Excelerate Energy Reports Strong Second Quarter 2026 Results

Excelerate Energy Reports Strong Second Quarter 2026 Results THE WOODLANDS, Texas--( BUSINESS WIRE)--Excelerate Energy, Inc. (NYSE: EE) (Excelerate or the Company) today reported its financial results for the second quarter ended June 30, 2026.

RECENT HIGHLIGHTS

CEO COMMENT

"Excelerate delivered strong financial and operational results in the second quarter, reflecting the earnings power of our contracted infrastructure portfolio and the strength of our global business. We continued to demonstrate our ability to adapt to changing market conditions while advancing our strategic priorities," said Steven Kobos, President and CEO of Excelerate Energy.

Kobos continued, "That approach is reflected in the progress we've made this year. We are creating value from the assets we operate today while laying the groundwork for future growth, which includes continuing to progress our integrated Iraq LNG import terminal and advancing our first FSRU conversion. These actions are intended to expand our global footprint and provide us with a visible, sequenced pathway to long-term growth. We remain committed to our strategy to drive meaningful value creation for our shareholders."

SECOND QUARTER 2026 FINANCIAL RESULTS

For the three months ended

(in millions, except per share amounts)

June 30, 2026

March 31, 2026

June 30, 2025

Revenues

329.3

433.4

204.6

Operating Income

80.9

82.0

43.4

Net Income

50.1

50.0

20.8

Adjusted Net Income (1)

50.1

50.0

46.8

Adjusted EBITDA (1)

120.1

122.2

107.1

Earnings Per Share (diluted)

0.37

0.15

Adjusted Earnings Per Share (diluted) (1)

0.37

0.34

(1) See the reconciliation of non-GAAP financial measures to the most comparable GAAP financial measure in the section titled "Non-GAAP Reconciliation" below.

Net Income for the second quarter of 2026 was in line with the prior quarter, while Adjusted EBITDA decreased slightly from the prior quarter primarily due to LNG, gas and power seasonal impacts, partially offset by higher margins for Jamaica.

Net Income and Adjusted EBITDA for the second quarter of 2026 both increased from the prior year second quarter primarily due to a full quarter contribution from the Jamaica platform. The increase in Net Income also reflected the absence of acquisition-related transition and transaction expenses incurred in the prior year period, partially offset by higher interest expense related to the 2030 Notes.

KEY COMMERCIAL UPDATES

In May 2026, Excelerate executed a nine-month time charter party agreement with Jordan’s National Electric Power Company, NEPCO, to deploy the Excelerate Acadia to the country's existing LNG terminal in Aqaba. The Excelerate Acadia commenced operations in early July 2026. The interim deployment enhances Jordan's energy security by providing additional regasification capacity and generates incremental earnings for Excelerate while the Company continues to advance the Iraq integrated import terminal, discussed further below.

In June 2026, Excelerate executed a seven-year time charter party agreement with Sociedad Portuaria Puerto Bahia, a subsidiary of Frontera Energy Corporation (TSX:FEC), to redeploy the FSRU Express to a new LNG import terminal under development in Colombia. The agreement includes multiple extension options. Following completion of its current charter and planned dry dock later this year, the FSRU Express is expected to begin service in Colombia in the first quarter of 2027. The redeployment secures long-term utilization of the asset, provides improved economic terms relative to its current deployment and creates a visible source of near-term earnings growth.

In July 2026, Excelerate entered into a definitive agreement to acquire an LNG carrier, the Methane Patricia Camila, which will serve as the dedicated vessel for the Company's first FSRU conversion project. The acquisition represents an important milestone as Excelerate advances engineering, commercial development and project planning activities associated with the conversion initiative. Based on current planning assumptions, the converted FSRU is expected to be available for commercial deployment in early 2028.

In October 2025, Excelerate executed a definitive commercial agreement with a subsidiary of Iraq's Ministry of Electricity for the development of the country's first LNG import terminal. The integrated project includes a five-year agreement for regasification services and LNG supply, with extension options, and a minimum contracted offtake of 250 million standard cubic feet per day. Despite the ongoing conflict in the Middle East, the Company continues to advance the project while adapting its execution plans as conditions evolve. Excelerate continues to closely monitor developments across the region, with safety and security remaining central to project planning and execution. Engineering and procurement activities are nearing completion. Site clearance and dredging activities continue in preparation for construction, and materials required for the terminal have been staged globally and are being mobilized based on construction priorities. Based on current planning assumptions, the integrated terminal is expected to commence operations early in the second quarter of 2027.

