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- **$17B EBITDA Backlog**: All three FLNG units now fully contracted through 2045, with $17 billion in contracted EBITDA before upside.
- **Mark II FID Achieved**: Argentina project on track for 2028 startup, with $400 million annual EBITDA contribution.
- **$83M Q3 EBITDA**: Gimi exceeded expectations, driving 4x EBITDA growth by 2028.
- **$150M Buyback**: Share repurchases continue alongside $500M bond issuance for strong liquidity.
- **Gas Turbine Lead Times**: 36-38 month delays for long lead items due to AI/data center demand.

**【CEO Summary Section】**
- Golar achieved a record Q3 2025 with $8 billion in new EBITDA backlog, bringing total contracted EBITDA to $17 billion before commodity upside.
- The Mark II FLNG unit in Argentina reached Final Investment Decision (FID) in August and completed all Conditions Precedent (CPs) in October, on track for delivery in Q4 2027.
- The company secured $1 billion in new debt facilities and retired $190 million of maturing bonds, maintaining a net debt position of $1.4 billion with $1 billion in cash.
- Golar approved a new $150 million share buyback program, adding to the $812 million returned to shareholders over the past 5 years.
- The fourth FLNG unit is expected to be ordered in the coming months, with long lead items already approved to secure delivery timelines.

**【CFO Financial Commentary】**
- Q3 2025 adjusted EBITDA reached $83 million, driven by $51 million from Hilli and $48 million from Gimi, with Gimi exceeding base capacity.
- Net income was $46 million, including $12 million of non-cash derivative adjustments.
- The company issued $500 million in U.S.-rated senior unsecured bonds at 7.5% coupon, refinancing $190 million of Norwegian bonds.
- By 2028, EBITDA is expected to quadruple to $800 million annually, with potential upside from LNG price increases (e.g., $100 million/year for every $1/MMBtu increase above $8/MMBtu).
- A new $1.2 billion bank facility for Gimi is expected to close in Q4, improving terms and releasing $400 million in net proceeds.

**【Q&A Key Highlights】**
- **Argentina Risk Mitigation**: Contracts include 30-year export licenses, English law jurisdiction, and corporate guarantees from SESA partners, reducing political risk.
- **Fourth FLNG Design**: Mark I (repeat of Hilli/Gimi) at 2.5Mtpa, Mark II (repeat of current unit) at 3.4Mtpa, and Mark III (newbuild) at 5.4Mtpa. Long lead item delays now 36-38 months due to AI/data center demand for gas turbines.
- **Gimi Efficiency**: Daily production frequently exceeds 2.4Mtpa base capacity; debottlenecking could add 10-20% capacity through upgrades to gas treatment or liquefaction trains.
- **Share Buybacks**: $150 million program approved, with $9.3 million shares repurchased at $125 average price over 5 years.
- **Pipeline Progress**: SESA expects to award EPC contract for Vaca Muerta pipeline in H1 2026, with construction completing by Mark II's 2028 startup.

Golar LNG Limited (GLNG) Q3 2025 Earnings Call Transcript

- **$17B EBITDA backlog (pre-commodity upside)**: Secured 20-year charters for Hilli and Mark II, but 2025 Q3 shipyard delays risk 2028 start date. 
- **2028 EBITDA growth 4x LTM ($800M+ vs. $208M)**: 3.4x net debt/EBITDA ratio, but 2025 Q3 shipyard delays could push Mark II FID into 2026. 
- **Key risk**: 2028 EBITDA growth could be delayed, impacting 2028 start date. 


**【CEO Summary Section】**
- Secured 20-year charters for Hilli and Mark II FLNG units, adding $13.7 billion to EBITDA backlog (total $17 billion pre-commodity upside). 
- Company cash position $897 million, with $575M convertible bond issuance and 2.5% share buyback ($103M spent). 
- Focus on ordering 4th FLNG unit by Q4 2025, with 38-48 month lead times for new units, risking 2028 delivery. 
- Risk: delays in regulatory approvals could push Mark II FID into 2026, impacting 2028 start date. 
- Strategy: maintain 1 open FLNG at a time, but delays in 2025 Q3 shipyard contracts could constrain growth. 

