Cheniere Partners Reports Fourth Quarter and Full Year 2025 Results and Introduces Full Year 2026 Distribution Guidance

HOUSTON--( BUSINESS WIRE)--Cheniere Energy Partners, L.P. (“Cheniere Partners”) (NYSE: CQP) today announced its financial results for fourth quarter and full year 2025.

HIGHLIGHTS

2026 FULL YEAR DISTRIBUTION GUIDANCE

2026

Distribution per Unit

$ 3.10

$ 3.40

SUMMARY AND REVIEW OF FINANCIAL RESULTS

(in millions, except LNG data)

Three Months Ended December 31,

Year Ended December 31,

2025

2024

% Change

2025

2024

% Change

Revenues

2,910

2,460

10,758

8,704

Net income

1,287

623

107

2,987

2,510

Adjusted EBITDA 1

1,014

890

3,663

3,574

LNG exported:

Number of cargoes

114

110

428

431

Volumes (TBtu)

416

399

1,548

1,567

LNG volumes loaded (TBtu)

416

401

1,546

1,567

Net Income increased approximately $664 million and $477 million during the three and twelve months ended December 31, 2025, respectively, as compared to the corresponding 2024 periods. The increases were primarily attributable to approximately $535 million and $344 million of favorable variances related to changes in fair value of our derivative instruments, including those impacts related to our long-term Integrated Production Marketing agreements, for the three and twelve months ended December 31, 2025, respectively.

Adjusted EBITDA 1 increased by approximately $124 million and $89 million during the three and twelve months ended December 31, 2025, respectively. The increases for the three and twelve months ended December 31, 2025 were driven by higher total margins per MMBtu of liquefied natural gas (“LNG”) delivered during both periods as compared to the corresponding 2024 periods.

During the three and twelve months ended December 31, 2025, we recognized in income 416 and 1,546 TBtu, respectively, of LNG loaded from the SPL Project (defined below).

Capital Resources

The table below provides a summary of our available liquidity (in millions) as of December 31, 2025:

December 31, 2025

Cash and cash equivalents

182

Restricted cash and cash equivalents

Available commitments under our credit facilities:

Sabine Pass Liquefaction, LLC (“SPL”) Revolving Credit Facility

824

Cheniere Partners Revolving Credit Facility

1,000

Total available commitments under our credit facilities

1,824

Total available liquidity

2,025

Recent Key Financial Transactions and Updates

In December 2025, SPL redeemed $300 million aggregate principal amount outstanding of its 5.875% Senior Secured Notes due 2026 (the “2026 SPL Senior Notes”), and in February 2026, SPL redeemed the remaining $200 million aggregate principal amount of its 2026 SPL Senior Notes.

SABINE PASS OVERVIEW

We own natural gas liquefaction facilities with total production capacity of over 30 mtpa of LNG at the Sabine Pass LNG terminal in Cameron Parish, Louisiana (the “SPL Project”).

As of February 20, 2026, over 3,270 cumulative LNG cargoes totaling over 225 million tonnes of LNG have been produced, loaded, and exported from the SPL Project.

SPL Expansion Project

We are developing an expansion adjacent to the SPL Project with an expected total peak production capacity of up to approximately 20 mtpa of LNG (the “SPL Expansion Project”), inclusive of estimated debottlenecking opportunities and supporting infrastructure. We expect to execute the SPL Expansion Project in a phased approach, and a positive Final Investment Decision (“FID”) is subject to, among other things, receipt of necessary regulatory approvals and acceptable commercial and financing arrangements. The Federal Energy Regulatory Commission (FERC) application for authorization to site, construct and operate the SPL Expansion Project, as well as the Department of Energy (DOE) application authorizing the export of LNG to non-free trade agreement countries, remain pending.

DISTRIBUTIONS TO UNITHOLDERS

In January 2026, we declared a cash distribution of $0.830 per common unit to unitholders of record as of February 9, 2026, comprised of a base amount equal to $0.775 ($3.10 annualized) and a variable amount equal to $0.055, which takes into consideration, among other things, amounts reserved for annual debt repayment and capital allocation goals, anticipated capital expenditures to be funded with cash, and cash reserves to provide for the proper conduct of the business. The common unit distribution and the related general partner distribution were paid on February 13, 2026.

