Venture Global, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except share information)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share information)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Note 1 -General

Venture Global, Inc. is a Delaware corporation formed on September 19, 2023. As used in these condensed consolidated financial statements, unless the context otherwise requires, references to the "Company," refer to Venture Global, Inc. and its consolidated subsidiaries, whereas references to "Venture Global" refer to Venture Global, Inc., but not its subsidiaries.

The Company is a liquefied natural gas ("LNG") company engaged in the development, construction, ownership, and operation of LNG production facilities and associated infrastructure along the U.S. Gulf Coast. Venture Global's integrated business model spans natural gas supply, transportation, liquefaction, export, shipping and regasification, enabling the Company to deliver LNG to global markets.

The Company currently has multiple LNG projects at varying stages of operation, construction or development. Each LNG project includes a liquefaction facility and export terminal and one or more associated pipelines that interconnect with several interstate and intrastate pipelines for delivery of natural gas into the associated liquefaction facility and export terminal. The Company is also developing expansion, or "bolt-on," projects at existing sites leveraging shared infrastructure under its standardized "design one, build many" development model. The Company's LNG projects include:

The Company is also developing and constructing complementary pipeline systems to support gas transportation for its LNG projects. In addition, the Company has acquired and operates a fleet of LNG tankers to deliver LNG directly to customers through its sales and shipping businessand has secured regasification capacity in key import markets to facilitate downstream sales and enhance its vertically integrated platform.

Basis of presentation and consolidation

The accompanying condensed consolidated financial statements have been prepared in accordance with GAAP and pursuant to the rules and regulations of the SEC for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments considered necessary for fair presentation, have been included. Interim results are not necessarily indicative of results for a full year. The accompanying condensed consolidated financial statements are unaudited and should be read in conjunction with the 2025 audited consolidated financial statements and notes thereto, which are included in the Company's Annual Report on Form 10-K filed with the SEC on March 2, 2026. Except for per share amounts or as otherwise specified, dollar amounts presented within tables are stated in millions.

The accompanying condensed consolidated financial statements include the accounts of Venture Global, Inc. and its controlled subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to current period presentation.

Use of estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and the accompanying notes. While management believes that the estimates and assumptions used in the preparation of the condensed consolidated financial statements are appropriate, actual results could differ from those estimates.

Note 2 –Restricted Cash

The following table summarizes the components of restricted cash:

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets to the condensed consolidated statements of cash flows:

Note 3 –Revenue from Contracts with Customers

The following table summarizes the disaggregation of revenue earned from contracts with customers:

Transaction price allocated to future performance obligations

Because many of the Company's sales contracts have long-term durations, the Company is contractually entitled to significant future consideration which it has not yet recognized as revenue. The following table discloses the aggregate amount of the transaction price, including variable consideration, that is allocated to performance obligations for legally enforceable sales agreements that have not yet been satisfied, excluding all performance obligations of contracts that have an expected duration of one year or less (dollar amounts in billions):

(a) A portion of the transaction price is based on the forecasted Henry Hub index as of June 30, 2026.

Significant judgments were made when estimating the transaction price allocated to future performance obligations. These include (i) the best estimate of when the Company's respective projects will reach COD and the post-COD SPAs will commence, which is currently expected to occur in 2026 and 2027 for Phases 1 and 2 of the Plaquemines Project, respectively, and 2029 and 2030 for Phases 1 and 2 of the CP2 Project, respectively, and (ii) reductions to the transaction price to reflect management's best estimate of variable consideration. This variable consideration relates to the pending disputes with Calcasieu Project post-COD SPA customers who are asserting that the Calcasieu Project was delayed in declaring COD under the respective post-COD SPAs.

Note 4 –Inventory

The following table summarizes the components of inventory:

Note 5 –Property, Plant and Equipment

The following table presents the components of property, plant and equipment, net and their estimated useful lives (in years):

(a)In the third quarter of 2025, the Company became reasonably certain to exercise renewal options for certain land leases, which extended the remaining lease terms and the estimated useful lives of the related terminal assets. This resulted in a $90 million and $181 million reduction to depreciation expense, or $0.04 and $0.07 increase in basic and diluted earnings per share for the three and six months ended June 30, 2026, respectively. See Note 6 – Leases for further discussion.

(b)Includes finance lease assets, buildings, and land, which does not depreciate. See Note 6 – Leasesfor further discussion.

The following table presents depreciation expense recognized on the condensed consolidated statements of operations:

Note 6 –Leases

Operating leases consist primarily of leased land, LNG tankers, and office space and facilities. Finance leases consist primarily of leased marine vessels and a bridge.

