Category: 3. Business

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Booking.com is facing a class-action lawsuit from more than 10,000 European hotels arguing that the accommodation mega-site used its muscle to distort the market to their detriment over a 20-year period.

The Association of Hotels, Restaurants and Cafes in Europe (Hotrec), which represents the industry within the EU and is bringing the legal action, recently extended to 29 August a deadline for hotel owners to join the suit because of high demand.

The lawsuit, expected to be one of the largest ever filed in the European hospitality sector, is also backed by 30 national hotel associations, including Britain’s.

“Over 10,000 hotels have already joined the pan-European initiative to claim compensation for financial losses caused by Booking.com’s use of illegal ‘best price’ (parity) clauses,” Hotrec said in a statement.

It alleges that the “best price” pledge on Booking.com was extracted from hotels under huge pressure not to offer rooms at lower prices on other platforms, including their own websites.

The hotel industry says that the Netherlands-based platform also used the clauses to prevent customers making what it called “free-rider” bookings, which it defined as using its services to find a hotel but then booking directly with the management, cutting out Booking.com.

“Registration [to the legal action] continues to grow steadily, and the response so far demonstrates the hospitality industry’s strong desire to stand up against unfair practices in the digital marketplace,” Hotrec said.

The litigation, which experts say will be an uphill battle, seeks damages for the period from 2004 to 2024, when Booking.com did away with the best price clause to comply with the EU Digital Markets Act.

Hotrec said the class action, to be heard in Amsterdam, follows a European court of justice (ECJ) ruling from 2024, “which found that Booking.com’s parity clauses violated EU competition law”.

“European hoteliers have long suffered from unfair conditions and excessive costs. Now is the time to stand together and demand redress,” said Hotrec’s president, Alexandros Vassilikos, calling out “abusive practices in the digital market” in Europe.

Booking.com called Hotrec and other hotel associations’ statements “incorrect and misleading” in an emailed statement, adding that it had not received “formal notification of a class action”.

It said that the ECJ ruling did not find that Booking.com’s “best price” clauses were anti-competitive but “simply stated that such clauses fall within the scope of EU competition law and that their effects must be assessed on a case-by-case basis”.

The company referred to a statement about its “commitment to fair competition”, in which it argued that “past parity clauses served to foster competitive pricing rather than restrict it”.

It cited a poll in which 74% of hoteliers said Booking.com made their business more profitable, with many reporting higher occupancy rates and lower customer acquisition costs. However, other industry representatives criticised the company’s practices as extractive.

“As they gained control of the market, Booking was able to increase its commission rates and exert much greater pressure on hoteliers’ margins,” Véronique Siegel, president of the hotels division of French hospitality sector association Umih, told public broadcaster France Inter.

“For a room that the customer pays €100 (£87) for, if you take away Booking’s commission, the hotelier receives €75 at best, with which they have to pay their employees and invest.”

Despite the friction, Booking.com appears unavoidable for many hotels, offering an online reach and visibility hard to achieve for smaller, independent establishments.

A study by Hotrec and the University of Applied Sciences and Arts Western Switzerland found that Booking Holding, the website’s parent company, controlled 71% of the European market in 2024, compared with 68.4% in 2019.

The corporation is valued at $170bn (£127bn), three times that of Volkswagen.

Rupprecht Podszun, director of the institute for competition law at Düsseldorf’s Heinrich Heine University, said Booking.com was a classic example of how a digital platform could conquer an entire sector, creating a “winner takes all” dynamic.

He said the legal action would probably be protracted and turn on the thorny question of how damages could be measured.

“Judges will have to form an opinion and then it will go through all the appeals – everything at great expense and with all the tricks available under the law,” he told Germany’s daily Süddeutsche Zeitung.

“The case is a revolt of the hotels, saying: ‘You can’t just do what you want with us.’”

Researchers hope they may have solved the “tunnel boom” problem as they prepare to roll out China’s latest prototype magnetic levitation train.

The newest version of the maglev train is capable of travelling at 600km/h (about 370mph). However, the train’s engineers have wrestled with the problem of the shock waves that occur as the train exits the mouth of a tunnel.

When a high-speed train enters an enclosed space such as a tunnel, air in front is compressed, like in a piston. The resulting fluctuations in air pressure coalesce at the tunnel mouth, generating low-frequency shock waves. These are colloquially known as a “tunnel boom” – a related, albeit different phenomenon to the “sonic boom” heard as aircraft pass the speed of sound. Tunnel booms pose serious challenges to operational safety, as the shock waves can disturb humans and animals nearby, as well as causing structural damage.

Now, however, researchers have discovered that placing innovative soundproofing buffers at tunnel mouths can reduce shock waves by up to 96%. This promises improvements in operational safety, noise pollution and passenger comfort, as well as safeguarding animals in the vicinity of future lines.

This was already a well documented problem for conventional high-speed trains, which travel at speeds of up to 350km/h (217mph), but it worsens significantly for trains travelling at even higher speeds because the strength of the shock wave increases rapidly and the critical length that gives rise to a tunnel boom drops off quickly. For example, a train travelling at 600km/h will lead to a boom in a tunnel just 2km (1.2 miles) long, while for conventional high-speed trains this happens only in tunnels which are 6km or longer.

The porous structure of the new 100-metre long buffers, combined with porous coatings on the tunnel body, allow the trapped air to escape before the train reaches the tunnel mouth, suppressing the boom in the same way as a silencer fitted to a firearm.

Magnetic levitation refers to the use of magnetic force to suspend a train above a guideway or rail, sometimes with a height of only 10mm, by either electromagnetic or electrodynamic suspension. The train is then propelled using other electromagnets. While conventional high-speed trains are ultimately limited in speed due to increased wear and tear of wheels against the track, the separation of track and train means that maglevs are not subject to the same frictional forces.

