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Golar LNG Limited 2025 I 1 SECOND QUARTER 2025 RESULTS August 14, 2025
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Golar LNG Limited 2025 I 2 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 reflects 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 fulfill 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 in Argentina, which includes completing required redeployment activities on schedule such as vessel modifications, procurement of long-lead items, and mobilization, along with SESA’s ability to meet its commitments to us; our ability to meet our obligations to SESA under the definitive agreements for the deployment of our FLNG currently under conversion, the MKII FLNG (“MKII FLNG”), in Argentina; the timely satisfaction of all conditions precedent by both parties to the agreements; and SESA’s ability to meet its obligations to us; 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 recent developments involving Iran and Israel; an increase in tax liabilities in the jurisdictions where we are currently operating, have previously operated or expect to operate; a material decline or prolonged weakness in tolling rates for FLNGs; failure of shipyards to comply with project schedules, performance specifications or agreed prices; 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 recent 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 equity method 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; 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.
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Golar LNG Limited 2025 I 3 • Operational – Cameroon until Q3 2026 • Secured 20-year redeployment contract in Argentina • Operational – Mauritania/Senegal until Q2 2045 • Under conversion for Q4 2027 delivery • Secured 20-year contract in Argentina $4.2BN MARKET CAP2 $891M TOTAL GOLAR CASH1 ~$17BN GOLAR’S ADJUSTED EBITDA BACKLOG1,4 GOLAR’S NET INTEREST-BEARING DEBT3 $208M LTM ADJUSTED EBITDA5 Golar LNG: Market-leading FLNG operator $1.2BN
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Golar LNG Limited 2025 I 4 0.1+ COMMODITY LINK UPSIDE 5.7+ COMMODITY LINK UPSIDE AND INFLATIONARY ADJUSTMENTS 3.0 8.0+ COMMODITY LINK UPSIDE AND INFLATIONARY ADJUSTMENTS CAMEROON ARGENTINA MAURITANIA/ SENEGAL ARGENTINA ≈16.8 CONVERSION & MOBILZATION PERIOD HOOK-UP AND COMISSIONING PERIOD CONTRACT PERIOD ADJUSTED 1,4 SUBJECT TO REGULATORY CPs 7 Adjusted EBITDA backlog1 of $17bn before commodity upside and inflationary adjustments
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Golar LNG Limited 2025 I 5 2.4 3.4 1.5 3.6 2.7 0.6 1.2 3.5 2.4 2.0 3.0 8.6 6.4 4.7 3.6 3.0 FLNG #1 FLNG #2 Under Construction Company Contract structure Liquefaction as service Liquefying own gas Liquefying own gas Liquefying own gas Liquefaction against long term offtake Location FLNG Hilli: Cameroon FLNG Gimi: Senegal & Mauritania Coral South: Mozambique Tango: Congo PF Satu: Malaysia PF Dua: Malaysia Prelude: Australia West Coast Canada Field operator FLNG Hilli: Perenco FLNG Gimi: BP ENI Petronas Shell Pembina First year of operation FLNG Hilli: 2018 FLNG Gimi: 2025 MKII FLNG: 2028e7 Coral South:2022 Tango : 2024 Wison newbuild: 2026e Coral North: 2028e PF Satu: 2017 PF Dua: 2021 Samsung NB: 2028e Prelude: 2018 Samsung NB: 2028/29e Sources: Rystad Energy LNG Project Tracker (July 31, 2025) / Company websites Operating capacity (mtpa) Overview of the global FLNG fleet by Owner Golar is the only proven provider of FLNG as a service
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Golar LNG Limited 2025 I 6 Business update Group results Summary
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Golar LNG Limited 2025 I 7 Quarter highlights & developments FLNG Hilli 20-year redeployment charter in Argentina firm, definitive agreements signed for MKII FLNG Gimi reached Commercial Operations Date (“COD”) for its 20-year charter Issued $575 million convertible bonds (“CB”) and 2.5 million shares repurchased 2024 ESG report issued Final Investment Decision (“FID”) reached on MKII FLNG charter to SESA, regulatory CPs expected to be achieved within 20257 Appointment of new board members: Benoît de la Fouchardière, Mi Hong Yoon and Stephen Schaefer Signed agreements with target shipyards to obtain EPC price and schedule for contemplated FLNG growth units
