Fourth Quarter financial summary
(in thousands
of $) Q4 2025 Q4 2024 % Change YTD 2025 YTD 2024 % Change
-------------- --------- --------- -------- --------- --------- --------
Net income
attributable
to Golar LNG
Ltd 10,358 4,494 130% 65,676 50,839 29%
Total
operating
revenues 132,812 65,917 101% 393,522 260,372 51%
Adjusted
EBITDA (1) 91,004 59,168 54% 264,615 240,500 10%
Golar's share
of
contractual
debt (1) 2,728,923 1,515,357 80% 2,728,923 1,515,357 80%
--------- --------- -------- --------- --------- --------
Recent highlights
-- Golar LNG Limited ("Golar" or "the Company") reports Q4 2025 net income
attributable to Golar of $10 million inclusive of $28 million of non-cash
items1, Adjusted EBITDA1 of $91 million and Total Golar Cash1 of $1.2
billion.
-- Full year 2025 net income attributable to Golar of $66 million inclusive
of $84 million of non-cash items1, and Adjusted EBITDA1 of $265 million.
-- FLNG Hilli exceeded 2025 production target.
-- FLNG Gimi overproduced compared to contractual committed volume during Q4
2025, with production also frequently exceeding nameplate capacity during
the quarter.
-- MKII construction on time and on budget.
-- Satisfied all remaining conditions precedent for 20-year MKII FLNG
contract with Argentina's Southern Energy S.A. ("SESA").
-- Positive development of the commercial pipeline. We plan to order our 4th
FLNG when commercial terms for long-term deployment have matured.
-- Closed and drew down $1.2 billion FLNG Gimi secured bank facility.
-- Entered the U.S. rated bond market with $500 million of 5-year 7.50%
senior unsecured notes.
-- Repaid $190 million outstanding balance of the 2021 Unsecured Bonds that
matured in October 2025.
-- Repurchased and cancelled 1.1 million shares during Q4 2025 at an average
price of $37.76 per share under $150.0 million share buyback program;
$109 million remains available. 101.3 million shares issued and
outstanding as of December 31, 2025.
-- Declared dividend of $0.25 per share for the quarter, payable on March
18, 2026 to shareholders of record on March 9, 2026.
CEO Comment
"Q4 was another active quarter, closing 2025 as a record year of execution for Golar. During the year we secured $14 billion in Adjusted EBITDA backlog(1) between the two 20-year contracts for the FLNG Hilli and MKII FLNG to SESA in Argentina, with further upside through attractive commodity exposure. During the year we executed $2.275 billion of new financing facilities. Our Q4 operations across FLNG Hilli and FLNG Gimi continue to build on Golar's market leading FLNG operations track record. We remain on schedule for the MKII FLNG under construction at CIMC Raffles shipyard in Yantai, China. Preparations for the upcoming upgrades and life extension of the FLNG Hilli are also proceeding to plan.
The primary value of Golar is our market position as the only proven FLNG service provider globally. With in-house technical and operational expertise, we have demonstrated a market leading capex/ton for FLNG capacity as well as market leading operational uptime. We see continued strong development of our commercial pipeline and are pleased to advance multiple discussions in both existing and geographies new to FLNG deployment. We strive to utilize the platform value, further financing optimization and our growth pipeline to drive stakeholder value during 2026."