Electromagnetic suspension (EMS) has the train hugging a single steel rail with a U-shaped underside. When electromagnets positioned in the U-shape underneath the rail are switched on, the train is levitated by the resultant electromagnetic forces. With electrodynamic suspension (EDS), the train sits in a U-shaped guideway, with superconducting coils embedded in guideway and train. When the power supply is switched on, magnetic poles are induced in the coils, leading to a combination of repulsive and attractive forces which enable the train to levitate.

High-speed maglev trains made their debut in 2004 in China, running between Pudong airport and the outskirts of Shanghai at 460km/h (286mph), a speed record that still holds for rail vehicles in regular commercial service. Built using German ‘Transrapid’ technology, this service caters primarily to foreign travellers as local people prefer the much cheaper, albeit slower, metro.

However, this initial hype was soon eclipsed, as subsequent development of China’s rail network focused entirely on conventional high-speed rail. The national network is now the world’s largest in length at 48,000km (30,000 miles), with more lines under construction.

But maglev trains are now making a comeback under the state-owned manufacturer CRRC, which launched the new model in 2021. There is no mechanical noise, passengers describing the quiet hum of electromagnets and a ride smoother than a conventional train.

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Although no lines have yet been formally planned, it is widely expected that a future line will connect the capital, Beijing, with cosmopolitan Shanghai, reducing journey times from 4.5 hours to 2.5 hours, about the duration of a domestic flight between the two cities.

In China, the cost of a high-speed rail ticket is cheaper than air travel (¥600 compared with ¥1,200), unlike in many other countries. Flights emit on average seven times more CO₂ than high-speed rail by distance travelled, representing a big potential carbon saving.

China is not the only place where long-distance high-speed maglevs are on the horizon. Japan also has its hopes pinned on the Chuo Shinkansen, which will link its two biggest cities of Tokyo and Osaka via Nagoya, cutting through the heart of the country. The Tokaido Shinkansen, a conventional high-speed rail line, does this journey in 2.5 hours, but it is hoped that the new maglev line travelling at 505km/h (314mph) will reduce this to just 67 minutes. It was originally scheduled to begin partial service in 2027, but inevitable delays have encumbered the project, with a new opening date uncertain.

• Bombardier’s U.S. Services network is set to grow through a multi-phase, multi-site expansion initiative focusing on existing geographies where the company operates, in addition to new ones
• The expansion initiative is expected to generate a need for highly skilled labour, with Bombardier anticipating new jobs created for each project
• The planned phased investments will add the required infrastructure as well as aim to offer a wider range of services and resources to support the company’s growing customer base

Bombardier is proud to announce the launch of a major expansion initiative within its services and support network in the United States. This multi-phase, multi-site expansion initiative aims to meet the increasing demand for OEM-backed convenience and care from the company’s growing customer base. Expansion projects are expected to roll out over the coming years, and will be focused on both regions where Bombardier currently operates, as well as new ones. As part of this growth, the company anticipates a need to recruit highly skilled talent, creating new job opportunities in each of the targeted regions.

“Bombardier’s fleet in the United States is growing at a rapid pace, and so should our American network of services and support,” said Paul Sislian, Executive Vice President, Bombardier Aftermarket Services and Strategy. “Today’s announcement demonstrates our full commitment to provide exceptional care and seamless convenience, so that our customers can fly with total confidence. While our team is already delivering on this promise — with our best-in-class services earning the #1 ranking in the AIN Product Support survey for a second consecutive year, as well as in the 2025 Professional Pilot Corporate Aircraft Product Support Survey— this expansion initiative demonstrates the depth of our commitment to offer the ultimate customer experience.”

With the entry into service of the Global 8000⁽¹⁾ aircraft later this year and the steady growth of Bombardier’s global fleet, the company is keen to bolster its U.S. capabilities in key hubs across the country to meet customers where they are. As part of this large-scale expansion investment, the company will prioritize talent recruitment and workforce development to ensure a steady flow of qualified professionals into its operations. Furthermore, to meet demand and ensure convenient care and service, Bombardier will focus on expanding its successful apprenticeship and talent programs with local communities to accelerate the recruitment and onboarding of Airframe and Powerplant Technicians, as well as other skilled workers.

Bombardier’s current Services business already has a robust footprint in the United States, anchored by service centres in key locations including Dallas, Tucson, Hartford and Wichita, as well as in Miami Opa Locka with a facility inaugurated in 2022. Customers benefit from a comprehensive support ecosystem that features a strategically located parts distribution centre in Chicago and Mobile Response Teams deployed across 20 locations nationwide — ensuring rapid, expert assistance wherever it is needed.

About Bombardier

At Bombardier (BBD-B.TO), we design, build, modify and maintain the world’s best-performing aircraft for the world’s most discerning people and businesses, governments and militaries. That means not simply exceeding standards, but understanding customers well enough to anticipate their unspoken needs. 

For them, we are committed to pioneering the future of aviation — innovating to make flying more reliable, efficient and sustainable. And we are passionate about delivering unrivaled craftsmanship and care, giving our customers greater confidence and the elevated experience they deserve and expect. Because people who shape the world will always need the most productive and responsible ways to move through it.

Bombardier customers operate a fleet of more than 5,100 aircraft, supported by a vast network of Bombardier team members worldwide and 10 service facilities across six countries.  Bombardier’s performance-leading jets are proudly manufactured in aerostructure, assembly and completion facilities in Canada, the United States and Mexico. In 2024, Bombardier was honoured with the prestigious “Red Dot: Best of the Best” award for Brands and Communication Design.     

For Information

For corporate news and information, including Bombardier’s Sustainability report, as well as the company’s initiative to cover all its flight operations with a Sustainable Aviation Fuel (SAF) blend utilizing the Book-and-Claim system, visit 
bombardier.com

Learn more about Bombardier’s industry-leading products and customer service network at bombardier.com. Follow us on X @Bombardier.

