Golar Lng Limited · NASDAQ:GLNG
Golar Lng — Q4 2025 Earnings Presentation
32 slides from Golar Lng's earnings presentation, Feb 25, 2026
Slide 1: Fourth Quarter 2025 Results
FOURTH QUARTER 2025 RESULTS February 25, 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 general domestic and international political conditions, looking statements. The Company undertakes no (as defined in Section 21E of the Securities Exchange Act for
Slide 3: Golar LNG: Market-leading LNG infrastructure provider
Golar LNG: Market-leading LNG infrastructure provider KEY FIGURES $4.5BN $4.1BN Market MARKETCap 2 CAP2 $1.2BN $661M/$962M Total Golar Cash1 TOTAL GOLAR CASH1 $1.5BN $1.4BN • Operational – Cameroon until Q3 2026 • Operational – Mauritania/Senegal until Q2 2045 • Under conversion for Q4 2027 delivery
Slide 4: 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 5: 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 Share GLNG’s Hilli+MKII share of Hilli Commodity Upside/Downside + MKII Commodity Upside/Downside7 3,500 9 GLNG Share GLNG’s
Slide 6: Solid contract structure mitigates country risk
Solid contract structure mitigates country risk Client 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 H2 2028 (COD) End date of fixed contract term July 2026 June 2045 Expected H2 20
Slide 7: Business update
Business update Group results Summary Golar LNG Limited 2026 I 7
Slide 8: 2025: Record year of execution
2025: Record year of execution Q4 2025 highlights and developments Full year 2025 highlights and developments Secured ~$14bn in 2x 20-year FLNG contracts for the FLNG Hilli and Final Investment Decision (“FID”) reached on MKII FLNG contract to SESA, regulatory CPs satisfactorily completed in Octob
Slide 9: 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) July 2018 End date of current contract term July 2026 Number of cargoes offloaded – Q4 2025 6 Number of cargoes offloaded – Contract term to date 147 LNG produced – Contract term
Slide 10: FLNG #2 | Gimi producing above contracted capacity in Q4 2025
FLNG #2 | Gimi producing above contracted capacity in Q4 2025 FLNG Gimi highlights Start date of contract term (COD) June 2025 End date of contract term June 2045 Number of cargoes offloaded – Q4 2025 8 Number of cargoes offloaded – Contract term to date 24 LNG produced – Contract term to date 1.55
Slide 11: FLNG #3 | MKII FLNG project on schedule and on budget
FLNG #3 | MKII FLNG project on schedule and on budget Midship fabrication – installation Topside module construction proceeding according to plan • All conditions precedent successfully completed in October 2025 for 20-year contract of MKII FLNG with SESA in Argentina • > $8bn of Adjusted EBITDA bac
Slide 12: SESA | Significant progress on FLNG required infrastructure
SESA | Significant progress on FLNG required infrastructure SESA’s FLNG required infrastructure Pipes delivered on site Pipeline route preparation • Strong project delivery from SESA, with required infrastructure expected to be ready for FLNG Hilli’s arrival in H1 2027 • FLNG Hilli will connect to t
Slide 13: SESA | Going ahead with the dedicated pipeline
SESA | Going ahead with the dedicated pipeline SESA FLNG project: Dedicated Gas Pipeline • Dedicated gas pipeline from Vaca Muerta for SESA project to support year-round gas supply for both FLNGs o ~500km of 36” pipes, following similar route to VMOS oil pipeline (under construction) o ~27million m3
Slide 14: FLNG #4 | Confirmed yard availability and price
FLNG #4 | Confirmed yard availability and price FLNG Type Capacity Shipyard Description MKI is proven with two Golar units on the water, the FLNG Hilli and FLNG Gimi. Updated price and MKI 2.0 – 2.7 schedule received Conversion MTPA design Proven concept and multiple commercial projects in developme
Slide 15: Advancing our next FLNG project