Summary and review of financial results
Business Performance(3)
2025 2024
----------------
Oct-Dec Jul-Sep Oct-Dec
---------------- ---------------- ----------------
(in thousands of $) Total Total Total
---------------- ---------------- ----------------
Net income 23,148 45,710 15,037
Income tax
expense/(benefit) 1,901 1,788 (504)
---------------- ---------------- ----------------
Net income before income
taxes 25,049 47,498 14,533
Depreciation and
amortization 12,203 12,208 13,642
Unrealized loss on oil
and gas derivative
instruments 20,553 12,732 14,269
Impairment of long-term
assets -- -- 22,933
Other non-operating loss -- -- 7,000
Interest income (10,926) (9,129) (9,866)
Interest expense, net 23,636 9,289 --
(Gains)/losses on
derivative instruments (2,269) (547) (8,711)
Other financial items,
net 11,412 901 1,153
Net income from equity
method investments 1,032 327 4,215
Sales-type lease
receivable in excess of
interest income (1) 10,314 10,141 --
Adjusted EBITDA (1) 91,004 83,420 59,168
------------------------ ---------------- ---------------- ----------------
2025
---------------------------------------------------------------------------------------------------------
Oct-Dec
---------------------------------------------------------------------------------------------------------
(in thousands Corporate Total Segment Consolidated
of $) FLNG and other Reporting Elimination Reporting
-------------------- -------------------- ----------------- -------------------- --------------------
Liquefaction
services
revenue 58,623 -- 58,623 -- 58,623
Sales-type
lease revenue 44,536 -- 44,536 -- 44,536
Vessel
management
fees and other
revenues 23,325 6,328 29,653 -- 29,653
Vessel
operating
expenses (42,217) (9,894) (52,111) -- (52,111)
Administrative
expenses 95 (5,354) (5,259) -- (5,259)
Project
development
expenses (2,235) (785) (3,020) -- (3,020)
Realized gain
on oil and gas
derivative
instruments
(2) 11,856 -- 11,856 -- 11,856
Other operating
gain/(loss) 2,143 (5,731) (3,588) -- (3,588)
Sales-type
lease
receivable in
excess of
interest
income (1) 10,314 -- 10,314 (10,314) --
-------------------- -------------------- ----------------- -------------------- --------------------
Adjusted EBITDA
(1) 106,440 (15,436) 91,004 (10,314) 80,690
-------------------- -------------------- ----------------- -------------------- --------------------
2025
-----------------------------------------------------------------------------------------------------------
Jul-Sep
-----------------------------------------------------------------------------------------------------------
(in thousands Corporate Total Segment Consolidated
of $) FLNG and other Reporting Elimination Reporting
-------------------- -------------------- ------------------- -------------------- --------------------
Liquefaction
services
revenue 55,971 -- 55,971 -- 55,971
Sales-type
lease revenue 38,706 -- 38,706 -- 38,706
Vessel
management
fees and other
revenues 20,763 7,095 27,858 -- 27,858
Vessel
operating
expenses (40,450) (6,596) (47,046) -- (47,046)
Administrative
expenses (291) (7,985) (8,276) -- (8,276)
Project
development
expenses (6,558) (565) (7,123) -- (7,123)
Realized gain
on oil and gas
derivative
instruments
(2) 13,587 -- 13,587 -- 13,587
Other operating
loss -- (398) (398) -- (398)
Sales-type
lease
receivable in
excess of
interest
income (1) 10,141 -- 10,141 (10,141) --
-------------------- -------------------- ------------------- -------------------- --------------------
Adjusted EBITDA
(1) 91,869 (8,449) 83,420 (10,141) 73,279
-------------------- -------------------- ------------------- -------------------- --------------------
2024
------------------------------------------------------------------------
Oct-Dec
------------------------------------------------------------------------
(in thousands Corporate
of $) FLNG and other Total
----------------------- ----------------------- ----------------------
Liquefaction
services
revenue 56,396 -- 56,396
Vessel
management
fees and other
revenues -- 6,025 6,025
Time and voyage
charter
revenues -- 3,496 3,496
Vessel
operating
expenses (19,788) (8,567) (28,355)
Administrative
expenses (264) (7,241) (7,505)
Project
development
expenses (3,624) (1,236) (4,860)
Realized gain
on oil and gas
derivative
instruments
(2) 33,502 -- 33,502
Other operating
income 469 -- 469
----------------------- ----------------------- ----------------------
Adjusted EBITDA
(1) 66,691 (7,523) 59,168
----------------------- ----------------------- ----------------------
(2) The line item "Realized and unrealized (loss)/gain on oil and gas derivative instruments" in the Unaudited Consolidated Statements of Operations relates to income from the FLNG Hilli Liquefaction Tolling Agreement ("LTA") and the natural gas derivative which is split into: "Realized gains on oil and gas derivative instruments" and "Unrealized (loss)/gain on oil and gas derivative instruments".
(3) On COD of FLNG Gimi in Q2 2025, a sales-type lease receivable was recognized in the balance sheet. The accounting for a sales-type lease is different to Golar's other commercial agreements, which have typically been accounted for as operating leases. In order to compare the performance of FLNG Gimi with our wider business, management determined that it would measure the performance of the FLNG Gimi sales-type lease based on Adjusted EBITDA(1) modified by sales-type lease receivable in excess of interest income(1) . This approach allows Golar to review the economic results of FLNG Gimi in a format consistent with FLNG Hilli.