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Golar LNG Limited 2025 I Source: Bloomberg 2025 8 Congo/Tango FLNG (0.6 mtpa) 0 1 2 3 4 5 6 7 8 9 10 11Cumulative Production (MT) Prelude (3.6 mtpa) Hilli (2.4 mtpa) Coral South (3.4 mtpa) PFLNG Satu (1.5 mtpa) PFLNG Dua (1.2 mtpa) Gimi (2.7 mtpa) FLNG #1 | Hilli 20-year redeployment contract firm • Hilli continued its market leading operational track record during the quarter • 100% economic uptime since contract start-up in 2018 • FID and conclusion of all conditions precedent in Q2 2025, for 20- year redeployment charter with SESA. Annual Adjusted EBITDA1 of $285m with an Adjusted EBITDA backlog1 of $5.7bn before commodity upside • Yard selection for redeployment scope expected within Q3 2025 FLNG Hilli highlights $242m LTM Distributable Adjusted EBITDA1 (100% basis) 137 cargoes offloaded to date 9.5+ MT of LNG produced since COD FLNG Hilli - maintains market leading operational uptime
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Golar LNG Limited 2025 I 9 First Cargo celebration on May 22, 2025 FLNG #2 | Gimi commenced 20-year contract FLNG Gimi highlights • $233m gross pre-COD receipts throughout 2024 and H1 2025 • COD reached in mid-June 2025, initiating the 20-year lease and operate agreement • Golar’s share of annual Adjusted EBITDA¹ of approx. $151m, with an Adjusted EBITDA backlog¹ of $3.0bn $215m Annual Adjusted EBITDA1 (100% basis) 7 cargoes offloaded to date, 8th in progress 1m+ m3 of LNG produced since COD FLNG Gimi - COD reached in June 2025
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Golar LNG Limited 2025 I 10 • Project on schedule for delivery in Q4 2027 • Total spend to date of ~$0.8bn6 , fully equity funded by Golar • FID reached in August 2025 for 20-year charter of MKII FLNG with SESA in Argentina. Expected to commence operations in 20287 • Agreements contain option for a second MKII FLNG with delivery within 20288 2022 Commenced spend on long-lead items & engineering 2024 Donor vessel purchased & Project FID Q1 2025 Fuji enters CIMC yard for conversion Q2 2025 Definitive agreements signed with SESA 2026 Target to secure financing Q4 2027 Scheduled delivery from yard 2028 LNG production MKII FLNG Key Milestones Sponson fabrication ongoing Q3 2025 FID reached on charter with SESA FLNG #3 | MKII FLNG FID reached on 20-year contract Donor vessel cut – repairs and upgrades ongoing Midship fabrication commenced end of July
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Golar LNG Limited 2025 I 11 Perenco bp/Kosmos SESA FLNG under contract FLNG Hilli FLNG Gimi FLNG Hilli MKII FLNG Start date of fixed contract term (COD) July 2018 June 2025 Expected H2 2027 Expected 20287 End date of fixed contract term July 2026 June 2045 Expected H2 2047 Expected 2048 Contract type Tolling & commodity Link Tolling Tolling & commodity Link Tolling & commodity Link Currency of charter payment USD USD USD USD Location of earnings Offshore Offshore Offshore Offshore Contract legal jurisdiction English law English law English law English law Commodity link Golar earns $3.1m (annually) for every $1/bbl of Brent Crude oil realized above $60/bbl + $3.7m (annually) for every incremental $1/MMbtu of TTF n/a Approx. $30m (annually) of upside to Golar for every US dollar the achieved FOB price is above the reference price of $8/MMBtu + SESA shareholding upside Approx. $40m (annually) of upside to Golar for every US dollar the achieved FOB price is above the reference price of $8/MMBtu + SESA shareholding upside Annual Adjusted EBITDA1 $138m + commodity link upside $215m (Golar’s share being $151m) $285m before commodity link and CPI $400m before commodity link and CPI Contracted Adjusted EBITDA backlog1 $144m + commodity link upside $4,300m (Golar’s share being $3,010m) $5,700m before commodity link and CPI $8,000m before commodity link and CPI FLNG contract highlights
