Core Insights - The company achieved record execution in 2025, securing a $14 billion EBITDA backlog for the Argentina contracts [1] - The operating fleet has doubled with the commencement of FLNG Gimi, which is currently producing above contracted volumes due to technical optimizations and favorable winter ambient temperatures [1] - Management is shifting from speculative growth to a disciplined 'business as usual' approach, focusing on the maturation of commercial terms before significant capital commitment to a fourth unit [1] Strategic Focus - The strategic shift aims to align heavy investment phases for future vessels with the expected massive cash flow influx from the Argentina projects commencing in 2027-2028 [1] - Infrastructure progress in Argentina is accelerating, with $500 million in land-based investments awarded and key pipeline components for Vaca Muerta secured [1] - The company has fully exited the LNG shipping sector after 50 years to concentrate exclusively on the high-margin FLNG service provider model [1] Competitive Advantage - Management asserts that Golar's proprietary conversion expertise provides a 40% capital expenditure advantage over land-based liquefaction alternatives [1]

Financial Data and Key Metrics Changes - Total operating revenues for Q4 2025 reached $133 million, with a full-year total of $394 million, marking an increase of over 52% compared to 2024 [20] - Net income for Q4 was $23 million, totaling $113 million for the full year, an increase of 40% compared to 2024 [21] - Adjusted EBITDA for Q4 was $91 million, with a total of $265 million for the year [21] Business Line Data and Key Metrics Changes - The Hilli FLNG maintained a 100% commercial uptime and recognized an additional $2.5 million in overproduction in Q4 2025 [22] - The Gimi FLNG saw increased earnings in Q4 due to higher production volumes from technical improvements and better ambient conditions [22] - The Mark II FLNG is under construction and on schedule for delivery by year-end 2027, with approximately $1.1 billion spent to date [14][24] Market Data and Key Metrics Changes - Golar's market cap is approximately $4.5 billion, with a cash balance of $1.2 billion and a net debt position of $1.5 billion [3][24] - The company has an adjusted EBITDA backlog of $17 billion before commodity-linked earnings and inflationary adjustments [32] - The LNG market was around 434 million tons last year, expected to grow approximately 50% in the next five years, primarily driven by U.S. supply [16] Company Strategy and Development Direction - Golar aims to structure LNG contracts as solid infrastructure cash flow with meaningful contractual protections, including payments in U.S. dollars and reimbursement of operating costs [6] - The company is focused on accretive growth while maintaining sustainable shareholder returns, planning to allocate most operating cash flow after debt service to shareholders [25] - Golar is exploring external advice to enhance shareholder value and is considering various strategic options, including potential partnerships [39] Management's Comments on Operating Environment and Future Outlook - Management expects increasing commodity prices to boost earnings from commodity-linked contracts until the end of the Hilli contract in July [29] - The company anticipates significant earnings growth with the startup of the Hilli and Mark II contracts in Argentina, projecting EBITDA to grow to over $800 million once fully operational [22][31] - There is a strong demand for FLNG solutions, driven by the efficiency of FLNG versus land-based liquefaction solutions and the attractiveness of sourcing cheaper gas [77] Other Important Information - Golar has confirmed yard availability and pricing for three growth designs during Q4, with a focus on maintaining attractive CapEx per ton [17] - The company has been active in share buybacks, purchasing and canceling a total of 3.6 million shares in 2025 [22][26] - A new $150 million buyback program was approved, with approximately $41 million spent during Q4 at an average price of $37.76 per share [22] Q&A Session Summary Question: Can you walk us through the specific process you're focused on regarding the strategic review? - The board prefers to keep the process close to the board and not make it public [47] Question: Is the focus right now on further buybacks? - There is no change in the commitment to develop attractive FLNG projects, and the focus remains on maturing the commercial pipeline before committing significant capital [50] Question: How are the counterparties thinking about the future of expansion at GTA? - BP requires 12 to 18 months of well data before making a decision on expansion, and current production levels suggest positive performance [57] Question: What is the current thinking around the cost for Hilli upgraded redeployment work? - The estimated conversion budget for Hilli is $350 million, which includes all associated costs [59] Question: How should we think about production above contractual base going forward? - Maintenance is accounted for, and production is expected to be well above the contracted amount, especially in winter months [66] Question: Can you elaborate on the Middle Eastern opportunities? - The region is increasingly pursuing FLNG, and Golar is hopeful about developing potential projects there [74] Question: Is the demand for LNG infrastructure macro-related or specific to FLNG solutions? - Demand is driven by the efficiency of FLNG and the attractiveness of sourcing cheaper gas, particularly from U.S. projects [77]

