Golar Lng Limited · NASDAQ:GLNG
Golar Lng — Q2 2025 Earnings Presentation
33 slides from Golar Lng's earnings presentation, Aug 14, 2025
Slide 1: Second Quarter 2025 Results
SECOND QUARTER 2025 RESULTS August 14, 2025 Golar LNG Limited 2025 I 1
Slide 2: Forward looking statements
Forward looking statements This press release contains forward-looking statements actual results to differ materially from those in the counterparties to comply with their agreements with us As a result, you are cautioned not to rely on any (as defined in Section 21E of the Securities Exchange Act f
Slide 3: Golar LNG: Market-leading FLNG operator
Golar LNG: Market-leading FLNG operator $4.2BN MARKET CAP2 $891M TOTAL GOLAR CASH1 • Operational – Cameroon until Q3 2026 • Operational – Mauritania/Senegal until Q2 2045 • Under conversion for Q4 2027 delivery • Secured 20-year redeployment contract in Argentina • Secured 20-year contract in Argent
Slide 4: Adjusted EBITDA backlog of $17bn before commodity upside and inflationary adjustments
Adjusted EBITDA backlog1 of $17bn before commodity upside and inflationary adjustments ADJUSTED 1,4 0.1+ CAMEROON COMMODITY LINK UPSIDE 5.7+ ARGENTINA COMMODITY LINK UPSIDE AND INFLATIONARY ADJUSTMENTS MAURITANIA/ 3.0 SENEGAL ARGENTINA 8.0+ COMMODITY LINK UPSIDE AND INFLATIONARY ADJUSTMENTS ≈16.8 SU
Slide 5: Golar is the only proven provider of FLNG as a service
Golar is the only proven provider of FLNG as a service Overview of the global FLNG fleet by Owner 8.6 FLNG #1 FLNG #2 Under Construction 6.4 3.5 4.7 2.4 Operating capacity 3.6 (mtpa) 2.7 0.6 2.0 3.0 1.2 3.6 3.4 3.0 2.4 1.5 Company Contract Liquefaction against long term Liquefaction as service Lique
Slide 6: Business update Group results Summary
Business update Group results Summary Golar LNG Limited 2025 I 6
Slide 7: Quarter highlights & developments
Quarter highlights & developments FLNG Hilli 20-year redeployment charter in Argentina firm, definitive agreements signed for MKII FLNG Gimi reached Commercial Operations Date (“COD”) for its 20-year charter Issued $575 million convertible bonds (“CB”) and 2.5 million shares repurchased 2024 ESG rep
Slide 8: FLNG #1 | Hilli 20-year redeployment contract firm
FLNG #1 | Hilli 20-year redeployment contract firm FLNG Hilli highlights FLNG Hilli - maintains market leading operational uptime Prelude (3.6 mtpa) $242m LTM Distributable Adjusted EBITDA1 11 Hilli 10 (100% basis) (2.4 mtpa) Cumulative Production (MT) 9 Coral South 8 (3.4 mtpa) 7 PFLNG Satu 137 car
Slide 9: FLNG #2 | Gimi commenced 20-year contract
FLNG #2 | Gimi commenced 20-year contract FLNG Gimi highlights FLNG Gimi - COD reached in June 2025 $215m Annual Adjusted EBITDA1 (100% basis) 7 cargoes offloaded to date, 8th in progress 1m+ m3 of LNG produced since COD First Cargo celebration on May 22, 2025 • $233m gross pre-COD receipts througho
Slide 10: FLNG #3 | MKII FLNG FID reached on 20-year contract
FLNG #3 | MKII FLNG FID reached on 20-year contract • Project on schedule for delivery in Q4 2027 • Total spend to date of ~$0.8bn6 , fully equity funded by Golar • FID reached in August 2025 for 20-year charter of MKII FLNG with SESA in Argentina. Expected to commence operations in 20287 • Agreemen
Slide 11: FLNG contract highlights
FLNG contract highlights Perenco bp/Kosmos SESA FLNG under contract FLNG Hilli FLNG Gimi FLNG Hilli MKII FLNG Start date of fixed contract term July 2018 June 2025 Expected H2 2027 Expected 20287 (COD) End date of fixed contract term July 2026 June 2045 Expected H2 2047 Expected 2048 Contract type T
