0001628280-26-021198
SEC filingGolar LNG Limited reported strong FY 2025 results, driven by FLNG Gimi's COD in June 2025. Total operating revenues rose 51% YoY to $393.5M from $260.4M, fueled by $91.5M sales-type lease revenue from Gimi and $226.8M liquefaction services from Hilli. Operating income increased to $99.7M from $62.2M, reflecting higher revenues offsetting $258.0M operating expenses. Net income from continuing operations surged to $112.6M (up from $80.8M), with stockholders' share at $65.7M and EPS $1 (basic/diluted). Balance sheet strengthened: total assets $5.33B (up from $4.37B), equity $2.07B, cash $1.15B. Net cash increase $498.8M, supported by $841.1M financing inflows. FLNG segment Adjusted EBITDA $310.2M (up from $275.7M), driven by Gimi contributions. Corporate/other Adjusted EBITDA loss -$45.6M. Forward, $17B backlog from long-term contracts positions growth, with Hilli redeployment 2027 and MKII 2028.
Golar LNG Limited delivered robust FY 2025 results, with total operating revenues surging 51% YoY to $393.5M from $260.4M, primarily from FLNG Gimi's COD in June 2025 contributing $91.5M sales-type lease revenue and $48.5M vessel management fees. Hilli liquefaction services remained stable at $226.8M. Operating income rose 60% to $99.7M, despite $258.0M expenses. Net income from continuing operations climbed 39% to $112.6M (stockholders' share $65.7M), EPS $1 vs. $0.49 YoY. Balance sheet: assets $5.33B (up 22%), equity $2.07B, cash $1.15B. Net cash increase $498.8M from $841.1M financing. FLNG Adjusted EBITDA $310.2M (+12% YoY), backlog $17B supports outlook.
Revenues $393.5M (+51% YoY). FLNG segment: $366.7M (liquefaction $226.8M, sales-type lease $91.5M from Gimi, vessel management $48.5M). Corporate/other: $26.8M (vessel management $25.9M, time charter $0.9M). Gimi post-COD drove growth; Hilli stable. No geographic breakdown disclosed.
Operating income $99.7M (25.4% margin vs. 23.9% YoY). Expenses $258.0M (vessel ops $159.9M, admin $29.6M, project dev $19.2M, dep/amort $49.3M). Net financial loss $21.7M (interest exp $32.9M). Tax benefit $4.3M. Equity method income $8.9M. Strong FLNG EBITDA $310.2M reflects leverage.
Net cash increase $498.8M. Operating cash $470.9M (net income $112.6M, adjustments $358.3M). Investing outflow $813.2M (assets under dev $853.4M). Financing inflow $841.1M (debt proceeds $2,275.0M, repayments $944.9M). Assets $5.33B (current $1.41B, non-current $3.92B). Liabilities $3.26B (current $555.3M, long-term $2.71B). Equity $2.07B. Debt $2.76B net.
$17B backlog from Gimi LOA ($4.3B), Hilli/SESA 20-year ($5.7B), MKII/SESA 20-year ($8.0B). Hilli redeployment 2027, MKII 2028. Risks: project execution, commodity prices, geopolitics.