FOURTH QUARTER 2025 RESULTS February 25, 2026 Golar LNG Limited 2026 I Forward looking statements This press release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management's current expectations, estimates and projections about its operations. All statements, other than statements of historical facts, that address activities and events that will, should, could or may occur in the future are forward-looking statements. Words ...

Core Points - Golar LNG Limited has successfully closed a new $1.2 billion asset-backed debt facility agreement for refinancing FLNG Gimi, replacing an existing facility with an outstanding amount of $627 million as of Q3 2025 [1][2] - The new debt facility has a 7-year tenor, a 16-year amortization profile, and incurs interest at SOFR plus a margin of 2.50% per annum [2] - Golar's 70% share of the net liquidity released from the refinancing amounts to approximately $400 million after repaying the existing Gimi debt facility and unwinding the existing interest-rate swap [2] - The CEO of Golar, Karl Fredrik Staubo, expressed satisfaction with the strong interest from leading international banks, indicating improved terms compared to the initial financing facility [3] - The new facility demonstrates the bankability of Golar's FLNG assets once operational, with a projected debt to EBITDA ratio of approximately 5.5x [3]

Core Insights - Golar LNG Limited has reported a net income of $31 million for Q3 2025, with an Adjusted EBITDA of $83 million and total cash of $661 million, prior to bond offering proceeds in October 2025 [6][21][26] - The company has secured long-term contracts for its FLNG fleet, with a combined Adjusted EBITDA backlog of $17 billion, indicating strong future earnings visibility [6][8][11] - Golar is actively pursuing growth opportunities in the FLNG sector, with plans for new projects and potential expansions in existing contracts [12][15][19] Financial Performance - Q3 2025 net income attributable to Golar was $31 million, a significant improvement from a net loss of $34.8 million in Q3 2024 [21] - Total operating revenues for Q3 2025 reached $122.5 million, an increase of 89% compared to $64.8 million in Q3 2024 [21] - Adjusted EBITDA for Q3 2025 was $83.4 million, up 41% from $59 million in Q3 2024 [21] Operational Highlights - FLNG Hilli has completed its 142nd cargo and is set for upgrades at Seatrium's Singapore yard in Q3 2026 before commencing operations in Argentina in Q2 2027 [1][6] - FLNG Gimi is performing well under its 20-year charter with BP, with production frequently exceeding base capacity, contributing to a net earnings backlog of approximately $3 billion [4][6] - The MKII FLNG project has received all necessary governmental approvals and is expected to solidify an $8 billion Adjusted EBITDA backlog over 20 years [7][8] Debt and Financing - As of Q3 2025, Golar's share of contractual debt stood at $2.03 billion, with a net debt position of $1.37 billion [28][39] - The company is in advanced stages of securing a new $1.2 billion bank financing agreement for Gimi, expected to close in Q4 2025 [5] - Golar has entered the U.S. bond market with a $500 million offering of senior unsecured notes, which will be used to repay existing debt [6][25] Strategic Initiatives - Golar is focusing on enhancing operational efficiencies and debottlenecking production capacity for the GTA project [5] - The company is evaluating asset-level financing to support growth opportunities in the FLNG sector [10] - A new $150 million share buyback program has been approved, reflecting confidence in the company's financial position and growth outlook [19]

