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Golar LNG (GLNG) investor relations material
Golar LNG Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q2 revenue was $130 million; Adjusted EBITDA was $127 million, up 20% QoQ and 159% YoY, while net income attributable to shareholders rose 145% YoY to $38 million.
Hilli completed its eight-year Cameroon contract with 100% economic uptime and 156 cargoes; Gimi produced 15% above contracted volumes, and Esperanza construction remained on schedule and budget.
FID and an EPC agreement were confirmed for a fourth 3.5 MTPA Mark II FLNG, with delivery targeted by year-end 2029.
Contracted backlog for Hilli, Gimi and Esperanza totals $17 billion before commodity upside and inflation adjustments; three-unit run-rate EBITDA is expected to reach ~$800 million by 2028.
A $0.25-per-share quarterly dividend was declared, and a $600 million revolving credit facility was secured.
Financial highlights
Q2 operating revenue was $130 million, up 72% YoY and from $127 million in Q1; Adjusted EBITDA was $127 million, up 159% YoY from $106 million in Q1.
Net income was $56 million in Q2; net income attributable to shareholders was $38 million, up from $15.6 million in Q2 2025.
Hilli generated $37 million of commodity-linked earnings in Q2 versus $10 million in Q1; its Cameroon contract generated more than $650 million over eight years before hedging proceeds.
Adjusted EBITDA backlog stands at ~$17 billion before commodity upside.
A $0.25-per-share dividend was declared for Q2 2026.
Outlook and guidance
Hilli is expected to start its 20-year Argentina contract in H2 2027, generating $285 million of annual EBITDA before commodity upside; refurbishment and redeployment budget is ~$350 million.
Esperanza’s 20-year Argentina contract is expected to start in H2 2028; sail-away is targeted by year-end 2027, with conversion on schedule and on budget.
Hilli, Gimi and Esperanza are expected to generate ~$800 million annual run-rate EBITDA by 2028; a comparable fourth-unit charter could lift annual potential to more than $1.2 billion by 2030.
Fourth-unit delivery is targeted by year-end 2029; advanced charter discussions are underway, with a target contract duration of ~20 years and stated CapEx-to-EBITDA guidance of 5x–6x.
For Hilli and Esperanza, each $1/MMBtu above $8/MMBtu can generate up to ~$100 million of incremental annual earnings.
- Record LNG output and surging earnings drive FLNG expansion and strategic growth plans.GLNG
Q1 2026 - Record revenue growth, FLNG outperformance, and strong outlook for $800M EBITDA by 2028.GLNG
Q4 2025 - Q3 2025 delivered strong results, full FLNG contract coverage, and a $17B EBITDA backlog.GLNG
Q3 2025 - Q2 2025 secured $17B FLNG backlog, $891M cash, and launched FLNG Gimi operations.GLNG
Q2 2025 - Q3 loss from non-cash items, but FLNG backlog and new projects drive long-term growth.GLNG
Q3 2024 - Q2 net income $26M, FLNG projects advance, $0.25 dividend, $11B EBITDA backlog.GLNG
Q2 2024 - $17bn FLNG EBITDA backlog and Argentina charters drive long-term growth and strong cash flow.GLNG
Q1 2025 - 2024 net income $81M, $11B+ EBITDA backlog, FLNG Gimi commissioning, and full Hilli ownership.GLNG
Q4 2024
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