Overview

• U.S. LNG exporter reported Q1 revenue up 59% yr/yr, beating analyst expectations

• Q1 adjusted EBITDA rose 2% yr/yr, beating analyst expectations

• Company raised full-year EBITDA guidance and closed $8.6 bln CP2 Phase II financing

Outlook

• Venture Global raises 2026 Consolidated Adjusted EBITDA guidance to $8.2-$8.5 bln

• Company expects to export 494-523 LNG cargos in 2026

• Venture Global targets Plaquemines Project Phase I commercial operations in Q4 2026

Result Drivers

• LNG SALES VOLUME - Higher LNG sales volumes, mainly from Plaquemines Project commissioning, drove revenue and adjusted EBITDA growth

• LOWER DEVELOPMENT EXPENSE - Reduced development expense contributed to higher net income and adjusted EBITDA

• LOWER LNG SALES PRICES - Lower LNG sales prices net of feed gas costs partially offset gains from higher volumes

Company press release: ID:nBw2v0YCHa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$4.60 bln	$3.94 bln (8 Analysts)
Q1 Net Income		$500 mln
Q1 Adjusted EBITDA	Beat	$1.40 bln	$1.30 bln (15 Analysts)
Q1 Income from Operation		$1.20 bln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 8 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the oil & gas exploration and production peer group is "buy"

• Wall Street's median 12-month price target for Venture Global Inc is $14.00, about 20.5% above its May 11 closing price of $11.62

• The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 13 three months ago

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