Golar Lng Limited · NASDAQ:GLNG
Golar Lng — Q3 2025 Earnings Presentation
29 slides from Golar Lng's earnings presentation, Nov 5, 2025
Slide 1: Third Quarter 2025 Results
THIRD QUARTER 2025 RESULTS November 5, 2025 Golar LNG Limited 2025 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 rates and global trade policy, particularly the imposition As a result, you are cautioned not to place undue (as defined in Section 21E of the Securities Exchange A
Slide 3: Golar LNG: Market-leading LNG infrastructure provider
Golar LNG: Market-leading LNG infrastructure provider KEY FIGURES $4.1BN $4.1BNMarket 2 MARKETCap CAP2 ~$1BN $661M/$962M Total Golar Cash1 (+ Oct 2025 net bond proceeds3) TOTAL GOLAR CASH1 ~$1.4BN • Operational – Cameroon until Q3 2026 • Operational – Mauritania/Senegal until Q2 2045 • Under convers
Slide 4: 20 years of infrastructure cash flow: Adjusted EBITDA backlog
20 years of infrastructure cash flow: Adjusted EBITDA backlog1,6 of $17bn before commodity upside and inflationary adjustments ADJUSTED 1,6 0.1+ CAMEROON COMMODITY LINK UPSIDE 5.7+ ARGENTINA COMMODITY LINK UPSIDE AND INFLATIONARY ADJUSTMENTS MAURITANIA/ 3.0 SENEGAL ARGENTINA 8.0+ COMMODITY LINK UPSI
Slide 5: Solid contract structure mitigates country risk
Solid contract structure mitigates country risk 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 2028 (COD) End date of fixed contract term July 2026 June 2045 Expected H2 2047 Expecte
Slide 6: Business update
Business update Group results Summary Golar LNG Limited 2025 I 6
Slide 7: Quarter highlights & developments
Quarter highlights & developments Final Investment Decision (“FID”) reached on MKII FLNG charter to SESA, regulatory CPs satisfactorily completed in October 2025 Issuance of $500 million 5-year 7.50% senior unsecured notes and repaid $190 million outstanding principal of 2021 Unsecured Bonds Signed
Slide 8: FLNG #1 | Hilli maintains market leading operational track record
FLNG #1 | Hilli maintains market leading operational track record FLNG Hilli highlights FLNG Hilli - maintains market leading operational uptime 12.0 Prelude (3.6 mtpa) $51m quarterly Adjusted EBITDA1 (100% basis) Hilli Cumulative Production Volume (MT) 10.0 (2.4 mtpa) Coral South 8.0 (3.4 mtpa) PFL
Slide 9: FLNG #2 | Gimi commenced ~$4.3bn 20-year contract with bp
FLNG #2 | Gimi commenced ~$4.3bn 20-year contract with bp FLNG Gimi highlights FLNG Gimi operational at GTA $48m quarterly Adjusted EBITDA1 (100% basis) 14th cargo offload in progress 1.3m+ m3 of LNG produced since COD • Solid operations established since COD in mid-June 2025 • Fine tuning of operat
Slide 10: FLNG #3 | MKII FLNG concluded ~$8bn 20-year contract with SESA
FLNG #3 | MKII FLNG concluded ~$8bn 20-year contract with SESA • FID reached in August 2025 for 20-year charter of MKII FLNG with SESA in Argentina. • All conditions precedent successfully completed in October 2025, confirming $8bn of Adjusted EBITDA backlog1 before commodity upside • Project on sch
Slide 11: 2x 20-year contracts for SESA confirmed
2x 20-year contracts for SESA confirmed: Adding ~$14bn+ in Adjusted EBITDA backlog1 Nameplate (mtpa) 2.45 mtpa 3.50 mtpa Guaranteed volume 90% utilization 90% utilization Opex Pass through Pass through Charter hire net of Opex (US $m) US $285 million US $400 million Contract duration 20 years 20 yea
Slide 12: FLNG #4 | Approved order of long lead items for Q4 2025
FLNG #4 | Approved order of long lead items for Q4 2025 FLNG Type Capacity Shipyard Description MKI is proven with two Golar units on the water. MKI 2.0 – 2.7 Updated price and schedule received. Conversion mtpa Proven concept and multiple commercial projects in design development. Ongoing conversio
Slide 13: The MKII case study: Targeting our 4th FLNG unit
The MKII case study: Targeting our 4th FLNG unit Golar placed order for MKII FLNG in September 2024 20-year charter with SESA for MKII FLNG secured in May 2025 FID from SESA in August 2025, all conditions precedent successfully met in October 2025 5.5x capex to Adjusted EBITDA before commodity upsid