Advancing our next FLNG project FLNG growth development • Increasingly strong demand for incremental FLNG tonnage driving positive development of the commercial pipeline. • We are in discussions for FLNG deployment projects in Africa, Middle East and South America, targeting competitive gas resource
Slide 16: LNG market in strong growth
LNG market in strong growth Supply outlook Global LNG supply and demand by project development status MTPA Operational Under construction LNG demand (FOB) USA USA +96% 49.4 52.4 14.8 Qatar 8.8 102.8 Qatar 15 +56% 9.9 19.4 178 12 Australia 201.7 Australia -2% 16 21.7 MTPA 16.6 434.0 Russia 25.7 614.8
Slide 17: Group results
Business update Group results Summary Golar LNG Limited 2026 I 17
Slide 18: Financial performance | Q4 2025
Financial performance | Q4 2025 Q4 2025 and 2025 FY financial highlights Key Q4 2025 and recent financial updates Q4 2025 Q3 2025 2025 FY 2024 FY Operating Revenue ($m) Adjusted EBITDA1 ($m) Net Income ($m) $m $m $m $m 394 265 Total operating revenue 133 123 394 260 260 241 113 Commodity-linked earn
Slide 19: Balance sheet flexibility with capacity to fund FLNG growth
Balance sheet flexibility with capacity to fund FLNG growth Q4 2025 and 2025 FY financial highlights Movement in NIBD3 Q4 2025 Q3 2025 2025 FY 2024 FY Q3 2025 Q4 2025 3,000 $m $m $m $m 2,500 Golar's share of contractual debt1 2,729 2,028 2,729 1,515 Total Golar cash1 1,204 661 1,204 699 2,000 1,375
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 Full year 2025: $247m returned to $1.00 per year dividend run-rate Quarterly cash divi
Slide 21: Continued accretive share buybacks during 2025
Continued accretive share buybacks during 2025 9% of our shares repurchased in the last 5 years 2025 buyback activity: accretive to shareholder returns 110 4 Number of shares repurchased (millions) (millions) Total shares outstanding Millions Millions 108 • 2.5m shares repurchased alongside issuance
Slide 22: Fully delivered contracted earnings with pathway to multiple increase to shareholder's return
Fully delivered contracted earnings with pathway to multiple increase to shareholder’s return A step-change in Golar’s Adjusted EBITDA1,5 : $232m LTM to > $800m fully delivered Golar’s LTM Adjusted EBITDA1,5 of $232m at 1,500 Expected run-rate Expected run-rate Q4 2025, set to increase to $800m once
Slide 23: 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 $4.5bn2 Net outstanding: $575m 2.75% maturing $300m 7.75% maturing Sept 2029 40% conversion premium Daily liquidity of $50m+ $500m 7.50% maturing Oct 2030 Dec 2030 Conversion price
Slide 24: Summary
Business update Group results Summary Golar LNG Limited 2026 I 24
Slide 25: 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 26: Summary
Summary The only proven service provider of FLNG Delivered 170+ 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 $800m by 2028 >3x Adjuste
Slide 27: Appendix
Appendix Golar LNG Limited 2026 I 27
Slide 28: Appendix: Golar Q4 2025 Debt Summary
Appendix: Golar Q4 2025 Debt Summary Total Golar Cash1: ~$1.2bn 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 29: 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 30: Appendix: Adjusted EBITDA reconciliation
Appendix: Adjusted EBITDA1 reconciliation Three Months Ended YTD December 31, December 31, (in thousands of $) 2025 2024 2025 2024 Net Income 23,148 15,037 112,576 80,793 Income tax expense/(benefit) 1,901 (504) 4,307 (18) Net income before income taxes 25,049 14,533 116,883 80,775 Depreciation and
Slide 31: Appendix: Endnotes
Appendix: Endnotes 1. Non-GAAP Measures: Please see our Q4 2025 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/2025 2. Shares issued and outstanding as of February 24, 2026: 101.
Slide 32: Appendix: Abbreviations used
Appendix: Abbreviations used COD Commercial Operations Date CP Conditions precedent CPI Consumer Price Index EBITDA Earnings before interest, taxes, depreciation and amortization EPC Engineering, Procurement and Construction FCFE Free Cash Flow to Equity FID Final Investment Decision FLNG Floating L