Excelerate Energy reported record full‑year 2025 results, with revenue rising to $1,228.3 million, operating income to $266.7 million, net income to $167.0 million, and adjusted EBITDA to $449.3 million. Diluted earnings per share reached $1.28, a slight increase from $1.27 in 2024. The growth was driven largely by the acquisition of New Fortress Energy’s Jamaica LNG platform, which added a last‑mile LNG infrastructure that immediately accreted earnings, and by expanded LNG, gas, and power sales across the company’s portfolio.
In the fourth quarter, revenue was $317.6 million, down from $391.0 million in Q4 2024, and diluted EPS was $0.29, below the consensus estimate of $0.33–$0.34. The sequential decline was attributed to a partial Atlantic basin cargo delivery compared to a full delivery in the third quarter, higher business‑development expenses, timing of operating costs, and a modestly lower LNG, gas, and power direct margin in Jamaica following Hurricane Melissa. Despite the Q4 miss, the full‑year results beat expectations across all key metrics.
For 2026, management guided adjusted EBITDA to $515 million–$545 million, up from $449.3 million in 2025. Maintenance capital expenditures are projected at $100 million–$110 million, while committed growth capital is expected at $370 million–$400 million, primarily to complete the final payment for Hull 3407 and advance the Iraq terminal project. The company also confirmed a quarterly cash dividend of $0.08 per share, payable on March 26, 2026, and highlighted the commencement of LNG cargo deliveries into Bangladesh under a 15‑year agreement with QatarEnergy and Petrobangla.
Market reaction to the earnings release was muted, with investors focusing on the Q4 EPS miss and the sizable 2026 capital‑expenditure plan. The EPS miss, driven by higher operating costs and a lower margin in Jamaica, outweighed the record full‑year performance, while the large growth‑capital commitment to the Iraq terminal raised concerns about near‑term cash outflows.
CEO Steven Kobos said, "2025 was a defining year for Excelerate Energy, marked by strong execution, reliable operations, and robust financial results. We delivered record net income and adjusted EBITDA for the year, demonstrating the earnings power of our contracted infrastructure portfolio and the value created through integration."
Headwinds for the company include the impact of Hurricane Melissa on Jamaica operations, increased business‑development expenses, and the timing of operating costs. Tailwinds remain strong, with the Jamaica acquisition providing immediate earnings accretion, the Bangladesh LNG contract offering a stable long‑term revenue stream, and the Iraq terminal project positioning the company as a first‑of‑its‑kind integrated floating LNG import terminal in the Middle East.
The results reinforce Excelerate’s integrated infrastructure model, which has generated robust cash flows and strong liquidity. The company’s ability to execute acquisitions and expand its LNG portfolio positions it well for long‑term growth, while the 2026 capital‑expenditure plan signals confidence in future demand and the continued expansion of its global footprint.
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