Company Performance - Golar LNG Limited (GLNG) reported second-quarter 2025 earnings of 26 cents per share, missing the Zacks Consensus Estimate of 29 cents and declining year over year [1][8] - Revenues for the quarter were $75.7 million, surpassing the Zacks Consensus Estimate of $66.3 million and improving by 17% year over year [1][8] - Adjusted EBITDA for the quarter was $49.25 million, reflecting a decline of 16% year over year [3] Financial Position - As of June 30, 2025, Golar LNG had cash and cash equivalents of $783.42 million, an increase from $521.43 million at the end of the previous quarter [4] - The company's share of contractual debt rose by 71% year over year to $2.05 billion [4][8] - The board of directors approved a second-quarter 2025 dividend of 25 cents per share, payable on or around September 2, 2025 [4] Operational Developments - In June 2025, the FLNG Gimi achieved its Commercial Operations Date, marking the start of a 20-year lease term with BP [2] - On August 6, 2025, SESA reached a Final Investment Decision for the charter of Golar's 3.5 MTPA MKII FLNG, with completion anticipated by 2025 [3] Industry Comparison - Vista Energy S.A.B. de CV reported second-quarter 2025 adjusted earnings per share of 55 cents, missing estimates, while revenues increased to $610.5 million [6] - ExxonMobil reported second-quarter 2025 earnings per share of $1.64, beating estimates, but total revenues of $81.5 billion missed expectations [7]

Core Insights - Golar LNG Limited has secured a 20-year charter agreement for the FLNG Hilli in Argentina, generating a net charter hire of $285 million per year, totaling $5.7 billion over the contract term [2][6][7] - The company reported a Q2 2025 net income of $16 million and an Adjusted EBITDA of $49 million, with a total cash position of $891 million [6][20][27] - Golar's share of contractual debt as of June 30, 2025, is approximately $2.05 billion, reflecting a significant increase from the previous year [20][28][38] Financial Performance - The company experienced a 13% decrease in net income year-over-year for Q2 2025, with total operating revenues increasing by 17% [20][21] - Adjusted EBITDA backlog increased by $13.7 billion, with significant upside potential from commodity-linked tariffs [6][11] - The company declared a dividend of $0.25 per share for Q2 2025, with a total of 102.3 million shares outstanding [18][20] Operational Developments - The FLNG Gimi achieved Commercial Operations Date (COD) in June 2025, with Golar owning 70% of the asset and an expected net earnings backlog of approximately $3 billion [4][6] - The MKII FLNG conversion project is on schedule, with $0.8 billion spent to date, and is expected to be delivered in Q4 2027 [5][8] - Golar is exploring additional FLNG growth units and has engaged with three prospective shipyards for future projects [12][13] Market Position and Strategy - Golar is positioned as a leading provider of FLNG solutions, capitalizing on the increasing demand for flexible LNG export options [13][14] - The company aims to optimize asset-level debt and secure attractive financing for future FLNG projects [3][5] - Golar's 10% ownership in Southern Energy S.A. (SESA) provides additional commodity exposure, equating to approximately $28 million in annual commodity exposure for every $1/MMBtu change in achieved FOB prices [10][11]

Core Insights - Golar LNG Limited has maintained a strong operational track record with FLNG Hilli, having offloaded 132 cargoes and produced over 9 million tons of LNG since operations began [2] - The company has concluded a Final Investment Decision (FID) for a 20-year redeployment of FLNG Hilli to Southern Energy in Argentina, which is expected to significantly enhance its earnings visibility [2][10] - Golar's financial performance for Q1 2025 shows a net income of $8 million and an Adjusted EBITDA of $41 million, indicating a decline compared to the previous year [7][22] Financial Performance - Q1 2025 net income attributable to Golar was $8 million, a decrease of 85% from $55.2 million in Q1 2024 [22] - Total operating revenues for Q1 2025 were $62.5 million, down 4% from $65.0 million in Q1 2024 [22] - Golar's share of contractual debt increased by 24% year-over-year to $1.495 billion as of March 31, 2025 [22] Operational Developments - FLNG Gimi is in the final stages of commissioning, with the Commercial Operations Date (COD) expected in Q2 2025, which will unlock approximately $3 billion in Adjusted EBITDA backlog for Golar [4][7] - The MKII FLNG conversion project is on schedule for a Q4 2027 delivery, with $0.7 billion already spent on the conversion [8][10] - Golar has signed definitive agreements for a 20-year charter for the MKII FLNG, which, combined with FLNG Hilli, will create one of the largest FLNG development projects globally with a capacity of 5.95 million tons per annum [7][11] Strategic Agreements - The two FLNG agreements with Southern Energy are projected to add $13.7 billion in Adjusted EBITDA backlog over 20 years, with inflationary adjustments and commodity-linked tariff upside [11][12] - Golar's 10% equity stake in SESA provides additional commodity exposure, equating to approximately $28 million in annual exposure for every $1/MMBtu change in achieved FOB prices [13][14] - The charter agreements are subject to strong legal protections under Argentina's Large Investments Incentive Scheme (RIGI), ensuring regulatory stability and security of exports [16][20] Debt and Financing - A $1.2 billion debt facility to refinance FLNG Gimi was signed with a consortium of Chinese leasing companies, expected to generate net proceeds of approximately $530 million for Golar [6] - Golar is exploring alternatives for asset-level financing for MKII FLNG following the secured FID [9] - As of March 31, 2025, Golar's total cash was $678 million, with a net debt position of $817 million after accounting for cash [28][39]

