Excelerate Energy, Inc.
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 5, 2026
EE$36.81+4.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001193125-26-338466
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-05.
0001193125-26-450137
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 149 previous paragraphs and 153 current paragraphs.
95 unchanged; 47 reworded; 10 added; 7 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 6 previous and 6 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
2027 under a seven-year term with multiple extension options. The contract secures long-term utilization of our assets and supports Colombia’s efforts to strengthen energy security and diversify its sources of natural gas supply. The agreement contemplates the redeployment of the FSRU Express. However, in response to the ongoing conflict in the Arabian Gulf, we expect to utilize other FSRUs in our portfolio located outside the Gulf to serve the terminal in the near term. This approach eliminates the need for an FSRU to transit the Strait of Hormuz to support the Colombia deployment.
Current report
In August 2026, we signed an agreement with Petróleo Brasileiro S.A. (“Petrobras”) for a five-year extension of the Sequoia contract beyond its previous term, extending our relationship with Petrobras through 2038. As part of the agreement, we will install a reliquefaction unit on Sequoia during its next scheduled dry dock in 2028. Once installed, the technology is expected to eliminate excess LNG losses due to boil-off, reduce Excelerate's Scope 1 emissions, and improve the terminal's operating performance and useful life. The agreement also provides for a modest increase in contracted revenue after the installation, generating incremental earnings ahead of the extension period.
Current report
We have executed an 11-year LNG supply agreement with AxDo Bahamas Ltd. (“AxDo”), a joint venture between Axpo, an international leader in energy trading and marketing, and Bahamas-based energy and maritime logistics company Domicisle LNG. The agreement will support development of the Bahamas LNG Hub, an offshore LNG storage and distribution terminal planned near Grand Bahama. Under the agreement, AxDo, established in October 2026 to conduct small-scale LNG and bunkering operations in the region, will serve as the anchor customer for the hub. The agreement provides for LNG deliveries of up to 16 TBtu per year for AxDo, with additional capacity available to support further sales to AxDo and other customers throughout the region. The Bahamas LNG Hub is designed to provide LNG storage and distribution services for marine bunkering, power generation, and other downstream customers in The Bahamas and throughout the Caribbean. Initial LNG deliveries are expected to begin in the first quarter of 2027, utilizing the existing FSRU, LNG supply, and logistics capabilities of the Company's Jamaica platform. A second phase is expected to include deployment of a floating storage unit (FSU) near Grand Bahama in the second half of 2028, subject to final permitting and construction timelines, and other contractual provisions.
Current report
During the third quarter of 2026, global LNG markets remained heavily influenced by geopolitical developments in the Middle East. LNG shipments through the Strait of Hormuz resumed gradually following the interim agreement between the United States and Iran in June 2026, subsequently reaching their highest monthly level in September 2026 since the conflict began. Renewed regional tensions, including attacks on commercial shipping vessels, and below-average European gas storage ahead of winter have increased supply constraints. Despite this, global LNG trade has proved resilient, increasing to approximately 101 million tonnes (“MT”) in the third quarter of 2026, up from 98 MT in the second quarter of 2026, and down only slightly from 106 MT in the third quarter of 2025.
Current report
LNG, gas and power revenues were $131.6 million for the three months ended September 30, 2026, a decrease of $113.6 million, as compared to $245.2 million for the three months ended September 30, 2025. The decrease was primarily due to fewer short-term LNG, gas and power sales opportunities and a timing of deliveries under on our Atlantic Basin agreement.
Current report
LNG, gas and power revenues were $575.5 million for the nine months ended September 30, 2026, an increase of $107.9 million, as compared to $467.6 million for the nine months ended September 30, 2025. The increase was primarily due to the Acquisition, partially offset by fewer short-term LNG, gas and power opportunities.
Current report
Cost of LNG, gas and power was $91.2 million for the three months ended September 30, 2026, a decrease of $110.7 million, as compared to $201.9 million for the three months ended September 30, 2025. The decrease was primarily due to fewer short-term LNG, gas and power sales opportunities and a timing of deliveries under our Atlantic Basin agreement.
Current report
Cost of LNG, gas and power was $469.6 million for the nine months ended September 30, 2026, an increase of $66.5 million, as compared to $403.1 million for the nine months ended September 30, 2025. The increase was primarily due to the Acquisition, partially offset by fewer short-term LNG, gas and power opportunities.
Current report
Interest expense was $24.0 million for the three months ended September 30, 2026, a decrease of $0.9 million, as compared to $24.9 million for the three months ended September 30, 2025. Interest expense was essentially flat.
