Venture Global, Inc. · NYSE:VG
Venture Global — Q2 2025 Earnings Presentation
25 slides from Venture Global's earnings presentation, Aug 13, 2025
Slide 1: Venture Global Second Quarter 2025
Venture Global SECOND QUARTER 2025 AUGUST 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 7 Industry Trends 11 Financial Performance 15 Appendix 18 4 The materials provided contain confidential and/or proprietary information and should be subject to the confidentiality provisions of our engagement
Slide 5: Company Highlights: Recent Accomplishments & FY 2025 Guidance
COMPANY HIGHLIGHTS Recent Company Accomplishments & FY 2025 Guidance Revenue ($MM) Record 89 Cargoes Exported in Q2 2025 Consolidated Adjusted EBITDA(1) Summary 100 75 $ 1,393MM 50 Second Quarter 2025 Consolidated Income from Operations Adjusted EBITDA(1) ($MM) 25 - $ 6.4 - 6.8Bn Full year 2025 Cons
Slide 6: Company Highlights (Cont'd): Seven Important Numbers
COMPANY HIGHLIGHTS (CON’T) Seven Important Numbers Four FID’s in Six Years Production capacity of ~67 MTPA(1) in operation or under construction #1 positions Venture Global to be the largest LNG producer in North America and the second largest in the world Calcasieu Plaquemines Calcasieu Pass Pass F
Slide 7: Project Updates
PROJECT UPDATES
Slide 8: Project Updates: CP2 Progress and Path to First LNG
PROJECT UPDATES | CP2 CP2 Progress and Path to First LNG Contracting Portfolio Final FERC approval and DOE Non-FTA conditional approval Complete Full mobilization and started site work Complete Arrange debt financing, FID, and Issue Full NTP on Phase I Complete 1.0 MTPA 1.0 MTPA 1.0 MTPA 2.0 MTPA 1.
Slide 9: Project Updates: Calcasieu Pass
PROJECT UPDATES | CALCASIEU PASS Overview Production Summary and Forecast COD Declared on April 15, 2025 Q2 & H1 Exported Cargos Deliveries under long-term SPAs to offtakers commenced April 15, 2025 49 cargos exported since COD Lender’s Reliability Test was completed in May 2025 and production level
Slide 10: Project Updates: Plaquemines
PROJECT UPDATES | PLAQUEMINES Overview Production Summary and Forecast 28 of 36 liquefaction trains are now producing as of August 1 supported by temporary power Q2 & H1 Exported Cargos 64 (2025) and 22 (2026) additional cargos contracted since Q1 2025 presentation 64% of potential cargos remaining
Slide 11: Industry Trends
INDUSTRY TRENDS VENTURE GLOBAL
Slide 12: 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 90 Cargo Cargos $11.67 $11.11 $3.87 100 75 50 Cargos 25 – Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Powered by Bing 2022 2022 2022Burea
Slide 13: Industry Trends: Macro Outlook
INDUSTRY TRENDS | MACRO OUTLOOK Global LNG Production - 20 Year CAGR 5.5%(1) LNG Imports YTD Through July(3) (million tonnes) Importing Countries +4.7% YOY Global supply continues to grow to ~621 MTPA(2) by the end of the decade, based on projects YOY LNG imports were up 11.2 million tonnes or 4.7%,
Slide 14: Industry Trends: Macro Outlook
INDUSTRY TRENDS | MACRO OUTLOOK Inexpensive LNG Cheap Power LNG Demand Grows Emerging Asian Market LNG Demand Price Sensitivity TTF Prices at $11.00 / MMBtu imply a price per kWh of $0.08 in the U.K., which is 54% of the current wholesales cost of power TTF Pri ce $ 1 1 .0 0 Btu per kWh 3,412 (1) Av
Slide 15: Financial Performance
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Slide 16: Financial Performance: Second Quarter 2025
FINANCIAL PERFORMANCE | SECOND QUARTER 2025 Summary of Results and Drivers ($MM) Consolidated Q2 Adjusted EBITDA Bridge(2) ($MM) Q2 2024 ∆ Q2 2025 YTD 2024 ∆ YTD 2025 Revenue $1,108 180% $3,101 $2,522 138% $5,995 Income from Operations 363 186% 1,038 980 116% 2,118 (1) Net Income 303 21% 368 951 -20
Slide 17: Financial Performance: Full Year 2025 Guidance
FINANCIAL PERFORMANCE | FULL YEAR 2025 GUIDANCE Full Year 2025 Guidance Full Year 2025 Guidance Q1 2025 Δ Q2 2025 Consolidated Adjusted EBITDA(1)(2) $6.4Bn - $6.8Bn - $6.4Bn - $6.8Bn Consolidated Adjusted EBITDA (+/- $1/MMBtu)(1) $460MM - $480MM $(235)MM $230MM - $240MM Calcasieu Pass Cargos 145 - 1
Slide 18: Appendix
APPENDIX
Slide 19: Appendix: Venture Global's Competitive Position
APPENDIX | VENTURE GLOBAL’S COMPETITIVE POSITION We believe we can build LNG projects less expensively than other Gulf Coast international projects as outlined below SPEED COMMISSIONING CARGOS As a result of our midscale modular approach, During the construction and commissioning which enables concu
Slide 20: Appendix: Leveraging Our Strengths
APPENDIX | LEVERAGING OUR STRENGTHS Long-term target to leverage Venture Global’s competitive advantage as the low-cost producer to grow production capacity to ~130 MTPA(1) and generate >30% IRRs(2) Additional Contracting FID Phase II of CP2 Expansions Development Projects Complimentary Infrastructu
Slide 21: Appendix: CP2 Coming to Life
APPENDIX | CP2 COMING TO LIFE The plan Advanced equipment Fabrication progress Site works taking shape 3D site rendering of CP and CP2 All power generation equipment received Pretreatment construction progressing LNG tank foundation CP2 siteoftoday Layout both projects First two trains completed All
Slide 22: 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 23: 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 $1.6Bn Stonepeak Redeemable Calcasieu Pass Other Venture Global Project Venture Global Commodities, LLC Preferred Equity F
Slide 24: Appendix: Consolidated Adjusted EBITDA Reconciliation
APPENDIX | CONSOLIDATED ADJUSTED EBITDA RECONCILIATION Consolidated Adjusted EBITDA ($MM) – Quarterly(1) and YTD(1) The following table reconciles our Consolidated Adjusted EBITDA to U.S. GAAP results for the three months ended June 30, 2025, and 2024 Three months ended June 30, 2025 2024 Net incom
Slide 25: Contacts
Contacts Investor Contacts Media Contact Ben Nolan Shaylyn Hynes ir@venturegloballng.com press@venturegloballng.com 25