Interim results for the period ended March 31, 2026

First Quarter financial summary

Recent highlights

CEO Comment

“Q1 saw solid operational performance with continued 100% economic uptime for the FLNG Hilli and strong operational performance from the FLNG Gimi producing 19% more than the contractual committed volume. The MKII FLNG under conversion progressed according to budget and schedule during the quarter.

Geopolitical events continuing in Ukraine and Russia combined with significant escalation in the Middle East has again driven commodity prices higher and put pressure on the global energy markets. We see strengthening demand for energy security and diversification. This reflects on Golar’s business by driving strong momentum in commercial discussions for incremental FLNG projects as well as increased earnings for our commodity exposure. We are ramping up activities to order our 4^th FLNG within 2026 and to secure attractive long term FLNG projects.”

1. Refer to section “Non-GAAP measures” for definition and reconciliation to the most comparable US GAAP measure, where applicable. 

Summary and review of financial results

Business Performance⁽³⁾

1. Refer to section “Non-GAAP measures” for definition and reconciliation to the most comparable US GAAP measure, where applicable. 

(2) The line item “Realized and unrealized gain/(loss) on oil and gas derivative instruments” in the Unaudited Consolidated Statements of Operations relates to income from the FLNG Hilli Liquefaction Tolling Agreement (“LTA”) and the natural gas derivative which is split into: “Realized gain on oil and gas derivative instruments” and “Unrealized (loss)/gain on oil and gas derivative instruments”.

Golar reports today Q1 2026 net income of $102 million, before non-controlling interests, inclusive of $37 million of non-cash items¹. Adjusted EBITDA¹ at $106 million for Q1 2026 was $15 million higher than Q4 2025. Overproduction-related earnings from FLNG Gimi together with lower operating costs partially offset by lower realized gains on oil and gas derivative instruments and higher administration costs account for most of the increase.

The $37 million of Q1 2026 non-cash items¹ is comprised of:

1. Refer to section Non-GAAP measures” for definition and reconciliation to the most comparable US GAAP measure, where applicable.

During Q1 2026, we recognized a total of $10 million of realized gains on FLNG Hilli's oil and gas derivative instruments, comprised of a:

A total of $34 million of unrealized non-cash items¹ in relation to FLNG Hilli’s oil and gas derivative assets, with corresponding changes in fair value in its constituent parts have been recognized on our unaudited Q1 2026 consolidated statement of operations as follows:

Corporate/Other

Operating revenues and costs under corporate and other items in Q1 2026 are attributable to one FSRU Operation and Maintenance agreement in respect of the Italis LNG. This contract concluded in April 2026.

Balance sheet and liquidity

Total Golar Cash¹ as of March 31, 2026, was $1.0 billion. Golar’s share of Contractual Debt¹ as of March 31, 2026, is $2.7 billion. After deducting Total Golar Cash¹ from Golar’s share of Contractual Debt¹, the net debt position as of Q1 2026 amounted to $1.7 billion.

Asset under development of $1.3 billion relates to our MKII FLNG conversion project, which has been fully equity funded to date. Total Golar Cash¹ could be used to fund remaining capital expenditure in respect of this $2.2 billion conversion project. Asset level financing on the back of MKII’s confirmed 20-year contract is advancing and we are now working with a commercial bank and export credit agencies on an attractive long-term solution. Equity released from asset level financing is intended to be directed towards attractive FLNG growth opportunities.

Recent key financial transactions and updates

In March 2026, we sold our 2.69% shareholding in OLT Offshore LNG Toscana S.p.A., to SNAM S.p.A. This non-strategic investment had been fully impaired in 2019. Consideration of $3.1 million was received and recognized as a gain on disposal in other non-operating income.

