Venture Global: Solid 2Q26 Results and Positive Guidance Updates Overall; Projects Progressing as Planned

研报英文原文证据摘录

J P M O R G A N

North America Credit Research

11 August 2026

Venture Global

Solid 2Q26 Results and Positive Guidance Updates

Overall; Projects Progressing as Planned

Figure 1: Venture Global 2Q26 Results Summary

High Yield Energy

Actual

2Q26

JPMe

Consensus

1Q26

Change Q/Q

VGLNG EBITDA

VGLNG Capex

$2,491

$3,719

$2,485

$2,910

$2,511

$3,048

$1,372

$3,181

$1,119

$538

81.6%

16.9%

VGLNG Unrestricted Cash

$3,120

$1,599

$1,521

95.1%

VGLNG Debt (Proportionate)

VGLNG Leverage (excl. preff)

$41,779

5.7x

$40,489

5.5x

$37,144

5.9x

$4,635

-0.3x

12.5%

-4.2%

Tarek Hamid AC

(1-212) 834-5468

Aaron Rosenthal, CFA

(1-212) 270-4584

Call todat at 9:00AM EST; Webcast: investors.ventureglobal.com

Nevin Mathew

Source: Company reports and J.P. Morgan estimates.

(1-212) 834-5714

SUMMARY:

Elle Boyd

(1-212) 270-7283

J.P. Morgan Securities LLC

Solid 2Q26 results, positive EBITDA guidance update, and reaffirming

development timeline. Venture Global’s 2Q26 results were right in line with

expectations following the pre-release in July. The company increased its 2026

EBITDA guidance primarily due to higher expected liquefaction fees for

unsold cargos and modestly increased its capex guidance for the year. The

development timelines for each of its projects remain intact.

POSITIVES:

2Q26 EBITDA inline. Venture’s 2Q26 EBITDA of $2.49 billion nearly

exactly matches our $2.49 billion estimate and is relatively in line with the

Street estimate of $2.51 billion after the company pre-released 127 export

cargoes (466.4TBtu sold) and an average liquefaction fee of $6.45/MMBtu.

Improved EBITDA guidance. The company increased its FY26 EBITDA

guidance from $8.2-$8.5 billion to $8.7-$9.1 billion, above the $8.5 billion

consensus estimate. The company slightly increased its total cargo guidance

for the year from 508.5 to 509 cargos at the midpoint and cited a higher average

cargo size at Plaquemines, but we note that higher expected liquefaction fees

for unsold cargos were the primary driver of the guidance increase. The

company is assuming $12.50-$13.50/mmbtu for liquefaction fees on unsold

cargoes. We look for further color regarding the updated bridge to the new

guidance during the call.…