Excelerate Energy, Inc.

What they do

Excelerate owns or operates 12 floating regasification terminals, one onshore regasification terminal and a combined heat and power plant as of June 30, 2026. Its assets receive LNG and convert it back to natural gas through regasification, which is then used by the company, its customers, or end users for power generation or direct consumption. The business is substantially supported by long-term take-or-pay agreements, and the company has completed more than 4,000 ship-to-ship transfers and delivered more than 8,300 billion cubic feet of natural gas through 19 regasification terminals.

Revenue drivers

• Regasification services (floating terminals) — Long-term take-or-pay contracts for regasification capacity form the core of the business, with 12 floating terminals controlled or operated as of June 30, 2026.
• LNG, gas and power sales — Under take-or-pay agreements, Excelerate also directly provides natural gas, LNG, power or steam to customers; quarterly results cite seasonal LNG, gas and power impacts on Adjusted EBITDA.
• Jamaica platform — A full quarter contribution from the Jamaica platform drove the year-over-year increase in second quarter 2026 Net Income and Adjusted EBITDA.
• Interim and redeployment charters — Short-term charters such as the nine-month Excelerate Acadia deployment to Jordan and the seven-year FSRU Express charter to Colombia generate incremental earnings between longer-term projects.

Recent performance

For the second quarter of 2026, Excelerate reported revenue of $329.3 million, net income of $50.1 million and Adjusted EBITDA of $120.1 million, compared with revenue of $204.6 million, net income of $20.8 million and Adjusted EBITDA of $107.1 million in the second quarter of 2025. Operating income was $80.9 million, up from $43.4 million a year earlier, and diluted EPS was $0.37 versus $0.15. Net income was roughly flat versus the first quarter of 2026, while Adjusted EBITDA declined slightly from $122.2 million on seasonal LNG, gas and power impacts partly offset by higher Jamaica margins. The year-over-year gains primarily reflected a full quarter contribution from the Jamaica platform and the absence of prior-year acquisition transition and transaction expenses, partly offset by higher interest expense on the 2030 Notes.

Strategy

Excelerate is advancing an integrated Iraq LNG import terminal with Iraq's Ministry of Electricity under a five-year regasification and LNG supply agreement with a minimum contracted offtake of 250 MMscf/d, now expected to commence operations early in the second quarter of 2027. The company took delivery of a new floating regasification terminal in the second quarter of 2026 and executed agreements to redeploy the Excelerate Acadia to Jordan and the FSRU Express to Colombia. It also agreed to purchase the LNG carrier Methane Patricia Camila to serve as the dedicated vessel for its first FSRU conversion project, targeting commercial deployment in early 2028. Management describes these actions as a sequenced pathway to long-term growth while creating value from currently operated assets.

Risks

• Middle East conflict and force majeure — In March 2026 Excelerate received a force majeure notice from QatarEnergy under its long-term LNG purchase agreement and issued a corresponding notice to Petrobangla; the timing of resumed performance is uncertain.
• Project execution and delay — The company's risk factors cite time delays, unforeseen expenses, cost inflation, and materials or labor shortages that could delay project startup, receipt of payment, or cause project cancellation.
• Non-U.S. operating exposure — The business operates in countries including Iraq, Bangladesh, Pakistan and Argentina, exposing it to political, legal and economic risks outside the United States.
• LNG market and competition — Risk factors include competition in LNG regasification services and changes in the supply, demand and price of LNG, natural gas and regasification capacity.

Outlook

Management expects the Iraq integrated LNG import terminal to commence operations early in the second quarter of 2027. The Excelerate Acadia began operating in Jordan in July 2026, and the FSRU Express is expected to begin service in Colombia in the first quarter of 2027 under a seven-year charter. The first FSRU conversion project is targeted for commercial deployment in early 2028. The company declared a quarterly dividend of $0.09 per share, about a 13 percent increase from the prior quarter.