Golar also entered into a shareholder's agreement for a 10% equity interest in San Matías Pipeline S.A. (“SMP”), a company that will build a ~500km dedicated gas pipeline to facilitate year-round operations of both FLNG Hilli and MKII in Argentina. SMP is associated with our SESA FLNG charters and the company is planned to be equity funded amongst the SESA shareholders at a pro-rata holding to that of SESA. Once operational, the pipeline is expected to generate attractive infrastructure returns for at least the 20-year duration of the FLNG charters.

1. Refer to section “Non-GAAP measures” for definition and reconciliation to the most comparable US GAAP measure, where applicable.

In March 2026, a formal process to evaluate strategic alternatives to accelerate our FLNG growth pipeline and maximize shareholder value was initiated. In connection with this process, we appointed Goldman Sachs International as our financial advisor. The strategic review includes a comprehensive evaluation of Golar’s platform, including our industry leading FLNG technology, long-term contract backlog, attractive commodity exposure and growth pipeline. Potential alternatives to be explored include, but are not limited to, a sale of the Company, a merger or other business combination, divestiture of assets, or further optimization of the corporate structure. The Company will target solutions that unlock shareholder value and enable faster roll-out of Golar’s FLNG growth pipeline. There can be no assurance that the strategic review will result in any transaction or other strategic outcome, nor have we established a definitive timetable for the completion of this process.

Liquefaction projects overview

In aggregate, across FLNG Hilli and FLNG Gimi, we have 5.1MTPA of liquefaction capacity on the water, a further 3.5MTPA currently under conversion and long-lead items for a fourth unit reserved.

FLNG Hilli

Maintained leading operational track record, offloading her 150^th cargo in April and 152^nd cargo this week.

The existing contract in Cameroon ends in Q3 2026. During Q2 2026, a contractor was appointed to disconnect FLNG Hilli from its mooring in July and prepare the vessel for towing to Seatrium's shipyard in Singapore where upgrades and life extension work will be carried out. Towing tugs have been contracted, prefabrication engineering is well underway​, most major procurement is complete and Golar has deployed a site supervision team with ongoing presence at the yard. Of the $350 million budget for upgrade costs, positioning, operating costs, fuel and insurance during the period between the end of the contract in Cameroon and the expected Commercial Operations Date (“COD”) for her 20-year contract in Argentina commencing H2 2027, $50 million has been spent as of March 31, 2026.

Key commercial terms for FLNG Hilli’s 20-year agreement with SESA in Argentina include Adjusted EBITDA¹ to Golar of $285 million per year, with an additional commodity linked FLNG tariff component of 25% of Free on Board (“FOB”) prices in excess of $8/MMBtu. This will add approximately $30 million of potential annual upside to Golar for every US dollar the achieved FOB price is above the reference LNG price of $8/MMBtu. Time required to repair damaged liquefaction trains at Qatar’s Ras Laffan facility and potential delays to the North Field East expansion project following recent events in the Middle East could have a material impact on the global LNG supply/demand balance into 2028. Expected earnings from FLNG Hilli’s commodity-linked tariff component have increased year-to-date as a result of increases in forward LNG price indices. The FLNG tariff will also be inflation adjusted at 30% of US CPI from year six (inclusive).

1. Refer to section “Non-GAAP measures” for definition and reconciliation to the most comparable US GAAP measure, where applicable.

There is significant potential for liquidity to be released through debt refinancing alternatives for FLNG Hilli on the back of the existing contractual debt¹ of $503 million against an Adjusted EBITDA backlog¹ of $5.7 billion. We will opportunistically evaluate debt refinancing alternatives to enhance equity returns for our FLNG Hilli ownership.

FLNG Gimi

FLNG Gimi has offloaded 33 cargoes and production remains ahead of schedule. Reflecting this, the Q1 invoiced day rate was 19% above the contractual day rate. Any over or under production has a pro-rata impact on the earnings of the unit, and performance and compensation for volumes over or under the contractual committed volume is assessed and paid monthly. FLNG Gimi continues to reliably produce at volumes that on an annualized basis would significantly surpass its contractual committed volumes of 2.4MTPA. It is however important to reiterate that the throughput of any liquefaction plant is sensitive to gas quality and ambient temperatures. Throughput variation between winter and summer months should therefore be expected, with colder ambient temperatures during the recent winter benefiting production levels. Production over the coming two quarters will likely be lower. That said, based on operations to date and commodity prices that incentivize maximum production, we continue to expect FLNG Gimi to produce above her contracted volumes on an annual average basis.