Current report
Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
Removed paragraphs (7)
Previous report
During the second quarter of 2026, global LNG markets remained heavily influenced by geopolitical developments in the Middle East. Market conditions remained volatile as buyers continued to balance supply security considerations against evolving geopolitical risks. Elevated shipping costs, higher insurance premiums, and uncertainty regarding the timing of full supply restoration continued to influence trading activity throughout the quarter. LNG market dynamics remained closely tied to geopolitical developments.
Previous report
LNG, gas and power revenues were $168.8 million for the three months ended June 30, 2026, an increase of $113.1 million, as compared to $55.7 million for the three months ended June 30, 2025. The increase was primarily due to the Acquisition.
Previous report
LNG, gas and power revenues were $444.0 million for the six months ended June 30, 2026, an increase of $221.6 million, as compared to $222.4 million for the six months ended June 30, 2025. The increase was primarily due to the Acquisition.
Previous report
Cost of LNG, gas and power was $135.3 million for the three months ended June 30, 2026, an increase of $94.9 million, as compared to $40.4 million for the three months ended June 30, 2025. The increase was primarily due to the Acquisition.
Previous report
Cost of LNG, gas and power was $378.4 million for the six months ended June 30, 2026, an increase of $177.2 million, as compared to $201.2 million for the six months ended June 30, 2025. The increase was primarily due to the Acquisition.
Previous report
Interest expense was $48.7 million for the six months ended June 30, 2026, an increase of $17.0 million, as compared to $31.7 million for the six months ended June 30, 2025. The increase was primarily due to our new 2030 Notes (as defined herein), partially offset by the effects of the Term Loan Facility (as defined herein) paydown during the second quarter of 2025.
Previous report
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025
Reworded paragraphs (47)
Previous wording
Our business is substantially supported by long-term, take-or-pay agreements, which provide consistent revenue and cash flow from our high-quality customer base. Under these agreements, we either provide regasification services or utilize our assets to directly provide natural gas, LNG, power, or steam to our customers. As of June 30, 2026, we controlled or operated 12 floating regasification terminals, including a new terminal of which we took delivery in the second quarter of 2026, one onshore regasification terminal and a combined heat and power plant.
Current wording
Our business is substantially supported by long-term, take-or-pay agreements, which provide consistent revenue and cash flow from our high-quality customer base. Under these agreements, we either provide regasification services or utilize our assets to directly provide natural gas, LNG, power, or steam to our customers. As of September 30, 2026, we controlled or operated 12 floating regasification terminals, including a new terminal of which we took delivery in the second quarter of 2026, one onshore regasification terminal, two LNG carriers and a combined heat and power plant.
Previous wording
Our business spans the globe, with a regional presence in 15 countries and an operational presence in Argentina, Bangladesh, Brazil, Finland, Germany, Iraq, Jamaica, Jordan, Pakistan, the United Arab Emirates (“UAE”), and the United States (“U.S.”). As of June 30, 2026, we have completed more than 4,000 ship-to-ship transfers of LNG with over 50 LNG operators since we began operations and have safely delivered more than 8,300 billion cubic feet of natural gas through 19 LNG regasification terminals. We are the largest provider of regasified LNG capacity in Argentina, Bangladesh, Finland, Jamaica and the UAE. We are also one of the largest providers of regasified LNG capacity in Brazil as well as in Pakistan, where we have regasified more LNG than any other provider in the past 10 years.
Current wording
Our business spans the globe, with a regional presence in 15 countries and an operational presence in Argentina, Bangladesh, Brazil, Finland, Germany, Iraq, Jamaica, Jordan, Pakistan, the United Arab Emirates (“UAE”), and the United States (“U.S.”). As of September 30, 2026, we have completed more than 4,100 ship-to-ship transfers of LNG with over 60 LNG operators since we began operations and have safely delivered more than 8,400 billion cubic feet of natural gas through 20 LNG regasification terminals. We are the largest provider of regasified LNG capacity in Argentina, Bangladesh, Finland, Jamaica and the UAE. We are also one of the largest providers of regasified LNG capacity in Brazil as well as in Pakistan, where we have regasified more LNG than any other provider in the past 10 years.
Previous wording
For the three months ended June 30, 2026, we generated revenues of $329.3 million, net income of $50.1 million and adjusted earnings before income tax, depreciation and amortization (“Adjusted EBITDA”) of $120.1 million. For the three months ended June 30, 2025, we generated revenues of $204.6 million, net income of $20.8 million and Adjusted EBITDA of $107.1 million. For more information regarding our non-GAAP measure Adjusted EBITDA and a reconciliation to net income, the most comparable U.S. Generally Accepted Accounting Principles (“GAAP”) measure, see “How We Evaluate Our Operations.”
