securities and Exchange Commission. SFL disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Attachment

• SFL - Third Quarter 2025 Results

FAQ

What dividend did SFL (NYSE:SFL) declare for Q4 2025 and when is the payment date?

SFL declared a quarterly cash dividend of $0.20 per share, payable on or around December 29, 2025.

What were SFL's key Q3 2025 financials: revenue, adjusted EBITDA and EPS?

Q3 2025 preliminary results show $178 million revenue, $113 million adjusted EBITDA, and net income of $8.6 million (≈$0.07 per share).

How large is SFL's fixed-rate charter backlog reported on November 11, 2025?

SFL reported a fixed-rate charter backlog of approximately $4 billion.

How much has SFL invested in fuel-efficiency and what impact was reported?

SFL said it invested nearly $100 million in fuel-efficiency and cargo upgrades, contributing roughly $1.2 billion to its fixed-rate charter backlog.

Is any SFL asset currently not employed on profitable charters as of Q3 2025?

Yes. The company noted that its legacy drilling rig Hercules is the exception and is not currently employed on profitable charters.

When are SFL's ex-dividend and record dates for the declared dividend?

The ex-dividend and record dates on the New York Stock Exchange are on December 12, 2025.