Excelerate Energy (EE) Q3 2026 earnings summary

Executive summary

• Q3 2026 net income was $60.0M and Adjusted EBITDA was a record $133.5M, supported by the new Jordan charter and higher LNG, gas and power direct margins.

• New long-term agreements, contract extensions and the planned Bahamas LNG Hub expanded the contracted earnings base; identified projects and initiatives are expected to add $250M–$300M of EBITDA by 2029.

Financial highlights

• Q3 revenue was $297.2M versus $391.0M in Q3 2025; operating income was $94.6M versus $87.2M, and net income was $60.0M versus $55.0M.

• Adjusted EBITDA was $133.5M versus $129.3M in Q3 2025 and $120.1M in Q2 2026; sequential growth reflected the Jordan charter and higher direct margins.

• Lower LNG, gas and power revenue reflected fewer short-term sales and Atlantic Basin delivery timing; terminal services revenue increased, mainly with Excelerate Acadia’s deployment.

• Q3 Adjusted EBITDA reconciliation included $2.2M of transition and transaction expenses.

Outlook and guidance

• FY 2026 Adjusted EBITDA guidance narrowed to $495M–$515M; maintenance CapEx guidance is $65M–$75M and committed growth CapEx is $400M–$410M, with total CapEx generally in line with prior guidance.

• Bahamas LNG deliveries are expected to begin in Q1 2027 using Jamaica assets; Phase 2 FSU deployment is planned for H2 2028, subject to permits, construction timing and contractual provisions.

• Iraq terminal startup remains targeted for Q2 2027; Colombia FSRU deployment is expected in Q1 2027, and the converted Methane Patricia Camila is expected to be commercially deployable in 2028.

• Identified projects and commercial initiatives are expected to contribute $250M–$300M of incremental EBITDA by 2029.

• Bahamas earnings are estimated at ~$6M EBITDA in 2027 and an average of $15M annually after FSU deployment.