Media Contacts

General media contact webform

Christina Lemyre McCraw
+1-514-497-4928
christina.lemyremccraw@aero.bombardier.com 

⁽¹⁾The Global 8000 aircraft is currently under development and remains to be finalized and certified. All specifications and data are approximate, may change without notice and are subject to certain operating rules, assumptions and other conditions. It is expected to enter service in 2025. Please also see the forward-looking statements disclaimer at the end of this press release.

Bombardier and Global 8000 are registered or unregistered trademarks of Bombardier Inc. or its subsidiaries.

Forward-looking statements
This press release contains certain forward-looking statements. By their nature, forward-looking statements require the Corporation to make assumptions and are subject to important known and unknown risks and uncertainties, which may cause actual results in future periods to differ materially from those set forth in the forward-looking statements. Please refer to the “Forward-Looking Statements” disclaimer contained in Bombardier Inc.’s most recently published financial report for additional details.

HOUSTON–(BUSINESS WIRE)–
Cheniere Energy, Inc. (“Cheniere”) (NYSE: LNG) today announced its financial results for the second quarter 2025.

SECOND QUARTER 2025 SUMMARY FINANCIAL RESULTS

(in billions)			Three Months Ended June 30, 2025		Six Months Ended June 30, 2025
Revenues			$4.6		$10.1
Net Income1			$1.6		$2.0
Consolidated Adjusted EBITDA2			$1.4		$3.3
Distributable Cash Flow2			$0.9		$2.2

2025 FULL YEAR FINANCIAL GUIDANCE

(in billions)		2025 Previous				2025 Revised
Consolidated Adjusted EBITDA2		$6.5	–	$7.0		$6.6	–	$7.0
Distributable Cash Flow2		$4.1	–	$4.6		$4.4	–	$4.8

RECENT HIGHLIGHTS

Financial

• During the three and six months ended June 30, 2025, Cheniere generated revenues of approximately $4.6 billion and $10.1 billion, net income¹ of approximately $1.6 billion and $2.0 billion, Consolidated Adjusted EBITDA² of approximately $1.4 billion and $3.3 billion, and Distributable Cash Flow² of approximately $0.9 billion and $2.2 billion, respectively.

• Tightening full year 2025 Consolidated Adjusted EBITDA² guidance from $6.5 billion – $7.0 billion to $6.6 billion – $7.0 billion and raising and tightening full year 2025 Distributable Cash Flow² guidance from $4.1 billion – $4.6 billion to $4.4 billion – $4.8 billion.

Capital Allocation

• Pursuant to Cheniere’s comprehensive capital allocation plan, Cheniere deployed approximately $1.3 billion and $2.6 billion towards accretive growth, balance sheet management and shareholder returns in the three and six months ended June 30, 2025, respectively. During the three and six months ended June 30, 2025, Cheniere repurchased an aggregate of approximately 1.4 million and 3.0 million shares of common stock for approximately $306 million and $656 million, respectively, paid quarterly dividends of $0.500 and $1.000 per share of common stock, totaling approximately $111 million and $223 million, respectively, and in the six months ended June 30, 2025, Cheniere repaid $300 million of consolidated long-term indebtedness.

• In June 2025, Cheniere announced updates to its long-term company outlook, including an over 10% increase to its run-rate liquefied natural gas (“LNG”) production forecast, inclusive of the CCL Midscale Trains 8 & 9 Project (defined below) and debottlenecking. Cheniere also increased and extended its committed capital allocation targets, designed to maintain investment grade credit metrics through cycles, further return capital to shareholders, and continue to invest in accretive growth, as the Company expects to generate over $25 billion of available cash³ through 2030 to reach over $25 per share of run-rate Distributable Cash Flow².

• In June 2025, Cheniere declared a dividend with respect to the second quarter 2025 of $0.500 per share of common stock, which is payable on August 18, 2025.

• In June 2025, Cheniere announced, subject to declaration by its Board of Directors, an increase to its quarterly dividend by over 10% from $2.00 to $2.22 per common share annualized, commencing with the third quarter of 2025.

Growth

• In June 2025, Cheniere made a positive Final Investment Decision (“FID”) with respect to the CCL Midscale Trains 8 & 9 Project and issued full notice to proceed to Bechtel Energy, Inc. (“Bechtel”) effective June 18, 2025.

• In June 2025, LNG was produced for the first time from the second train (“Train 2”) of the CCL Stage 3 Project (defined below), and on August 6, 2025, substantial completion of Train 2 was achieved.

• In June 2025, certain subsidiaries of Cheniere Energy Partners, L.P. (“Cheniere Partners”) (NYSE: CQP) updated the SPL Expansion Project’s (defined below) application with the Federal Energy Regulatory Commission (“FERC”) to reflect a two-phased project, inclusive of three liquefaction trains and supporting infrastructure, maintaining an expected total peak production capacity of up to approximately 20 million tonnes per annum (“mtpa”) of LNG, inclusive of estimated debottlenecking opportunities.

• In July 2025, certain subsidiaries of Cheniere initiated the pre-filing review process with the FERC under the National Environmental Policy Act (“NEPA”) for the CCL Stage 4 Expansion Project (defined below).

Commercial

• In May 2025, Cheniere Marketing, LLC (“Cheniere Marketing”) entered into a long-term Integrated Production Marketing (“IPM”) gas supply agreement with a subsidiary of Canadian Natural Resources Limited to purchase 140,000 MMBtu per day of natural gas at a price based on the Platts Japan Korea Marker (“JKM”) less fixed LNG shipping costs and a fixed liquefaction fee for a term of 15 years, which is expected to commence in 2030. The LNG associated with this gas supply, approximately 0.85 mtpa, will be marketed by Cheniere Marketing.

• In August 2025, Cheniere Marketing entered into a long-term LNG sale and purchase agreement (“SPA”) with JERA Co., Inc. (“JERA”), under which JERA has agreed to purchase approximately 1.0 mtpa of LNG from Cheniere Marketing on a free-on-board basis from 2029 through 2050. The purchase price for LNG under the SPA is indexed to the Henry Hub price, plus a fixed liquefaction fee.