LIQUIDITY AND CAPITAL RESOURCES

As of June 30, 2026, Excelerate had $342.4 million in unrestricted cash and cash equivalents and the Company had no letters of credit under its revolving credit facility. All of the $500 million of capacity under the revolving credit facility was available for borrowings as of June 30, 2026.

QUARTERLY CASH DIVIDEND UPDATE

On July 30, 2026, Excelerate’s Board of Directors approved a quarterly cash dividend equal to $0.09 per share, or $0.36 per share on an annualized basis, of Class A common stock, representing an approximately 13 percent increase from the prior quarter. The dividend is payable on September 3, 2026, to Class A common stockholders of record as of the close of business on August 19, 2026. The dividend increase is consistent with Excelerate’s previously announced target of a low double-digit annual dividend growth rate commencing in 2026 and continuing through 2028.

REVISED 2026 FINANCIAL OUTLOOK

Excelerate has raised and narrowed its full-year 2026 Adjusted EBITDA guidance range. For the full year, Adjusted EBITDA is now expected to range between $490 million and $515 million. Committed growth capital guidance has increased and is now expected to range between $380 million and $400 million for the full year. The increase reflects capital spending related to the FSRU conversion project and certain Iraq-related project costs that are now expected to be incurred in 2026 rather than 2027. The total estimated cost of the Iraq LNG terminal remains in line with the previously communicated capex range. Maintenance capex is now expected to range between $85 million and $95 million. The decrease reflects the expected deferral of the FSRU Exquisite dry dock into 2027.

Actual results may differ materially from the Company’s outlook as a result of, among other things, the factors described under “Forward-Looking Statements” below.

INVESTOR CONFERENCE CALL AND WEBCAST

The Excelerate management team will host a conference call for investors and analysts at 8:30 a.m. Eastern Time (7:30 a.m. Central Time) on Thursday, August 6, 2026. Investors are invited to access a live webcast of the conference call via the Investor Relations page on the Company’s website at www.excelerateenergy.com. An archived replay of the call and a copy of the presentation will be on the website following the call.

ABOUT EXCELERATE ENERGY

Excelerate Energy, Inc. is a U.S.-based LNG and power infrastructure company located in The Woodlands, Texas. Excelerate helps countries around the world enhance their energy security by providing reliable energy infrastructure and increasing access to global LNG markets. The Company delivers services along the LNG to power value chain, including floating regasification terminals, downstream infrastructure development, LNG supply, and power generation. Excelerate has a presence in Abu Dhabi, Antwerp, Aqaba, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Hanoi, Helsinki, Jamaica, Karachi, London, Rio de Janeiro, Singapore, Washington, D.C., and Wilhelmshaven. For more information, please visit www.excelerateenergy.com.

USE OF NON-GAAP FINANCIAL MEASURES

The Company reports financial results in accordance with accounting principles generally accepted in the United States (“GAAP”). Included in this press release are certain financial measures that are not calculated in accordance with GAAP. They are designed to supplement, and not substitute, Excelerate’s financial information presented in accordance with GAAP. The non-GAAP measures as defined by Excelerate may not be comparable to similar non-GAAP measures presented by other companies, and you are cautioned not to place undue reliance on this information. The presentation of such measures, which may include adjustments to exclude non-recurring items, should not be construed as an inference that Excelerate’s future results, cash flows or leverage will be unaffected by other non-recurring items. Management believes that the following non-GAAP financial measures provide investors with additional useful information in evaluating the Company's performance and valuation. See the reconciliation of non-GAAP financial measures to the most comparable GAAP financial measure, including those measures presented as part of the Company’s 2026 Financial Outlook, in the section titled “Non-GAAP Reconciliation” below.

Adjusted Gross Margin

The Company uses Adjusted Gross Margin, a non-GAAP financial measure, which it defines as revenues less cost of LNG, gas and power and operating expenses, excluding depreciation and amortization, to measure its operational financial performance. Management believes Adjusted Gross Margin is useful because it provides insight into profitability and true operating performance excluding the implications of the historical cost basis of the Company’s assets.

Adjusted Net Income

The Company uses Adjusted Net Income, a non-GAAP financial measure, which it defines as net income plus tax-effected transition and transaction expenses. Management believes Adjusted Net Income is useful because it provides insight into profitability excluding the impact of non-recurring charges related to the Jamaica acquisition.

Adjusted EBITDA

Adjusted EBITDA is a non-GAAP financial measure included as a supplemental disclosure because management believes it is a useful indicator of the Company’s operating performance. The Company defines Adjusted EBITDA as net income before interest expense, income taxes, depreciation and amortization, accretion, non-cash long-term incentive compensation expense and items such as charges and non-recurring expenses that management does not consider as part of assessing ongoing operating performance.

