Liquefied Natural Gas (LNG) Sector Outlook — September 2026

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ENERGY › ENERGY › LIQUEFIED NATURAL GAS (LNG)

LNG: Four Businesses, Two Pricing Ends

How the market is pricing ten liquefied natural gas companies today, which groups sit at each end of the range, and what the recorded transactions show about how ownership changes hands.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Liquefied Natural Gas (LNG) Coverage | September 2026 | Confidential | Not investment advice

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1. 01
   ENERGY › ENERGY › LIQUEFIED NATURAL GAS (LNG)

   LNG: Four Businesses, Two Pricing Ends

   The cover frames LNG as four distinct businesses priced across two ends of a valuation range.

   We open this outlook by treating LNG as four separate businesses rather than one sector, because that split is what drives the pricing gap we see today. The rest of the deck walks through who sits in each group and how the market prices them.

   Everything on this page

   ENERGY › ENERGY › LIQUEFIED NATURAL GAS (LNG) LNG: Four Businesses, Two Pricing Ends How the market is pricing ten liquefied natural gas companies today, which groups sit at each end of the range, and what the recorded transactions show about how ownership changes hands. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Liquefied Natural Gas (LNG) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This page lists the five sections and appendix the report covers, starting with the bottom line.

   We've built this report so the bottom line comes first: even a reader who only opens section one leaves with the full story. From there we walk the landscape, the valuation and situations, the precedent deals, and the strategic questions they raise.

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   CONTENTS What This Report Covers 01 The Bottom Line What the Evidence Adds up to for an LNG Owner 02 The Landscape Four Businesses Sit Under the LNG Label, and They Are Priced Differently 03 Valuation & Situations Liquefied Natural Gas Does Not Trade as One Market 04 Precedent Transactions Ownership Here Moves at Project and Vessel Level as Often as at Corporate Level 05 Strategic Implications Where an Owner Can Move the Value Case in the Next Twelve Months 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Liquefied Natural Gas (LNG) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Liquefied Natural Gas Is Four Businesses, and Terminal and Marine Infrastructure Carries Half the Set

   This page states the report's core finding: LNG is four businesses, and one group carries half the set.

   On CY2027E EV/EBITDA, the ten companies we track split into two tiers with the median sitting at 10.8x, the top of the range at 28.9x and the bottom at 8.7x — a gap wide enough that it tells its own story. Terminal, feedgas pipeline and marine infrastructure names make up half this set at 50%, with gas carrier fleets adding another 20%. Growth and margin aren't showing up in the same company here: across the names measured on both, none clears our growth and margin marks together, which is exactly the assembly problem an acquirer has to solve. Precedent deals in this space have been struck asset by asset, spanning 0.7x to 11.0x revenue, so that's the shape of the market owners and buyers are actually working in.

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   01 · THE BOTTOM LINE Liquefied Natural Gas Is Four Businesses, and Terminal and Marine Infrastructure Carries Half the Set The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 10 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Liquefied Natural Gas (LNG) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Two Ends of This Market Are Priced Far Apart On CY2027E EV / EBITDA, 7 of the 10 companies carry a forward estimate and the middle of the set sits at 10.8x. The top of the range sits at 28.9x against 8.7x at the bottom. Forecast growth is already inside a forward multiple, so a premium that survives that lens is associated with earnings buyers expect to last. 2 Terminals and Marine Infrastructure Carry Half the Names 5 of the 10 companies are terminal, feedgas pipeline and marine infrastructure businesses, 50% of the set. Gas carrier fleets add 2 more at 20% of the set, and on the single carrier name with a CY2027E EBITDA estimate the multiple reads 8.0x. 3 Growth and Margin Are Not Showing up Inside the Same Company Here Of the 6 names measured on both, 3 clear the set's middle growth mark of 1% and 3 clear its middle EBITDA margin of 48%, and no name in that group of 6 clears both. Excelerate Energy, Inc. (EE) carries 27% forward growth; Navigator Holdings Ltd. (NVGS) carries a 55% margin. 4 Buyers Have Been Agreeing Terms Asset by Asset Across the 9 transactions shown, what buyers agreed to pay spans 0.7x to 11.0x revenue. Golar LNG Limited (GLNG) taking a stake in FLNG Hilli and Snam taking Golar LNG NB 13 Corp are the shape this sector transacts in: an asset, with the offtake or charter and project debt attached. 10.8x Sector median EV/EBITDA CY2027E consensus · 7 rated of 10 companies 28.9x Premium end EV/EBITDA vs 8.7x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 11 Transactions with disclosed terms 34 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   Section divider introducing the market map: who is in scope and how each group prices.