CEO COMMENT

“The second quarter of 2025 marked another outstanding quarter for Cheniere, as our team demonstrated its ability to execute safely, reliably and strategically throughout our business, highlighted by the positive FID of the CCL Midscale Trains 8 & 9 Project and the successful completion of our large-scale planned maintenance turnaround at Sabine Pass,” said Jack Fusco, Cheniere’s President and Chief Executive Officer. “Our strong financial and operational results year-to-date, coupled with our constructive outlook and visibility for the remainder of the year, have enabled us to tighten our full year 2025 Consolidated Adjusted EBITDA and Distributable Cash Flow guidance ranges. For the remainder of the year, we are focused on growing our brownfield platform, bringing online new capacity at Corpus Christi ahead of schedule and on budget, and delivering results within our upwardly revised guidance ranges.”

SUMMARY AND REVIEW OF FINANCIAL RESULTS

(in millions, except LNG data)	Three Months Ended June 30,									Six Months Ended June 30,
		2025			2024		% Change				2025			2024		% Change
Revenues	$	4,641		$	3,251		43	%		$	10,085		$	7,504		34	%
Net income1	$	1,626		$	880		85	%		$	1,979		$	1,382		43	%
Consolidated Adjusted EBITDA2	$	1,416		$	1,322		7	%		$	3,288		$	3,095		6	%
LNG exported:
Number of cargoes		154			155		(1	)%			322			321		—	%
Volumes (TBtu)		550			553		(1	)%			1,159			1,155		—	%
LNG volumes loaded (TBtu)		550			552		—	%			1,158			1,153		—	%

Net income¹ increased approximately $746 million and $597 million for the three and six months ended June 30, 2025, respectively, as compared to the corresponding 2024 periods. The increases were primarily attributable to approximately $873 million and $596 million of favorable variances related to changes in fair value of our derivative instruments, including the impact of derivative instruments related to our long-term Integrated Production Marketing (“IPM”) agreements (before tax and non-controlling interests) for the three and six months ended June 30, 2025, respectively, as compared to the corresponding 2024 periods. The increases were partially offset by higher provisions for income tax during both periods.

Consolidated Adjusted EBITDA² increased approximately $94 million and $193 million for the three and six months ended June 30, 2025, respectively, as compared to the corresponding 2024 periods. The increases were primarily due to higher total margins per MMBtu of LNG delivered during the 2025 periods as compared to the corresponding 2024 periods. The increases were partially offset by higher operating expenses related to planned maintenance activities at both the SPL Project (defined below) and CCL Project (defined below), as well as new capacity from the CCL Stage 3 Project, during the three months ended June 30, 2025, in addition to lower contributions from certain optimization activities related to our vessel charter portfolio during both periods.

Share-based compensation expenses included in net income totaled $49 million and $105 million for the three and six months ended June 30, 2025, respectively, compared to $52 million and $92 million for the corresponding 2024 periods.

Our financial results are reported on a consolidated basis. Our ownership interest in Cheniere Partners as of June 30, 2025 consisted of 100% ownership of the general partner and a 48.6% limited partner interest.

BALANCE SHEET MANAGEMENT

Capital Resources

The table below provides a summary of our available liquidity (in millions) as of June 30, 2025:

	June 30, 2025
Cash and cash equivalents (1)	$	1,648
Restricted cash and cash equivalents (2)		369
Available commitments under our credit facilities:
Sabine Pass Liquefaction, LLC (“SPL”) Revolving Credit Facility		785
Cheniere Partners Revolving Credit Facility		1,000
Cheniere Corpus Christi Holdings, LLC (“CCH”) Credit Facility		3,260
CCH Working Capital Facility		1,390
Cheniere Revolving Credit Facility		1,250
Total available commitments under our credit facilities		7,685
Total available liquidity	$	9,702

(1)	$108 million of cash and cash equivalents was held by our consolidated variable interest entities (“VIEs”).
(2)	$40 million of restricted cash and cash equivalents was held by our consolidated VIEs.

Recent Key Financial Transactions and Updates

In July 2025, Cheniere Partners issued $1.0 billion aggregate principal amount of 5.550% Senior Notes due 2035, and the net proceeds, together with cash on hand, were used to redeem $1.0 billion of the aggregate principal amount of SPL’s 5.875% Senior Secured Notes due 2026.

In August 2025, the $1.25 billion Cheniere Revolving Credit Facility was amended and restated to extend its maturity into 2030, reduce the rate of interest and commitment fees applicable thereunder, and make certain other changes to its terms and conditions.

During the six months ended June 30, 2025, SPL repaid the remaining $300 million in principal amount of its 5.625% Senior Secured Notes due 2025 with cash on hand.

LIQUEFACTION PROJECTS OVERVIEW

SPL Project

Through Cheniere Partners, we operate liquefaction and export facilities with a total production capacity of over 30 mtpa of LNG at the Sabine Pass LNG terminal in Cameron Parish, Louisiana (the “SPL Project”).

SPL Expansion Project

Through Cheniere Partners, we are developing an expansion adjacent to the SPL Project with an expected total peak production capacity of up to approximately 20 mtpa of LNG (the “SPL Expansion Project”), inclusive of estimated debottlenecking opportunities. In February 2024, certain subsidiaries of Cheniere Partners submitted an application to the FERC for authorization to site, construct, and operate the SPL Expansion Project, as well as an application to the Department of Energy (“DOE”) requesting authorization to export LNG to Free-Trade Agreement (“FTA”) and non-FTA countries, both of which applications exclude debottlenecking. In October 2024, we received authorization from the DOE to export LNG to FTA countries. In June 2025, the SPL Expansion Project’s FERC application was updated to reflect a two-phased project, inclusive of three liquefaction trains and supporting infrastructure, maintaining an expected total peak production capacity of up to approximately 20 mtpa of LNG, inclusive of estimated debottlenecking opportunities.

