Summary Financial Highlights

ARLINGTON, Va., November 10, 2025 – Venture Global, Inc. (“Venture Global,” “we,” or “our”) (NYSE: VG) has reported financial results for the quarter ended September 30, 2025.  As a reminder, Venture Global will host a conference call for investors and analysts beginning at 9:00 am Eastern Time (ET), November 10, 2025, to discuss third quarter results.

• Generated revenue of approximately $3.3 billion (an increase of 260% from Q3 2024), income from operations of approximately $1.3 billion (an increase of 598% from Q3 2024), net income⁽¹⁾of approximately $0.4 billion (an increase from a net loss in Q3 2024), and Consolidated Adjusted EBITDA⁽²⁾ of approximately $1.5 billion (an increase of 439% from Q3 2024).
• Exported 100 cargos totaling 372 TBtu of liquefied natural gas (“LNG”), a new record for Venture Global, and an increase of 69 cargos totaling 261 TBtu, or 237%, from Q3 2024.
• Total assets of $50.1 billion, an increase of $10.7 billion from $39.4 billion as of September 30, 2024.
• Announced this week two new long-term LNG sales and purchase agreements (“SPAs”): 1.0 MTPA 20-year SPA with Naturgy of Spain and 0.5 MTPA 20-year SPA with Atlantic-SEE LNG Trade S.A. of Greece.
• As previously announced during Q3 2025, Venture Global signed three additional LNG SPAs which, in conjunction with those signed in November, brings total contracted quantities in the second half of 2025 to 5.25 MTPA.
  • Executed a 1.0 MTPA 20-year SPA with PETRONAS LNG Ltd.
  • Executed an additional 0.75 MTPA to a previous 20-year SPA with SEFE Energy GmbH.
  • Executed a 2.0 MTPA 20-year SPA with Eni S.P.A.
• The Calcasieu Project reached another milestone, exporting the project’s 500^th cargo on November 8, 2025.
• The CP2 Project received final authorization from the U.S. Department of Energy for LNG exports to non-free trade agreement nations.
• As previously announced during Q3 2025, Venture Global reached a final investment decision for Phase 1 of the CP2 Project and the associated CP Express Pipeline with the successful closing of a $15.1 billion project financing.
• Other recent key financial milestones achieved during the quarter through today include:
  • Secured a $2 billion corporate revolving credit facility with more than twelve of the world’s leading banks, providing increased liquidity and flexibility.
  • Raised $1.575 billion through the Blackfin Pipeline joint venture, which provides capital for the completion of the project and an $889 million distribution to Venture Global. 
  • As previously announced, Venture Global Plaquemines LNG, LLC closed a $4.0 billion offering of senior secured notes in July 2025.

Summary and Review of Financial Results

Net income⁽¹⁾ for the three months ended September 30, 2025, increased $776 million as compared to a net loss¹ during the same period in 2024.  This increase was largely driven by higher income from operations of $1.1 billion primarily due higher LNG sales volumes of $1.9 billion primarily at the Plaquemines Project, partially offset by lower LNG sales prices net of the cost of feed gas of $645 million at the Calcasieu Project due to the commencement of LNG sales under its post-COD SPAs in April 2025, non-cash favorable changes in interest rates swaps of $336 million and higher interest expense of $293 million.  Consolidated Adjusted EBITDA⁽²⁾ for the three months ended September 30, 2025, increased $1.2 billion, or 439%, as compared to 2024 driven primarily by higher LNG sales volumes primarily at the Plaquemines Project, resulting in greater total margin for LNG sold.

Net income⁽¹⁾ for the nine months ended September 30, 2025, increased by $589 million, or 98%, as compared to 2024.  This increase was primarily driven by higher income from operations of $2.3 billion primarily due to higher LNG sales volumes $4.0 billion primarily at the Plaquemines Project, partially offset by lower LNG sales prices net of the cost of feed gas of $1.0 billion at the Calcasieu Project due to the commencement of LNG sales under its post-COD SPAs in April 2025, non-cash unfavorable changes in interest rate swaps of $518 million and higher interest expense of $540 million.  Consolidated Adjusted EBITDA² for the nine months ended September 30, 2025, increased $2.8 billion, or 201%, as compared to 2024 driven primarily by higher LNG sales volumes primarily at the Plaquemines Project, partially offset by lower LNG sales prices net of the cost of feed gas at the Calcasieu Project.