The Company adjusts net income for the items listed above to arrive at Adjusted EBITDA because these amounts can vary substantially from company to company within its industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as an indicator of the Company’s operating performance or liquidity. This measure has limitations as certain excluded items are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA. The Company's presentation of Adjusted EBITDA should not be construed as an inference that its results will be unaffected by unusual or non-recurring items. For the foregoing reasons, Adjusted EBITDA has significant limitations that affect its use as an indicator of the Company’s profitability and valuation.

Adjusted Earnings Per Share

The Company uses Adjusted Earnings Per Share ("EPS"), a non-GAAP financial measure, which it defines as diluted EPS plus the per share impact of its tax-effected transition and transaction expenses. Management believes Adjusted EPS is useful because it provides insight on per share profitability excluding the impact of non-recurring charges related to the Jamaica acquisition.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, about Excelerate and our industry that involve substantial risks and uncertainties. All statements other than statements of historical fact contained in this press release, including, without limitation, statements regarding: the advancement and expected timing of our development of Iraq’s first LNG import terminal; our future results of operations or financial condition, including our 2026 outlook, business strategy and plans, including our first FSRU conversion project; economic conditions, both generally and in particular in the regions in which we operate or plan to operate; objectives of management for future operations, our share repurchase program, and projections regarding annual results, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “consider,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will” or “would” or the negative of these words or other similar terms or expressions.

You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this press release primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described under “Risk Factors” in Excelerate’s Annual Report on Form 10‐K for the year ended December 31, 2025, our other filings with the Securities and Exchange Commission (the “SEC”), and those identified in this press release, including, but not limited to, the following: unplanned issues, including time delays, unforeseen expenses, cost inflation, materials or labor shortages, which could result in delayed project startup receipt of payment or existing or anticipated project cancellation; our ability to realize the anticipated benefits of the Jamaica acquisition, and our ability to manage integration risks of the Jamaica acquisition including expected accretion to earnings per share and the expected increase to our operating cash flow; the competitive market for LNG regasification services; changes in the supply of and demand for and price of LNG and natural gas and LNG regasification capacity; our need for substantial expenditures to maintain and replace, over the long-term, the operating capacity of our assets; risks associated with conducting business outside of the United States, including political, legal and economic risk; our ability to obtain and maintain approvals and permits from governmental and regulatory agencies with respect to the design, construction and operation of our facilities and provision of our services; our ability to access financing on favorable terms; our debt level and finance lease liabilities, which may limit our flexibility in obtaining additional financing, or refinancing credit facilities upon maturity; our financing agreements, which include financial restrictions and covenants and are secured by certain of our floating regasification terminals; our ability to enter into or extend contracts with customers and our customers’ failure to perform their contractual obligations; our ability to purchase or receive physical delivery of LNG in sufficient quantities to satisfy our delivery and sales obligations or at attractive prices; our ability to maintain relationships with our existing suppliers, source new suppliers for LNG and critical components of our projects and complete building out our supply chain; the technical complexity of our infrastructure assets; the risks inherent in operating our infrastructure assets; customer termination rights in our contracts; adverse effects on our operations due to disruption of third-party facilities; infrastructure constraints and community and political group resistance to existing and new LNG and natural gas infrastructure over concerns about the environment, safety and terrorism; shortages of qualified officers and crew impairing our ability to operate or increasing the cost of crewing our floating regasification terminals; acts of terrorism, war or political or civil unrest; compliance with various international treaties and conventions and national and local environmental, health, safety and maritime conduct laws that affect our operations; and other risks, uncertainties and factors set forth in any of our filings with the SEC. These risks and uncertainties are described more fully in our other filings with the SEC, including our most recent Annual Report on Form 10-K. All forward-looking statements are based on assumptions or judgments about future events that may or may not be correct or necessarily take place and that are by their nature subject to significant uncertainties and contingencies, many of which are outside the control of Excelerate. The occurrence of any such factors, events or circumstances would significantly alter the results set forth in these statements.

Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release. For example, the current global economic uncertainty and geopolitical climate, including trade and tariff developments, wars and conflicts, and world or regional health events, including pandemics and epidemics and governmental and third-party responses thereto, may give rise to risks that are currently unknown or amplify the risks associated with many of the foregoing events or factors. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this press release. While we believe that we have a reasonable basis for the forward-looking statements contained herein, such information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.

The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments.

Excelerate Energy, Inc.

