Venture Global, Inc.

- In Q2 2026, Venture Global focused on simplifying its capital structure by refinancing a $1.6 billion redeemable preferred security at Calcasieu Pass Funding LLC with a more tax-efficient, lower interest rate Term Loan B facility. - Raised $750 million of new Calcasieu Pass bonds to fully repay the remaining construction loan balance. - These transactions represent repayment of all original debt capital used to launch the first project. - In 2026, over $11 billion has been raised to support development and refinance existing debt. - No explicit mention of new equity fundraising during this period. - The company plans to begin reducing leverage as cash flows from CP2 materialize, with expectations to shift debt across the capital structure to investment grade. - Future capital allocation may include retiring/refinancing higher-cost debt, dividend growth, and potential share repurchases rather than new fundraising. Overall, current efforts prioritize debt refinancing and capital structure simplification rather than raising new debt or equity.

- 2026 CapEx reiterated at $12 billion to $13 billion, primarily covering existing financings for CP2 (Phase 2 of CP2). - No incremental CapEx beyond existing project financing; financed by long-term contracts ensuring investment-grade coverage ratios. - Significant capacity above current contracts considered "almost free" capacity as costs are covered by prior construction capital. - Full expansion of CP2 planned with 12 trains or 10 MTPA; Plaquemines expansion unchanged at ~6.4 MTPA with optional additional trains. - Near-term development plan updated to include full CP2 expansion; regulatory permitting and commercial negotiations underway. - Long lead equipment already ordered for first CP2 and Plaquemines expansions aiming for FID by early and mid next year, respectively. - Bolt-on expansions and adjacent infrastructure identified as compelling homes for future investment, though investment scale expected to shrink relative to cash flows. - Strategic focus on growth investments while planning to reduce leverage and potentially return capital via dividends and share repurchases.

- Venture Global expects significant future growth, targeting over 100 million tonnes of annual LNG production by 2030 (Page 1). - Revenue backlog stands at approximately $137 billion from more than 52 MTPA of long- and medium-term contracts (Page 1). - 2026 EBITDA guidance was raised substantially to $8.2 billion - $8.5 billion, up from $5.2 billion - $5.8 billion, reflecting higher contract volumes and improved contracting pace (Page 4). - Sales volume increased to 48 TBtu in Q1 2026 from 22 TBtu in Q1 2025, indicating strong volume growth (Page 4). - Production expected to double in the next 2 years, from about 43 ships loaded per month now to the 90s per month by early 2029 (Page 10). - The ramp-up is driven by Plaquemines and CP2 capacity expansions, with bolt-on developments planned to support growth beyond initial projects (Pages 5, 10). - The company is actively contracting capacity, including 5-year medium-term deals to support expansion and de-risk portfolio (Page 5).

- Venture Global expects substantial earnings growth, supported by increasing LNG sales volumes and production capacity expansion. - Consolidated adjusted EBITDA guidance for 2026 has been raised to $8.2 billion to $8.5 billion, up significantly from previous guidance of $5.2 billion to $5.8 billion. - Net income increased by $92 million year-over-year in Q1 2026, reflecting growth momentum. - Production capacity is expected to double by 2029, with loading ships increasing from 43 monthly currently to the 90s. - CP2 Phase II FID and other bolt-on expansions will drive growth, delivering highly accretive returns. - Expected operational improvements and scale benefits will lower operating expenses per ton, improving margins. - The company aims to achieve investment grade status across all operating companies within the next year, supported by increasing earnings and cash flow. - Growth in long- and medium-term contracts ($137 billion backlog) underpins revenue visibility and profit expansion.

- Venture Global has signed the most long-term contracts globally in the past year plus. - Their contracting strategy includes a blend of short-, medium-, and long-term contracts. - Growing demand is evident from strong sales of 3 million tons in 5-year deals. - Expectation of more medium- and long-term deals in the near future. - They offer unique flexibility with contracts varying from 2-year strips up to 20-year agreements. - Currently, about 84% of their portfolio for the year is contracted. - The long-term contract prices are attractive and often below replacement costs. - Middle-term contracts (like 5-year deals) are increasing, providing a valuable pricing blend. - They remain the largest available liquefaction capacity player in the next few years. - Their contracting progress supports bolt-on expansions and future portfolio term-outs.