Slide 14: Advancing our 4th FLNG order
Advancing our 4th FLNG order Project status ✓ Confirmed 36-38 months construction time for MKI and MKII, 48 months for MKIII ✓ Received updated pricing, delivery & payment terms from shipyards ✓ In process of ordering long lead items in Q4 2025 ✓ Identified & inspected donor vessels for potential MK
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 • FPSOs took over for fixed oil production installations driven by 300 lower unit costs and increased flexibility 250 200 • The first FPSOs was brought to market in 1985, the current fleet # of F
Slide 16: 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 17: Group results
Business update Group results Summary Golar LNG Limited 2025 I 17
Slide 18: Third quarter 2025 financial results
Third quarter 2025 financial results Q3 2025 Q2 2025 Q3 2025 Highlights and recent developments $m $m • Total operating revenues of $123m FLNG (before realized gains on oil and gas derivative 116 69 • FLNG tariff, net1 of $132m instruments) Corporate and other 10 7 6 • Adjusted EBITDA1 of $83m Total
Slide 19: Continued focus on shareholder returns
Continued focus on 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 48 Buy-back of remaining $812m returned to shareholders in last 5 years 4
Slide 20: 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 EBITDA7, before commodity upside LTM Adjusted EBITDA7 set to 1,500 quadruple by 2028 Expected run-rate Expected run-rate within 2027 within 2028 1,300 SESA commodi
Slide 21: Balance sheet flexibility positioned to fund FLNG growth
Balance sheet flexibility positioned to fund FLNG growth Gimi refinancing in Q4 2025 at 5.6x Adj. EBITDA1 Optimization of FLNG financing targeting 4-5x Adjusted EBITDA1 FLNG Gimi FLNG Hilli MKII FLNG 2,000 2,000 1,600 1,600 Potential to Potential to $1.2bn release up to release up to 1,200 1,200 ~$0
Slide 22: Strong contracted EBITDA with attractive upside
Strong contracted EBITDA with attractive upside Golar’s fully delivered run-rate 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/Downside14 3,500 9 GLNG Share GLNG’s SESA
Slide 23: The menu of Golar capital markets exposure
The menu of Golar capital markets exposure Golar equity listed on Nasdaq Unsecured Bonds Convertible Bond $575m 2.75% maturing Market cap of $4.1bn2 Net outstanding: 40% conversion premium $300m 7.75% maturing Sept 2029 December 2030 Daily liquidity of $50+ million $500m 7.50% maturing Oct 2030 Conv
Slide 24: Summary
Business update Group results Summary Golar LNG Limited 2025 I 24
Slide 25: Summary
Summary The only proven service provider of FLNG as a service Delivered 150+ LNG cargoes Adjusted EBITDA backlog1,6 of $17bn before commodity upside and inflationary $17bn+ adjustments All existing assets with 20-year charters LTM Adjusted EBITDA1 set to quadruple by 2028 >4x Pathway to multiple ret
Slide 26: Appendices
Appendices Golar LNG Limited 2025 I 26
Slide 27: Appendices: Non-GAAP measures
Appendices: Non-GAAP measures Non-GAAP measure Definitions • Adjusted EBITDA Please see our Q3 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 28: Appendices: Endnotes
Appendices: Endnotes 1. See Appendices: Non-GAAP measures for definitions and reconciliations of non-GAAP measures 2. Market cap: 102.4m shares at a closing price of $40.41 as of September 30, 2025 3. Oct 2025 net bond proceeds: Comprised of $500m 5-year 7.50% senior unsecured notes net of fees of $
Slide 29: Appendices: Abbreviations used
Appendices: Abbreviations used bbl barrel of crude oil COD Commercial Operations Date CP Conditions precedent CPI Consumer Price Index EBITDA Earnings before interest, taxes, depreciation and amortization FCFE Free Cash Flow to Equity FID Final Investment Decision FLNG Floating Liquefaction Natural