Cheniere Energy, Inc. Q4 FY2025 earnings call

• Jack A. Fusco: Acknowledged the tenth anniversary of the first export cargo, highlighted fourth quarter operational excellence, 2025 record LNG production, 2026 financial guidance, completion of the 2020 Vision capital allocation plan ahead of schedule, and announced a new long - term SPA with CPC. - Anatol Feygin: Provided an update on the LNG market, including European and Asian LNG import trends. - Zach Davis: Reviewed financial results, 2026 guidance, long - term capital allocation plan, share repurchases, dividend growth, and balance sheet management

In the fourth quarter, consolidated adjusted EBITDA was approximately $2,000,000,000. For the full year 2025, consolidated adjusted EBITDA was $6,940,000,000 which was at the high end of the guidance range. Distributable cash flow in the fourth quarter was approximately $1,500,000,000 and for the full year was $5,300,000,000, which was approximately $100,000,000 above the high end of the guidance range. Net income in the fourth quarter totaled approximately $2,300,000,000. 2025 was a record year for LNG production with 670 cargoes, over 46,000,000 tons. In the fourth quarter, 185 LNG cargoes were exported from facilities, an increase of 22 cargoes from the third quarter. For 2026, the consolidated adjusted EBITDA guidance is $6,750,000,000 to $7,250,000,000, distributable cash flow guidance is $4,350,000,000 to $4,850,000,000, and CQP per unit distributions are $3.10 to $3.40. These ranges reflect higher production in 2026 offset by lower margins on spot cargoes than the previous year and the start - up of long - term contracts

• 2026 consolidated adjusted EBITDA is forecasted to be between $6,750,000,000 and $7,250,000,000. - Distributable cash flow for 2026 is expected to be in the range of $4,350,000,000 to $4,850,000,000. - CQP per unit distributions for 2026 are projected to be $3.10 to $3.40. - The ranges reflect higher production in 2026 offset by lower margins on spot cargoes and the start - up of long - term contracts. - The 2020 Vision capital allocation plan was completed ahead of schedule, and the share repurchase authorization was increased

Q: Talk about how demand across Asia from 2026 through 2030 might influence commercial conversations and the impact of weather - related events in the Haynesville on Cheniere Energy, Inc.; A: Anatol Feygin discussed Asia demand influence on commercial conversations and Jack A. Fusco talked about the weather - related events having no material impact.

Q: Commercial progress including SPA progress and market contracted margins; A: Anatol Feygin spoke about SPA progress and Jack A. Fusco emphasized the reliability factor in market contracted margins.

Q: Production fees economics and demand elasticity; A: Anatol Feygin provided insights on production fees economics and demand elasticity.

Q: LNG exports impact on domestic affordability; A: Jack A. Fusco and Anatol Feygin discussed LNG exports impact on domestic affordability.

Q: EPC CapEx escalation in LNG greenfield costs; A: Jack A. Fusco talked about EPC CapEx escalation.

Q: Timing and use case of CCL Stage 3 expansion; A: Zach Davis spoke about the timing and use case of CCL Stage 3 expansion.

Q: CPC contract kick - in and additional expansions; A: Anatol Feygin on CPC contract kick - in and Zach Davis on additional expansions.

Q: China growth price and coal - to - gas switching; A: Anatol Feygin discussed China growth price.

Q: Dividend growth and buybacks; A: Zach Davis talked about dividend growth and buybacks