CCL Project

We operate liquefaction and export facilities with a total production capacity of over 18 mtpa of LNG at the Corpus Christi LNG terminal near Corpus Christi, Texas (the “CCL Project”), inclusive of Trains 1 and 2 of the CCL Stage 3 Project.

CCL Stage 3 Project

We are constructing an expansion adjacent to the CCL Project consisting of seven midscale Trains with an expected total production capacity of over 10 mtpa of LNG (the “CCL Stage 3 Project”), including approximately 3 mtpa in operation and over 7 mtpa under construction. Substantial Completion was achieved for the first train of the CCL Stage 3 Project in March 2025, and substantial completion of Train 2 was achieved in August 2025.

CCL Stage 3 Project Progress as of June 30, 2025:

	CCL Stage 3 Project
Project Status	Under Construction / Commissioning
Project Completion Percentage	86.7%(1)
Expected Substantial Completion	2H 2025 – 2H 2026

(1)	Engineering 98.9% complete, procurement 99.8% complete, subcontract work 91.6% complete and construction 64.9% complete.

CCL Midscale Trains 8 & 9 Project

We are constructing an expansion adjacent to the CCL Stage 3 Project consisting of two additional midscale Trains with an expected total production capacity of approximately 5 mtpa of LNG (the “CCL Midscale Trains 8 & 9 Project”), inclusive of estimated debottlenecking opportunities. In June 2025, our Board of Directors made a positive FID with respect to the CCL Midscale Trains 8 & 9 Project and debottlenecking, and full notice to proceed was issued to Bechtel effective June 18, 2025.

CCL Stage 4 Expansion Project

We are developing an expansion adjacent to the CCL Project with an expected total peak production capacity of up to approximately 24 mtpa of LNG, inclusive of estimated debottlenecking opportunities (the “CCL Stage 4 Expansion Project”). In July 2025, certain of our subsidiaries initiated the pre-filing review process with the FERC with respect to the CCL Stage 4 Expansion Project.

INVESTOR CONFERENCE CALL AND WEBCAST

We will host a conference call to discuss our financial and operating results for the second quarter 2025 on Thursday, August 7, 2025, at 11 a.m. Eastern time / 10 a.m. Central time. A listen-only webcast of the call and an accompanying slide presentation may be accessed through our website at www.cheniere.com. Following the call, an archived recording will be made available on our website.

________________
1	Net income as used herein refers to Net income attributable to Cheniere Energy, Inc. on our Consolidated Statements of Operations.
2	Non-GAAP financial measure. See “Reconciliation of Non-GAAP Measures” for further details.
3	Forecast as of June 24, 2025 and subject to change based upon, among other things, changes in commodity prices over time.

About Cheniere

Cheniere Energy, Inc. is the leading producer and exporter of LNG in the United States, reliably providing a clean, secure, and affordable solution to the growing global need for natural gas. Cheniere is a full-service LNG provider, with capabilities that include gas procurement and transportation, liquefaction, vessel chartering, and LNG delivery. Cheniere has one of the largest liquefaction platforms in the world, consisting of the Sabine Pass and Corpus Christi liquefaction facilities on the U.S. Gulf Coast, with a total combined production capacity of approximately 49 mtpa of LNG in operation and an additional over 12 mtpa of expected production capacity under construction, inclusive of estimated debottlenecking opportunities. Cheniere is also pursuing liquefaction expansion opportunities and other projects along the LNG value chain. Cheniere is headquartered in Houston, Texas, and has additional offices in London, Singapore, Beijing, Tokyo, Dubai and Washington, D.C.

For additional information, please refer to the Cheniere website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, filed with the Securities and Exchange Commission.

Use of Non-GAAP Financial Measures

In addition to disclosing financial results in accordance with U.S. GAAP, the accompanying news release contains non-GAAP financial measures. Consolidated Adjusted EBITDA and Distributable Cash Flow are non-GAAP financial measures that we use to facilitate comparisons of operating performance across periods. These non-GAAP measures should be viewed as a supplement to and not a substitute for our U.S. GAAP measures of performance and the financial results calculated in accordance with U.S. GAAP and reconciliations from these results should be carefully evaluated.

Non-GAAP measures have limitations as an analytical tool and should not be considered in isolation or in lieu of an analysis of our results as reported under GAAP and should be evaluated only on a supplementary basis.

Forward-Looking Statements

This press release contains certain statements that may include “forward-looking statements” within the meanings of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, (i) statements regarding Cheniere’s financial and operational guidance, business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding regulatory authorization and approval expectations, (iii) statements expressing beliefs and expectations regarding the development of Cheniere’s LNG terminal and pipeline businesses, including liquefaction facilities, (iv) statements regarding the business operations and prospects of third-parties, (v) statements regarding potential financing arrangements, (vi) statements regarding future discussions and entry into contracts, (vii) statements relating to Cheniere’s capital deployment, including intent, ability, extent, and timing of capital expenditures, debt repayment, dividends, share repurchases and execution on the capital allocation plan, and (viii) statements relating to our goals, commitments and strategies in relation to environmental matters. Although Cheniere believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere’s periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere does not assume a duty to update these forward-looking statements.

(Financial Tables and Supplementary Information Follow)

LNG VOLUME SUMMARY

As of August 1, 2025, approximately 4,220 cumulative LNG cargoes totaling approximately 290 million tonnes of LNG have been produced, loaded and exported from our liquefaction projects.

During the three and six months ended June 30, 2025, we exported 550 and 1,159 TBtu, respectively, of LNG from our liquefaction projects. 32 TBtu of LNG exported from our liquefaction projects and sold on a delivered basis was in transit as of June 30, 2025, none of which was related to commissioning activities.

