Golar LNG (GLNG) Q2 2025 earnings summary

Executive summary

• Secured 20-year charters for FLNG Hilli and Mk2/MKII in Argentina, providing up to $17 billion in EBITDA backlog and long-term cash flow visibility.

• Achieved commercial operations for FLNG Gimi, commencing a 20-year contract and offloading up to 8 LNG cargoes since June 2025.

• Raised $575 million via convertible bonds, boosting cash to nearly $900 million and repurchased 2.5 million shares.

• Declared a $0.25/share dividend for Q2 2025, payable in September 2025.

• Added three new board members with expertise in accounting, energy infrastructure, and upstream gas.

Financial highlights

• Q2 2025 operating revenues reached $75–$75.7 million, with FLNG tariffs and revenues up due to Gimi's COD.

• Q2 2025 Adjusted EBITDA was $49–$49.3 million; LTM Adjusted EBITDA at $208 million.

• Net income for Q2 2025 was $30.8–$31 million, with $15.6–$16 million attributable to shareholders.

• Total Golar Cash at quarter-end was $891 million.

• Golar's share of contractual debt was $2.05 billion, with net debt at $1.16 billion.

Outlook and guidance

• Fully delivered EBITDA expected to quadruple by 2028 as Mk2/MKII comes online, with potential free cash flow exceeding $600 million annually.

• Plans to order a fourth FLNG unit, with a fifth to follow upon securing a long-term charter.

• Focus on funding growth through debt financing and maintaining balance sheet flexibility.

• Remaining regulatory approvals for MKII FLNG expected within 2025; delivery scheduled for Q4 2027.

• Pathway for multiple increase in shareholder returns as new FLNG assets are delivered.