Current wording
For the three months ended September 30, 2026, we generated revenues of $297.2 million, net income of $60.0 million and adjusted earnings before income tax, depreciation and amortization (“Adjusted EBITDA”) of $133.5 million. For the three months ended September 30, 2025, we generated revenues of $391.0 million, net income of $55.0 million and Adjusted EBITDA of $129.3 million. For more information regarding our non-GAAP measure Adjusted EBITDA and a reconciliation to net income, the most comparable U.S. Generally Accepted Accounting Principles (“GAAP”) measure, see “How We Evaluate Our Operations.”
Previous wording
In October 2025, we executed a definitive commercial agreement with a subsidiary of Iraq’s Ministry of Electricity for the development of the country’s first LNG import terminal. The integrated project includes a five-year agreement for regasification services and LNG supply with a customer extension option, and a minimum contracted offtake of 250 million standard cubic feet per day (“MMscf/d”). Despite the ongoing conflict in the Middle East, we continue to advance the project while adapting its execution plans as conditions evolve. We continue to closely monitor developments across the region, with safety and security remaining central to project planning and execution. Engineering and procurement activities are nearing completion. Site clearance and dredging activities continue in preparation for construction, and materials required for the terminal have been staged globally and are being mobilized based on construction priorities. Operations of the integrated terminal are expected to commence early in the second quarter of 2027.
Current wording
In October 2025, we executed a definitive commercial agreement with a subsidiary of Iraq’s Ministry of Electricity for the development of the country’s first LNG import terminal. The integrated project includes a five-year agreement for regasification services and LNG supply with a customer extension option, and a minimum contracted offtake of 250 million standard cubic feet per day (“MMscf/d”). Critical materials needed for jetty reinforcement and construction of the fixed terminal infrastructure are arriving in country and the construction workforce for the terminal is on site. In response to the ongoing conflict in the Arabian Gulf, we expect to utilize an FSRU already positioned in the region to serve the terminal, eliminating the need for an FSRU to transit the Strait of Hormuz. We are also advancing LNG supply arrangements, including potential supply from intra-basin sources. We continue to prioritize the safety and security of our people and operations as we advance the project toward our targeted second-quarter 2027 startup.
Previous wording
In March 2026, in connection with the conflict in the Middle East, we received a force majeure notice from QatarEnergy under our long-term LNG purchase agreement. We issued a corresponding force majeure notice to Petrobangla under our long-term LNG supply agreement. We currently cannot predict the timing of resumption of performance under these contracts.
Current wording
In March 2026, in connection with the conflict in the Middle East, we received a force majeure notice from QatarEnergy under our long-term LNG purchase agreement. We issued a corresponding force majeure notice to Petrobangla under our long-term LNG supply agreement. Although we may purchase and sell individual cargoes under these contracts from time to time depending on the prevailing circumstances and impact of the events of force majeure, we currently cannot predict the timing of resumption of full performance under these contracts.
Previous wording
In May 2026, we executed a nine-month time charter party agreement with Jordan’s National Electric Power Company, NEPCO, to deploy the Excelerate Acadia to the country’s existing LNG terminal in Aqaba. The Excelerate Acadia commenced operations in July 2026. The interim deployment enhances Jordan’s energy security by providing additional regasification capacity and generates incremental earnings for us while we continue to advance the Iraq integrated import terminal.
Current wording
In May 2026, we executed a nine-month time charter party agreement with Jordan’s National Electric Power Company, NEPCO, to deploy the Excelerate Acadia to the country’s existing LNG terminal in Aqaba. The Excelerate Acadia commenced operations in July 2026. The interim deployment enhances Jordan’s energy security by providing additional regasification capacity and generates incremental earnings for us.
Previous wording
In June 2026, we executed a long-term time charter party agreement with a subsidiary of Frontera Energy Corporation to redeploy the Express to a new LNG import terminal under development in Colombia. The agreement is expected to commence in the first quarter of 2027 under a seven-year term with multiple extension options, following the expiration of the terminal’s current charter and completion of dry dock and project implementation activities. The contract provides improved economic terms relative to the terminal’s current deployment, secures long-term utilization of the asset, and supports Colombia’s efforts to strengthen energy security and diversify its sources of natural gas supply.
Current wording
In June 2026, we executed a long-term agreement with a subsidiary of Frontera Energy Corporation to provide regasification services to a new LNG import terminal under development in Colombia. The agreement is expected to commence in the first quarter of
Previous wording
In July 2026, we executed an agreement to acquire an LNG carrier, the Methane Patricia Camila, which is expected to serve as the dedicated vessel for our first FSRU conversion project. We currently expect that the converted FSRU will be available for commercial deployment in 2028.
Current wording
In July 2026, we executed an agreement to acquire an LNG carrier, the Methane Patricia Camila, which is expected to serve as the dedicated vessel for our first FSRU conversion project. In October 2026, we awarded Seatrium an engineering, procurement, construction, installation and commissioning contract for the conversion. The converted FSRU is expected to be available for commercial deployment in 2028.