Consolidated Statements of Income (Unaudited)

For the three months ended

June 30, 2026

March 31, 2026

June 30, 2025

(In thousands, except share and per share amounts)

Revenues

LNG, gas and power

168,811

275,176

55,723

Terminal services

160,454

158,263

148,833

Total revenues

329,265

433,439

204,556

Operating expenses

Cost of LNG, gas and power (exclusive of items below)

135,333

243,045

40,427

Operating expenses

56,075

53,084

46,023

Depreciation and amortization

32,670

31,007

25,518

Selling, general and administrative expenses

24,291

24,336

21,543

Transition and transaction expenses

—

27,659

Total operating expenses

248,369

351,472

161,170

Operating income

80,896

81,967

43,386

Other income (expense)

Interest expense

(24,161

)

(24,538

)

(20,683

)

Interest expense – related party

(3,056

)

(3,071

)

(3,249

)

Earnings from equity method investment

642

604

600

Other income, net

1,692

4,476

6,285

Income before income taxes

56,013

59,438

26,339

Provision for income taxes

(5,939

)

(9,460

)

(5,574

)

Net income

50,074

49,978

20,765

Less net income attributable to non-controlling interests

37,997

37,658

16,036

Net income attributable to shareholders

12,077

12,320

4,729

Net income per common share – basic

0.38

0.15

Net income per common share – diluted

0.37

0.15

Weighted average shares outstanding – basic

31,733,765

32,078,044

31,489,508

Weighted average shares outstanding – diluted

32,362,952

32,982,088

32,162,826

Excelerate Energy, Inc.

Consolidated Balance Sheet

June 30, 2026

December 31, 2025

(Unaudited)

ASSETS

(In thousands)

Current assets

Cash and cash equivalents

342,449

538,234

Current portion of restricted cash

3,232

3,239

Accounts receivable, net

97,414

82,714

Current portion of net investments in sales-type leases

29,733

38,870

Other current assets

122,436

90,308

Total current assets

595,264

753,365

Restricted cash

15,509

15,045

Property and equipment, net

2,357,295

2,132,045

Intangible assets, net

351,398

359,221

Goodwill

235,188

234,994

Operating lease right-of-use assets

155,504

167,188

Net investments in sales-type leases

324,085

337,944

Investments in equity method investee

19,604

18,095

Deferred tax assets, net

24,469

25,224

Other assets

84,725

88,340

Total assets

4,163,041

4,131,461

LIABILITIES AND EQUITY

Current liabilities

Accounts payable

71,010

46,570

Accrued liabilities and other liabilities

144,518

123,027

Current portion of deferred revenues

30,426

57,135

Current portion of long-term debt

23,994

23,521

Current portion of long-term debt – related party

10,035

10,521

Current portion of operating lease liabilities

25,032

23,904

Current portion of finance lease liabilities

25,759

25,382

Total current liabilities

330,774

310,060

Long-term debt, net

902,151

912,788

Long-term debt, net – related party

145,905

151,431

Operating lease liabilities

127,125

138,744

Finance lease liabilities

132,423

144,608

TRA liability

49,966

51,122

Asset retirement obligations

64,483

62,799

Long-term deferred revenues

28,237

29,196

Deferred tax liability

66,828

64,654

Other long-term liabilities

43,100

36,981

Total liabilities

1,890,992

1,902,383

Commitments and contingencies

Class A Common Stock ($0.001 par value, 300,000,000 shares authorized, 35,183,557 shares issued as of June 30, 2026 and 34,710,832 shares issued as of December 31, 2025)

Class B Common Stock ($0.001 par value, 150,000,000 shares authorized and 82,021,389 shares issued and outstanding as of June 30, 2026 and December 31, 2025)

Additional paid-in capital

658,998

634,811

Retained earnings

121,750

102,640

Accumulated other comprehensive loss

(510

)

(112

)

Treasury stock (3,774,932 shares as of June 30, 2026 and 2,685,679 shares as of December 31, 2025)

(93,543

)

(54,981

)

Non-controlling interests

1,585,237

1,546,603

Total equity

2,272,049

2,229,078

Total liabilities and equity

4,163,041

4,131,461

Excelerate Energy, Inc.

