Golar LNG (GLNG) Q1 2025 earnings summary

Executive summary

• Secured two 20-year FLNG charters for Hilli and Mark II/MKII in Argentina, ensuring long-term revenue and creating one of the world's largest FLNG projects.

• Fully exited LNG shipping, focusing exclusively on FLNG operations and selling non-core assets.

• FLNG Gimi reached first LNG, completed first cargo offload, and is set to commence a 20-year contract in Q2 2025.

• Adjusted EBITDA backlog stands at $17 billion, providing over 60 years of contract coverage and significant cash flow visibility.

• Significant growth ambitions with three FLNG designs and ongoing commercial negotiations for additional units.

Financial highlights

• Q1 2025 operating revenues were $63 million, Adjusted EBITDA was $41 million, and net income attributable was $8 million.

• Last 12 months' EBITDA reached $218 million; total Golar Cash at quarter-end was $678 million.

• Net debt at quarter end was $817 million; market cap at $4 billion.

• Declared a $0.25/share dividend, equating to $105 million annually.

• Q1 included $32 million in non-cash items, mainly unrealized MTM losses on derivatives.

Outlook and guidance

• FLNG Gimi's 20-year contract expected to start in Q2 2025, adding $151 million annual Adjusted EBITDA (Golar's share).

• Mark II/MKII FLNG conversion on schedule for Q4 2027 delivery, with charter start-up expected in 2028 and $400 million annual Adjusted EBITDA plus upside.

• Hilli redeployment to Argentina expected to start in 2027, with $285 million annual Adjusted EBITDA plus commodity-linked upside.

• Anticipated fully delivered run-rate EBITDA of $835 million by 2028, before commodity upside.

• Ongoing refinancing and balance sheet optimization to support further FLNG growth.