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Golar LNG (GLNG) investor relations material
Golar LNG Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Secured 20-year charters for FLNG Hilli and MKII in Argentina, fully contracting the fleet and adding $13.7B in EBITDA backlog, with total backlog at $17B before commodity upside.
FLNG Gimi achieved commercial operations in June 2025, starting a 20-year lease with BP and offloading initial cargoes.
Issued $575M in convertible bonds, repurchased 2.5M shares for $103M, and declared a $0.25/share dividend for Q2 2025.
Board changes included the appointment of three new members, enhancing expertise in finance and upstream sectors.
Sold noncore assets, including Avenir Shipping stake and last LNG carrier, and signed agreements for further FLNG growth units.
Financial highlights
Q2 2025 operating revenues were $75.7M, up 17% year-over-year; Adjusted EBITDA was $49.3M, down 16% year-over-year.
Net income attributable to shareholders was $16M, with total net income at $31M.
Total Golar Cash as of June 30, 2025, was $891M, with net debt at $1.16B.
LTM Adjusted EBITDA was $208M; EBITDA margin for Q2 2025 was approximately 65%.
Declared a $0.25/share dividend, payable in September 2025.
Outlook and guidance
Fully contracted EBITDA expected to grow more than 4x by 2028 as MKII comes online, with significant commodity price upside.
Plans to order a fourth FLNG unit, leveraging strong market demand and limited available capacity this decade.
Remaining regulatory approvals for MKII FLNG charter expected within 2025; delivery scheduled for Q4 2027.
Net debt to Adjusted EBITDA ratio stands at around 3x, with future growth to be funded by debt tied to long-term charters.
Focus on optimizing FLNG financing and increasing shareholder returns as new assets are delivered.
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