EE · Excelerate Energy, Inc.

Excelerate Energy delivered solid Q1 2026 results with net income of $50.0 million and Adjusted EBITDA of $122.2 million, reflecting sequential improvements driven by vessel optimization and stronger LNG, gas, and power margins. Year-over-year, net income dipped slightly due to higher interest expense from 2030 Notes, seasonal maintenance, and increased tax provisions, though partially offset by expanded sales opportunities from the Jamaica acquisition. Adjusted EBITDA rose notably from the prior year, underscoring the accretive impact of Jamaica and operational consistency across its global FSRU portfolio. CEO Steven Kobos highlighted the resilience of its contracted assets amid market cycles and positioned the company to capitalize on ~200 million tonnes of new LNG supply by decade's end. Key commercial developments include a force majeure notice from QatarEnergy tied to Middle East conflict, mirrored to Petrobangla under back-to-back protections, ensuring no material disruption. The Iraq LNG import terminal, secured in October 2025 with a five-year regasification and supply deal (minimum 250 MMscfd offtake), faces a delayed 2027 startup due to regional conflict, prompting revised full-year guidance: Adjusted EBITDA $480-510 million (down from prior), committed growth capex $270-300 million. Mitigating this, a new nine-month charter for FSRU Excelerate Acadia with Jordan's NEPCO starts mid-2026, bolstering near-term earnings and Jordan's energy security. Balance sheet remains robust with $540.1 million in cash and full $500 million revolver availability as of March 31. The board approved a $0.08/share dividend (payable June 4), signaling confidence in cash generation despite headwinds.