Golar reports today Q4 2025 net income of $23 million, before non-controlling interests, inclusive of $28 million of non-cash items(1.) Adjusted EBITDA(1) at $91 million for Q4 was $8 million higher than Q3. Overproduction-related earnings from FLNG Hilli and FLNG Gimi together with reduced administration and project-related costs partially offset by higher operating costs and lower realized gains on oil and gas derivative instruments account for most of the increase.
The $28 million of Q4 non-cash items(1) is comprised of:
-- TTF and Brent oil linked derivative instruments' unrealized
mark-to-market ("MTM") losses of $21 million;
-- Extinguishment loss of $10 million relating to the write off of
unamortized deferred financing costs from our former $700 million Gimi
debt facility; and,
-- $3 million MTM gain on interest rate swaps.
During Q4, we recognized a total of $12 million realized gains on FLNG Hilli's oil and gas derivative instruments, comprised of a:
-- $6 million realized gain on the Brent oil linked derivative instrument;
and,
-- $6 million realized gain in respect of fees for the TTF linked
production.
A total of $21 million of unrealized non-cash losses in relation to FLNG Hilli's oil and gas derivative assets, with corresponding changes in fair value in its constituent parts have been recognized on our unaudited Q4 consolidated statement of operations as follows:
-- $12 million loss on the Brent oil linked derivative asset; and, -- $9 million loss on the TTF linked natural gas derivative asset.
Corporate/Other
Operating revenues and costs under corporate and other items are comprised of two FSRU operate and maintain agreements in respect of the LNG Croatia and Italis LNG. The LNG Croatia contract concluded in late December 2025 and the Italis LNG contract is expected to end within 1H 2026.
Balance sheet and liquidity
Total Golar Cash(1) as of December 31, 2025 was $1.2 billion. Golar's share of Contractual Debt(1) as of December 31, 2025 is $2.7 billion. After deducting Total Golar Cash(1) from Golar's share of Contractual Debt(1) , the net debt position as of Q4 2025 amounted to $1.5 billion.
Asset under development of $1.2 billion relates to our MKII FLNG conversion project, which has been fully equity funded to date. Total Golar Cash(1) could be used to fund all remaining capital expenditure in respect of this $2.2 billion conversion project, however asset level financing on the back of its confirmed 20-year contract continues to be evaluated. Equity released upon closing of a financing facility could be directed towards attractive FLNG growth opportunities.
Recent key financial transactions and updates
In October 2025, Golar closed a credit rated private offering of $500 million in aggregate principal amount of senior unsecured notes due 2030. The 144A/Reg S denominated benchmark 5NC2 Notes were issued at par, with interest at a rate of 7.50% per year and will mature on October 2, 2030. Of the $491 million proceeds net of fees and expenses, $190 million was used to repay the outstanding principal balance of the 2021 Unsecured Bonds that matured in October 2025.
In November 2025, Golar successfully closed and drew down a new $1.2 billion asset backed debt facility agreement with a consortium of banks for the refinancing of FLNG Gimi. The new $1.2 billion bank facility replaced an existing bank facility with an outstanding amount of $627 million as of November 2025. The new bank debt facility has a 7-year tenor, 16-year amortization profile and incurs interest at SOFR plus a margin of 2.50% p.a. Golar's 70% share of the net liquidity released from the bank refinancing amounted to approximately $400 million after repayment of the existing Gimi debt facility and unwinding of the existing interest-rate swap. During the quarter, Golar entered into new interest rate swap agreements to hedge $600 million of the $1.2 billion floating rate debt at a rate of SOFR plus 3.43%.
Liquefaction projects overview
In aggregate, across FLNG Hilli and FLNG Gimi, we have 5.1MTPA of liquefaction capacity on the water, a further 3.5MTPA currently under construction and a fourth unit under consideration.
FLNG Hilli
Maintained her market leading operational track record. During 2025, FLNG Hilli exceeded her contracted production volume with cumulative production since contract start-up exceeding 10 million tonnes. FLNG Hilli is currently offloading her 148th cargo.