Golar owns 70% of FLNG Gimi, and the Company’s share of the net earnings backlog¹ for the 20-year contract duration is expected to be approximately $3 billion.

The Company continues to actively engage with the GTA partners to identify and develop value enhancing initiatives for the GTA project to further improve the project’s unit economics, including potential for further debottlenecking of the FLNG Gimi nameplate capacity and field operating cost optimizations.

Of the $1.2 billion bank facility, $1.18 billion is outstanding as of March 31, 2026.

MKII FLNG 3.5MTPA conversion

Conversion work at CIMC Raffles yard remains on schedule and on budget. All major long-lead items have either arrived at the yard, are in transit or under control; fabrication is at near peak levels of activity and over 10 million work hours have been completed. Upon completion in Q4 2027, the FLNG unit will then sail to Argentina with contract start-up scheduled for H2 2028. Golar has spent $1.2 billion to date, all equity funded.

The 20-year contract of the MKII FLNG is expected to deliver $8 billion of Adjusted EBITDA backlog¹ over 20 years, equivalent to $400 million in annual Adjusted EBITDA¹ to Golar, before commodity exposure and inflationary adjustments. The commodity linked tariff component will add approximately $40 million of potential annual upside to Golar for every US dollar the achieved FOB price is above the reference LNG price of $8/MMBtu. Current LNG prices substantially exceed this threshold. The MKII FLNG will be deployed in the Gulf of San Matías, offshore Argentina, where it will operate in proximity to FLNG Hilli. Similar to FLNG Hilli, the FLNG tariff will be inflation adjusted at 30% of US CPI from year six (inclusive).

1. Refer to section “Non-GAAP measures” for definition and reconciliation to the most comparable US GAAP measure, where applicable.

Southern Energy S.A.

SESA is a company formed to enable LNG exports from Argentina. SESA is owned by a consortium of leading Argentinian gas producers including Pan American Energy (30%), YPF (25%), Pampa Energia (20%), Harbour Energy (15%) and Golar (10%).

Golar’s 10% ownership of SESA provides additional commodity exposure. Once both FLNG Hilli and the MKII FLNG are operational in Argentina, the 10% equity stake equates to additional commodity exposure to Golar for every US dollar/MMBtu change in achieved FOB prices above or below SESA’s cash break even. Combined with the commodity exposure in the FLNG contracts, Golar’s total commodity exposure for the two Argentinian FLNG contracts and through our ownership in SESA is up to $100 million for every $1 the FOB price is above $8/MMBtu, with a downside of approximately $28 million for every $1 the FOB price is below SESA’s cash break even.

Building on a Heads of Agreement signed in December 2025, in March 2026, SESA finalized an 8-year agreement to sell up to 2 million tonnes per annum of LNG to German state-owned SEFE. SEFE has been the LNG off taker from FLNG Hilli since 2022 and will continue its collaboration with Golar via SESA as FLNG Hilli moves from Cameroon to Argentina. With LNG deliveries scheduled to commence in 2027, SEFE will be Argentina’s first long-term LNG customer globally. Long-term LNG offtake arrangements from regions outside traditional supply areas contribute materially to the resilience of SEFE’s portfolio by further reducing exposure to concentrated geopolitical risks.

A dedicated pipeline from Vaca Muerta, Neuquen to the Gulf of San Matías, offshore Rio Negro is planned to provide both the FLNG Hilli and MKII FLNG with year-round natural gas supply. SESA is responsible for providing the feed gas, while SMP will develop the pipeline. During Q1 2026, several EPC proposals were received for the construction of the pipeline and compressor stations. A pipeline financing facility with a syndicate of banks is currently under discussion.

