실적분석 2026년 8월 13일

Golar LNG ($GLNG) Q2 2026 Earnings Analysis — Revenue Misses Estimates, Fourth FLNG Unit Ordered

Earnings Scorecard

Revenue: Awaiting confirmation — Q2 revenue figure not provided in official press release

EPS: Official press release did not include EPS. The estimate of $0.39 is on an adjusted basis and cannot be directly compared

Guidance: Not provided — no outlook for next-quarter or full-year revenue or EPS

Stock Reaction: After-hours +2.90% ($52.55) — as of 08-13 20:50 KST

Positives

Capacity Expansion: Ordered fourth floating liquefaction unit (3.5 million tons per annum) at approximately $2.45 billion

Controlled Liquefaction Capacity: The fourth order increases controlled liquefaction capacity by approximately 40%, surpassing 12 million tons per annum

Operational Performance: Hilli's 8-year Cameroon contract concluded with 100% utilization, and Gimi produced 15% above contracted volumes

The strong operational performance was supported by Hilli's 8-year Cameroon contract concluding with 100% utilization and Gimi producing 15% above contracted volumes.

Negatives

Financial Figures Awaiting Confirmation: This official press release did not include Q2 revenue, net income, or other financial results

Gap Until Fourth Unit: Targeted for late 2029 delivery, but long-term charter contract is in advanced commercial discussions

No Guidance Provided: No outlook for next-quarter or full-year revenue or EPS

Hilli has entered the pre-conversion and relocation phase for its 20-year Argentina contract, which will temporarily remove Cameroon revenue.

What Management Said

Management explained that the fourth floating liquefaction unit order increases controlled liquefaction capacity by approximately 40%, reaching over 12 million tons per annum. The long-term charter contract is in advanced commercial discussions, no quarterly or annual revenue or EPS guidance was issued, and the market is placing greater weight on securing the growth pipeline rather than near-term earnings.

Market Reaction and Key Points Ahead

The after-hours move appears to reflect the fourth unit order targeting one of the earliest delivery timelines globally and the operational performance message, which stimulated long-term growth expectations.

Whether the fourth unit's long-term charter contract is signed and the associated terms

Whether Hilli's conversion and Argentina relocation schedule and costs stay within budget

Whether Gimi's overproduction is sustained on an annual basis beyond the summer season