EE

Excelerate Energy, Inc. (EE) - Q2 2026 10-Q Summary

Business Context and Reporting Period

This Quarterly Report on Form 10-Q covers the period ended June 30, 2026. Excelerate Energy, Inc. owns and operates liquefied natural gas (LNG) and natural gas infrastructure assets globally, including floating regasification terminals and power generation facilities. As of June 30, 2026, the Company controlled or operated 12 floating regasification terminals, one onshore terminal, and a combined heat and power plant across 15 countries. The Company is a large accelerated filer.

Key Financial Metrics

Note: Debt figures include $800 million in 2030 Notes, related party debt, and other facilities. Operating cash flow decreased YTD primarily due to timing of collections/payments and higher interest expense on new debt.

Material Changes vs. Prior Period

• Revenue Growth: Total revenues increased 61% year-over-year for Q2 2026. This was driven primarily by the full inclusion of the New Fortress Energy (NFE) Jamaica assets acquired in May 2025, which contributed significantly to LNG, gas, and power revenues ($168.8 million in Q2 2026 vs. $55.7 million in Q2 2025).
• Profitability: Net income attributable to shareholders increased 155% year-over-year ($12.1 million vs. $4.7 million). Adjusted EBITDA rose 12% to $120.1 million.
• Expense Variance: Transition and transaction expenses of $27.7 million incurred in Q2 2025 related to the Acquisition were absent in Q2 2026, boosting net income. However, interest expense increased due to the issuance of $800 million in 2030 Notes in May 2025.
• Capital Expenditures: Cash outlays for capital projects were $257.5 million for Q2 2026, a significant increase from $33.3 million in Q2 2025, driven by growth projects including the Excelerate Acadia terminal delivery and the Iraq project.

Guidance, Outlook, and Risks

• Outlook: Management views the global LNG outlook as constructive long-term, with ~200 million tonnes of incremental supply expected by 2030. However, near-term markets remain volatile due to geopolitical conflicts in the Middle East, impacting shipping costs and insurance premiums.
• Recent Developments:
  • Iraq Project: Executed a definitive agreement for Iraq's first LNG import terminal; operations expected Q2 2027.
  • Jordan Deployment: Excelerate Acadia commenced operations in Jordan in July 2026 under a nine-month charter.
  • Colombia Redeployment: Executed a long-term charter to redeploy the Express terminal to Colombia, commencing Q1 2027.
  • FSRU Conversion: Acquired the LNG carrier Methane Patricia Camila in July 2026 for conversion to an FSRU, expected for deployment in 2028.
• Risks and Contingencies:
  • Geopolitical Risk: Ongoing conflict in the Middle East has led to force majeure notices on certain LNG purchase and supply agreements (QatarEnergy/Petrobangla), with resumption timing uncertain.
  • Legal Proceedings: Arbitration proceedings initiated by Jamaica Power Service Company Limited regarding damages of ~$32.9 million. The Company has accrued for probable loss and recorded an indemnification receivable from NFE.
  • Debt Covenants: The Company remains in compliance with debt covenants, but high leverage limits flexibility for additional financing.

Investor Verification Checklist

• Acquisition Integration: Verify the full-year financial impact of the Jamaica assets (NFE acquisition) on margins and cash flow stability.
• Force Majeure Impact: Monitor the resolution of the QatarEnergy/Petrobangla force majeure notices and potential revenue gaps.
• Capital Allocation: Review the $75 million share repurchase program status (approx. $46.5 million remaining as of June 30, 2026) and its impact on liquidity.
• Debt Structure: Assess the interest rate exposure on the new $800 million 2030 Notes (8.0% fixed) versus variable rate facilities.
• Project Execution: Track the timeline and cost overruns for the Iraq terminal and the Excelerate Acadia FSRU conversion project.