Financial Performance - Total revenues for Q3 2025 reached $391.0 million, a significant increase from $193.4 million in Q3 2024, representing a growth of 102%[16] - Net income attributable to shareholders for Q3 2025 was $13.9 million, compared to $9.0 million in Q3 2024, marking a year-over-year increase of 56%[16] - Operating income for the nine months ended September 30, 2025, was $196.3 million, up from $154.8 million in the same period of 2024, reflecting a growth of 27%[16] - Net income for the nine months ended September 30, 2025, was $52.123 million, compared to $40.736 million for the same period in 2024, representing a year-over-year increase of 28.5%[19] - For the nine months ended September 30, 2025, net income increased to $127.9 million from $107.0 million in 2024, representing a growth of approximately 19%[23] - For the three months ended September 30, 2025, the company reported net income of $55,044,000, an increase from $45,546,000 in the same period of 2024, representing a growth of 11%[86] - The basic earnings per share for the three months ended September 30, 2025, was $0.44, compared to $0.36 for the same period in 2024, reflecting a 22% increase[86] Assets and Liabilities - Cash and cash equivalents as of September 30, 2025, totaled $462.6 million, down from $537.5 million at the end of 2024[15] - Total assets increased to $4.1 billion as of September 30, 2025, compared to $2.9 billion at the end of 2024, indicating a growth of 42%[15] - Current liabilities rose to $291.0 million as of September 30, 2025, compared to $216.1 million at the end of 2024, an increase of 35%[15] - The company reported a total equity of $2.2 billion as of September 30, 2025, up from $1.9 billion at the end of 2024, reflecting a growth of 16%[15] - The balance of retained earnings as of September 30, 2025, was $1.519 billion, reflecting an increase from $1.432 billion at March 31, 2025[19] - As of September 30, 2025, the total long-term debt net is $918.8 million, an increase from $286.8 million as of December 31, 2024[57] Equity and Dividends - Class A dividends increased from $0.06 per share to $0.08 per share during the same period, reflecting a 33.3% increase[19] - The total equity balance at September 30, 2025, was $2.195 billion, up from $1.931 billion at March 31, 2025, indicating a growth of approximately 13.7%[19] - EELP declared and paid distributions totaling $6.562 million to Class B interests and $2,675,000 in dividends to Class A Common Stock for the quarter ended September 30, 2025[81] Revenue and Growth - For the nine months ended September 30, 2025, total revenues reached $1.059 billion, up from $851.8 million in 2024, reflecting a growth of approximately 24%[39] - The Asia Pacific region generated $267.045 million in revenue for the nine months ended September 30, 2025, up from $204.125 million in 2024, marking an increase of about 30.8%[99] - The company expects to recognize $12.821 billion in revenue from contracts exceeding one year, with significant amounts projected for 2026 ($907.152 million) and 2027 ($903.305 million)[105] Acquisitions and Investments - The company completed the acquisition of New Fortress Energy Inc.'s business in Jamaica for approximately $1.055 billion in cash, which included the acquisition of three LNG facilities[36] - The company finalized the acquisition of the Montego Bay LNG Terminal and other assets in 2025, enhancing its operational capacity[105] - The company raised $800.0 million through long-term debt issuance to fund the acquisition and other activities[23] Cash Flow and Operating Activities - Net cash provided by operating activities for the nine months ended September 30, 2025, was $356.8 million, compared to $194.8 million in 2024, indicating an increase of 83%[23] - Cash and cash equivalents at the end of the period decreased to $481.8 million from $626.5 million at the end of 2024[23] Financial Instruments and Risks - The company’s interest rate swaps hedge approximately 70% of the variability in interest payments on the 2017 Bank Loans[50] - The Company is exposed to market risks including changes in interest rates, LNG commodity prices, and foreign currency exchange rates[230] - The Company may utilize derivative instruments to manage market risks, with gains or losses typically offset by corresponding gains or losses on the hedged item[230] Stock and Shareholder Information - The weighted average shares outstanding for basic earnings per share increased to 32.0 million in Q3 2025 from 25.0 million in Q3 2024[16] - The company repurchased 2,473,787 shares of its Class A Common Stock at a weighted average price of $20.41 per share, totaling approximately $50.0 million[84] - In March 2025, the company completed an equity offering of 6,956,522 shares at a public offering price of $26.50 per share, generating net proceeds of approximately $201.8 million[85]

