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Golar LNG Limited 2025 I THIRD QUARTER 2025 RESULTS November 5, 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 fulfil our obligations under our commercial agreements, including the Liquefaction Tolling Agreement (the “LTA”) for the FLNG Hilli Episeyo (“FLNG Hilli” or “Hilli”) and the 20-year Lease and Operate Agreement (the “LOA”) for the FLNG Gimi (“FLNG Gimi” or “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 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; 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 place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are not guarantees of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements. All forward-looking statements included in this Report are made only as of the date of this Report, and, except as required by law, we assume no obligation to revise or update any written or oral forward-looking statements made by us or on our behalf as a result of new information, future events or other factors. If one or more forward-looking statements are revised or updated, no inference should be drawn that additional revisions or updates will be made in the future.
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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 Golar LNG: Market-leading LNG infrastructure provider $4.1BN MARKET CAP2 $661M/$962M TOTAL GOLAR CASH1 ~$17BN GOLAR’S ADJUSTED EBITDA BACKLOG1,4 GOLAR’S NET INTEREST-BEARING DEBT3 $232M LTM ADJUSTED EBITDA5 $1.4BN $4.1BN Market Cap2 Total Golar Cash1 (+ Oct 2025 net bond proceeds3) ~$1.4BN Net interest-bearing debt (NIBD)5 ~$17BN Golar’s Adjusted EBITDA Backlog6 Golar’s LTM Adjusted EBITDA7 $221M KEY FIGURES $800M Golar’s fully delivered Run-Rate Adjusted EBITDA (2028) 1,8 ~$1BN
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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 ≈17 CONVERSION & MOBILZATION PERIOD HOOK-UP AND COMISSIONING PERIOD CONTRACT PERIOD ADJUSTED 1,6 20 years of infrastructure cash flow: Adjusted EBITDA backlog1,6 of $17bn before commodity upside and inflationary adjustments
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Golar LNG Limited 2025 I 5 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 2028 End date of fixed contract term July 2026 June 2045 Expected H2 2047 Expected 2048 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 Opex and maintenance capex Covered by Golar Reimbursable Covered by SESA Covered by SESA Solid contract structure mitigates country risk
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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 Final Investment Decision (“FID”) reached on MKII FLNG charter to SESA, regulatory CPs satisfactorily completed in October 2025 Issuance of $500 million 5-year 7.50% senior unsecured notes and repaid $190 million outstanding principal of 2021 Unsecured Bonds Signed FLNG Hilli re-deployment yard contract with Seatrium Shipyard in Singapore Approved order of long lead items for 4th FLNG in Q4 2025 Approved a new $150 million share buyback program Quarter highlights & developments
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Golar LNG Limited 2025 I 8 Congo/Tango FLNG (0.6 mtpa) 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 maintains market leading operational track record • Hilli FLNG continued its market leading operational track record during the quarter • 100% economic uptime since contract start-up in 2018 • Current contract in Cameroon ends in July 2026 • 20-year redeployment charter with SESA, expected to start in H2 2027 contributing annual Adjusted EBITDA1 of $285m with an Adjusted EBITDA backlog1 of $5.7bn before commodity upside • Seatrium shipyard selected for FLNG redeployment scope FLNG Hilli highlights $51m quarterly Adjusted EBITDA1 (100% basis) 142 cargoes offloaded 9.8+ MT of LNG produced since COD 0.0 2.0 4.0 6.0 8.0 10.0 12.0 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19 Jan-20 May-20 Sep-20 Jan-21 May-21 Sep-21 Jan-22 May-22 Sep-22 Jan-23 May-23 Sep-23 Jan-24 May-24 Sep-24 Jan-25 May-25 Sep-25 Cumulative Production Volume (MT) Sources: Bloomberg 2025 FLNG Hilli - maintains market leading operational uptime
