Venture Global, Inc.

Oil & Gas Midstream • Energy • Arlington, VA, United States • VG (NYQ)

202 759 6740 1001 19th Street North, Arlington, VA 22209, United States

Quarter: Q4 2025 Reported: October 6, 2025 Sentiment: Positive

Venture Global, Inc. engages in the development, construction, and production of natural gas liquefaction and export projects near the U.S. Gulf Coast in Louisiana. It is involved in natural gas transport, shipping, and regasification, as well as sells LNG. Venture Global, Inc. was founded in 2013 and is based in Arlington, Virginia. Venture Global, Inc. is a subsidiary of Venture Global Partners II, LLC.

Analysis Summary

Venture Global, Inc. released key operational metrics for the quarter ended September 30, 2025 (Q4 2025), preceding its comprehensive financial earnings report. The company demonstrated significant operational output, exporting a total of 100 LNG cargos, amounting to 371.8 TBtu, from its combined facilities. A weighted average fixed liquefaction fee of $5.07 per MMBtu was realized across these exports.

Breaking down performance by facility, Calcasieu Pass exported 36 cargos, totaling 133.0 TBtu, with a weighted average fixed liquefaction fee of $1.97/MMBtu. The newer Plaquemines LNG facility showed a stronger contribution, exporting 64 cargos, or 238.8 TBtu, and achieving a substantially higher weighted average fixed liquefaction fee of $6.79/MMBtu. This indicates successful commissioning and ramp-up of the Plaquemines project, commanding premium fees.

Regarding revenue recognition, the company detailed its policy for FOB (Free on Board) and DES/DPU (Delivered Ex-Ship/Delivered Place Unloaded) cargos. Notably, two DES cargos from Plaquemines LNG exported in Q4 2025 will have their revenue recognized in the subsequent quarter due to transit time. Additionally, revenue from 2.88 TBtu from a partially loaded cargo at Plaquemines was recognized in the current quarter. Management explicitly stated that these operational metrics are not exhaustive and should not be the sole indicators of quarterly financial results, as net income, cash flow, and other comprehensive financial performance details are yet to be announced.

Competitive positioning is strengthened by the successful operation of two major LNG export facilities, with Plaquemines demonstrating a higher realized fee, potentially reflecting its newer capacity or contractual terms. Market trends suggest continued demand for LNG, which Venture Global is actively meeting with increasing export volumes. Risk factors include the inherent uncertainties of forward-looking statements and the timing differences in revenue recognition for certain cargo types. The full financial picture, including profitability and cash flow, remains to be disclosed in the upcoming earnings report.

Key Highlights

• Venture Global exported 100 LNG cargos totaling 371.8 TBtu in Q4 2025.
• A weighted average fixed liquefaction fee of $5.07/MMBtu was realized across all facilities.
• Plaquemines LNG facility exported 64 cargos (238.8 TBtu) at a higher fee of $6.79/MMBtu.
• Calcasieu Pass facility exported 36 cargos (133.0 TBtu) at $1.97/MMBtu.
• Two DES cargos from Plaquemines will have revenue recognized in the following quarter.
• Full financial results (net income, cash flow) are pending the official earnings report.

Financial Metrics

eps

Not yet announced

YoY: N/A

revenue

Not yet announced N/A

YoY: N/A

guidance

net income

Not yet announced N/A

YoY: N/A

operational metrics q4 2025

Stock Performance (90 Days)

Data through Dec 29, 2025

Positive Signals

• High volume of 100 LNG cargos exported, indicating strong operational output.
• Successful operation and ramp-up of two major facilities (Calcasieu Pass and Plaquemines LNG).
• Plaquemines LNG facility realizing a significantly higher weighted average liquefaction fee ($6.79/MMBtu).
• Consistent export activity across both operational facilities.

Risks & Concerns

— The provided operational metrics are not sole indicators of full quarterly financial results; net income and cash flow are pending.
— Revenue recognition timing differences for DES/DPU cargos can impact reported quarterly revenue.
— Forward-looking statements are subject to risks, uncertainties, and assumptions that could cause actual results to differ materially.
— Reliance on external factors influencing LNG demand and pricing, which are not detailed in this operational update.