# EDGAR Filing Document

**Accession Number:** 0002007855
**File Stem:** 0002007855-25-000068
**Filing Date:** 2025-11
**Character Count:** 31802
**Document Hash:** 7b900af7c4286888e92d25a3e67239ad
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002007855-25-000068.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0002007855-25-000068

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251110

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Venture Global, Inc.
- **CENTRAL INDEX KEY:** 0002007855
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATURAL GAS DISTRIBUTION [4924]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 933539083
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42486
- **FILM NUMBER:** 251464191

**BUSINESS ADDRESS:**
- **STREET 1:** 1001 19TH STREET NORTH, SUITE 1500
- **CITY:** ARLINGTON
- **STATE:** VA
- **ZIP:** 22209
- **BUSINESS PHONE:** (202) 759 6740

**MAIL ADDRESS:**
- **STREET 1:** 1001 19TH STREET NORTH, SUITE 1500
- **CITY:** ARLINGTON
- **STATE:** VA
- **ZIP:** 22209

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Venture Global Holdings, Inc.
- **DATE OF NAME CHANGE:** 20240111

?xml version='1.0' encoding='ASCII'? vg-20251110

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): November 10, 2025**

![Logo.gif](vg-20251110_g1.gif)

**Venture Global, Inc.**

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-42486** | **93-3539083** |
| **(State or other jurisdiction<br>of incorporation)** | **(Commission<br>File Number)** | **(IRS Employer<br>Identification No.)** |
| **1001 19th Street North, Suite 1500** | | **22209** |
| **Arlington, VA** | | **(Zip Code)** |
| **(Address of Principal Executive Offices)** | | |

---

**Registrant's telephone number, including area code: (202) 759-6740**

**Not Applicable**

**(Former name or former address, if changed since last report.)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange<br>on which registered** |
| Class A common stock, $0.01 par value per share | VG | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02 Results of Operations and Financial Condition.**

Venture Global, Inc. ("Venture Global") issued a press release on November 10, 2025 and will hold a conference call on November 10, 2025, regarding its financial results for the quarter ended September 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this report.

The information furnished with this Item 2.02, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Venture Global is making reference to non-GAAP financial information in both the press release and the conference call. A reconciliation of GAAP to non-GAAP results is provided in the attached Exhibit 99.1 press release.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits

---

| | |
|:---|:---|
| **<u>Exhibit Number</u>** | **<u>Exhibit Title or Description</u>** |
| 99.1 | [Press release dated November 10, 2025](vgincq32025earningsrelease.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| | **Venture Global, Inc.** |
| Dated: November 10, 2025 |  |
|  | By: <u>/s/ Jonathan Thayer</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jonathan Thayer |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer |

---

## Exhibit 99.1

![logo.gif](logo.gif)

**Venture Global Reports Third Quarter 2025 Results**

**Summary Financial Highlights**

---

| | | |
|:---|:---|:---|
| | **Three months ended<br>September 30,** | **Nine months ended<br>September 30,** |
| *(in billions)* | **2025** | **2025** |
| Revenue | $3.3 | $9.3 |
| Income from operations | $1.3 | $3.4 |
| Net income<sup>1</sup> | $0.4 | $1.2 |
| Consolidated Adjusted EBITDA<sup>2</sup> | $1.5 | $4.3 |

---

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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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<sup>1</sup> of approximately $0.4 billion (an increase from a net loss in Q3 2024), and Consolidated Adjusted EBITDA<sup>2</sup> of approximately $1.5 billion (an increase of 439% from Q3 2024).

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• Total assets of $50.1 billion, an increase of $10.7 billion from $39.4 billion as of September 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Executed a 1.0 MTPA 20-year SPA with PETRONAS LNG Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Executed an additional 0.75 MTPA to a previous 20-year SPA with SEFE Energy GmbH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Executed a 2.0 MTPA 20-year SPA with Eni S.P.A.

&nbsp;&nbsp;&nbsp;&nbsp;• The Calcasieu Project reached another milestone, exporting the project's 500<sup>th</sup> cargo on November 8, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• The CP2 Project received final authorization from the U.S. Department of Energy for LNG exports to non-free trade agreement nations.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• Other recent key financial milestones achieved during the quarter through today include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Secured a $2 billion corporate revolving credit facility with more than twelve of the world's leading banks, providing increased liquidity and flexibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ As previously announced, Venture Global Plaquemines LNG, LLC closed a $4.0 billion offering of senior secured notes in July 2025.

<sup>1</sup> &nbsp;&nbsp;&nbsp;&nbsp;Net income as used herein refers to net income attributable to common stockholders on our Condensed Consolidated Statements of Operations.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;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.

