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PresentationSteven KobosPresident, CEO & Director Thanks, Theresa. Pleasure to be here. It's always a lot of fun to be at the Barclays Conference. Heck, you've got every energy company in the United States here, it feels like. And thank you for investors that we've met with. I see a number of you out there and for those of you joining online. It's always a mixed group. Some of you all are quite familiar with Excelerate. Some of you are not. I'm just going to very briefly kind of say who we are and then let ...

Financial Data and Key Metrics Changes - The company reported a strong financial condition with $400 million in cash and an undrawn $500 million revolver, indicating readiness for growth initiatives [6] - The company expects the new Caribbean platform to generate an incremental EBITDA of $80 million to $110 million over the next five years, with planned capital expenditures of $200 million to $400 million [15] Business Line Data and Key Metrics Changes - The acquisition of an integrated LNG and power platform in Jamaica, valued at over $1 billion, has positioned the company as a significant player in the downstream LNG market [8] - The company has added two LNG import terminals, a power plant, and 12 small-scale regasification facilities, enhancing its operational capabilities [9] Market Data and Key Metrics Changes - The Caribbean market is heavily reliant on diesel and heavy fuel oil, with over 90% of power generation coming from these sources, presenting a significant opportunity for LNG [21] - The company is focused on optimizing gas throughput in Jamaica and expanding its infrastructure to meet the growing demand for cleaner energy [12][20] Company Strategy and Development Direction - The company aims to leverage its Caribbean acquisition to expand its LNG distribution and power generation capabilities, emphasizing its commitment to providing reliable energy [10][11] - The strategy includes optimizing existing assets while pursuing new growth opportunities globally, maintaining a focus on integrating and simplifying access to LNG for various markets [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the LNG market fundamentals, highlighting strong support from the U.S. government and the increasing global demand for U.S. LNG [56][57] - The company remains focused on finding new markets and opportunities, having successfully opened markets in Bangladesh, Pakistan, Argentina, Kuwait, and Finland [58][59] Other Important Information - The company has increased its dividend by 33% and expects low double-digit increases in dividends over the next three years, reflecting strong cash conversion from its business [32][33] - The company is actively engaged in negotiations for its FSRU asset in Asia and the Middle East, indicating a proactive approach to securing future contracts [44][45] Q&A Session Summary Question: Opportunities from the acquisition in Jamaica - The acquisition is expected to serve as a springboard for further growth in the Caribbean, with plans for additional capital deployment and gas throughput optimization [8][15] Question: Total addressable market for fuel switching in the Caribbean - The Caribbean's reliance on liquid fuels presents a significant opportunity for LNG, as the region seeks to transition to cleaner energy sources [21][22] Question: Optimization of legacy terminal services - The company views its legacy business as a critical component of its operations, focusing on reliability and customer needs while exploring growth through organic and inorganic projects [24][26] Question: Capital allocation strategy - The primary focus remains on growth, with a commitment to returning capital to shareholders through dividends and share buybacks [31][33] Question: FSRU conversion candidates and new builds - The company is advancing on the engineering and design for converting its assets, with a focus on identifying the best opportunities for deployment [36][39]

Financial Data and Key Metrics Changes - The company reported a strong financial condition with $400 million in cash and an undrawn $500 million revolver, indicating readiness for growth initiatives [6] - The company expects the Caribbean platform to generate an incremental EBITDA of $80 million to $110 million over the next five years, with planned capital expenditures of $200 million to $400 million [16] Business Line Data and Key Metrics Changes - The recent acquisition of an integrated LNG and power platform in Jamaica, valued at over $1 billion, has positioned the company as an integrated downstream LNG performer [8] - The company has added two LNG import terminals, a power plant, and 12 small-scale regasification facilities, enhancing its operational capabilities [9] Market Data and Key Metrics Changes - The Caribbean market is heavily reliant on diesel and heavy fuel oil, with over 90% of power generation coming from these sources, presenting a significant opportunity for fuel switching to LNG [23] - The company is focused on optimizing gas throughput in Jamaica and expanding its infrastructure to meet the growing demand for cleaner energy [13][24] Company Strategy and Development Direction - The company aims to leverage its recent acquisition to expand its footprint in the Caribbean while maintaining its global presence [16] - The strategy includes optimizing existing assets and exploring new opportunities for growth through both organic projects and acquisitions [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the LNG market fundamentals, highlighting the support from the U.S. government and the increasing global demand for U.S. LNG [57][59] - The company remains focused on delivering reliable energy solutions and is committed to expanding its market reach [58] Other Important Information - The company has increased its dividend by 33% and expects low double-digit increases in dividends over the next three years, reflecting strong cash conversion from its business [33][34] - The company is actively negotiating opportunities for its FSRU asset in Asia and the Middle East, indicating a proactive approach to market expansion [45] Q&A Session Summary Question: Opportunities from the acquisition in Jamaica - The acquisition is expected to serve as a springboard for further growth in the Caribbean, with plans to optimize operations and increase gas throughput [8][12] Question: Total addressable market for fuel switching - The Caribbean's reliance on liquid fuels presents a significant opportunity for the company to deliver savings and reliable energy [23][24] Question: Optimization of legacy terminal services - The company views its legacy business as a critical component of its operations, focusing on reliability and customer needs [26][28] Question: Capital allocation strategy - The primary focus remains on growth, with a commitment to returning capital to shareholders through dividends and share buybacks [32][34] Question: FSRU conversion candidates - The company is advancing on the engineering and design for converting its assets, with a timeline for potential completion by late 2027 [38][46] Question: Sustainability and cost savings efforts - The company is integrating modular relicofaction kits to enhance sustainability and improve operational efficiency [47][50]

Financial Data and Key Metrics Changes - The company reported a strong financial condition with $400 million in cash and an undrawn $500 million revolver, indicating readiness to execute growth strategies [4] - The company expects the new Caribbean platform to generate an incremental EBITDA of $80 million to $110 million over the next five years, with planned capital expenditures of $200 million to $400 million [10][11] Business Line Data and Key Metrics Changes - The acquisition of an integrated LNG and power platform in Jamaica has expanded the company's capabilities, adding two LNG import terminals, a power plant, and 12 small-scale regasification facilities [6][9] - The company is focused on optimizing operations in the Caribbean, having already signed deals for increased gas throughput and investing in infrastructure [8][9] Market Data and Key Metrics Changes - The Caribbean market is heavily reliant on diesel and heavy fuel oil, with over 90% of power generation coming from these sources, presenting a significant opportunity for LNG [16] - The company aims to democratize U.S. gas to markets in the Caribbean, leveraging its proximity to U.S. LNG resources [16] Company Strategy and Development Direction - The company is committed to growth as its first priority while also returning cash to shareholders, having recently increased its dividend by 33% [20][21] - The company is exploring both new builds and conversions for its floating storage and regasification units (FSRUs), with a focus on optimizing its existing assets [22][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the LNG market fundamentals, highlighting strong support from the U.S. government and the growing global demand for reliable U.S. energy [35][36] - The company remains focused on expanding its market presence, having opened new markets in Bangladesh, Pakistan, Argentina, Kuwait, and Finland [36][37] Other Important Information - The company has a long-term LNG portfolio that allows it to bundle sales and purchases, minimizing commodity exposure and enhancing returns [18] - The company is actively engaged in sustainability efforts, including a recent agreement with Petrobras to install a regasification unit, which signifies a commitment to reliable energy solutions [32] Q&A Session Summary Question: How have the recent acquisitions opened up opportunities for growth? - The acquisition of the integrated LNG and power platform in Jamaica is seen as a significant step, providing a springboard for further expansion in the Caribbean [6] Question: What is the total addressable market for fuel switching in the Caribbean? - The Caribbean's reliance on liquid fuels presents a substantial opportunity for LNG, as the region is over 90% dependent on diesel and heavy fuel oil [16] Question: How does the company view potential optimization of legacy terminal services? - The company considers its legacy business as best-in-class and is focused on meeting the diverse needs of its customers while ensuring reliable operations [17] Question: What is the company's capital allocation strategy? - The company prioritizes growth while also returning capital to shareholders, with plans for low double-digit increases in dividends over the next three years [20][21] Question: What are the next steps for FSRU Hull 3407? - The company is currently in negotiations for Hull 3407 in Asia and the Middle East, with confidence in the execution and timeline for the asset [30]

