Excelerate's Q1 2025: Contradictions Unveiled on Jamaica Acquisition, Capital Strategy, and FSRU Demand

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Strong Financial Performance:
- Excelerate Energy reported adjusted EBITDA of $100 million and adjusted net income of $56 million for Q1 2025, sequentially up 10% and 21%, respectively, compared to Q4 2024.
- Growth was driven by the strong performance of the core regasification infrastructure business and reduced vessel operating and maintenance costs.

Jamaica Acquisition and Strategic Expansion:
- Excelerate Energy announced the acquisition of a downstream LNG and power platform in Jamaica for approximately $1 billion.
- This acquisition aligns with the company's strategic growth strategy by enhancing long-term contract revenue and margins and entering the LNG import and downstream markets.

Increased Credit Ratings and Financing:
- Fitch Ratings and S&P Global Ratings assigned inaugural credit ratings of BB+ and BB, respectively, reflecting Excelerate's strong financial health and stable take-or-pay business model.
- The company successfully completed an equity offering of 8 million shares and a $800 million debt offering to fund the Jamaica acquisition and repay the term loan under the credit facility.

Optimized Fleet Expansion and Growth:
- The construction of Hull 3407 is on track for delivery in mid-2026, with significant demand and ongoing discussions for its deployment.
- Excelerate's growth strategy focuses on strategic fleet asset optimization and expansion, leveraging new LNG supply to scale business opportunities.