EE — Excelerate Energy, Inc.

Summary of Excelerate Energy Q4 and Full Year 2025 Earnings Call

1. Key Financial Results and Metrics

• Full Year 2025 Adjusted EBITDA: $449 million, a record high, up approximately $100 million (30%) from 2024.
• Adjusted Net Income: $199 million, an increase of $46 million (30%) year-over-year.
• Q4 Adjusted EBITDA: $113 million; Adjusted Net Income: $40 million, both in line with expectations but lower than Q3 due to a full Atlantic Basin cargo delivery in Q3 and increased business development expenses.
• Total Debt: $1.3 billion; Cash and Cash Equivalents: $538 million; Net Debt: $730 million; Trailing Net Leverage: 1.6x.
• Dividend: Quarterly dividend of $0.08 per share approved, targeting a low double-digit annual growth rate starting in 2026.

2. Strategic Updates and Business Highlights

• Operational Performance: Achieved enterprise-wide reliability of over 99.9%, contributing to stable cash flow.
• Acquisitions: The Jamaica LNG to power platform fully integrated, contributing to stable cash flows and operational resilience, especially highlighted during Hurricane Melissa.
• Iraq Project: Progressing well, with construction of Hull 3407 and integrated LNG import terminal on track. Total estimated capital costs for the Iraq terminal revised to $520 million - $550 million.
• Future Growth Initiatives: Plans for redeploying the Express FSRU and pursuing an FSRU conversion, with expectations for additional scalable LNG regasification solutions.

3. Forward Guidance and Outlook

• 2026 Adjusted EBITDA Guidance: Expected to range between $515 million and $545 million, reflecting growth from existing contracts and new projects.
• Maintenance CapEx: Expected to be between $100 million and $110 million, with growth capital anticipated to be $370 million to $400 million.
• Long-term Growth: Focus on expanding LNG regasification infrastructure in South and Southeast Asia, and exploring additional opportunities in the Caribbean and India.

4. Bad News, Challenges, or Points of Concern

• Increased CapEx: The Iraq project’s estimated capital costs have risen due to additional scope and structural refinements.
• Market Risks: Global instability in regions like Iraq could pose operational risks, although the project is deemed critical for local energy security.
• SG&A Expenses: Notable sequential increase in SG&A expenses in Q4 attributed to Hurricane Melissa impacts and increased business development costs, which may not reflect a sustainable run rate.

5. Notable Q&A Insights

• Growth Strategy: Management emphasized a shift in focus from liquefaction to regasification, with significant opportunities in India and Southeast Asia.
• Iraq Project Importance: The urgency for LNG in Iraq was highlighted, with the project seen as critical to addressing severe energy shortages.
• Operational Reliability: The company underscored the importance of maintaining high operational reliability as a financial metric, with ongoing investments in asset reliability.
• Future Acquisitions: Management indicated openness to pursuing additional LNG conversion candidates and emphasized the potential for multiple FSRUs to be developed concurrently.

Overall, Excelerate Energy reported strong financial performance in 2025, with strategic initiatives focused on expanding LNG infrastructure and enhancing operational reliability, while also navigating challenges related to increased capital expenditures and regional market risks.