SFL Corporation Ltd.

Earnings Release • Nov 11, 2025

SFL - Third Quarter 2025 Results

SFL - Third Quarter 2025 Results

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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 (https://connectstudio-portal.world-

television.com/64c901b7ac3efa325c227857/registration)

(https://connectstudio-portal.world-

television.com/64c901b7ac3efa325c227857/registration)

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

(https://wtvglobal.zoom.us/j/92202821319?pwd=kA3MDvDDPaae5NaZOM9zxkVWIi8gTg.1#su

ccess)

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.