Golar LNG (GLNG) Q4 2025 earnings summary

Executive summary

• Owns three FLNG vessels with 20-year charter backlogs, including Hilli and Gimi, which delivered 100% uptime and exceeded production targets, with Gimi commencing a 20-year contract in Mauritania/Senegal in June 2025.

• Achieved record execution in 2025, including FID on MKII FLNG, major contract wins, and full exit from legacy LNG shipping.

• Secured ~$14 billion in two 20-year FLNG contracts in Argentina, with commercial pipeline for additional FLNG units progressing.

• Strategic review underway to enhance shareholder value, including external advice and potential partnerships.

• MKII FLNG project remains on schedule and on budget, with all conditions met for a 20-year contract with SESA in Argentina.

Financial highlights

• Q4 2025 operating revenues reached $133 million; full-year revenues $394 million, up over 50% year-over-year.

• Q4 net income $23 million; full-year net income $113 million, up 40% from 2024.

• Q4 Adjusted EBITDA $91 million; full-year Adjusted EBITDA $265 million.

• Returned $250 million to shareholders in 2025 via $103 million dividends and $144 million buybacks.

• Cash balance at year-end $1.2 billion; net debt $1.5 billion.

Outlook and guidance

• EBITDA expected to grow to $800 million annually by 2028 as all FLNGs become operational in Argentina.

• Free cash flow could reach $500 million per year, or $5 per share, before commodity upside.

• Additional upside from commodity-linked contracts, with $100 million EBITDA for every $1/MMBtu above $8 FOB price.

• Dividend capacity expected to increase fivefold once fully operational, with potential for multiple increases in shareholder returns.

• Commercial pipeline for additional FLNG units in Africa, Middle East, and South America.