Excelerate Energy (EE) Q4 2024 earnings summary

Executive summary

• Achieved record 2024 adjusted EBITDA of $348.2 million and net income of $153 million, up 21% year-over-year, driven by strong regasification business and charter rate increases.

• Delivered 99.9% fleet reliability, the highest in company history, and exceeded all primary safety targets.

• Completed the 3,000th LNG ship-to-ship transfer and delivered 272 LNG cargoes, regasifying about 2.5 Bcf/day.

• Focused on core regasification business, fleet expansion, and strategic investments in LNG import terminals and downstream infrastructure.

• Maintained strong balance sheet and disciplined capital allocation, with significant capital available for deployment.

Financial highlights

• Adjusted EBITDA reached $348.2 million for 2024, above guidance; net income was $153 million, up $26 million or 21% year-over-year.

• Q4 2024 net income was $46.1 million and adjusted EBITDA was $91.6 million, both flat sequentially.

• Full-year 2024 revenues were $851.4 million, down from $1,159.0 million in 2023, mainly due to lower gas sales.

• Total debt at year-end was $696 million, with $538 million cash and $158 million net debt.

• Fully utilized $50 million share repurchase program, buying 2.5 million shares at an average price of $20.41 per share.

Outlook and guidance

• 2025 adjusted EBITDA guidance set at $340–$360 million, reflecting core business strength and LNG supply optimization.

• Maintenance CapEx for 2025 expected at $60–$70 million, including planned drydocks for two FSRUs.

• Committed growth capital for 2025 projected at $65–$75 million, including milestone payments for new build Hull 3407.

• Final payment for Hull 3407 (~$200 million) due on delivery in mid-2026.

• Guidance does not include potential new regas assets or LNG carrier acquisition; updates to be provided upon commitment.