   This section sets out who sits inside LNG's four business groups and how each is priced on CY2027E EV/EBITDA. We use it to reset before walking the segment detail.

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   SECTION 02 02 THE LANDSCAPE Four Businesses Sit Under the LNG Label, and They Are Priced Differently Who is in scope, what each group does, and how each group is priced on CY2027E EV / EBITDA. 02 of 06 Liquefied Natural Gas (LNG) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Terminal and Marine Infrastructure Holds Half the Set, Carriers and Upstream Feedgas Hold the Rest

   This page groups the ten approved companies by business segment and shows each group's median EV/EBITDA (CY2027E).

   Terminal and marine infrastructure names hold half the set at 50%, with gas carrier fleets adding another 20% of the group. We size each business line here because the weighting explains why the valuation range splits the way it does on the pages that follow. A reader who wants the full company list by segment will find it in the appendix.

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   02 · MARKET MAP Terminal and Marine Infrastructure Holds Half the Set, Carriers and Upstream Feedgas Hold the Rest 10 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Liquefied Natural Gas (LNG) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 LNG TERMINAL, FEEDGAS PIPELINE AND MARINE INFRASTRUCTURE 5 cos median 10.8x LNG VG NFE GLNG EE The fee-earning spine of the chain: trains, terminals, send-out and the pipeline and marine links that feed them. GAS CARRIER FLEETS SERVING LNG AND LIQUEFIED GAS TRADES 2 cos 8.0x · 1 rated FLNG NVGS Tonnage priced on charter coverage, vessel vintage and open days rather than on liquefaction capacity. UPSTREAM FEEDGAS RESOURCE SUPPLYING LNG TRAINS 2 cos 16.1x · 1 rated WDS NEXT Resource and development positions whose value sits in permitted sites, firm transport and time to final investment decision. INTEGRATED UPSTREAM-TO-CARGO LNG PRODUCERS 1 cos no rated names SLNG Small-scale integrated production and distribution, 10% of the set and the group with no forward estimate here.

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   02 · LANDSCAPE

   The Same Sector Label Covers Fee Streams, Tonnage and Development Risk

   This page describes what each business segment does and why the difference matters commercially.

   The same LNG label covers fee-based terminal and pipeline income, tonnage-driven carrier earnings, and development-stage upstream feedgas risk — three very different cash flow shapes under one sector name. We spell out what each group does and why that distinction matters for how a buyer should underwrite it. Knowing which cash flow shape you're buying is the first filter before any multiple comparison means anything.

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   02 · LANDSCAPE The Same Sector Label Covers Fee Streams, Tonnage and Development Risk Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Liquefied Natural Gas (LNG) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters LNG terminal, feedgas pipeline and marine infrastructure 5 50% 10.8x Cheniere Energy, Inc. (LNG) · Venture Global, Inc. (VG) · +3 more The fee-earning spine. Cheniere Energy, Inc. (LNG), Venture Global, Inc. (VG), New Fortress Energy Inc. (NFE), Golar LNG Limited (GLNG) and Excelerate Energy, Inc. (EE) make up 50% of the set. These are the tolling and send-out businesses, and their pricing is spread across all three tiers on this page rather than clustered in one. Gas carrier fleets serving LNG and liquefied gas trades 2 20% 8.0x n=1 FLEX LNG Ltd (FLNG) · Navigator Holdings Ltd. (NVGS) Tonnage, priced on coverage. FLEX LNG Ltd (FLNG) and Navigator Holdings Ltd. (NVGS) sit here. On the single carrier name with a CY2027E EBITDA estimate the multiple reads 8.0x, which is the bottom end of this page; charter coverage, vessel vintage and propulsion economics are the variables that move it. Upstream feedgas resource supplying LNG trains 2 20% 16.1x n=1 Woodside Energy Group Ltd (WDS) · Nextdecade Corp (NEXT) Resource and development positions. Woodside Energy Group Ltd (WDS) and Nextdecade Corp (NEXT) sit here, and one of the two carries a CY2027E EBITDA estimate, at 16.1x. Pricing at this end of the chain is associated with permitted sites, firm transport and the distance still to travel to commercial operations. Integrated upstream-to-cargo LNG producers 1 10% — Stabilis Solutions, Inc. (SLNG) Small-scale, integrated, unrated. Stabilis Solutions, Inc. (SLNG) is the name in this group and carries no CY2027E EBITDA estimate. Its Brazilian operations appear in the transaction record as a divestiture, which is how positions of this size usually change hands.