The following table presents the line item classification of right-of-use assets and lease liabilities on the condensed consolidated balance sheets:

The Company's lease costs are presented in various line items consistent with the underlying nature of the lease. The following table presents the components of total lease costs included in the condensed consolidated statements of operations.

Note 7 –Accrued and Other Liabilities

Components of accrued and other liabilities included:

Note 8 –Debt

The following table summarizes outstanding debt:

(a)Secured on a pari passu basis by a first-priority security interest in substantially all assets held by Venture Global LNG, Inc. ("VGLNG") and VGLNG’s membership interests in certain material direct subsidiaries.

(b)Secured on a pari passu basis by a first-priority security interest in substantially all assets held by Venture Global Calcasieu Pass, LLC ("VGCP") and TransCameron Pipeline, LLC (“TCP”) and all membership interests in VGCP and TCP, and guaranteed by TCP.

(c)Secured on a pari passu basis by a first-priority security interest in substantially all assets held by Venture Global Plaquemines LNG, LLC ("VGPL") and Venture Global Gator Express, LLC (“Gator Express”) and all membership interests in VGPL and Gator Express, and guaranteed by Gator Express.

(d)Secured by a first-priority security interest in corporate property.

(e)Secured by a first-priority security interest in substantially all assets held by Calcasieu Pass Funding, LLC (“Calcasieu Funding”) and all membership interests in Calcasieu Funding.

(f)Secured on a pari passu basis by a first-priority security interest in the assets that secure the VGPL Senior Secured Notes, and guaranteed by Gator Express.

(g)Secured by a first-priority security interest in substantially all assets held by Venture Global CP2 LNG, LLC ("CP2"), Venture Global CP Express, LLC (“CP Express”) and CP2 Procurement, LLC ("CP2 Procurement") and all of the membership interests in CP2, CP Express and CP2 Procurement, and guaranteed by CP2 Procurement and CP Express.

(h)Secured by a first-priority security interest in substantially all assets held by CP2 LNG Holdings, LLC ("CP2 Holdings") and all of the membership interests in CP2 Holdings.

(i)Secured on a pari passu basis by a first-priority security interest in substantially all assets held by Blackfin Pipeline, LLC ("Blackfin") and Blackfin Supply, LLC (“Blackfin Supply”) and all of the membership interests in Blackfin and Blackfin Supply, and guaranteed by Blackfin Pipeline Pledgor, LLC (“Blackfin Pledgor”) and Blackfin Supply.

(j)Secured by a first-priority security interest in substantially all assets held by Venture Global Shipping Holdings, LLC (“VGSH”) and each of its direct subsidiaries and all of the membership interests in VGSH and each of its direct subsidiaries, and guaranteed by each subsidiary of VGSH.

Construction term loans

The following table summarizes the commitments and available capacity under project construction term loan facilities which have not been fully drawn as of June 30, 2026.

Working capital and revolving credit facilities

The following table summarizes the commitments and available capacity under outstanding working capital and revolving credit facilities as of June 30, 2026.

(a)Secured on a pari passu basis by a first-priority security interest in the assets that secure the VGLNG Senior Secured Notes.

(b)Secured on a pari passu basis by a first-priority security interest in the assets that secure the VGCP Senior Secured Notes, and guaranteed by TCP. Facility amended in June 2026, see below for further discussion.

(c)Secured on a pari passu basis by a first-priority security interest in the assets that secure the VGPL Senior Secured Notes and the Plaquemines Construction Term Loan, and guaranteed by Gator Express.

(d)Secured on a pari passu basis by a first-priority security interest in the assets that secure the CP2 Construction Term Loan, and guaranteed by CP Express and CP2 Procurement.

(e)Secured on a pari passu basis with the Blackfin TLA Facility and Blackfin TLB Facility, and guaranteed by Blackfin Pledgor and Blackfin Supply.

Current year debt activity

VGLNG Senior Secured Notes

In June 2026, VGLNG, a wholly owned direct subsidiary of the Company, issued $2.25 billion aggregate principal amount of senior secured notes in two series: (i) $1.125 billion of 6.375% senior secured notes due December 2034 (the "VGLNG 2034 Notes") and (ii) $1.125 billion of 6.625% senior secured notes due June 2036 (the "VGLNG 2036 Notes"). The Company incurred $29 million of financing costs, primarily lender fees, which will be amortized over the term of the notes. Proceeds from the issuance were used to redeem in full the $2.25 billion outstanding 8.125% senior secured notes due 2028 (the "VGLNG 2028 Notes"). The redemption was accounted for as a debt extinguishment and resulted in a $70 million loss on financing transactions, including a $46 million early redemption premium. VGLNG may redeem all or part of the VGLNG 2034 and VGLNG 2036 Notes at specified prices set forth in the respective governing indenture, plus accrued interest, as of the date of the redemption.

