H1 2026
Filed Aug 13, 2026Q2 2026 total operating revenues rose 72% to $130,479 thousand and Adjusted EBITDA rose 159% to $127,365 thousand, while Golar committed to a fourth 3.5 MTPA FLNG conversion with an estimated $2.45 billion total budget.
Reported revenue, net income attributable to Golar and Adjusted EBITDA increased substantially year over year, supported by sales-type lease revenue, vessel management fees and realized FLNG Hilli derivative gains. The company also advanced its FLNG growth pipeline with a fourth FLNG order and a $600 million RCF, although major project funding, conversion execution and commodity-linked exposure remain material considerations.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total operating revenues, Q2 2026GAAP | $130,479 thousand | – | 72% |
| Total operating revenues, six months ended June 30, 2026GAAP | $268,033 thousand | – | 94% |
| Liquefaction services revenue, Q2 2026GAAP | $55,565 thousand | – | – |
| Sales-type lease revenue, Q2 2026GAAP | $48,349 thousand | – | – |
| Vessel management fees and other revenues, Q2 2026GAAP | $26,565 thousand | – | – |
| Total operating expenses, Q2 2026GAAP | $67,535 thousand | – | – |
| Vessel operating expenses, Q2 2026GAAP | $42,166 thousand | – | – |
| Administrative expenses, Q2 2026GAAP | $9,312 thousand | – | – |
| Project development expenses, Q2 2026GAAP | $1,808 thousand | – | – |
| Depreciation and amortization, Q2 2026GAAP | $14,249 thousand | – | – |
| Operating income, Q2 2026GAAP | $64,440 thousand | – | – |
| Operating income, six months ended June 30, 2026GAAP | $176,949 thousand | – | – |
| Net income, Q2 2026GAAP | $55,835 thousand | – | – |
| Net income attributable to stockholders of Golar LNG Limited, Q2 2026GAAP | $38,265 thousand | – | 145% |
| Net income attributable to stockholders of Golar LNG Limited, six months ended June 30, 2026GAAP | $121,843 thousand | – | 411% |
| Adjusted EBITDA, Q2 2026non-GAAP | $127,365 thousand | – | 159% |
| Adjusted EBITDA, six months ended June 30, 2026non-GAAP | $232,941 thousand | – | 158% |
| Net cash provided by operating activities, Q2 2026GAAP | $70,606 thousand | – | – |
| Net cash provided by operating activities, six months ended June 30, 2026GAAP | $143,685 thousand | – | – |
| Cash and cash equivalents, June 30, 2026GAAP | $870,474 thousand | – | – |
| Total Golar Cash, June 30, 2026non-GAAP | $908,428 thousand | – | – |
| Golar's share of Contractual Debt, June 30, 2026non-GAAP | $2,681,568 thousand | – | 31% |
| Total debt, net of deferred financing costs, June 30, 2026GAAP | $2,675,419 thousand | – | – |
| Asset under development, June 30, 2026GAAP | $1,430,685 thousand | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Liquefaction services revenueFLNG Hilli and FLNG Gimi liquefaction operations. | $55,565 thousand | – | – |
| Sales-type lease revenueFLNG Gimi sales-type lease. | $48,349 thousand | – | – |
| Vessel management fees and other revenuesCorporate and other operating revenues and costs in Q2 2026 were attributable to the Italis LNG FSRU O&M agreement that concluded on April 15, 2026. | $26,565 thousand | – | – |
Forward operational and project outlook outlook
- NoteFourth 3.5 MTPA MKII FLNG expected delivery by year end 2029.
- NoteFLNG Hilli expected Commercial Operations Date for its 20-year Argentina contract commencing H2 2027.
- NoteFLNG Hilli 20-year agreement with SESA includes Adjusted EBITDA to Golar of $285 million per year.
- NoteFLNG Esperanza conversion is scheduled for completion in Q4 2027, with contract start-up scheduled for H2 2028.
- NoteFLNG Esperanza contract is expected to deliver $8 billion of Adjusted EBITDA backlog over 20 years, equivalent to $400 million in annual Adjusted EBITDA to Golar, before commodity exposure and inflationary adjustments.
- NoteFLNG Gimi is expected to produce above her contracted volumes on an annual average basis.
- NotePipeline financing discussions are expected to close in Q3 2026.
- NoteThe new $600 million RCF has a tenor of 18 months from October 1, 2026.
Capital returns
- Declared dividend of $0.25 per share for the quarter, payable on September 2, 2026, to shareholders of record on August 24, 2026.
- 102.1 million shares issued and outstanding as of June 30, 2026.
- Cash dividends paid were $33,010 thousand in Q2 2026 and $63,042 thousand in the six months ended June 30, 2026.
What drove it
- Q2 2026 Adjusted EBITDA was $21 million higher than Q1 2026, principally reflecting higher realized gains on oil and gas derivative instruments.
- The higher Adjusted EBITDA was partially offset by lower overproduction-related earnings and reimbursements related to FLNG Gimi and reduced management fees net of related operating costs for the Italis LNG account.
- FLNG Gimi invoiced day rate in Q2 2026 was 15% above the contractual day rate.
- FLNG Hilli recognized $37 million of realized gains on oil and gas derivative instruments, comprising a $26 million realized gain on the Brent oil linked derivative instrument and an $11 million realized gain in respect of fees for the TTF linked production.
- FLNG Esperanza construction remained on schedule and on budget.
- Golar signed an EPC agreement for a second 3.5 MTPA MKII FLNG with an estimated $2.45 billion total budget.
Concerns
- Q2 2026 included $38 million of unrealized non-cash losses on FLNG Hilli oil and gas derivative assets.
- FLNG Gimi performance is sensitive to ambient conditions and will likely be lower in the summer months comprising Q3.