Financial Data and Key Metrics Changes - Excelerate Energy reported record quarterly EBITDA of $129 million, an increase of $22 million or 21% compared to the previous quarter [6][16] - Adjusted net income for the third quarter was $57 million, a sequential increase of $10 million or 22% compared to the second quarter [16] - Total debt, including finance leases, was $1.3 billion, with cash and cash equivalents of $463 million on hand [18] Business Line Data and Key Metrics Changes - The Jamaica operations maintained exceptional reliability, exceeding 99.8% across the platform [14] - The company achieved considerable savings related to the Exemplar dry dock, which completed with fewer off-hire days than anticipated [17] - Incremental gas volumes were sold to existing customers, and commercial agreements with new small-scale customers progressed well in Jamaica [15] Market Data and Key Metrics Changes - The global LNG market is expected to grow from approximately 430 million tons per annum in 2025 to over 600 million tons per annum by 2030 [8] - Approximately 200 million tons of incremental LNG supply is expected to come online between now and the end of the decade [8] Company Strategy and Development Direction - Excelerate Energy is focused on scalable regasification solutions to meet the growing demand for LNG, particularly in emerging markets [9][10] - The company executed a definitive agreement with Iraq's Ministry of Electricity to develop the country's first LNG import terminal, which is strategically significant for energy security [10][11] - The company aims to replicate the successful Jamaica model across its global footprint, emphasizing integrated energy solutions [39][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in limited financial impacts from Hurricane Melissa due to comprehensive insurance coverage and a take-or-pay business model [5][20] - The company anticipates significant opportunities to extend its platform into new regions and deepen its presence in existing ones [16] - Management highlighted the importance of developing new regas infrastructure as global supply tightens [8][9] Other Important Information - The company announced a quarterly cash dividend of $0.08 per share, payable on December 4th [19] - Adjusted EBITDA guidance for 2025 was increased to a range of $435 million to $450 million [19] Q&A Session Summary Question: What is the expected split between vessel and supply margin for the Iraq project? - Management did not provide a specific breakdown but emphasized the overall build multiple of 4.5 to 5 times [24][25] Question: What is the timeline and capital cost for converting the Shenandoah vessel? - The conversion is estimated to cost around $200 million, with no specific timeline committed yet [27][28] Question: What is the remaining spend on the new building asset currently under construction? - Approximately $200 million is left to pay upon delivery, with the total shipyard cost around $340 million [30][31] Question: When will work commence at the Jetty in Iraq? - The project is expected to be operational by summer 2026, with CapEx ramping up in the interim [32] Question: Are there integrated opportunities for the conversion candidate? - Management confirmed that integrated opportunities are being pursued globally, with a focus on affordability and execution [43]

Financial Performance - 3Q 2025 - Net Income reached $55.0 million in 3Q 2025 [21] - Adjusted Net Income was $57.1 million in 3Q 2025 [21] - Adjusted EBITDA amounted to $129.3 million in 3Q 2025 [21] - Compared to 2Q 2025, Net Income increased from $20.8 million, Adjusted Net Income increased from $46.8 million, and Adjusted EBITDA increased from $107.1 million [21] - Compared to 3Q 2024, Net Income increased from $45.5 million, Adjusted Net Income increased from $45.5 million, and Adjusted EBITDA increased from $92.3 million [21] Balance Sheet - Cash and Cash Equivalents stood at $462.6 million as of September 30, 2025 [36] - Total Debt and Finance Leases amounted to $1,280.9 million, including $942.1 million in debt facilities, $163.6 million in debt facilities from related parties, and $175.2 million in finance lease liabilities [36] 2025 Financial Outlook - The company projects an Adjusted EBITDA between $435 million and $450 million for 2025 [35]

Core Viewpoint - Excelerate Energy reported quarterly earnings of $0.45 per share, exceeding the Zacks Consensus Estimate of $0.30 per share, and showing an increase from $0.35 per share a year ago [1][2] Financial Performance - The earnings surprise for the quarter was +50.00%, with the company having surpassed consensus EPS estimates in all four of the last quarters [2] - Revenues for the quarter ended September 2025 were $391.04 million, surpassing the Zacks Consensus Estimate by 27.53%, compared to $193.42 million in the same quarter last year [3] Stock Performance - Excelerate Energy shares have declined approximately 15.4% since the beginning of the year, while the S&P 500 has gained 15.1% [4] - The current Zacks Rank for Excelerate Energy is 3 (Hold), indicating expected performance in line with the market in the near future [7] Future Outlook - The consensus EPS estimate for the upcoming quarter is $0.34 on revenues of $315.94 million, and for the current fiscal year, it is $1.34 on revenues of $1.14 billion [8] - The outlook for the industry, particularly the Alternative Energy - Other sector, is currently in the bottom 31% of Zacks industries, which may impact stock performance [9]