Slide 12: Progressing FLNG growth units
Progressing FLNG growth units FLNG Type Capacity Shipyard Evaluation MKI is proven with two Golar units on the water. MKI 2.0 – 2.7 Working to confirm updated price and schedule. Conversion mtpa Proven concept and multiple commercial projects in design development. Ongoing conversion of the Fuji LNG
Slide 13: Competitive advantage of FLNG projects
Competitive advantage of FLNG projects Focus: regions with substantial gas reserves Golar’s FLNG: market leading capex/ton Shorter sailing distances to LNG markets Onshore Floating LNGCs required to lift one mtpa of production 3,000 2,500 Prelude FLNG 2,000 North/East Africa PFLNG Satu ~380 TCF USD/
Slide 14: The US is the world's largest LNG exporter and incremental producer
The US is the world’s largest LNG exporter and incremental producer 2025 global LNG production by country Marginal cost of LNG production graph25,26 Qatar 12 Others, 15% Qatar, 18% USA Australia 3% 4% Russia 10 Total Volume 4% Malaysia LNG delivered cost JKM/Asia ($/MMBtu) 430 MT Malaysia, 6% USA, 2
Slide 15: Floating is the future: this happened in the FPSO industry
Floating is the future: this happened in the FPSO industry FPSO industry: growth of 10-15 units per year 300 • FPSOs took over for fixed oil production installations driven by lower unit costs and increased flexibility 250 • The first FPSOs was brought to market in 1985, the current fleet stands at
Slide 16: Business update Group results Summary
Business update Group results Summary Golar LNG Limited 2025 I 16
Slide 17: Second quarter 2025 financial results
Second quarter 2025 financial results Q2 2025 Q1 2025 Q2 2025 Highlights $m $m • Total operating revenues of $75m FLNG (before realized gains on oil and gas derivative 69 56 • FLNG tariff, net1 of $82m instruments) Corporate and other 12 6 7 • Adjusted EBITDA1 of $49m Total operating revenues 75 63
Slide 18: Q2 2025 Adjusted EBITDA bridge
Q2 2025 Adjusted EBITDA1 bridge 90 FLNG Hilli FLNG Gimi (from mid-June) 80 4 10 (21) 70 7 60 (4) 9 (8) 50 40 82 30 57 52 49 20 10 - Base 16 Brent-Linked 16 TTF-Linked 16 Capital element 14 Operating element 14 FLNG tariff, net 1 FLNG operating Project development FLNG Adjusted Corporate and GLNG Adj
Slide 19: $575m Convertible bond issuance and share buy-back
$575m Convertible bond issuance Key terms Share buy-back increases effective dilution premium to 87% If the share price is above the conversion price ($57.53) at maturity, 10 million shares would be Size: $575 million issued assuming no cash settlement option chosen Conversion premium: 40% Key terms
Slide 20: Track record of attractive shareholder returns
Track record of attractive shareholder returns • Majority of operating cash flow after debt service to be allocated to shareholder returns • Liquidity released from debt financing proceeds to be allocated to fund accretive FLNG growth Buy-back of remaining 46 minority stake in FLNG Hilli Equity retu
Slide 21: Contracted cash flow growth with pathway to multiple increase in shareholder returns
Contracted cash flow growth with pathway to multiple increase in shareholder returns Fully contracted Adjusted EBITDA1 > 4x LTM Adjusted EBITDA5, before commodity upside Fully delivered Adjusted EBITDA1 >4x vs. LTM Adjusted EBITDA5 1,500 Expected run-rate Expected run-rate within 2027 within 2028 Co
Slide 22: 20+ years of cash flow visibility supported by $17bn of backlog