The existing contract in Cameroon ends in Q3 2026. Immediately thereafter, the vessel will proceed to Seatrium's Singapore shipyard for upgrades and life extension works, before starting 20-years of operations offshore Argentina with SESA in H2 2027. The total budget for upgrade costs, positioning, operating costs, fuel and insurance during the period between the end of the contract in Cameroon and the expected Commercial Operations Date ("COD") in Argentina is estimated at $350 million. The required long lead items and equipment needed for the work at Seatrium have been ordered, and prefabrication of certain work scopes has started at the shipyard. The current FLNG Hilli sale and leaseback financing facility has an outstanding balance at Q4 2025 of $514 million.
Key commercial terms for FLNG Hilli's 20-year SESA agreement include Adjusted EBITDA(1) to Golar of $285 million per year, equivalent to an Adjusted EBITDA backlog(1) of $5.7 billion, with an additional commodity linked FLNG tariff component of 25% of Free on Board ("FOB") prices in excess of $8/MMBtu. This will add approximately $30 million of potential annual upside to Golar for every US dollar the achieved FOB price is above the reference LNG price of $8/MMBtu. The FLNG tariff will also be inflation adjusted at 30% of US CPI from year six (inclusive).
There is significant liquidity release potential in debt refinancing alternatives for FLNG Hilli on the back of the existing debt balance of $514 million against an Adjusted EBITDA backlog(1) of $5.7 billion. We will opportunistically evaluate debt refinancing alternatives to enhance equity returns for our FLNG Hilli ownership.
FLNG Gimi
FLNG Gimi has a nameplate capacity of 2.7MTPA. The contractual day rate that equates to annual Adjusted EBITDA(1) of approximately $215 million on a 100% basis assumes a guaranteed availability of 90% of nameplate capacity, equivalent to around 2.4MTPA. FLNG Gimi is paid on an availability basis. If the unit produces more or less than the contracted 2.4MTPA, the invoiced day rate is adjusted accordingly.
FLNG Gimi achieved its COD in June 2025. The unit is still optimizing operations in close collaboration with the upstream partners of the GTA project. Production is ahead of schedule and solid optimization has been achieved to date. Reflecting this, the Q4 invoiced day rate was 3% above the contractual day rate. FLNG Gimi has frequently produced at volumes that on an annualized basis would significantly surpass its 2.7MTPA nameplate capacity. The throughput of any liquefaction plant is sensitive to gas quality and ambient temperatures. Throughput variation between winter and summer months should therefore be expected, with colder ambient temperatures during winter benefiting production levels. However, based on operations to date, we expect FLNG Gimi to produce above her contracted volumes on an annual average basis.
FLNG Gimi is in the process of offloading its 25th cargo. Golar owns 70% of FLNG Gimi, and the Company's share of the net earnings backlog(1) for the 20-year contract duration is expected to be approximately $3 billion.
Golar continues to actively engage with the GTA partners to identify and develop value enhancing initiatives for the GTA project to further improve the project's unit economics, including potential for further debottlenecking of the FLNG Gimi nameplate capacity and field operating cost optimizations.
The FLNG Gimi was refinanced during Q4 2025 with the above described $1.2 billion bank facility at improved size, pricing and terms relative to the retired financing facility.
MKII FLNG 3.5MTPA conversion
All conditions precedent and customary closing conditions in connection with the 20-year contract of Golar's 3.5MTPA MKII FLNG to SESA were satisfied in October 2025.
The 20-year contract of the MKII FLNG solidifies $8 billion of Adjusted EBITDA backlog(1) over 20-years, equivalent to $400 million in annual Adjusted EBITDA(1) to Golar, before commodity exposure and inflationary adjustments. The commodity linked tariff component will add approximately $40 million of potential annual upside to Golar for every US dollar the achieved FOB price is above the reference LNG price of $8/MMBtu. The MKII FLNG will be deployed in the Gulf of San Matías, offshore Argentina, where it will operate in proximity to FLNG Hilli. Similar to FLNG Hilli, the FLNG tariff will be inflation adjusted at 30% of US CPI from year six (inclusive).
The MKII FLNG is currently under conversion at CIMC Raffles yard in China. Conversion work remains on schedule and on budget and is expected to complete in Q4 2027. The FLNG unit will then sail to Argentina with contract start-up expected during 2028. Golar has spent $1.1 billion to date, all equity financed.
