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Venture Global (VG) investor relations material

Venture Global Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary13 Aug, 2025

Executive summary

  • Achieved final investment decision (FID) on CP2 Phase 1, securing $15.1B in project financing and retaining 100% ownership; first LNG production expected in 2027.

  • Exported a record 89 LNG cargoes in Q2 2025, totaling 331 TBtu, with 38 from Calcasieu Pass and 51 from Plaquemines.

  • Signed multiple new 20-year LNG sales agreements with Petronas, SEFE, and Eni, expanding long-term contracted volumes.

  • Calcasieu Pass bonds upgraded to investment grade (BBB-), and over $21B raised for CP2 and Plaquemines construction and refinancing.

  • Arbitration ruling reaffirmed contract terms, reducing legal uncertainty and supporting future contracting confidence.

Financial highlights

  • Q2 2025 revenue reached $3.1B, up 180% year-over-year, driven by higher sales volumes (329–331 TBtu vs. 132 TBtu in Q2 2024).

  • Income from operations was $1.04B, up 186% year-over-year; net income was $368M, a 21% increase from Q2 2024.

  • Consolidated adjusted EBITDA was $1.4B, a 217% increase from Q2 2024; YTD adjusted EBITDA at $2.74B, up 142%.

  • Weighted average fixed facility fees were $5.58/MMBtu in Q2 2025, down from $6.14/MMBtu in Q2 2024.

  • Total assets as of June 30, 2025, were $46.5B, up from $35.1B a year earlier.

Outlook and guidance

  • Maintained 2025 consolidated adjusted EBITDA guidance of $6.4B–$6.8B, assuming fixed liquefaction fees of $6–$7/MMBtu for remaining cargoes.

  • Sensitivity to a $1/MMBtu change in fees now impacts EBITDA by $230M–$240M.

  • Expect to export 144–149 cargoes from Calcasieu Pass and 227–240 from Plaquemines in 2025.

  • First LNG production from CP2 expected in late 2027.

  • Continued long-term contracting and brownfield expansion anticipated, with strong market demand.

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Frequently asked questions

Venture Global LNG is an energy company engaged in the development, construction, and operation of liquefied natural gas (LNG) export facilities. The company focuses on long-term, low-cost LNG production using modular liquefaction systems. Its activities include the sourcing of natural gas, processing and liquefaction, and the export of LNG to global markets. Venture Global LNG’s infrastructure projects are primarily located along the U.S. Gulf Coast, serving customers through long-term supply agreements. The company is headquartered in Arlington, Virginia, and its shares are listed on the NASDAQ.

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