Golar LNG Limited (0HDY.L) Q1 2025 Earnings Report

Golar LNG Limited delivered QQ1 2025 results that show a disciplined fleet-based revenue generation amid a softer top-line environment. Revenue stood at 62.50 million USD, down 3.78% year-over-year and 5.18% quarter-over-quarter, while gross profit of 21.39 million USD produced a gross margin of 34.23%. EBITDA reached 19.72 million USD, reflecting an EBITDAR of 0.316 and an EBITDA margin of approximately 31.6%, underscoring the company’s ability to monetize its LNG carrier and FLNG fleet even as market rates and utilization fluctuate.

Net income for the quarter was 8.20 million USD, with earnings per share of 0.0783 USD, marking a strong QoQ improvement of about 144.7% from the prior quarter and a sharp YoY decline of roughly 85%. The quarter generated positive operating cash flow of 100.58 million USD, but free cash flow remained negative at about -51.98 million USD due to high capital expenditure and working capital dynamics tied to fleet deployment and project activity. The company ended the period with a robust cash position and meaningful liquidity, while leveraging a leverage profile that includes 1.42 billion USD of total debt against 0.52-0.69 billion USD of cash across reporting lines depending on presentation, and a current ratio near 0.86.

Overall, Golar’s QQ1 2025 performance reinforces the resilience of its LNG infrastructure model (shipping and FLNG/FSRU) in a volatile macro backdrop. The key questions for investors center on fleet utilization, charter rate recovery, asset deployment timing, and the company’s ability to convert asset-backed cash flow into sustainable free cash flow and balanced capital allocation going forward.