Venture Global, Inc. · NYSE:VG
Venture Global — Q4 2025 Earnings Presentation
35 slides from Venture Global's earnings presentation, Mar 2, 2026
Slide 1: Venture Global Fourth Quarter 2025
Venture Global FOURTH QUARTER 2025 MARCH 2, 2026
Slide 2: Legal Disclaimer
LEGAL DISCLAIMER Forward-Looking Statements This presentation includes statements that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 (as amended, the “Securities Act”), and Section 21E
Slide 3: Legal Disclaimer (Cont'd)
LEGAL DISCLAIMER (CONT’D) Market and Industry Data Certain of the information contained herein concerning industry and market data, economic trends, market position and competitiveness is based upon or derived from industry and market data from independent industry publications, other publicly avail
Slide 4: Table of Contents
TABLE OF CONTENTS Section Company Highlights 5 Project Updates 13 Industry Trends 19 Financial Performance 24 Appendix 29 4
Slide 5: On a Mission to Provide Low-Cost Energy to the World
COMPANY HIGHLIGHTS | ON A MISSION TO PROVIDE LOW-COST ENERGY TO THE WORLD Key Takeaways Four Final Investment Decisions (FID) in Six Years Production capacity of 68 MTPA(1) in operation or under Calcasieu Anticipated #1 construction positions Venture Global to be the largest LNG Calcasieu Plaquemine
Slide 6: Delivering on Our Commitments
COMPANY HIGHLIGHTS | DELIVERING ON OUR COMMITMENTS One Year Post-IPO: Consistent Execution, Predictable Growth, Long-Term Value Creation We Promised We Delivered We Anticipate For 2026, we expect to produce between CARGOS Produce between 367 to 387 cargos Produced 380 cargos 486 and 527 cargos Reach
Slide 7: Operational Excellence
COMPANY HIGHLIGHTS | OPERATIONAL EXCELLENCE Operating and Construction Efficiencies Attractive Value Chain LOW OPERATING In Q4, facility O&M per MMBtu was ~30% lower(1) than MIDSTREAM Blackfin pipeline: ~190-mile 48-inch pipeline project to COST industry peers and we anticipate it to be ~50% lower p
Slide 8: Production Outlook
COMPANY HIGHLIGHTS | PRODUCTION OUTLOOK Targeted Production by Project(1) (MTPA) Contracting Strategy We expect 486-527 total cargos of LNG exports in 2026 100 We are Currently Exporting 43 Cargos a We have contracted 69% of total expected 2026 cargos Month and Expect to Reach Approximately 90 Cargo
Slide 9: SPAs Signed to Date
COMPANY HIGHLIGHTS | SPAs SIGNED TO DATE Our Long-Term Contract Portfolio Anticipates Generating $134Bn in Contracted Third-Party Revenue(1) Calcasieu Pass Plaquemines CP2 Offtaker MTPA Tenor Offtaker MTPA Tenor Offtaker MTPA Tenor 2.0 20 years 4.0 20 years 1.0 20 years 2.0 20 years 2.0 20 years 1.0
Slide 10: Fourth Quarter 2025
COMPANY HIGHLIGHTS | FOURTH QUARTER 2025 Recent Company Accomplishments Consolidated Adjusted EBITDA(1) Revenue ($MM) Income from Operations ($MM) Summary $ 2,001MM $4,445 $1,718 Fourth Quarter 2025 Consolidated $1,524 $594 Adjusted EBITDA(1) $ 6,265 MM Q4 2024 Q4 2025 Q4 2024 Q4 2025 Full year 2025
Slide 11: Recent Accomplishments
COMPANY HIGHLIGHTS | RECENT ACCOMPLISHMENTS Compounding Milestones Record 128 Cargos Exported in Q4 2025(1) 150 100 50 - Q122 Q222 Q322 Q422 Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 Calcasieu Pass Plaquemines 128 Cargos exported in the quarter (38 from Calcasieu Pass and 90 from P
Slide 12: Project Updates
PROJECT UPDATES
