Venture Global (VG) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue rose 105% year-over-year to $2.9 billion, with income from operations up 75% to $1.1 billion, driven by higher LNG sales and prices at Plaquemines and Calcasieu.

• Net income attributable to common stockholders was $396 million, down 39% from Q1 2024, mainly due to non-cash losses on interest rate swaps and one-time items.

• Consolidated Adjusted EBITDA reached $1.35 billion, a 94% increase year-over-year, driven by record LNG export volumes and expanded operational capacity.

• The company completed its IPO in January 2025, raising $1.75 billion–$1.7 billion in net proceeds, enhancing liquidity for ongoing and future projects.

• Calcasieu Pass declared commercial operations in April 2025, and Plaquemines liquefaction trains operated at 140% of nameplate capacity.

Financial highlights

• Q1 2025 LNG volumes exported totaled 234 TBtu, up 93% year-over-year, with 63 cargos exported, a 58% increase.

• Cost of sales rose 190% to $1.1 billion, and operating and maintenance expense increased 131% to $252 million, reflecting higher volumes and new LNG tanker operations.

• Depreciation and amortization rose 209% to $216 million, due to $15.8 billion of Plaquemines assets placed in service.

• Net income for Q1 2025 was $396 million, down from $648 million in Q1 2024, reflecting higher depreciation, one-time expenses, and swap losses.

• Basic EPS was $0.17 and diluted EPS $0.15 for Q1 2025.

Outlook and guidance

• Full-year 2025 Consolidated Adjusted EBITDA guidance updated to $6.4–$6.8 billion, reflecting lower assumed fixed liquefaction fees for unsold cargos.

• Guidance is sensitive to natural gas price spreads; a $1.00/MMBtu change in liquefaction fees impacts EBITDA by $460–$480 million.

• Expected 2025 LNG exports: 145–150 cargos from Calcasieu Pass and 222–239 cargos from Plaquemines.

• Plaquemines Project construction and commissioning are ongoing, with further asset placements expected in 2025.

• CP2 Project development advanced, with regulatory milestones achieved and $834 million in project costs incurred.