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- **Record Q3 EBITDA**: $129 million, up 21% QoQ, driven by Jamaica operations and Atlantic Basin supply.
- **Strategic Iraq Deal**: $450 million integrated FSRU terminal with 4.5x-5x EBITDA build multiple, supporting Iraq's energy security.
- **Resilient Operations**: Full restoration of Jamaican assets within 48 hours post-Hurricane Melissa, with minimal financial impact.
- **Capital Allocation**: 2025 EBITDA guidance raised to $435-450 million, with $95-105 million growth CapEx for high-return projects.
- **Global LNG Growth**: Excelerate positioned to capitalize on 200 million tpa of new LNG supply by 2030 with scalable FSRU solutions.

**【Management Opening Remarks】**
- CEO Steven Kobos acknowledged the impact of Hurricane Melissa on Jamaica, emphasizing the company's swift response and operational resilience. All Jamaican assets resumed full operations within 48 hours post-storm, with minimal financial impact due to comprehensive insurance coverage.
- The company mobilized relief efforts, including freshwater and essential supplies, and committed to long-term infrastructure strengthening in Jamaica.

**【CEO Summary】**
- **Q3 2025 Results**: Record quarterly EBITDA of $129 million, up 21% QoQ, driven by Jamaica operations and the Atlantic Basin supply deal. 90% of future cash flows are under take-or-pay agreements, ensuring predictability.
- **Iraq Project**: Secured a $450 million integrated FSRU terminal deal with Iraq's Ministry of Electricity. The project includes 5-year regasification services, LNG supply, and infrastructure development, with an expected EBITDA build multiple of 4.5x-5x.
- **Jamaica Growth**: Assets achieved 99.8% reliability, with incremental gas sales to new Caribbean customers. The Jamaica platform is expected to contribute $80-110 million in EBITDA over 5 years.
- **Global LNG Outlook**: 200 million tonnes of new LNG supply expected by 2030, driving demand for scalable regasification solutions like FSRUs. Excelerate's fleet of 14 FSRUs positions it to capitalize on emerging markets.

**【CFO Financial Commentary】**
- **Q3 Financials**: Adjusted net income of $57 million (up 22% QoQ), EBITDA of $129 million (up 21% QoQ). Hurricane Melissa had minimal financial impact, with operations restored within 48 hours.
- **Capital Allocation**: 2025 guidance updated to $435-450 million EBITDA. Committed growth CapEx of $95-105 million includes Iraq project and Shenandoah conversion. Dividend of $0.08 per share approved, with $0.32 annualized payout.
- **Liquidity**: $463 million cash on hand, $500 million revolver undrawn. 12-month trailing net leverage of 2x, supporting flexibility for growth projects.

**【Q&A Highlights】**
- **Iraq Project Economics**: Integrated deal captures full value chain, with EBITDA build multiple of 4.5x-5x. Minimum take-or-pay of 250 million scfd (2 million tpa), with potential to scale to 500 million scfd.
- **Shenandoah Conversion**: Expected to cost $200 million, with engineering underway. Will be deployed in Iraq, with construction timeline optimized for 2026 deployment.
- **Insurance Coverage**: All floating assets have comprehensive insurance, replicating Jamaica's financial resilience across global portfolio.
- **Future Growth**: Caribbean expansion plans include small-scale regas solutions and floating infrastructure. Excelsior in Germany fully booked for 2026, with focus on redeploying underutilized assets.


Excelerate Energy, Inc. (EE) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

EE

EE fundamentals

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