Previous wording
Natural gas and LNG prices increased across European and Asian markets during the second quarter of 2026 as compared to the first quarter of 2026. Average prices for Dutch Title Transfer Facility (TTF) and Japan Korea Marker (JKM) in the second quarter of 2026 were $15.61 per million British thermal units (“MMBtu”) and $17.65 per MMBtu, respectively, compared to $13.69 per MMBtu and $13.25 per MMBtu, respectively, in the first quarter of 2026. Separately, average Henry Hub futures settlement prices decreased from $5.04 per MMBtu in the first quarter of 2026 to $2.90 per MMBtu in the second quarter of 2026.
Current wording
Natural gas and LNG prices increased across European and Asian markets during the third quarter of 2026 as compared to the second quarter of 2026. Average prices for Dutch Title Transfer Facility (TTF) and Japan Korea Marker (JKM) in the third quarter of 2026 were $17.62 per million British thermal units (“MMBtu”) and $19.77 per MMBtu, respectively, compared to $15.61 per MMBtu and $17.65 per MMBtu, respectively, in the second quarter of 2026. Separately, average Henry Hub futures settlement prices increased slightly from $2.90 per MMBtu in the second quarter of 2026 to $2.95 per MMBtu in the third quarter of 2026.
Previous wording
Overall, the Middle East conflict has placed significant constraints on the near-term LNG market, limiting supply flexibility and heightening price volatility as buyers prioritize security of supply. The effects of the conflict have extended beyond LNG, influencing broader energy markets and reinforcing the importance of supply diversification and energy security. These dynamics continue to support investment in LNG, natural gas, and power infrastructure as countries seek to enhance the reliability and resilience of their energy systems. Over the longer term, however, the global LNG outlook remains constructive, with approximately 200 million tonnes of incremental LNG supply expected to come online by 2030. As these new volumes are delivered, they are expected to improve market liquidity, enhance diversification of supply, and alleviate structural tightness, helping to rebalance global LNG markets over time.
Current wording
Overall, the Middle East conflict has placed significant constraints on the near-term LNG market, limiting supply flexibility and heightening price volatility as buyers prioritize security of supply. The effects of the conflict have extended beyond LNG, influencing broader energy markets and reinforcing the importance of supply diversification and energy security. These dynamics continue to support investment in LNG, natural gas, and power infrastructure as countries seek to enhance the reliability and resilience of their energy systems. Over the longer term, however, the global LNG outlook remains positive, with approximately 200 MT of incremental LNG supply expected to come online by 2030. As these new volumes are delivered, they are expected to improve market liquidity, enhance diversification of supply, and alleviate structural tightness, helping to rebalance global LNG markets over time.
Previous wording
We closed the acquisition of New Fortress Energy Inc.’s business in Jamaica (the “Acquisition”) in May 2025. Therefore our results of operations for the three and six months ended June 30, 2025 only contain a partial period of Jamaica operating results.
Current wording
We closed the acquisition of New Fortress Energy Inc.’s business in Jamaica (the “Acquisition”) in May 2025. Therefore our results of operations for the nine months ended September 30, 2025 only contain a partial period of Jamaica operating results.
Previous wording
Three and Six Months Ended June 30, 2026 Compared to Three and Six Months Ended June 30, 2025
Current wording
Three and Nine Months Ended September 30, 2026 Compared to Three and Nine Months Ended September 30, 2025
Previous wording
Three and Six Months Ended June 30, 2026 Compared to Three and Six Months Ended June 30, 2025
Current wording
Three and Nine Months Ended September 30, 2026 Compared to Three and Nine Months Ended September 30, 2025
Previous wording
Net income was $50.1 million for the three months ended June 30, 2026, an increase of $29.3 million, as compared to $20.8 million for the three months ended June 30, 2025. Net income was higher primarily due to transition and transaction costs incurred in the second quarter of 2025 as a result of the Acquisition ($27.7 million), the addition of long-term LNG, gas and power sales agreements ($16.7 million), and additional short-term LNG, gas and power sales opportunities ($2.1 million), partially offset by the addition of depreciation and amortization in Jamaica ($5.6 million), an increase in interest expense due to our new 2030 Notes (as defined herein) net of the effects of the Term Loan Facility (as defined herein) paydown ($4.8 million), and a decrease in interest income ($4.0 million).
