Excelerate Energy (EE) JP Morgan Energy, Power and Renewables Conference summary

Strategic positioning and market overview

• Focuses on deploying capital in markets absorbing LNG, especially in the Global South, with significant operations in Bangladesh and Pakistan, supplying a large share of their natural gas needs.

• Emphasizes the importance of creating demand for LNG as it becomes more affordable, driving renewed interest from emerging markets.

• Highlights a unique role in the LNG value chain, integrating supply and infrastructure to enhance returns and maintain a reputational moat.

• Sees high barriers to entry and leverages expertise to open new markets and sustain growth.

• Maintains a global perspective, targeting high-growth regions like South Asia and South America, and adapting to different stages of economic development.

Business model evolution and contract strategy

• Transitioned to a more contracted business model, reducing commodity price exposure and ensuring predictable, stable revenues.

• All 10 FSRUs are fully contracted, with 40% recontracted at higher rates post-war, resulting in $7 billion of future contracted revenues and a 7-year average contract duration.

• Core regasification business represents 98% of 2024 revenue, with take-or-pay contracts under English law providing high margin stability.

• Long-term LNG sales contracts, such as the 15-year deal with QatarEnergy for Bangladesh, are incremental to the base business and support integrated returns.

• Not pursuing a trading house model; focus remains on infrastructure and integration to improve returns.

Fleet expansion and asset strategy

• New FSRU from HD Hyundai Heavy Industries scheduled for June 2026, with ongoing engagement for further fleet growth.

• Holds 20% of global FSRUs and 27% of regasification capacity, emphasizing operational excellence and market impact.

• Considers conversions for bespoke projects and is open to non-FSRU solutions to meet diverse market needs.

• Asset deployment is tailored to market requirements, with flexibility in infrastructure and distribution approaches.