Golar LNG (GLNG) Q2 2026 earnings summary

Executive summary

• Signed a fourth FLNG unit (Mark II) at CIMC Raffles for delivery by 2029, with an option for a fifth and LOI for further units at Seatrium, supporting accelerated FLNG growth ambitions.

• FLNG Hilli completed its 8-year contract in Cameroon with 100% uptime, offloading 156 cargoes, and is being modified for a 20-year Argentina contract starting in 2027.

• FLNG Gimi produced 15% above contract, offloading 41 cargoes, and continues to outperform.

• Esperanza is 74% complete, on schedule and budget, with $1.3–$1.4 billion invested and operations in Argentina set for H2 2028.

• Liquidity is approximately $1.5 billion, including a new $600 million revolving credit facility, supporting disciplined capital allocation and share buybacks.

Financial highlights

• Q2 2026 operating revenue was $130 million, up 72% year-over-year; Adjusted EBITDA rose 159% to $127 million, driven by higher commodity-linked earnings from Hilli.

• Net income for Q2 2026 was $56 million; net income attributable to shareholders rose 145% year-over-year to $38 million.

• Quarterly dividend of $0.25 per share declared.

• Total cash at quarter end was $900–$908 million; net interest-bearing debt was $1.8 billion.

• Adjusted EBITDA backlog stands at ~$17 billion before commodity upside and inflation.

Outlook and guidance

• Annual run-rate EBITDA expected to reach $800 million by 2028 with three FLNGs operational, and over $1.2 billion by 2030 if the fourth unit is contracted on similar terms.

• Commodity-linked upside could add $500 million per year during SESA’s first three years, with every $1/MMBtu above $8/MMBtu equating to up to $100 million additional annual earnings.

• FLNG #4 expected to be the earliest available FLNG globally, with delivery by 2029.

• Ongoing discussions for incremental FLNG units and long-term employment contracts.

• FLNG market expected to grow, with 1–3 new orders from other owners in the next 6–12 months.