Financial Performance - Reported revenues of $391.0 million for Q3 2025, a 91% increase from $204.6 million in Q2 2025 and a 102% increase from $193.4 million in Q3 2024[4] - Net income for Q3 2025 was $55.0 million, up from $20.8 million in Q2 2025 and $45.5 million in Q3 2024[4] - Adjusted EBITDA for Q3 2025 reached $129.3 million, compared to $107.1 million in Q2 2025 and $92.3 million in Q3 2024, reflecting strong operational performance[4] - Operating income for the same period was $87,221,000, compared to $43,386,000 in the previous quarter and $59,739,000 in the same quarter last year, reflecting a strong operational performance[31] - For the three months ended September 30, 2025, the net income was $55,044,000, a significant increase from $20,765,000 in the previous quarter and $45,546,000 in the same quarter last year[39] - Adjusted EBITDA for the same period was $129,325,000, up from $107,137,000 in the previous quarter and $92,289,000 year-over-year[40] - The diluted earnings per share (EPS) for the quarter was $0.43, compared to $0.15 in the previous quarter and $0.35 in the same quarter last year[41] - Adjusted EPS increased to $0.45 from $0.34 in the previous quarter and remained stable at $0.35 year-over-year[41] Cash Flow and Assets - The company reported cash flows from operating activities of $356,821,000 for the nine months ended September 30, 2025, compared to $194,818,000 for the same period in 2024, indicating improved cash generation[35] - Total assets increased to $4,096,979,000 as of September 30, 2025, from $2,883,215,000 at the end of 2024, demonstrating significant growth in the company's asset base[33] - Cash and cash equivalents decreased to $462,618,000 as of September 30, 2025, from $537,522,000 at the end of 2024, reflecting cash utilization for investments[33] - As of September 30, 2025, the company had $462.6 million in unrestricted cash and cash equivalents, with $500 million available under its revolving credit facility[11] Investments and Expenditures - Executed a definitive commercial agreement for Iraq's first LNG import terminal, with a minimum contracted offtake of 250 million standard cubic feet per day (MMscf/d)[8] - Total project investment for the Iraq LNG terminal is expected to be approximately $450 million, including the cost of the floating storage and regasification unit (FSRU)[9] - Maintenance capital expenditures for 2025 are expected to range between $65 million and $75 million, with committed growth capital expected to be between $95 million and $105 million[13] - The company incurred net cash paid for acquisition amounting to $1,048,091,000 during the nine months ended September 30, 2025, indicating active investment in growth opportunities[35] Debt and Financial Obligations - The company’s long-term debt increased to $918,819,000 as of September 30, 2025, from $286,760,000 at the end of 2024, indicating a strategic leverage for growth[33] - Interest expense increased to $28,135,000 from $23,932,000 in the previous quarter and $15,122,000 year-over-year[40] - Depreciation and amortization expense rose to $31,758,000 from $25,518,000 in the previous quarter and $23,031,000 year-over-year[40] Dividends and Shareholder Returns - Declared a quarterly cash dividend of $0.08 per share, or $0.32 per share on an annualized basis, payable on December 4, 2025[12] - The weighted average shares outstanding increased to 32,001,766 for basic shares as of September 30, 2025, compared to 31,489,508 in the previous quarter, indicating potential dilution from equity financing[31] Guidance and Future Outlook - Full Year 2025 Adjusted EBITDA guidance raised to a range of $435 million to $450 million, accounting for impacts from Hurricane Melissa[7][13] - The company expects adjusted EBITDA for 2025 to range between $435 million and $450 million, with a low case of $179 million and a high case of $204 million for income before income taxes[42] Operational Efficiency - Adjusted Gross Margin for the three months ended September 30, 2025, was $144,635,000, compared to $118,106,000 in the previous quarter and $106,589,000 in the same quarter last year, reflecting improved profitability[38] - Transition and transaction expenses for the quarter were $2,217,000, a decrease from $27,659,000 in the previous quarter[40] - Long-term incentive compensation expense was $3,265,000, slightly up from $3,206,000 in the previous quarter and significantly higher than $1,966,000 year-over-year[40]

Core Points - Excelerate Energy, Inc. has partnered with several organizations to mobilize over one million USD in aid for Jamaica following Hurricane Melissa [1] Group 1 - Excelerate Energy, in collaboration with Food For The Poor Jamaica, Project C.U.R.E., World Central Kitchen, ODPEM, and MoHW, is actively involved in relief and recovery efforts [1] - The financial support aims to address the critical needs arising from the devastation caused by Hurricane Melissa [1]