------

With 34 of 36 liquefaction trains at the Plaquemines Project now producing LNG, we expect total cargos across our projects to be 382 - 386 cargos for the year. We are reducing and tightening the range of our Consolidated Adjusted EBITDA<sup>(2)</sup> guidance to $6.35 billion - $6.50 billion from $6.40 billion - $6.80 billion, adjusting for lower expected fixed liquefaction fees reflecting higher domestic natural gas prices, two expected DES loadings that will be realized upon delivery at their destinations in early 2026 and accounting reserves relating to ongoing arbitrations.

"The Venture Global team continues to excel operationally, as evidenced by the significant accomplishments we achieved this quarter, including the 100 cargos we exported in Q3, our elevated financial performance year-over-year and successful capital transactions, and the execution of over 5 MTPA in new LNG supply agreements," said **Venture Global CEO Mike Sabel.** "We are pleased with the construction and commissioning process at Plaquemines, which is progressing well and safely despite power island construction delays and normal-course challenges inherent in projects of this scale and complexity. This quarter we reaffirmed our COD timing for Phase 1 and Phase 2, and thanks to incremental investments made by VG including temporary power at no additional cost to our customers, we remain on track to reach COD at Phase 1 in 54 months. The early-stage construction progress at CP2 is also well positioned to bring new LNG supply to global markets on schedule. Our record of execution positions Venture Global as an important leader in the LNG market, enabling us to provide flexible short and medium term supply as well as the lowest-cost long-term LNG to the world."

**Summary and Review of Financial Results**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions, except LNG data)* | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| *(in millions, except LNG data)* | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Revenue | $3329 | $926 | 260% | $9324 | $3448 | 170% |
| Income from operations | $1320 | $189 | 598% | $3438 | $1169 | 194% |
| Net income (loss)<sup>1</sup> | $429 | $(347) | NA | $1193 | $604 | 98% |
| Consolidated Adjusted EBITDA<sup>2</sup> | $1525 | $283 | 439% | $4264 | $1416 | 201% |
| LNG volumes exported: |  |  |  |  |  |  |
| &nbsp;&nbsp;Cargos | 100 | 31 | 223% | 252 | 107 | 136% |
| &nbsp;&nbsp;TBtu | 371.8 | 110.4 | 237% | 936.3 | 384.0 | 144% |
| LNG volumes sold (TBtu) | 373.0 | 100.0 | 273% | 930.5 | 373.0 | 149% |

---

Net income<sup>1</sup> for the three months ended September 30, 2025, increased $776 million as compared to a net loss<sup>1</sup> 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<sup>2</sup> 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<sup>1</sup> 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 EBITDA<sup>2</sup> 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.

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) as used herein refers to net income (loss) attributable to common stockholders on our Condensed Consolidated Statements of Operations.

<sup>2</sup> 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**

Our updated guidance for 2025 is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated Adjusted EBITDA<sup>1</sup> guidance for the full year 2025 is being reduced and tightened from $6.40 billion - $6.80 billion to $6.35 billion - $6.50 billion. The reduction accounts for a lower assumed fixed liquefaction fee on the remaining unsold cargos and the impact of reserves taken relative to ongoing arbitrations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ As noted last quarter, changes in natural gas prices, both domestic and international, could impact Consolidated Adjusted EBITDA guidance. The spread between domestic and international prices for gas and LNG is largely unchanged since last quarter. Consequently, we assume a fixed liquefaction fee range of $4.50/MMBtu - $5.50/MMBtu for our remaining unsold cargos in 2025 in support of our reiterated guidance, reflecting market forward prices and recently executed cargo sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ +/- $1.00/MMBtu change in fixed liquefaction fees will impact our full year 2025 Consolidated Adjusted EBITDA by $50 million - $60 million, as opposed to $230 million - $240 million previously.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We now expect to export 148 cargos from the Calcasieu Project and 234 - 238 cargos from the Plaquemines Project in 2025, inclusive of the 108 and 144 cargos we exported from the Calcasieu Project and the Plaquemines Project, respectively, in the nine months ended September 30, 2025.

We do not provide a reconciliation of forward-looking amounts of Consolidated Adjusted EBITDA to Net income<sup>2</sup>, the most directly comparable financial measure prepared and presented in accordance with GAAP, due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. Many of the adjustments and exclusions used to calculate the projected Consolidated Adjusted EBITDA may vary significantly based on actual events, so we are not able to forecast on a GAAP basis with reasonable certainty all adjustments needed in order to provide a GAAP calculation of these projected amounts. The amounts of these adjustments may be material and, therefore, could result in the GAAP measure being materially different from (including materially less than) the projected non-GAAP measures. The guidance in this press release is only effective as of the date it is given and will not be updated or afﬁrmed unless and until we publicly announce updated or afﬁrmed guidance.