VG Shipping Facility

In June 2026, VGSH, a wholly owned indirect subsidiary of the Company, entered into a $1.5 billion variable rate senior secured term loan facility due June 2032 (the "VG Shipping Facility"). Borrowings under the VG Shipping Facility bear interest at a SOFR-based rate or a base rate, subject to a 0.000% floor, plus a 2.000% margin or 1.000% margin, respectively. The facility also includes a commitment fee of 0.800% on undrawn amounts. The Company incurred $44 million of financing costs, primarily lender fees, which will be amortized over the term of the facility. Proceeds from the VG Shipping Facility were used to reimburse VGLNG for prior LNG tanker acquisition payments, fund certain reserve accounts, and pay transaction costs. The VG Shipping Facility can be voluntarily prepaid without premium or penalty.

Calcasieu Pass Working Capital Facility

In June 2026, VGCP, a controlled indirect subsidiary of the Company, refinanced the Calcasieu Pass Working Capital Facility, and extended the maturity date from August 2026 to June 2033. The Company incurred $17 million of financing costs related to the refinancing, primarily lender fees, which will be amortized over the remaining term of the facility.

Calcasieu Funding TLB Facility

In April 2026, Calcasieu Funding, a wholly owned indirect subsidiary of the Company, entered into a $1.75 billion variable rate senior secured term loan B facility due April 2033 (the "Calcasieu Funding TLB Facility"). The facility bears interest at the Company's election at either a SOFR-based rate or a base rate, plus an applicable margin of 3.250% and 2.250%, respectively. The Company incurred $49 million of financing costs, including $26 million as a debt discount, to be amortized over the term of the facility. A portion of the proceeds was used to redeem in full the $1.6 billion CP Funding Redeemable Preferred Units discussed in Note 14 – Redeemable Stock of Subsidiary, and to pay related transaction costs. The Calcasieu Funding TLB Facility can be voluntarily prepaid without premium or penalty.

VGCP Senior Secured Notes

In April 2026, VGCP issued $750 million aggregate principal amount of 6.000% senior secured notes due May 2036 (the “VGCP 2036 Notes”). The Company incurred $14 million of financing costs, primarily lender fees, which will be amortized over the term of the notes. Proceeds from the issuance, together with cash on hand, were used to prepay in full the $757 million outstanding under the Calcasieu Pass Construction Term Loan. The prepayment was accounted for as a debt extinguishment and resulted in a $2 million loss on financing transactions during the six months ended June 30, 2026. VGCP may redeem all or part of the VGCP 2036 Notes at specified prices set forth in the respective governing indenture, plus accrued interest, as of the date of the redemption.

CP2 Holdings EBL Facilities

During the six months ended June 30, 2026, CP2 Holdings, a wholly owned indirect subsidiary of the Company, repaid $1.0 billion outstanding under the CP2 Holdings EBL Facilities. The repayments were accounted for as partial debt extinguishments, resulting in losses on financing transactions of $24 million and $37 million for the three and six months ended June 30, 2026, respectively.

Final Investment Decision ("FID") for Phase 2 of the CP2 Project

In March 2026, Phase 2 of the CP2 Project achieved FID. At FID, CP2, a wholly owned indirect subsidiary of the Company, amended and restated its CP2 Credit Facilities to obtain an additional $8.6 billion of project financing for the development and construction of Phase 2. The amendment increased (i) the CP2 Construction Term Loan by $7.9 billion to $19.1 billion and (ii) the CP2 Working Capital Facility by $750 million to $1.6 billion. As amended, the CP2 Credit Facilities provide aggregate commitments of $20.7 billion to fund a portion of the project costs for Phases 1 and 2 of the CP2 Project, as well as certain activities related to the CP2 Expansion Project. CP2 incurred $334 million of financing costs, primarily lender fees, which are being amortized over the term of the facilities. The CP2 Credit Facilities can be voluntarily prepaid at any time without premium or penalty.

Interest expense on debt

The following table presents total interest expense incurred on debt and other instruments:

Note 9 –Derivatives

Overview of derivative instruments

The Company uses interest rate swaps to mitigate exposure to changes in interest payments on certain variable rate debt. None of the Company's interest rate swaps was designated as cash flow hedges as of June 30, 2026 or December 31, 2025.

The following table summarizes the Company's outstanding interest rate swaps, all of which receive variable rate compounding U.S. Secured Overnight Financing Rate ("SOFR"):

(a)Represents a weighted-average fixed rate based on the maximum notional.

