Golar LNG Limited Q4 FY2025 earnings call

2025 was a record year of execution. Q4 saw all conditions precedent for Mark II's 20-year contract in Argentina met. Closed $1.7 billion in financing transactions. SESA made progress on infrastructure in Argentina. Hilli, Gimi, and Mark II had respective operational and construction progresses

Hilli: Continued market-leading track record, generated slight overproduction in 2025 with $2.5 million of excess earnings over 1.4 million tonnes contracted capacity; Gimi: Achieved COD in June 2025, production ahead of schedule and saw increased earnings in Q4 2025 due to higher production volumes and improved conditions; Mark II FLNG: Construction on budget and on schedule, close to 50% complete, with approximately $1.1 billion spent of the total $2.2 billion conversion scope

Expect EBITDA to grow to over $800 million before commodity upside once 3 FLNGs are in full operations in Argentina. Commodity upside from LNG prices can bring additional earnings. Plan to continue asset-level debt optimization to fund fourth FLNG project

Commodity price fluctuations in long-term contracts can impact earnings. Cost inflation for long lead items like gas turbines due to competition from AI data centers. Shipyard capacity issues may affect future project delivery

Q: John Mackay from Goldman Sachs asked about strategic review process, potential sale; A: Tor Trøim and Karl Staubo responded.

Q: Christopher Robertson from Deutsche Bank asked about Gimi production, Hilli upgrade cost; A: Karl Staubo responded.

Q: Alexander Bidwell from Webber Research asked about Gimi production and Argentina project start-up; A: Karl Staubo responded.

Q: Sherif Elmaghrabi from BTIG asked about Gimi project partners and Middle Eastern opportunities; A: Karl Staubo responded.

Q: Spiro Dounis from Citi asked about LNG demand and financing bankability; A: Eduardo Maranhao responded.

Q: Liam Burke from B. Riley Securities asked about shipyard capacity and FLNG service competition; A: Karl Staubo responded