INVESTOR CONFERENCE CALL AND WEBCAST

Cheniere Energy, Inc. (NYSE: LNG) will host a conference call to discuss its financial and operating results for the fourth quarter and full year 2025 on Thursday, February 26, 2026, at 11 a.m. Eastern time / 10 a.m. Central time. A listen-only webcast of the call and an accompanying slide presentation may be accessed through our website at www.cheniere.com. Following the call, an archived recording will be made available on our website. The call and accompanying slide presentation will include financial and operating results or other information regarding Cheniere Partners.

1 Non-GAAP financial measure. See “Reconciliation of Non-GAAP Measures” for further details.

About Cheniere Partners

Cheniere Partners owns the Sabine Pass LNG terminal located in Cameron Parish, Louisiana, which has natural gas liquefaction facilities with a total production capacity of over 30 mtpa of LNG, inclusive of debottlenecking opportunities. The Sabine Pass LNG terminal also has operational regasification facilities that include five LNG storage tanks, vaporizers, and three marine berths. Cheniere Partners also owns the Creole Trail Pipeline, which interconnects the Sabine Pass LNG terminal with a number of large interstate and intrastate pipelines.

For additional information, please refer to the Cheniere Partners website at www.cheniere.com and Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission.

Use of Non-GAAP Financial Measures

In addition to disclosing financial results in accordance with U.S. GAAP, the accompanying news release contains a non-GAAP financial measure. Adjusted EBITDA is a non-GAAP financial measure that is used to facilitate comparisons of operating performance across periods. This non-GAAP measure should be viewed as a supplement to and not a substitute for our U.S. GAAP measures of performance and the financial results calculated in accordance with U.S. GAAP, and the reconciliation from these results should be carefully evaluated.

Non-GAAP measures have limitations as an analytical tool and should not be considered in isolation or in lieu of an analysis of our results as reported under GAAP and should be evaluated only on a supplementary basis.

Forward-Looking Statements

This press release contains certain statements that may include “forward-looking statements.” All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, (i) statements regarding Cheniere Partners’ financial and operational guidance, business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding Cheniere Partners’ anticipated quarterly distributions and ability to make quarterly distributions at the base amount or any amount, (iii) statements regarding regulatory authorization and approval expectations, (iv) statements expressing beliefs and expectations regarding the development of Cheniere Partners’ LNG terminal and liquefaction business, (v) statements regarding the business operations and prospects of third-parties, (vi) statements regarding potential financing arrangements, (vii) statements regarding future discussions and entry into contracts, and (viii) statements relating to our goals, commitments and strategies in relation to environmental matters. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners’ actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners’ periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.

(Financial Tables Follow)

Cheniere Energy Partners, L.P.

Consolidated Statements of Operations

(in millions, except per unit data) (1)

Three Months Ended

Twelve Months Ended

December 31,

2025

2024

2025

2024

Revenues

LNG revenues

2,239

1,897

8,200

6,550

LNG revenues—affiliate

620

513

2,358

1,954

Regasification revenues

136

135

Other revenues

Total revenues

2,910

2,460

10,758

8,704

Operating costs and expenses

Cost of sales (excluding operating and maintenance expense and depreciation and amortization expense shown separately below)

968

1,172

5,145

3,570

Cost of sales—affiliate

—

Operating and maintenance expense

221

214

904

824

Operating and maintenance expense—affiliate

177

172

Operating and maintenance expense—related party

—

General and administrative expense

General and administrative expense—affiliate

Depreciation and amortization expense

173

171

688

680

Other operating costs and expenses

Other operating costs and expenses—affiliate

—

Total operating costs and expenses

1,441

1,648

7,052

5,424

Income from operations

1,469

812

3,706

3,280

Other income (expense)

Interest expense, net of capitalized interest

(186

)

(197

)

(753

)

(800

)

Loss on modification or extinguishment of debt

)

—

)

Interest and dividend income

Other income—affiliate

—

Total other expense

(182

)

(189

)

(719

)

(770

)

Net income

1,287

623

2,987

2,510

Basic and diluted net income per common unit (1)

2.38

1.05

5.17

4.25

Weighted average basic and diluted number of common units outstanding

484.0

(1)

Please refer to the Cheniere Energy Partners, L.P. Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission.