Current wording
Net income was $60.0 million for the three months ended September 30, 2026, an increase of $5.0 million, as compared to $55.0 million for the three months ended September 30, 2025. Net income was higher primarily due to our new charter in Jordan and subcharter opportunities ($13.9 million), increased short-term LNG, gas and power opportunities ($6.1 million), and transition and transaction costs incurred in 2025 as a result of the Acquisition ($2.2 million), partially offset by timing of deliveries under our Atlantic Basin agreement ($11.0 million), higher business development costs ($3.4 million), and an increase in our provision for income taxes ($1.7 million).
Previous wording
Net income was $100.1 million for the six months ended June 30, 2026, an increase of $27.2 million, as compared to $72.9 million for the six months ended June 30, 2025. Net income was higher primarily due to the addition of long-term LNG, gas and power sales agreements ($39.8 million), transition and transaction costs incurred in the first half of 2025 as a result of the Acquisition ($31.3 million), additional short-term LNG, gas and power sales opportunities ($3.8 million), and additional subcharter opportunities ($1.7 million), partially offset by an increase in interest expense due to our new 2030 Notes (as defined herein) net of the effects of the Term Loan Facility (as defined herein) paydown ($18.0 million), the addition of depreciation and amortization in Jamaica ($15.4 million), a decrease in interest income ($5.6 million), a seasonal maintenance project ($4.1 million), and an increase in provision for income taxes ($3.8 million).
Current wording
Net income was $160.1 million for the nine months ended September 30, 2026, an increase of $32.2 million, as compared to $127.9 million for the nine months ended September 30, 2025. Net income was higher primarily due to the addition of long-term LNG, gas and power sales agreements ($46.9 million), transition and transaction costs incurred in 2025 as a result of the Acquisition ($33.6 million), and our new charter in Jordan and subcharter opportunities ($16.7 million), partially offset by an increase in interest expense due to our 2030 Notes (as defined herein) net of the effects of the Term Loan Facility (as defined herein) paydown ($17.9 million), the addition of depreciation and amortization in Jamaica and on Excelerate Acadia ($17.0 million), a decrease in short-term LNG, gas and power sales opportunities ($7.1 million), a decrease in interest income ($6.9 million), higher business development costs ($6.0 million), an increase in provision for income taxes ($5.5 million), and a seasonal maintenance project ($4.1 million).
Previous wording
Gross Margin was $105.2 million for the three months ended June 30, 2026, an increase of $12.6 million, as compared to $92.6 million for the three months ended June 30, 2025. For the three months ended June 30, 2026, Adjusted Gross Margin was $137.9 million, an increase of $19.8 million, as compared to $118.1 million for the three months ended June 30, 2025. Gross Margin and Adjusted Gross Margin were higher primarily due to the addition of long-term LNG, gas and power sales agreements ($16.7 million), and additional short-term LNG, gas and power sales opportunities ($2.1 million). Gross Margin was also impacted by the addition of depreciation and amortization in Jamaica ($5.6 million).
Current wording
Gross Margin was $123.4 million for the three months ended September 30, 2026, an increase of $10.5 million, as compared to $112.9 million for the three months ended September 30, 2025. For the three months ended September 30, 2026, Adjusted Gross Margin was $155.9 million, an increase of $11.3 million, as compared to $144.6 million for the three months ended September 30, 2025. Gross Margin and Adjusted Gross Margin were higher primarily due to our new charter in Jordan and subcharter opportunities ($13.9 million) and increased short-term LNG, gas and power opportunities ($6.1 million), partially offset by timing of deliveries under our Atlantic Basin agreement ($11.0 million).
Previous wording
Gross Margin was $211.5 million for the six months ended June 30, 2026, an increase of $28.2 million, as compared to $183.3 million for the six months ended June 30, 2025. For the six months ended June 30, 2026, Adjusted Gross Margin was $275.2 million, an increase of $44.7 million, as compared to $230.5 million for the six months ended June 30, 2025. Gross Margin and Adjusted Gross Margin were higher primarily due to the addition of long-term LNG, gas and power sales agreements ($39.8 million), additional short-term LNG, gas and power sales opportunities ($3.8 million), and additional subcharter opportunities ($1.7 million), partially offset by a seasonal maintenance project ($4.1 million). Gross Margin was also impacted by the addition of depreciation and amortization in Jamaica ($15.4 million).
Current wording
Gross Margin was $334.9 million for the nine months ended September 30, 2026, an increase of $38.7 million, as compared to $296.2 million for the nine months ended September 30, 2025. For the nine months ended September 30, 2026, Adjusted Gross Margin was $431.1 million, an increase of $56.0 million, as compared to $375.1 million for the nine months ended September 30, 2025. Gross Margin and Adjusted Gross Margin were higher primarily due to the addition of long-term LNG, gas and power sales agreements ($46.9 million) and our new charter in Jordan and subcharter opportunities ($16.7 million), partially offset by a decrease in short-term LNG, gas and power sales opportunities ($7.1 million), and a seasonal maintenance project ($4.1 million). Gross Margin was also partially offset by the addition of depreciation and amortization in Jamaica and on Excelerate Acadia ($17.0 million).
