# EDGAR Filing Document

**Accession Number:** 0002007855
**File Stem:** 0002007855-26-000042
**Filing Date:** 2026-5
**Character Count:** 28988
**Document Hash:** 07fbfad734676688774bb6c7bf5d66b4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002007855-26-000042.hdr.sgml**: 20260512

**ACCESSION NUMBER**: 0002007855-26-000042

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260512

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260512

**DATE AS OF CHANGE**: 20260512

**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:** 26965705

**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-20260512

**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): May 12, 2026**

![Logo.gif](vg-20260512_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 May 12, 2026 and will hold a conference call on May 12, 2026, regarding its financial results for the quarter ended March 31, 2026. 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 May 12, 2026](vgincq12026earningsrelease.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: May 12, 2026 |  |
|  | 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

![logoa.gif](logoa.gif)

**Venture Global Reports First Quarter 2026 Results**

**Summary Financial Highlights**

---

| | |
|:---|:---|
| *(in billions)* | **Three months ended<br>March 31, 2026** |
| Revenue | $4.6 |
| Income from operations | $1.2 |
| Net income<sup>1</sup> | $0.5 |
| Consolidated Adjusted EBITDA<sup>2</sup> | $1.4 |

---

ARLINGTON, Va., May 12, 2026 – Venture Global, Inc. ("Venture Global," "we," or "our") (NYSE: VG) has reported financial results for the quarter ended March 31, 2026. As a reminder, Venture Global will host a conference call for investors and analysts beginning at 9:00 am Eastern Time (ET), May 12, 2026, to discuss first quarter results.

Key financial highlights include:

• Generated revenue of $4.6 billion, an increase of 59% from Q1 2025; income from operations of $1.2 billion, an increase of 7% from Q1 2025; net income<sup>1</sup> of $488 million, an increase of 23% from Q1 2025; and Consolidated Adjusted EBITDA<sup>2</sup> of $1.4 billion, an increase of 2% from Q1 2025.

• Exported 130 cargos and sold 481 TBtu of liquefied natural gas ("LNG"), a new quarterly record for Venture Global, and an increase of 67 cargos and 253 TBtu sold, or 111%, from Q1 2025.

• Reached total assets of $56.3 billion, an increase of $11.2 billion from $45.1 billion as of March 31, 2025.

• Increased EBITDA guidance to $8.2 - $8.5 billion, up from $5.2 - $5.8 billion, which assumes a weighted average liquefaction fee of $9.50/MMBtu - $10.50/MMBtu for our remaining unsold cargos, in line with current forward curves.

• Contracted additional cargos, bringing the total sold to 84% of available cargos for 2026 at a weighted average liquefaction fee of $4.51/MMBtu.

• Tightened and raised the midpoint of the expected cargo range to 494 - 523 from 486 - 527 for 2026.

• Announced the final investment decision ("FID") of CP2 Phase II and the successful closing of an $8.6 billion project financing supporting Phase II, bringing total CP2 financing to $20.7 billion.

• Executed additional five-year supply agreements, bringing the total capacity sold under five-year agreements to over 3 MTPA supplied from Venture Global's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Increased the five-year binding LNG agreement with Vitol to approximately 1.7 MTPA, up from 1.5 MTPA previously agreed and announced in Q1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Executed a new, binding agreement for TotalEnergies to purchase approximately 0.85 MTPA of LNG for approximately five years commencing in 2026.

• As previously announced during Q1 2026, Venture Global signed three additional LNG SPAs, including a 20-year sales and purchase agreement (SPA) with Hanwha Aerospace, and five-year binding agreements with Trafigura and Vitol.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Calcasieu Pass Funding, LLC closed a $1.75 billion senior secured term loan B credit facility in April used to redeem its preferred equity interests that were previously issued to Stonepeak Bayou Holdings II LP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Venture Global Calcasieu Pass, LLC closed a $750 million offering of 6.0% senior secured notes due 2036. The net proceeds were used to prepay the remaining balance of the construction term loan at the Calcasieu Pass facility.

<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 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.

------

In April, the Calcasieu Pass Project celebrated the one-year anniversary of its commercial operations date ("COD"), with no missed cargos. At our combined facilities for 2026 we anticipate 494 - 523 total cargos. Based on this cargo range and the current forward curves for LNG and natural gas prices, we expect 2026 full year Consolidated Adjusted EBITDA<sup>1</sup> to be $8.2 - $8.5 billion.

We are advancing construction, commissioning, and assurance testing required in advance of COD of our Plaquemines Project Phase I. Thanks to a series of innovative mitigations and previously announced incremental expenditures addressing the challenges that arise in the construction and commissioning of a large, complex project, we are pleased to reaffirm that we are targeting Plaquemines Project Phase I COD in Q4 2026 and Plaquemines Project Phase II COD in mid 2027.