Southern Energy
SESA is a company formed to enable LNG exports from Argentina. SESA is owned by a consortium of leading Argentinian gas producers including Pan American Energy (30%), YPF (25%), Pampa Energia (20%) and Harbour Energy (15%), as well as Golar (10%).
Golar's 10% ownership of SESA provides additional commodity exposure. Once both FLNG Hilli and the MKII FLNG are operational in Argentina, the 10% equity stake equates to additional commodity exposure to Golar for every US dollar/MMBtu change in achieved FOB prices above or below SESA's cash break even. Combined with the commodity exposure in the FLNG contracts, Golar's total commodity exposure for the two Argentinian FLNG contracts and through our ownership in SESA is up to $100 million for every $1 the FOB price is above $8/MMBtu, with a downside of approximately $28 million for every $1 the FOB price is below SESA's cash break even.
In December 2025, SESA signed a Heads of Agreement with German state-owned SEFE (Securing Energy for Europe) for the sale of up to 2 million tonnes per annum of LNG over eight years starting late 2027. The agreement remains contingent on the negotiation and execution of final sales and purchase agreements, expected to close within Q1 2026.
SESA is progressing with the development of the required FLNG infrastructure, having awarded approximately $500 million capex, including mooring systems, onshore and offshore pipes, gas compressors and support vessels.
A dedicated pipeline from Vaca Muerta, Neuquen to the Gulf of San Matias, offshore Rio Negro is planned to provide both the FLNG Hilli and MKII FLNG with year round natural gas supply. SESA is responsible for providing the feed gas, including development of the pipeline. In December 2025, SESA selected Welspun Corp (India) as the pipe supplier for the 500km pipeline. Compression stations have also been awarded and ordered. During Q1 SESA received several EPC proposals for the construction of the pipeline. SESA is also discussing a pipeline financing facility with a syndicate of banks.
FLNG business development
Increasingly strong demand for incremental FLNG tonnage driving positive development of the commercial pipeline. During Q4 we obtained updated yard availability, price and delivery terms for each of our three different FLNG designs ranging in size from 2 to 5MTPA. Given the different size requirements of the projects in development we will refrain from committing significant capital expenditure on our fourth FLNG until commercial terms for the next project are matured. We see demand for several additional FLNG units. Development of FLNG projects is complex and time consuming. In addition to agreement of commercial terms, they require regulatory and environmental approvals that impact timing.
During 2H 2025 the LNG market saw an increasing focus on a supply wave of new liquefaction capacity to be added over the next 5 years. We note with interest that most of these capacity additions will be based out of the US, which is already the largest LNG exporter and the marginal producer globally. We are pleased to see FLNG project FID's continue in this environment, with Eni S.p.A. progressing its 2nd FLNG for Mozambique and our own commercial prospects advancing at an unaffected pace. The ability of FLNG to monetize competitive gas reserves, attractive liquefaction capex, flexibility and often a shorter shipping distance from production to end-users versus market averages drives the relative competitiveness of our business model.
Based on recent market sentiment, we expect the energy needed to support emerging Artificial Intelligence ("AI") and data center build outs to address some of the LNG oversupply fears. We also see significant elasticity in LNG demand relative to alternative fuels. Rising oil prices support the floor for LNG demand elasticity. Additionally, recent geopolitical developments in Europe and the Middle East have once again highlighted the risks to security of global energy supply caused by over dependence on a single supplier or on freedom of navigation.
Investor conference call and webcast
We will host a conference call to discuss our financial and operating results for the fourth quarter 2025 on Wednesday, February 25, 2026, at 8 a.m. Eastern time / 7 a.m. Central time / 1 p.m. London time / 2 p.m. Oslo time. A listen-only webcast of the call and an accompanying slide presentation may be accessed through our website at www.golarlng.com. Following the call, a recording will be made available on our website.
About Golar LNG
Golar LNG Limited $(GLNG)$ is a LNG infrastructure company. Through its 80-year history, the company has pioneered maritime LNG infrastructure including the world's first Floating LNG liquefaction terminal $(FLNG)$ and Floating Storage and Regasification Unit (FSRU) projects based on the conversion of existing LNG carriers. Today Golar is focused on its FLNG business where it remains the only proven provider of FLNG as a service.