Previous wording
Adjusted EBITDA was $120.1 million for the three months ended June 30, 2026, an increase of $13.0 million, as compared to $107.1 million for the three months ended June 30, 2025. Adjusted EBITDA was higher primarily due to the addition of long-term LNG, gas and power sales agreements ($16.7 million) and additional short-term LNG, gas and power sales opportunities ($2.1 million), partially offset by a decrease in interest income ($4.0 million).
Current wording
Adjusted EBITDA was $133.5 million for the three months ended September 30, 2026, an increase of $4.2 million, as compared to $129.3 million for the three months ended September 30, 2025. Adjusted EBITDA was higher primarily due to our new charter in Jordan and subcharter opportunities ($13.9 million) and increased short-term LNG, gas and power opportunities ($6.1 million), partially offset by timing of deliveries under our Atlantic Basin agreement ($11.0 million) and higher business development costs ($3.4 million).
Previous wording
Adjusted EBITDA was $242.3 million for the six months ended June 30, 2026, an increase of $34.7 million, as compared to $207.6 million for the six months ended June 30, 2025. Adjusted EBITDA was higher primarily due to the addition of long-term LNG, gas and power sales agreements ($39.8 million), additional short-term LNG, gas and power sales opportunities ($3.8 million), and additional subcharter opportunities ($1.7 million), partially offset by a decrease in interest income ($5.6 million) and a seasonal maintenance project ($4.1 million).
Current wording
Adjusted EBITDA was $375.7 million for the nine months ended September 30, 2026, an increase of $38.8 million, as compared to $336.9 million for the nine months ended September 30, 2025. Adjusted EBITDA was higher primarily due to the addition of long-term LNG, gas and power sales agreements ($46.9 million) and our new charter in Jordan and subcharter opportunities ($16.7 million), partially offset by a decrease in short-term LNG, gas and power sales opportunities ($7.1 million), a decrease in interest income ($6.9 million), higher business development costs ($6.0 million), and a seasonal maintenance project ($4.1 million).
Previous wording
Terminal services revenues were $318.7 million for the six months ended June 30, 2026, an increase of $21.5 million as compared to $297.2 million for the six months ended June 30, 2025. Terminal services revenues were higher primarily due to additional subcharter opportunities and increased contract rates.
Current wording
Terminal services revenues were $165.7 million for the three months ended September 30, 2026, an increase of $19.8 million as compared to $145.9 million for the three months ended September 30, 2025. Terminal services revenues were higher primarily due to the deployment of Excelerate Acadia.
Previous wording
Terminal services revenues were $160.5 million for the three months ended June 30, 2026, an increase of $11.7 million as compared to $148.8 million for the three months ended June 30, 2025. Terminal services revenues were higher primarily due to additional subcharter opportunities and increased contract rates.
Current wording
Terminal services revenues were $484.4 million for the nine months ended September 30, 2026, an increase of $41.3 million as compared to $443.1 million for the nine months ended September 30, 2025. Terminal services revenues were higher primarily due to the deployment of Excelerate Acadia, additional subcharter opportunities, and increased long-term contract rates.
Previous wording
Operating expenses were $56.1 million for the three months ended June 30, 2026, an increase of $10.1 million, as compared to $46.0 million for the three months ended June 30, 2025. The increase in operating expenses was primarily due to increased rebillable costs and additional subcharter opportunities.
Current wording
Operating expenses were $50.1 million for the three months ended September 30, 2026, an increase of $5.6 million, as compared to $44.5 million for the three months ended September 30, 2025. The increase in operating expenses was primarily due to increased rebillable costs and additional subcharter opportunities.
Previous wording
Operating expenses were $109.2 million for the six months ended June 30, 2026, an increase of $21.2 million, as compared to $88.0 million for the six months ended June 30, 2025. The increase in operating expenses was primarily due to increased rebillable costs, a seasonal maintenance project, additional subcharter opportunities and increased personnel costs in Argentina.
Current wording
Operating expenses were $159.3 million for the nine months ended September 30, 2026, an increase of $26.8 million, as compared to $132.5 million for the nine months ended September 30, 2025. The increase in operating expenses was primarily due to increased rebillable costs, a seasonal maintenance project, additional subcharter opportunities and increased personnel costs in Argentina.
Previous wording
Depreciation and amortization expenses were $32.7 million for the three months ended June 30, 2026, an increase of $7.2 million, as compared to $25.5 million for the three months ended June 30, 2025. Depreciation and amortization increased primarily due to the Acquisition.