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Golar LNG Limited 2025 I 9 FLNG #2 | Gimi commenced ~$4.3bn 20-year contract with bp FLNG Gimi operational at GTA • Solid operations established since COD in mid-June 2025 • Fine tuning of operations ongoing improving throughput, with daily production now frequently exceeding base capacity • Golar is actively working with the GTA partners to identify and develop value enhancing initiatives for the GTA project, including operational efficiencies and debottlenecking of production capacity to improve the project’s unit economics • At advanced stages of entering into a new credit approved $1.2bn bank financing agreement for FLNG Gimi. The facility is expected to close within Q4 2025 FLNG Gimi highlights $48m quarterly Adjusted EBITDA1 (100% basis) 14th cargo offload in progress 1.3m+ m3 of LNG produced since COD
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Golar LNG Limited 2025 I 10 • FID reached in August 2025 for 20-year charter of MKII FLNG with SESA in Argentina. • All conditions precedent successfully completed in October 2025, confirming $8bn of Adjusted EBITDA backlog1 before commodity upside • Project on schedule for delivery in Q4 2027, expected to commence operations in Argentina in 2028 • Total spend to date of ~$1bn9 , fully equity funded by Golar 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 Top view of MKII aft and forward ship blocks Q3 2025 FID reached on charter with SESA FLNG #3 | MKII FLNG concluded ~$8bn 20-year contract with SESA Midship keel laying ceremony Module structural assembly ongoing
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Golar LNG Limited 2025 I 11 2x 20-year contracts for SESA confirmed: Adding ~$14bn+ in Adjusted EBITDA backlog1 Nameplate (mtpa) Guaranteed volume Opex Charter hire net of Opex (US $m) Contract duration Adjusted EBITDA backlog1 (US $m) Inflation adjustment Commodity upside 2.45 mtpa 90% utilization Pass through US $285 million 20 years US $5.7 billion 30% of US CPI starting after year 5 25% above FOB US $8/MMBtu 3.50 mtpa 90% utilization Pass through US $400 million 20 years US $8.0 billion 30% of US CPI starting after year 5 25% above FOB US $8/MMBtu
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Golar LNG Limited 2025 I 12 FLNG Type Capacity Shipyard Description MKI Conversion design 2.0 – 2.7 mtpa MKI is proven with two Golar units on the water. Updated price and schedule received. 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. Updated price and schedule received. Attractive price point 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. Updated price and schedule received. Will be world’s largest FLNG at up to 5.4 mtpa. FLNG #4 | Approved order of long lead items for Q4 2025
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Golar LNG Limited 2025 I 1313 The MKII case study: Targeting our 4th FLNG unit Golar placed order for MKII FLNG in September 2024 20-year charter with SESA for MKII FLNG secured in May 2025 5.5x capex to Adjusted EBITDA before commodity upside Golar in process of ordering long lead items in Q4 2025 Solid development of new FLNG opportunities FID from SESA in August 2025, all conditions precedent successfully met in October 2025
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Golar LNG Limited 2025 I 14 Advancing our 4th FLNG order ✓ Confirmed 36-38 months construction time for MKI and MKII, 48 months for MKIII ✓ Received updated pricing, delivery & payment terms from shipyards ✓ In process of ordering long lead items in Q4 2025 ✓ Identified & inspected donor vessels for potential MKI and MKII conversion ✓ Narrowing commercial opportunity set and upstream timing to FLNG design ✓ Optimization of FLNG financing on the back of 20-year charters of existing FLNG assets to enhance balance sheet flexibility to order FLNG #4 Project status On track to decide on the 4th FLNG vessel design in coming months✓
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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 • Since the first FLNG operations in 2018, the global FLNG fleet now stands at 14 units, with several planned incremental projects in development • 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 FLNG industry: 14 FLNGs, several projects in development 0 5 10 15 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 # of FLNGs On the water Under construction We see a growing demand for additional FLNG projects. Golar will maintain its policy of maximum one unchartered FLNG at a time
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Golar LNG Limited 2025 I 1616 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 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
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Golar LNG Limited 2025 I 17 Business update Group results Summary