The following table summarizes the volumes of LNG that were loaded from our liquefaction projects and for which the financial impact was recognized on our Consolidated Financial Statements during the three and six months ended June 30, 2025:

	Three Months Ended June 30, 2025									Six Months Ended June 30, 2025
(in TBtu)	Operational			Commissioning			Total			Operational			Commissioning			Total
Volumes loaded during the current period	550			—			550			1,152			6			1,158
Volumes loaded during the prior period but recognized during the current period	32			1			33			39			—			39
Less: volumes loaded during the current period and in transit at the end of the period	(32	)		—			(32	)		(32	)		—			(32	)
Total volumes recognized in the current period	550			1			551			1,159			6			1,165

In addition, during the three and six months ended June 30, 2025, we recognized 8 and 15 TBtu, respectively, of LNG on our Consolidated Financial Statements related to LNG cargoes sourced from third-parties.

Cheniere Energy, Inc. Consolidated Statements of Operations (in millions, except per share data)(1) (unaudited)
	Three Months Ended								Six Months Ended
	June 30,								June 30,
		2025				2024				2025				2024
Revenues
LNG revenues	$	4,515			$	3,042			$	9,820			$	7,079
Regasification revenues		34				34				68				68
Other revenues		92				175				197				357
Total revenues		4,641				3,251				10,085				7,504
Operating costs and expenses
Cost of sales (excluding operating and maintenance expense and depreciation, amortization and accretion expense shown separately below) (2)		1,117				784				4,688				3,020
Operating and maintenance expense		559				463				1,032				914
Selling, general and administrative expense		99				99				215				200
Depreciation, amortization and accretion expense		329				304				641				606
Other operating costs and expenses		7				13				18				22
Total operating costs and expenses		2,111				1,663				6,594				4,762
Income from operations		2,530				1,588				3,491				2,742
Other income (expense)
Interest expense, net of capitalized interest		(237	)			(257	)			(466	)			(523	)
Loss on modification or extinguishment of debt		—				(9	)			—				(9	)
Interest and dividend income		31				47				68				108
Other income (expense), net		(1	)			3				19				2
Total other expense		(207	)			(216	)			(379	)			(422	)
Income before income taxes and non-controlling interests		2,323				1,372				3,112				2,320
Less: income tax provision		426				210				547				319
Net income		1,897				1,162				2,565				2,001
Less: net income attributable to non-controlling interests		271				282				586				619
Net income attributable to Cheniere	$	1,626			$	880			$	1,979			$	1,382
Net income per share attributable to common stockholders—basic (1)	$	7.32			$	3.85			$	8.87			$	5.97
Net income per share attributable to common stockholders—diluted (1)	$	7.30			$	3.84			$	8.85			$	5.96
Weighted average number of common shares outstanding—basic		221.8				228.4				222.6				231.3
Weighted average number of common shares outstanding—diluted		222.3				228.9				223.2				231.9

________________
(1)	Please refer to the Cheniere Energy, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, filed with the Securities and Exchange Commission.
(2)	Cost of sales includes approximately $1.4 billion and $0.7 billion of gains from changes in the fair value of commodity derivatives prior to contractual delivery or termination during the three and six months ended June 30, 2025, respectively, as compared to $0.7 billion and $0.4 billion of gains in the corresponding 2024 periods, respectively.

Cheniere Energy, Inc. Consolidated Balance Sheets (in millions, except share data)(1)(2) (unaudited)
	June 30,				December 31,
		2025				2024
ASSETS
Current assets
Cash and cash equivalents	$	1,648			$	2,638
Restricted cash and cash equivalents		369				552
Trade and other receivables, net of current expected credit losses		761				727
Inventory		482				501
Current derivative assets		147				155
Margin deposits		150				128
Other current assets, net		147				100
Total current assets		3,704				4,801
Property, plant and equipment, net of accumulated depreciation		34,829				33,552
Operating lease assets		2,776				2,684
Derivative assets		2,236				1,903
Deferred tax assets		18				19
Other non-current assets, net		1,015				899
Total assets	$	44,578			$	43,858
LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	161			$	171
Accrued liabilities		1,492				2,179
Current debt, net of unamortized discount and debt issuance costs		609				351
Deferred revenue		145				163
Current operating lease liabilities		562				592
Current derivative liabilities		706				902
Other current liabilities		100				83
Total current liabilities		3,775				4,441
Long-term debt, net of unamortized discount and debt issuance costs		22,012				22,554
Operating lease liabilities		2,216				2,090
Derivative liabilities		1,621				1,865
Deferred tax liabilities		2,307				1,856
Other non-current liabilities		1,338				992
Total liabilities		33,269				33,798
Redeemable non-controlling interest		58				7
Stockholders’ equity
Preferred stock: $0.0001 par value, 5.0 million shares authorized, none issued		—				—
Common stock: $0.003 par value, 480.0 million shares authorized; 279.2 million shares and 278.7 million shares issued at June 30, 2025 and December 31, 2024, respectively		1				1
Treasury stock: 57.7 million shares and 54.7 million shares at June 30, 2025 and December 31, 2024, respectively, at cost		(6,798	)			(6,136	)
Additional paid-in-capital		4,483				4,452
Retained earnings		9,021				7,382
Total Cheniere stockholders’ equity		6,707				5,699
Non-controlling interests		4,544				4,354
Total stockholders’ equity		11,251				10,053
Total liabilities, redeemable non-controlling interest and stockholders’ equity	$	44,578			$	43,858

________________
(1)	Please refer to the Cheniere Energy, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, filed with the Securities and Exchange Commission.
(2)	Amounts presented include balances held by our consolidated VIEs, substantially all of which are related to Cheniere Partners. As of June 30, 2025, total assets and liabilities of our VIEs, which are included in our Consolidated Balance Sheets, were $16.7 billion and $17.2 billion, respectively, including $108 million of cash and cash equivalents and $40 million of restricted cash and cash equivalents.

