Excelerate Energy (EE) Q3 2024 earnings summary

Executive summary

• Q3 2024 adjusted EBITDA was $92.3 million, up sequentially, with net income of $45.5 million, driven by lower operating costs and higher gas sales margins.

• Revenue for Q3 2024 was $193.4 million, with FSRU and terminal services contributing 78% and gas sales 22%.

• Maintains a robust contract portfolio with $4 billion in future revenue and a weighted remaining term of seven years.

• Achieved operational reliability above 99.8% and zero recordable safety incidents, with significant milestones in Bangladesh.

• Quarterly dividend increased 140% to $0.06 per share, payable December 5, 2024.

Financial highlights

• Q3 2024 net income was $45.5 million, up from $33.3 million in Q2 2024, but down from $46.5 million in Q3 2023.

• Adjusted EBITDA for Q3 2024 was $92.3 million, up from $89.0 million in Q2 2024, but down from $106.9 million in Q3 2023.

• Cash and cash equivalents at September 30, 2024, were $608.4 million; total debt and finance leases at $716 million.

• Nearly all of the $350 million revolver capacity remained available at quarter-end.

• Maintenance CapEx for Q3 was $4 million; year-to-date maintenance CapEx reached $35 million.

Outlook and guidance

• Full-year 2024 adjusted EBITDA guidance raised and narrowed to $335–$345 million.

• Maintenance CapEx for 2024 expected at $40–$50 million; committed growth capital at $70–$80 million.

• Two FSRUs will enter dry dock in the second half of 2025, increasing next year’s maintenance CapEx.

• New long-term LNG supply and sales agreements begin in 2026, supporting future revenue.

• Management expects sufficient liquidity for the next 12 months, supported by strong cash and undrawn credit capacity.