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Golar LNG Limited 2025 I Q3 2025 Q2 2025 $m $m FLNG (before realized gains on oil and gas derivative instruments) 116 69 Corporate and other 10 7 6 Total operating revenues 123 75 FLNG tariff, net 1 132 82 Net income 46 31 FLNG 92 57 Corporate and other (9) (8) Adjusted EBITDA1 83 49 Golar's share of contractual debt1 + Oct 2025 net bond drawdown4 2,338 2,049 Total Golar cash1 + Oct 2025 net bond proceeds3 962 891 Issued and outstanding number of shares (in millions) 102 102 18 • Total operating revenues of $123m • FLNG tariff, net1 of $132m • Adjusted EBITDA1 of $83m • Net income of $46m, before non-controlling interests, after $12m non-cash items1: o TTF and Brent oil derivatives losses of $13m o Interest rate swaps gain of $1m • Total Golar Cash1 + Oct 2025 net bond proceeds3 of $1bn • Net interest-bearing debt5 is $1,376m • Issued $500 million 144A/Reg S Senior Unsecured Notes in October 2025 • Declared $0.25/share dividends payable in November 2025 Q3 2025 Highlights and recent developments Third quarter 2025 financial results
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Golar LNG Limited 2025 I 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 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 Sep-25 Continued focus on shareholder returns 19 • 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 Q1-Q3 2025 $228m $323m $261m $812m returned to shareholders in last 5 years 11 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 • Bought back 9.3 million shares at a weighted average share price of $24.69 per share over the last 4.5 years • Repurchased 2.5 million shares in conjunction with convertible bond offering in June 2025 • Board approval for a new $150 million buyback program granted on November 4, 2025
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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: $221m FLNG Hilli (redeployment) + FLNG Gimi Fully delivered: FLNG Hilli (redeployment), FLNG Gimi and MKII FLNG Adjusted EBITDA - FLNG Hilli Adjusted EBITDA - FLNG Gimi Adjusted EBITDA - MKII FLNG G&A/Shipping SESA commodity upside Debt service (principal + interest) Debt service (interest only) 20 Fully contracted Adjusted EBITDA1 > 4x LTM Adjusted EBITDA7, before commodity upside Expected run-rate within 2027 Expected run-rate within 2028 SESA commodity upside: $1 increment in FOB = approx. $100m LTM Adjusted EBITDA7 set to quadruple by 2028 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 returns12 12 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 285 524 0 400 800 1,200 1,600 2,000 Annual Adjusted EBITDA Financing optimization Balance sheet flexibility positioned to fund FLNG growth 21 215 627 0 400 800 1,200 1,600 2,000 Annual Adjusted EBITDA Financing optimization 400 Annual Adjusted EBITDA Financing optimization Gimi refinancing in Q4 2025 at 5.6x Adj. EBITDA1 Optimization of FLNG financing targeting 4-5x Adjusted EBITDA1 • At advanced stages of entering into a new credit approved $1.2bn bank financing agreement for FLNG Gimi. The facility is expected to close within Q4 2025 • Potential for significant liquidity release from optimization of FLNG Hilli financing and financing of the MKII FLNG (currently unencumbered) • Terms and timing of potential optimization will be dependant on pace of incremental FLNG growth units ~$400m liquidity release to Golar Potential to release up to ~$0.9bn liquidity to Golar $1.2bn Potential to release up to ~$2bn liquidity to Golar 1 1 1 FLNG Hilli MKII FLNGFLNG Gimi
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Golar LNG Limited 2025 I Strong contracted EBITDA with attractive upside 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/Downside14 22 1,009 758 786 814 911 9 3,487 Annual Base Fixed Adjusted EBITDA1,8 Golar’s fully delivered Run- Rate Adjusted EBITDA (2028) 1,8 *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, 15 1,496 Golar’s fully delivered run-rate Adjusted EBITDA1 + Sensitivity to LNG FOB prices on SESA + Hilli/MKII FLNGs *
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Golar LNG Limited 2025 I 23 The menu of Golar capital markets exposure Golar equity listed on Nasdaq Unsecured Bonds Convertible Bond Market cap of $4.1bn2 Daily liquidity of $50+ million Net outstanding: $300m 7.75% maturing Sept 2029 $500m 7.50% maturing Oct 2030 $575m 2.75% maturing 40% conversion premium December 2030 Conversion price of $57.53
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Golar LNG Limited 2025 I 24 Business update Group results Summary