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   SECTION 03

   03

   Section divider introducing the valuation walk across all ten companies.

   Ten companies sit under the LNG label, and seven of them carry a CY2027E forward estimate we can rank on. We use this section to show how wide that ranking spreads before turning to what drives it.

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   SECTION 03 03 VALUATION & SITUATIONS Liquefied Natural Gas Does Not Trade as One Market Ten companies ranked on CY2027E EV / EBITDA, 7 of them carrying a forward estimate. 03 of 06 Liquefied Natural Gas (LNG) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   LNG Prices in Two Tiers, and the Distance Between Them Is Wide

   This page ranks the seven rated companies on CY2027E EV/EBITDA and marks the sector median.

   LNG prices in two tiers on CY2027E EV/EBITDA: the sector median sits at 10.8x, the top of the range reaches 28.9x and the bottom sits at 8.7x. That spread is wide enough that treating this as one sector multiple would flatten a real difference in how the market is pricing these names. We use the tiering here to set up the driver analysis on the next page — the question worth answering is what actually separates the two ends.

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   03 · PUBLIC MARKET VALUATION LNG Prices in Two Tiers, and the Distance Between Them Is Wide EV / EBITDA (CY2027E) · all 7 rated companies, sorted descending · sector median 10.8x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 10 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Liquefied Natural Gas (LNG) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 28.9x CORE · median 10.8x DISCOUNT · median 8.7x Sector median 10.8x WHAT SEPARATES THE TWO ENDS Two names sit at each end. The premium end is Golar LNG Limited (GLNG) and New Fortress Energy Inc. (NFE), with a middle value of 28.9x on CY2027E EV / EBITDA. The discount end is Venture Global, Inc. (VG) and Navigator Holdings Ltd. (NVGS), at 8.7x. Ten companies sit on the page and 7 carry a forward estimate. A forward lens already credits growth. Because the multiple is struck on CY2027E, forecast earnings are already in the denominator. A premium that survives that test points to earnings the market expects to hold rather than to a ramp still ahead. On two names at each end, read the direction and test it, rather than pricing off it. Margin level alone does not separate them. Both ends include a name reporting an above-middle EBITDA margin, so the ranking is associated with something beyond profitability today. In this sector the variables buyers weigh are contract tenor, offtaker credit, plant availability and how much capacity is still uncontracted.

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   03 · VALUATION DRIVERS

   Profitability Separates the Two Ends: Names Above the 48% Margin Line Carry 12.7x Against 10.8x Below It

   This page splits the rated names by growth and margin cohort and compares their median multiples.

   Margin is the sharper divide we see here: names above the 48% EBITDA-margin line carry a 12.7x median against 10.8x below it. Revenue growth cuts the set too, though the split is thinner across the covered names. This is an association we're reading from the data, not a causal claim, and it's exactly the kind of pattern worth testing against a specific company's own contract book.

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   03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 48% Margin Line Carry 12.7x Against 10.8x Below It Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=3; slower n=3; higher-margin n=4; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. Liquefied Natural Gas (LNG) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 1% · EBITDA-margin split at 48% Split at 1% Forward Growth, Three Names Sit Each Side The 3 names above the 1% line sit at 10.8x on CY2027E EV / EBITDA and the 3 below sit at 9.4x. On three names a side that is a signal worth testing rather than a rule to price off, and the gap between the two ends of the page is far wider than the gap between these two halves. High EBITDA Margin Is Common Across the Rated Names Among the 7 names with a CY2027E EBITDA estimate, reported EBITDA margins run from 13% at New Fortress Energy Inc. (NFE) to 73% at Nextdecade Corp (NEXT). Because strong margin appears at both ends of the pricing range, margin level is not what distinguishes the two ends in this set. Duration Is the Variable This Screen Cannot Show Neither growth nor margin captures remaining sale and purchase agreement tenor, offtaker credit or the share of volumes still uncontracted. In a sector where value is a stack of dated contracts, those are the inputs a buyer underwrites, and they sit outside the two axes on this page.