Non-GAAP measures
In addition to disclosing financial results in accordance with U.S. generally accepted accounting principles (US GAAP), this earnings release and the associated investor presentation contain references to the non-GAAP financial measures which are included in the table below. We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business and measuring our performance.
This report also contains certain forward-looking non-GAAP measures for which we are unable to provide a reconciliation to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside of our control, such as oil and gas prices and exchange rates, as such items may be significant. Non-GAAP measures in respect of future events which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied to Golar's unaudited consolidated financial statements.
These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures and financial results calculated in accordance with GAAP. Non-GAAP measures are not uniformly defined by all companies and may not be comparable with similarly titled measures and disclosures used by other companies. The reconciliations as at December 31, 2025 and for the year ended December 31, 2025, from these results should be carefully evaluated.
Non-GAAP Closest equivalent Adjustments to Rationale for
measure US GAAP measure reconcile to primary adjustments
financial statements
prepared under US
GAAP
----------- -------------------- -------------------- ---------------------
Performance measures
Adjusted Net income/(loss) '+/- Income taxes + Increases the
EBITDA Depreciation and comparability of
amortization + total business
Impairment of performance from
long-lived assets period to period and
+/- Unrealized against the
(gain)/loss on oil performance of other
and gas derivative companies by
instruments +/- excluding the results
Other non-operating of our equity
(income)/losses +/- investments, removing
Net financial the impact of
(income)/expense +/- unrealized movements
Net (income)/losses on embedded
from equity method derivatives,
investments +/- Net depreciation,
loss/(income) from impairment charge,
discontinued financing costs, tax
operations + items, discontinued
Sales-type lease operations and
receivable in excess including sales-type
of interest income lease receivable in
excess of interest
income.
Liquidity measures(1)
Contractual Total debt +/-Variable During the year, we
debt (current and Interest Entity consolidate a lessor
non-current), ("VIE") VIE for our Hilli
net of deferred consolidation sale and leaseback
financing costs adjustments facility. This means
+/-Deferred that on
financing costs consolidation, our
contractual debt is
eliminated and
replaced with the
lessor VIE debt.
Contractual debt
represents our debt
obligations under our
various financing
arrangements before
consolidating the
lessor VIE. The
measure enables
investors and users
of our financial
statements to assess
our liquidity,
identify the split of
our debt (current and
non-current) based on
our underlying
contractual
obligations and aid
comparability with
our competitors.
Total Golar Golar cash -VIE restricted cash We consolidate a
cash based on GAAP and short-term lessor VIE for our
measures: deposits sale and leaseback
+ Cash and facility. This means
cash equivalents that on
+ Restricted consolidation, we
cash and short-term include restricted
deposits (current cash held by the
and non-current) lessor VIE. Total
Golar Cash represents
our cash and cash
equivalents and
restricted cash and
short-term deposits
(current and
non-current) before
consolidating the
lessor VIE.
Management believes
that this measure
enables investors and
users of our
financial statements
to assess our
liquidity and aids
comparability with
our competitors.
----------- -------------------- -------------------- ---------------------
Adjusted Interest expense, '+/-Variable During the year, we
interest net Interest Entity consolidate a lessor
expense ("VIE") VIE for our Hilli
consolidation sale and leaseback
adjustments facility. This means
+Capitalized deemed that on
interest -Deferred consolidation, our
financing costs contractual debt
amortization interest expense is
eliminated and
replaced with the
lessor VIE debt
interest expense.
Adjusted interest
expense removes the
effects of VIE
consolidation,
adjusted for
capitalized deemed
interest on
qualifying assets and
deferred financing
costs amortization.
Management believes
this measure provides
useful supplemental
information to
investors by
enhancing
period-over-period
and peer
comparability and
facilitating an
assessment of our
capital structure.
(1) Please refer to reconciliation below for Total Golar cash, Contractual debt and Adjusted interest expense.
Adjusted EBITDA backlog: This is a non-GAAP financial measure and represents the share of contracted fee income for executed contracts less forecasted operating expenses for these contracts/agreements. Adjusted EBITDA backlog should not be considered as an alternative to net income / (loss) or any other measure of our financial performance calculated in accordance with U.S. GAAP.
