Step 1

Preheat the oven to 350°F (180°C).

Step 2

Heat a medium skillet over medium-low heat. Add the granulated sugar and cook, stirring occasionally, until the sugar melts into an amber-colored caramel, 5–6 minutes. Reduce the heat to low and stir until the sugar is fully melted. Remove the pan from the heat and carefully pour the caramel into a 9 x 5-inch (22x12 cm) loaf pan. Let the caramel cool for 5 minutes while you make the custard.

Step 3

Add the egg yolks and condensed milk to a large bowl and whisk to combine, then add the evaporated milk and lemon extract and whisk to incorporate.

Step 4

Pour the custard into the pan with the caramel. Cover the pan with foil.

Step 5

Set the loaf pan in a 9 x 13-inch (22x33 cm) baking dish and carefully pour the boiling water into the baking dish, taking care not to splash any into the flan.

Step 6

Carefully transfer to the oven and bake for 35–40 minutes, until the flan is fully set.

Step 7

Remove the flan from the oven, lift the loaf pan from the water bath, and let cool to room temperature, then refrigerate for overnight.

Step 8

When ready to serve, run a knife around the edges of the pan to loosen the flan, then invert onto a platter, slice, and serve.

Step 9

Enjoy!