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    03 · SITUATION MAP

    Four Situations, Four Different Agendas

    This page cuts the rated set into four situations on multiple versus margin, relative to the sector median and covered margin.

    Cutting the set on EV/EBITDA versus the sector median and EBITDA margin versus the covered median gives four distinct situations, each with its own agenda. These are observations on where a company sits today, not recommendations to act. We use this map to frame the questions the next page puts on the table.

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    03 · SITUATION MAP Four Situations, Four Different Agendas Cut on EV / EBITDA vs the sector median (10.8x) (rows) and EBITDA margin vs the covered median (48%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Liquefied Natural Gas (LNG) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Credited and Delivering Above-median multiple · above-median EBITDA margin 2 names Nextdecade Corp (NEXT) · Golar LNG Limited (GLNG) The multiple already assumes execution; the agenda is defending what the market has credited. Premium Ahead of the Operating Case Above-median multiple · below-median EBITDA margin 2 names New Fortress Energy Inc. (NFE) · Excelerate Energy, Inc. (EE) The premium outruns the operating measure beneath it; the gap wants an answer before the market asks the question. Operating Case Ahead of the Price Below-median multiple · above-median EBITDA margin 2 names Venture Global, Inc. (VG) · Navigator Holdings Ltd. (NVGS) The operating case runs ahead of the price — the re-rating conversation lives in this cell. Priced for What It Is Below-median multiple · below-median EBITDA margin 1 names Cheniere Energy, Inc. (LNG) Priced as what it is today; ownership, structure and capital-allocation questions dominate.

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    03 · THE AGENDA

    The Next Move Depends on Which Half of the LNG Market You Sit In

    This page frames the strategic questions an owner or acquirer should resolve, by situation.

    The right next move depends on which half of this pricing range a company sits in, so we frame this page as the questions worth resolving rather than a single answer. These are directional readings grounded in the cohort data we've just walked through. They're a starting point for the conversation with a specific management team, not a substitute for it.

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    03 · THE AGENDA The Next Move Depends on Which Half of the LNG Market You Sit In NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Liquefied Natural Gas (LNG) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Lengthen the Contracted Book Before Adding Capacity The two ends of this page are separated by something other than margin level, and in this sector the variables that sit outside the screen are tenor, offtaker credit and uncontracted volume. Converting heads of agreement to firm offtake and extending weighted average remaining tenor changes the earnings a buyer would underwrite. What changes the answer: A firm sale and purchase agreement replacing heads of agreement, or a change in offtaker credit standing. Decide Whether the Next Tonne Is Built or Bought The record shows single-asset stakes at $323M-scale alongside corporate terms, so both routes to capacity are live. Brownfield room on a permitted site with marine and pipeline links already built competes directly against buying operating capacity with its contracts attached. What changes the answer: EPC cost per tonne of installed capacity moving against the price of operating assets in the transaction record. Set How Much Merchant Exposure the Earnings Base Should Carry Fixed liquefaction fees and spot spread exposure produce different earnings shapes, and this set includes names with negative forward growth alongside one growing at 27%. Choosing the split between tolling and integrated FOB or DES structures is a pricing and contracting decision, not a forecasting one. What changes the answer: A sustained move in spot spreads, Henry Hub basis at the feedgas point, or Brent slope in new offtake terms. Defend Uptime and Feedgas Firmness as the Margin Base In this set high EBITDA margin is common, so holding it is the baseline rather than the differentiator. Plant availability, unplanned outage history, firm pipeline transport and berth availability are the operating variables that keep contracted cash flow intact when schedules tighten. What changes the answer: An unplanned outage, a firm transport renewal, or a change in feedgas nomination reliability.

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    SECTION 04

    04

    Section divider introducing the precedent transaction set.