Non-cash items: Non-cash items comprised of impairment of long-lived assets, release of prior year contract underutilization liability, mark-to-market ("MTM") movements on our TTF and Brent oil linked derivatives, listed equity securities and interest rate swaps ("IRS") which relate to the unrealized component of the gains/(losses) on oil and gas derivative instruments, unrealized MTM (losses)/gains on investment in listed equity securities, gains on derivative instruments, net, and gain/(loss) on debt extinguishment.
Sales-type lease receivable in excess of interest income: Sales-type lease receivable in excess of interest income represents the lease receivable principal amortization component of the total amounts invoiced under the FLNG Gimi sales-type lease which commenced in June 2025. We included the total invoiced amounts comprising both interest income and principal repayment in our FLNG Adjusted EBITDA to reflect the total cash earnings and economic performance of the FLNG Gimi. This amount is eliminated from the unaudited consolidated statement of operations in accordance with U.S. GAAP.
Abbreviations used:
FLNG: Floating Liquefaction Natural Gas vessel
FSRU: Floating Storage and Regasification Unit
FPSO: Floating Production, Storage and Offloading unit
MMBtu: Million British Thermal Units
MTPA: Million Tons Per Annum
Reconciliations - Liquidity Measures
Total Golar cash
December September December
(in thousands of $) 31, 2025 30, 2025 31, 2024
------------------------------ -------------- -------------- --------------
Cash and cash equivalents 1,151,221 611,176 566,384
Restricted cash and short-term
deposits (current and
non-current) 64,196 66,411 150,198
Less: VIE restricted cash and
short-term deposits (11,429) (16,581) (17,472)
-------------- -------------- --------------
Total Golar cash 1,203,988 661,006 699,110
-------------- -------------- --------------
Contractual debt
December September December
(in thousands of $) 31, 2025 30, 2025 31, 2024
--------------------------------- ------------- ------------- -------------
Total debt (current and
non-current) net of deferred
financing costs 2,758,024 1,917,346 1,452,255
VIE consolidation adjustments (1) 283,886 270,291 241,666
Deferred financing costs 47,013 28,617 22,686
Total contractual debt 3,088,923 2,216,254 1,716,607
Less: Keppel's share of the Gimi
debt (360,000) (188,125) (201,250)
------------- ------------- -------------
Golar's share of contractual debt 2,728,923 2,028,129 1,515,357
------------- ------------- -------------
Please see Appendix A for a capital repayment profile for Golar's contractual debt.
Adjusted interest expense
2025 2025 2025 2024
(in thousands
of $) Oct-Dec Jul-Sep Jan-Dec Jan-Dec
--------------- --------------- --------------- ----------------
Interest
expense, net 23,636 9,289 32,925 --
VIE
consolidation
adjustments
(1) 7,054 6,997 27,745 31,212
Capitalized
deemed
interest on
qualifying
assets 17,521 23,277 73,212 48,906
Deferred
financing
costs
amortization (2,427) (2,609) (7,113) 3,396
--------------- --------------- --------------- ----------------
Adjusted
interest
expense 45,784 36,954 126,769 83,514
Less: Keppel's
share of the
Gimi debt
interest
expense (4,490) (3,692) (16,892) (18,160)
--------------- --------------- --------------- ----------------
Golar's share
of adjusted
interest
expense 41,294 33,262 109,877 65,354
--------------- --------------- --------------- ----------------
(1) This represents the difference between the VIE debt and our contractual debt
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 such as "if," "subject to," "believe," "assuming," "anticipate," "intend, " "estimate," "forecast," "project," "plan," "potential," "will," "may," "should," "expect," "could," "would," "predict," "propose," "continue," or the negative of these terms and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Golar undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise. Other important factors that could cause actual results to differ materially from those in the forward-looking statements include but are not limited to:
-- our ability to fulfil our obligations under our commercial agreements,
including the Liquefaction Tolling Agreement (the "LTA") for the FLNG
Hilli Episeyo ("FLNG Hilli") and the 20-year Lease and Operate Agreement
(the "LOA") for the FLNG Gimi ("FLNG Gimi");
-- our ability to perform under our agreement with Southern Energy S.A.
