Report published August 13, 2026
Goldman Sachs Equity Research: Golar LNG (GLNG) 2Q26 Recap & Fourth FLNG Vessel FID
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- August 13, 2026
- Analysis as of
- August 13, 2026
Authors / editors: John Mackay, Olivia Foster, Jackie Koletas, Ben Lund
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Goldman Sachs refreshed its estimates for Golar LNG following strong 2Q26 earnings ($127m adj. EBITDA vs $106m consensus) and the achievement of FID on its fourth FLNG vessel. The analyst raised GLNG's price target to $67 from $66 and maintained a Buy rating, highlighting new shipyard options for vessels 5-7 as a key driver of organic growth and M&A optionality.
Key Takeaways
- 1.Golar LNG reached FID on its fourth FLNG vessel (3.5 mtpa capacity, $2.45b capex, YE29 target delivery).
- 2.GLNG secured shipyard slot options for vessels #5-7, locking up key conversion slots before the early 2030s and creating strategic barrier-to-entry value.
- 3.Solid 2Q26 results were delivered, with adjusted EBITDA of $127m beating consensus ($106m) driven by Gimi outperformance and commodity-linked upside on Hilli.
Table of Contents
- Key Takeaways
- Updating Estimates
- Valuation and Risks
- Disclosure Appendix
Report data
Exhibit 1: We illustrate GLNG's ~$17b EBITDA backlog on three boats could grow to ~$25b on four boats or ~$46b on seven boats — as of August 13, 2026.
| Metric | Estimate | Context |
|---|---|---|
| 2Q26 Adjusted EBITDA | 127 USD millions | Reported 2Q26 adj. EBITDA beat GS estimate ($116m) and FactSet consensus ($106m) |
| 12-Month Target Price | 67.00 USD | Raised from $66.00 to reflect additional inclusion of fifth vessel in valuation |
| Fourth FLNG Capital Cost | 2.45 USD billions | Capital cost associated with the 3.5 mtpa fourth FLNG vessel FID |
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Authors / Editors
Reported Data Context
- 2Q26 Adjusted EBITDA: 127 USD millions (2Q26) · Source: GLNG Earnings Report / FactSet / Goldman Sachs Research
- 12-Month Target Price: 67.00 USD (12-month forward) · Source: Goldman Sachs Research
- Fourth FLNG Capital Cost: 2.45 USD billions (YE29 delivery) · Source: Golar LNG
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