    Ownership in LNG moves at project and vessel level as often as at corporate level, and we've recorded nine transactions that show that range — from corporate-scale terms down to a single floating asset stake. This section walks three of them as case studies before the full list in the appendix.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Ownership Here Moves at Project and Vessel Level as Often as at Corporate Level Nine recorded transactions, from a corporate-scale set of terms down to a single floating asset stake. 04 of 06 Liquefied Natural Gas (LNG) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Across the Transactions Shown, Buyers Bought Single Assets and Positions in the Chain

    This page walks three of the recorded transactions as case studies on disclosed multiples.

    Across the transactions we've recorded, buyers have bought single assets and positions in the chain as often as whole companies, with disclosed terms spanning 0.7x to 11.0x revenue. Golar LNG Limited (GLNG) taking a stake in FLNG Hilli and Snam taking Golar LNG NB 13 Corp are the shape this market transacts in most often: an asset, with its offtake or charter and project debt attached. That pattern is worth keeping in mind before comparing any deal multiple against the public CY2027E basis — the two bases aren't measuring the same thing.

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    04 · DEAL CASE STUDIES Across the Transactions Shown, Buyers Bought Single Assets and Positions in the Chain 3 of 11 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 36 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 23 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Liquefied Natural Gas (LNG) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Dec-2024 $272B Woodside Energy Group Ltd A corporate-scale set of terms between Woodside Energy Group Ltd and Chevron Corporation, recorded as pending. EV / LTM revenue 1.4x EV / LTM EBITDA 5.7x WHY THE DEAL HAPPENED The buyer sits in upstream feedgas resource supplying LNG trains and the target is an integrated major, so the transaction reads as a move for supply access and position across the value chain rather than for a single asset. At this size, the structure suggests a sum-of-the-parts negotiation across producing assets, development portfolio and marketing book. HOW THE TARGET WAS VALUED Recorded at $272B enterprise value, 1.4x revenue and 5.7x EBITDA, with the value shown as recorded in the filing and the deal value unit unresolved. At 5.7x the recorded EBITDA multiple sits below the range the listed set trades on today on CY2027E EV / EBITDA. May-2022 $1.9B New Fortress Energy Inc. New Fortress Energy Inc. completed Eneva S.A., extending a terminal and marine infrastructure position into a larger platform. EV / LTM revenue 0.7x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The buyer's own business is terminal, feedgas pipeline and marine infrastructure, so acquiring a platform of this size reads as a move for demand-side position and downstream volume to sit behind its own send-out capacity. It is the corporate-level route into a market that more often trades at project level. HOW THE TARGET WAS VALUED Recorded at $1.9B enterprise value and 0.7x revenue, the low end of the disclosed revenue multiples in this record. The entry is recorded as completed, so it shows terms buyers agreed to pay and then closed on, rather than terms still subject to conditions. Jul-2024 $1.2B Woodside Energy Group Ltd Woodside Energy Group Ltd agreed terms on Tellurian Inc. and bought a development position rather than earnings. EV / LTM revenue 11.0x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Woodside Energy Group Ltd sits in upstream feedgas resource supplying LNG trains, and Tellurian Inc. was a pre-commercial liquefaction developer. The transaction reads as a buyer paying for a site, permits and the option to take a project to final investment decision on its own timetable. HOW THE TARGET WAS VALUED Recorded at $1.2B enterprise value and 11.0x revenue, with no EBITDA multiple in the record and the value shown as recorded in the filing. A revenue multiple at that level, against the 0.7x to 11.0x span in this record, points to value sitting in the development position rather than in current trading.

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    SECTION 05

    05

    Section divider introducing where an owner has room to act on the value case.

    The next twelve months put a specific set of operating choices in front of an owner, and we spell out the signals that would change the answer. This section closes the analytical part of the report before the full comparables appendix.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Where an Owner Can Move the Value Case in the Next Twelve Months Operating moves the evidence points to, and the signals that would change the answer. 05 of 06 Liquefied Natural Gas (LNG) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    What the Range Rewards, and Where an Owner Has Room to Act

    This page sets out the strategic implications for owners, acquirers and capital partners.