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Golar LNG Limited 2025 I 12 FLNG Type Capacity Shipyard Evaluation MKI Conversion design 2.0 – 2.7 mtpa MKI is proven with two Golar units on the water. Working to confirm updated price and schedule. Proven concept and multiple commercial projects in development. MKII Conversion design Up to 3.5 mtpa Ongoing conversion of the Fuji LNG at CIMC Raffles building a foundation for further MKII projects. Option for 2nd unit. Attractive price point at ~ $620m/mtpa for up to 3.5 mtpa. MKIII Newbuild design Up to 5.4 mtpa Golar’s MKIII design reflects years of innovation, with advanced engineering already complete. Working to confirm updated price and schedule. Will be world’s largest FLNG at up to 5.4 mtpa. • Signed agreements with target shipyards confirming EPC price and schedule for potential execution within 2025 • Expect to secure long lead slot reservations within Q3 2025 • Completed inspections for potential donor vessels for the MKI and MKII FLNG projects • Targeting a 5th FLNG unit, to follow shortly after the 4th FLNG unit has been ordered and chartered Progressing FLNG growth units
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Golar LNG Limited 2025 I 1313 FLNGs enable sourcing of attractively priced gas at a lower capex and with shipping cost advantage over existing land-based LNG exporters Sources: S&P Connect, Bloomberg, EIA Focus: regions with substantial gas reserves Shorter sailing distances to LNG marketsGolar’s FLNG: market leading capex/ton LNGCs required to lift one mtpa of production Coral South FLNG FLNG Hilli PFLNG Dua PFLNG Satu Prelude FLNG Tango FLNG FLNG Gimi 0 500 1,000 1,500 2,000 2,500 3,000 1995 2000 2005 2010 2015 2020 2025 USD/ton Start-up Year Onshore Floating West Africa ~240 TCF Argentina ~300 TCF North/East Africa ~380 TCF South America (ex-ARG) ~240 TCF South East Asia ~200 TCF 100 TCF = ~2,000 million tons LNG 4.32.8 2.8 3.0 1.7 1.8 1.4 1.9 2.8 3.2 2.8 Competitive advantage of FLNG projects
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Golar LNG Limited 2025 I 127.7 17 15.6 9.6 6.6 4 US Canada Qatar UAE Russia Papua New Guinea Oman Indonesia 0 2 4 6 8 10 12 0 20 40 60 80 100 120 140 160 LNG delivered cost JKM/Asia ($/MMBtu) Incremental LNG liquefaction capacity by 2040 (million tons per year) Russia Qatar Mozambique United States Mexico Indonesia Tanzania United States PNG MauritaniaSenegal Canada Mozambique 14 2025 global LNG production by country Marginal cost of LNG production graph25,26 Pie chart of world’s expected LNG growth by country Qatar, 18% USA, 23% Australia, 19% Russia, 8% Malaysia, 6% 4% 4% 3% Others, 15% Qatar USA Australia Russia Malaysia Indonesia Nigeria Algeria Others Total Volume 430 MT Growth 2025-2030 units in MT Source: Rystad Energy The US is the world’s largest LNG exporter and incremental producer
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Golar LNG Limited 2025 I 15 FPSO industry: growth of 10-15 units per year • FPSOs took over for fixed oil production installations driven by lower unit costs and increased flexibility • The first FPSOs was brought to market in 1985, the current fleet stands at over 250 units • Increasing industry recognition of the benefits of FLNG solutions versus land-based liquefaction terminals, driven by the proven track record of the fleet on the water, lower capex, shorter construction time and increased flexibility drives demand for similar development of FLNG projects • Golar remains the only proven provider of FLNG as a service Sources: Clarksons Floating is the future: this happened in the FPSO industry 0 50 100 150 200 250 300# of FPSOs Number Est. Deliveries
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Golar LNG Limited 2025 I 16 Business update Group results Summary
