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Dec 31, 2025
Excelerate Energy Q4 2025 Earnings Report
Excelerate Energy reported record financial results for the fourth quarter and full year 2025, highlighted by the integration of the Jamaica acquisition and expansion into Iraq.
Key Takeaways
Excelerate Energy achieved record full-year results in 2025, driven by the Jamaica acquisition and global portfolio optimization. While Q4 saw sequential declines in revenue and net income due to cargo delivery timing and hurricane impacts in Jamaica, the company maintained strong profitability and provided a robust 2026 outlook supported by new long-term contracts in Bangladesh and infrastructure projects in Iraq.
Reported record full-year Net Income of $167 million and Adjusted EBITDA of $449.3 million.
Commenced 15-year LNG Sale and Purchase agreements with QatarEnergy and Petrobangla in January 2026.
Executed a definitive agreement for Iraq's first LNG import terminal with commercial operations expected in Q3 2026.
Maintained strong liquidity with $538.2 million in unrestricted cash and a fully available $500 million revolving credit facility.
Revenue by Segment
Forward Guidance
Excelerate expects significant growth in 2026, with Adjusted EBITDA projected between $515 million and $545 million.
Positive Outlook
- Full year contribution from 15-year LNG supply contracts in Bangladesh.
- Expected delivery of FSRU Hull 3407 in the second quarter of 2026.
- Commencement of commercial operations at the Iraq LNG terminal in Q3 2026.
- Strong contracted infrastructure portfolio providing stable earnings.
- Scalable LNG and power solutions meeting global energy security needs.
Challenges Ahead
- Maintenance Capex expected to increase to between $100 million and $110 million.
- Significant growth capital commitments of $370 million to $400 million.
- Potential for higher interest expenses related to debt for asset acquisitions.
- Risks associated with construction timelines and permitting for the Iraq project.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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