Golar LNG Limited

Golar LNG Limited Earnings Recaps

GLNG Energy 3 recaps
Next earnings: August 13, 2026 (estimated) · full calendar
Q1 2026 May 21, 2026

Golar’s shares edged down 0.3% following Q1 results that delivered steady operational performance but offered limited new visibility on growth acceleration or margin expansion, leaving investors largely unimpressed.

Key takeaways
  • Gimi operated at 19% above contractual capacity, supporting steady EBITDA contribution.
  • The Mark II FLNG remains on track for year-end 2027 delivery, with a planned 20-year charter starting summer 2028.
  • The backlog stands at $17 billion, excluding commodity upside and inflation adjustments, underpinning long-term earnings visibility.
  • Commodity-linked earnings could reach $500 million annually over the first three years of Argentina operations, contingent on securing the remaining offtake and market hedges.
  • Management confirmed plans to order a fourth FLNG unit in 2026 but provided no definitive timing or additional details, maintaining a cautious growth outlook.
Full recap
Q3 2025 Nov 6, 2025

Golar LNG Limited reported a historic Q3 2025, achieving significant milestones with a fully contracted fleet and a $17 billion EBITDA backlog, setting a solid foundation for future growth.

Key takeaways
  • Successfully completed the final FID and satisfied all conditions precedent for the Mark II's 20-year charter in Argentina, contributing $8 billion to the firm's EBITDA backlog.
  • Established a robust cash position of $1 billion while reducing net debt to approximately $1.4 billion after concluding over $1 billion in new corporate debt facilities.
  • Maintained a market-leading operational track record with Hilli achieving 100% economic uptime, generating $51 million of adjusted EBITDA during the quarter.
  • Advanced plans for a fourth FLNG unit, with approval for ordering long lead items, targeting completion and operational readiness by 2028.
  • Implemented a $150 million share buyback program, reflecting ongoing commitment to shareholder returns.
Full recap
Q2 2025 Aug 14, 2025

Golar LNG delivered a strong performance in Q2 2025, highlighted by securing a 20-year charter for the Hilli and achieving significant milestones for the Mark II FLNG, bolstering its financial position with a $575 million convertible bond issuance.

Key takeaways
  • Secured a 20-year redeployment charter for Hilli in Argentina, adding $5.7 billion to EBITDA backlog.
  • Issued $575 million in convertible bonds, increasing total cash reserves to nearly $900 million.
  • Fully contracted existing fleet for 20 years, resulting in a substantial EBITDA backlog of $17 billion before commodity upside.
  • Reached commercial operations for the Gimi FLNG, marking a critical phase for the project.
  • Actively pursuing a fourth FLNG unit, with agreements in place on EPC pricing and expected delivery timelines.
Full recap