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Venture Global (VG) is launching higher after delivering a strong 4Q25 report, as surging LNG volumes drove a 192% yr/yr revenue jump to $4.45 bln and results topped expectations, reinforcing confidence in its ramp at Plaquemines and continued execution at Calcasieu Pass.

• Revenue soared 192% yr/yr to $4.45 bln, fueled primarily by sharply higher LNG sales volumes as Plaquemines accelerated commissioning and generated more than one cargo per day, while Calcasieu Pass continued steady exports.
• Total volumes climbed to 478 TBtu from 128 TBtu a year ago, reflecting the addition of new trains and improved operational uptime, partially offset by lower net pricing.
• Adjusted EPS rose 24% to $0.41, while adjusted EBITDA surged 191% to $2.00 bln, benefiting from operating leverage on higher volumes, improved fixed-cost absorption, and structurally lower construction and operating costs tied to Venture Global’s modular, in-house EPC approach.
• Profitability gains were further supported by production and O&M costs running roughly 30% below industry averages, as well as incremental contributions from commissioning cargoes and a growing mix of long-term contracted volumes activating across the portfolio.
• During the quarter, VG signed multiple strategic agreements, including a new 20-year SPA with Hanwha Aerospace for 1.5 MTPA -- its first long-term South Korean customer -- and its first five-year deal with Trafigura for approximately 0.5 MTPA, expanding its blend of long- and intermediate-term contracts.
• For 2026, the company guided to adjusted EBITDA of $5.20–$5.80 bln, with 1Q26 EBITDA of $1.15–$1.25 bln reflecting temporary impacts from Winter Storm Fern and near-term margin compression as additional capacity ramps and permanent power transitions occur at Plaquemines.
• Construction at CP2 Phase 1 remains on track and on budget, with initial milestones, including LNG tank roof-raising, achieved at record pace, and management targeting late 2027 production, positioning CP2 as a major incremental earnings driver later in the decade.

Briefing.com Analyst Insight

VG’s rally underscores investor enthusiasm for its rapid production ramp and operating leverage, as nearly tripled revenue and EBITDA highlight the earnings power embedded in its expanding asset base. The 192% revenue surge was overwhelmingly volume-driven, reflecting accelerated commissioning at Plaquemines and steady output from Calcasieu Pass, while disciplined cost control amplified margin expansion. New long-term and mid-term SPAs with Hanwha Aerospace and Trafigura enhance revenue visibility and demonstrate continued contracting momentum, with 69% of expected 2026 production already secured. Although 1Q26 guidance reflects storm-related disruptions and temporary margin compression, full-year EBITDA guidance implies substantial growth as additional trains reach commercial operations. With CP2 Phase 1 progressing toward late 2027 startup and bolt-on expansion opportunities under evaluation, the company’s multi-year growth trajectory remains intact, supported by strong global LNG fundamentals and a largely self-funded capital strategy.