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Golar LNG Limited 2025 I Q2 2025 Q1 2025 $m $m FLNG (before realized gains on oil and gas derivative instruments) 69 56 Corporate and other 12 6 7 Total operating revenues 75 63 FLNG tariff, net 1 82 73 Net income 31 13 FLNG 57 55 Corporate and other (8) (14) Adjusted EBITDA1 49 41 Golar's share of contractual debt1 2,049 1,495 Total Golar cash1 891 678 Issued and outstanding number of shares (in millions) 102 105 17 • Total operating revenues of $75m • FLNG tariff, net1 of $82m • Adjusted EBITDA1 of $49m • Net income of $31m, before non-controlling interests, after $9m non-cash items1: o TTF and Brent oil derivatives of $35m o Interest rate swaps of $4m o Gain on Day 1 recognition of Gimi sales-type lease of ($30m) • Total Golar Cash1 of $891m • Golar’s adjusted net debt1 is $1,158m • Issued $575 million convertible bonds • $102.7m share buy-back (2.5 million shares @ $41.09) • Declared $0.25/share dividends payable in September 2025 Q2 2025 Highlights Second quarter 2025 financial results
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Golar LNG Limited 2025 I 1818 FLNG Hilli 52 82 57 49 9 7 10 4 (8) (21) (4) - 10 20 30 40 50 60 70 80 90 Base Brent-Linked TTF-Linked Capital element (CE) Operating element (OE) FLNG tariff, net (invoiced) FLNG operating expenses, net Project development expenses FLNG Adjusted EBITDA Corporate and others Adjusted EBITDA GLNG Adjusted EBITDA1 1 1 16 16 16 14 14 1 17 Q2 2025 Adjusted EBITDA1 bridge FLNG Gimi (from mid-June)
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Golar LNG Limited 2025 I $575m Convertible bond issuance Key terms Size: $575 million Conversion premium: 40% Reference price: $41.09 Conversion price: $57.53 Coupon 2.75% coupon or 2.3% adjusted for dividend saving on 2.5 million shares Share buy-back Shares repurchased: 2.5 million Total spend: $102.7 million Yield-to-maturity 5.3% if no conversion (Including transaction costs and impact of share buy-back) Settlement Settlement of principle amount at maturity to be settled in cash or shares at the Issuers discretion 19 0 0 0.4 1.8 2.5 0 2 4 6 8 10 $41.09 (reference price) $57.53 (conversion price) $60.00 $70.00 $76.71 (effective dilution point) Shares issued in net settlement • If a net share settlement is actioned (settlement of principal in cash and balance above the conversion price in shares), then there is no effective dilution20 unless the share price is above $76.7121,22 • $76.71 represents a premium of 87% above the reference price of $41.09 Share buy-back increases effective dilution premium to 87%Key terms If the share price is above the conversion price ($57.53) at maturity, 10 million shares would be issued assuming no cash settlement option chosen 2.5 million shares repurchased alongside CB issuance • $464m in net proceeds from convertible bonds (“CB”) after buy-back of 2.5 million shares • All in cost of 5.3% if no dilution • Net dilutive to Golar share count (prior to the CB issuance) if the share price is above $76.7121,22 per share at maturity, an ~87% increase from the share price at issue
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Golar LNG Limited 2025 I Track record of attractive shareholder returns 20 • Majority of operating cash flow after debt service to be allocated to shareholder returns • Liquidity released from debt financing proceeds to be allocated to fund accretive FLNG growth - 50 100 150 200 250 300 350 Share buy-back Dividend Asset buy-back 2021 2022 2023 2024 H1 2025 $228m $323m 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 $236m Equity returned to shareholders 18 Re-instatement of quarterly dividend announced in May 2023 2.0m shares repurchased at avg. $12.32/share 0.4m shares repurchased at avg. $17.80/share 0.8m shares repurchased at avg. $23.10/share 3.6m shares repurchased at avg. $21.20/share 2.5m shares repurchased at $41.09/share Buy-back of remaining minority stake in FLNG HilliBuy-back of NFE stake in FLNG Hilli • Dividends, share and asset buy-backs of $787m over the last 4.5 years vs. operating cash flow after debt service of approx. $500m in the same period • Bought back 9.3 million shares at a weighted average share price of $24.69 per share, with total dividend adjusted return of $166m or 43%19 • Asset buybacks have been prioritized over equity buybacks when achieved pricing has been more accretive