FLNG business development

Golar’s FLNG offering is becoming increasingly compelling in a more energy-constrained and geopolitically uncertain world. The combination of monetizing stranded and competitive gas reserves, attractive liquefaction capex, operational flexibility, speed to market, and typically shorter shipping distances that avoid contested maritime routes underpins this advantage. As the world’s only independent provider of FLNG-as-a-service, Golar also enables oil majors and national oil companies to reduce their capital intensity. Offtakers and resource owners are keen to diversify sources of supply following events in the Middle East. This has created a new sense of urgency to existing commercial discussions and introduced new opportunities. Recent progress across multiple projects potentially suited to a similarly specced FLNG provides sufficient support for committing capital to a fourth FLNG. Accordingly, key long-lead items were reserved in May 2026.

1. Refer to section “Non-GAAP measures” for definition and reconciliation to the most comparable US GAAP measure, where applicable.

Investor conference call and webcast

We will host a conference call to discuss our financial and operating results for the first quarter 2026 on Wednesday, May 20, 2026, at 8 a.m. Eastern time / 7 a.m. Central time / 1 p.m. London time / 2 p.m. Oslo time. A listen-only webcast of the call and an accompanying slide presentation may be accessed through our website at www.golarlng.com. Following the call, a recording will be made available on our website.

About Golar LNG

Golar LNG Limited (NASDAQ: GLNG) is a LNG infrastructure company. Through its 80-year history, the company has pioneered maritime LNG infrastructure including the world’s first Floating LNG liquefaction terminal (FLNG) and Floating Storage and Regasification Unit (FSRU) projects based on the conversion of existing LNG carriers. Today Golar is focused on its FLNG business where it remains the only proven provider of FLNG as a service.

Non-GAAP measures

In addition to disclosing financial results in accordance with U.S. generally accepted accounting principles (US GAAP), this earnings release and the associated investor presentation contains references to the non-GAAP financial measures which are included in the table below. We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business and measuring our performance.

This report also contains certain forward-looking non-GAAP measures for which we are unable to provide a reconciliation to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside of our control, such as oil and gas prices and exchange rates, as such items may be significant. Non-GAAP measures in respect of future events which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied to Golar’s unaudited consolidated condensed financial statements.

These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures and financial results calculated in accordance with GAAP. Non-GAAP measures are not uniformly defined by all companies and may not be comparable with similarly titled measures and disclosures used by other companies. The reconciliations as at March 31, 2026 and for the three months ended March 31, 2026, from these results should be carefully evaluated.

1. Refer to section “Non-GAAP measures” for definition and reconciliation to the most comparable US GAAP measure, where applicable.

(1) Please refer to reconciliation below for Golar’s share of contractual debt

Adjusted EBITDA backlog: This is a non-GAAP financial measure and represents the share of contracted fee income for executed contracts less forecasted operating expenses for these contracts/agreements. Adjusted EBITDA backlog should not be considered as an alternative to net income / (loss) or any other measure of our financial performance calculated in accordance with U.S. GAAP.

Non-cash items: Non-cash items comprised of impairment of long-lived assets, release of prior year contract underutilization liability, mark-to-market (“MTM”) movements on our TTF and Brent oil linked derivatives, listed equity securities and interest rate swaps (“IRS”) which relate to the unrealized component of the gains/(losses) on oil and gas derivative instruments, unrealized MTM (losses)/gains on investment in listed equity securities, gains on derivative instruments, net, and gain/(loss) on debt extinguishment.

Sales-type lease receivable in excess of interest income: Sales-type lease receivable in excess of interest income represents the lease receivable principal amortization component of the total amounts invoiced under the FLNG Gimi sales-type lease which commenced in June 2025. We included the total invoiced amounts comprising both interest income and principal repayment in our FLNG Adjusted EBITDA to reflect the total cash earnings and economic performance of the FLNG Gimi. This amount is eliminated from the unaudited consolidated statement of operations in accordance with U.S. GAAP.

