Venture Global — Third Quarter 2026 Earnings Summary

Financial Performance:

• Revenue for the three months ended September 30, 2026, was $4.8 billion, a 43% increase from $3.3 billion in Q3 2025; year-to-date revenue reached $13.9 billion.
• Income from operations for Q3 2026 was $2.3 billion, up 74% from $1.3 billion in Q3 2025; year-to-date income from operations was $5.6 billion.
• Net income attributable to common stockholders for Q3 2026 was $2.5 billion, a 493% increase from $429 million in Q3 2025; year-to-date net income was $4.4 billion.
• Consolidated Adjusted EBITDA for Q3 2026 was $2.6 billion, up 69% from $1.5 billion in Q3 2025; year-to-date Consolidated Adjusted EBITDA was $6.4 billion.
• Total assets increased to $68.1 billion as of September 30, 2026, from $50.1 billion as of September 30, 2025.
• Cash and cash equivalents were $3.4 billion as of September 30, 2026, compared to $2.4 billion at year-end 2025.
• Long-term debt, net, was $42.9 billion as of September 30, 2026, compared to $33.4 billion at year-end 2025.
• Net income and Consolidated Adjusted EBITDA increases for the nine months ended September 30, 2026, were primarily driven by higher LNG sales volumes from the Plaquemines Project, partially offset by lower LNG sales prices net of feed gas costs due to the Calcasieu Project's transition to post-COD SPAs.

Guidance and Future Outlook:

• Raised full-year 2026 Consolidated Adjusted EBITDA guidance to $10.0 billion - $10.3 billion, up from the previous range of $8.7 billion - $9.1 billion.
• Guidance assumes a weighted average liquefaction fee of $21.00/MMBtu - $22.00/MMBtu for remaining unsold cargos.
• A +/- $1.00/MMBtu change in fixed liquefaction fees is projected to impact full-year 2026 Consolidated Adjusted EBITDA by $20 million - $30 million.
• Tightened and raised the expected 2026 cargo range to 509 - 518 from 500 - 518.
• Increased contracted 2026 cargos to 99% of available cargos at a weighted average liquefaction fee of $6.46/MMBtu.
• Expects to export 152 - 154 cargos from the Calcasieu Project and 357 - 364 cargos from the Plaquemines Project in 2026.
• Tightened the expected timeline for the start of LNG production at the CP2 Project to mid-year 2027, approximately 24 months after Phase 1 FID.
• Targets FID for Plaquemines Phase 2 in mid-2027 and first LNG in 2029.
• Targets FID for the CP2 brownfield expansion in early 2027 with first production in late 2028.
• Projects the ability to begin delivering compute capacity for the AI utility in late 2028 and scale to approximately 5 GW by the end of 2031.

Business Segments and Product Lines:

• Exported 124 LNG cargos and sold 465.8 TBtu of LNG in Q3 2026, representing a 24% increase in cargos and 25% increase in TBtu sold compared to Q3 2025.
• Commenced commercial operations at Plaquemines Phase 1 on October 31, 2026, having loaded six cargos for SPA customers by the release date.
• Calcasieu facility produced 37 cargos in Q3 2026, surpassing SPA obligations, with expectations for modestly higher Q4 production.
• Executed 2.0 MTPA of new or increased 20-year LNG offtake agreements:
  • New 20-year SPA with ConocoPhillips for 1.0 MTPA starting in 2030.
  • New 20-year SPA with China Gas for 0.5 MTPA starting at CP2 COD.
  • Increased 20-year SPA with an existing customer by 0.5 MTPA.
• Entered into frame agreements with GE Vernova and Baker Hughes Energy Services for up to 16 new, 720 MW power islands and associated grid equipment to support an off-grid AI utility.
• Ordered long-lead-time equipment for Plaquemines brownfield expansion, including eight liquefaction trains and gas compressor systems for the Cloud Connector Pipeline.
• Repaid $2.8 billion of the $3.0 billion Equity Bridge Loan supporting CP2 Project construction since the start of 2026.

Market and Competitive Landscape:

• Plaquemines Phase 1 reached commercial operations in just over 53 months from final investment decision, described as one of the fastest greenfield LNG projects of its scale.
• CP2 construction progress positions the project to begin production approximately two years from FID, described as substantially faster than any other LNG project of this scale.
• Venture Global leverages approximately 15,000 acres of controlled land, 13 bcf/d of pipeline capacity, 4 GW of existing power, and a 1,000-person in-house EPC team to support the AI utility expansion.
• The company aims to solve constraints on data center buildout by offering reliable, large-scale compute capacity without reliance on public electricity or water supply.

Risks and Challenges:

• Risks include potential inability to maintain profitability, positive operating cash flow, and adequate liquidity due to volatility in LNG markets and uncontracted commissioning cargos.
• Significant capital requirements for project construction and potential inability to secure financing on acceptable terms.
• Operational risks related to natural gas liquefaction, pipelines, LNG tankers, and regasification terminal usage rights.
• Risks of construction delays, cost overruns, and inability to obtain regulatory approvals or permits.
• Exposure to international trade agreements, tariffs, and ongoing legal challenges.
• Dependence on EPC contractors and suppliers for project completion and LNG tanker delivery.
• Potential risks associated with the expansion into data center infrastructure and competition in the AI utility market.
• Risks related to natural gas price volatility, including the potential for decreases in gas prices impacting the ability to pay feed gas costs.

Management Commentary and Tone:

• CEO Mike Sabel described the third quarter as "exceptional" with record sales and earnings, attributing success to best-in-class execution and LNG production at the high end of the anticipated range.
• Management expressed confidence in the business heading into the next year due to strong operational performance and pricing outlooks.
• Management views the potential AI utility as a "defining step" in the company's evolution into a fully vertically integrated AI Utility, combining energy and infrastructure.
• The tone regarding project timelines is confident, citing the CP2 project's speed as a competitive advantage over other large-scale LNG projects.

Other Key Points:

• The Board of Directors declared a cash dividend of $0.04 per share on Class A and Class B common stock, payable on December 31, 2026, to shareholders of record as of December 15, 2026.
• Venture Global LNG, Inc. secured a $3.0 billion 364-day revolving credit facility for general corporate purposes and project costs.
• The company is developing carbon capture and sequestration projects at each of its LNG facilities.
• Venture Global has over 100 MTPA of capacity in production, construction, or development.