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Sep 30, 2025
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.
Revenue by Segment
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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