Excelerate Energy — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported revenue of $297.2 million for the three months ended September 30, 2026, a decrease from $329.3 million in the prior quarter and $391.0 million in the same period last year.
• Reported Net Income of $60.0 million for the quarter, up from $50.1 million in the prior quarter and $55.0 million in the prior year period.
• Reported Adjusted EBITDA of $133.5 million for the quarter, an increase from $120.1 million in the prior quarter and $129.3 million in the prior year period.
• Reported Earnings Per Share (diluted) of $0.44 for the quarter, compared to $0.37 in the prior quarter and $0.43 in the prior year period.
• Operating income was $94.6 million for the quarter, compared to $80.9 million in the prior quarter and $87.2 million in the prior year period.
• As of September 30, 2026, the company held $356.7 million in unrestricted cash and cash equivalents.
• The company had no letters of credit outstanding under its $500 million revolving credit facility, with full capacity available for borrowings.
• Total assets were $4.17 billion as of September 30, 2026, compared to $4.13 billion as of December 31, 2025.
• Total liabilities were $1.86 billion as of September 30, 2026, compared to $1.90 billion as of December 31, 2025.
• Net cash used in investing activities was $313.6 million for the nine months ended September 30, 2026, compared to $1.18 billion in the same period last year.
• Net cash provided by operating activities was $254.5 million for the nine months ended September 30, 2026, compared to $356.8 million in the same period last year.

Guidance and Future Outlook:

• Revised full-year 2026 Adjusted EBITDA guidance to a range of $495 million to $515 million.
• Revised full-year 2026 maintenance capital expenditure guidance to a range of $65 million to $75 million, reflecting expected deferral of certain planned maintenance activities.
• Revised full-year 2026 committed growth capital guidance to a range of $400 million to $410 million, driven by timing of spend for the FSRU conversion project.
• Total capital expenditure for the full year 2026 is expected to remain generally in line with previously communicated guidance.

Business Segments and Product Lines:

• Executed an 11-year LNG supply agreement with AxDo Bahamas Ltd. to support the development of the Bahamas LNG Hub, with initial deliveries expected in Q1 2027 utilizing existing Jamaica platform capabilities.
• Executed an agreement with Petrobras to extend the FSRU Sequoia contract by five years through 2038, including the installation of a reliquefaction unit during the vessel's 2028 dry dock.
• Executed a definitive commercial agreement with a subsidiary of Iraq's Ministry of Electricity for the country's first LNG import terminal, targeting a Q2 2027 startup with a minimum contracted offtake of 250 million standard cubic feet per day.
• Executed a seven-year agreement with Sociedad Portuaria Puerto Bahia (Frontera Energy) to provide regasification services for a new LNG import terminal in Colombia, with service expected to commence in Q1 2027.
• Acquired the LNG carrier Methane Patricia Camila in July 2026 to serve as the dedicated vessel for the first FSRU conversion project, with commercial deployment expected in 2028.
• Awarded Seatrium an EPCI contract in October 2026 for the conversion of the Methane Patricia Camila.
• Net income and Adjusted EBITDA increases were primarily driven by a new charter in Jordan and higher LNG, gas, and power direct margins.

Market and Competitive Landscape:

• The Bahamas LNG Hub is designed to provide storage and distribution services for marine bunkering, power generation, and downstream customers in The Bahamas and the Caribbean.
• The Iraq project aims to serve the country's first LNG import terminal, with critical materials arriving and construction workforce on site.
• The company is advancing LNG supply arrangements for the Iraq project, including potential supply from intra-basin sources.
• The Colombia project supports a market working to strengthen energy security and diversify natural gas supply sources.
• The company is utilizing FSRUs located outside the Arabian Gulf for the Iraq and Colombia deployments to avoid transiting the Strait of Hormuz due to ongoing regional conflict.

Risks and Challenges:

• Forward-looking statements involve risks including unplanned issues, time delays, unforeseen expenses, cost inflation, and materials or labor shortages.
• Risks include the ability to realize anticipated benefits of the Jamaica acquisition and manage integration risks.
• The company faces risks associated with conducting business outside the United States, including political, legal, and economic risks.
• Potential risks include changes in supply and demand for LNG and natural gas, price volatility, and the competitive market for LNG regasification services.
• Risks include the need for substantial expenditures to maintain and replace operating capacity, and the ability to obtain and maintain governmental approvals and permits.
• Risks include customer termination rights, failure of customers to perform contractual obligations, and the ability to purchase LNG in sufficient quantities at attractive prices.
• Risks include infrastructure constraints, community and political group resistance to LNG infrastructure, and shortages of qualified officers and crew.
• Risks include acts of terrorism, war, political or civil unrest, and adverse effects from disruption of third-party facilities.

Management Commentary and Tone:

• CEO Steven Kobos stated the company delivered record quarterly earnings, reflecting the essential role of its infrastructure in strengthening energy security.
• Management highlighted meaningful commercial progress, including securing new long-term agreements, extending existing ones, and expanding in the Caribbean.
• Management expressed confidence that the sequenced growth strategy will create lasting value for shareholders and expand the contracted earnings base.
• Management noted that teams continued to operate safely and reliably for customers during the quarter.

Other Key Points:

• Declared a quarterly cash dividend of $0.09 per share, payable on December 3, 2026, to Class A common stockholders of record as of November 18, 2026.
• The dividend represents $0.36 per share on an annualized basis.
• The company reported $38.1 million in repurchases of Class A Common Stock for the nine months ended September 30, 2026.
• The Bahamas LNG Hub second phase is expected to include deployment of a Floating Storage Unit (FSU) near Grand Bahama in the second half of 2028.
• The reliquefaction unit installation on FSRU Sequoia is expected to eliminate excess LNG losses due to boil-off and reduce Scope 1 emissions.
• The company hosts an investor conference call and webcast on November 5, 2026, at 8:30 a.m. Eastern Time.