Excelerate Energy (EE) Q1 2026 earnings summary

Executive summary

• Achieved $122.2 million adjusted EBITDA and $50 million net income in Q1 2026, reflecting strong operational execution, vessel optimization, and high asset reliability across a diversified LNG and power portfolio, including the Jamaica platform integration.

• Q1 2026 revenues reached $433.4 million, up 38% year-over-year, driven by the Jamaica acquisition and new LNG contracts.

• Maintained business continuity and safety amid Middle East conflict, with minimal financial impact due to robust contracts and operational flexibility.

• Executed a nine-month charter for the Acadia FSRU with Jordan's NEPCO, generating $20 million adjusted EBITDA in 2026 and enhancing regional energy security.

• Declared a quarterly dividend of $0.08 per share, payable June 4, 2026.

Financial highlights

• Q1 2026 net income was $50 million, up from $39.1 million in Q4 2025 but down from $52.1 million in Q1 2025, with adjusted EBITDA at $122.2 million, up from $112.5 million in Q4 2025 and $100.4 million in Q1 2025.

• Revenues for Q1 2026 were $433.4 million, up from $315.1 million year-over-year.

• Maintenance CapEx was $8 million; committed growth capital was $17 million for the quarter; total capital expenditures reached $24.3 million.

• As of March 31, 2026, total debt was $1.3 billion, cash and equivalents $540.1 million, net debt $714 million, and net leverage 1.5x.

• Share repurchase program authorized; 147,699–148,000 shares repurchased in Q1 for $5 million at $34.07 average price.

Outlook and guidance

• Full-year 2026 adjusted EBITDA guidance revised to $480–510 million due to delayed Iraq terminal startup.

• 2026 committed growth capital expected at $270–300 million; maintenance CapEx guidance unchanged at $100–110 million.

• Growth path through 2028 remains intact, with sequenced earnings growth expected from vessel redeployment and FSRU conversion.

• Near-term LNG market faces volatility and supply constraints due to Middle East conflict, but long-term outlook remains positive with 200 million tonnes of new supply expected by 2030.