Golar LNG (GLNG) Q1 2026 earnings summary

Executive summary

• Achieved record LNG production and strong operational performance in Q1 2026, with Hilli at 100% uptime and Gimi producing 19% above contractual capacity and day rates.

• Advanced FLNG growth strategy, including a 10% investment in San Matías Pipeline and progress on MKII FLNG, which remains on schedule and budget for delivery by year-end 2027.

• Strategic review launched to accelerate FLNG growth and maximize stakeholder value, with Goldman Sachs engaged as advisor.

• Strong commercial pipeline development, with plans to order a fourth FLNG unit within 2026.

• SESA and SEFE signed an eight-year LNG sale and purchase agreement starting 2027.

Financial highlights

• Total operating revenues rose to $138 million in Q1 2026, up 4% sequentially and 120% year-over-year.

• Adjusted EBITDA increased 16% quarter-over-quarter to $106 million, up 158% year-over-year.

• Net income surged to $102 million in Q1 2026, up from $91 million in Q4 2025 and $8.2 million in Q1 2025.

• Declared a quarterly dividend of $0.25 per share for Q1 2026.

• Cash balance exceeded $1 billion; net interest-bearing debt at $1.7 billion as of Q1 2026.

Outlook and guidance

• Expect annual run-rate EBITDA to exceed $800 million once all three FLNG units are operational, before commodity upside.

• Targeting the order of a fourth FLNG unit in 2026, with potential for a fifth due to strong demand.

• Pathway toward $5 per share of annual free cash flow and dividend run rate as new projects come online.

• FLNG Hilli to be redeployed to Argentina for a 20-year contract starting H2 2027, with significant EBITDA upside linked to commodity prices.

• MKII FLNG expected to commence operations in Argentina in H2 2028, with $400 million annual Adjusted EBITDA potential.