(b)In April 2026, the Company fully settled the Calcasieu Pass Construction Term Loan and associated interest rate swaps. See Note 8 – Debtfor further discussion.

Natural gas supply contracts

The Company has contracts to acquire the supply of feed gas for its LNG facilities ("natural gas supply contracts"). None of the Company's natural gas supply contracts was designated as normal purchases and normal sales or hedges as of June 30, 2026 or December 31, 2025.

The following table summarizes outstanding natural gas supply contracts recognized as derivatives (notional amount in millions of MMBtus):

Overview of results

The following table summarizes the fair value and classification of derivatives on the condensed consolidated balance sheets:

The following table presents the gross and net fair value of outstanding derivatives:

The following table presents the pre-tax effects of derivative instruments recognized in earnings:

Credit-risk related contingent features

The interest rate swap agreements include cross default provisions that could trigger default under the swaps if the Company defaults on certain indebtedness, potentially requiring settlement of net derivative liability positions with counterparties. As of June 30, 2026, the Company had not posted collateral under these agreements and was not in default under any related provisions. The aggregate fair value of the Company's interest rate swaps with credit risk-related contingent features in a net liability position was $35 million as of June 30, 2026.

Natural gas supply contracts

Certain natural gas supply contracts contain credit risk-related contingent features that could require additional collateral if the Company's credit ratings change. As of June 30, 2026, these contracts in a net liability position had an aggregate fair value of $102 million. The Company had posted $55 million of collateral for these arrangements in the form of letters of credit under the Calcasieu Pass Working Capital Facility as of June 30, 2026.

Note 10 –Fair Value Measurements

The following table presents financial assets and liabilities measured at fair value on a recurring basis and indicates their levels within the fair value hierarchy:

(a)Included in cash and cash equivalents on the condensed consolidated balance sheets.

(b)Included in derivative assets and noncurrent derivative assets on the condensed consolidated balance sheets.

(c)Included in accrued and other liabilities and other noncurrent liabilities on the condensed consolidated balance sheets.

The fair values of the Company's interest rate swaps are classified as Level 2 and determined using a discounted cash flow method that incorporates observable inputs. The fair value calculation includes a credit valuation adjustment and forward interest rate curves for the same periods of the future maturity dates of the interest rate swaps. For further discussion, see Note 9 – Derivatives.

Level 3 unobservable inputs

The Company measures the fair value of its natural gas supply contracts using income- or options-based valuation models that incorporate present value techniques, risk free interest rates, observable forward commodity price curves, and certain other significant unobservable inputs when applicable. Unobservable inputs may include implied forward curves for illiquid delivery locations and, when applicable, volatility assumptions derived from observed historical market data and adjusted for current market conditions, as well as counterparty credit risk adjustments.

Due to the uncertainty surrounding these inputs, certain natural gas supply contracts are classified as Level 3 in the fair value hierarchy. Changes in these assumptions could materially affect the estimated fair value of the contracts. See Note 9 – Derivativesfor further discussion.

The following table includes quantitative information for the unobservable inputs for Level 3 natural gas supply contracts as of June 30, 2026 (natural gas price amounts in dollars):

(a) At illiquid delivery locations.

The following table provides a reconciliation of changes in the net fair value of derivative instruments measured at fair value on a recurring basis using Level 3 inputs:

Other financial instruments

The following table presents the carrying value, fair value and fair value hierarchy of outstanding debt instruments in the condensed consolidated balance sheets:

Note 11 –Income Taxes

The Company's provision for income taxes is based on an estimated annual effective tax rate, plus discrete items. The Company's effective tax rate was 19.2% and 18.0% for the three and six months ended June 30, 2026, respectively, and was different from the statutory income tax rate due to a combination of factors including stock option windfall tax benefits, the Foreign-Derived Deduction-Eligible Income ("FDDEI") deduction, and non-deductible expenses.

The Company's effective tax rate was 19.6% and 21.2% for the three and six months ended June 30, 2025, respectively, and was different from the statutory income tax rate due to a combination of factors including stock option windfall tax benefits, and non-deductible expenses, and valuation allowance adjustments caused by a change in the realizability of certain deferred tax assets.

Note 12 –Commitments and Contingencies

Litigation

The Company is involved in certain claims, suits, and legal proceedings in the normal course of business. The Company accrues for litigation and claims when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. There can be no assurance that these accrued liabilities will be adequate to cover all existing and future claims or that the Company will have the liquidity to pay such claims as they arise.

Where no accrued liability has been recognized, it is reasonably possible that some matters could be decided unfavorably to the Company. This could require the Company to pay damages or make expenditures in amounts that could be material but could not be estimated as of June 30, 2026.

