Cheniere Energy Partners, L.P. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Generated revenues of $2.6 billion for the three months ended September 30, 2026, a 7% increase from $2.4 billion in the same period in 2025; revenues were $8.8 billion for the nine months ended September 30, 2026, a 12% increase from $7.8 billion in 2025.
• Reported net income of $0.6 billion for the three months ended September 30, 2026, a 26% increase from $0.5 billion in 2025; net income was $2.0 billion for the nine months ended September 30, 2026, a 17% increase from $1.7 billion in 2025.
• Adjusted EBITDA was $1.0 billion for the three months ended September 30, 2026, an 8% increase from $0.9 billion in 2025; Adjusted EBITDA was $3.1 billion for the nine months ended September 30, 2026, a 17% increase from $2.6 billion in 2025.
• Net income increases were primarily driven by higher total margins on LNG delivered, resulting from higher volumes recognized in income and higher margins per MMBtu, partially offset by $208 million of unfavorable variances related to changes in the fair value of derivative instruments for the nine-month period.
• LNG volumes loaded and recognized in income were 378 TBtu for the three months and 1,187 TBtu for the nine months ended September 30, 2026, compared to 374 TBtu and 1,130 TBtu, respectively, in the prior year periods.
• Cash and cash equivalents were $569 million as of September 30, 2026, up from $182 million as of December 31, 2025; total available liquidity was $2.5 billion.
• Current debt was $112 million as of September 30, 2026, down from $306 million as of December 31, 2025; long-term debt was $14.3 billion as of September 30, 2026, up from $14.2 billion as of December 31, 2025.
• Deferred revenue was $144 million as of September 30, 2026, up from $119 million as of December 31, 2025.

Guidance and Future Outlook:

• Tightened full year 2026 distribution guidance to $3.30 - $3.40 per common unit from a previous range of $3.10 - $3.40 per common unit, while maintaining a base distribution of $3.10 per common unit.
• The SPL Expansion Project is expected to reach a peak production capacity of up to approximately 20 mtpa of LNG, executed in a phased approach.
• The first phase of the SPL Expansion Project, including Train 7, has an expected total production capacity of over 6 mtpa.
• A positive Final Investment Decision (FID) for the first phase of the SPL Expansion Project is subject to regulatory approvals and acceptable commercial and financing arrangements.

Business Segments and Product Lines:

• Sabine Pass Liquefaction, LLC (SPL) entered into a long-term LNG sale and purchase agreement with QatarEnergy in October 2026 to supply up to 2 million tonnes per annum (mtpa) of LNG on a free-on-board basis beginning in the early 2030s through 2054.
• One mtpa of the QatarEnergy agreement is subject to a positive FID with respect to the first phase of the SPL Expansion Project.
• The SPL Project has a total production capacity of over 30 mtpa of LNG, inclusive of six liquefaction trains.
• As of October 23, 2026, approximately 3,560 cumulative LNG cargoes totaling over 245 million tonnes have been produced, loaded, and exported from the SPL Project.
• The EPC contract for the first phase of the SPL Expansion Project was signed with Bechtel Energy, Inc. in May 2026, with early engineering and procurement commenced under a limited notice to proceed.

Market and Competitive Landscape:

• The FERC issued the final environmental impact statement (EIS) relating to the SPL Expansion Project in September 2026.
• Applications for FERC authorization to site, construct, and operate the SPL Expansion Project and DOE authorization for LNG exports to non-free trade agreement countries remain pending.

Risks and Challenges:

• Forward-looking statements regarding financial guidance, business strategy, regulatory approvals, and financing arrangements involve assumptions, risks, and uncertainties that could cause actual results to differ materially.
• The realization of the SPL Expansion Project is contingent upon receipt of necessary regulatory approvals and acceptable commercial and financing arrangements.
• Changes in the fair value of commodity derivatives, including those related to long-term Integrated Production Marketing (IPM) agreements, can impact net income.

Management Commentary and Tone:

• Management declared a cash distribution of $0.890 per common unit for the quarter, comprised of a base amount of $0.775 and a variable amount of $0.115, payable on November 13, 2026.
• The variable distribution amount considers amounts reserved for annual debt repayment, capital allocation goals, anticipated capital expenditures, and cash reserves.

Analyst Questions and Answers:

• No analyst questions and answers section is included in the press release.

Other Key Points:

• In September 2026, SPL repaid approximately $54 million of its Senior Secured Notes due 2037.
• Cheniere Partners and its subsidiaries obtained commitments for a term loan to finance approximately 50% of the total estimated project costs of the first phase of the SPL Expansion Project not expected to be funded with available cash; closing is subject to a positive FID.
• Commitments were secured to amend and extend the maturities of the SPL Revolving Credit Facility and the Cheniere Partners Revolving Credit Facility, including a reallocation of $250 million from the SPL facility to the Cheniere Partners facility.
• Cheniere Energy, Inc. will host a conference call on October 29, 2026, to discuss financial and operating results.