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Golar LNG Limited 2025 I 2525 The only proven service provider of FLNG as a service Delivered 150+ LNG cargoes $17bn+ Adjusted EBITDA backlog1,6 of $17bn before commodity upside and inflationary adjustments All existing assets with 20-year charters >4x LTM Adjusted EBITDA1 set to quadruple by 2028 Pathway to multiple return in shareholder returns as EBITDA growth > debt service growth 3.4x Balance sheet flexibility to add growth units, Golar’s fully delivered net debt to Adj. EBITDA1 ratio of approx. 3.4x13 Cash position of ~$1bn provides capacity to fund additional FLNG growth, accretive to FCFE Growth On track to order accretive 4th FLNG unit In process of ordering long lead items in Q4 2025 Focus on Shareholder returns Approved a new $150m share buyback program, with $812m returned to shareholders in last 5 years Summary
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Golar LNG Limited 2025 I Appendices 26
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Golar LNG Limited 2025 I • Adjusted EBITDA • Adjusted EBITDA backlog • Golar’s share of contractual debt • Total Golar Cash • Non-cash items 27 Please see our Q3 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 123 76 Less: Time Voyage Charter - - Less: Vessel Management Fees2) 7 7 116 69 Adjusted for: Amortization of deferred commissioning period revenue, Day 1 gains and deferred pre-COD cashflows, accretion of unguaranteed residual value, accrued tax reimbursement, over/underproduction and others (7) (5) Realized gain on oil and gas derivative instruments 13 16 Sales-type lease receivable in excess of interest income3) 10 2 FLNG tariff, net1) 132 82 Rationale for adjustmentsNon-GAAP measure Closest equivalent US GAAP measure Increases the comparability of our operational FLNGs 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 lease receivable principal amortization component of the total amounts invoiced under the FLNG Gimi sales-type lease. Appendices: Non-GAAP measures
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Golar LNG Limited 2025 I 28 Appendices: Endnotes 1. See Appendices: Non-GAAP measures for definitions and reconciliations of non-GAAP measures 2. Market cap: 102.4m shares at a closing price of $40.41 as of September 30, 2025 3. Oct 2025 net bond proceeds: Comprised of $500m 5-year 7.50% senior unsecured notes net of fees of $9m less $190m repayment of the outstanding principal balance of 2021 Unsecured Bonds. 4. Oct 2025 net bond drawdown: Comprised of $500m 5-year 7.50% senior unsecured notes less $190m repayment of the outstanding principal balance of 2021 Unsecured Bonds. 5. Net interest-bearing debt: Comprised of Golar’s share of Contractual debt1 + Oct 2025 net bond drawdown4 of $2.3bn less Total Golar Cash1 + Oct 2025 net bond proceeds3 6. 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. 7. Golar’s LTM Adjusted EBITDA1 : Represents Golar’s last twelve months Adjusted EBITDA, excluding 30% minority interest of Gimi FLNG’s results (inclusive of all segments) – Q3 2025: $72m Q2 2025: $47m Q1 2015: $42m Q4 2024: $60m. 8. Fully delivered Run-Rate Adjusted EBITDA (2028): comprised of $150m FLNG Gimi annual Adjusted EBITDA1 (excluding 30% minority interest), $285m FLNG Hilli annual Adjusted EBITDA1 for the SESA contract commencing in 2027 (before CPI adjustments and commodity link), $400m MKII FLNG annual Adjusted EBITDA for the SESA contract commencing in 2028, subject to regulatory approvals and customary conditions precedent expected to complete within 2025 (before CPI adjustments and commodity link), net of Golar forecast G&A of $35m. 9. Total MKII FLNG conversion spend to date including donor vessel. 10. From 2025, following the entry of Fuji LNG to the shipyard for conversion and the sale of Golar Arctic, we no longer consider Shipping as a reportable segment. All associated legacy shipping activities have been included within the broader corporate and other segment with retrospective effect. 11. Equity portion of Hilli buy-back from NFE (2023) and Seatrium/B&V (2024). 12. Before SESA commodity upside (both FLNG asset level and 10% shareholding profit-share) and inflationary adjustments. 13. 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. 14. 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. 15. GLNG Share of SESA’s Adjusted EBITDA: Represents 10% share of 278tbu per annum over $7.5/MMBtu.
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Golar LNG Limited 2025 I 29 Appendices: Abbreviations used bbl barrel of crude oil COD Commercial Operations Date CP Conditions precedent CPI Consumer Price Index EBITDA Earnings before interest, taxes, depreciation and amortization 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