Venture Global, Inc. · NYSE:VG
Venture Global — Q1 2025 Earnings Presentation
23 slides from Venture Global's earnings presentation, May 13, 2025
Slide 1: Venture Global First Quarter 2025
Venture Global FIRST QUARTER 2025 MAY 13, 2025
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 8 Industry Trends 12 Financial Performance 15 Appendix 18 4
Slide 5: Company Highlights
COMPANY HIGHLIGHTS VENTURE
Slide 6: Operational Excellence Drives Growth
COMPANY HIGHLIGHTS Operational Excellence Drives Growth LNG Volumes Exported (TBtu) Revenue ($MM) Income from Operations ($MM) Consolidated Adj. EBITDA ($MM)(1) 234 +113 TBtu $2,894 $1,346 +93% +$1,480 +$653 +105% $1,080 +94% +$463 +75% 121 $693 $1,414 $617 Q4 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1
Slide 7: Q1 2025 Company Accomplishments & FY 2025 Guidance
COMPANY HIGHLIGHTS (CONT’D) Q1 2025 Company Accomplishments & FY 2025 Guidance Revenue ($MM) Consolidated Adjusted EBITDA(1) $2,894 Summary $1,414 Declared COD on April 15, 2025 Q1 2024 Q1 2025 34 cargos exported in Q1 2025 $ 1,346MM 145-150 total cargos expected to be exported in FY 2025 First Quar
Slide 8: Project Updates
PROJECT UPDATES 2
Slide 9: Project Updates | Calcasieu Pass
PROJECT UPDATES | CALCASIEU PASS Overview Production Summary and Forecast COD Declared on April 15, 2025 Q1 2025 Exported Cargos Long-term SPA deliveries to offtakers commenced April 15, 2025 50 40 13 cargos exported since COD 40 34 Lender’s Reliability Test nearing completion, demonstrating stable
Slide 10: Project Updates | Plaquemines
PROJECT UPDATES | PLAQUEMINES Overview Production Summary and Forecast All 36 liquefaction trains have now been delivered to site Q1 2025 Exported Cargos 50 40 additional cargos in 2025 contracted since Q4 2024 presentation 40 29 30 42% of potential cargos remaining in 2025 are contracted 20 10 – By
Slide 11: Project Updates | CP2
PROJECT UPDATES | CP2 CP2 Progress and Path to First LNG Estimated CP2 Capital Expenditures ($MM) FERC Approval 3,000 Expect to receive FERC approval imminently following May 9, 2025 receipt of Final CP2 capital Supplemental EIS Authorization ~2,500 expenditures will be ~2,400 Expect Full Notice-to-
Slide 12: Industry Trends
INDUSTRY TRENDS VENTURE GLOBAL
Slide 13: Industry Trends | Tariff Discussion
INDUSTRY TRENDS | TARIFF DISCUSSION Venture Global Estimated Exposure to Recent Tariff Announcements Venture Global Supply Chain – CP2 Phase I Estimated Tariff Exposure Total exposure amounts to approximately $210-350MM at CP2 Phase I, before considering any Component Country of Origin Delivery Stat
Slide 14: Industry Trends | LNG Prices and Cargo Destinations
INDUSTRY TRENDS | LNG PRICES AND CARGO DESTINATIONS Forward LNG and Henry Hub Prices(1) ($ / MMBtu) Cargo Sales by Region(2) $18.00 VG Cargo Destinations Since Inception 1 70 Cargo Cargos $16.00 $14.00 $12.00 $11.11 $10.85 $10.00 $8.00 $6.00 $4.00 $4.10 60 $2.00 45 Cargos 30 – 15 – Q1 Q2 Q3 Q4 Q1 Q2
Slide 15: Financial Performance
FINANCIAL PERFORMANCE 4
Slide 16: Financial Performance | First Quarter 2025
FINANCIAL PERFORMANCE | FIRST QUARTER 2025 Summary of Results and Drivers ($MM) Consolidated Adjusted EBITDA Bridge(2) ($MM) Q1 2024 ∆ Q1 2025 $137 ($143) $679 ($27) ($1) $8 $1,346 Revenue $1,414 105% $2,894 Income from Operations 617 75% 1,080 $693 Net Income(1) 648 -39% 396 Consolidated Adjusted E
Slide 17: Financial Performance | Full Year 2025 Guidance
FINANCIAL PERFORMANCE | FULL YEAR 2025 GUIDANCE Full Year 2025 Guidance Full Year 2025 Guidance Q4 2024 Δ Q1 2025 Consolidated Adjusted EBITDA(1)(2) $6.8Bn - $7.4Bn $(0.5)Bn $6.4Bn - $6.8Bn (1) Consolidated Adjusted EBITDA (+/- $1/MMBtu) $625MM - $675MM $(180)MM $460MM - $480MM Calcasieu Pass Cargos
Slide 18: Appendix
APPENDIX
Slide 19: Appendix | Robust Asset Growth
APPENDIX | ROBUST ASSET GROWTH Rapid Growth in Production Capacity Underpinned by Long-Term SPAs Venture Global has cumulatively received 54 LNG trains across Calcasieu Pass 90 50 and Plaquemines The Calcasieu Pass project 80 began commercial operations Number of Liquefaction Trains 40 on April 15,
Slide 20: Appendix | 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 Ship Delivery Date Owned / Chartered Charter End the LNG vessel is loaded and unmoors from one o
Slide 21: Appendix | Selected Simplified Organizational Structure
APPENDIX | SELECTED SIMPLIFIED ORGANIZATIONAL STRUCTURE(1) Venture Global, Inc. (NYSE:VG) $3.0Bn Perpetual Preferred Equity Venture Global LNG, Inc. $11.0Bn Senior Secured Notes $1.6Bn Stonepeak Redeemable Calcasieu Pass Other Venture Global Project Venture Global Commodities, LLC Preferred Equity F
Slide 22: Appendix | Consolidated Adjusted EBITDA Reconciliation
APPENDIX | CONSOLIDATED ADJUSTED EBITDA RECONCILIATION Consolidated Adjusted EBITDA ($MM) – Quarterly(1) The following table reconciles our Consolidated Adjusted EBITDA to U.S. GAAP results for the three months ended March 31, 2025, and 2024 Three months ended March 31, 2025 2024 Net incom e attribu
Slide 23: Contacts
Contacts Investor Contacts Media Contact Michael Pasquarello Shaylyn Hynes Benjamin Nolan press@venturegloballng.com ir@venturegloballng.com 23