Reconciliation of Non-GAAP Measures

Regulation G Reconciliations

Consolidated Adjusted EBITDA

The following table reconciles our Consolidated Adjusted EBITDA to U.S. GAAP results for the three and six months ended June 30, 2025 and 2024 (in millions):

	Three Months Ended June 30,								Six Months Ended June 30,
		2025				2024				2025				2024
Net income attributable to Cheniere	$	1,626			$	880			$	1,979			$	1,382
Net income attributable to non-controlling interests		271				282				586				619
Income tax provision		426				210				547				319
Interest expense, net of capitalized interest		237				257				466				523
Loss on modification or extinguishment of debt		—				9				—				9
Interest and dividend income		(31	)			(47	)			(68	)			(108	)
Other expense (income), net		1				(3	)			(19	)			(2	)
Income from operations	$	2,530			$	1,588			$	3,491			$	2,742
Adjustments to reconcile income from operations to Consolidated Adjusted EBITDA:
Depreciation, amortization and accretion expense		329				304				641				606
Gain from changes in fair value of commodity and foreign exchange (“FX”) derivatives, net (1)		(1,479	)			(606	)			(917	)			(321	)
Total non-cash compensation expense		35				33				72				65
Other operating costs and expenses		1				3				1				3
Consolidated Adjusted EBITDA	$	1,416			$	1,322			$	3,288			$	3,095

________________
(1)	Change in fair value of commodity and FX derivatives prior to contractual delivery or termination

Consolidated Adjusted EBITDA is commonly used as a supplemental financial measure by our management and external users of our Consolidated Financial Statements to assess the financial performance of our assets without regard to financing methods, capital structures, or historical cost basis. Consolidated Adjusted EBITDA is not intended to represent cash flows from operations or net income as defined by U.S. GAAP and is not necessarily comparable to similarly titled measures reported by other companies.

We believe Consolidated Adjusted EBITDA provides relevant and useful information to management, investors and other users of our financial information in evaluating the effectiveness of our operating performance in a manner that is consistent with management’s evaluation of financial and operating performance.

Consolidated Adjusted EBITDA is calculated by taking net income attributable to Cheniere before net income attributable to non-controlling interests, interest expense, net of capitalized interest, taxes, depreciation, amortization and accretion expense, and adjusting for the effects of certain non-cash items, other non-operating income or expense items, and other items not otherwise predictive or indicative of ongoing operating performance, including the effects of modification or extinguishment of debt, impairment expense, gain or loss on disposal of assets, changes in the fair value of our commodity and FX derivatives prior to contractual delivery or termination, and non-cash compensation expense. The change in fair value of commodity and FX derivatives is considered in determining Consolidated Adjusted EBITDA given that the timing of recognizing gains and losses on these derivative contracts differs from the recognition of the related item economically hedged. We believe the exclusion of these items enables investors and other users of our financial information to assess our sequential and year-over-year performance and operating trends on a more comparable basis and is consistent with management’s own evaluation of performance.

Consolidated Adjusted EBITDA and Distributable Cash Flow

The following table reconciles our actual Consolidated Adjusted EBITDA and Distributable Cash Flow to Net income attributable to Cheniere for the three and six months ended June 30, 2025 and forecast amounts for full year 2025 (in billions):

		Three Months Ended June 30,				Six Months Ended June 30,				Full Year
			2025				2025			2025
Net income attributable to Cheniere		$	1.63			$	1.98			$	3.1		–	$	3.4
Net income attributable to non-controlling interests			0.27				0.59				1.2		–		1.2
Income tax provision			0.43				0.55				0.9		–		1.0
Interest expense, net of capitalized interest			0.24				0.47				0.9		–		0.9
Depreciation, amortization and accretion expense			0.33				0.64				1.3		–		1.3
Other income, financing costs, and certain non-cash operating expenses			(1.47	)			(0.93	)			(0.8	)	–		(0.7	)
Consolidated Adjusted EBITDA		$	1.42			$	3.29			$	6.6		–	$	7.0
Interest expense, net of interest income, capitalized interest and amortization			(0.19	)			(0.35	)			(0.8	)	–		(0.8	)
Maintenance capital expenditures			(0.06	)			(0.09	)			(0.2	)	–		(0.2	)
Income tax (excludes deferred taxes)(1)			(0.02	)			(0.11	)			(0.1	)	–		0.0
Other income (expense)			(0.02	)			(0.06	)			(0.1	)	–		(0.1	)
Consolidated Distributable Cash Flow		$	1.13			$	2.68			$	5.4		–	$	6.0
Distributable Cash Flow attributable to non-controlling interests			(0.20	)			(0.48	)			(1.0	)	–		(1.2	)
Cheniere Distributable Cash Flow		$	0.92			$	2.19			$	4.4		–	$	4.8

________________

Note: Totals may not sum due to rounding.

(1) Our cash tax payments are subject to commodity and market volatility, regulatory changes and other factors which could significantly impact both the timing and amount of our future cash tax payments. Our 2025 full year Distributable Cash Flow guidance reflects current tax law and does not consider any prospective changes to local, domestic or international tax laws and regulations, or their interpretation and application. Our actual results could differ materially from our guidance due to such risks, uncertainties and other factors, including those set forth in Risk Factors or as disclosed under Operating Cash Flows in Sources and Uses of Cash within Liquidity and Capital Resources of the Cheniere Energy, Inc. Quarterly Report on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025 and Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission.