Slide 13: Our Current LNG Projects
PROJECT UPDATES | OUR CURRENT LNG PROJECTS Projects Summary of Near-Term Development Plans Plaquemines CP2 Calcasieu Pass Total Phase I & II Bolt-on(1) Phase I Phase II Bolt-on(2) Construction & Status Operating Development Construction Construction Development Commissioning Mid-Scale Liquefaction T
Slide 14: Calcasieu Pass
PROJECT UPDATES | CALCASIEU PASS Overview Production Summary and Forecast Expect Q1 2026 range of cargos at 37-40, which is in line with our previous expectations and full Annual Exported Cargos year 2026 range of cargos at 145-156, and above the 2025 total of 146 which was impacted by 145 - 156 (1)
Slide 15: Plaquemines
PROJECT UPDATES | PLAQUEMINES Overview Production Summary and Forecast All 36 liquefaction trains have now undergone initial startup, and the transition from temporary Annual Exported Cargos power to permanent site power is ongoing 341 - 371 (2) Weighted average liquefaction fee for Q4 2025 of $6.02
Slide 16: CP2 Construction Progress
PROJECT UPDATES | CP2 CONSTRUCTION PROGRESS Construction Overview (% Complete) Tracking Relative to Expectations CP2 Phase I Progress Expected first LNG H2 2027 100% Engineering 88% Soil Stabilization 58% Procurement 35% CPX Pipeline Phase II FID Timing H1 2026 – In line 21% Construction 78% Offsite
Slide 17: Bolt-on Expansion: Leveraging Modularity
PROJECT UPDATES | BOLT-ON EXPANSION: LEVERAGING MODULARITY CP2 Bolt-on Plaquemines Bolt-on Addition of eight mid-scale liquefaction trains at CP2 Addition of eight mid-scale liquefaction trains at Plaquemines Within the existing CP2 footprint Includes the first phase of the Cloud Connector pipeline
Slide 18: Industry Trends
INDUSTRY TRENDS VENTURE GLOBAL
Slide 19: LNG Prices and Cargo Destinations
INDUSTRY TRENDS | LNG PRICES AND CARGO DESTINATIONS Forward LNG and Henry Hub Prices(1) ($ / MMBtu) Cargo Sales by Region(2) $14 VG Cargo Destinations Since Inception 1 112 Cargo Cargos $12 $10 $8.29 $8 $7.84 $6 $4 $3.54 $2 $0 ($0.95) ($2) Since 2022, Venture Global has exported ($4) 150 LNG to 38 d
Slide 20: LNG Demand Expands in Scale and Scope
INDUSTRY TRENDS | LNG DEMAND EXPANDS IN SCALE AND SCOPE LNG Demand Outlook by Region(1) (MTPA) Rising LNG Demand Reflects Long-Term Trends MM tons/year 800 Coal-to-Gas Switching and Decarbonization Natural gas produces 30 – 60% less CO2 when combusted for power generation(2), versus other traditiona
Slide 21: LNG Regasification Expansion
INDUSTRY TRENDS | LNG REGASIFICATION EXPANSION Regas Capacity Outlook by Region(1) (MTPA) Ample Capacity to Absorb LNG Production Growth Regasification Capacity Continues to Expand Utilization Goes Up to 40% to Meet Increased Regas Capacity Based on current construction and project targets, 2030 glo
Slide 22: Inexpensive Electricity
INDUSTRY TRENDS | INEXPENSIVE ELECTRICITY Electricity Cost Implication Electricity Production in Europe Electricity Production in China European gas fired power generation capacity in 2025 was ~235 GW and is expected Gas accounts for just 3% of Chinese power production vs. coal which accounted for o
Slide 23: Financial Performance
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Slide 24: Full Year and Fourth Quarter 2025