20+ years of cash flow visibility supported by $17bn of backlog ~$17bn in Golar’s Adjusted EBITDA backlog1,4 Commodity upside 20 18 16 14 Commodity upside 12 $ billions 10 8 6 4 2 0 FLNG Hilli - Perenco FLNG Gimi - bp/Kosmos FLNG Hilli - SESA MKII FLNG - SESA ~$17bn in Golar’s Adjusted EBITDA backlo
Slide 23: Strong contracted EBITDA with attractive upside
Strong contracted EBITDA with attractive upside Fully delivered Adjusted EBITDA1 + Sensitivity to LNG FOB prices on SESA + Hilli/MKII FLNGs 4,000 9 3,487 GLNG GLNGShare ShareHilli+MKII Commodity Hilli + MKII Upside/Downside Commodity Upside/Downside9 3,500 9 GLNG Share GLNG’s SESA share of Commodity
Slide 24: Business update Group results Summary
Business update Group results Summary Golar LNG Limited 2025 I 24
Slide 25: Key 2025 milestones and focus
Key 2025 milestones and focus 2025 milestones 2025 action list FLNG Gimi achieved COD and eighth LNG cargo Optimization of FLNG financing on the back of offload currently underway 20-year charters of existing FLNG assets FID and conclusion of all conditions precedent for 20-year charter with Souther
Slide 26: Summary
Summary Strong quarter with addition of $13.7bn of Adj. EBITDA backlog1,4 before $13.7+bn commodity upside Fully delivered contracted Adj. EBITDA1 (Golar’s share) 4x LTM Adj. EBITDA5 4x Before attractive upside in commodity exposure in SESA charters Pathway for multiple increase in shareholder retur
Slide 27: Appendices
Appendices Golar LNG Limited 2025 I 27
Slide 28: Appendices: Recognition of FLNG Gimi upon COD
Appendices: Recognition of FLNG Gimi upon COD Pre-COD cashflows 2023-2025 Q2 2025 Balance Sheet movement $m Asset under development on COD Recognition of sales type lease Liquidated damages paid to bp (110) $m $m Pre-COD cashflows paid by bp 233 Carrying value of Gimi asset Recognition of components
Slide 29: Appendices: Gimi illustrative Annual Adjusted EBITDA
Appendices: Gimi illustrative Annual Adjusted EBITDA1 Cash earnings Accounting Accounting impact impact (PL) Statement of operations caption Add back: lease Adjusted EBITDA1 $m Illustrative FLNG Invoice components $m Sales-type lease Vessel management Total recognized as receivable in excess tariff,
Slide 30: Appendices: Non-GAAP measures
Appendices: Non-GAAP measures Non-GAAP measure Definitions • Adjusted EBITDA Please see our Q2 2025 earnings release for a reconciliation to the most comparable US GAAP measure and the rationale for • Adjusted EBITDA backlog the adjustments: https://www.golarlng.com/investors/quarterly-reports/2025
Slide 31: Appendices: Endnotes
Appendices: Endnotes 1. See Appendices: Non-GAAP measures for definitions and reconciliations of non-GAAP measures 2. Market cap: 102.3M shares at a closing price of $41.19 as of June 30, 2025 3. Golar’s net interest-bearing debt: Golar share of Contractual debt1 of $2.0bn less Total Golar Cash1 of
Slide 32: Appendices: Endnotes
Appendices: Endnotes 17. FLNG operating expenses, net: Represents the FLNG segment vessel operating expenses, administrative expenses, amortization of deferred commissioning period revenue, Day 1 gains (deferred revenues) and deferred contractual payments received prior to COD under the LOA that is
Slide 33: Appendices: Abbreviations used
Appendices: Abbreviations used AUD Asset under development bbl barrel of crude oil COD Commercial Operations Date CP Conditions precedent CPI Consumer Price Index DES Delivered Ex Ship EBITDA Earnings before interest, taxes, depreciation and amortization EPC Engineering, Procurement and Construction