Excelerate Energy, Inc. Class A earnings date
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Excelerate Energy, Inc. Class A (EE) Q3 2026 Earnings Report
EE Q3 2026 EPS Results
- Actual EPS
- $0.44
- Consensus EPS
- $0.42
- Beat/Miss
- Beat by +$0.02
- One Year Ago EPS
- $0.43
EE Q3 2026 Revenue Results
- Actual Revenue
- $297.21M
- Expected Revenue
- $365.99M
- Beat/Miss
- Missed by -$68.78M
- YoY Revenue Growth
- -24.00%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/04/2026
- Time
- After Close
- Conference Call
- Wednesday, November 4, 2026
Excelerate Energy, Inc. Class A's next earnings date is estimated for March 3, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive, supported by record adjusted EBITDA, higher net income, low 1.8-times net leverage, improved full-year EBITDA guidance, multiple contracted growth initiatives, and a clearly articulated $250 million-$300 million incremental EBITDA growth framework by 2029. The company also reported progress across the Bahamas, Iraq, Colombia, Petrobras, and FSRU conversion projects. Risks and challenges included geopolitical and security sensitivities, the need to finalize Iraq's LNG supply agreement, deferred maintenance activities, and some remaining project-scope cost uncertainty, but these issues did not outweigh the highlighted financial and commercial progress.
Updated full-year guidance is adjusted EBITDA of $495 million-$515 million, maintenance capital expenditure of $65 million-$75 million, and committed growth capital of $400 million-$410 million. Excelerate targets a low double-digit annual dividend growth rate through 2028, expects Bahamas LNG Hub deliveries to begin in the first quarter of 2027 at up to 16 TBtus of LNG per year, FSU deployment in the second half of 2028, total FSU capital investment of $85 million to $95 million, approximately $6 million of EBITDA in 2027, and an average annual EBITDA run rate of approximately $15 million over the remaining 10 years. Colombia is targeted for first quarter 2027 startup, with a 35% uplift, while Iraq is targeted for second quarter 2027 startup with minimum contracted offtake of 250 million standard cubic feet per day, volumes up to 500 million standard cubic feet per day, and roughly $100 million of EBITDA run rate at the minimum take. The Methane Patricia Camila conversion is expected to be available for commercial deployment in 2028, with total investment of approximately $260 million and investment returns consistent with the five to seven times build multiple range, while incremental growth EBITDA by 2029 is expected to be between $250 million-$300 million, including previously outlined Caribbean EBITDA growth of $80 million-$110 million.
- Record Quarterly Adjusted EBITDAThird-quarter adjusted EBITDA was approximately $133 million, the highest quarterly result in the company's history and an increase of $13 million sequentially. Results were supported predominantly by long-term take-or-pay contracts, a diversified infrastructure portfolio, the new Jordan charter, and higher LNG gas and power direct margins.
- Higher Net IncomeThird-quarter net income was $60 million, an increase of $10 million from the second quarter.
- Strong Balance Sheet and LiquidityAs of September 30, the company had approximately $1.2 billion of total debt, including finance leases, $357 million of cash, full availability under its $500 million revolving credit facility, $871 million of net debt, and trailing net leverage of 1.8 times.
- Raised Visibility Through Updated Financial GuidanceThe company narrowed full-year adjusted EBITDA guidance to $495 million-$515 million, reflecting the strength of its contracted infrastructure business and continued commercial execution. It lowered maintenance capital expenditure guidance to $65 million-$75 million and increased committed growth capital guidance to $400 million-$410 million to reflect the timing of expenditures related to the FSRU conversion project.
- Bahamas LNG Hub Supply AgreementExcelerate announced an 11-year LNG supply agreement with AxDo Bahamas Limited, a joint venture between Axpo and Domicisle LNG. Deliveries are expected to ramp up to 16 TBtus of LNG per year for marine bunkering, power generation, and other downstream customers, establishing long-term investment-grade offtake for the planned offshore LNG storage and distribution terminal near Grand Bahama.
- Bahamas Hub Phased Development and Earnings PotentialPhase one is expected to begin in the first quarter of 2027 using the existing Jamaica FSRU, LNG supply, and logistics capabilities, with approximately $6 million of EBITDA expected in 2027. Phase two includes deploying an FSU near Grand Bahama in the second half of 2028, with estimated total capital investment of $85 million to $95 million. After deployment, the project is expected to generate an average annual EBITDA run rate of approximately $15 million over the remaining 10 years based on current contracted AxDo volumes.
- Caribbean Hub-and-Spoke ExpansionThe Bahamas hub and the integrated Jamaica platform are expected to provide two LNG storage and distribution hubs in the Caribbean, alongside the planned Colombia FSRU deployment. Management said less than half of the Bahamas asset's capacity is covered by the 16 TBtu AxDo contract, and that it expects opportunities to sell additional volumes to AxDo and other regional customers. The previously discussed Caribbean EBITDA growth outlook of $80 million-$110 million remains in place.
