Golar LNG
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Golar LNG (GLNG) investor relations material

Golar LNG Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary25 Feb, 2026

Executive summary

  • Owns three FLNG vessels with 20-year charter backlogs, including Hilli and Gimi, which delivered 100% uptime and exceeded production targets, with Gimi commencing a 20-year contract in Mauritania/Senegal in June 2025.

  • Achieved record execution in 2025, including FID on MKII FLNG, major contract wins, and full exit from legacy LNG shipping.

  • Secured ~$14 billion in two 20-year FLNG contracts in Argentina, with commercial pipeline for additional FLNG units progressing.

  • Strategic review underway to enhance shareholder value, including external advice and potential partnerships.

  • MKII FLNG project remains on schedule and on budget, with all conditions met for a 20-year contract with SESA in Argentina.

Financial highlights

  • Q4 2025 operating revenues reached $133 million; full-year revenues $394 million, up over 50% year-over-year.

  • Q4 net income $23 million; full-year net income $113 million, up 40% from 2024.

  • Q4 Adjusted EBITDA $91 million; full-year Adjusted EBITDA $265 million.

  • Returned $250 million to shareholders in 2025 via $103 million dividends and $144 million buybacks.

  • Cash balance at year-end $1.2 billion; net debt $1.5 billion.

Outlook and guidance

  • EBITDA expected to grow to $800 million annually by 2028 as all FLNGs become operational in Argentina.

  • Free cash flow could reach $500 million per year, or $5 per share, before commodity upside.

  • Additional upside from commodity-linked contracts, with $100 million EBITDA for every $1/MMBtu above $8 FOB price.

  • Dividend capacity expected to increase fivefold once fully operational, with potential for multiple increases in shareholder returns.

  • Commercial pipeline for additional FLNG units in Africa, Middle East, and South America.

Rationale for delaying FLNG #4/5 investment?
Clarify commodity upside impact on earnings
Gimi's overproduction impact on GTA expansion?
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Q1 202627 May, 2026
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Frequently asked questions

Golar LNG Limited is a midstream liquefied natural gas company engaged in transportation and floating storage regasification unit business. The Company's segments include Vessel operations, FLNG, Power and other. The Vessel operations segment includes spot-related charter hire or fixed fee services earned by the vessels. The FLNG segment includes Chapter 11 reorganization cases of Golar Hilli LLC and its subsidiary, Golar Hilli Corporation, relating to the construction contracts for the Hilli Episeyo FLNG vessel. The Power segment includes power generation assets under development. The company was founded in 1946 and is headquartered in Hamilton, Bermuda.

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