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Golar LNG (GLNG) investor relations material

Golar LNG Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary5 Nov, 2025

Executive summary

  • All FLNG units are fully contracted on 20-year charters, securing a $17 billion Adjusted EBITDA backlog before commodity and inflation adjustments.

  • Q3 2025 saw $123 million in operating revenues, $83 million in Adjusted EBITDA, and net income of $46 million.

  • Entered the US bond market with a $500 million, 5-year, 7.5% senior unsecured notes offering and repaid $190 million of 2021 Unsecured Bonds.

  • Approved a $150 million share buyback program and declared a $0.25 per share dividend.

  • Final Investment Decision reached for MKII FLNG charter to SESA, with all regulatory conditions met and project on track for Q4 2027 delivery.

Financial highlights

  • Q3 2025 operating revenues were $123 million, with Adjusted EBITDA of $83 million and net income of $46 million.

  • Total Golar Cash, including October 2025 net bond proceeds, stood at $1 billion.

  • Net debt position as of Q3 2025 was $1.4 billion.

  • Hilli and Gimi contributed $51 million and $48 million to Adjusted EBITDA in Q3, respectively.

  • Declared a $0.25 per share dividend, with over $800 million returned to shareholders in five years.

Outlook and guidance

  • Adjusted EBITDA is expected to quadruple by 2028 as all three FLNG units become fully operational.

  • Fully delivered run-rate Adjusted EBITDA projected at $800 million by 2028.

  • Free cash flow to equity could reach $500–$600 million annually by 2028, before commodity upside.

  • Additional upside possible from commodity-linked earnings, with $100 million EBITDA per $1/MMBtu above $8/MMBtu.

  • Focus on developing a fourth FLNG unit, with long lead equipment orders planned for Q4 2025.

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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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