- Iraq and Colombia Deployment FlexibilityFor Iraq, Excelerate expects to use an FSRU already positioned in the Arabian Gulf, while other assets outside the Gulf will serve Colombia in the near term. Neither startup requires an FSRU to transit the Strait of Hormuz. Management said the temporary arrangements preserve the near-term and long-term earnings potential of both projects, with the previously communicated Iraq EBITDA run rate of approximately $100 million at minimum take and the 35% uplift for Colombia remaining unchanged.
- Progress Toward Iraq StartupThe company continues to target a second-quarter 2027 startup in Iraq. Critical materials for jetty reinforcement and fixed terminal construction are arriving in country, the construction workforce is on site, and activity is expected to ramp up. Mechanical completion is targeted for early second quarter 2027, or April 2027, followed by a limited commissioning scope.
- Iraq Contracted Offtake and LNG Supply ProgressExcelerate's five-year integrated Iraq agreement provides for minimum contracted offtake of 250 million standard cubic feet per day, with the ability to increase volumes to 500 million standard cubic feet per day. The company expects to finalize an LNG supply agreement with an upstream supplier in the first quarter of 2027 and said the project continues to receive strong support from the government of Iraq.
- Petrobras Contract Extension and ReliquefactionThe FSRU Sequoia contract with Petrobras was extended by five years through 2038, adding more than $400 million of contracted revenue to backlog. Excelerate will install a reliquefaction unit during Sequoia's scheduled 2028 dry dock, which management said will reduce LNG boil-off losses, lower Scope 1 emissions, and improve operating efficiency. The agreement also provides a modest increase in contracted revenue beginning in 2028.
- Additional Petrobras Asset EnhancementExcelerate previously entered into a similar reliquefaction arrangement for the FSRU Experience, with installation planned during its scheduled dry dock in the first quarter of 2027.
- FSRU Conversion Project AwardedExcelerate awarded Seatrium the engineering, procurement, and construction contract to convert the 170,000-cubic-meter Methane Patricia Camila LNG carrier into an FSRU. Engineering began during the quarter, and the converted FSRU is expected to be available for commercial deployment in 2028.
- FSRU Conversion Return FrameworkThe total investment in the Methane Patricia Camila conversion is estimated at approximately $260 million, including the vessel cost. Management continues to target returns consistent with the previously communicated five to seven times build multiple range and said the vessel is expected to be well-positioned for opportunities arising from new LNG supply around 2028 and limited FSRU capacity.
- Capital Returns and Dividend Growth TargetThe board approved a quarterly cash dividend of $0.09 per share, payable December 3, 2026. The company continues to target a low double-digit annual dividend growth rate through 2028 and retains opportunistic share repurchases as a capital allocation priority when market conditions warrant.
- Long-Term EBITDA Growth Building BlocksManagement reiterated that Iraq, Colombia, the FSRU conversion, the Experience and Sequoia reliquefaction projects, the Bahamas hub, and additional Jamaica and Caribbean growth together represent building blocks for incremental EBITDA growth of $250 million-$300 million by 2029.
- Global LNG Infrastructure OpportunityManagement cited global LNG production of 357 MTPA through October 2025 versus 348 MTPA through October 2026, even with the Strait of Hormuz situation, and said new LNG supply coming online over the next few years reinforces the need for downstream infrastructure. Management also referenced an expected 1,500 to 1,600 LNG-capable ships and LNG bunkering demand forecast by Shell at 27 MTPA by 2035.
- Execution and Contractor ConfidenceManagement expressed confidence in the Seatrium and Nord Gas Solutions selections for the Methane Patricia Camila conversion and reliquefaction work, citing their prior experience with similar projects and established relationships with Excelerate.
EE Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 03, 2027 | 2026 (Q4) | 0.44- | 0.28 | ― | ― |
| Nov 04, 2026 | 2026 (Q3) | 0.420.44 | 0.43 | 2.33% (+0.01) | |
| Aug 05, 2026 | 2026 (Q2) | 0.350.37 | 0.15 | 146.67% (+0.22) | |
| May 06, 2026 | 2026 (Q1) | 0.380.37 | 0.46 | -19.57% (-0.09) | |
| Feb 25, 2026 | 2025 (Q4) | 0.350.28 | 0.4 | -30.00% (-0.12) | |
| Nov 05, 2025 | 2025 (Q3) | 0.320.43 | 0.35 | 22.86% (+0.08) | |
| Aug 11, 2025 | 2025 (Q2) | 0.300.15 | 0.26 | -42.31% (-0.11) | |
| May 07, 2025 | 2025 (Q1) | 0.400.46 | 0.24 | 91.67% (+0.22) | |
| Feb 26, 2025 | 2024 (Q4) | 0.330.40 | 0.14 | 185.71% (+0.26) | |
| Nov 06, 2024 | 2024 (Q3) | 0.320.35 | 0.13 | 173.44% (+0.22) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
