Venture Global, Inc. 1Q26 EBITDA Beat; Positive Guidance Updates; Incremental MT Deals Announced

Research evidence excerpt

Venture Global, Inc. 1Q26 EBITDA Beat; Positive Guidance Updates; Incremental MT Deals Announced

J P M O R G A N North America Equity Research

12 May 2026

Venture Global, Inc. Neutral

VG, VG US

1Q26 EBITDA Beat; Positive Guidance Updates; Price (11 May 26):$11.62

Incremental MT Deals Announced

Head of North America Power,

VG reported 1Q26 adj EBITDA of $1,372mm, above the $1,250mm JPMe and Utilities, Midstream, LNG, and

Nuclear

above the $1,255mm Street median estimate. VG raised the 2026 adj EBITDA

range to $8.20 - $8.50 bn ($7.21bn JPMe/$7.78bn Street Median) from $5.20 - Jeremy Tonet, CFA AC

$5.80bn, reflecting higher spreads and volumes. The guide assumes a $9.50- (1-212) 622-4915

jeremy.b.tonet@jpmorgan.com

$10.50mmbtu spread on remaining 2026 unsold cargoes, with a +/- $1.00/mmbtu

North American Midstream

move impacting 2026 adj EBITDA by $300 - $350mm. On volumes, VG now

expects 494 - 523 cargoes in 2026, versus 486 - 527 prior. Alongside the release, Vrathan Reddy

VG announced a new five-year, ~0.85mtpa LNG purchase agreement with (1-212) 622-4692

vrathan.reddy@jpmchase.com

TotalEnergies (starting 2026), and increased its five-year binding agreement with

Eli Jossen, CFAVitol to approximately 1.7mtpa from 1.5mtpa previously. Slide materials note

(1-212) 622-4113

expectations for a greater proportion of new bolt-on infrastructure to be contracted eli.jossen@jpmchase.com

on a medium-term basis than historically. On the call, we look for specifics on

Francina Kolluri

future SPA contracting prospects, LNG market dynamics given ongoing (1-212) 270-5796

geopolitical escalation in the Middle East, capital allocation, Plaquemines francina.kolluri@jpmchase.com

commissioning progress, and the growth outlook. Acknowledging some buy-side J.P. Morgan Securities LLC