Golar Lng Limited · NASDAQ:GLNG
Golar Lng — Q1 2026 Earnings Presentation
31 slides from Golar Lng's earnings presentation, May 20, 2026
Slide 1: First Quarter 2026 Results
FIRST QUARTER 2026 RESULTS May 20, 2026 Golar LNG Limited 2026 I
Slide 2: Forward looking statements
Forward looking statements This press release contains forward-looking statements actual results to differ materially from those in the economic trends, competition, and geopolitical risks, including but not limited to disclosure of certain (as defined in Section 21E of the Securities Exchange Act f
Slide 3: Golar LNG: Market-leading LNG infrastructure provider
Golar LNG: Market-leading LNG infrastructure provider KEY FIGURES $5.7BN $4.1BN Market MARKETCap 2 CAP2 $1.0BN $661M/$962M Total Golar Cash1 TOTAL GOLAR CASH1 $1.7BN $1.4BN • Operational – Cameroon until Q3 2026 • Operational – Mauritania/Senegal until Q2 2045 • Under conversion for Q4 2027 delivery
Slide 4: Global energy market disruption enhances Golar's core value drivers
Global energy market disruption enhances Golar’s core value drivers $17bn in Golar’s Adjusted EBITDA backlog1,4 Commodity exposure Strategic value of platform 20 Forward curve as at beginning March 2026 Forward curve as at mid-May 2026 Commodity upside 10.0 16 Under Construction (2) Under Constructi
Slide 5: 20 years of infrastructure cash flow: Adjusted EBITDA backlog of ~$17bn
20 years of infrastructure cash flow: Adjusted EBITDA backlog1,4 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/ 2.9 SENEGAL ARGENTINA 8.0+ COMMODITY LINK UPS
Slide 6: Strong contracted EBITDA with attractive commodity-linked upside
Strong contracted EBITDA with attractive commodity-linked upside Golar’s fully delivered run-rate Adjusted EBITDA1 + Sensitivity to LNG FOB prices on SESA + Hilli/MKII FLNGs 3,487 3,500 GLNG’s share of Hilli + MKII Commodity Upside/Downside7 GLNG’s share of SESA’s Adjusted EBITDA1,8 778 3,000 2,500
Slide 7: The LNG market in strong growth, with increasing dependence on US and Qatar
The LNG market in strong growth, with increasing dependence on US and Qatar LNG: the second fastest energy source globally Increased LNG supply concentration on US and Qatar: USA USA 45 68 Qatar 24% 26% 9 Qatar 11 Australia 28% 22% 10 107 Australia 14 12 21 205 Russia Russia 16 Malaysia 2025 2035 18
Slide 8: Golar's FLNGs – opening new attractive geographies to LNG export
Golar’s FLNGs – opening new attractive geographies to LNG export Overview of Global liquefaction plants 32 mtpa • Golar represents the only LNG export facility in the countries we deploy our FLNGs, including Cameroon, Mauritania, Senegal and Argentina • There are still several countries with abundan
Slide 9: Competitive advantage of FLNG drives strong FLNG demand growth
Competitive advantage of FLNG drives strong FLNG demand growth Golar’s fully delivered run-rate Adjusted EBITDA1,6 + Sensitivity to LNG FOB prices on SESA + Hilli/MKII FLNGs ATTRACTIVE GAS RESERVES FOR MONETIZATION GOLAR’S FLNG: MARKET LEADING capex/TON SHORTER SAILING DISTANCES TO LNG MARKETS 100 T
Slide 10: Q1 Business update
Q1 Business update Group results Summary Golar LNG Limited 2026 I 10
Slide 11: Recent highlights & developments
Recent highlights & developments Continued operational excellence with FLNG Gimi delivering 19% above its contractual day rate in Q1 2026 and 33rd cargo offload completed FLNG Hilli maintained its 100% economic uptime with 152nd cargo offload completed Strengthening of the FLNG market outlook and ad
Slide 12: FLNG #1 | Hilli maintains market leading operational track record
FLNG #1 | Hilli maintains market leading operational track record FLNG Hilli highlights Start date of contract term (COD) June 2018 End date of current contract term July 2026 Number of cargoes offloaded – Q1 2026 4 Number of cargoes offloaded to date 152 LNG produced to date 10.55 MT Q1 2026 Adjust
Slide 13: FLNG #2 | Gimi at all-time high production
FLNG #2 | Gimi at all-time high production FLNG Gimi highlights Start date of contract term (COD) June 2025 End date of contract term June 2045 Number of cargoes offloaded – Q1 2026 10 Number of cargoes offloaded to date 33 LNG produced to date 2.45 MT Q1 2026 Adjusted EBITDA1 (100% basis) $70m • Co
Slide 14: FLNG #3 | MKII FLNG project on schedule and on budget
FLNG #3 | MKII FLNG project on schedule and on budget Accommodation/LQ – 37 of 42 blocks MKII progressing toward start-up in Argentina in 2028 installed Topside module M03 • All conditions precedent successfully completed in October 2025 for 20-year contract of MKII FLNG with SESA in Argentina • > $
Slide 15: Argentina | FLNG required infrastructure on track for FLNG arrival