FORWARD-LOOKING STATEMENTS [Forward-Looking Statements Overview](index=3&type=section&id=Forward-Looking%20Statements%20Overview) This section outlines forward-looking statements, based on current expectations and subject to inherent risks that may cause actual results to differ materially - Forward-looking statements are identified by terms such as 'anticipate,' 'believe,' 'estimate,' 'expect,' 'intend,' 'may,' 'plan,' 'potential,' 'predict,' 'project,' 'should,' 'target,' 'will,' or 'would'[8](index=8&type=chunk) - Key risks and uncertainties include the ability to realize anticipated benefits of the Acquisition, unplanned issues (delays, expenses, shortages), competitive market for LNG regasification, changes in LNG supply/demand/price, need for substantial capital expenditures, and risks associated with international business operations[9](index=9&type=chunk) - The company operates in a competitive and rapidly changing environment, with new risks emerging, such as global economic uncertainty, geopolitical conflicts, and health events, which could amplify existing risks[10](index=10&type=chunk) PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) This section presents Excelerate Energy's unaudited consolidated financial statements for periods ended June 30, 2025, and December 31, 2024 [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheet Highlights (In thousands) | Item | June 30, 2025 | December 31, 2024 | Change | % Change | | :-------------------------------- | :------------ | :---------------- | :----- | :------- | | Cash and cash equivalents | $425,998 | $537,522 | $(111,524) | -20.7% | | Total current assets | $609,339 | $754,279 | $(144,940) | -19.2% | | Property and equipment, net | $2,098,767 | $1,622,896 | $475,871 | 29.3% | | Intangible assets, net | $365,378 | — | $365,378 | N/A | | Goodwill | $249,240 | — | $249,240 | N/A | | Total assets | $4,010,080 | $2,883,215 | $1,126,865 | 39.1% | | Total current liabilities | $233,975 | $216,104 | $17,871 | 8.3% | | Long-term debt, net | $926,141 | $286,760 | $639,381 | 222.9% | | Total liabilities | $1,860,677 | $994,714 | $865,963 | 87.1% | | Total equity | $2,149,403 | $1,888,501 | $260,902 | 13.8% | [Consolidated Statements of Income](index=8&type=section&id=Consolidated%20Statements%20of%20Income) Consolidated Statements of Income Highlights (In thousands, except per share amounts) | Item | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Change (YoY) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | Change (YoY) | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------- | :----------------------------- | :----------------------------- | :----------- | | Total revenues | $204,556 | $183,333 | $21,223 | $519,646 | $383,446 | $136,200 | | Operating income | $43,386 | $49,881 | $(6,495) | $109,102 | $95,040 | $14,062 | | Income before income taxes | $26,339 | $40,704 | $(14,365) | $84,489 | $75,745 | $8,744 | | Net income | $20,765 | $33,277 | $(12,512) | $72,888 | $61,417 | $11,471 | | Net income attributable to shareholders | $4,729 | $6,672 | $(1,943) | $16,116 | $12,996 | $3,120 | | Net income per common share – basic | $0.15 | $0.27 | $(0.12) | $0.58 | $0.51 | $0.07 | | Net income per common share – diluted | $0.15 | $0.26 | $(0.11) | $0.57 | $0.50 | $0.07 | [Consolidated Statements of Comprehensive Income](index=9&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Consolidated Statements of Comprehensive Income Highlights (In thousands) | Item | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Change (YoY) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | Change (YoY) | | :--------------------------------------- | :------------------------------- | :------------------------------- | :----------- | :----------------------------- | :----------------------------- | :----------- | | Net income | $20,765 | $33,277 | $(12,512) | $72,888 | $61,417 | $11,471 | | Other comprehensive income (loss) | $293 | $175 | $118 | $(1,142) | $3,163 | $(4,305) | | Comprehensive income | $20,788 | $33,310 | $(12,522) | $72,499 | $61,997 | $10,502 | | Comprehensive income attributable to shareholders | $4,752 | $6,705 | $(1,953) | $15,727 | $13,576 | $2,151 | [Consolidated Statements of Changes in Equity](index=10&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Equity) Consolidated Statements of Changes in Equity Highlights (In thousands, except shares) | Item | Balance at January 1, 2025 | Balance at June 30, 2025 | Change | | :----------------------------------- | :------------------------- | :----------------------- | :----- | | Class A Common Stock (Amount) | $26 | $35 | $9 | | Class B Common Stock (Amount) | $82 | $82 | $0 | | Additional paid-in capital | $467,429 | $633,700 | $166,271 | | Retained earnings | $72,322 | $84,898 | $12,576 | | Accumulated other comprehensive income | $502 | $113 | $(389) | | Treasury stock (Amount) | $(52,375) | $(54,688) | $(2,313) | | Non-controlling interests | $1,400,515 | $1,485,263 | $84,748 | | Total equity | $1,888,501 | $2,149,403 | $260,902 | [Consolidated Statements of Cash Flows](index=12&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Consolidated Statements of Cash Flows Highlights (Six months ended June 30, in thousands) | Item | 2025 | 2024 | Change (YoY) | | :------------------------------------------ | :--------- | :--------- | :----------- | | Net cash provided by operating activities | $241,949 | $155,040 | $86,909 | | Net cash used in investing activities | $(1,125,499) | $(38,268) | $(1,087,231) | | Net cash provided by (used in) financing activities | $773,048 | $(63,082) | $836,130 | | Net increase (decrease) in cash, cash equivalents and restricted cash | $(110,414) | $53,684 | $(164,098) | | Cash, cash equivalents and restricted cash, End of period | $444,081 | $626,142 | $(182,061) | [Notes to Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) [Note 1 – General business information](index=13&type=section&id=Note%201%20%E2%80%93%20General%20business%20information) Excelerate Energy, Inc. operates LNG and natural gas infrastructure, with George B. Kaiser holding a significant EELP interest - Excelerate Energy, Inc. owns and operates liquefied natural gas (LNG) and natural gas infrastructure assets[25](index=25&type=chunk) - George B. Kaiser (and affiliates) owned approximately **71.9% of EELP ownership interests** as of June 30, 2025, down from 77.5% as of December 31, 2024[26](index=26&type=chunk) [Note 2 – Summary of significant accounting policies](index=13&type=section&id=Note%202%20%E2%80%93%20Summary%20of%20significant%20accounting%20policies) This note outlines significant accounting policies for property, intangible assets, goodwill, and new accounting pronouncements Useful Lives for Depreciation | Asset Type | Useful Life | | :--------------------------------- | :---------- | | Floating terminals and related equipment | 5-40 years | | Power generation | 25-35 years | | Fixed terminals and gas pipeline | 20-40 years | | Finance lease right-of-use assets | Lesser of useful life or lease term | | Other equipment | 3-12 years | - Intangible assets, primarily customer relationships from the Acquisition, are amortized on a straight-line basis over approximately **20 years**, with **$16.0 million** expected amortization expense annually for the next five years[31](index=31&type=chunk) - Goodwill, arising from the Acquisition, is considered to have an indefinite life and is tested for impairment at least annually or when impairment indicators are present[32](index=32&type=chunk)[33](index=33&type=chunk) - The company is evaluating the impact of new FASB ASUs: ASU 2023-09 (Income Tax Disclosures, effective after Dec 15, 2024) and ASU 2024-03 (Expense Disaggregation Disclosures, effective after Dec 15, 2026)[35](index=35&type=chunk)[36](index=36&type=chunk) [Note 3 – Acquisition](index=15&type=section&id=Note%203%20%E2%80%93%20Acquisition) In May 2025, Excelerate acquired New Fortress Energy Inc.'s Jamaica Business for approximately **$1.055 billion**, funded by debt, equity, and cash, to enhance contract revenue and diversify markets - Excelerate acquired **100%** of New Fortress Energy Inc.'s Jamaica Business in May 2025 for approximately **$1.055 billion** in cash[37](index=37&type=chunk) - The acquisition included the Montego Bay LNG Terminal, Old Harbour LNG Terminal, and Clarendon combined heat and power plant, funded by a Debt Offering, Equity Offering, and cash on hand[37](index=37&type=chunk) Fair Value of Assets Acquired and Liabilities Assumed (May 14, 2025, in thousands) | Item | Amount | | :----------------------------- | :--------- | | **Assets Acquired:** | | | Property and equipment, net | $436,543 | | Intangible assets, net | $367,500 | | Goodwill | $249,240 | | Right-of-use assets | $178,913 | | Total assets acquired | $1,320,256 | | **Liabilities Assumed:** | | | Operating lease liabilities | $153,208 | | Total liabilities assumed | $265,081 | | **Net assets acquired** | **$1,055,175** | - The Acquisition generated **$55.3 million** in revenue and **$12.7 million** in net income for the period from May 14, 2025, through June 30, 2025, with transition and transaction expenses totaling **$31.3 million** for the six months ended June 30, 2025[39](index=39&type=chunk) [Note 4 – Fair value of financial instruments](index=17&type=section&id=Note%204%20%E2%80%93%20Fair%20value%20of%20financial%20instruments) This note details fair value measurements of financial instruments, primarily derivatives and 2030 Notes, classified as Level 2 Fair Value of Financial Instruments (In thousands) | Item | June 30, 2025 (Carrying Value) | June 30, 2025 (Fair Value) | December 31, 2024 (Carrying Value) | December 31, 2024 (Fair Value) | | :----------------------------- | :----------------------------- | :------------------------- | :----------------------------- | :------------------------- | | Derivative financial instruments (Assets) | $27,046 | $27,046 | $13,605 | $13,605 | | Derivative financial instruments (Liabilities) | $(25,851) | $(25,851) | $(11,268) | $(11,268) | | 2030 Notes | $(800,000) | $(843,464) | — | — | - All derivatives and the 2030 Notes are classified as **Level 2 fair value instruments**, with values determined using observable market inputs like SOFR yield curves and Euro/U.S. dollar forward curves[43](index=43&type=chunk)[44](index=44&type=chunk) [Note 5 – Accounts receivable, net](index=17&type=section&id=Note%205%20%E2%80%93%20Accounts%20receivable%2C%20net) This note provides a breakdown of the company's net accounts receivable as of June 30, 2025, and December 31, 2024 Accounts Receivable, Net (In thousands) | Item | June 30, 2025 | December 31, 2024 | | :-------------------------- | :------------ | :---------------- | | Trade receivables | $72,274 | $114,381 | | Accrued revenue | $6,767 | $5,566 | | Amounts receivable – related party | $518 | $217 | | Allowance for doubtful accounts | $(728) | $(204) | | **Accounts receivable, net** | **$78,831** | **$119,960** | [Note 6 – Derivative financial instruments](index=19&type=section&id=Note%206%20%E2%80%93%20Derivative%20financial%20instruments) This note details derivative financial instruments, including interest rate swaps and foreign currency hedges, used to manage rate exposures Notional Values of Derivative Instruments (June 30, 2025, in thousands) | Instrument | Notional Value | | :------------------ | :------------- | | Interest rate swaps | $46,275 | | Foreign currency hedges | €11,374 | Fair Value of Derivative Instruments (In thousands) | Item | June 30, 2025 | December 31, 2024 | | :------------------------------------ | :------------ | :---------------- | | Total designated as hedging instruments | $1,195 | $2,337 | | Total not designated as hedging instruments | $0 | $0 | | **Total derivatives** | **$1,195** | **$2,337** | - Cash flow hedges include interest rate swaps hedging SOFR-based borrowings (expiring 2030) and euro to U.S. dollar hedges for operational and salary expenses (expiring December 2025)[49](index=49&type=chunk) Gains and Losses from Cash Flow Hedges (In thousands) | Item | Three months ended June 30, 2025 (OCI) | Three months ended June 30, 2024 (OCI) | Six months ended June 30, 2025 (OCI) | Six months ended June 30, 2024 (OCI) | | :------------------- | :------------------------------------- | :------------------------------------- | :----------------------------------- | :----------------------------------- | | Interest rate swaps | $510 | $1,102 | $(530) | $5,253 | | Reclassified to income | $217 | $927 | $612 | $2,090 | [Note 7 – Other current assets](index=20&type=section&id=Note%207%20%E2%80%93%20Other%20current%20assets) This note provides a breakdown of the company's other current assets as of June 30, 2025, and December 31, 2024 Other Current Assets (In thousands) | Item | June 30, 2025 | December 31, 2024 | | :-------------------------- | :------------ | :---------------- | | Prepaid expenses | $15,114 | $8,201 | | Prepaid expenses – related party | $2,311 | $2,250 | | Tax receivables | $6,221 | $5,978 | | Inventories | $19,304 | $23,930 | | Other receivables | $12,948 | $10,355 | | **Other current assets** | **$55,898** | **$50,714** | [Note 8 – Property and equipment, net](index=20&type=section&id=Note%208%20%E2%80%93%20Property%20and%20equipment%2C%20net) This note details net property and equipment, including Jamaica Acquisition additions and new floating regasification terminal construction Property and Equipment, Net (In thousands) | Item | June 30, 2025 | December 31, 2024 | | :--------------------------------- | :------------ | :---------------- | | Floating terminals and related equipment | $2,542,527 | $2,535,748 | | Power generation | $185,911 | — | | Fixed terminals and gas pipeline | $250,334 | — | | Assets in progress | $190,198 | $112,429 | | Less accumulated depreciation | $(1,133,129) | $(1,090,647) | | **Property and equipment, net** | **$2,098,767** | **$1,622,896** | - Depreciation expense was **$25.5 million** for Q2 2025 (down from $30.4 million in Q2 2024) and **$47.2 million** for YTD 2025 (down from $53.3 million in YTD 2024)[52](index=52&type=chunk) - The company is constructing a new **170,000 m3** floating regasification terminal, with delivery expected in **2026**, and made milestone payments of **$20 million** in Q2 2025[53](index=53&type=chunk) - The Montego Bay LNG Terminal, Old Harbour LNG Terminal, and Clarendon combined heat and power co-generation plant in Jamaica were acquired in May 2025 as part of the Acquisition[54](index=54&type=chunk) [Note 9 – Accrued liabilities](index=21&type=section&id=Note%209%20%E2%80%93%20Accrued%20liabilities) This note provides a breakdown of the company's accrued liabilities as of June 30, 2025, and December 31, 2024 Accrued Liabilities (In thousands) | Item | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | Accrued terminal and cargo expenses | $37,629 | $27,128 | | Payroll and related liabilities | $14,498 | $18,615 | | Current portion of TRA liability | $3,116 | $3,116 | | Other accrued liabilities | $46,659 | $21,163 | | **Accrued liabilities** | **$101,902** | **$70,022** | [Note 10 – Long-term debt, net](index=21&type=section&id=Note%2010%20%E2%80%93%20Long-term%20debt%2C%20net) This note details the company's long-term debt, including **$800 million** in 2030 Notes, Term Loan Facility repayment, and EE Revolver extension, altering the debt structure Long-term Debt, Net (In thousands) | Item | June 30, 2025 | December 31, 2024 | | :-------------------------- | :------------ | :---------------- | | 2030 Notes | $800,000 | — | | Term Loan Facility | — | $163,555 | | Experience Financing | $105,187 | $111,375 | | 2017 Bank Loans | $58,266 | $63,695 | | **Total debt** | **$963,453** | **$338,625** | | Less unamortized debt issuance costs | $(17,215) | $(5,072) | | Total debt, net | $946,238 | $333,553 | | Less current portion, net | $(20,097) | $(46,793) | | **Total long-term debt, net** | **$926,141** | **$286,760** | - In May 2025, EELP issued **$800 million** in **8.000% senior unsecured notes** due **2030** (2030 Notes) to fund the Jamaica Acquisition and repay the Term Loan Facility[68](index=68&type=chunk) - The Term Loan Facility was repaid in full in April 2025 using proceeds from the 2030 Notes, and associated interest rate swaps were unwound[66](index=66&type=chunk) - The EE Revolver's maturity was extended to **March 17, 2029**, and aggregate commitments increased to **$500.0 million** in April 2025; **$500.0 million** of undrawn capacity was available as of June 30, 2025[66](index=66&type=chunk)[67](index=67&type=chunk) [Note 11 – Long-term debt – related party](index=23&type=section&id=Note%2011%20%E2%80%93%20Long-term%20debt%20%E2%80%93%20related%20party) This note details the company's long-term debt with related parties, specifically the Exquisite Financing Long-term Debt – Related Party (In thousands) | Item | June 30, 2025 | December 31, 2024 | | :----------------------------- | :------------ | :---------------- | | Exquisite Financing | $166,127 | $170,895 | | Less current portion | $(9,291) | $(8,943) | | **Total long-term related party debt** | **$156,836** | **$161,952** | - The Exquisite Financing, a **$220.0 million** sale leaseback agreement with Nakilat Excelerate LLC (an equity method investment), is treated as financing due to its terms[71](index=71&type=chunk) [Note 12 – Equity](index=25&type=section&id=Note%2012%20%E2%80%93%20Equity) This note details Class A and B Common Stock, ownership changes, dividend declarations, and the Equity Offering's impact - Excelerate Energy Holdings, LLC (controlled by Kaiser) holds all Class B Common Stock, representing **71.9% of combined voting power** as of June 30, 2025 (down from 77.5% at Dec 31, 2024)[73](index=73&type=chunk)[74](index=74&type=chunk) Changes in Class A and Class B Common Stock Ownership | Item | Balance at January 1, 2025 | Balance at June 30, 2025 | | :------------------------------------ | :------------------------- | :----------------------- | | Class A Common Stock Outstanding | 23,868,073 | 32,001,057 | | Class B Common Stock | 82,021,389 | 82,021,389 | | Total | 105,889,462 | 114,022,446 | | Class A Ownership Percentage | 22.5% | 28.1% | - In March 2025, Excelerate completed an Equity Offering of **8,000,000 shares** of Class A Common Stock (including underwriter option) for net proceeds of approximately **$201.8 million**, used to fund the Acquisition[81](index=81&type=chunk) Dividends and Distributions Declared (In thousands, except per share amounts) | Quarter Ended | Date Paid or To Be Paid | Class B Interests (Distributions Paid or To Be Paid) | Class A Common Stock (Total Dividends Declared) | Dividend Declared