**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.

**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,"

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;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<sup>2</sup>, 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.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;Net income as used herein refers to net income attributable to common stockholders on our Condensed Consolidated Statements of Operations.

------

"plan," "project," "intend," "anticipate," "believe," "estimate," "predict," "potential," "pursue," "target," "continue," the negative of such terms or other comparable terminology.

------

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.** 

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

(in millions, except per share information)

(unaudited)<sup>1</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended<br>September 30,** | **Three months ended<br>September 30,** | **Nine months ended<br>September 30,** | **Nine months ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **REVENUE** | $3329 | $926 | $9324 | $3448 |
| **OPERATING EXPENSE** |  |  |  |  |
| &nbsp;&nbsp;Cost of sales (exclusive of depreciation and amortization shown separately below) | 1388 | 272 | 3866 | 937 |
| &nbsp;&nbsp;Operating and maintenance expense | 245 | 143 | 714 | 378 |
| &nbsp;&nbsp;General and administrative expense | 105 | 77 | 313 | 224 |
| &nbsp;&nbsp;Development expense | 53 | 156 | 292 | 511 |
| &nbsp;&nbsp;Depreciation and amortization | 218 | 89 | 701 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expense | 2009 | 737 | 5886 | 2279 |
| **INCOME FROM OPERATIONS** | 1320 | 189 | 3438 | 1169 |
| **OTHER INCOME (EXPENSE)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | 27 | 53 | 121 | 187 |
| &nbsp;&nbsp;&nbsp;Interest expense, net | (421) | (128) | (1007) | (467) |
| &nbsp;&nbsp;&nbsp;Gain (loss) on interest rate swaps | (144) | (480) | (448) | 70 |
| &nbsp;&nbsp;&nbsp;Loss on financing transactions | (141) | (6) | (204) | (14) |
| &nbsp;&nbsp;&nbsp;Loss on foreign currency transactions | (4) |  | (4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense), net | (683) | (561) | (1542) | (224) |
| **INCOME (LOSS) BEFORE INCOME TAX EXPENSE**&nbsp;&nbsp;&nbsp;&nbsp;**(BENEFIT)** | 637 | (372) | 1896 | 945 |
| &nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 87 | (78) | 354 | 189 |
| **NET INCOME (LOSS)** | 550 | (294) | 1542 | 756 |
| &nbsp;&nbsp;Less: Net income attributable to redeemable stock of subsidiary | 44 | 37 | 121 | 107 |
| &nbsp;&nbsp;Less: Net income attributable to non-controlling interests | 10 | 15 | 26 | 44 |
| &nbsp;&nbsp;Less: Dividends on VGLNG Series A Preferred Shares | 67 | 1 | 202 | 1 |
| **NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS** | $429 | $(347) | $1193 | $604 |
| **BASIC EARNINGS (LOSS) PER SHARE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) attributable to common stockholders per share—basic | $0.18 | $(0.15) | $0.49 | $0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average number of shares of common stock <br>outstanding—basic | 2433 | 2350 | 2418 | 2350 |
| **DILUTED EARNINGS (LOSS) PER SHARE** |  |  |  |  |
| &nbsp;&nbsp;Net income (loss) attributable to common stockholders per share—diluted | $0.16 | $(0.15) | $0.45 | $0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average number of shares of common stock <br>outstanding—diluted | 2641 | 2350 | 2639 | 2577 |

---

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;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.

------

**VENTURE GLOBAL, INC.** 

**CONDENSED CONSOLIDATED BALANCE SHEETS** 

(in millions, except share information)

(unaudited)<sup>1</sup>

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| **ASSETS** | | |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1879 | $3608 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 334 | 169 |
| &nbsp;&nbsp;&nbsp;Accounts receivable | 633 | 364 |
| &nbsp;&nbsp;&nbsp;Inventory, net | 227 | 171 |
| &nbsp;&nbsp;&nbsp;Derivative assets | 90 | 154 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 95 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 3258 | 4559 |
| Property, plant and equipment, net | 43258 | 34675 |
| Right-of-use assets | 760 | 602 |
| Noncurrent restricted cash | 1329 | 837 |
| Deferred financing costs | 510 | 384 |
| Noncurrent derivative assets | 384 | 1482 |
| Other noncurrent assets | 580 | 952 |
| **TOTAL ASSETS** | $50079 | $43491 |
| **LIABILITIES AND EQUITY** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $947 | $1536 |
| &nbsp;&nbsp;&nbsp;Accrued and other liabilities | 2120 | 1816 |
| &nbsp;&nbsp;&nbsp;Current portion of long-term debt, net | 856 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 3923 | 3542 |
| Long-term debt, net | 31743 | 29086 |
| Noncurrent operating lease liabilities | 708 | 536 |
| Deferred tax liabilities, net | 2024 | 1637 |
| Other noncurrent liabilities | 860 | 794 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 39258 | 35595 |
| Redeemable stock of subsidiary | 1650 | 1529 |
| Equity |  |  |
| &nbsp;&nbsp;&nbsp;Venture Global, Inc. stockholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A common stock, par value $0.01 per share (477 million and 2,350 million shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively) | 4 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B common stock, par value $0.01 per share (1,969 million and 0 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively) | 20 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid in capital | 2214 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 3694 | 2611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (240) | (249) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Venture Global, Inc. stockholders' equity | 5692 | 2897 |
| &nbsp;&nbsp;&nbsp;Non-controlling interests | 3479 | 3470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total equity | 9171 | 6367 |
| **TOTAL LIABILITIES AND EQUITY** | $50079 | $43491 |