Cheniere Energy Partners, L.P.

Consolidated Balance Sheets

(in millions, except unit data) (1)

December 31,

2025

2024

ASSETS

Current assets

Cash and cash equivalents

182

270

Restricted cash and cash equivalents

109

Trade and other receivables, net of current expected credit losses

511

380

Trade and other receivables—affiliate

238

164

Trade receivables, net of current expected credit losses—related party

—

Advances to affiliates

145

101

Inventory

180

151

Current derivative assets

—

Prepaid expenses

Other current assets, net

Total current assets

1,338

1,325

Property, plant and equipment, net of accumulated depreciation

15,259

15,760

Operating lease assets

Derivative assets

541

Other non-current assets, net

223

191

Total assets

17,437

17,453

LIABILITIES AND PARTNERS’ EQUITY (DEFICIT)

Current liabilities

Accounts payable

Accrued liabilities

990

838

Accrued liabilities—related party

—

Current debt, net of unamortized discount and debt issuance costs

306

351

Due to affiliates

Deferred revenue

119

120

Deferred revenue—affiliate

Current derivative liabilities

164

250

Other current liabilities

Total current liabilities

1,708

1,712

Long-term debt, net of unamortized discount and debt issuance costs

14,161

14,761

Derivative liabilities

900

1,213

Other non-current liabilities

231

252

Other non-current liabilities—affiliate

Total liabilities

17,023

17,962

Commitments and contingencies

Partners’ equity (deficit)

Common unitholders’ interest (484.0 million units issued and outstanding at both December 31, 2025 and 2024)

3,156

1,821

General partner’s interest (2% interest with 10.0 million units issued and outstanding at both December 31, 2025 and 2024)

(2,742

)

(2,330

)

Total partners’ equity (deficit)

414

(509

)

Total liabilities and partners’ equity (deficit)

17,437

17,453

(1)

Please refer to the Cheniere Energy Partners, L.P. Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission.

Reconciliation of Non-GAAP Measures

Regulation G Reconciliations

Adjusted EBITDA

The following table reconciles our Adjusted EBITDA to U.S. GAAP results for the three and twelve months ended December 31, 2025 and 2024 (in millions):

Three Months Ended

December 31,

Twelve Months Ended

December 31,

2025

2024

2025

2024

Net income

1,287

623

2,987

2,510

Interest expense, net of capitalized interest

186

197

753

800

Loss on modification or extinguishment of debt

—

Interest and dividend income

)

(18

)

(33

)

Other income—affiliate

)

—

(24

)

—

Income from operations

1,469

812

3,706

3,280

Adjustments to reconcile income from operations to Adjusted EBITDA:

Depreciation and amortization expense

173

171

688

680

Loss (gain) from changes in fair value of commodity derivatives, net (1)

(629

)

(95

)

(732

)

(388

)

Other

Adjusted EBITDA

1,014

890

3,663

3,574

(1)

Change in fair value of commodity derivatives prior to contractual delivery or termination

Adjusted EBITDA is commonly used as a supplemental financial measure by our management and external users of our Consolidated Financial Statements to assess the financial performance of our assets without regard to financing methods, capital structures, or historical cost basis. Adjusted EBITDA is not intended to represent cash flows from operations or net income as defined by U.S. GAAP and is not necessarily comparable to similarly titled measures reported by other companies.

We believe Adjusted EBITDA provides relevant and useful information to management, investors and other users of our financial information in evaluating the effectiveness of our operating performance in a manner that is consistent with management’s evaluation of financial and operating performance.

Adjusted EBITDA is calculated by taking net income before interest expense, net of capitalized interest, depreciation and amortization, and adjusting for the effects of certain non-cash items, other non-operating income or expense items and other items not otherwise predictive or indicative of ongoing operating performance, including the effects of modification or extinguishment of debt, impairment expense, gain or loss on disposal of assets, and changes in the fair value of our commodity derivatives prior to contractual delivery or termination. The change in fair value of commodity derivatives is considered in determining Adjusted EBITDA given that the timing of recognizing gains and losses on these derivative contracts differs from the recognition of the related item economically hedged. We believe the exclusion of these items enables investors and other users of our financial information to assess our sequential and year-over-year performance and operating trends on a more comparable basis and is consistent with management’s own evaluation of performance.