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Sep 30
SFL Q3 2025 Earnings Report
SFL reported net income in Q3 2025 driven by $178M in revenue and continued fleet optimization.
Key Takeaways
SFL Corporation posted a net income of $8.6 million in Q3 2025 with stable earnings from charter hire and sustained its long-standing dividend policy.
Total revenue reached $178 million for the quarter.
Net income came in at $8.6 million or $0.07 per share.
Adjusted EBITDA was $113 million, including $8 million from associated companies.
Declared a quarterly dividend of $0.20 per share, marking the 87th consecutive payout.
SFL
SFL
SFL Revenue by Segment
Revenue by Segment
Shipping Revenue
CapyFin.comEnergy Revenue
CapyFin.com Forward Guidance
SFL expects continued stability in charter revenues with positive momentum from efficiency investments and LNG-capable newbuilds, while energy asset utilization remains a challenge.
Positive Outlook
- Charter backlog of approximately $4.0 billion with 6.5 years average duration.
- 67% of backlog with investment-grade counterparties.
- Significant retrofit investments enhancing vessel performance.
- Continued focus on LNG dual-fuel vessel expansion.
- Strong liquidity position with $278 million in cash and $44 million in undrawn credit lines.
Challenges Ahead
- Energy segment showed 50% utilization during the quarter.
- Bulk segment revenue dropped sharply QoQ.
- Continued warm stacking of Hercules drilling rig awaiting contracts.
- High future capital expenditures of ~$850 million for newbuilds.
- Interest expense remained elevated at $45.5 million for the quarter.