Golar Lng Limited · NASDAQ:GLNG
Golar Lng — Q1 2025 Earnings Presentation
37 slides from Golar Lng's earnings presentation, May 27, 2025
Slide 1: First Quarter 2025 Results and Update
FIRST QUARTER 2025 RESULTS AND UPDATE May 27, 2025 Golar LNG Limited 2025 I 1
Slide 2: Forward looking statements
Forward looking statements This press release contains forward-looking statements are not limited to: contract counterparties to comply with their agreements Securities and Exchange Commission on March 27, 2025 (as defined in Section 21E of the Securities Exchange Act our ability and that of our cou
Slide 3: Golar LNG: Market leader for FLNG infrastructure
Golar LNG: Market leader for FLNG infrastructure $4BN MARKET CAP2 $0.7BN TOTAL GOLAR CASH1 • Operational – Cameroon until Q3 2026 • 20-year redeployment contract in Argentina in 2027 • Commissioning underway • 20-year contract duration from COD (Q2 2025) • Under conversion for Q4 2027 delivery • Tar
Slide 4: FLNG #1 | Hilli: The world's best performing FLNG
FLNG #1 | Hilli: The world’s best performing FLNG FLNG Hilli: Maintains market leading track record FLNG Hilli update • Hilli continued its market leading operational track record during the quarter • 100% economic uptime since contract start-up in 2018 • Hilli has successfully completed its final s
Slide 5: FLNG #2 | Gimi: Contract commencement expected in Q2 2025
FLNG #2 | Gimi: Contract commencement expected in Q2 2025 FLNG Gimi highlights FLNG Gimi: COD expected within Q2 2025 • COD triggering the start of the 20-year Lease and Operate Agreement expected within Q2 2025, activating $151m of annual Adjusted EBITDA1 to Golar (Golar’s share) • Golar has invoic
Slide 6: FLNG #3 | MKII FLNG: On schedule for 20-year contract
FLNG #3 | MKII FLNG: On schedule for 20-year contract • The vessel was cut and pulled onto the slipways on the quayside on April 19, 2025 • Total spend to date of ~$0.7bn12 , fully equity funded by Golar • Project remains on schedule for delivery in Q4 2027 • MKII FLNG has now signed definitive agre
Slide 7: Adjusted EBITDA backlog of $17BN before commodity upside
Adjusted EBITDA backlog1 of $17BN before commodity upside and inflationary adjustments ADJUSTED 1,5 SUBJECT TO FID Golar LNG Limited 2025 I 7
Slide 8: Argentina charters
Argentina charters Business update Group results Chairman’s remarks Summary Golar LNG Limited 2025 I 8
Slide 9: Argentina contract structure
Argentina contract structure SESA SHAREHOLDERS MARKET CAP (USD)2,3 $4bn $15bn $3bn $5bn $12bn Golar LNG Limited 2025 I 9
Slide 10: Argentina contracts highlights - Securing ~$14BN+ in Adjusted EBITDA backlog
Argentina contracts highlights - Securing ~$14BN+ in Adjusted EBITDA backlog1 1,5 Golar LNG Limited 2025 I 10
Slide 11: Attractive commodity upside in FLNG charters
Attractive commodity upside in FLNG charters • Commodity upside in FLNG charters: 25% of LNG FOB prices above $8/MMBtu based on SESA’s monthly average achieved LNG FOB prices • Limited downside element: Temporary discount for annual average SESA LNG FOB prices below $7.50/MMBtu to $6/MMBtu. The disc
Slide 12: Southern Energy stake provides further commodity exposure
Southern Energy stake provides further commodity exposure SESA has competitive economics Golar’s exposure to SESA’s Adjusted EBITDA1,9 200 182 30% 25% 20% 15% 10% 150 126 Southern Energy S.A. 100 70 • SESA is incorporated to facilitate Argentina LNG exports. Key operations of SESA $m p.a. includes:
Slide 13: Strong contract economics with significant upside
