Excelerate Energy (EE) Q2 2024 earnings summary

Executive summary

• Q2 2024 Adjusted EBITDA was $89.0 million, up 18% sequentially, driven by strong FSRU and terminal contracts, higher charter rates, and operational reliability.

• Net income for Q2 2024 was $33.3 million, up from $28.1 million in Q1 2024 and $29.6 million in Q2 2023, supported by updated vessel assumptions, charter rate increases, and lower taxes.

• Advanced major projects: greenfield LNG import terminal in Haiphong, Vietnam (1.2 MTPA, phase one 2027), and integrated LNG terminal in South Central Alaska (targeting 2028), both addressing regional demand.

• Continued FSRU fleet expansion, with newbuild Hull 3407 on schedule for 2026 delivery and integration of modular reliquefaction kits to enhance efficiency and revenue.

• Declared a quarterly dividend of $0.025 per share for Q2 2024.

Financial highlights

• Q2 2024 revenue was $183.3 million, down from $432.4 million in Q2 2023, mainly due to lower gas sales after a Brazil contract ended, while FSRU and terminal services revenue increased to $151.0 million.

• Net income for Q2 2024 was $33.3 million; diluted EPS was $0.26.

• Adjusted EBITDA for Q2 2024 was $89.0 million, up from $75.4 million in Q1 2024 and flat versus $88.6 million in Q2 2023.

• Cash and cash equivalents at June 30, 2024 were $609.1 million, with $349.9 million in undrawn revolver capacity.

• Maintenance CapEx was $21 million for Q2 and $32 million year-to-date.

Outlook and guidance

• Full-year 2024 Adjusted EBITDA guidance raised to $320–$340 million.

• Maintenance CapEx expected at $50–$60 million and committed growth capital at $70–$80 million for 2024, mainly for Hull 3407.

• Management expects sufficient liquidity for the next 12 months, supported by strong cash positions and operating cash flows.