Key Highlights

  • Third quarter Revenue was USD 297.21 million against an estimate of USD 365.99 million and USD 391.0 million last year.
  • Diluted EPS was USD 0.44 against an estimate of USD 0.42, with Net Income of USD 60.0 million.
  • Adjusted EBITDA was USD 133.5 million, against USD 120.1 million in the second quarter and USD 129.3 million last year.
  • Full year 2026 adjusted EBITDA guidance was narrowed to a range of USD 495 million to USD 515 million.

Excelerate Energy, Inc. (NYSE:EE) reported third quarter revenue of USD 297.21 million against an estimate of USD 365.99 million, with diluted EPS of USD 0.44 against an estimate of USD 0.42. Chief executive Steven Kobos said the quarter produced record Earnings and pointed to new long-term agreements, extensions of existing ones and the planned Bahamas LNG Hub.

Revenue

Revenue was USD 297.21 million, against USD 329.3 million in the second quarter of 2026 and USD 391.0 million in the third quarter of 2025. Management's commentary linked the year-over-year change in earnings to the new charter in Jordan, partly offset by the timing of deliveries under its Atlantic Basin agreement. Sequentially, it cited the Jordan charter and higher LNG, gas and power direct margins.

Profit and Margins

Operating income was USD 94.6 million, against USD 80.9 million in the prior quarter and USD 87.2 million a year earlier. Net income was USD 60.0 million, against USD 50.1 million and USD 55.0 million. Diluted EPS was USD 0.44, against USD 0.37 and USD 0.43, and adjusted EPS was also USD 0.44, against USD 0.37 and USD 0.45.

Adjusted EBITDA was USD 133.5 million, against USD 120.1 million and USD 129.3 million. Depreciation and amortization was USD 32.5 million and interest expense was USD 24.0 million, against USD 24.9 million a year earlier.

Cash, Balance Sheet and Outlook

Unrestricted cash and cash equivalents were USD 356.7 million at September 30, 2026. The company had no letters of Credit outstanding, and all USD 500 million of its revolving credit Facility was available for borrowings.

The board approved a quarterly Dividend of USD 0.09 per share, or USD 0.36 annualized, payable on December 3, 2026 to Class A holders of record on November 18, 2026.

For 2026, Excelerate narrowed its adjusted EBITDA guidance to USD 495 million to USD 515 million. Maintenance Capital Expenditure is guided at USD 65 million to USD 75 million, which the company tied to the deferral of certain planned maintenance. Committed growth capital is guided at USD 400 million to USD 410 million, with the increase related to the timing of spending on the FSRU conversion project. Total capital expenditure remains in line with earlier guidance.

Commercial items Fill out the picture. The 11-year agreement with AxDo provides for LNG deliveries of up to 16 TBtu per year, with initial deliveries targeted for the first quarter of 2027 and a floating storage unit near Grand Bahama in the second half of 2028, subject to permitting. In August, a five-year extension of the Sequoia contract with Petrobras was signed, running through 2038, with a reliquefaction unit to be installed in 2028.

Benchmarks Ahead

Revenue of USD 297.21 million sits alongside adjusted EBITDA of USD 133.5 million, cash of USD 356.7 million and a quarterly dividend of USD 0.09 per share.

Management named several dated markers. Service in Colombia under the seven-year agreement is targeted for the first quarter of 2027, and the Iraq terminal, which has a minimum contracted offtake of 250 million standard cubic feet per day, targets a startup in the second quarter of 2027. The converted FSRU, built on the Methane Patricia Camila with an engineering and construction contract awarded to Seatrium in October 2026, is targeted for commercial deployment in 2028.