SFL Corporation Ltd.

Investor Presentation • Aug 19, 2025

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SFL Corporation Ltd.

Q2 2025 Results Presentation

Forward Looking Statements

This presentation contains 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 including fluctuations in charter hire rates and vessel values, changes in demand in the markets in which the Company operates, changes in demand resulting from changes in the Organization of the Petroleum Exporting Countries' petroleum production levels and worldwide oil consumption and storage, developments regarding the technologies relating to oil exploration, 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, 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 our charterers and other counterparties with whom the Company deals, the impact of any restructuring of the counterparties with whom the Company deals, timely delivery of vessels under construction within the contracted price, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, including any changes to energy and environmental policies and changes attendant to trade conflicts, potential disruption of shipping routes due to accidents or political events, the length and severity of the ongoing coronavirus outbreak and its 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.

Recent Events & Highlights

Notes: (1) Gross revenue includes charter hire from all vessels and rigs, including assets in 100% owned subsidiaries classified as 'Investment in associates' and proportionate charter hire from partly owned vessels; (2) Adjusted EBITDA' is a non- U.S. GAAP measure. It represents cash receipts from operating activities before net interest and capital payments. For details, please see SFL's second quarter preliminary earnings release Appendix 1: Reconciliation of Adjusted EBITDA; (3) Based on SFL closing price of \$9.01 on August 14, 2025; (4) Fixed rate backlog as of June 30, 2025 including subsequent sales and acquisitions, fully owned vessels, rigs and 100% of four partially owned 19,000 teu container vessels, which SFL also manages. The backlog excludes charterers' extension options and purchase/cancellation options (if applicable)

A Leading Maritime Infrastructure Company

Notes: (1) Including partly owned vessels and acquired vessels yet to be delivered to SFL; (2) Average charter term weighted by charter revenues, excluding charterer option periods, and adjusted for subsequent sales and acquisitions; (3) Fixed rate backlog 4 as of June 30, 2025 including subsequent sales and acquisitions, fully owned vessels, rigs and 100% of four partially owned 19,000 teu container vessels, which SFL also manages. The backlog excludes charterers' extension options and purchase/cancellation options (if applicable). Excludes contracted revenue from dry bulk vessels

Strong Portfolio of Industry Leading Clients

Operational Performance Highlights

Notes: (1) Revenue by charter contract type. TC = time charter where SFL is providing crew and ship management services to the charterer. BB = Bareboat where SFL only provides the ship where the charterer undertakes crewing and ship management; (2) 6 For vessels "operating days" equals calendar days less days for technical off hire, dry dock or yard stay. For rigs "operating days" equals days on rate or in transit covered by mobilisation fees less days off hire and time spent in port not on drilling rate; (3) Utilization means Operating days divided by calendar days

SFL Financial Performance

Adjusted EBITDA Q2 2025 Breakdown¹

Income Statement

• \$193m of charter hire, including share of revenue from associates and revenue classified as repayment, including \$1m of profit share
• Vessel charter hire of \$167m
• Rig charter hire of \$26m
• \$4m gain on sale of assets

Operating Expenses

• Vessel operating expenses of \$67m, including \$16m related to drydocking
• Rig operating expenses of \$19m

Net Income / (net loss)

• \$1m or \$0.01 per share
  • \$15m or \$0.11 per share from shipping related assets
  • \$(13)m or \$(0.10) per share from energy related assets

(in thousands of \$ except per share data)	Three months ended
	Jun 30, 2025	Mar 31, 2025
Charter revenues: sales-type leases (excluding charter hire treated as Repayments)	449	471
Charter revenues: operating leases and rig revenue contracts	186,943	183,358
Profit share income	1,135	1,466
Other operating income	4,061	1,444
Total operating revenues	192,588	186,739
Gain on sale of vessels	4,242	—
Vessel and rig operating expenses	(86,106)	(75,797)
Administrative expenses	(4,377)	(5,276)
Depreciation	(60,864)	(60,911)
Vessel impairment charge	—	(34,093)
Total operating expenses	(151,347)	(176,077)
Operating income	45,483	10,662
Results in associates	521	625
Interest income from associates	1,138	1,125
Interest income, other	1,953	1,881
Interest expense	(45,860)	(46,207)
Interest and valuation loss on non-designated derivatives	(1,577)	(985)
Loss on investments in debt and equity securities	(966)	(360)
Other financial items	1,235	2,180
Taxes	(467)	(792)
Net income/(loss)	1,460	(31,871)
Basic earnings/(loss) per share (\$)	0.01	(0.24)

Balance Sheet

Cash and Liquidity

• \$156m cash and cash equivalents at quarter end
• Approximately \$49m of undrawn credit lines
• 15 unencumbered assets of \$192m at quarter end, with 13 agreed to be sold during Q3 2025
• Sales proceeds from assets subsequent to quarter end of \$154m

Financing and Capital Expenditure

• Ordinary loan instalments of \$59m
• Repayment of multiple facilities relating to 17 vessels during the quarter
• \$25m of expected capital expenditures remaining
• Capital expenditures of \$850m remaining on five large container newbuildings, expected to be funded through pre- and post-delivery financing

Capital Structure(1)

• Book equity ratio of 25.5%

(in thousands of \$)
	Jun 30, 2025	Mar 31, 2025
ASSETS
Short term
Cash and cash equivalents	155,820	173,945
Investment in marketable securities	2,859	3,660
Amount due from related parties	7,567	5,682
Investment in sales-type leases, current portion	4,450	33,157
Other current assets	113,037	110,831
Long term
Vessels, rigs and equipment, net	3,417,008	3,463,645
Capital improvements, newbuildings and vessel deposits	174,584	165,921
Investment in associates	16,074	16,270
Amount due from related parties, long term	45,000	45,000
Other long term assets	15,517	13,937
Total assets	3,951,916	4,032,048
LIABILITIES AND STOCKHOLDERS' EQUITY
Short term
Short term and current portion of long term interest bearing debt	825,178	623,494
Amount due to related parties	1,809	1,455
Other current liabilities	115,499	98,611
Long term
Long term interest bearing debt, net of deferred charges	1,993,310	2,252,626
Other long term liabilities	6,806	3,473
Stockholders' equity	1,009,314	1,052,389
Total liabilities and stockholders' equity	3,951,916	4,032,048
(in thousands of \$)

Dec 31, 2024

SFL Corporation – Summary