    High EBITDA margin shows up at both ends of this pricing range, which points the real work toward contract tenor, offtaker quality and uncontracted capacity rather than margin alone. For acquirers, the growth-and-margin combination isn't found in a single name today — it has to be assembled, and the recorded transactions show routes from single-asset stakes to corporate scale for doing that. These are directional views grounded in the analysis in this report, not recommendations to transact.

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    05 · STRATEGIC IMPLICATIONS What the Range Rewards, and Where an Owner Has Room to Act NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Liquefied Natural Gas (LNG) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Work the Contract Book, Because Margin Alone Is Not Separating the Field Across the 7 names with a CY2027E EBITDA estimate, high EBITDA margin appears at both ends of the pricing range. That points the work toward contract tenor, offtaker quality and the share of capacity still uncontracted, which are the levers with the most room left in them. FOR ACQUIRERS The Growth and Margin Combination Gets Assembled, Not Found Of the 6 names measured on both growth and margin, 3 clear the growth mark and 3 clear the margin mark, and no name in that group clears both. The transactions shown run from single-asset stakes to corporate scale, which is the range of routes available to assemble the combination. FOR CAPITAL PARTNERS Price the Construction Window Separately from the Operating Window The record shows development positions changing hands on revenue multiples while operating assets and fleets change hands on EBITDA multiples. That separation is the practical guide: underwrite contracted capacity against its cash flow schedule, and value pre-FID optionality on its own terms.

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    SECTION 06

    06

    06.

    Section 06 of 06 — The Full Universe, Methodology and Sources. Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 16

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Liquefied Natural Gas (LNG) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    This page lists all seven rated public comparables on CY2027E EV/EBITDA, grouped by valuation tier.

    Every rated name in this report's ten-company set appears here on the same CY2027E EV/EBITDA basis, grouped by tier against the 10.8x sector median. Three names in the set carry no eligible multiple and are noted rather than plotted. This page is the reference point for tracing any multiple used earlier in the deck back to its rated company.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (10.8x); amber marks below · 7 rated companies; 3 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 7 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Liquefied Natural Gas (LNG) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥21.1x · median 28.9x · 2 companies Golar LNG Limited GLNG LNG terminal, feedgas pipeline and marine infrastructure $7.0B 31.8x 1% 52% 53 New Fortress Energy Inc. NFE LNG terminal, feedgas pipeline and marine infrastructure $10.6B 26.1x 4% 13% 16 CORE — 9.9x–21.1x · median 10.8x · 3 companies Nextdecade Corp NEXT Upstream feedgas resource supplying LNG trains $13.5B 16.1x n/a 73% 338 Excelerate Energy, Inc. EE LNG terminal, feedgas pipeline and marine infrastructure $6.2B 10.8x 27% 30% 57 Cheniere Energy, Inc. LNG LNG terminal, feedgas pipeline and marine infrastructure $87.7B 10.4x 2% 36% 38 DISCOUNT — <9.9x · median 8.7x · 2 companies Venture Global, Inc. VG LNG terminal, feedgas pipeline and marine infrastructure $72.1B 9.4x -14% 48% 34 Navigator Holdings Ltd. NVGS Gas carrier fleets serving LNG and liquefied gas trades $2.2B 8.0x -6% 55% 49

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This page lists precedent transactions with disclosed terms, newest first, part one of two.

