Venture Global, Inc. · NYSE:VG
Venture Global — Q3 2025 Earnings Presentation
27 slides from Venture Global's earnings presentation, Nov 10, 2025
Slide 1: Venture Global Third Quarter 2025
Venture Global THIRD QUARTER 2025 NOVEMBER 10, 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 16 Financial Performance 19 Appendix 23 4
Slide 5: Company Highlights | 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 FIDs in Six Years Production capacity of ~67 MTPA(1) in operation or under Calcasieu #1 construction positions Venture Global to be the largest LNG Calcasieu Plaquemines Pass producer in North America and on
Slide 6: Company Highlights | Third Quarter
COMPANY HIGHLIGHTS | THIRD QUARTER Recent Company Accomplishments & FY 2025 Guidance Consolidated Adjusted EBITDA (1) Revenue ($MM) Income from Operations ($MM) Summary $ 1,525 MM $3,329 $1,320 Third Quarter 2025 Consolidated Adjusted $926 EBITDA(1) $189 $ 6.35 - 6.50Bn Q3 2024 Q3 2025 Q3 2024 Q3 20
Slide 7: Company Highlights | Third Quarter (Cont'd)
COMPANY HIGHLIGHTS | THIRD QUARTER (CONT’D) Compounding Milestones: Recent Company Accomplishments Record 100 Cargos Exported in Q3 2025 125 100 75 50 25 0 Q122 Q222 Q322 Q422 Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Calcasieu Pass Plaquemines 100 Cargos exported in the quarter (36 fro
Slide 8: Project Updates
PROJECT UPDATES
Slide 9: Project Updates | CP2
PROJECT UPDATES | CP2 Phase I Offsite Module Procurement & Development (% Complete)(1)(2) Phase 1 Construction Site Progress (% Complete) (1)(2) Liquefaction Trains Completed 8 of 26 Construction Personnel on Site >3,500 CP Express Pipe Delivered 100% Soil Stabilized 5.4M CY (88%) Major Power Equipm
Slide 10: Project Updates | CP2 Compounding Value
PROJECT UPDATES | CP2 COMPOUNDING VALUE Replicating Proven Design for Reduced Risk and Improved Economics CP2 builds upon Plaquemines’ proven next-generation design and the Venture Global “design one, build Learning-Curve many” model, enabling repeatable modular fabrication, optimized vendor sourcin
Slide 11: Project Updates | CP2 Value Proposition
PROJECT UPDATES | CP2 VALUE PROPOSITION Execution Driving Long-Term EBITDA Growth and Superior Returns Illustrative CP2 Return Profile $ in Bn ($29) Construction and Commissioning Anticipate >30% annual ROE (1) after netting Pre-COD EBITDA from construction cost Project Costs / CapEx $8 ~550 Cargos
Slide 12: Project Updates | Plaquemines
PROJECT UPDATES | PLAQUEMINES Overview Production Summary and Forecast Q3 & YTD Exported Cargos 34 of 36 liquefaction trains are now available to produce LNG while operating on 150 144 temporary power 120 84% of potential(2) Q4 2025 cargos contracted at a weighted average fixed liquefaction 90 64 fe
Slide 13: Project Updates | Plaquemines (Cont'd)
PROJECT UPDATES | PLAQUEMINES (CONT’D) Plaquemines Production Growth – Our LNG Kept Global Energy Affordable The ramp in Plaquemines production in 2025 should grow global LNG production and supply by 4% Plaquemines accounted for 82% of new global LNG production thus far in 2025 The growth of Plaquem
Slide 14: Project Updates | Calcasieu Pass
PROJECT UPDATES | CALCASIEU PASS Overview Production Summary and Forecast Deliveries under long-term SPAs to offtakers continued as scheduled – 100% reliability Q3 & YTD Exported Cargos 107 108 500th cargo exported last week 100 Scheduled power island and pretreatment maintenance was completed durin