---

<sup>1</sup> &nbsp;&nbsp;&nbsp;&nbsp;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**

This earnings release contains references to Consolidated Adjusted EBITDA, which is not required by, or presented in accordance with, generally accepted accounting principles in the United States ("GAAP").

We believe Consolidated Adjusted EBITDA provides investors and other users of our consolidated financial statements with useful supplemental information to evaluate the financial performance of our business on an unleveraged basis, to enable comparison of our operating performance across periods. Consolidated Adjusted EBITDA also allows investors and other users of our financial statements to evaluate our operating performance in a manner that is consistent with management's evaluation of financial and operating performance.

We define Consolidated Adjusted EBITDA as net income attributable to common stockholders of Venture Global Inc., as determined in accordance with GAAP, adjusted to exclude net income attributable to non-controlling interests, income taxes, gain/loss on interest rate swaps, gain/loss on financing transactions, interest expense, net of capitalized interest, interest income, depreciation and amortization, stock-based compensation expense, gain/loss from changes in the fair value of forward natural gas supply contracts, and gain/loss from changes in exchange rates on foreign currency transactions. We believe the exclusion of these items enables investors and other users of our consolidated financial statements to assess our sequential and year-over-year performance and operating trends on a more comparable basis.

Consolidated Adjusted EBITDA has material limitations as an analytical tool and should be viewed as a supplement to and not a substitute for measures of performance, financial results and cash flow from operations calculated in accordance with GAAP. For example, Consolidated Adjusted EBITDA excludes certain recurring, non-cash charges such as stock-based compensation expense and gain/loss from changes in the fair value of forward natural gas supply contracts, and does not reflect changes in, or cash requirements for, our working capital needs. In addition, although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Consolidated Adjusted EBITDA does not reflect cash requirements for such replacements. Other companies, including companies in our industry, may also calculate Consolidated Adjusted EBITDA differently, which may limit its usefulness as a comparative measure.

The following table reconciles our Consolidated Adjusted EBITDA for the three and nine months ended September 30, 2025 and 2024 (in millions) to net income (loss) attributable to common stockholders, the most directly comparable financial measure prepared and presented in accordance with GAAP:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended<br>September 30,** | **Three months ended<br>September 30,** | **Nine months ended<br>September 30,** | **Nine months ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS** | $429 | $(347) | $1193 | $604 |
| &nbsp;&nbsp;Net income attributable to non-controlling interests | 121 | 53 | 349 | 152 |
| &nbsp;&nbsp;Income tax expense (benefit) | 87 | (78) | 354 | 189 |
| &nbsp;&nbsp;&nbsp;Loss on foreign currency transactions | 4 |  | 4 |  |
| &nbsp;&nbsp;&nbsp;Loss on financing transactions | 141 | 6 | 204 | 14 |
| &nbsp;&nbsp;&nbsp;(Gain) loss on interest rate swaps | 144 | 480 | 448 | (70) |
| &nbsp;&nbsp;&nbsp;Interest expense, net | 421 | 128 | 1007 | 467 |
| &nbsp;&nbsp;&nbsp;Interest income | (27) | (53) | (121) | (187) |
| &nbsp;&nbsp;&nbsp;&nbsp;**INCOME FROM OPERATIONS** | $1320 | $189 | $3438 | $1169 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 218 | 89 | 701 | 229 |
| &nbsp;&nbsp;&nbsp;Stock based compensation expense | 11 | 5 | 34 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss from changes in fair value of other derivatives<sup>1</sup> | (24) |  | 91 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consolidated Adjusted EBITDA** | $1525 | $283 | $4264 | $1416 |

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<sup>1</sup> Change in fair value of forward natural gas supply contracts.

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