Core Insights - Excelerate Energy has signed a definitive commercial agreement for a fully integrated liquefied natural gas (LNG) import terminal at the Port of Khor Al Zubair in Iraq, marking a significant step in Iraq's energy sector [1][5] - The project includes a five-year contract for regasification services and LNG supply, with a minimum of 250 million standard cubic feet per day (mscf/d) of offtake and a regasification capacity of 500 mscf/d [2][3] - The total investment for the project is estimated at around $450 million, which includes the cost of the floating storage and regasification unit (FSRU) [2] Company Strategy - Excelerate Energy aims to enhance Iraq's energy security by combining terminal development, LNG supply, and operational expertise, with operations expected to commence in 2026 [3][4] - The FSRU, Hull 3407, under construction in South Korea, will have a storage capacity of 170,000 m³ and a regasification capacity of up to one billion standard cubic feet per day [4] - This project represents Excelerate's first fully integrated floating LNG import terminal in the Middle East, extending its global infrastructure platform [5][6] Market Impact - The floating LNG import terminal is a historic milestone for Iraq, enabling the country to access global LNG markets for the first time and reducing dependency on imported pipeline gas [4][5] - The agreement reflects the growing global demand for regasification infrastructure and reinforces Excelerate's position as a leading provider of integrated LNG solutions [6]

Core Points - Excelerate Energy, Inc. will release its third quarter 2025 results on November 5, 2025, after U.S. financial markets close [1] - A conference call for analysts and investors is scheduled for November 6, 2025, at 8:30 a.m. Eastern Time [2] - Excelerate Energy is a U.S.-based LNG company focused on providing integrated services along the LNG-to-power value chain [3] Company Overview - Excelerate Energy is located in The Woodlands, Texas, and aims to change global access to cleaner energy [3] - The company offers a full range of flexible regasification services, including floating LNG terminals, infrastructure development, LNG supply, and power generation [3] - Excelerate has a global presence in various cities, including Abu Dhabi, Antwerp, Boston, and Singapore [3]

Industry Overview - The U.S. Energy Department reported a natural gas injection of 90 billion cubic feet (Bcf) for the week ended Sept. 12, exceeding market expectations of 78 Bcf and the five-year average of 74 Bcf [3][9] - Total natural gas stocks reached 3,433 Bcf, which is 204 Bcf (6.3%) higher than the five-year average, but only 4 Bcf (0.1%) below the 2024 level [4][9] - Natural gas prices closed at $2.888, down 1.8% from the previous week, influenced by oversupply, weaker LNG exports, and reduced demand [5][9] Market Dynamics - Analysts remain optimistic about the natural gas market, citing robust industrial demand, steady U.S. output, and rising LNG exports as factors likely to tighten balances and support firmer pricing moving into 2026 [1][7] - The total supply of natural gas averaged 111.8 Bcf per day, a decrease of 0.6 Bcf per day from the previous week, due to lower dry production and reduced shipments from Canada [4] Company Focus - **The Williams Companies**: Positioned to benefit from long-term U.S. natural gas demand growth, with a strong portfolio of large-scale projects and handling a third of U.S. natural gas [10] - The Zacks Consensus Estimate for The Williams Companies' 2025 earnings per share indicates a 14.5% year-over-year growth [11] - **Cheniere Energy**: Holds a competitive advantage as the first company to receive regulatory approval for LNG exports from its Sabine Pass terminal, with significant revenue and earnings growth expected [12] - The Corpus Christi Stage 3 expansion is progressing well, with construction 68% complete [13] - **Excelerate Energy**: Specializes in LNG infrastructure and services, representing 20% of the global Floating Storage Regasification Units (FSRUs) fleet [14] - The Zacks Consensus Estimate for Excelerate Energy's 2025 earnings per share indicates a 5.5% year-over-year growth [15]

Core Insights - Excelerate Energy, Inc. operates in the liquefied natural gas (LNG) sector, facing competition from several companies in the utilities market [1][6] - The company's Return on Invested Capital (ROIC) is 5.21%, which is below its Weighted Average Cost of Capital (WACC) of 7.17%, indicating inefficiency in capital utilization [2][6] - Excelerate Energy's ROIC/WACC ratio is 0.73, suggesting there is potential for improvement compared to its peers [5][6] Financial Performance - Excelerate Energy's ROIC of 5.21% is lower than its WACC of 7.17%, raising concerns about its ability to generate returns exceeding its capital costs [2][6] - Among peers, PNM Resources has a significantly negative ROIC of -122.19% against a WACC of 4.24%, indicating severe capital inefficiency [3] - Black Hills Corporation leads in capital efficiency with a ROIC of 4.87% and a WACC of 5.40%, resulting in a ROIC/WACC ratio of 0.90, the highest among competitors [3][5] Peer Comparison - IDACORP, Inc. has a ROIC of 3.66% and a WACC of 5.62%, leading to a ROIC/WACC ratio of 0.65, which is lower than Excelerate Energy's ratio [4] - Avista Corporation and Southwest Gas Holdings have ROIC/WACC ratios of 0.81 and 0.59, respectively, both lower than Excelerate Energy's [4] - Overall, while Excelerate Energy's performance is not the best, it is better than some peers, indicating room for improvement in capital efficiency [5]