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(1)  Net income (loss) as used herein refers to net income (loss) attributable to common stockholders on our Condensed Consolidated Statements of Operations.

(2) Consolidated Adjusted EBITDA is a non-GAAP measure. See Reconciliation of Non-GAAP Measures below for further information, including a reconciliation of Consolidated Adjusted EBITDA to net income (loss) attributable to common stockholders, the most directly comparable financial measure prepared and presented in accordance with GAAP. Consolidated Adjusted EBITDA includes portions attributable to non-controlling interests.

Updated 2025 Outlook

Webcast and Conference Call Information

Venture Global will host a conference call to discuss third quarter results for 2025 and discuss our updated guidance for full year 2025 at 9:00 am Eastern Time (ET) on November 10, 2025.  The live webcast of Venture Global’s earnings conference call can be accessed at our website at www.ventureglobal.com along with the earnings press release, financial tables, and slide presentation.  After the conclusion of the webcast, a replay will be made available on the Venture Global website.

About Venture Global

Venture Global is an American producer and exporter of low-cost U.S. liquefied natural gas (LNG) with over 100 MTPA of capacity in production, construction, or development. Venture Global began producing LNG from its first facility in 2022 and is now one of the largest LNG exporters in the United States. The company’s vertically integrated business includes assets across the LNG supply chain including LNG production, natural gas transport, shipping and regasification. The company’s first three projects, Calcasieu Pass, Plaquemines LNG, and CP2 LNG, are located in Louisiana along the Gulf of America. Venture Global is developing Carbon Capture and Sequestration projects at each of its LNG facilities.

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(1)  Consolidated Adjusted EBITDA is a non-GAAP measure. See Reconciliation of Non-GAAP Measures below for further information, including a reconciliation of Consolidated Adjusted EBITDA to Net income2, the most directly comparable financial measure prepared and presented in accordance with GAAP. Consolidated Adjusted EBITDA includes portions attributable to non-controlling interests. For 2025, the non-controlling interest share of Consolidated Adjusted EBITDA is projected to be $105 million – $125 million.

(2)  Net income as used herein refers to net income attributable to common stockholders on our Condensed Consolidated Statements of Operations.

Forward-Looking Statements

This press release contains forward-looking statements.  We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).  All statements, other than statements of historical facts, included herein are “forward-looking statements.”  In some cases, forward-looking statements can be identified by terminology such as “may,” “might,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “pursue,” “target,” “continue,” the negative of such terms or other comparable terminology.

