Golar LNG (GLNG) Q2 2026 earnings summary

Executive summary

• Q2 revenue was $130 million; Adjusted EBITDA was $127 million, up 20% QoQ and 159% YoY, while net income attributable to shareholders rose 145% YoY to $38 million.

• Hilli completed its eight-year Cameroon contract with 100% economic uptime and 156 cargoes; Gimi produced 15% above contracted volumes, and Esperanza construction remained on schedule and budget.

• FID and an EPC agreement were confirmed for a fourth 3.5 MTPA Mark II FLNG, with delivery targeted by year-end 2029.

• Contracted backlog for Hilli, Gimi and Esperanza totals $17 billion before commodity upside and inflation adjustments; three-unit run-rate EBITDA is expected to reach ~$800 million by 2028.

• A $0.25-per-share quarterly dividend was declared, and a $600 million revolving credit facility was secured.

Financial highlights

• Q2 operating revenue was $130 million, up 72% YoY and from $127 million in Q1; Adjusted EBITDA was $127 million, up 159% YoY from $106 million in Q1.

• Net income was $56 million in Q2; net income attributable to shareholders was $38 million, up from $15.6 million in Q2 2025.

• Hilli generated $37 million of commodity-linked earnings in Q2 versus $10 million in Q1; its Cameroon contract generated more than $650 million over eight years before hedging proceeds.

• Adjusted EBITDA backlog stands at ~$17 billion before commodity upside.

• A $0.25-per-share dividend was declared for Q2 2026.

Outlook and guidance

• Hilli is expected to start its 20-year Argentina contract in H2 2027, generating $285 million of annual EBITDA before commodity upside; refurbishment and redeployment budget is ~$350 million.

• Esperanza’s 20-year Argentina contract is expected to start in H2 2028; sail-away is targeted by year-end 2027, with conversion on schedule and on budget.

• Hilli, Gimi and Esperanza are expected to generate ~$800 million annual run-rate EBITDA by 2028; a comparable fourth-unit charter could lift annual potential to more than $1.2 billion by 2030.

• Fourth-unit delivery is targeted by year-end 2029; advanced charter discussions are underway, with a target contract duration of ~20 years and stated CapEx-to-EBITDA guidance of 5x–6x.

• For Hilli and Esperanza, each $1/MMBtu above $8/MMBtu can generate up to ~$100 million of incremental annual earnings.