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]

Financial Performance - The company's net income for 2Q 2025 was $208 million[40] - Adjusted net income for 2Q 2025 reached $468 million[40] - Adjusted EBITDA for 2Q 2025 amounted to $1071 million[40] - The company is raising its full year 2025 adjusted EBITDA guidance to $420 million - $440 million[51] Jamaica Acquisition & Growth - The company acquired an integrated LNG and power platform in Jamaica[23] - The company anticipates $200 million - $400 million in growth capital allocated to infrastructure expansion in Jamaica and the Caribbean[30] - The company projects $80 million - $110 million in annual incremental EBITDA from asset optimization and infrastructure expansion in Jamaica and the Caribbean by 2030[30] Terminal Services & Assets - The company commenced regasification operations at the Wilhelmshaven LNG Terminal in May 2025[32] - The company finalized the purchase of an LNG carrier in July 2025[33] - The company has $426 million in cash and cash equivalents as of June 30, 2025[60]

[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** |

Core Viewpoint - The market anticipates Excelerate Energy (EE) will report a year-over-year increase in earnings driven by higher revenues for the quarter ended June 2025, with a consensus EPS estimate of $0.32, reflecting a 23.1% increase, and revenues expected to reach $245.41 million, up 33.9% from the previous year [1][3]. Earnings Expectations - The upcoming earnings report is scheduled for August 11, and the stock may rise if the actual results exceed expectations, while a miss could lead to a decline [2]. - The consensus EPS estimate has been revised down by 1.05% over the last 30 days, indicating a bearish sentiment among analysts regarding the company's earnings prospects [4][12]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that Excelerate Energy has a negative Earnings ESP of -6.35%, suggesting a lower likelihood of beating the consensus EPS estimate [12]. - The company currently holds a Zacks Rank of 3 (Hold), which complicates predictions regarding an earnings beat [12]. Historical Performance - In the last reported quarter, Excelerate Energy exceeded the expected EPS of $0.39 by delivering $0.49, resulting in a surprise of +25.64% [13]. - Over the past four quarters, the company has surpassed consensus EPS estimates three times [14]. Industry Comparison - Constellation Energy Corporation, another player in the alternative energy sector, is expected to report earnings of $1.83 per share for the same quarter, reflecting an 8.9% year-over-year increase, with revenues projected at $5.06 billion, down 7.6% from the previous year [18][19]. - Constellation Energy's consensus EPS estimate has been revised up by 5.5% in the last 30 days, but it also has an Earnings ESP of 0%, making predictions about beating the consensus EPS challenging [19][20].

Group 1: TransMedics Group - TransMedics Group reported Q1 2025 sales of over $143 million, exceeding analyst expectations by approximately 16% [2] - The company achieved adjusted earnings per share (EPS) of $0.70, more than double the expected amount [3] - TransMedics increased its full-year revenue guidance by $34 million, now forecasting $575 million, which implies a growth of 30% compared to 2024 [4] Group 2: Everus - Everus reported Q1 sales of nearly $827 million, beating forecasts by over $150 million, resulting in a sales beat of over 22% [6] - The company's non-adjusted EPS rose by 31% to $0.72, contrary to analyst expectations of a decline [6] - Everus's order backlog increased by 41% to $3.1 billion, providing a solid revenue floor for future growth [8] Group 3: Excelerate Energy - Excelerate Energy's Q1 sales reached $315 million, surpassing estimates by over 51% [11] - Revenues grew by over 57%, significantly higher than the expected growth of just 4% [11] - The company is positioned to benefit from rising global demand for LNG, with Jefferies initiating coverage with a $39 price target [11]