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Golar LNG Limited 2025 I Contracted cash flow growth with pathway to multiple increase in shareholder returns -100 100 300 500 700 900 1,100 1,300 1,500 LTM: $208m FLNG Hilli (redeployment) + FLNG Gimi Fully delivered: FLNG Hilli (redeployment), FLNG Gimi and MKII FLNG Fully delivered + 1 additional FLNG growth unit Adjusted EBITDA - FLNG Hilli Adjusted EBITDA - FLNG Gimi Adjusted EBITDA - MKII FLNG G&A/Shipping SESA commodity upside Adjusted EBITDA - FLNG growth unit Debt service (principal + interest) Debt service (interest only) 21 Fully contracted Adjusted EBITDA1 > 4x LTM Adjusted EBITDA5, before commodity upside Expected run-rate within 2027 Expected run-rate within 2028 SESA commodity upside: $1 increment in FOB = approx. $100m Fully delivered Adjusted EBITDA1 >4x vs. LTM Adjusted EBITDA5 Contracted Adjusted EBITDA1 growth > fully delivered debt service increase, allows for multiple increase in cash flow return to shareholders Further free cash flow generation upside in SESA charters: $1/MMBtu increase in FOB = approx. $100m per year or $1+ dividend/share 20-year average remaining contract duration provides long term visibility of attractive shareholder returns Golar balance sheet with approx. 3.4x24 fully delivered NIBD3 to Adjusted EBITDA1 provides capacity to fund additional FLNG growth, accretive to FCFE 23 23 Contracted Adjusted EBITDA1 growth of ~4x, before commodity upside and growth units Adjusted EBITDA1 increase > debt service Multiple increase in free cash generation
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Golar LNG Limited 2025 I FLNG Hilli - Perenco FLNG Gimi - bp/Kosmos FLNG Hilli - SESA MKII FLNG - SESA $ billions 0 2 4 6 8 10 12 14 16 18 20 22 ~$17bn in Golar’s Adjusted EBITDA backlog1,4 ~$17bn in Golar’s Adjusted EBITDA backlog1,4, with further upside in commodity exposure and inflationary adjustments Commodity upside Commodity upside 20+ years of cash flow visibility supported by $17bn of backlog
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Golar LNG Limited 2025 I Strong contracted EBITDA with attractive upside Fully delivered Adjusted EBITDA1 + Sensitivity to LNG FOB prices on SESA + Hilli/MKII FLNGs 9 150 150 800 800 800 800 800 800 800 800 800285 400 70 139 487 1,909 (42) (14) 14 42 70 209 778 -500 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 Gimi Hilli MKII SG&A Combined EBITDA 6.0 7.0 8.0 9.0 10.0 15.0 2022 LNG Price Scenario Annual Base Fixed EBITDA Annual Commodity Upside/Downside - Gas Price Sensitivity (USD/mmbtu) $m p.a. GLNG Share Hilli+MKII Commodity Upside/Downside GLNG Share SESA Commodity Upside/Downside -35 GLNG Share Hilli + MKII Commodity Upside/Downside9 23 1,009 758 786 814 911 9 3,487 Annual Base Fixed Adjusted EBITDA1,11 Combined Adjusted EBITDA1,11 *2022 LNG Prices: Monthly average of FOB prices for TTF and JKM of ~$35/MMBtu LNG FOB price sensitivity, Hilli/MKII/SESA ($/MMBtu) GLNG’s share of SESA’s Adjusted EBITDA1, 10 1,496
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Golar LNG Limited 2025 I 24 Business update Group results Summary
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Golar LNG Limited 2025 I 25 FLNG Gimi achieved COD and eighth LNG cargo offload currently underway FID and conclusion of all conditions precedent for 20-year charter with Southern Energy for FLNG Hilli with Adjusted EBITDA backlog1 of $5.7bn before commodity upside FID for 20-year charter with Southern Energy for MKII FLNG with Adjusted EBITDA backlog1 of $8.0bn before commodity upside Issued $575 million convertible bonds and repurchased 2.5 million shares Sale of non-core assets (Avenir shareholding and Golar Arctic LNG carrier) Optimization of FLNG financing on the back of 20-year charters of existing FLNG assets Conclude regulatory conditions precedent on the 20-year Southern Energy contract for MKII FLNG Further FLNG growth units 25 2025 milestones 2025 action list Key 2025 milestones and focus
