Excelerate delivered record full-year 2025 Adjusted EBITDA of $449 million, up about $100 million year-over-year, and Adjusted Net Income of $199 million, up $46 million. In Q4, the company posted $113 million of Adjusted EBITDA and $40 million of Adjusted Net Income, with sequential declines attributed to Atlantic Basin cargo timing, higher business development expenses and lower LNG margins in Jamaica after Hurricane Melissa, while enterprise-wide reliability exceeded 99.9%.

Management raised full-year 2026 Adjusted EBITDA guidance to $515–545 million, driven by contributions from its contracted FSRU portfolio, a full year of Jamaica operations, a partial ramp of the Iraq terminal and new QatarEnergy/Petrobangla supply agreements. Maintenance capital expenditures are expected to total $100–110 million for scheduled dry docks and upgrades, while committed growth capex is forecast at $370–400 million, including $220 million for a newbuild FSRU and $140–170 million for the Iraq project.

The integrated Iraq LNG import terminal capex estimate rose to $520–550 million inclusive of the FSRU, with the vessel cost remaining about $370 million and $220 million yet to be paid. Sea trials and commissioning activities are underway for the new FSRU ahead of Q3 2026 operations, with the project expected to achieve an EBITDA build multiple of approximately 5x on a minimum contracted offtake of 250 million standard cubic feet per day and upside to 500 million.

Excelerate ended 2025 with net debt of $730 million and $538 million in cash, supported by a quarterly dividend of $0.08 per share and a $75 million share buyback authorization. Management emphasized enterprise reliability above 99.9% as a key operational and financial metric underpinning stable, predictable cash flows.