per Share | | :-------------------- | :---------------------- | :--------------------------------------------------- | :-------------------------------------------- | :-------------------------- | | June 30, 2025 | September 4, 2025 | $6,562 | $2,679 | $0.08 | | March 31, 2025 | June 5, 2025 | $4,921 | $2,005 | $0.06 | | December 31, 2024 | March 27, 2025 | $4,921 | $1,535 | $0.06 | [Note 13 – Earnings per share](index=28&type=section&id=Note%2013%20%E2%80%93%20Earnings%20per%20share) This note presents the computation of basic and diluted earnings per share, including weighted average shares outstanding and dilutive effects of unvested stock Earnings Per Share Computation (In thousands, except share and per share amounts) | Item | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income attributable to shareholders – basic | $4,729 | $6,672 | $16,116 | $12,996 | | Weighted average shares outstanding – basic | 31,489,508 | 25,175,057 | 27,715,777 | 25,668,374 | | Weighted average shares outstanding – diluted | 32,162,826 | 25,338,067 | 28,470,434 | 25,747,145 | | Basic EPS | $0.15 | $0.27 | $0.58 | $0.51 | | Diluted EPS | $0.15 | $0.26 | $0.57 | $0.50 | [Note 14 – Leases](index=28&type=section&id=Note%2014%20%E2%80%93%20Leases) This note analyzes finance and operating lease liabilities, including maturity profiles, weighted average terms, discount rates, and total lease costs Maturity Analysis of Lease Liabilities (June 30, 2025, in thousands) | Year | Operating Lease Payments | Finance Lease Payments | | :---------------- | :----------------------- | :--------------------- | | Remainder of 2025 | $17,620 | $16,617 | | 2026 | $33,516 | $33,235 | | 2027 | $33,514 | $33,235 | | 2028 | $33,878 | $27,584 | | 2029 | $33,778 | $27,571 | | Thereafter | $75,606 | $85,581 | | **Total lease payments** | **$227,912** | **$223,823** | | Carrying value of lease liabilities | $172,315 | $180,669 | - As of June 30, 2025, weighted average remaining lease terms were **8.6 years** for operating leases and **7.6 years** for finance leases, with weighted average discount rates of **7.0%** and **6.3%**, respectively[88](index=88&type=chunk) Total Lease Costs (In thousands) | Item | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Amortization of finance lease ROU assets | $653 | $653 | $1,305 | $1,305 | | Interest on finance lease liabilities | $2,877 | $3,204 | $5,838 | $6,486 | | Operating lease expense | $4,954 | $441 | $5,435 | $890 | | Short-term lease expense | $93 | $281 | $250 | $534 | | **Total lease costs** | **$8,577** | **$4,579** | **$12,828** | **$9,215** | [Note 15 – Revenue](index=30&type=section&id=Note%2015%20%E2%80%93%20Revenue) This note disaggregates revenue by type and geographic region, providing insights into future minimum revenues and long-term contract expectations Total Revenue by Type (In thousands) | Item | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenue from leases | $136,481 | $138,114 | $269,258 | $270,265 | | Regasification and other services | $12,352 | $12,873 | $27,940 | $37,716 | | LNG, gas and power | $55,723 | $32,346 | $222,448 | $75,465 | | **Total revenue** | **$204,556** | **$183,333** | **$519,646** | **$383,446** | Revenue from Leases (In thousands) | Item | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :---------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Operating lease income | $119,806 | $120,465 | $235,732 | $243,341 | | Sales-type lease income | $16,675 | $17,649 | $33,526 | $26,924 | | **Total revenue from leases** | **$136,481** | **$138,114** | **$269,258** | **$270,265** | Disaggregated Revenue by Region (Six months ended June 30, 2025, in thousands) | Region | Revenue from leases | Regas and other services | LNG, gas and power | Total revenue | | :------------- | :------------------ | :----------------------- | :----------------- | :------------ | | Asia Pacific | $33,526 | $21,455 | $95,741 | $150,722 | | Latin America | $101,672 | — | — | $101,672 | | Middle East | $76,585 | — | — | $76,585 | | Europe | $57,475 | $259 | $43,990 | $101,724 | | North America | — | $6,027 | $82,717 | $88,744 | | Other | — | $199 | — | $199 | | **Total revenue** | **$269,258** | **$27,940** | **$222,448** | **$519,646** | - The estimated fixed transaction price allocated to long-term performance obligations is **$12.9 billion**, with significant revenue expected from **2026** onwards, including a **15-year LNG sale and purchase agreement** with Bangladesh Oil, Gas & Mineral Corporation starting in **2026**[99](index=99&type=chunk) [Note 16 – Long-term incentive compensation](index=33&type=section&id=Note%2016%20%E2%80%93%20Long-term%20incentive%20compensation) This note describes the Long-Term Incentive Plan (LTI Plan), including stock options, restricted stock units, performance units, and compensation expenses - The LTI Plan allows for grants of up to **10.8 million shares**, increasing annually by **4%** of outstanding Class A Common Stock, to align employee and stockholder interests[100](index=100&type=chunk) Stock-based Compensation Expense (In thousands) | Period | 2025 | 2024 | | :------------------------------- | :--------- | :--------- | | Three months ended June 30, | $3,207 | $1,920 | | Six months ended June 30, | $5,342 | $3,297 | - As of June 30, 2025, the company had **$1.4 million** in unrecognized compensation costs for stock options (over **1.8 years**), **$11.8 million** for restricted stock units (over **2.0 years**), and **$8.0 million** for performance units (over **2.0 years**)[104](index=104&type=chunk)[105](index=105&type=chunk)[110](index=110&type=chunk) [Note 17 – Income taxes](index=37&type=section&id=Note%2017%20%E2%80%93%20Income%20taxes) This note details income tax provision and effective tax rates, highlighting geographical income distribution, varying tax regimes, and Pillar Two Framework evaluation Provision for Income Taxes (In thousands) | Period | 2025 | 2024 | Change (YoY) | | :------------------------------- | :--------- | :--------- | :----------- | | Three months ended June 30, | $5,574 | $7,427 | $(1,853) | | Six months ended June 30, | $11,601 | $14,328 | $(2,727) | Effective Tax Rates | Period | 2025 | 2024 | | :------------------------------- | :----- | :----- | | Three months ended June 30, | 21.2% | 18.2% | | Six months ended June 30, | 13.7% | 18.9% | - The decrease in tax provision and effective tax rate was primarily due to the year-over-year change in the geographical distribution of income and varying tax regimes[112](index=112&type=chunk)[113](index=113&type=chunk) - The company is evaluating the potential impact of the **Pillar Two Framework** (minimum effective tax rate of **15%**), effective January 1, 2024, and January 1, 2025, on future income taxes and its Tax Receivable Agreement liability[117](index=117&type=chunk) [Note 18 – Related party transactions](index=39&type=section&id=Note%2018%20%E2%80%93%20Related%20party%20transactions) This note summarizes the company's balances and transactions with related parties, primarily concerning the Exquisite Financing and other receivables/payables Related Party Balances (In thousands) | Item | June 30, 2025 | December 31, 2024 | | :-------------------------- | :------------ | :---------------- | | Amounts due from related parties | $518 | $217 | | Amounts due to related parties | $260 | $412 | | Prepaid expenses – related party | $2,311 | $2,250 | - The Exquisite Financing is the primary debt instrument with related parties[118](index=118&type=chunk) [Note 19 – Concentration risk](index=39&type=section&id=Note%2019%20%E2%80%93%20Concentration%20risk) This note discusses exposure to concentrations of credit risk from cash, derivatives, and accounts receivable, as well as customer and asset concentrations - The company manages credit risk by placing cash with highly rated financial institutions and evaluating counterparty creditworthiness for customers and derivative contracts[119](index=119&type=chunk)[120](index=120&type=chunk) Customer Revenue Concentration (Percentage of Total Revenues) | Customer | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--------- | :----------------------------- | :----------------------------- | | Customer A | 26% | 29% | | Customer B | 14% | 19% | - Approximately **21%** of the company's fixed assets are located in Jamaica, with substantially all long-lived assets located outside the United States[122](index=122&type=chunk) [Note 20 – Commitments and contingencies](index=39&type=section&id=Note%2020%20%E2%80%93%20Commitments%20and%20contingencies) This note outlines the company's legal commitments and contingencies, including future LNG purchase and capacity obligations Future LNG Purchase and Capacity Obligations (June 30, 2025, in thousands) | Year | Amount | | :---------------- | :--------- | | Remainder of 2025 | $188,532 | | 2026 | $667,825 | | 2027 | $737,614 | | 2028 | $956,533 | | 2029 | $949,354 | | Thereafter | $9,297,992 | | **Total commitments** | **$12,797,850** | - Total costs incurred under take-or-pay or throughput obligations for the six months ended June 30, 2025, were **$26.8 million**, compared to no costs in the prior year[125](index=125&type=chunk) [Note 21 – Supplemental noncash disclosures for consolidated statement of cash flows](index=41&type=section&id=Note%2021%20%E2%80%93%20Supplemental%20noncash%20disclosures%20for%20consolidated%20statement%20of%20cash%20flows) This note provides supplemental cash flow information, including cash paid for taxes and interest, and a reconciliation of cash, cash equivalents, and restricted cash Supplemental Cash Flow Information (Six months ended June 30, in thousands) | Item | 2025 | 2024 | | :------------------------------------------ | :--------- | :--------- | | Cash paid for taxes | $10,264 | $13,070 | | Cash paid for interest | $25,598 | $29,855 | | Increase in capital expenditures included in accounts payable | $5,304 | $18,177 | Reconciliation of Cash, Cash Equivalents, and Restricted Cash (In thousands) | Item | June 30, 2025 | December 31, 2024 | | :------------------------------------------ | :------------ | :---------------- | | Cash and cash equivalents | $425,998 | $537,522 | | Restricted cash – current | $3,245 | $2,612 | | Restricted cash – non-current | $14,838 | $14,361 | | **Cash, cash equivalents, and restricted cash** | **$444,081** | **$554,495** | [Note 22 – Accumulated other comprehensive income](index=42&type=section&id=Note%2022%20%E2%80%93%20Accumulated%20other%20comprehensive%20income) This note details changes in accumulated other comprehensive income (AOCI) components, including translation adjustments, cash flow hedges, and equity method investee OCI share Changes in Accumulated Other Comprehensive Income (In thousands) | Item | At January 1, 2025 | At June 30, 2025 | Change | | :------------------------------------ | :----------------- | :--------------- | :----- | | Cumulative translation adjustment | $(581) | $(561) | $20 | | Qualifying cash flow hedges | $828 | $586 | $(242) | | Share of OCI in equity method investee | $255 | $88 | $(167) | | **Total AOCI** | **$502** | **$113** | **$(389)** | [Note 23 – Subsequent events](index=42&type=section&id=Note%2023%20%E2%80%93%20Subsequent%20events) This note discloses significant events after the reporting period, including a dividend declaration and the signing of the One Big Beautiful Bill Act (OBBBA) - On July 31, 2025, the board approved a cash dividend of **$0.08 per share** of Class A Common Stock for the quarter ended June 30, 2025, payable September 4, 2025[128](index=128&type=chunk) - The One Big Beautiful Bill Act (OBBBA) was signed into law on July 4, 2025, modifying and making permanent certain business tax provisions, with the company currently assessing its impact[129](index=129&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=43&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial condition and results, highlighting key performance drivers, the Jamaica Acquisition's impact, market trends, and liquidity - Excelerate owns and operates LNG and natural gas infrastructure assets globally, providing regasification services and integrated LNG solutions, with a business substantially supported by long-term, take-or-pay agreements[132](index=132&type=chunk)[133](index=133&type=chunk) - The May 2025 acquisition of New Fortress Energy Inc.'s Jamaica Business for approximately **$1.055 billion** aligns with strategies to enhance long-term contract revenue, diversify geographic mix, and establish 'last-mile' LNG infrastructure[136](index=136&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk) - Global LNG trade volumes slightly decreased in Q2 2025 (**101 MTPA**) from Q1 2025 (**108 MTPA**), driven by a slowdown in global economic growth and reduced imports in regions like Japan[140](index=140&type=chunk) Consolidated Financial Performance Highlights (In thousands) | Item | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Change (YoY) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | Change (YoY) | | :------------------------------------ | :------------------------------- | :------------------------------- | :----------- | :----------------------------- | :----------------------------- | :----------- | | Revenues | $204,556 | $183,333 | $21,223 | $519,646 | $383,446 | $136,200 | | Net income | $20,765 | $33,277 | $(12,512) | $72,888 | $61,417 | $11,471 | | Adjusted EBITDA | $107,137 | $88,963 | $18,174 | $207,557 | $164,352 | $43,205 | - Net income decreased by **$12.5 million** for Q2 2025 primarily due to **$27.7 million** in transition and transaction costs for the Acquisition and a **$9.7 million** increase in interest expense, partially offset by **$10.4 million** from Jamaica operations and **$8.6 million** from extended commissioning time in Albania[165](index=165&type=chunk) - Net income increased by **$11.5 million** for YTD 2025, driven by **$17.1 million** from drydocking of Summit LNG and Excellence in Q1 2024, **$10.4 million** from Jamaica operations, and **$9.7 million** from Albania power barge commissioning, partially offset by **$31.3 million** in Acquisition-related costs and **$9.7 million** in increased interest expense[166](index=166&type=chunk) Cash Flow Statement Highlights (Six months ended June 30, in thousands) | Item | 2025 | 2024 | Change | | :------------------------------------------ | :--------- | :--------- | :------- | | Net cash provided by operating activities | $241,949 | $155,040 | $86,909 | | Net cash used in investing activities | $(1,125,499) | $(38,268) | $(1,087,231) | | Net cash provided by (used in) financing activities | $773,048 | $(63,082) | $836,130 | - Investing activities saw a significant increase in cash usage (**$1.087 billion** increase) primarily due to the Jamaica Acquisition and milestone payments for a newbuild FSRU[199](index=199&type=chunk) - Financing activities increased by **$836.1 million**, driven by **$800.0 million** from the Debt Offering and **$201.9 million** from the Equity Offering, partially offset by debt repayments and issuance costs[200](index=200&type=chunk) Future Contractual Obligations (June 30, 2025, in thousands) | Obligation Type | Next Twelve Months | Beyond | | :------------------------------ | :----------------- | :------------- | | LNG purchase and capacity obligations | $487,492 | $12,310,358 | | Long-term debt obligations | $33,128 | $1,096,452 | | Lease obligations | $67,666 | $384,069 | | Other purchase obligations | $284,285 | $725 | | **Total commitments** | **$872,571** | **$13,791,604** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=58&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section discusses the company's exposure to market risks, including interest rate, commodity price, and foreign currency exchange risks, and the use of derivative instruments to manage these exposures - The company is exposed to interest rate risk on variable-rate debt, partially hedged by long-term interest rate swap agreements. A hypothetical **100 basis point** change in SOFR would impact the fair value of swaps by **$1.1 million**[226](index=226&type=chunk)[227](index=227&type=chunk) - Commodity price risk arises from LNG purchase commitments, with no financial commodity derivative instruments outstanding as of June 30, 2025[228](index=228&type=chunk) - Foreign currency exchange risk primarily affects expenses incurred in euros, Argentine pesos, Brazilian reals, and Bangladesh taka, with the fair value of currency hedges being immaterial as of June 30, 2025[229](index=229&type=chunk) [Item 4. Controls and Procedures](index=58&type=section&id=Item%204.%20Controls%20and%20Procedures) This section confirms the effectiveness of the company's disclosure controls and procedures as of June 30, 2025, with no material changes in internal control over financial reporting during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[232](index=232&type=chunk) - There have been no changes in internal control over financial reporting during the three months ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting[233](index=233&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=61&type=section&id=Item%201.%20Legal%20Proceedings) This section incorporates by reference the disclosure concerning legal proceedings from Note 20 – Commitments and contingencies in Part I, Item 1 - Disclosure concerning legal proceedings is incorporated by reference to Note 20 – Commitments and contingencies[235](index=235&type=chunk) [Item 1A. Risk Factors](index=61&type=section&id=Item%201A.%20Risk%20Factors) This section states no material changes to risk factors previously disclosed in the company's 2024 Annual Report and the Form 10-Q for the quarterly period ended March 31, 2025 - There have been no material changes from the risk factors previously disclosed in the 2024 Annual Report and the Form 10-Q for the quarterly period ended March 31, 2025[236](index=236&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=61&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This item is not applicable for this reporting period - This item is not applicable[237](index=237&type=chunk) [Item 3. Defaults Upon Senior Securities](index=61&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item is not applicable for this reporting period - This item is not applicable[238](index=238&type=chunk) [Item 4. Mine Safety Disclosures](index=61&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable for this reporting period - This item is not applicable[239](index=239&type=chunk) [Item 5. Other Information](index=61&type=section&id=Item%205.%20Other%20Information) This section provides information regarding trading plans of the company's directors and executive officers - During the three months ended June 30, 2025, none of the company's directors or executive officers adopted, modified, or terminated any Rule 10b5-1(c) trading plans or non-Rule 10b5-1 trading arrangements[240](index=240&type=chunk) [Item 6. Exhibits](index=62&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed as part of this Quarterly Report on Form 10-Q, including amendments to credit agreements, indenture for senior notes, and certifications - Key exhibits include the Fifth Amendment to Amended and Restated Senior Secured Credit Agreement (April 21, 2025), Indenture for 8.000% Senior Notes due 2030 (May 5, 2025), and Certifications of Principal Executive and Financial Officers (Sections 302 and 906 of Sarbanes-Oxley Act)[242](index=242&type=chunk) SIGNATURES [Signatures](index=63&type=section&id=Signatures) This section contains the official signatures for the Quarterly Report on Form 10-Q, certifying its submission - The report was signed on August 11, 2025, by Dana Armstrong, Executive Vice President and Chief Financial Officer (Principal Financial Officer) of Excelerate Energy, Inc[249](index=249&type=chunk)