Construction at our CP2 Project is progressing well, and we remain on track to produce first LNG in the second half of 2027, considerably faster from FID than any large-scale project in the history of the LNG industry. We have raised the roofs on two of the four LNG storage tanks, the perimeter wall protecting the facility is watertight, and 12 of the 36 LNG liquefaction trains are on their foundations.

"The first quarter of 2026 was a dynamic, and at times volatile, period for the global LNG market, and we are proud that our company has played a critical role in helping maintain supply stability. Venture Global continues to deliver reliable U.S. energy to our customers, while generating strong financial results for our shareholders," said **Venture Global CEO Mike Sabel.** "We are making significant progress on construction at our third facility, CP2, including raising the roofs of our first two LNG tanks this quarter and successfully closing an $8.6 billion FID for Phase II of that project. We are continuing the safe startup and commissioning of Plaquemines LNG and are reaffirming our expectation of achieving Phase I commercial operations later this year. As the market navigates the ongoing impacts of the conflict in the Middle East, Venture Global remains focused on the safe, disciplined execution of our operating, commissioning, and construction plans."

<sup>1</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 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.

------

**Summary and Review of Financial Results**

---

| | | | |
|:---|:---|:---|:---|
| *(in millions, except LNG data)* | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** |
| *(in millions, except LNG data)* | **2026** | **2025** | **% Change** |
| Revenue | $4599 | $2894 | 59% |
| Income from operations | $1151 | $1080 | 7% |
| Net income<sup>1</sup> | $488 | $396 | 23% |
| Consolidated Adjusted EBITDA<sup>2</sup> | $1372 | $1346 | 2% |
| LNG volumes exported: |  |  |  |
| &nbsp;&nbsp;Cargos | 130 | 63 | 106% |
| &nbsp;&nbsp;TBtu | 487.2 | 233.6 | 109% |
| LNG volumes sold (TBtu) | 480.8 | 228.3 | 111% |

---

Net income<sup>1</sup> for the three months ended March 31, 2026, increased $92 million, or 23%, as compared to 2025. This increase was largely driven by higher income from operations of $71 million primarily due to higher LNG sales volumes of $1.8 billion predominantly at the Plaquemines Project as a result of commissioning progress, favorable changes in interest rate swaps of $207 million, and lower development expense of $136 million. These increases were partially offset by lower LNG sales prices net of the cost of feed gas of $1.9 billion, and higher interest expense of $168 million. Consolidated Adjusted EBITDA<sup>2</sup> for the three months ended March 31, 2026, increased $26 million, or 2%, as compared to 2025 driven primarily by higher LNG sales volumes predominantly as a result of Plaquemines Project commissioning and lower development expense, partially offset by lower LNG sales prices net of the cost of feed gas.

<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 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.

------

**2026 Outlook**

Our updated guidance for 2026 is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated Adjusted EBITDA<sup>1</sup> guidance for the full year 2026 is $8.2 billion - $8.5 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ As noted in previous quarters, changes in natural gas prices, both domestic and international, could impact Consolidated Adjusted EBITDA guidance. We assume a fixed liquefaction fee range of $9.50/MMBtu - $10.50/MMBtu for our remaining unsold cargos in 2026 in support of our 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 2026 Consolidated Adjusted EBITDA by $300 million - $350 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We expect to export 147 - 154 cargos from the Calcasieu Project and 347 - 369 cargos from the Plaquemines Project in 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We continue to anticipate Plaquemines Project Phase 1 COD in Q4 2026 following the conclusion of commissioning and assurance testing and any required remediation or rectification work.

**Webcast and Conference Call Information**

Venture Global will host a conference call to discuss first quarter 2026 results and provide guidance for the fiscal year 2026 at 9:00 am Eastern Time (ET) on May 12, 2026. 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," "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

<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, the most directly comparable financial measure prepared and presented in accordance with GAAP. Consolidated Adjusted EBITDA includes portions attributable to non-controlling interests. For 2026, the non-controlling interest share of Consolidated Adjusted EBITDA is projected to be $160 million - $180 million.