Current wording
Depreciation and amortization expenses were $32.5 million for the three months ended September 30, 2026, an increase of $0.7 million, as compared to $31.8 million for the three months ended September 30, 2025. Depreciation and amortization increased primarily due to the deployment of Excelerate Acadia.
Previous wording
Depreciation and amortization expenses were $63.7 million for the six months ended June 30, 2026, an increase of $16.5 million, as compared to $47.2 million for the six months ended June 30, 2025. Depreciation and amortization increased primarily due to the Acquisition.
Current wording
Depreciation and amortization expenses were $96.2 million for the nine months ended September 30, 2026, an increase of $17.3 million, as compared to $78.9 million for the nine months ended September 30, 2025. Depreciation and amortization increased primarily due to the Acquisition and the deployment of Excelerate Acadia.
Previous wording
Selling, general and administrative expenses were $24.3 million for the three months ended June 30, 2026, an increase of $2.8 million, as compared to $21.5 million for the three months ended June 30, 2025. Selling, general and administrative expenses increased primarily due to increased business development.
Current wording
Selling, general and administrative expenses were $28.9 million for the three months ended September 30, 2026, an increase of $5.5 million, as compared to $23.4 million for the three months ended September 30, 2025. Selling, general and administrative expenses increased primarily due to increased business development.
Previous wording
Selling, general and administrative expenses were $48.6 million for the six months ended June 30, 2026, an increase of $5.7 million, as compared to $42.9 million for the six months ended June 30, 2025. Selling, general and administrative expenses increased primarily due to increased business development.
Current wording
Selling, general and administrative expenses were $77.5 million for the nine months ended September 30, 2026, an increase of $11.2 million, as compared to $66.3 million for the nine months ended September 30, 2025. Selling, general and administrative expenses increased primarily due to increased business development.
Previous wording
Transition and transaction expenses were $27.7 million and $31.3 million for the three and six months ended June 30, 2025, respectively. Transition and transaction expenses related to due diligence, legal, and integration costs for the Acquisition. We did not incur any transition and transaction expenses in the three and six months ended June 30, 2026.
Current wording
Transition and transaction expenses were $2.2 million and $33.6 million for the three and nine months ended September 30, 2025, respectively. Transition and transaction expenses related to due diligence, legal, and integration costs for the Acquisition. We did not incur any transition and transaction expenses in the three and nine months ended September 30, 2026.
Previous wording
Interest expense was $24.2 million for the three months ended June 30, 2026, an increase of $3.5 million, as compared to $20.7 million for the three months ended June 30, 2025. The increase was primarily due to our new 2030 Notes (as defined herein), partially offset by the effects of the Term Loan Facility (as defined herein) paydown during the second quarter of 2025.
Current wording
Interest expense was $72.7 million for the nine months ended September 30, 2026, an increase of $16.1 million, as compared to $56.6 million for the nine months ended September 30, 2025. The increase was primarily due to our 2030 Notes (as defined herein) issued in May 2025, partially offset by the effects of the Term Loan Facility (as defined herein) paydown during the second quarter of 2025.
Previous wording
Other income, net was $1.7 million for the three months ended June 30, 2026, a decrease of $4.6 million, as compared to $6.3 million for the three months ended June 30, 2025. Other income, net decreased primarily due to a decrease in interest income.
Current wording
Other income, net was $1.7 million for the three months ended September 30, 2026, a decrease of $1.7 million, as compared to $3.4 million for the three months ended September 30, 2025. Other income, net decreased primarily due to a decrease in interest income.
Previous wording
Other income, net was $6.2 million for the six months ended June 30, 2026, a decrease of $6.2 million, as compared to $12.4 million for the six months ended June 30, 2025. Other income, net decreased primarily due to a decrease in interest income.
Current wording
Other income, net was $7.8 million for the nine months ended September 30, 2026, a decrease of $8.0 million, as compared to $15.8 million for the nine months ended September 30, 2025. Other income, net decreased primarily due to a decrease in interest income.
Previous wording
The provision for income taxes for the three months ended June 30, 2026 and 2025 was $5.9 million and $5.6 million, respectively. The provision for income taxes for the six months ended June 30, 2026 and 2025 was $15.4 million and $11.6 million, respectively. The change was primarily attributable to the year-over-year change in the geographical distribution of income.
Current wording
The provision for income taxes for the three months ended September 30, 2026 and 2025 was $9.8 million and $7.9 million, respectively. The provision for income taxes for the nine months ended September 30, 2026 and 2025 was $25.2 million and $19.5 million, respectively. The change was primarily attributable to the year-over-year change in the geographical distribution of income.