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Golar LNG Limited 2025 I 2626 $13.7+bn Strong quarter with addition of $13.7bn of Adj. EBITDA backlog1,4 before commodity upside 4x Fully delivered contracted Adj. EBITDA1 (Golar’s share) 4x LTM Adj. EBITDA5 Before attractive upside in commodity exposure in SESA charters >4x Pathway for multiple increase in shareholder returns with fully delivered Adj. EBITDA1 > debt service Potential for shareholder return increase of > 4x once existing FLNG assets are fully delivered 3.4x Balance sheet flexibility to add growth units, fully delivered net debt to Adj. EBITDA1 ratio of approx. 3.4x24 Provides capacity to fund additional FLNG growth, accretive to FCFE Growth Focus on ordering accretive 4th FLNG unit Summary
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Golar LNG Limited 2025 I Appendices 27
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Golar LNG Limited 2025 I 28 $m Carrying value of Gimi asset under development (“AUD”) 1,867 Pre-COD cashflows derecognized on COD (86) Spares and consumables paid by bp (43) Net Gimi AUD derecognised on COD (A) 1,738 Asset under development on COD Recognition of sales type lease Gain on deemed sale of FLNG Gimi (PL) (B) – (A) 30 $m Liquidated damages paid to bp (110) Pre-COD cashflows paid by bp 233 Net pre-COD cashflows on COD 123 Pre-COD cashflows derecognized on COD (86) Remaining pre-COD cashflows recognized to P&L evenly over 20- years (37) Pre-COD cashflows 2023-2025 $m Recognition of components of net investment in sales-type lease Lease receivable 13 1,681 Residual value 13 87 Net investment in sales-type lease (B) 1,768 Q2 2025 Balance Sheet movement Appendices: Recognition of FLNG Gimi upon COD
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Golar LNG Limited 2025 I Invoice components $m Statement of operations caption Add back: lease receivable in excess of interest income15 Illustrative FLNG tariff, net1 Sales-type lease revenue Vessel management fees Total recognized as operating revenue Capital Element (CE) 14 219 117 66 183 36 219 Production variability (assuming nil for illustration purposes) - - - - - - Operating Element (OE) 14 70 49 21 70 - 70 Illustrative annual amounts invoiced 289 166 87 253 36 289 29 1,681 - 50 100 150 200 250 300 350 - 500 1,000 1,500 2,000 At COD 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 Lease receivable Residual value Cash earnings Accounting impact Adjusted EBITDA1 $m CE 14 219 OE 14 70 Vessel operating expenses (74) Illustrative Adjusted EBITDA1 215 Golar’s share of illustrative Adjusted EBITDA1 151 87 332 Appendices: Gimi illustrative Annual Adjusted EBITDA1 Cash earnings Accounting impact (PL) Maturity profile of the net investment in sales-type lease (BS)
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Golar LNG Limited 2025 I • Adjusted EBITDA • Adjusted EBITDA backlog • Distributable Adjusted EBITDA • Golar’s share of contractual debt • Golar’s adjusted net debt • Total Golar Cash • Non-cash items 30 Please see our Q2 2025 earnings release for a reconciliation to the most comparable US GAAP measure and the rationale for the adjustments: https://www.golarlng.com/investors/quarterly-reports/2025 Non-GAAP measure Definitions Liquefaction services revenue QUANTITATIVE RECONCILIATION This Quarter Previous Quarter (in $m) 2025 2025 Total Operating Revenue 76 63 Less: Time Voyage Charter - 1 Less: Vessel Management Fees2) 7 6 69 56 Adjusted for: Amortization of deferred commissioning period revenue, Day 1 gains and deferred pre-COD O&M service revenue, accretion of unguaranteed residual value, accrued tax receipt, over/underproduction and other (5) (4) Realized gain on oil and gas derivative instruments 16 21 Sales-type lease receivable in excess of interest income3) 2 - FLNG tariff, net1) 82 73 Rationale for adjustmentsNon-GAAP measure Closest equivalent US GAAP measure Increases the comparability of our operational FLNG, FLNG Hilli from period to period. FLNG tariff, net1) 1) This is on a 100% basis (inclusive of NCI's share) 2) Represents Vessel Management Fees attributable to activities reported under the Corporate and Other segments. 3) Represents the total cash inflow and economic performance generated by our FLNGs during a given period. Appendices: Non-GAAP measures