Financial Performance - Total revenues for the three months ended March 31, 2025, increased to $315,090,000, up 57.4% from $200,113,000 in the same period of 2024[16] - Net income attributable to shareholders for Q1 2025 was $11,387,000, representing an 80.5% increase compared to $6,324,000 in Q1 2024[16] - Operating income for the three months ended March 31, 2025, was $65,716,000, compared to $45,159,000 in Q1 2024, reflecting a growth of 45.5%[16] - Comprehensive income attributable to shareholders for Q1 2025 was $10,975,000, compared to $6,871,000 in Q1 2024, reflecting a 60.9% increase[18] - For the three months ended March 31, 2025, net income was $52.123 million, a 85.1% increase compared to $28.140 million in the same period of 2024[22] - The diluted earnings per share for the three months ended March 31, 2025, was $0.46, compared to $0.24 for the same period in 2024[73] Cash and Liquidity - Cash and cash equivalents as of March 31, 2025, were $619,469,000, an increase of 15.2% from $537,522,000 at the end of 2024[15] - Cash, cash equivalents, and restricted cash at the end of Q1 2025 totaled $637.605 million, up from $596.652 million at the end of Q1 2024[22] - Net cash provided by operating activities for Q1 2025 was $154.809 million, significantly higher than $64.661 million in Q1 2024[22] - The Company had $350.0 million of undrawn capacity available under the EE Revolver[59] Assets and Liabilities - Total current assets as of March 31, 2025, were $779,819,000, up from $754,279,000 at the end of 2024, indicating a growth of 3.4%[15] - The company’s total assets increased to $2,917,443,000 as of March 31, 2025, from $2,883,215,000 at the end of 2024, a growth of 1.2%[15] - The total long-term debt, net as of March 31, 2025, was $275.638 million, a decrease from $286.760 million as of December 31, 2024, reflecting a reduction of about 3.9%[48] - The current portion of long-term debt remained stable at $46,993,000 as of March 31, 2025, compared to $46,793,000 at the end of 2024[15] Revenue Sources - The company reported a significant increase in gas sales, reaching $166,725,000 in Q1 2025, compared to $43,119,000 in Q1 2024, marking a growth of 286.5%[16] - Revenue from leases was $132.78 million, slightly up from $132.15 million year-over-year, with operating lease income contributing $115.93 million[82] - Gas sales revenue surged to $166.73 million, compared to $43.12 million in the prior year, reflecting a significant increase in demand[81] Strategic Initiatives - Excelerate Energy is in the process of acquiring a business in Jamaica for an initial purchase price of $1.055 billion, expected to close in Q2 2025[25][26] - The company plans to utilize cash reserves for the pending acquisition and ongoing operational needs, reflecting a strategic focus on growth and expansion[25][26] - The company signed a 15-year LNG sale and purchase agreement with Petrobangla, expected to deliver 0.85 million tonnes per annum starting in 2026, increasing to 1.0 MTPA from 2028[91] Stock and Equity - The Company repurchased 2,473,787 shares of its Class A Common Stock at a weighted average price of $20.41 per share during the year ended December 31, 2024, totaling approximately $50.0 million[72] - A cash dividend of $0.06 per share of Class A Common Stock was declared for the quarter ended March 31, 2025, payable on June 5, 2025[123] - The company completed an equity offering of 6,956,522 shares at a public offering price of $26.50 per share, resulting in net proceeds of approximately $201.9 million after expenses[120] Expenses and Costs - The company reported depreciation and amortization expenses of $21.643 million for Q1 2025, slightly down from $22.910 million in Q1 2024[22] - The Company reported a depreciation expense of $20.8 million for the three months ended March 31, 2025, compared to $22.0 million for the same period in 2024, indicating a decrease of approximately 5.5%[45] - The company reported total lease costs of $4.25 million for Q1 2025, down from $4.64 million in Q1 2024[80] Market Risks - The company is exposed to market risks including interest rates, natural gas and LNG prices, and foreign currency exchange rates, and may utilize derivative instruments to manage these risks[205] - The company has no financial commodity derivative instruments as of March 31, 2025, to mitigate commodity price risk associated with LNG purchases[208] Taxation - The provision for income taxes for the three months ended March 31, 2025, was $6.0 million, down from $6.9 million in 2024, with an effective tax rate of 10.4% compared to 19.7%[106]

Financial Data and Key Metrics Changes - In Q1 2025, the company reported adjusted EBITDA of $100 million, an increase of $9 million or approximately 10% compared to the previous quarter [19] - Adjusted net income for the first quarter was $56 million, a sequential increase of $10 million or up 20% compared to Q4 2024 [19] - Total debt, including finance leases, was $677 million, with cash and cash equivalents of $619 million as of March 31 [20] Business Line Data and Key Metrics Changes - The strong financial results were primarily driven by the core regasification infrastructure business, supported by a high-quality take-or-pay customer contract portfolio, which represents over 90% of the estimated full-year adjusted EBITDA [10][19] - Operational reliability remained above 99.9%, exceeding all primary safety targets [11][12] Market Data and Key Metrics Changes - The company is expanding its LNG terminal presence in key natural gas markets globally, with ongoing discussions regarding the deployment of the new FSRU under construction [6][13] - The acquisition of the integrated LNG infrastructure and power platform in Jamaica is expected to enhance long-term contract revenue and margins while diversifying geographic exposure [15][16] Company Strategy and Development Direction - The company is focused on optimizing and expanding its fleet asset strategy, with the construction of Hull 3407 on track for delivery in mid-2026 [13] - The acquisition in Jamaica is a significant step in the execution of the downstream growth strategy, expected to be immediately accretive to EPS and enhance operating cash flow [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position and the opportunities ahead, emphasizing the resilience of the business model amid macroeconomic uncertainties [18][75] - The company is seeing increased interest in LNG imports from countries looking to balance trade deficits, indicating a favorable environment for growth [70][71] Other Important Information - The company completed an equity offering of 8 million shares at $26.5 per share, raising $212 million, and closed an $800 million offering of senior unsecured notes [22] - The adjusted EBITDA guidance for 2025 has been increased to a range of $345 million to $365 million, excluding any incremental EBITDA from the Jamaica acquisition [23] Q&A Session Summary Question: What are the remaining steps to close the Jamaica transaction? - Management indicated that they are well into the closing process, with routine deliverables and consents expected to be completed without major impediments [29] Question: What are the growth opportunities for the Jamaica assets? - Management highlighted lower hanging opportunities for growth and incremental gas and LNG sales post-acquisition, leveraging Jamaica's geographical location as a hub [30][32] Question: Update on Hull 3407 and market dynamics? - Management noted serious discussions regarding Hull 3407, emphasizing its best-in-class features and the interest from various counterparties [34][35] Question: How does U.S. international diplomacy impact growth opportunities? - Management stated that the company is largely tariff-proof and sees increasing demand for LNG imports from countries needing to rebalance trade deficits [68][70] Question: Updates on LNG vessel conversion plans? - Management confirmed ongoing discussions and engineering advancements for LNG vessel conversions, with plans to acquire an asset this year [80][81]