FINANCIAL PERFORMANCE | FULL YEAR AND FOURTH QUARTER 2025 Summary of Results and Drivers ($MM) Consolidated Q4 Adjusted EBITDA Bridge(2) ($MM) $2,279 ($984) Q4 2024 ∆ Q4 2025 FY 2024 ∆ FY 2025 Revenue $1,524 192% $4,445 $4,972 177% $13,769 ($47) ($30) $77 $18 $2,001 Income from Operations 594 189% 1
Slide 25: Consolidated Production Overview
FINANCIAL PERFORMANCE | CONSOLIDATED PRODUCTION OVERVIEW Overview Production Summary and Forecast Weighted average liquefaction fees for 2025 and 2026 reflect the integration of generally lower Annual Exported Cargos 486 - 527 priced post-COD liquefaction fees in addition to commissioning and excess
Slide 26: Full Year Guidance 2026
FINANCIAL PERFORMANCE | FULL YEAR GUIDANCE 2026 FY 2026 Guidance Cost Guidance Full Year Guidance 2026 Full Year Guidance 2026 Consolidated Adjusted EBITDA(1)(2) $5.2Bn - $5.8Bn O&M Expense ~$1.30Bn Impact to Consolidated Adjusted EBITDA (+/- $1/MMBtu) (1) $575MM - $625MM G&A Expense ~$0.55Bn Calcas
Slide 27: First Quarter Guidance 2026
FINANCIAL PERFORMANCE | FIRST QUARTER GUIDANCE 2026 Q1 2026 Guidance Commentary and Key Drivers Q1 Guidance 2026 Margin compression in gas/LNG prices as well as higher shipping costs in December impacted January results as contracting for portions of the Consolidated Adjusted EBITDA(1) $1.15Bn - $1.
Slide 28: Appendix
APPENDIX
Slide 29: Global LNG Ownership
APPENDIX | GLOBAL LNG OWNERSHIP Venture Global’s 97% Ownership of LNG Assets Built or Under Development Uniquely Positions the Company Within the LNG Industry 100 81 MTPA with the Addition of Plaquemines and CP2 Bolt-on Expansions 81 80 Owned Operational/Commissioning Capacity (MTPA) Owned Under Con
Slide 30: Our Future LNG Projects
APPENDIX | OUR FUTURE LNG PROJECTS Projects Summary Liquefaction Annualized Production Capacity (MTPA) Stages of Development Trains Expected Peak Currently Permitted Calcasieu Pass Project 18 11.2 12.4 12.4 Operating (1) Plaquemines Project 36 28.0 35.0 24.0 Construction and Commissioning (3) (2) (2
Slide 31: CP2 Site and Pipeline Construction Progress
APPENDIX | CP2 SITE AND PIPELINE CONSTRUCTION PROGRESS CP2 Targeting Fastest Project to Production Liquefaction Pre-Treatment Tanks Power Plants Marine Terminal CPX Pipeline 31
Slide 32: Direct Sales and Shipping
APPENDIX | DIRECT SALES AND SHIPPING Venture Global Shipping Fleet Revenue Recognition Considerations Revenue associated with cargos exported on a Free on Board (“FOB”) basis is generally recognized when Owned / the LNG vessel is loaded and unmoors from one of our facilities. Revenue associated with
Slide 33: Selected Simplified Organizational Structure
APPENDIX | SELECTED SIMPLIFIED ORGANIZATIONAL STRUCTURE(1) $3.0Bn Perpetual Preferred Equity Venture Global, Inc. (NYSE:VG) $2.0Bn Corporate Revolving Credit Facility Venture Global LNG, Inc. $11.0Bn Senior Secured Notes $1.7Bn Stonepeak Redeemable Calcasieu Pass Venture Global Midstream Holdings, V
Slide 34: Consolidated Adjusted EBITDA Reconciliation
APPENDIX | CONSOLIDATED ADJUSTED EBITDA RECONCILIATION Consolidated Adjusted EBITDA ($MM) – Quarterly(1) and YTD(1) The following table reconciles our Consolidated Adjusted EBITDA to U.S. GAAP results for the three months ended December 31, 2025, and 2024 Three months ended December 31, 2025 2024 Ne
Slide 35: Contacts
Contacts Investor Contacts Media Contact Ben Nolan Shaylyn Hynes ir@venturegloballng.com press@venturegloballng.com 35