Consolidated Statements of Cash Flows (Unaudited)

For the six months ended

June 30, 2026

June 30, 2025

Cash flows from operating activities

(In thousands)

Net income

100,052

72,888

Adjustments to reconcile net income to net cash from operating activities

Depreciation and amortization

63,677

47,161

Amortization of operating lease right-of-use assets

12,707

3,343

ARO accretion expense

1,680

960

Amortization of debt issuance costs

2,910

4,444

Deferred income taxes

3,248

845

Share of net earnings in equity method investee

(1,246

)

(1,196

)

Distributions from equity method investee

900

1,530

Long-term incentive compensation expense

6,628

5,358

Loss on non-cash items

—

Changes in operating assets and liabilities:

Accounts receivable

(15,600

)

85,578

Other current assets and other assets

(27,400

)

1,864

Accounts payable and accrued liabilities

43,686

16,182

Current portion of deferred revenue

(26,709

)

(28,218

)

Net investments in sales-type leases

22,996

21,101

Operating lease assets and liabilities

(11,513

)

(3,196

)

Other long-term liabilities

(1,776

)

13,305

Net cash provided by operating activities

174,244

241,949

Cash flows from investing activities

Net cash paid for acquisition

—

(1,048,091

)

Purchases of property and equipment

(283,833

)

(77,408

)

Net cash used in investing activities

(283,833

)

(1,125,499

)

Cash flows from financing activities

Proceeds from issuance of Class A Common stock, net

—

201,904

Repurchase of Class A Common Stock

(28,426

)

—

Proceeds from issuance of long-term debt

—

800,000

Repayments of long-term debt

(12,019

)

(175,172

)

Repayments of long-term debt – related party

(6,012

)

(4,768

)

Payment of debt issuance costs

—

(19,376

)

Principal payments under finance lease liabilities

(11,392

)

(10,714

)

Taxes withheld for long-term incentive compensation

(3,073

)

(1,027

)

Dividends paid

(5,215

)

(3,382

)

Distributions

(20,723

)

(13,984

)

Other financing activities

902

(433

)

Net cash provided by (used in) financing activities

(85,958

)

773,048

Effect of exchange rate on cash, cash equivalents, and restricted cash

219

Net decrease in cash, cash equivalents and restricted cash

(195,328

)

(110,414

)

Cash, cash equivalents and restricted cash

Beginning of period

556,518

554,495

End of period

361,190

444,081

Excelerate Energy, Inc.

Non-GAAP Reconciliation (Unaudited)

The following table presents a reconciliation of Adjusted Gross Margin to the GAAP financial measures of gross margin for each of the periods indicated.

For the three months ended

June 30, 2026

March 31, 2026

June 30, 2025

(In thousands)

LNG, gas and power

168,811

275,176

55,723

Terminal services

160,454

158,263

148,833

Cost of LNG, gas and power

(135,333

)

(243,045

)

(40,427

)

Operating expenses

(56,075

)

(53,084

)

(46,023

)

Depreciation and amortization expense

(32,670

)

(31,007

)

(25,518

)

Gross Margin

105,187

106,303

92,588

Depreciation and amortization expense

32,670

31,007

25,518

Adjusted Gross Margin

137,857

137,310

118,106

The following table presents a reconciliation of Adjusted Net Income to the GAAP financial measures of net income for each of the periods indicated.

For the three months ended

June 30, 2026

March 31, 2026

June 30, 2025

(In thousands)

Net income

50,074

49,978

20,765

Add back:

Transition and transaction expenses

—

27,659

Tax impact on adjustments

—

(1,615

)

Adjusted Net Income

50,074

49,978

46,809

The following table presents a reconciliation of Adjusted EBITDA to the GAAP financial measures of net income for each of the periods indicated.

For the three months ended

June 30, 2026

March 31, 2026

June 30, 2025

(In thousands)

Net income

50,074

49,978

20,765

Interest expense

27,217

27,609

23,932

Provision for income taxes

5,939

9,460

5,574

Depreciation and amortization expense

32,670

31,007

25,518

Accretion expense

846

834

483

Long-term incentive compensation expense

3,344

3,284

3,206

Transition and transaction expenses

—

27,659

Adjusted EBITDA

120,090

122,172

107,137

The following table presents a reconciliation of Adjusted Dilutive EPS to the GAAP financial measures of dilutive EPS for each of the periods indicated.

For the three months ended

June 30, 2026

March 31, 2026

June 30, 2025

Earnings Per Share (diluted)

0.37

0.15

Add back:

Transition and transaction expenses

—

0.24

Tax impact on adjustments

—

(0.05

)

Adjusted Earnings Per Share (diluted)

0.37

0.34

2026E

(In millions)

Low Case

High Case

Income before income taxes

230

261

Interest expense

112

107

Depreciation and amortization expense

132

128

Accretion expense

Long-term incentive compensation expense

Adjusted EBITDA

490

515

Note: We have not reconciled the Adjusted EBITDA outlook to net income, the most comparable measure, because it is not possible to estimate, without unreasonable effort, our income taxes with the level of required precision. Accordingly, we have reconciled these non-GAAP measures to our estimated income before taxes.