**【CFO Financial Commentary】**
- Q2 2025 EBITDA $49M (vs. $208M LTM), with $31M net income (includes $30M Gimi COD gain). 
- 2028 EBITDA could grow 4x LTM ($800M+ vs. $208M), but 2025 Q3 shipyard delays could push Mark II delivery to 2028. 
- 2028 EBITDA includes $600M+ free cash flow (3.4x net debt/EBITDA ratio). 
- Risk: 2025 Q3 shipyard delays could push Mark II FID into 2026, impacting 2028 start date. 

**【Q&A Highlights】**
- Analysts question ability to meet 2028 delivery schedule, with 2025 Q3 shipyard delays risking 2028 start date. 
- Management: 2028 EBITDA could grow 4x LTM ($800M+ vs. $208M), but 2025 Q3 shipyard delays could push Mark II FID into 2026. 
- Risk: 2028 EBITDA growth could be delayed, impacting 2028 start date. 
- Management: 2028 EBITDA could grow 4x LTM ($800M+ vs. $208M), but 2025 Q3 shipyard delays could push Mark II FID into 2026. 
- Impact: 2028 EBITDA growth could be delayed, affecting 2028 start date. 


Golar LNG Limited (GLNG) Q2 2025 Earnings Call Transcript

- **$17B EBITDA Backlog**: Secured 20-year charters for Hilli (Argentina) and Mark II FLNG, with $13.7B pre-CPI and $17B including commodity upside.
- **Strong Financial Position**: $4B market cap, $800M net debt, 2.8x net debt/EBITDA, $680M cash on hand.
- **Growth Catalysts**: 2027 Mark II delivery, Gimi COD Q2, and potential MARK I/II conversions.
- **Commodity Upside**: 25% of FOB prices above $8, with 28M/MMBtu EBITDA sensitivity via 10% SESA stake.
- **Strategic Focus**: Lower CapEx ($600M/Mtpa vs $1B/Mtpa), higher EBITDA tariffs ($2.45/MMBtu), and 25% upside participation.

**【CEO Summary Section】**
- Golar has transitioned to a focused FLNG company, exiting LNG shipping with the sale of Golar Arctic and Avenir LNG equity. 
- Secured 20-year charters for Hilli (Argentina) and Mark II FLNG, with combined EBITDA backlog of $13.7 billion pre-CPI and $17 billion including commodity upside.
- Key projects: 
  - Hilli to redeploy in Argentina post Cameroon contract, with $5.7 billion EBITDA backlog.
  - Gimi nearing COD with BP in Mauritania/Senegal, contributing $151M annual EBITDA.
  - Mark II conversion of Fuji on track for 2027 delivery.
- Financial metrics: Market cap $4B, net debt $800M, net debt/EBITDA 2.8x.
- Risk mitigation: English law contracts, USD payments, RIGI protections.

**【CFO Financial Commentary】**
- Q1 2025: Operating revenues $63M, EBITDA $41M, net income $13M.
- Liquidity: $680M cash on hand, $1.5B gross debt (adjusted for Gimi stake).
- Refinancing: $1.2B debt facility for Gimi with 12-year tenor, expected closing Q3 2025.
- Dividend: $0.25/share declared, ~$105M annualized.
- Future leverage: Target 5x net debt/EBITDA, potential $1.9B equity release via asset-level financing.

**【CTO Technical Overview】**
- FLNG designs: 
  - Mark I (2Mtpa), Mark II (3.5Mtpa), Mark III (5.4Mtpa) using Black & Veatch precool liquefaction.
- Conversion progress: 
  - Fuji (Mark II) in China, midship section construction underway.
  - EPC contracts with CIMC Raffles, long-lead items secured.
- Future growth: 
  - Evaluating MARK I/II conversions and new builds.
  - 2025 shipyard activity to secure 3-year conversion timelines.
- Strategic advantage: Lower CapEx ($600M/Mtpa vs $1B/Mtpa for US LNG), higher EBITDA tariffs ($2.45/MMBtu vs $2), and 25% commodity upside.

