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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.
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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