Distributable Cash Flow is defined as cash generated from the operations of Cheniere and its subsidiaries and adjusted for non-controlling interests. The Distributable Cash Flow of Cheniere’s subsidiaries is calculated by taking the subsidiaries’ EBITDA less interest expense, net of capitalized interest, taxes, maintenance capital expenditures and other non-operating income or expense items, and adjusting for the effect of certain non-cash items and other items not otherwise predictive or indicative of ongoing operating performance, including the effects of modification or extinguishment of debt, amortization of debt issue costs, premiums or discounts, impairment of equity method investment and deferred taxes. Cheniere’s Distributable Cash Flow includes 100% of the Distributable Cash Flow of Cheniere’s wholly-owned subsidiaries. For subsidiaries with non-controlling investors, our share of Distributable Cash Flow is calculated as the Distributable Cash Flow of the subsidiary reduced by the economic interest of the non-controlling investors as if 100% of the Distributable Cash Flow were distributed in order to reflect our ownership interests and our incentive distribution rights, if applicable. The Distributable Cash Flow attributable to non-controlling interests is calculated in the same method as Distributions to non-controlling interests as presented on our Consolidated Statements of Stockholders’ Equity (Deficit) in our Forms 10-Q and Forms 10-K filed with the Securities and Exchange Commission. This amount may differ from the actual distributions paid to non-controlling investors by the subsidiary for a particular period.

We believe Distributable Cash Flow is a useful performance measure for management, investors and other users of our financial information to evaluate our performance and to measure and estimate the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and expending sustaining capital, that could be considered for deployment by our Board of Directors pursuant to our capital allocation plan, such as by way of common stock dividends, stock repurchases, retirement of debt, or expansion capital expenditures¹. Distributable Cash Flow is not intended to represent cash flows from operations or net income as defined by U.S. GAAP and is not necessarily comparable to similarly titled measures reported by other companies.

________________
1	Capital spending for our business consists primarily of:
	Maintenance capital expenditures. These expenditures include costs which qualify for capitalization that are required to sustain property, plant and equipment reliability and safety and to address environmental or other regulatory requirements rather than to generate incremental distributable cash flow; and Expansion capital expenditures. These expenditures are undertaken primarily to generate incremental distributable cash flow and include investment in accretive organic growth, acquisition or construction of additional complementary assets to grow our business, along with expenditures to enhance the productivity and efficiency of our existing facilities.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250806735262/en/

Cheniere Energy, Inc.

Investors

Randy Bhatia, 713-375-5479

Frances Smith, 713-375-5753

Media Relations

Randy Bhatia, 713-375-5479

Bernardo Fallas, 713-375-5593

Source: Cheniere Energy, Inc.

Released August 7, 2025

BANGKOK — China’s exports surged 7.2% in July from a year earlier while its imports grew at the fastest pace in a year, as businesses rushed to take advantage of a truce in President Donald Trump’ s trade war with Beijing.

However, analysts said the improvement also reflected a low base for comparison in July 2024.

Exports to the United States sank nearly 22% year-on-year, while imports from America fell almost 19%. But exports to Africa and Southeast Asia surged at double-digit rates as Chinese businesses diverted sales to other markets.

Tariffs on Chinese goods are being considered separately from the new higher tariffs that took effect on Thursday for dozens of U.S. trading partners.

China’s global trade surplus for 2025 rose to $683.5 billion by the end of July, nearly a third higher than the surplus for the same period last year. The data showed that China’s surplus in July was $98.2 billion, while its exports to the United States were $23.7 billion than its imports of U.S. goods.

U.S. imports from China are subject to tariffs of at least 30%, with some products facing much higher import duties. Trump earlier had ordered still higher rates of up to 245%, and Beijing responded in kind, but the two sides agreed to pause those to allow time for trade talks. It’s unclear if the truce will be extended beyond an Aug. 12 deadline following the latest round of negotiations last week in Sweden.

The Trump administration has also raised tariffs on imports from countries other than China that it suspects of being “transshipped” via other countries. For example, the import duty on Vietnam’s exports to the U.S. now stands at 20%. For transshipped goods, it’s 40%.

“With the temporary boost to demand from the U.S.-China trade truce already fading and tariffs on shipments rerouted via other countries now rising, exports look set to remain under pressure in the near term,” Zichun Huang of Capital Economics said in a report.

Economists had been expecting China’s dollar-denominated exports to grow less than 6% in annual terms in July, on a par with June’s 5.8% rate.

But improved trade with the rest of the world has helped offset the impact of Trump’s trade war. Imports rose 4.1% last month from a year earlier, the most since July 2024, with higher shipments of crude oil, copper and soybeans.

China’s exports of rare earths that are vital for making many high-tech and other products and Trump has made ensuring U.S. access to such vital minerals a key part of trade negotiations, leading Beijing to promise to loosen some controls.

In July, China’s exports of rare earths fell 17.6%, compared with a nearly 50% fall the month before. In January-July, its rare earths exports fell 24.2% in dollar terms although they rose more than 13 percent by volume.

Exports of vehicles, fertilizer, ships and auto parts also saw strong growth.

The Bank of England has cut interest rates for a fifth time in a year amid mounting concern about the strength of the economy.

The Bank’s monetary policy committee voted by a majority to reduce its key base rate from 4.25% to 4%.

Taking borrowing costs to the lowest level since March 2023, the cut was widely expected in financial markets as fears grow over rising unemployment and a weaker growth outlook, despite stubbornly high levels of inflation.

The chancellor, Rachel Reeves, will welcome the decision as Labour comes under heightened pressure over its economic management and speculation over tax rises in her autumn budget, and the cut will ease some of the financial pressure on borrowers.

Ministers have sought to claim credit for the Bank trimming rates since the first reduction in borrowing costs, in August last year, from a peak of 5.25%.

However, critics argue tax rises in Reeves’s first autumn budget have contributed to Britain’s sluggish economic performance, adding to the pressure on businesses facing heightened uncertainty amid Donald Trump’s global tariff war.

Official figures show unemployment has crept higher in recent months, while the economy shrank in April and May. Inflation has risen by more than expected, reaching 3.6% in June – significantly above the Bank’s 2% target.

Business surveys this week have shown a slowdown in the service sector and a collapse in construction output.

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