Excelerate Energy (EE) Q4 2025 earnings summary

Executive summary

• Achieved record full-year 2025 Adjusted EBITDA of $449.3 million, up $100 million year-over-year, driven by the Jamaica acquisition, increased LNG, gas, and power sales, and global asset optimization.

• Operational reliability exceeded 99.9% in 2025, supporting stable cash flow and strong financial positioning entering 2026.

• Completed full integration of the Jamaica platform in Q4, demonstrating resilience during Hurricane Melissa with minimal operational and financial impact.

• Commenced LNG deliveries to Bangladesh in January 2026 under 15-year agreements, expanding the integrated LNG business.

• Positioned for continued growth in 2026 with a robust project pipeline and strong financial and operational momentum.

Financial highlights

• FY 2025 Adjusted Net Income was $199.3 million, up from $153 million in FY 2024.

• FY 2025 Net Income: $167 million, up from $153 million in FY 2024.

• FY 2025 Adjusted EBITDA: $449.3 million, up from $348.2 million in FY 2024.

• Q4 2025 Adjusted Net Income: $40 million; Q4 2025 Adjusted EBITDA: $112.5 million, both down sequentially due to lower cargo deliveries and hurricane impacts.

• Full-year 2025 revenues: $1,228.3 million, up from $851.4 million in 2024.

Outlook and guidance

• 2026 Adjusted EBITDA guidance set at $515–$545 million, reflecting continued portfolio performance, full-year Jamaica contribution, partial-year Iraq contribution, and new LNG supply agreements.

• Maintenance CapEx for 2026 expected at $100–$110 million, with major dry docks scheduled.

• Committed growth capital for 2026 projected at $370–$400 million, mainly for Hull 3407 and the Iraq terminal.

• Targeting low double-digit annual dividend growth through 2028.