Golar LNG (GLNG) Q3 2025 earnings summary

Executive summary

• All FLNG units are fully contracted on 20-year charters, securing a $17 billion Adjusted EBITDA backlog before commodity and inflation adjustments.

• Q3 2025 saw $123 million in operating revenues, $83 million in Adjusted EBITDA, and net income of $46 million.

• Entered the US bond market with a $500 million, 5-year, 7.5% senior unsecured notes offering and repaid $190 million of 2021 Unsecured Bonds.

• Approved a $150 million share buyback program and declared a $0.25 per share dividend.

• Final Investment Decision reached for MKII FLNG charter to SESA, with all regulatory conditions met and project on track for Q4 2027 delivery.

Financial highlights

• Q3 2025 operating revenues were $123 million, with Adjusted EBITDA of $83 million and net income of $46 million.

• Total Golar Cash, including October 2025 net bond proceeds, stood at $1 billion.

• Net debt position as of Q3 2025 was $1.4 billion.

• Hilli and Gimi contributed $51 million and $48 million to Adjusted EBITDA in Q3, respectively.

• Declared a $0.25 per share dividend, with over $800 million returned to shareholders in five years.

Outlook and guidance

• Adjusted EBITDA is expected to quadruple by 2028 as all three FLNG units become fully operational.

• Fully delivered run-rate Adjusted EBITDA projected at $800 million by 2028.

• Free cash flow to equity could reach $500–$600 million annually by 2028, before commodity upside.

• Additional upside possible from commodity-linked earnings, with $100 million EBITDA per $1/MMBtu above $8/MMBtu.

• Focus on developing a fourth FLNG unit, with long lead equipment orders planned for Q4 2025.