Venture Global LNG (VG) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 2025 results with $3.1B revenue (up 180% year-over-year), $1.04B operating income, $368M net income, and $1.4B Adjusted EBITDA, with 89 LNG cargoes exported, the highest quarterly total to date.

• Took FID on CP2 LNG Phase 1, securing $15.1B in project financing without issuing new equity, maintaining 100% ownership; first LNG expected before end of 2027.

• Signed multiple new 20-year LNG SPAs with PETRONAS, SEFE, and Eni, bringing CP2 contracted volume to 13.5 MTPA.

• Calcasieu Pass bonds upgraded to investment grade (BBB-); over $21B raised for CP2 construction and Plaquemines refinancing.

• Two major EPC agreements executed for Plaquemines LNG Phase 1 and 2 with KZJV LLC, covering design, procurement, and construction for 20 MTPA capacity.

Financial highlights

• Q2 2025 revenue rose to $3.1B from $1.1B in Q2 2024, driven by higher sales volumes (329–331 TBtu vs. 132 TBtu), partially offset by lower prices.

• Operating income increased to $1.04B from $363M year-over-year, with higher depreciation and operating costs due to production ramp-up.

• Net income was $368M, up from $303M in Q2 2024, but offset by $288M in non-cash fair value changes on interest rate swaps.

• Adjusted EBITDA reached $1.4B, a 217% increase from Q2 2024.

• Total assets as of June 30, 2025, were $46.5B.

Outlook and guidance

• Maintained 2025 Adjusted EBITDA guidance of $6.4B–$6.8B, assuming fixed liquefaction fees of $6–$7 per MMBtu.

• Expect to export 144–149 cargoes from Calcasieu Pass and 227–240 from Plaquemines in 2025.

• Sensitivity to liquefaction fee changes: $1 per MMBtu change impacts EBITDA by $230–$240M.

• Confident in ramp-up plans and see upside optionality from uncontracted capacity, especially for winter 2025.

• Key guidance drivers include excess cargos, ramp-up pace at Plaquemines, and global LNG pricing dynamics.