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q2 2025 was $107 million, an increase of approximately $7 million quarter-over-quarter, primarily due to the addition of Jamaica EBITDA starting from May 14 [26] - Year-over-year adjusted EBITDA grew by $18 million, driven by the addition of Jamaica EBITDA and the strength of the legacy business [26] - Total debt, including finance leases, stood at $1.3 billion, with cash and cash equivalents of $426 million as of June 30 [27] - Net debt was $867 million, with a trailing twelve-month net leverage of 2.2 times [27] - The company raised its adjusted EBITDA guidance for 2025 to a range of $420 million to $440 million [31] Business Line Data and Key Metrics Changes - The Jamaica acquisition included the Montego Bay and Old Harbour LNG Terminals, which are already contributing to earnings [12] - The integration of Jamaica assets is proceeding as planned, with operational performance exceeding expectations [12] - The company expects to generate $80 million to $110 million in incremental EBITDA from optimizing the Jamaica platform by 2030 [14] Market Data and Key Metrics Changes - The company is positioned to benefit from growing demand for LNG tied to energy security and the energy transition [8] - The recent US-EU trade agreement is expected to expand LNG exports, reinforcing the relevance of the company's business model [9] Company Strategy and Development Direction - The company remains focused on operational excellence, disciplined growth, and delivering long-term value for shareholders [4] - The growth strategy includes owning and operating downstream infrastructure assets, with a long runway for growth through strategic opportunities [6] - The company aims to position Jamaica as a regional hub for LNG distribution across the Caribbean, leveraging its geographic location [16] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of energy security for all nations and the supportive policy momentum for LNG exports [9] - The company is confident in its ability to capture new demand and grow from the Jamaica platform, with positive reactions from customers [40] - Management expressed optimism about the global LNG market, particularly in Europe and Vietnam, highlighting ongoing engagements and potential investments [101][102] Other Important Information - The company announced an increase in its quarterly dividend on July 31, reflecting enhanced cash flow from the Jamaica acquisition [29] - The capital allocation strategy prioritizes investing in accretive growth opportunities while returning capital to shareholders [28] Q&A Session Summary Question: Priorities for Jamaica projects and expected EBITDA contribution - Management indicated that there are both near-term opportunities that require minimal CapEx and longer-term projects that will require more investment [36][38] Question: Opportunities in the Caribbean and specific markets - Management noted that many Caribbean islands are still reliant on liquid fuels, presenting opportunities for fuel switching and LNG distribution [42][44] Question: Addressable untapped market for gas in the Caribbean - Management acknowledged significant demand but did not provide specific quantifiable figures, emphasizing the competitive advantage of their assets [47][48] Question: Supply and demand outlook for new builds - Management expressed confidence in the tight infrastructure market and increasing demand for LNG, positioning the company well for future growth [51] Question: Timeline for FSRU conversion and cost savings - Management indicated that the conversion process typically takes about two years, with potential for timeline compression due to existing equipment [60] Question: Incremental CapEx for smaller receiving terminals - Management stated that it is still early in the assessment of costs for smaller terminals, emphasizing flexibility in solutions [63] Question: Intangible assets from the Jamaica acquisition - Management clarified that the intangible assets primarily consist of customer contracts [66] Question: Key milestones for Jamaica platform - Management committed to transparency and will provide updates on incremental sales and optimization efforts [71] Question: Financing for Hull 3407 - Management is evaluating various financing options, including cash, revolver borrowing, and potential ECA financing [80] Question: Cost savings from owning the LNG carrier Shenandoah - Management confirmed that owning the vessel will enhance returns compared to chartering [87] Question: Breakdown of EBITDA guidance for Jamaica - Management indicated that the guidance includes both synergies from existing assets and new opportunities requiring further CapEx [90]

Core Viewpoint - Excelerate Energy reported quarterly earnings of $0.34 per share, exceeding the Zacks Consensus Estimate of $0.32 per share, and showing an increase from $0.26 per share a year ago [1][2] Financial Performance - The earnings surprise for the quarter was +6.25%, and the company has surpassed consensus EPS estimates in all four of the last quarters [2] - Revenues for the quarter were $204.56 million, which missed the Zacks Consensus Estimate by 16.65%, but increased from $183.33 million year-over-year [3] - The current consensus EPS estimate for the upcoming quarter is $0.35, with expected revenues of $283.37 million, and for the current fiscal year, the EPS estimate is $1.45 on revenues of $1.13 billion [8] Market Performance - Excelerate Energy shares have declined approximately 19.6% since the beginning of the year, contrasting with the S&P 500's gain of 8.6% [4] - The stock currently holds a Zacks Rank 4 (Sell), indicating expectations of underperformance in the near future [7] Industry Outlook - The Alternative Energy - Other industry, to which Excelerate Energy belongs, is currently ranked in the bottom 33% of over 250 Zacks industries, suggesting potential challenges ahead [9] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Excelerate Energy's stock performance [6]

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[Company Overview & Highlights](index=1&type=section&id=Company%20Overview%20%26%20Highlights) Excelerate Energy's Q2 2025 results, Jamaica acquisition, and increased dividend reflect strong performance and strategic growth [Recent Highlights](index=1&type=section&id=Recent%20Highlights) Excelerate Energy reported strong Q2 2025 results, including $20.8 million Net Income and $107.1 million Adjusted EBITDA, raised full-year guidance, and increased its quarterly dividend by 33% Q2 2025 Key Financial Highlights | Metric | Value | | :----- | :---- | | Net Income | $20.8 million | | Adjusted Net Income | $46.8 million | | Adjusted EBITDA | $107.1 million | - Closed acquisition of the Jamaica integrated LNG and power platform in May; integration is on track and assets are exceeding operational expectations[8](index=8&type=chunk) - Raised Full Year 2025 Adjusted EBITDA guidance, now expected to range between **$420 million and $440 million**[8](index=8&type=chunk) - Declared a quarterly cash dividend of **$0.08 per share**, or **$0.32 per share** on an annualized basis, representing an approximately **33 percent increase** from the prior quarter[8](index=8&type=chunk) [CEO Comment](index=1&type=section&id=CEO%20COMMENT) CEO Steven Kobos highlighted Excelerate's robust quarter, attributing success to its business model and operational excellence, with early contributions from Jamaica operations - Excelerate delivered another robust quarter, demonstrating the strength of our business model and our focus on operational excellence, with results reflecting terminal services and early Jamaica operations contributions[3](index=3&type=chunk) - The Jamaica transaction represents a strategic inflection point, expanding Excelerate's role in the LNG value chain and creating a more diversified platform for growth[4](index=4&type=chunk) [About Excelerate Energy](index=2&type=section&id=ABOUT%20EXCELERATE%20ENERGY) Excelerate Energy, Inc. is a U.S.-based LNG company providing integrated services across the LNG-to-power value chain, offering flexible regasification, infrastructure, supply, and power generation - Excelerate Energy, Inc. is a U.S.