- FLNG Hilli is undergoing modifications and life-extension work ahead of its Argentina contract, with a $350 million budget for upgrade costs, positioning, operating costs, fuel and insurance during the period between August 2026 and expected COD.
- The fourth FLNG requires a suitable long-term charter and remains subject to project capital expenditure, foreign exchange and commodity price volatility.
- The company is progressing negotiations on a long-term senior secured debt facility with expected closing within 2027.
What to watch
- Progress of FLNG Hilli modifications in Singapore and commencement of its 20-year Argentina contract in H2 2027.
- FLNG Esperanza conversion milestones through completion in Q4 2027 and Argentina start-up in H2 2028.
- Closing of pipeline financing expected in Q3 2026 and further SESA LNG offtake sales.
- Fourth FLNG chartering progress, project financing and delivery by year end 2029.
- FLNG Gimi production performance during Q3 summer ambient conditions.
- Execution and utilization of the $600 million RCF and subsequent long-term asset-level financing.
Balance sheet and cash flow
- Total Golar Cash as of June 30, 2026 was $908,428 thousand, before the recently announced Revolving Credit Facility.
- Golar's share of Contractual Debt as of June 30, 2026 was $2,681,568 thousand.
- The net debt position as of Q2 2026 amounted to $1.8 billion.
- Asset under development of $1.4 billion relates to the FLNG Esperanza conversion project and has been fully equity funded to date.
- Net cash used in investing activities was $136,509 thousand in Q2 2026 and $305,413 thousand in the six months ended June 30, 2026.
- Additions to asset under development were $105,189 thousand in Q2 2026 and $237,971 thousand in the six months ended June 30, 2026.
- In August 2026, Golar closed a new $600 million RCF secured by FLNG Esperanza.
- Of the $1.2 billion Gimi debt facility, $1.16 billion was outstanding as of June 30, 2026.
Analysis
Golar reported a materially stronger second quarter and first half. Q2 total operating revenues were $130,479 thousand, up 72% from $75,673 thousand in Q2 2025, while net income attributable to stockholders of Golar LNG Limited was $38,265 thousand, up 145%. Adjusted EBITDA was $127,365 thousand, up 159%. For the six months ended June 30, 2026, total operating revenues were $268,033 thousand, net income attributable to stockholders was $121,843 thousand and Adjusted EBITDA was $232,941 thousand.
The revenue mix reflects the FLNG Gimi sales-type lease, which generated $48,349 thousand of Q2 sales-type lease revenue versus $8,219 thousand in Q2 2025. Liquefaction services revenue was $55,565 thousand, broadly consistent with $56,512 thousand a year earlier, while vessel management fees and other revenues increased to $26,565 thousand from $10,942 thousand. Q2 operating income was $64,440 thousand, after $67,535 thousand of total operating expenses and a $767 thousand realized and unrealized loss on oil and gas derivative instruments.
Q2 Adjusted EBITDA increased from $105,576 thousand in Q1 2026. Management attributed the increase primarily to higher realized gains on oil and gas derivative instruments, partly offset by lower Gimi overproduction-related earnings and reimbursements and reduced Italis LNG management fees net of operating costs. FLNG Hilli recognized $37 million of realized gains on oil and gas derivative instruments, but also recorded $38 million of unrealized non-cash losses on its derivative assets. FLNG Gimi overproduced by 15% compared with contractual committed volume, although management expects performance to be lower during Q3 summer conditions.
Cash generation remained positive, with net cash provided by operating activities of $70,606 thousand in Q2 and $143,685 thousand in the first half. Investment requirements remained substantial: additions to asset under development were $237,971 thousand in the first half, principally associated with FLNG Esperanza, and net cash used in investing activities was $305,413 thousand. Total Golar Cash was $908,428 thousand and Golar's share of Contractual Debt was $2,681,568 thousand at June 30, 2026. The company subsequently closed a $600 million RCF secured by FLNG Esperanza and intends to direct released equity from the RCF and subsequent asset-level financing toward FLNG growth projects.
The strategic focus is expansion of Argentina-linked FLNG capacity and the fourth FLNG. FLNG Esperanza remained on schedule and on budget, while FLNG Hilli completed its Cameroon contract with 100% economic uptime and is repositioning for modifications before its Argentina contract. The fourth 3.5 MTPA MKII FLNG has an estimated $2.45 billion total budget and expected delivery by year end 2029, but its value realization depends on securing an attractive charter and executing financing and conversion plans. The declared $0.25 per share quarterly dividend continues shareholder distributions alongside the elevated development program.
Management, verbatim
We are pleased to announce the ordering of Golar’s 4th FLNG. We believe this order, combining the world’s earliest available FLNG delivery and Golar’s operational track record, is well positioned to provide prospective clients with an attractive gas monetization solution, whilst driving value for Golar.
Karl Fredrik Staubo, CEO
Operationally we are very pleased to have completed Hilli’s initial contract with a market leading 100% uptime throughout the 8-year contract.
Karl Fredrik Staubo, CEO
We look forward to getting to start-up of operations in Argentina once FLNG Hilli has conducted modification works in Singapore and FLNG Esperanza has completed her conversion. Both projects remain on time and on budget.
Karl Fredrik Staubo, CEO
Not in the filing
stated, not guessed- GAAP diluted EPS and non-GAAP diluted EPS were not reported.
- Gross profit and gross margin were not reported.
- Free cash flow was not reported.
- Traditional quantitative revenue, gross-margin, operating-expense or tax-rate guidance was not reported.
- Prior-quarter percentage changes for reported metrics were not reported.
- Year-over-year percentage changes for individual revenue streams, operating expenses, operating income, net income and cash flow were not reported.
- Previous-release outlook was not provided. તેથી, no comparison of actual results with prior guidance is available.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.