Cheniere Energy Partners (CQP) investor relations material

Executive summary

• Operates a major LNG liquefaction and export facility in Louisiana with over 30 mtpa capacity and a 94-mile pipeline; expansion project for up to 20 mtpa in development, pending regulatory and commercial milestones.

• Approximately 85% of anticipated production through the mid-2030s is contracted under long-term agreements, providing stable cash flows.

• Over 3,360 LNG cargoes totaling 230 million tonnes have been produced and exported as of May 2026.

• Reported Q1 2026 revenues of $3.6 billion, net income of $186 million, and Adjusted EBITDA of $1.2 billion, with a 20% revenue increase year-over-year.

• Declared a Q1 2026 cash distribution of $0.790 per common unit, maintaining full-year 2026 distribution guidance of $3.10–$3.40 per unit.

Financial highlights

• Q1 2026 revenues rose to $3.6 billion, up $611 million year-over-year, driven by higher Henry Hub pricing.

• Net income for Q1 2026 was $186 million, down $455 million from Q1 2025, mainly due to $599 million in unfavorable derivative fair value changes.

• Adjusted EBITDA rose by $137 million year-over-year, driven by higher total margins per MMBtu of LNG delivered.

• Operating costs and expenses increased by $1.1 billion year-over-year, primarily from derivative losses and higher natural gas feedstock costs.

• Cash provided by operating activities was $910 million, up $245 million from Q1 2025.

Outlook and guidance

• Expansion project (SPL Expansion Project) targeting up to 20 mtpa is in pre-FID stage, with regulatory, commercial, and financing milestones pending.

• Reconfirmed full-year 2026 distribution guidance of $3.10–$3.40 per common unit, with a base distribution of $3.10.

• Focus remains on contracting 90% of capacity under long-term agreements and maintaining disciplined, accretive growth.

• Distribution policy considers debt repayment, capital allocation, anticipated capex, and cash reserves.

• Management expects continued volatility in LNG and natural gas prices due to global supply constraints and geopolitical risks.