Venture Global (VG) Q4 2025 Earnings Transcript

Motley Fool Transcribing, The Motley Fool

Mon, March 2, 2026 astatine 9:52 AM CST 43 min read

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Monday, March 2, 2026 astatine 9:00 a.m. ET

• Chief Executive Officer, Executive Co-Chairman, and Founder — Michael Sabel

• Chief Financial Officer — Jonathan Thayer

Michael Sabel: Thank you, Ben. Good morning, everyone, and convey you for joining america today. We are pleased to stock our 4th fourth and full-year 2025 results and supply guidance for 2026. I volition statesman the telephone with an overview of our cardinal accomplishments and aboriginal plans earlier shifting to our LNG projects individually. I volition past marque immoderate remarks connected the LNG manufacture and the existent events earlier turning implicit the telephone to Jack, who volition supply a much elaborate reappraisal of our fiscal results and guidance for 2026. Following each prepared remarks, we volition unfastened the enactment to Q&A. Turning to leafage 5 of the presentation, 2025 was a landmark twelvemonth for Venture Global. In January, we went public.

We reached commercialized operations astatine our archetypal project, Calcasieu Pass, successful April. At Plaquemines, aft producing our archetypal cargo successful December 2024, we person ramped up commissioning activities and are present generating much than 1 commissioning cargo per day. And astatine CP2, our largest task to date, we launched operation and raised financing for the archetypal signifier successful July. This means we are simultaneously constructing 57+ MTPA of capableness crossed 2 facilities. Phase 1 of Plaquemines is connected way for COD this year, and operation of the archetypal signifier of CP2 is moving good and is connected docket and connected budget. Total assets grew by astir $10 cardinal to $53 billion, and EBITDA and income from operations astir tripled.

Venture Global is connected way to beryllium the largest LNG shaper successful North America, supported by much than $134 cardinal of full contracted third-party revenue, which we expect to proceed to turn arsenic we adhd to our existing basal of 49 MTPA of long- and intermediate-term offtake agreements. For 2026, it is worthy noting that we present person 69% of expected accumulation capableness contracted, a percent that should emergence rapidly arsenic we expect signing further short- to intermediate- and semipermanent contracts successful the adjacent term. Venture Global equity has been publically listed for conscionable implicit a twelvemonth now, and our precedence has been to power what we tin power and present connected what we promised.

As you spot connected leafage 6, we person accomplished a large woody this year. The fig of cargoes we produced successful 2025 was astatine the precocious extremity of the guidance scope acceptable retired astatine the IPO. We reached FID astatine CP2 Phase 1. We secured 7.75 MTPA of further 20-year SPAs. We leveraged information procreation and investigation lessons learned from Calcasieu Pass to further summation accumulation capableness astatine Plaquemines, and we identified low-cost bolt-on accumulation opportunities astatine our archetypal 3 facilities successful excess of what we had primitively anticipated.