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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.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.
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