Strong contract economics with significant upside Fully delivered Adjusted EBITDA1 generation for Hilli and MKII FLNG + Sensitivity to LNG FOB prices 4,000 GLNG’s share of Hilli+MKII FLNG commodity 9 3,372 GLNG Share Hilli+MKII Commodity Upside/Downside 3,500 upside/downside9 9 GLNG Share GLNG’s SES
Slide 14: Robust risk mitigation in regulatory and legal framework
Robust risk mitigation in regulatory and legal framework Governing law and currency RIGI protection • Project Agreements including both SESA bareboat SESA’s FLNG Hilli project has been approved as a Long-Term Strategic Export project charters, shareholders agreement and GSAs are under Argentina’s La
Slide 15: The US is the world's largest LNG exporter and incremental producer
The US is the world’s largest LNG exporter and incremental producer 2025 Global LNG production by country Marginal cost of LNG production graph1,2 Qatar 12 Others, 15% Qatar, 18% USA Australia 3% 4% Russia 10 Total Volume 4% Malaysia 430 MT LNG delivered cost JKM/Asia ($/mmbtu) Malaysia, 6% USA, 23%
Slide 16: SESA liquefaction structure vs. US liquefaction projects
SESA liquefaction structure vs. US liquefaction projects COMPARISON OF GOLAR SESA DEALS VS. US LIQUEFACTION PROJECTS US LIQUEFACTION PROJECTS GOLAR SESA CHARTERS Operations and maintenance cost - Deducted from tariff Pass through Gross liquefaction tariff USD/MMBtu 2.5-2.85 ~3.00 Operations and main
Slide 17: Superior economics vs. land-based liquefaction projects
Superior economics vs. land-based liquefaction projects Capex per mtpa vs. tolling rates10 Longer Duration on Projects10 Enterprise Value ($bn) per mtpa11 5.00bn 3.10 GLNG 4.50bn 4.36bn Cheniere Cheniere 14 4.00bn Weighted avg. Tariff, Gross – $/MMBtu* 2.70 3.50bn 3.00bn 2.50bn 2.30 Venture Global 1
Slide 18: Business update
Argentina charters Business update Group results Chairman’s remarks Summary Golar LNG Limited 2025 I 18
Slide 19: FLNG business development
FLNG business development Business development update Existing and FLNG contracts • Final Investment Decision for 20-year redeployment of FLNG Hilli in Argentina • Signed definitive agreements for a 20-year MKII FLNG deployment in Argentina, completion expected within 2025 • Strong progress on furth
Slide 20: Golar's growth options
Golar’s growth options Advancing work with shipyards to confirm updated price and schedule. Negotiating long lead item production slots and completed ship inspections for potential donor vessels. Contractors Evaluation MKI Conversion design (2.1 – 2.7 mtpa) MKI is proven with two Golar units on the
Slide 21: Group results
Argentina charters Business update Group results Chairman’s remarks Summary Golar LNG Limited 2025 I 21
Slide 22: First Quarter 2025 financial results
First Quarter 2025 financial results Q1 2025 Q4 2024 Q1 2025 Highlights $m $m • Total operating revenues of $63m FLNG (before realized gains on oil and gas derivative instruments) 56 56 Corporate and other 16 7 10 • FLNG Tariff, net1, 17 of $73m Total operating revenues 63 66 • Adjusted EBITDA1 of $
Slide 23: Driving FLNG growth with cash flow-backed re-leveraging
Driving FLNG growth with cash flow-backed re-leveraging Debt overview MKII FLNG project funding • MKII FLNG capex spend to date of $0.7bn12 (funded by equity) Outstanding debt principal at against total FLNG conversion budget of $2.2bn14 Facility Q1 2025 (Golar’s share, $m) • Donor vessel and all re
Slide 24: Optimizing FLNG debt to unlock equity and accelerate growth
