Excelerate Energy (NYSE:EE) reported what management described as a “strong year of execution” in 2025 and introduced higher Adjusted EBITDA guidance for 2026, driven by contributions from its Jamaica acquisition, its contracted floating storage and regasification unit (FSRU) fleet, and the ramp of its Iraq integrated LNG import terminal project.
2025 performance and reliability
President and CEO Steven Kobos said Excelerate delivered record full-year 2025 Adjusted EBITDA of $449 million, up about $100 million from the prior year. Kobos attributed the increase to the Jamaica acquisition, growth in other LNG gas and power activities, and lower year-over-year operating expenses. He also emphasized operating performance, noting enterprise-wide reliability exceeded 99.9% for the year, which he framed as both an operational and financial metric because it supports “stable, predictable cash flow.”
2026 guidance and capital spending outlook
Excelerate introduced full-year 2026 Adjusted EBITDA guidance of $515 million to $545 million. Kobos said the outlook is grounded in assets and contracts “already operating or moving through execution,” while Armstrong said the guidance reflects:
- continued performance of the contracted FSRU portfolio,
- a full year of contribution from Jamaica,
- a partial year contribution from the Iraq project, and
- incremental uplift from back-to-back QatarEnergy and Petrobangla LNG supply agreements.
On capital spending, Armstrong said 2026 maintenance capital expenditures are expected to be $100 million to $110 million, higher than 2025 largely due to the timing of dry docks. She said the Express and Exquisite FSRUs are expected to undergo dry docks in 2026, with Exquisite planned for the second quarter and Express early in the fourth quarter. She added that the Explorer’s dry dock, which began late last year, concluded in the first quarter of 2026 and is included in the 2026 maintenance range, which also incorporates long-lead items for a dry dock anticipated in early 2027, plus additional spares, overhauls, and upgrades intended to support reliability.
Committed growth capital is expected to total $370 million to $400 million in 2026. Armstrong said this includes roughly $220 million remaining to be paid for the company’s newbuild FSRU (Hull 3407), $140 million to $170 million for the integrated terminal project in Iraq, and about $10 million for other committed growth projects. In response to an analyst question about cadence, Armstrong said it would be reasonable to expect growth spending to be weighted toward the first half of the year, given the Iraq schedule and the timing of the newbuild payment.
Iraq project: timeline, revised CapEx range, and economics
Kobos characterized Iraq as “mission-critical” for the country, citing a natural gas deficit and a need to support power generation and reduce supply disruption risk. He said construction of Hull 3407 is progressing, with sea trials completed and final commissioning activities underway, including gas trials and cryogenic testing, ahead of expected delivery in early second quarter.
For the integrated LNG import terminal at the Port of Vlorë, Kobos said early construction has begun alongside ongoing engineering and procurement and that the company executed the lease for an existing jetty. As detailed engineering progressed, Excelerate refined the jetty’s structural design to support safe, long-term operations, which added scope and increased estimated construction capital. Kobos said the total estimated capital cost for the Iraq terminal is now expected to be $520 million to $550 million, inclusive of the FSRU. He said the all-in cost of the vessel remains about $370 million, with about $220 million remaining to be paid in the second quarter.
Despite the higher capex estimate, Kobos said annual terminal operating costs are now expected to be “considerably lower,” and he reiterated the project is expected to achieve an EBITDA build multiple of approximately 5x, consistent with what the company outlined previously at the minimum contracted offtake of 250 million standard cubic feet per day. He noted contracted deliveries can scale to 500 million standard cubic feet per day, which management said provides upside. The integrated terminal remains on track to commence operations in the third quarter of 2026.
In Q&A, Kobos said the capex change was driven by scope changes after geotechnical and geophysical work and by commercial trade-offs in which the company took on some capex scope in exchange for reduced operating cost scope. He declined to break out the relative contributions of the FSRU, terminal, and LNG supply within the integrated project, saying Excelerate expects to report it on a combined basis within its LNG gas and power segment.
Jamaica integration and Caribbean growth approach
Management said the Jamaica LNG-to-power platform performed “exceptionally well” in 2025, providing stable contracted cash flows and showing resilience during Hurricane Melissa, which Kobos said had minimal operational and financial impact in the fourth quarter. Kobos also said the company completed full integration of the Jamaica platform in Q4 and is now pursuing optimization and new infrastructure opportunities across the Caribbean.
Chief Commercial Officer Oliver Simpson said near-term opportunities include using existing Jamaican infrastructure to deliver more LNG to customers, including continued progress on small-scale solutions. He also said the storm’s resilience served as a “proof point” that could help in discussions with prospective customers. Longer term, Simpson said the company is evaluating larger capital projects in Jamaica and across the broader Caribbean using a “hub-and-spoke” model, with conversations in the region that management expects to progress for 2027 and beyond.
Shareholder returns and balance sheet
Armstrong said Excelerate ended 2025 with $1.3 billion of total debt (including finance leases), $538 million of cash and cash equivalents, and full availability under its $500 million revolving credit facility. Net debt was $730 million, and trailing net leverage was 1.6x.
She also noted the board approved a quarterly dividend of $0.08 per share (or $0.32 annualized) payable March 26, 2026. Armstrong reiterated the company’s stated target of low double-digit annual dividend growth commencing in 2026 through 2028, with the next increase expected to be considered in the second half of 2026. In addition, she said the board authorized a $75 million share repurchase program in December 2025.
Looking further out, Kobos emphasized a view that the LNG industry’s focus is shifting toward regasification as global LNG supply expands through the end of the decade. He cited rising power demand tied to population growth, industrial activity, and expanding digital infrastructure, including AI data centers. In Q&A, management also discussed potential recontracting of the Express FSRU after its current contract expires late in the third quarter of 2026, with Kobos expressing confidence it can be redeployed on improved economic terms that could support incremental EBITDA in 2027, and reiterated plans to pursue an FSRU conversion targeted for commercial deployment in early 2028, though final agreements are still being negotiated.
About Excelerate Energy (NYSE:EE)
Excelerate Energy (NYSE: EE) is a Houston‐based energy infrastructure company specializing in liquefied natural gas (LNG) solutions. The company develops, owns and operates floating regasification units (FSRUs) that convert shipped LNG into natural gas for delivery into existing pipeline networks. Excelerate Energy’s integrated platform also includes specialized LNG carriers, proprietary regasification technology and on‐shore support facilities, enabling rapid deployment of import terminals without extensive capital construction.
Founded in the early 2000s, Excelerate Energy pioneered the first FSRU in 2007, demonstrating the flexibility and cost advantages of floating LNG import infrastructure.