Disputes with certain customers under the Calcasieu Project's post-COD SPAs are accounted for under ASC 606, Revenue from Contracts with Customers. See Note 3 – Revenue from Contracts with Customers for discussion of certain disputes with customers.

Credit arrangements

The Company has entered into certain credit arrangements to secure the transportation and supply of natural gas, regasification capacity, and certain equity guarantees for the CP2 Credit Facilities. As of June 30, 2026, the maximum undiscounted potential exposure associated with these arrangements was $872 million. This amount is not currently recognized as a liability on the condensed consolidated balance sheets, and to date, no amounts have been drawn against these arrangements.

Note 13 –Equity

On January 27, 2025, the Company completed its IPO, issuing 70 million shares of Class A common stock, par value $0.01, at $25.00 per share. Net proceeds were $1.7 billion after underwriting discounts, commissions and offering expenses totaling $80 million. Prior to the completion of the IPO, approximately 1.97 billion Class A shares held by Venture Global Partners II, LLC were converted into an equal number of Class B shares.

As of June 30, 2026 and December 31, 2025, the Company had authorized for issuance 200 million shares of preferred stock,4.4 billion shares of Class A common stock and 3.0 billion shares of Class B common stock.

Note 14 –Redeemable Stock of Subsidiary

In August 2019, Calcasieu Funding issued 9 million redeemable preferred units (the "CP Funding Redeemable Preferred Units"). The Redeemable Preferred Units incurred cumulative, quarterly distributions which were paid in cash or in-kind by increasing the face value of the CP Funding Redeemable Preferred Units. These distributions were recognized as net income attributable to redeemable stock of subsidiary on the condensed consolidated statements of operations.

In April 2026, Calcasieu Funding fully redeemed the CP Funding Redeemable Preferred Units for $1.6 billion with proceeds from the issuance of the Calcasieu Funding TLB Facility. The redemption removed the requirement to settle accrued distributions on the CP Funding Redeemable Preferred Units before distributing available cash to VGLNG or its affiliates. See Note 8 – Debt for further discussion.

The following table summarizes the change in redeemable stock of subsidiary on the condensed consolidated balance sheets:

Note 15 –Non-Controlling Interests

VGLNG Series A Preferred Shares

The VGLNG Series A Preferred shares accumulate dividends at an annual rate of 9.000%, or $90.00 a year per preferred share, and are payable semiannually if declared by the VGLNG board of directors. The following table summarizes accumulated but undeclared dividends on the VGLNG Series A Preferred Shares:

Calcasieu Holdings

In August 2019, Calcasieu Pass Holdings, LLC ("Calcasieu Holdings"), a controlled indirect subsidiary of the Company, issued 4 million convertible preferred units (the "CP Holdings Convertible Preferred Units"), which represent third-party ownership in the net assets of Calcasieu Holdings.

Upon COD of the Calcasieu Project in April 2025, the CP Holdings Convertible Preferred Units converted into Class B common units of Calcasieu Holdings. This conversion was equal to approximately 23% of the total outstanding common units of Calcasieu Holdings, reducing the Company's common equity interest in the Calcasieu Project to approximately 77%.

Prior to COD, the CP Holdings Convertible Preferred Units paid a cumulative quarterly distribution recognized as net income attributable to non-controlling interests. Subsequent to COD, the Class B common units of Calcasieu Holdings are adjusted by the amount of earnings or other comprehensive income attributable to the Class B common unit ownership.

The following table summarizes the changes in the third-party ownership in the net assets of Calcasieu Holdings:

Note 16 –Earnings per Share

Earnings per share is calculated using the two-class method and presented on a combined basis since the Company's Class A and Class B common stock have identical rights and privileges, except for voting rights.

The following table provides the computation of net income per share attributable to Class A and Class B common stock outstanding (share amounts in millions):

(a) Earnings per share may not recalculate exactly due to rounding.

Note 17 –Supplemental Cash Flow Information

The following table sets forth supplemental disclosure of cash flow information:

Note 18 –Segment Information

The following tables present financial information bysegment, including significant segment expenses regularly provided to the chief operating decision maker, and a reconciliation of segment income (loss) from operations to income before income tax expense on the condensed consolidated statements of operations for the periods indicated.

The following table presents the capital expenditures and total assets by segment for the periods indicated:

(a)Includes financed capital expenditures.

Note 19 –Recent Accounting Pronouncements

The following table provides a description of a recently issued accounting pronouncement that has not yet been adopted as of June 30, 2026. Accounting pronouncements not listed below were assessed and determined to not have a material impact to the condensed consolidated financial statements.