Optimizing FLNG debt to unlock equity and accelerate growth Q1 2025 $ billions 5 ($bn) Golar’s Adjusted Net Debt1 0.8 4 Remaining MKII FLNG capex14 1.5 3 Golar’s Adjusted Net Debt1 + remaining MKII FLNG capex14 A 2.3 2 Golar’s share of fully delivered run-rate annual Adjusted EBITDA1, before commodi
Slide 25: Chairman's remarks
Argentina charters Business update Group results Chairman’s remarks Summary Golar LNG Limited 2025 I 25
Slide 26: Golar: It's all about focus
Golar: It’s all about focus Golar secures employment for the world’s first FSRUs with Petrobras for Golar Winter and Golar Spirit as floating LNG storage and regasification vessels 2007 2016 FLNG Gimi delivered from Seatrium Golar entered into 20- Golar and Stonepeak launch Golar Commissioning and t
Slide 27: Golar is the leading provider of FLNGs in the world
Golar is the leading provider of FLNGs in the world Overview of the global FLNG fleet by Owner 8.6 FLNG #1 FLNG #2 Under construction 6.4 3.5 Operating capacity 2.4 4.7 (mtpa) 3.6 2.7 0.6 2.0 3.3 1.2 1.4 3.4 3.6 3.3 2.4 1.5 1.4 Company Liquefaction against long Liquefying gas to supply Contract stru
Slide 28: Golar's Adjusted EBITDA backlog development for FLNG
Golar’s Adjusted EBITDA backlog1 development for FLNG Golar’s Adjusted EBITDA backlog1,5 for the FLNG business has grown more than 25x in the last 10 years 18 $ billions 16 14 12 10 8 6 4 2 - 2015 2018 2024 May-25 Hilli - Perenco Gimi - bp Hilli - SESA MKII - SESA “It looks like Golar is on to somet
Slide 29: 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 installations driven by lower unit costs FPSO Fleet development 247 and increased flexibility 250 234 238 243 217 221 228 215 217 216 214 215 4 208 4 6 4 5 199 200 183
Slide 30: And it's all about the people who deliver and the people they know
And it’s all about the people who deliver and the people they know Golar LNG Limited 2025 I 30
Slide 31: Summary
Argentina charters Business update Group results Chairman’s remarks Summary Golar LNG Limited 2025 I 31
Slide 32: 20+ years of cash flow visibility underpinned by $17BN of backlog
20+ years of cash flow visibility underpinned by $17BN of backlog ~$17bn in Golar’s Adjusted EBITDA backlog1,5 Golar’s Adjusted EBITDA backlog1 is ~$17bn, before commodity upside and inflationary adjustments Commodity upside 20 18 16 14 Commodity upside 12 $ billions 10 8 6 4 2 0 17 Hilli - Perenco
Slide 33: Key 2025 milestones and focus
Key 2025 milestones and focus 2025 milestones 2025 action list FLNG Gimi completed first two full LNG cargoes Refinancing of the FLNG Gimi and third LNG cargo currently underway Conclude conditions precedent on the 20-year FID 20-year charter with Southern Energy for Southern Energy contract for MKI
Slide 34: Appendices
Appendices Golar LNG Limited 2025 I 34
Slide 35: Appendices: Non-GAAP measures
Appendices: Non-GAAP measures Non-GAAP measure Definitions • Adjusted EBITDA Please see our Q1 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 36: Appendices: Endnotes
Appendices: Endnotes 1. See Appendices: Non-GAAP measures for definitions and reconciliations of non-GAAP measures 2. Market cap: 104.7M shares at a closing price of $37.73 as of May 23, 2025. Market cap of Harbour Energy PLC, Pampa Energia SA and YPF SA as of May 23, 2025. 3. Book value of equity o
Slide 37: Appendices: Abbreviations used
Appendices: Abbreviations used COD Commercial Operations Date CPI Consumer Price Index bbl barrel of crude oil CCGT Combined Cycle Gas Turbine DES Delivered Ex Ship EBITDA Earnings before interest, taxes, depreciation and amortization EV Enterprise Value EPC Engineering, Procurement and Construction