Venture Global (VG) investor relations material

Executive summary

• Q3 revenue rose 43% YoY to $4.756B, operating income increased 74% to $2.295B, and Consolidated Adjusted EBITDA grew 69% to $2.583B.

• Exported 124 cargos and sold 465.8 TBtu; higher volumes, especially from Plaquemines ramp-up, and higher LNG sales prices net of feed-gas costs lifted results.

• Plaquemines Phase 1 declared COD on October 31, 2026, after quarter-end, 53 months after FID.

• FY 2026 Adjusted EBITDA guidance rose to $10.0B–$10.3B and expected cargoes to 509–518.

• Plans advanced for a potential AI utility business using power, land, gas access and EPC capabilities to serve data-center demand.

Financial highlights

• Q3 net income attributable to common stockholders was $2.546B, up 493% YoY; net income was $2.628B and diluted EPS was $0.96.

• Q3 results included a $1.368B largely non-cash gain on interest-rate swaps.

• Nine-month revenue was $13.933B, up 49%; operating income was $5.634B, up 64%; Consolidated Adjusted EBITDA was $6.446B, up 51%.

• Q3 LNG exports were 467.1 TBtu, up 26% YoY; volumes sold were 465.8 TBtu, up 25%.

• Total assets were $68.108B at September 30, 2026, up $18.0B YoY.

Outlook and guidance

• FY 2026 Consolidated Adjusted EBITDA guidance increased to $10.0B–$10.3B from $8.7B–$9.1B; expected cargoes are 509–518.

• FY 2026 cargo guidance is 152–154 at Calcasieu Pass and 357–364 at Plaquemines; 99% of expected cargos are contracted at a $6.46/MMBtu weighted-average liquefaction fee.

• Guidance assumes $21–$22/MMBtu liquefaction fees on remaining unsold 2026 cargos; a $1/MMBtu change in fixed fees affects EBITDA by $20M–$30M.

• Expected 2027 cargoes remain 575–625, with CP2 Phase I production targeted for mid-2027; Plaquemines Phase 2 COD is targeted for mid-2027.

• CP2 Phase III targets FID in early 2027 and first production in late 2028; Plaquemines Expansion Phase I targets FID in mid-2027 and first production in 2029, subject to approvals.