Group 1 - Golar LNG Limited has entered into finance lease agreements with a consortium of leading Chinese leasing companies for refinancing the existing FLNG Gimi debt facility, amounting to approximately $1.2 billion [1] - The sale leaseback facility will have a tenor of 12 years and a 17-year amortization profile, with quarterly repayment installments throughout the lease period [2] - Upon closing and repayment of the existing debt facility, Gimi MS Corporation is expected to generate net proceeds of approximately $530 million, with Golar benefiting from 70% of these proceeds, equivalent to approximately $371 million [2]

Financial Data and Key Metrics Changes - Total operating revenues for Q4 2024 reached $66 million, with FLNG tariffs at $86 million for the quarter and $350 million for the full year [31] - Total EBITDA for Q4 was $59 million, consistent with the previous quarter, and $241 million for the full year [32] - Net income for Q4 was $15 million, including $29 million in non-cash items, while total net income for 2024 was $81 million, showing significant improvement from 2023 [33] Business Line Data and Key Metrics Changes - The Hilli vessel generated $277 million of EBITDA during 2024, achieving 100% economic uptime [16][34] - The acquisition of the remaining 8% minority stake in Hilli is expected to increase fixed cash tariff by approximately $7 million per year and enhance EBITDA backlog by $0.5 billion due to a 20-year redeployment contract in Argentina [16][36] Market Data and Key Metrics Changes - The company has secured a total EBITDA backlog of over $11 billion, which does not include further commodity upside and inflation adjustments [38] - The LNG demand forecast for 2040 has increased by 10% since the 2024 report, driven by LNG's favorable attributes and cost competitiveness [28] Company Strategy and Development Direction - Golar LNG has transitioned into a pure FLNG company, focusing on capital allocation towards FLNG projects and strengthening its market position [4][9] - The company plans to secure a charter for the Mark II FLNG under construction and optimize debt structures for existing assets [44][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the economic solidity of establishing Argentina as an LNG exporter, supported by the involvement of major gas producers [18][80] - The company anticipates strong momentum in commercial opportunities for its FLNG service offering, with ongoing discussions for multiple FLNG deployments [15][25] Other Important Information - The Mark II FLNG under construction is progressing on schedule, with a total CapEx budget of around $2.2 billion [23] - The company declared a dividend of $0.25 per share for the quarter, with a record date of March 11 [34] Q&A Session Summary Question: Inquiry about the Mark II and fourth vessel options - Management clarified that commercial developments are progressing on multiple fronts, and the fourth FLNG may be a Mark I or Mark III depending on commercial developments [49][50] Question: Clarification on Gimi's capacity and EBITDA - Management explained that for incremental production above the base capacity, payments would be proportionate to the annual EBITDA [55][60] Question: Update on Mark II contract commitments - Management confirmed the target to charter the vessel within 2025, which will enable further developments [67] Question: Infrastructure needs for the second unit in Argentina - Management indicated that Hilli will utilize existing pipeline capacity, and further pipeline investments are not a gating item for the startup of potential contracts [78][81] Question: Impact of U.S. LNG exports on Golar's business - Management noted that while U.S. production increases could impact the market, Golar's projects remain competitive due to their cost structure and contract arrangements [86][87] Question: Prospective fields for Mark II contracts - Management highlighted the importance of having sufficient reserves and gas flow to support FLNG operations, with ongoing monitoring of potential projects [106]