-based LNG company located in The Woodlands, Texas[17](index=17&type=chunk) - Excelerate is changing how the world accesses cleaner energy by providing integrated services along the LNG-to-power value chain, aiming for rapid-to-market and reliable LNG solutions[17](index=17&type=chunk) - The Company offers a full range of flexible regasification services from floating LNG terminals to infrastructure development, LNG supply, and power generation[17](index=17&type=chunk) [Second Quarter 2025 Financial Performance](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Performance) Excelerate Energy's Q2 2025 financial performance shows $204.6 million in revenues and $107.1 million in Adjusted EBITDA, with detailed analysis of income and EBITDA drivers [Key Financial Results Summary](index=1&type=section&id=SECOND%20QUARTER%202025%20FINANCIAL%20RESULTS) Excelerate Energy reported Q2 2025 revenues of $204.6 million, operating income of $43.4 million, net income of $20.8 million, and Adjusted EBITDA of $107.1 million For the three months ended | Metric (in millions, except per share amounts) | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :----------------------------------- | :------------ | :------------- | :------------ | | Revenues | $204.6 | $315.1 | $183.3 | | Operating Income | $43.4 | $65.7 | $49.9 | | Net Income | $20.8 | $52.1 | $33.3 | | Adjusted Net Income | $46.8 | $55.6 | $33.3 | | Adjusted EBITDA | $107.1 | $100.4 | $89.0 | | Earnings Per Share (diluted) | $0.15 | $0.46 | $0.26 | | Adjusted Earnings Per Share (diluted) | $0.34 | $0.49 | $0.26 | [Detailed Financial Performance Analysis](index=1&type=section&id=Detailed%20Financial%20Performance%20Analysis) Net income decreased due to Jamaica acquisition costs and higher interest, while Adjusted EBITDA increased from Jamaica's contribution, partially offset by Atlantic Basin margin and vessel costs - Net income for Q2 2025 decreased sequentially due to transition and transaction costs from the Jamaica acquisition, higher interest expense, expected seasonality in Atlantic Basin margin, and timing of vessel operating costs, partially offset by Jamaica EBITDA[6](index=6&type=chunk) - Adjusted EBITDA for Q2 2025 increased sequentially primarily due to the addition of Jamaica EBITDA, partially offset by lower Atlantic Basin margin and timing of vessel operating costs[6](index=6&type=chunk) - Net income for Q2 2025 decreased year-over-year due to Jamaica acquisition transition and transaction costs and increased interest expense, partially offset by Jamaica EBITDA; Adjusted net income and Adjusted EBITDA increased year-over-year due to Jamaica EBITDA[7](index=7&type=chunk) [Operational and Strategic Developments](index=2&type=section&id=Operational%20and%20Strategic%20Developments) Excelerate completed the Jamaica acquisition, purchased an LNG carrier, and partnered with Petrobras for a reliquefaction unit, enhancing its operational capabilities and asset base [Key Commercial Updates](index=2&type=section&id=KEY%20COMMERCIAL%20UPDATES) Excelerate completed the Jamaica acquisition, purchased an LNG carrier, and signed an agreement with Petrobras for a reliquefaction unit, expanding its asset base and operational efficiency [Jamaica Acquisition and Integration](index=2&type=section&id=Jamaica%20Acquisition%20and%20Integration) Excelerate completed the acquisition of an integrated LNG and power platform in Jamaica, including terminals and a power plant, and is optimizing these assets for EBITDA growth - In May 2025, Excelerate completed its acquisition of an integrated LNG and power platform in Jamaica, including the Montego Bay and Old Harbour LNG terminals, the Clarendon combined heat and power plant, and small-scale LNG storage and regasification sites[9](index=9&type=chunk) - The Company has begun optimizing these assets to drive near-term EBITDA growth through improved performance and expanded commercial activity, also deepening its presence in Jamaica and the broader Caribbean[9](index=9&type=chunk) [LNG Carrier Purchase](index=2&type=section&id=LNG%20Carrier%20Purchase) Excelerate finalized the purchase of the LNG carrier Excelerate Shenandoah for an Atlantic Basin supply deal, also marking its first FSRU conversion candidate - In July 2025, Excelerate finalized an agreement to purchase an LNG carrier, renamed the **Excelerate Shenandoah**, to service a previously announced mid-term Atlantic Basin supply deal[10](index=10&type=chunk) - The LNG carrier also represents Excelerate's first owned asset selected as an FSRU conversion candidate[10](index=10&type=chunk) [Reliquefaction Unit Agreement with Petrobras](index=2&type=section&id=Reliquefaction%20Unit%20Agreement%20with%20Petrobras) Excelerate signed an agreement with Petrobras to install a reliquefaction unit on the Experience FSRU in Brazil, aiming to eliminate boil-off losses and reduce Scope 1 emissions - In July 2025, Excelerate signed a definitive agreement with Petrobras to install a reliquefaction unit on the floating regasification terminal Experience, located in Guanabara Bay, Brazil[11](index=11&type=chunk) - Once installed, this technology will help eliminate all excess cargo losses due to boil off and lower Excelerate's Scope 1 emissions, while upgrading the performance and life expectancy of the floating LNG terminal[11](index=11&type=chunk) [Liquidity and Capital Resources](index=2&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) As of June 30, 2025, Excelerate maintained strong liquidity with $426.0 million in cash and a fully undrawn $500 million revolving credit facility Liquidity Position (as of June 30, 2025) | Metric | Amount (in millions) | | :----- | :------------------- | | Unrestricted Cash and Cash Equivalents | $426.0 | | Undrawn Revolving Credit Facility Capacity | $500.0 | [Quarterly Cash Dividend Update](index=2&type=section&id=QUARTERLY%20CASH%20DIVIDEND%20UPDATE) Excelerate's Board approved a 33% increase in the quarterly cash dividend to $0.08 per share, targeting low double-digit annual growth from 2026-2028 Quarterly Cash Dividend | Metric | Value | | :----- | :---- | | Q2 2025 Dividend per share | $0.08 | | Annualized Dividend per share | $0.32 | | Increase from prior quarter | ~33% | | Payable Date | September 4, 2025 | - With even greater confidence in its forward cash flow outlook following the Jamaica acquisition, Excelerate is now targeting a **low double-digit annual dividend growth rate** commencing in 2026 and continuing through 2028[13](index=13&type=chunk) [Financial Outlook](index=2&type=section&id=Financial%20Outlook) Excelerate revised its full-year 2025 guidance, raising Adjusted EBITDA expectations to $420-$440 million and adjusting capital expenditures due to the Jamaica acquisition and LNG carrier purchase [Revised 2025 Financial Outlook](index=2&type=section&id=REVISED%202025%20FINANCIAL%20OUTLOOK) Excelerate revised its full-year 2025 guidance, raising Adjusted EBITDA expectations to $420-$440 million and adjusting capital expenditures due to the Jamaica acquisition and LNG carrier purchase [Adjusted EBITDA Guidance](index=2&type=section&id=Adjusted%20EBITDA%20Guidance) Excelerate raised its full-year 2025 Adjusted EBITDA guidance to $420-$440 million, incorporating the anticipated contribution from the Jamaica acquisition - Excelerate revised its full year 2025 guidance range, raising its full year 2025 Adjusted EBITDA guidance to include the anticipated contribution from the Jamaica acquisition from May 14, 2025 through December 31, 2025[14](index=14&type=chunk) Revised Full Year 2025 Adjusted EBITDA Guidance | Metric | Range (in millions) | | :----- | :------------------ | | Adjusted EBITDA | $420 - $440 | [Capital Expenditure Guidance](index=2&type=section&id=Capital%20Expenditure%20Guidance) Revised 2025 capital expenditure guidance projects maintenance capex at $65-$75 million and committed growth capital at $95-$105 million, primarily due to the LNG carrier purchase Revised 2025 Capital Expenditure Guidance | Metric | Range (in millions) | | :----- | :------------------ | | Maintenance Capex | $65 - $75 | | Committed Growth Capital | $95 - $105 | - The increase to Committed Growth Capital is primarily driven by the purchase of the LNG carrier, the Excelerate Shenandoah, in the third quarter[15](index=15&type=chunk) [Supplemental Information](index=2&type=section&id=Supplemental%20Information) This section provides details on the investor conference call, definitions of non-GAAP financial measures, forward-looking statements, and company contacts [Investor Conference Call and Webcast](index=2&type=section&id=INVESTOR%20CONFERENCE%20CALL%20AND%20WEBCAST) Excelerate management will host a conference call and webcast for investors and analysts on Monday, August 11, 2025, at 8:30 a.m. Eastern Time - The Excelerate management team will host a conference call for investors and analysts at **8:30 a.m. Eastern Time** (7:30 a.m. Central Time) on Monday, August 11, 2025[16](index=16&type=chunk) - Investors are invited to access a live webcast of the conference call via the Investor Relations page on the Company's website at www.excelerateenergy.com[16](index=16&type=chunk) [Use of Non-GAAP Financial Measures](index=2&type=section&id=USE%20OF%20NON-GAAP%20FINANCIAL%20MEASURES) Excelerate Energy uses non-GAAP measures like Adjusted Gross Margin, Adjusted Net Income, Adjusted EBITDA, and Adjusted EPS to provide additional insights into operational performance [Overview of Non-GAAP Measures](index=4&type=section&id=Overview%20of%20Non-GAAP%20Measures) Excelerate reports GAAP financial results but supplements them with non-GAAP measures to provide additional useful information for evaluating performance and valuation - The Company reports financial results in accordance with accounting principles generally accepted in the United States ("GAAP"), with non-GAAP measures designed to supplement, not substitute, GAAP information[18](index=18&type=chunk) - Management believes that the non-GAAP financial measures provide investors with additional useful information in evaluating the Company's performance and valuation[19](index=19&type=chunk) [Definition of Adjusted Gross Margin](index=4&type=section&id=Adjusted%20Gross%20Margin) Adjusted Gross Margin is defined as revenues less cost of LNG, gas, and power, and operating expenses, excluding depreciation and amortization, to measure operational financial performance - The Company uses Adjusted Gross Margin, a non-GAAP financial measure, defined as revenues less cost of LNG, gas and power and operating expenses, excluding depreciation and amortization, to measure its operational financial performance[20](index=20&type=chunk) [Definition of Adjusted Net Income](index=4&type=section&id=Adjusted%20Net%20Income) Adjusted Net Income is defined as net income plus tax-effected transition and transaction expenses, providing insight into profitability excluding non-recurring charges from the Jamaica acquisition - The Company uses Adjusted Net Income, a non-GAAP financial measure, defined as net income plus tax-effected transition and transaction expenses[21](index=21&type=chunk) - Management believes Adjusted Net Income is useful because it provides insight into profitability