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Golar LNG Limited 2025 I 31 Appendices: Endnotes 1. See Appendices: Non-GAAP measures for definitions and reconciliations of non-GAAP measures 2. Market cap: 102.3M shares at a closing price of $41.19 as of June 30, 2025 3. Golar’s net interest-bearing debt: Golar share of Contractual debt1 of $2.0bn less Total Golar Cash1 of $891bn 4. Golar’s Adjusted EBITDA backlog1 : Represents Golar’s share of forecasted earnings before commodity exposure and inflationary adjustment from (1) the remaining Hilli contract period with Perenco, (2) FLNG Gimi 20-year contract (excluding 30% minority interest), (3) FLNG Hilli’s 20-year redeployment with SESA and (4) MKII FLNG 20-year charter with SESA (subject to regulatory approvals and customary conditions precedent expected to complete within 2025). 5. LTM Adjusted EBITDA1 : Represents the consolidated last twelve months Adjusted EBITDA (inclusive of all segments) - Q2 2025: $49m; Q1 2025: $41m; Q4 24: $59m; Q3 24: $59m 6. Total MKII FLNG conversion spend to date including donor vessel. 7. 20-year MKII FLNG charter with SESA is subject to regulatory approvals and customary conditions precedent expected to complete within 2025, with expected commercial operations in 2028. 8. Expected delivery of our second MKII FLNG is subject to it being ordered in 2025. 9. GLNG share Hilli+MKII FLNG Commodity upside: Represents as 25% share of 278tbu per annum (FLNG Hilli and MKII FLNG combined production at 90% nameplate capacity per annum) above prices of $8/MMBtu. 10. GLNG Share of SESA’s Adjusted EBITDA: Represents 10% share of 278tbu per annum over $7.5/MMBtu. 11. Annual base fixed Adjusted EBITDA or Combined Adjusted EBITDA: Represents Golar’s share of annual forecasted earnings before commodity exposure and inflationary adjustment from (1) the remaining Hilli contract period with Perenco, (2) FLNG Gimi 20-year contract (excluding 30% minority interest), (3) FLNG Hilli’s 20-year redeployment with SESA and (4) MKII FLNG 20-year charter with SESA (subject to regulatory approvals and customary conditions precedent expected to complete within 2025). 12. From 2025, following the entry of Fuji LNG to the shipyard for conversion and the sale of Golar Arctic, we no longer classify Shipping as a reportable segment. All associated legacy shipping activities have been included within the broader corporate and other segment with retrospective effect. 13. Lease receivable: Represents the present value of the portion of lease payments due from the lessee over 20-years for the right to use the FLNG Gimi. Residual value: Reflects the estimated fair value of the FLNG Gimi at the end of the LOA. 14. The LOA comprised of a lease and non-lease component, we allocate the total consideration using the relative standalone selling price method in accordance with ASC 842 and ASC 606. CE: Reflects the right to use the FLNG Gimi. OE: Represents the operations and maintenance services provided over the term of the contract. 15. Lease receivable in excess of interest income: Refers to the principal amortization portion of amounts invoiced under the sales-type lease for FLNG Gimi. While U.S. GAAP excludes this amount from the consolidated statements of operations, we include both interest income and principal repayment in Adjusted EBITDA to reflect total cash earnings and economic performance of FLNG Gimi. 16. Base: Represents the liquefaction services revenue invoiced when the oil price is $60 or less per barrel for base capacity of 1.2 million tonnes per annum. Brent-linked: Reflects the billings above the FLNG Hilli’s base tolling fee when the Brent linked crude oil price is greater than $60 per barrel. TTF-linked: Reflects the billings for 0.2 million tonnes per annum linked to 1-moth lookback TTF gas prices and Euro/USD exchange rates.