**【Q&A Highlights】**
- **Argentina Strategy**: 
  - Southern Energy targeting mix of Brent, JKM, TTF-linked cargoes plus spot.
  - 10% equity stake in SESA provides 25% upside above $8 FOB, 28M/MMBtu EBITDA sensitivity.
- **CapEx & Financing**: 
  - Gimi COD expected Q2, no material Q2 CapEx.
  - SESA infrastructure costs (pipeline, port) covered by upstream partners.
- **Future Units**: 
  - MARK I/II conversions preferred for 3-year timelines; MARK III requires 4 years.
  - Board open to strategic alternatives if undervalued, but focused on organic growth.
- **Valuation**: 
  - Board views current share price undervalued vs $17B EBITDA backlog and 20+ year visibility.
  - Potential actions include asset sales, bond issuance, or M&A if undervaluation persists.

Golar LNG Limited (GLNG) Q1 2025 Earnings Call Transcript

- **FLNG Market Leader**: Acquired 8% Hilli stake, boosting annual EBITDA by $7 million + commodity upside. Now controls 8.6 million tons/year liquefaction capacity.
- **Gimi Milestone**: First LNG cargo Q1 2025, unlocking $3 billion EBITDA backlog. Refinancing nearing completion.
- **Argentina Expansion**: 20-year Hilli contract in Argentina expected 2027 start. 3 major gas producers (Pampa, Harbour, YPF) joined project, enhancing credit quality.
- **Mark II Progress**: $600 million invested, 2027 delivery target. Discussions for debt financing post-charter.
- **Financial Strength**: $700 million cash, $0.25/share dividend. 2024 EBITDA $241 million, net income $81 million.
- **Competitive Edge**: FLNG-as-a-service reduces charterer risk. Base tariffs competitive with land-based LNG, with upside from LNG price growth.


**【CEO Summary Section】**
- **Transition to Pure FLNG Company**: Sold Avenir LNG and Golar Arctic, ending 50-year LNG shipping operations. Current assets include Hilli (Cameroon/Argentina), Gimi (Senegal/Mauritania), and Mark II FLNG under construction. EBITDA backlog stands at $11 billion before commodity exposure.
- **Hilli Redeployment**: 20-year Argentina contract expected to commence in 2027. Acquired 8% minority stake in Hilli for $90 million, adding $7 million annual fixed tariff and commodity-linked upside.
- **Gimi Commissioning**: First LNG cargo expected Q1 2025, full commercial operations Q2. EBITDA backlog of $3 billion for 20-year charter with BP.
- **Mark II FLNG**: $600 million invested to date, total CapEx $2.2 billion. Target deployment in 2027, with discussions for asset-level debt post-charter.
- **Market Position**: Largest FLNG owner/operator with 8.6 million tons/year liquefaction capacity. Only provider of FLNG-as-a-service, reducing charterer capital risk.

**【CFO Financial Commentary】**
- **Q4 2024 Results**: Total operating revenues $66 million, FLNG tariffs $86 million. Full-year EBITDA $241 million, net income $81 million (vs. $15 million Q4). Cash position $700 million, dividend $0.25/share.
- **Hilli Performance**: 100% economic uptime, $45 million Q4 free cash flow. Sensitivity to Brent/TTF: $3.1 million/yr per $1 Brent above $60, $3.7 million/yr per $1 TTF.
- **Debt Management**: Total gross debt $1.5 billion, net debt $800 million. Refinancing Gimi in final stages; Mark II to be debt-funded post-charter.
- **Backlog Visibility**: $11 billion EBITDA backlog (Hilli + Gimi) + potential upside from Mark II deployment.

**【Q&A Key Highlights】**
- **Mark II Construction**: On track for 2027 delivery. No immediate long-lead item spending, monitoring supplier dynamics.
- **Argentina Infrastructure**: Existing pipeline network sufficient for Hilli. Future FLNG projects may require new pipelines, dependent on gas producer FIDs.
- **Competitive Position**: FLNG-as-a-service model reduces charterer risk. Base tariffs competitive with land-based LNG, with upside from LNG price growth.
- **U.S. LNG Exports**: Competitiveness depends on cost of production. Golar's FLNG projects target price-sensitive markets with stranded gas reserves.
- **Fourth FLNG Unit**: Evaluating Mark I, II, and III designs based on commercial opportunities. Option to build fourth Mark II in 2028 if order placed in 2025.


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