("SESA") for the deployment of FLNG Hilli and MKII FLNG ("MKII FLNG") in
Argentina, including the timely completion of redeployment and
commissioning activities, as well as SESA's ability to meet its
commitments to us;
-- our ability to complete the MKII conversion and FLNG Hilli refurbishment
in a timely manner and within budget;
-- our ability to obtain additional financing or refinance existing debt on
acceptable terms or at all;
-- global economic trends, competition, and geopolitical risks, including
actions by the U.S. government, trade tensions or conflicts such as those
between the U.S. and China, related sanctions, the potential effects of
any Russia-Ukraine peace settlement on liquefied natural gas ("LNG")
supply and demand and heightened political instability in the Middle East,
including Iran and Israel conflicts;
-- an increase in tax liabilities in the jurisdictions where we are
currently operating, have previously operated or expect to operate;
-- any material decline or prolonged weakness in tolling rates for FLNGs;
-- any failure of shipyards to comply with project schedules, performance
specifications or agreed prices;
-- any failure of our contract counterparties to comply with their
agreements with us or other key project stakeholders;
-- continuing volatility in the global financial markets, including
commodity prices, foreign exchange rates and interest rates and global
trade policy, particularly the imposition of tariffs by the U.S.
government;
-- changes in general domestic and international political conditions,
particularly where we operate, or where we seek to operate;
-- changes in our ability to retrofit vessels as FLNGs, including the
availability of donor vessels to purchase and the time it takes to build
new vessels;
-- continuing uncertainty resulting from potential future claims from our
counterparties of purported force majeure under contractual arrangements,
including our future projects and other contracts to which we are a
party;
-- our ability to close potential future transactions in relation to equity
interests in our vessels or to monetize our remaining investments on a
timely basis or at all;
-- increases in operating costs as a result of inflation or trade policy,
including salaries and wages, insurance, crew and related costs, repairs
and maintenance and spares;
-- claims made or losses incurred in connection with our continuing
obligations;
-- the ability of certain parties to meet their respective obligations to us,
including indemnification obligations;
-- changes to rules and regulations applicable to FLNGs or other parts of
the natural gas and LNG supply chain;
-- rules on climate-related disclosures promulgated by the European Union,
including but not limited to disclosure of certain climate-related risks
and financial impacts, as well as greenhouse gas emissions;
-- actions taken by regulatory authorities that may prohibit the access of
FLNGs to various ports and locations; and
-- other factors listed from time to time in registration statements,
reports or other materials that we have filed with or furnished to the
Commission, including our annual report on Form 20-F for the year ended
December 31, 2024, filed with the U.S. Securities and Exchange Commission
("U.S. SEC") on March 27, 2025 (the "2024 Annual Report").
As a result, you are cautioned not to rely on any forward-looking statements. Actual results may differ materially from those expressed or implied by such forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise unless required by law.
Responsibility Statement
We confirm that, to the best of our knowledge, the unaudited consolidated financial statements for the year ended December 31, 2025, which have been prepared in accordance with accounting principles generally accepted in the United States give a true and fair view of Golar's unaudited consolidated assets, liabilities, financial position and results of operations. To the best of our knowledge, the report for the year ended December 31, 2025, includes a fair review of important events that have occurred during the period and their impact on the unaudited consolidated financial statements, the principal risks and uncertainties and major related party transactions.
Our actual results for the year ended December 31, 2025 will not be available until after this press release is furnished and may differ from these estimates. The preliminary financial information presented herein should not be considered a substitute for the financial information to be filed with the SEC in our Annual Report on Form 20-F for the year ended December 31, 2025 once it becomes available. Accordingly, you should not place undue reliance upon these preliminary financial results.
February 25, 2026
The Board of Directors
Golar LNG Limited
Hamilton, Bermuda
Investor Questions: +44 207 063 7900
Karl Fredrik Staubo - CEO
Eduardo Maranhão - CFO
Tor Olav Trøim (Chairman of the Board)
Benoît de la Fouchardiere (Director)
Carl Steen (Director)
Dan Rabun (Director)
Lori Wheeler Naess (Director)
Mi Hong Yoon (Director)
Niels Stolt-Nielsen (Director)
Stephen J. Schaefer (Director)
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
Attachment
-- Golar LNG Limited Preliminary fourth quarter and financial year 2025
results
(END) Dow Jones Newswires
February 25, 2026 06:22 ET (11:22 GMT)
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