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Golar LNG Limited 2025 I 32 Appendices: Endnotes 17. FLNG operating expenses, net: Represents the FLNG segment vessel operating expenses, administrative expenses, amortization of deferred commissioning period revenue, Day 1 gains (deferred revenues) and deferred contractual payments received prior to COD under the LOA that is allocated to the non-lease component (“deferred pre-COD O&M service revenue”), the unwinding of liquidated damages, the accretion of unguaranteed residual value and the accruals and other timing related items including tax receipt, underutilization, overproduction revenue and demurrage cost. 18. Equity portion of Hilli buy-back from NFE (2023) and Seatrium/B&V (2024). 19. Total dividend adjusted return of $166m is based on closing share price of $41.32 or August 7, 2025. 20. Effective dilution is calculated assuming total number of shares issued and outstanding prior to convertible bond issuance and share buy-back. 21. Effective dilution point of $76.71 calculated as breakeven point whereby the number of shares to be issued at CB maturity is equal to the number of shares repurchased concurrent with the CB issuance (i.e. 2.5 million shares). 22. Effective dilution share price point before adjusting for dividends paid during the life of the convertible bonds. 23. Before SESA commodity upside (both FLNG asset level and 10% shareholding profit-share) and inflationary adjustments. 24. Proforma fully delivered NIBD to Adjusted EBITDA calculated using Golar’s net interest-bearing debt adjusted for remaining capex commitments for MKII FLNG conversion, FLNG Hilli redeployment and SESA capital contributions, and adjusted for operating cashflows after debt service for the period prior to the existing FLNG assets being fully delivered. 25. Marginal cost of LNG production with US shipping cost to Asia assumed at $2.65/MMBtu. 26. Long term 2025+ Henry Hub assumed between $4.3-4.8/MMBtu, averaging at $4.5/MMBtu.
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Golar LNG Limited 2025 I 33 Appendices: Abbreviations used AUD Asset under development bbl barrel of crude oil COD Commercial Operations Date CP Conditions precedent CPI Consumer Price Index DES Delivered Ex Ship EBITDA Earnings before interest, taxes, depreciation and amortization EPC Engineering, Procurement and Construction FCFE Free Cash Flow to Equity FID Final Investment Decision FLNG Floating Liquefaction Natural Gas vessel FOB Freight On Board FPSO Floating Production, Storage and Offloading unit JKM Japan Korea Marker LNG Liquefied Natural Gas LNGC Liquefied Natural Gas Carrier LTM Last Twelve Months MKI Mark I FLNG design MKII Mark II FLNG design (or MKII FLNG) MKIII Mark III FLNG design MMBtu Million British Thermal Units MT Million Tons mtpa Million Tons Per Annum tbu Trillion British Thermal Units p.a. per annum/per year TCF Trillion Cubic Feet TTF Title Transfer Facility