H. Foss
Principal Executive Officer

Welcome to Flex LNG First Quarter 2026 Results Presentation. My name is Marius Foss, I'm the CEO of the Flex LNG. And today, I'm joined with our CFO, Knut Traaholt, who will walk you through the financials later in the presentation. Today, we will cover the first quarter results and provide an update on the LNG shipping market. As always, we will conclude the webcast with a Q&A session.

Knut Traaholt
Principal Financial Officer

If you would like to ask questions, please use the chat functions in the webcast or send questions by e-mail to ir@flexlng.com. Before we start, we would like to highlight the following. We are using certain non-GAAP measures such as TCE, adjusted EBITDA and adjusted net income. These are supplements to the earnings report reported in accordance with U.S. GAAP. The reconciliations of these non-GAAP measures are available in the earnings report, which we released today. There are certain limitations to the completeness of our presentation. Therefore, we encourage you to read the quarterly report together with the presentation. And with that, back to you, Marius.

H. Foss
Principal Executive Officer

Thank you, Knut. Let's begin with the highlights of the quarter. We sailed in revenues of $80.5 million or $78 million, excluding the EUAs related to the EU emission trading system. The fleet average TCE during the quarter ended up at $65,700 per day. Net income for the first quarter came in at $19.5 million, implying an earnings per share of $0.36.

When adjusting for unrealized gains of interest rate swaps and FX, we ended up with an adjusted net income of $16.9 million