Argentina | FLNG required infrastructure on track for FLNG arrival Construction activities progressing at Trenching activities completed as part of SESA’s FLNG required infrastructure the compressor station the pipeline construction works • Execution of SESA infrastructure is materially advanced wit
Slide 16: FLNG #4 | Target to order within 2026
FLNG #4 | Target to order within 2026 Commercial progress Execution readiness Pipeline accelerating Concept selection Preferred FLNG #4 concept narrowed down following H2 2025 concept selection Pace of commercial discussions has accelerated during Q1, with increasing process commercial and technical
Slide 17: Group results
Q1 Business update Group results Summary Golar LNG Limited 2026 I 17
Slide 18: Financial performance | Q1 2026
Financial performance | Q1 2026 Q1 2026 quarterly financial highlights Key Q1 2026 figures and recent financial updates Q1 2026 Q4 2025 Operating Revenue ($m) Adjusted EBITDA1 ($m) Net Income ($m) $m $m 133 138 4% Total operating revenue 138 133 106 102 91 16% 343% Commodity-linked earnings9 10 12 2
Slide 19: Balance sheet flexibility with capacity to fund FLNG growth
Balance sheet flexibility with capacity to fund FLNG growth Q1 2026 financial highlights Movement in NIBD3 Q1 2026 Q4 2025 Q4 2025 Q1 2026 $m $m Golar's share of contractual debt1 2,705 2,729 Total Golar cash1 1,045 1,204 1,375 1,375 Net interest-bearing debt (“NIBD”)3 1,660 1,525 Credit metrics: 51
Slide 20: Capital allocation policy
Capital allocation policy • 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 Priorities: Q1 2026: $1.0bn Total Golar Cash1 balance Maintain strong liquidity $1.2bn
Slide 21: Pathway to multiple increase in shareholder returns
Pathway to multiple increase in shareholder returns A step-change in Golar’s Adjusted EBITDA1,5 : $274m LTM to > $800m6 fully delivered Golar’s LTM Adjusted EBITDA1,5 of $274m at 1,500 Expected run-rate Expected run-rate Q1 2026, set to increase to $800m6 once within 2027 within 2028 fully delivered
Slide 22: Menu of Golar's capital market instruments
Menu of Golar’s capital market instruments Golar equity listed on Nasdaq Unsecured Bonds Convertible Bond Market cap of $5.7bn2 Net outstanding: $575m 2.75% maturing $300m 7.75% maturing Sept 2029 Dec 2030 Daily liquidity of $100m+ $500m 7.50% maturing Oct 2030 40% conversion premium Golar LNG Limit
Slide 23: Summary
Q1 Business update Group results Summary Golar LNG Limited 2026 I 23
Slide 24: Focus on continued value creation
Focus on continued value creation Near-term value drivers Longer-term value drivers • Increasing commodity prices boost earnings on FLNG Hilli’s existing • Commercial pipeline of new accretive FLNG projects contract with Perenco until mid-July 2026 • Commodity exposure on SESA contracts (25% share a
Slide 25: Summary
Summary The only proven service provider of FLNG Delivered 185 LNG cargoes Adjusted EBITDA backlog1,4 of ~$17bn before commodity upside and inflationary $17bn+ adjustments All existing assets with 20-year contracts Golar’s LTM Adjusted EBITDA1,5 run-rate set to increase to $800m6 by 2028 $800m/yr Ad
Slide 26: Appendix
Appendix Golar LNG Limited 2026 I 26
Slide 27: Appendix: Golar Q1 2026 Debt Summary
Appendix: Golar Q1 2026 Debt Summary Total Golar Cash1: ~$1.0bn Golar LNG Limited Golar LNG Limited: $300m Unsecured Bond due 2029 (7.00%) (Nasdaq: GLNG) $575m Unsecured Notes due 2030 (7.50%) $500m Convertible Bond due 2030 (2.75%) Gimi Holding Company Golar MKII Corporation Golar Hilli LLC Limited
Slide 28: Appendix: Fleet summary
Appendix: Fleet summary Liquefaction Current Contract Year of Delivery Vessel Name Capacity Flag Type Ownership Counterparty Expiration/ from Shipyard (MTPA) Commencement Perenco/SNH July 2026 FLNG Hilli 2017 2.45 Marshall Islands FLNG Moss 100% SESA 20-year contract to commence H2 2027 FLNG Gimi 20
Slide 29: Appendix: Adjusted EBITDA reconciliation
Appendix: Adjusted EBITDA1 reconciliation Three Months Ended March 31, December 31, March 31, (in thousands of $) 2026 2025 2025 Net Income 101,804 23,148 12,939 Income tax expense 923 1,901 179 Net income before income taxes 102,727 25,049 13,118 Depreciation and amortization 16,305 12,203 12,638 U
Slide 30: Appendix: Endnotes
Appendix: Endnotes 1. Non-GAAP Measures: Please see our Q1 2026 earnings release for a reconciliation to the most comparable US GAAP measure and the rationale for the adjustments: https://www.golarlng.com/investors/quarterly-reports/2026 2. Shares issued and outstanding as of May 19, 2026: 102.1m; G
Slide 31: Appendix: Abbreviations used
Appendix: Abbreviations used BBL Barrel COD Commercial Operations Date CPI Consumer Price Index EBITDA Earnings before interest, taxes, depreciation and amortization EJ Exajoule EPC Engineering, Procurement and Construction FCFE Free Cash Flow to Equity FLNG Floating Liquefaction Natural Gas vessel