Golar LNG Limited Preliminary fourth quarter and financial year 2025 results

Financial Performance - Golar LNG reported a Q4 2025 net income of $10.4 million, a 130% increase from Q4 2024, and a full-year net income of $66 million, up 29% year-over-year [1][4] - Total operating revenues for Q4 2025 reached $132.8 million, a 101% increase compared to Q4 2024, with year-to-date revenues of $393.5 million, reflecting a 51% increase [1][4] - Adjusted EBITDA for Q4 2025 was $91 million, a 54% increase from Q4 2024, and $265 million for the full year, a 10% increase [1][4] Operational Highlights - The company secured $14 billion in Adjusted EBITDA backlog through two 20-year contracts for FLNG Hilli and MKII FLNG with Southern Energy S.A. in Argentina [3][4] - FLNG Hilli exceeded its 2025 production target, while FLNG Gimi overproduced compared to its contractual commitments during Q4 2025 [4][9] - The construction of MKII FLNG is on schedule and on budget, with all conditions precedent for the contract with SESA satisfied [4][26] Financial Transactions - Golar executed $2.275 billion in new financing facilities during the year, including a $1.2 billion secured bank facility for FLNG Gimi [3][16] - The company entered the U.S. bond market with $500 million of 5-year senior unsecured notes at a 7.50% interest rate [4][15] - A share buyback program resulted in the repurchase and cancellation of 1.1 million shares at an average price of $37.76 per share, with $109 million remaining available [4][9] Liquidity and Debt - Total Golar Cash as of December 31, 2025, was $1.2 billion, while Golar's share of contractual debt was $2.7 billion, resulting in a net debt position of $1.5 billion [13][49] - The company has a significant liquidity release potential through debt refinancing alternatives, particularly for FLNG Hilli, which has an Adjusted EBITDA backlog of $5.7 billion [21][30] Market Position and Future Outlook - Golar is positioned as the only proven FLNG service provider globally, with strong operational uptime and capital efficiency [4][38] - The company anticipates continued strong demand for FLNG services, with plans to order a fourth FLNG unit once commercial terms mature [34][36] - Golar's 10% ownership in SESA provides additional commodity exposure, with potential upside linked to LNG prices [30][31]