Excelerate Energy Reports Higher Sequential Profit in Q3

The Tip Desk · November 10, 2026 · 3 min read

Third-quarter net income reached $60.0 million as a Jordan charter and higher direct margins lifted Adjusted EBITDA to $133.5 million.

Excelerate Energy, Inc. (EE), a U.S.-based LNG and power infrastructure company, reported net income of $60.0 million for the third quarter ended September 30, 2026, up from $50.1 million in the second quarter.

The company said the sequential increase in net income and Adjusted EBITDA was primarily due to a new charter in Jordan and higher LNG, gas, and power direct margins. Adjusted EBITDA was $133.5 million, compared with $120.1 million in the prior quarter. Diluted earnings were $0.44 a share.

Revenue declined to $297.2 million from $329.3 million in the second quarter. LNG, gas and power revenue fell to $131.6 million from $168.8 million, while terminal services rose to $165.7 million from $160.5 million. Cost of LNG, gas and power fell to $91.2 million from $135.3 million. Operating income increased to $94.6 million from $80.9 million. Adjusted gross margin expanded to $155.9 million from $137.9 million.

President and CEO Steven Kobos said Excelerate delivered record quarterly earnings, reflecting the role of its infrastructure in energy security. He said teams continued to operate safely and reliably, and that the company secured new long-term agreements, extended existing ones, and expanded in the Caribbean with a planned Bahamas LNG Hub.

Excelerate executed an 11-year LNG supply agreement with AxDo Bahamas Ltd., a joint venture of Axpo and Domicisle LNG, supporting development of the Bahamas LNG Hub. AxDo will serve as anchor customer of a planned offshore LNG storage and distribution terminal near Grand Bahama. The agreement provides for LNG deliveries of up to 16 TBtu per year, with additional capacity available. Initial deliveries are expected in the first quarter of 2027, using existing FSRU, supply, and logistics capabilities of the Jamaica platform. A second phase is expected to include a floating storage unit near Grand Bahama in the second half of 2028, subject to permitting and construction.

In August 2026, Excelerate signed an agreement with Petrobras to extend the FSRU Sequoia contract by five years through 2038 and to install a reliquefaction unit during the vessel’s next dry dock in 2028. The company said the technology is expected to eliminate excess LNG boil-off losses, reduce Scope 1 emissions, and improve terminal performance and useful life. The agreement also provides for a modest increase in contracted revenue beginning in 2028.

The company said it expects to use an FSRU already positioned in the Arabian Gulf region to serve Iraq’s first LNG import terminal, eliminating the need for an FSRU to transit the Strait of Hormuz. Critical materials for jetty reinforcement and fixed terminal construction are arriving, and the construction workforce is on site. Excelerate continues to target a second-quarter 2027 startup.

A separate seven-year agreement with Sociedad Portuaria Puerto Bahia, a Frontera Energy subsidiary, covers regasification at a new Colombia LNG import terminal and contemplates redeployment of the FSRU Express. In response to the Arabian Gulf conflict, Excelerate expects to use other FSRUs outside the Gulf to serve the terminal in the near term. Service is expected to commence in the first quarter of 2027.

In July 2026, Excelerate agreed to acquire the LNG carrier Methane Patricia Camila for its first FSRU conversion. In October 2026 it awarded Seatrium an EPCI contract. The converted FSRU is expected to be available for commercial deployment in 2028.

As of September 30, 2026, unrestricted cash was $356.7 million, and the full $500 million revolving credit facility was undrawn. On October 29, the board declared a $0.09 a share quarterly cash dividend, payable December 3, 2026.

Excelerate now expects full-year 2026 Adjusted EBITDA of $495 million to $515 million. Maintenance capex is now expected at $65 million to $75 million, reflecting deferral of certain planned maintenance. Committed growth capital is now expected at $400 million to $410 million, related to timing of spend for the FSRU conversion. Total capex generally remains in line with previously communicated guidance.