------

------

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 March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| **REVENUE** | $4599 | $2894 |
| **OPERATING EXPENSE** |  |  |
| &nbsp;&nbsp;Cost of sales (exclusive of depreciation and amortization shown separately below) | 2784 | 1059 |
| &nbsp;&nbsp;Operating and maintenance expense | 270 | 252 |
| &nbsp;&nbsp;General and administrative expense | 97 | 105 |
| &nbsp;&nbsp;Development expense | 46 | 182 |
| &nbsp;&nbsp;Depreciation and amortization | 251 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expense | 3448 | 1814 |
| **INCOME FROM OPERATIONS** | 1151 | 1080 |
| **OTHER INCOME (EXPENSE)** |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | 28 | 56 |
| &nbsp;&nbsp;&nbsp;Interest expense, net | (444) | (276) |
| &nbsp;&nbsp;&nbsp;Gain (loss) on interest rate swaps | 15 | (192) |
| &nbsp;&nbsp;&nbsp;Loss on financing transactions | (13) |  |
| &nbsp;&nbsp;Loss on foreign currency transactions | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other expense | (415) | (412) |
| **INCOME BEFORE INCOME TAX EXPENSE** | 736 | 668 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 111 | 151 |
| **NET INCOME** | 625 | 517 |
| &nbsp;&nbsp;Less: Net income attributable to redeemable stock of subsidiary | 42 | 38 |
| &nbsp;&nbsp;Less: Net income attributable to non-controlling interests | 27 | 15 |
| &nbsp;&nbsp;Less: Dividends on VGLNG Series A Preferred Shares | 68 | 68 |
| **NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS** | $488 | $396 |
| **BASIC EARNINGS PER SHARE** |  |  |
| &nbsp;&nbsp;&nbsp;Net income attributable to common stockholders per share—basic | $0.20 | $0.17 |
| &nbsp;&nbsp;Weighted average number of shares of common stock outstanding—basic | 2463 | 2399 |
| **DILUTED EARNINGS PER SHARE** |  |  |
| &nbsp;&nbsp;Net income attributable to common stockholders per share—diluted | $0.19 | $0.15 |
| &nbsp;&nbsp;Weighted average number of shares of common stock outstanding—diluted | 2635 | 2643 |

---

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Refer to the Venture Global, Inc. Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed with the Securities and Exchange Commission.

------

**VENTURE GLOBAL, INC.** 

**CONDENSED CONSOLIDATED BALANCE SHEETS** 

(in millions, except share information)

(unaudited)<sup>1</sup>

---

| | | |
|:---|:---|:---|
| | **March 31,** **2026** | **December 31,** **2025** |
| **ASSETS** | | |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1599 | $2355 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 335 | 195 |
| &nbsp;&nbsp;&nbsp;Accounts receivable | 810 | 918 |
| &nbsp;&nbsp;&nbsp;Inventory, net | 241 | 253 |
| &nbsp;&nbsp;&nbsp;Derivative assets | 88 | 65 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 146 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 3219 | 4040 |
| Property, plant and equipment, net | 49754 | 46588 |
| Right-of-use assets | 731 | 737 |
| Noncurrent restricted cash | 1117 | 875 |
| Deferred financing costs | 831 | 543 |
| Noncurrent derivative assets | 206 | 216 |
| Other noncurrent assets | 442 | 447 |
| **TOTAL ASSETS** | $56300 | $53446 |
| **LIABILITIES AND EQUITY** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $817 | $737 |
| &nbsp;&nbsp;&nbsp;Accrued and other liabilities | 2769 | 2795 |
| &nbsp;&nbsp;&nbsp;Current portion of long-term debt, net | 126 | 812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 3712 | 4344 |
| Long-term debt, net | 36456 | 33393 |
| Noncurrent operating lease liabilities | 697 | 696 |
| Deferred tax liabilities, net | 2419 | 2320 |
| Other noncurrent liabilities | 671 | 697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 43955 | 41450 |
| Redeemable stock of subsidiary | 1629 | 1696 |
| 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 (514 million and 488 million shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively) | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B common stock, par value $0.01 per share (1,969 million shares issued and outstanding as of March 31, 2026 and December 31, 2025) | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid in capital | 2280 | 2238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 5163 | 4720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (235) | (239) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Venture Global, Inc. stockholders' equity | 7233 | 6743 |
| &nbsp;&nbsp;&nbsp;Non-controlling interests | 3483 | 3557 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total equity | 10716 | 10300 |
| **TOTAL LIABILITIES AND EQUITY** | $56300 | $53446 |

---

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Refer to the Venture Global, Inc. Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, 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 months ended March 31, 2026 and 2025 (in millions) to net income attributable to common stockholders, the most directly comparable financial measure prepared and presented in accordance with GAAP:

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| **NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS** | $488 | $396 |
| &nbsp;&nbsp;Net income attributable to non-controlling interests | 137 | 121 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 111 | 151 |
| &nbsp;&nbsp;Loss on foreign currency transactions | 1 |  |
| &nbsp;&nbsp;&nbsp;Loss on financing transactions | 13 |  |
| &nbsp;&nbsp;&nbsp;(Gain) loss on interest rate swaps | (15) | 192 |
| &nbsp;&nbsp;&nbsp;Interest expense, net | 444 | 276 |
| &nbsp;&nbsp;&nbsp;Interest income | (28) | (56) |
| &nbsp;&nbsp;&nbsp;&nbsp;**INCOME FROM OPERATIONS** | $1151 | $1080 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 251 | 216 |
| &nbsp;&nbsp;&nbsp;Stock based compensation expense | 12 | 12 |
| &nbsp;&nbsp;&nbsp;(Gain) loss from changes in fair value of other derivatives<sup>1</sup> | (42) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consolidated Adjusted EBITDA** | $1372 | $1346 |

---

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

<br>