excluding the impact of non-recurring charges related to the Jamaica acquisition[21](index=21&type=chunk) [Definition of Adjusted EBITDA](index=4&type=section&id=Adjusted%20EBITDA) Adjusted EBITDA is defined as net income before interest, taxes, depreciation, amortization, accretion, non-cash long-term incentive compensation, and non-recurring expenses, offering insight into ongoing operating performance - The Company defines Adjusted EBITDA as net income before interest expense, income taxes, depreciation and amortization, accretion, non-cash long-term incentive compensation expense and items such as charges and non-recurring expenses that management does not consider as part of assessing ongoing operating performance[22](index=22&type=chunk) - Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as an indicator of the Company's operating performance or liquidity, as it has limitations regarding cost of capital, tax structure, and historic costs of depreciable assets[23](index=23&type=chunk) [Definition of Adjusted Earnings Per Share](index=4&type=section&id=Adjusted%20Earnings%20Per%20Share) Adjusted EPS is defined as diluted EPS plus the per-share impact of tax-effected transition and transaction expenses, providing insight into per-share profitability excluding non-recurring charges - The Company uses Adjusted Earnings Per Share ("EPS"), a non-GAAP financial measure, defined as diluted EPS plus the per share impact of its tax-effected transition and transaction expenses[24](index=24&type=chunk) - Management believes Adjusted EPS is useful because it provides insight on per share profitability excluding the impact of non-recurring charges related to the Jamaica acquisition[24](index=24&type=chunk) [Forward-Looking Statements](index=4&type=section&id=FORWARD-LOOKING%20STATEMENTS) This section contains forward-looking statements regarding future operations, financial conditions, and strategies, subject to substantial risks and uncertainties, including integration risks and market competition - This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, about Excelerate and its industry that involve substantial risks and uncertainties[25](index=25&type=chunk) - Readers should not rely on forward-looking statements as predictions of future events, as they are based primarily on current expectations and projections about future events and trends that may affect the business, financial condition, and operating results[26](index=26&type=chunk) - The outcome of these forward-looking statements is subject to risks, uncertainties, and other factors described in Excelerate's Annual Report on Form 10‐K for the year ended December 31, 2024, and other SEC filings, including the ability to successfully complete and realize benefits of the Jamaica acquisition, manage integration risks, and address unplanned issues or market competition[26](index=26&type=chunk) [Contacts](index=6&type=section&id=CONTACTS) This section provides contact information for investor relations, handled by Craig Hicks, and media inquiries, managed by Stephen Pettibone and Frances Jeter - Investors: Craig Hicks, Excelerate Energy, Craig.Hicks@excelerateenergy.com[32](index=32&type=chunk) - Media: Stephen Pettibone / Frances Jeter, FGS Global, Excelerate@fgsglobal.com or media@excelerateenergy.com[32](index=32&type=chunk) [Unaudited Financial Statements](index=7&type=section&id=Unaudited%20Financial%20Statements) This section presents Excelerate's unaudited consolidated statements of income, balance sheets, and cash flows for Q2 2025, reflecting the impact of the Jamaica acquisition [Consolidated Statements of Income](index=7&type=section&id=Consolidated%20Statements%20of%20Income%20(Unaudited)) The unaudited consolidated statements of income show total revenues of $204.6 million for Q2 2025, with operating income at $43.4 million and net income at $20.8 million Consolidated Statements of Income (Selected Data, in thousands) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :----- | :------ | :------ | :------ | | Total revenues | $204,556 | $315,090 | $183,333 | | Operating income | $43,386 | $65,716 | $49,881 | | Net income | $20,765 | $52,123 | $33,277 | | Net income attributable to shareholders | $4,729 | $11,387 | $6,672 | | Diluted EPS | $0.15 | $0.46 | $0.26 | [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets%20(Unaudited)) As of June 30, 2025, total assets increased significantly to $4.01 billion, and total liabilities to $1.86 billion, primarily due to the Jamaica acquisition Consolidated Balance Sheets (Selected Data, in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :----- | :------------ | :---------------- | | Total current assets | $609,339 | $754,279 | | Total assets | $4,010,080 | $2,883,215 | | Total current liabilities | $233,975 | $216,104 | | Total liabilities | $1,860,677 | $994,714 | | Total equity | $2,149,403 | $1,888,501 | - Total assets increased from **$2.88 billion** at December 31, 2024, to **$4.01 billion** at June 30, 2025, primarily driven by the Jamaica acquisition, which introduced intangible assets and goodwill[36](index=36&type=chunk) [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows%20(Unaudited)) For the six months ended June 30, 2025, net cash from operations was $241.9 million, while investing activities used $1.13 billion, largely offset by $773.0 million from financing activities Consolidated Statements of Cash Flows (Selected Data, in thousands) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----- | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $241,949 | $155,040 | | Net cash used in investing activities | $(1,125,499) | $(38,268) | | Net cash provided by (used in) financing activities | $773,048 | $(63,082) | | Net increase (decrease) in cash, cash equivalents and restricted cash | $(110,414) | $53,684 | - Net cash used in investing activities significantly increased to **$(1.13) billion** for the six months ended June 30, 2025, primarily due to **$1.05 billion** net cash paid for acquisition[38](index=38&type=chunk) [Non-GAAP Reconciliations](index=10&type=section&id=Non-GAAP%20Reconciliation%20(Unaudited)) This section provides reconciliations for Excelerate's non-GAAP financial measures, including Adjusted Gross Margin, Adjusted Net Income, Adjusted EBITDA, and Adjusted Diluted EPS, to their most directly comparable GAAP measures [Adjusted Gross Margin Reconciliation](index=10&type=section&id=Adjusted%20Gross%20Margin%20Reconciliation) The reconciliation shows Adjusted Gross Margin increased to $118.1 million in Q2 2025, up from $112.4 million in Q1 2025 and $105.6 million in Q2 2024 Adjusted Gross Margin Reconciliation (in thousands) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :----- | :------ | :------ | :------ | | Gross Margin | $92,588 | $90,750 | $75,181 | | Depreciation and amortization expense | $25,518 | $21,643 | $30,400 | | **Adjusted Gross Margin** | **$118,106** | **$112,393** | **$105,581** | [Adjusted Net Income Reconciliation](index=10&type=section&id=Adjusted%20Net%20Income%20Reconciliation) Adjusted Net Income for Q2 2025 was $46.8 million, reconciled from GAAP Net Income of $20.8 million by adding back tax-effected transition and transaction expenses Adjusted Net Income Reconciliation (in thousands) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :----- | :------ | :------ | :------ | | Net income | $20,765 | $52,123 | $33,277 | | Add back: Transition and transaction expenses | $27,659 | $3,682 | $0 | | Tax impact on adjustments | $(1,615) | $(174) | $0 | | **Adjusted Net Income** | **$46,809** | **$55,631** | **$33,277** | [Adjusted EBITDA Reconciliation](index=10&type=section&id=Adjusted%20EBITDA%20Reconciliation) Adjusted EBITDA for Q2 2025 was $107.1 million, an increase from prior quarters, reconciled by adding back various non-cash and non-recurring expenses to GAAP Net Income Adjusted EBITDA Reconciliation (in thousands) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :----- | :------ | :------ | :------ | | Net income | $20,765 | $52,123 | $33,277 | | Interest expense | $23,932 | $14,316 | $15,476 | | Provision for income taxes | $5,574 | $6,027 | $7,427 | | Depreciation and amortization expense | $25,518 | $21,643 | $30,400 | | Accretion expense | $483 | $477 | $463 | | Long-term incentive compensation expense | $3,206 | $2,152 | $1,920 | | Transition and transaction expenses | $27,659 | $3,682 | $0 | | **Adjusted EBITDA** | **$107,137** | **$100,420** | **$88,963** | [Adjusted Diluted EPS Reconciliation](index=10&type=section&id=Adjusted%20Diluted%20EPS%20Reconciliation) Adjusted Diluted EPS for Q2 2025 was $0.34, derived from GAAP Diluted EPS of $0.15 by adjusting for tax-effected transition and transaction expenses Adjusted Diluted EPS Reconciliation | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :----- | :------ | :------ | :------ | | Earnings Per Share (diluted) | $0.15 | $0.46 | $0.26 | | Add back: Transition and transaction expenses | $0.24 | $0.03 | $0 | | Tax impact on adjustments | $(0.05) | $0 | $0 | | **Adjusted Earnings Per Share (diluted)** | **$0.34** | **$0.49** | **$0.26** | [2025E Adjusted EBITDA Outlook Reconciliation](index=11&type=section&id=2025E%20Adjusted%20EBITDA%20Outlook%20Reconciliation) The 2025 full-year Adjusted EBITDA outlook is reconciled to estimated income before income taxes, projecting a range of $420 million to $440 million 2025E Adjusted EBITDA Outlook Reconciliation (in millions) | Metric | Low Case | High Case | | :----- | :------- | :-------- | | Income before income taxes | $167 | $197 | | Interest expense | $95 | $90 | | Depreciation and amortization expense | $110 | $105 | | Accretion expense | $2 | $2 | | Long-term incentive compensation expense | $10 | $15 | | Transition and transaction expenses | $36 | $31 | | **Adjusted EBITDA** | **$420** | **$440** |