Financial Data and Key Metrics Changes - In Q1 2025, the company reported adjusted EBITDA of $100 million, an increase of $9 million or approximately 10% compared to the previous quarter [17] - Adjusted net income for the first quarter was $56 million, up $10 million or 20% sequentially from Q4 2024 [17] - Total debt, including finance leases, stood at $677 million, with cash and cash equivalents of $619 million as of March 31, 2025 [18] Business Line Data and Key Metrics Changes - The core regasification infrastructure business drove the strong financial results, with over 90% of estimated full-year adjusted EBITDA supported by a high-quality take-or-pay customer contract portfolio [8][17] - Operational reliability exceeded 99.9% during the quarter, reflecting the company's commitment to operational excellence [9] Market Data and Key Metrics Changes - The company is expanding its LNG terminal presence in key natural gas markets globally, with a focus on enhancing energy security and supporting a lower carbon future [5][6] - The acquisition of the integrated LNG infrastructure and power platform in Jamaica is expected to enhance long-term contract revenue and margins while diversifying geographic exposure [12][13] Company Strategy and Development Direction - The company is pursuing strategic growth catalysts, including the acquisition of the Jamaica LNG platform, which is expected to be immediately accretive to EPS and enhance operating cash flow [14][15] - The construction of a new FSRU, Hull 3407, is on track for delivery in mid-2026, with ongoing discussions regarding its deployment [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's robust business model, which is not significantly impacted by tariffs, and highlighted the strong demand for LNG imports in various markets [71][66] - The company raised its adjusted EBITDA guidance for 2025 to a range of $345 million to $365 million, excluding contributions from the Jamaica acquisition [21] Other Important Information - The company completed an equity offering of 8 million shares at $26.5 per share, raising $212 million, and closed an $800 million offering of senior unsecured notes [20] - Fitch Ratings and S&P Global Ratings assigned inaugural credit ratings of BB and BB+, respectively, reflecting the company's strong financial health [19] Q&A Session Summary Question: What are the remaining steps to close the Jamaica transaction? - Management indicated that they are well into the closing process, with routine deliverables and consents expected to be completed without major impediments [27] Question: What are the growth opportunities in Jamaica? - Management highlighted lower hanging fruit opportunities and incremental drivers for growth, emphasizing the strategic fit of the Jamaica assets [28][30] Question: Update on Hull 3407 and market dynamics? - Management confirmed serious discussions regarding Hull 3407, with intense interest from potential counterparties [32][33] Question: Impact of international gas prices on demand? - Management noted that lower LNG prices have increased interest from developing countries, leading to potential fast-track projects [93][94] Question: Updates on LNG vessel conversion plans? - Management confirmed ongoing discussions and engineering advancements for LNG vessel conversions, with plans to acquire an asset this year [75][76] Question: Update on Vietnam MOU? - Management stated ongoing discussions with PetroVietnam and a focus on enhancing the relationship, with positive momentum observed [84] Question: Maintenance and operations impact on EBITDA? - Management indicated that some overachievement in Q1 was due to timing of costs, with expectations of catch-up in subsequent quarters [87]

Group 1: Earnings Performance - Excelerate Energy reported quarterly earnings of $0.49 per share, exceeding the Zacks Consensus Estimate of $0.39 per share, and up from $0.24 per share a year ago [1] - The earnings surprise for the quarter was 25.64%, with the company previously expected to post earnings of $0.32 per share but actually producing $0.40 per share [2] - Over the last four quarters, the company has surpassed consensus EPS estimates three times [2] Group 2: Revenue Performance - The company posted revenues of $315.09 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 53.54%, compared to year-ago revenues of $200.11 million [3] - Excelerate Energy has topped consensus revenue estimates two times over the last four quarters [3] Group 3: Stock Performance and Outlook - Excelerate Energy shares have declined approximately 15.3% since the beginning of the year, while the S&P 500 has declined by 4.7% [4] - The company's earnings outlook is mixed, with current consensus EPS estimate for the coming quarter at $0.30 on revenues of $248.17 million, and $1.38 on revenues of $915.22 million for the current fiscal year [8] - The Zacks Industry Rank for Alternative Energy - Other is currently in the bottom 37% of over 250 Zacks industries, indicating potential challenges for stock performance [9]