    The transactions with disclosed terms are listed here newest first, with multiples read on LTM financials at announcement where disclosed. These deal multiples sit on a different basis than the CY2027E public multiples used elsewhere in this report, so we don't draw a spread between the two. This list is the source record behind the case studies shown earlier.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 11 transactions with disclosed terms in this tier (34 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 36 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 23 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Liquefied Natural Gas (LNG) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Dec-2024 Woodside Energy Group Ltd → Chevron Corporation $272B 1.4x 5.7x Woodside Energy Group Ltd and Chevron Corporation, Dec-2024, recorded at $272B enterprise value and 5.7x EBITDA, with the value shown as recorded in the filing and the deal value unit unresolved. It sits at the corporate end of this record, where supply access and… Jul-2024 Woodside Energy Group Ltd → Tellurian Inc. $1.2B 11.0x n/a Woodside Energy Group Ltd agreed terms on Tellurian Inc. in Jul-2024, taking a development platform rather than operating cash flow. The entry is recorded as announced, and the value is shown as recorded in the filing. Feb-2023 Golar LNG Limited → New Fortress Energy Inc. stake in FLNG Hilli $323M n/a n/a Golar LNG Limited agreed to acquire New Fortress Energy Inc.'s stake in FLNG Hilli for $323M in Feb-2023. Floating liquefaction interests trade at asset level, with the offtake and project financing attached to what is being sold. Nov-2022 Undisclosed buyer → Brazilian operations (unit of Stabilis Solutions, Inc.) $149M 1.6x 21.9x An undisclosed buyer agreed terms on the Brazilian operations of Stabilis Solutions, Inc. at $149M, 1.6x revenue and 21.9x EBITDA in Nov-2022, with divestiture roles reassigned in the record. Regional distribution units can clear well above the range the listed set… Jun-2022 Snam → Golar LNG NB 13 Corp $1.8B 5.1x 6.1x Snam agreed terms on Golar LNG NB 13 Corp at $1.8B, 5.1x revenue and 6.1x EBITDA in Jun-2022. A vessel-level entity sold to an infrastructure buyer is priced against charter coverage and counterparty credit rather than against a corporate multiple. May-2022 New Fortress Energy Inc. → Eneva S.A. $1.9B 0.7x n/a New Fortress Energy Inc. completed its acquisition of Eneva S.A. at $1.9B in May-2022. The buyer sits in terminal, feedgas pipeline and marine infrastructure, and this entry is recorded as completed, unlike the announced and pending items around it. Jan-2021 Apollo Global Management, LLC → Hygo Energy Transition Ltd. n/a n/a 7.1x Apollo Global Management, LLC agreed terms on Hygo Energy Transition Ltd. in Jan-2021 at 7.1x EBITDA, with enterprise value recorded as n/a. Infrastructure and private capital buying the contracted, operating end of the chain is a recurring shape in this record. Jan-2012 Culligan International → XXT Incorporated n/a n/a 16.2x Culligan International and XXT Incorporated, Jan-2012, at 16.2x EBITDA. It sits outside today's LNG chain and is useful mainly as a long-dated reference point for what industrial assets have cleared. Dec-2011 Neles → Newave Energy Holding SA n/a n/a 20.9x Neles and Newave Energy Holding SA, Dec-2011, at 20.9x EBITDA. Older energy equipment terms cleared high multiples, which is useful context rather than direct evidence for LNG assets priced today.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This page continues the list of precedent transactions with disclosed terms, newest first, part two of two.

    This continues the precedent transaction list on the same LTM-at-announcement basis as the prior page. Together the two pages carry every disclosed-terms transaction behind this report's deal commentary. Multiples here remain a separate basis from the CY2027E public comparables and aren't presented as directly comparable.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 11 transactions with disclosed terms in this tier (34 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 36 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 23 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Liquefied Natural Gas (LNG) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters May-2011 Roper Technologies Industrial Businesses → MXEnergy Holdings Inc. n/a n/a 13.3x Dec-2010 Southern Gas Company → Ottawa Acquisition LLC n/a 0.7x 8.8x

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This page sets out the sources, valuation basis and data-quality notes behind the report.

    Every figure in this report ties back to a market price, a consensus estimate, or a company's own SEC filing. We've noted where a transaction record carries a data-quality flag and excluded names and deals that don't clear the report's plausibility checks rather than plotting them anyway. That discipline is what lets every multiple on the prior pages stand on a comparable basis.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Liquefied Natural Gas (LNG) Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 10 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Liquefied Natural Gas (LNG) and it clears the coverage gate with 7 of 10 companies (70%). EV / Revenue, P / E are carried as a cross-check. The set earns: 7 of the 7 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 12 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 346 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (345) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    Ten LNG Names, Four Business Models, and One Pricing Range That Splits in Two.

    Ten LNG Names, Four Business Models, and One Pricing Range That Splits in Two..

    Closing — Ten LNG Names, Four Business Models, and One Pricing Range That Splits in Two. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace. 21

    Everything on this page

    Ten LNG Names, Four Business Models, and One Pricing Range That Splits in Two. NeuraCap AI — Liquefied Natural Gas (LNG) Coverage September 2026 · Prepared by NeuraCap AI · Confidential Liquefied Natural Gas (LNG) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

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