Abbreviations used:

FLNG: Floating Liquefaction Natural Gas vessel

FSRU: Floating Storage and Regasification Unit

MMBtu: Million British Thermal Units

MTPA: Million Tons Per Annum

Reconciliations - Liquidity Measures

Total Golar Cash

Contractual Debt

Please see Appendix A for the repayment profile for Golar’s Contractual Debt.

Adjusted interest expense

(1) This represents the difference between the VIE debt and our contractual debt

Forward Looking Statements

This press release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management’s current expectations, estimates and projections about its operations. All statements, other than statements of historical facts, that address activities and events that will, should, could or may occur in the future are forward-looking statements. Words such as “if,” “subject to,” “believe,” “assuming,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “will,” “may,” “should,” “expect,” “could,” “would,” “predict,” “propose,” “continue,” or the negative of these terms and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Golar undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise. Other important factors that could cause actual results to differ materially from those in the forward-looking statements include but are not limited to:

As a result, you are cautioned not to rely on any forward-looking statements. Actual results may differ materially from those expressed or implied by such forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise unless required by law.

Responsibility Statement

We confirm that, to the best of our knowledge, the unaudited consolidated financial statements for the three months ended March 31, 2026, which have been prepared in accordance with accounting principles generally accepted in the United States give a true and fair view of Golar’s unaudited consolidated assets, liabilities, financial position and results of operations. To the best of our knowledge, the report for the three months ended March 31, 2026, includes a fair review of important events that have occurred during the period and their impact on the unaudited consolidated financial statements, the principal risks and uncertainties and major related party transactions.

May 20, 2026

The Board of Directors

Golar LNG Limited

Hamilton, Bermuda

Investor Questions: +44 207 063 7900

Karl Fredrik Staubo - CEO

Eduardo Maranhão - CFO

Tor Olav Trøim (Chairman of the Board)

Benoît de la Fouchardiere (Director)

Carl Steen (Director)

Dan Rabun (Director)

Lori Wheeler Naess (Director)

Mi Hong Yoon (Director)

Niels Stolt-Nielsen (Director)

Stephen J. Schaefer (Director)

Golar LNG Limited

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

Supplemental note to the unaudited consolidated statements of operations

The realized and unrealized gain/(loss) on oil and gas derivative instruments consists of the following,

Golar LNG Limited

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

Golar LNG Limited

UNAUDITED CONSOLIDATED BALANCE SHEETS

Golar LNG Limited

UNAUDITED CONSOLIDATED STATEMENTS OF CASHFLOWS

Golar LNG Limited

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(1) Contributed Surplus is “capital” that can be returned to shareholders without the need to reduce share capital, thereby giving us greater flexibility when it comes to declaring dividends.

(2) This relates to the receipt of waived dividend distribution in relation to the repurchases of the minority interests in Hilli LLC.

Golar LNG Limited

APPENDIX A

The table below represents our actual Contractual Debt, including the net finance lease obligation between us and the lessor VIE as at March 31, 2026:

(1) Under US GAAP, we consolidate the lessor VIE. Accordingly, the net finance lease obligation between Golar and the lessor VIE is eliminated.

The table below represents our anticipated contractual capital repayments for the next five years as at March 31, 2026, including the net finance lease obligation between us and the lessor VIE which is eliminated on consolidation:

Included within the restricted cash and debt balances are amounts relating to the lessor VIE entity that we are required to consolidate under US GAAP into our financial statements. The table represents the impact of consolidating our remaining lessor VIE into our balance sheet, with respect to the following line items:

The consolidated results and net assets of the consolidated lessor VIE entity are based on management’s best estimates. As discussed above, we are required to consolidate amounts relating to lessor VIE entity into our financial statements. As such, the table above represents the lessor VIE entity balances and not our actual costs and balances.