Excelerate Energy, Inc. reported its financial results for the fourth quarter ended December 31, 2025.
RECENT Highlights
- Reported Net Income of $39.1 million for the fourth quarter and $167.0 million for the full year 2025
- Reported Adjusted Net Income of $39.7 million for the fourth quarter and $199.3 million for the full year 2025
- Reported Adjusted EBITDA of $112.5 million for the fourth quarter and $449.3 million for the full year 2025
- Commenced LNG cargo deliveries into Bangladesh in January 2026 under the previously announced 15-year LNG Sale and Purchase agreements with QatarEnergy and Petrobangla
- Declared a quarterly cash dividend of $0.08 per share, payable on March 26, 2026
CEO Comment
“2025 was a defining year for Excelerate Energy, marked by strong execution, reliable operations, and robust financial results,” said Steven Kobos, president and CEO of Excelerate. “We delivered record net income and adjusted EBITDA for the year, demonstrating the earnings power of our contracted infrastructure portfolio and the value created through integration.”
Kobos continued, “Excelerate is exceptionally well positioned in today’s macro environment, where energy security and dependable delivery are paramount. Our scalable LNG and power infrastructure solutions allow us to meet evolving customer needs and extend our presence in both new and existing markets.”
“Looking ahead, our focus is on securing new growth opportunities and extending the earnings profile of the business further in the coming years. We remain deliberate in our approach to integrating our assets and deploying capital, with a clear emphasis on long‑term value creation for shareholders.”
2026 GUIDANCE
- Full year 2026 Adjusted EBITDA is expected to range between $515 million and $545 million
- Maintenance Capex is expected to range between $100 million and $110 million
- Committed Growth Capital, which is defined as capital allocated and committed to specific investments for previously approved capital projects, is expected to range between $370 million and $400 million
Net income and Adjusted EBITDA for the full year 2025 increased as compared to the prior year, primarily due to the contribution from the Jamaica acquisition and increased LNG, gas and power sales opportunities. The increase in net income was partially offset by higher interest expense associated with the Company’s 2030 Notes and transition and transaction costs incurred in connection with the Jamaica acquisition.
Net Income and Adjusted EBITDA decreased sequentially from the third quarter primarily due to a full Atlantic basin cargo delivery in third quarter compared to a partial Atlantic basin cargo delivery in the fourth quarter, increased business development expense, timing of operating expenses, and modestly lower LNG, gas, and power direct margin in Jamaica following Hurricane Melissa in the fourth quarter.
Key Commercial Updates
In January 2026, Excelerate commenced LNG cargo deliveries into Bangladesh under its 15‑year LNG Sale and Purchase Agreements with QatarEnergy and Petrobangla. Together, these back-to-back agreements strengthen the reliability of Excelerate’s global LNG platform and support the continued expansion of the Company’s integrated LNG business.
In January 2026, Hull 3407, which is being constructed by HD Hyundai Heavy Industries in South Korea, completed its sea trials and is advancing through final commissioning activities, including gas trials and cryogenic testing, ahead of expected delivery in the second quarter. This construction milestone is an important next step as Excelerate continues to prepare the vessel for delivery and deployment to the integrated LNG import terminal in Iraq.
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 at the Port of Khor Al Zubair. 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 (MMscf/d). Engineering and procurement activities are underway and site mobilization has commenced. Commercial operations are on track to commence in the third quarter of 2026, subject to final permitting, construction timelines, and other contractual provisions.
Liquidity and capital resources
As of December 31, 2025, Excelerate had $538.2 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 December 31, 2025.
QUARTERLY CASH DIVIDEND UPDATE
On February 19, 2026, Excelerate’s Board of Directors approved a quarterly cash dividend equal to $0.08 per share, or $0.32 per share on an annualized basis, of Class A common stock. The dividend is payable on March 26, 2026, to Class A common stockholders of record as of the close of business on March 11, 2026.
2026 Financial Outlook
The Company expects Adjusted EBITDA to range between $515 million and $545 million for the full year 2026. Maintenance Capex for 2026 is expected to range between $100 million and $110 million. Committed Growth Capital is expected to range between $370 million and $400 million. The full year committed growth capital range is largely comprised of costs related to the final payment for Hull 3407 and costs associated with the integrated terminal project in Iraq.