Slide 15: Project Updates | Calcasieu Pass Arbitrations
PROJECT UPDATES | CALCASIEU PASS ARBITRATIONS Frequently Asked Questions What is the current status of arbitrations? Is the BP LNG SPA different from the Shell LNG Are the remaining four arbitrations similar to the In August, VGCP received a favorable decision in the SPA? first three? arbitration pr
Slide 16: Industry Trends
INDUSTRY TRENDS VENTURE GLOBAL
Slide 17: Industry Trends | LNG Prices and Cargo Destinations
INDUSTRY TRENDS | LNG PRICES AND CARGO DESTINATIONS Forward LNG and Henry Hub Prices(1) ($ / MMBtu) Cargo Sales by Region(2) VG Cargo Destinations Since Inception 1 99 Cargo Cargos $9.04 $8.55 $3.63 120 90 60 Cargos 30 – Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Powere d by Bing 2022 2022 2022 Bu
Slide 18: Industry Trends | Strong Competitive Position in the Expanding LNG Market
INDUSTRY TRENDS | STRONG COMPETITVE POSITION IN THE EXPANDING LNG MARKET LNG Demand Outlook by Region(1) (MTPA) Rising LNG Demand Reflects Long-Term Trends 1,000 2050E Demand: 2050E Demand: Coal-to-Gas Switching and Decarbonization (2) 1,454MTPA 882MTPA 900 Natural gas produces 30 – 60% less CO2 whe
Slide 19: Financial Performance
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Slide 20: Financial Performance | Third Quarter 2025
FINANCIAL PERFORMANCE | THIRD QUARTER 2025 Summary of Results and Drivers ($MM) Consolidated Q3 Adjusted EBITDA Bridge(2) ($MM) Q3 2024 ∆ Q3 2025 YTD 2024 ∆ YTD 2025 $1,891 ($645) Revenue $926 260% $3,329 $3,448 170% $9,324 ($102) $103 $17 $1,525 ($22) Income from Operations 189 598% 1,320 1,169 194
Slide 21: Financial Performance | Full Year 2025 Guidance
FINANCIAL PERFORMANCE | FULL YEAR 2025 GUIDANCE Full Year 2025 Guidance Full Year 2025 Guidance As of Q2 2025 Δ As of Q3 2025 (1)(2) Consolidated Adjusted EBITDA $6.4Bn - $6.8Bn $(50)MM - $(300)MM $6.35Bn - $6.50Bn (1) Consolidated Adjusted EBITDA (+/- $1/MMBtu) $230MM - $240MM $(180)MM $50MM - $60M
Slide 22: Financial Performance | EBITDA Guidance Bridge
FINANCIAL PERFORMANCE | EBITDA GUIDANCE BRIDGE Full Year 2025 Changes to EBITDA Guidance ($MM) $7,000 ($111) $6,400 - $6,800 ($37) ($42) $6,500 $6,350 - $6,500 $6,000 $5,500 $5,000 Previous Guidance Fixed Liquefaction Fee 2 DES Cargos Shifted Arbitration Reserve Updated Guidance Price Movement to Q1
Slide 23: Appendix
APPENDIX
Slide 24: 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 Owned / the LNG vessel is loaded and unmoors from one of our facilities. Revenue associated with
Slide 25: Appendix | Selected Simplified Organizational Structure
APPENDIX | SELECTED SIMPLIFIED ORGANIZATIONAL STRUCTURE(1) $3.0Bn Perpetual Preferred Equity Venture Global, Inc. (NYSE:VG) $2.0Bn(2) Corporate Revolving Credit Facility Venture Global LNG, Inc. $11.0Bn Senior Secured Notes Calcasieu Pass Venture Global Midstream Holdings, Stonepeak Equity Investmen
Slide 26: Appendix | Consolidated Adjusted EBITDA Reconciliation
APPENDIX | CONSOLIDATED ADJUSTED EBITDA RECONCILIATION Consolidated Adjusted EBITDA ($MM) – Quarterly(1) and YTD(1) The following table reconciles our Consolidated Adjusted EBITDA to U.S. GAAP results for the three months ended September 30, 2025, and 2024 Three months ended September 30, 2025 2024
Slide 27: Contacts
Contacts Investor Contacts Media Contact Ben Nolan Shaylyn Hynes ir@venturegloballng.com press@venturegloballng.com 27