These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, expectations regarding the development, construction, commissioning and completion of our projects, expectations regarding sales of LNG cargos, estimates of the cost of our projects and schedule to construct and commission our projects, our anticipated growth strategies and anticipated trends impacting our business.  These statements are only predictions based on our current expectations and projections about future events.  There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including: our potential inability to maintain profitability, maintain positive operating cash flow and ensure adequate liquidity in the future, including as a result of the significant uncertainty in our ability to generate proceeds and the amount of proceeds that will regularly be received from sales of commissioning cargos and excess cargos due to volatility and variability in the LNG markets; the impact of the price of natural gas, including potential decreases in the price of natural gas and its related impact on our ability to pay the cost of gas transportation, the payment of a premium by us for feed gas relative to the contractual price we charge out customers, or other impacts to the price of natural gas resulting from inflationary pressures; our need for significant additional capital to construct and complete some future projects, and our potential inability to secure such financing on acceptable terms, or at all; our potential inability to construct or operate all of our proposed LNG facilities or pipelines or any additional LNG facilities or pipelines beyond those currently planned, including any of the bolt-on expansion opportunities which we have identified, and to produce LNG in excess of our nameplate capacity, which could limit our growth prospects, including as a result of delays in obtaining regulatory approvals or inability to obtain requisite regulatory approvals; significant operational risks related to our natural gas liquefaction and export projects, including the Calcasieu Project, the Plaquemines Project, the CP2 Project, the CP3 Project, the Delta Project, any future projects we develop, our pipelines, our LNG tankers, and our regasification terminal usage rights; our potential inability to accurately estimate costs for our projects, and the risk that the construction and operations of natural gas pipelines and pipeline connections for our projects suffer cost overruns and delays related to obtaining regulatory approvals, development risks, labor costs, unavailability of skilled workers, operational hazards and other risks; potential delays in the construction of our projects beyond the estimated development periods; our potential inability to enter into the necessary contracts to construct the second phase of the CP2 Project, the CP3 Project or the Delta Project on a timely basis or on terms that are acceptable to us; our potential inability to enter into post-COD SPAs with customers for, or to otherwise sell, an adequate portion of the total expected nameplate capacity at the second phase of the CP2 Project, the CP3 Project, the Delta Project or any future projects we develop; our dependence on our EPC and other contractors for the successful completion of our projects and delivery of our LNG tankers, including the potential inability of our contractors to perform their obligations under their contracts; various economic and political factors, including opposition by environmental or other public interest groups, or the lack of local government and community support required for our projects, which could negatively affect the timing or overall development, construction and operation of our projects; the effects of FERCregulation on our interstate natural gas pipelines and their FERC gas tariffs; our potential inability to obtain, maintain or comply with necessary permits or approvals from governmental and regulatory agencies on which the construction of our projects depends, including as a result of opposition by environmental and other public interest groups; the risk that the natural gas liquefaction system and mid-scale design we utilize at our projects will not achieve the level of performance or other benefits that we anticipate; potential additional risks arising from the duration of and the phased commissioning start-up of our projects; the potential risk that our customers or we may terminate our SPAs if certain conditions are not met or for other reasons; potential decreases in the price of natural gas and its related impact on our ability to pay the cost of gas transportation, the payment of a premium by us for feed gas relative to the contractual price we charge our customers, or other impacts to the price of natural gas resulting from inflationary pressures; the potential negative impacts of seasonal fluctuations on our business; our current and potential involvement in disputes and legal proceedings, including the arbitrations and other proceedings currently pending against us and the possibility of a negative outcome in any such dispute or proceeding and the potential impact thereof on our results of operations, liquidity and our existing contracts; the risks related to the development and/or contracting for additional gas transportation capacity to support the operation and expansion capacity of our LNG projects; the risks related to the management and operation of our LNG tanker fleet and our future regasification terminal usage rights; the uncertainty regarding the future of international trade agreements and the United States’ position on international trade, including the effects of any current or future tariffs imposed by the U.S. and any current or future retaliatory tariffs imposed by other countries, including China, on the U.S.; the potential effects of existing and future environmental and similar laws and governmental regulations on compliance costs, operating and/or construction costs and restrictions; our indebtedness levels, and the fact that we may be able to incur substantially more indebtedness, which may increase the risks created by our substantial indebtedness.  For more information on these and other factors that could cause our results to differ materially from expected results, please refer to the risks and uncertainties discussed in our Annual Report on Form 10-K for the year ended December 31, 2024.  In addition, please note that the date of this press release is November 10, 2025, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date.  We undertake no obligation to update these statements as a result of new information or future events.

Contacts

Investors:

Ben Nolan

IR@ventureglobalLNG.com

Media:

Shaylyn Hynes

press@ventureglobalLNG.com

VENTURE GLOBAL, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share information)
(unaudited)⁽¹⁾

VENTURE GLOBAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS 

(in millions, except share information)
(unaudited)⁽¹⁾

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(1)    Refer to the Venture Global, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, filed with the Securities and Exchange Commission.

Reconciliation of Non-GAAP Measures