Previous wording
The effective tax rate for the three months ended June 30, 2026 and 2025, was 10.6% and 21.2%, respectively. The effective tax rate for the six months ended June 30, 2026 and 2025, was 13.3% and 13.7%, respectively. The change was primarily driven by the geographical distribution of income and the varying tax regimes of jurisdictions.
Current wording
The effective tax rate for the three months ended September 30, 2026 and 2025, was 14.0% and 12.6%, respectively. The effective tax rate for the nine months ended September 30, 2026 and 2025, was 13.6% and 13.2%, respectively. The change was primarily driven by the geographical distribution of income and the varying tax regimes of jurisdictions.
Previous wording
Net income attributable to non-controlling interest was $38.0 million for the three months ended June 30, 2026, an increase of $22.0 million, as compared to $16.0 million for the three months ended June 30, 2025. The increase in net income attributable to non-controlling interest was primarily due to higher net income attributable to owners of our Class B Common Stock.
Current wording
Net income attributable to non-controlling interest was $45.8 million for the three months ended September 30, 2026, an increase of $4.7 million, as compared to $41.1 million for the three months ended September 30, 2025. The increase in net income attributable to non-controlling interest was primarily due to higher net income attributable to owners of our Class B Common Stock.
Previous wording
Net income attributable to non-controlling interest was $75.7 million for the six months ended June 30, 2026, an increase of $18.9 million, as compared to $56.8 million for the six months ended June 30, 2025. The increase in net income attributable to non-controlling interest was primarily due to higher net income attributable to owners of our Class B Common Stock.
Current wording
Net income attributable to non-controlling interest was $121.4 million for the nine months ended September 30, 2026, an increase of $23.5 million, as compared to $97.9 million for the nine months ended September 30, 2025. The increase in net income attributable to non-controlling interest was primarily due to higher net income attributable to owners of our Class B Common Stock.
Previous wording
Based on our cash positions, cash flows from operating activities and borrowing capacity under our debt facilities, we believe we will have sufficient liquidity for the next 12 months for ongoing operations, planned capital expenditures, other investments, debt service obligations, payment of tax distributions and our announced and expected quarterly dividends and distributions, as described in Part II, Item 5 – Our Dividend and Distribution Policy in the 2025 Annual Report. For more information regarding our planned dividend payments, see Note 13 – Equity. As of June 30, 2026, we had $342.4 million in unrestricted cash and cash equivalents.
Current wording
Based on our cash positions, cash flows from operating activities and borrowing capacity under our debt facilities, we believe we will have sufficient liquidity for the next 12 months for ongoing operations, planned capital expenditures, other investments, debt service obligations, payment of tax distributions and our announced and expected quarterly dividends and distributions, as described in Part II, Item 5 – Our Dividend and Distribution Policy in the 2025 Annual Report. For more information regarding our planned dividend payments, see Note 13 – Equity. As of September 30, 2026, we had $356.7 million in unrestricted cash and cash equivalents.
Previous wording
We have historically funded our business, including meeting our day-to-day operational requirements, repaying our indebtedness and funding capital expenditures, through debt financing, equity offerings, capital contributions and our operating cash flows as discussed below. We expect that our future principal uses of cash will also include additional capital expenditures to fund our growth strategy, pay income taxes and make distributions from EELP to fund income taxes, fund our obligations under the Tax Receivable Agreement (“TRA”), and pay cash dividends and distributions. Any determination to pay dividends to holders of our common stock and distributions to holders of EELP’s Class B interests will be at the discretion of our board of directors and will depend upon many factors, including our financial condition, results of operations, projections, liquidity, earnings, legal requirements, covenant compliance, restrictions on our existing and any future debt and other factors that our board of directors deems relevant. In the future we may enter into arrangements to grow our business or acquire or invest in complementary businesses which could decrease our cash and cash equivalents and increase our cash requirements. As a result of these and other factors, we could use our available capital resources sooner than expected and may be required to seek additional equity or debt financing.
Current wording
We have historically funded our business, including meeting our day-to-day operational requirements, repaying our indebtedness and funding capital expenditures, through debt financing, equity offerings, capital contributions and our operating cash flows as discussed below. We expect that our future principal uses of cash will also include additional capital expenditures to fund our growth strategy, pay income taxes and make distributions from EELP to all interest holders, including Excelerate, to fund income taxes, fund our obligations under the Tax Receivable Agreement (“TRA”), and pay cash dividends and distributions. Any determination to pay dividends to holders of our common stock and distributions to holders of EELP’s Class B interests will be at the discretion of our board of directors and will depend upon many factors, including our financial condition, results of operations, projections, liquidity, earnings, legal requirements, covenant compliance, restrictions on our existing and any future debt and other factors that our board of directors deems relevant. In the future we may enter into arrangements to grow our business or acquire or invest in complementary businesses which could decrease our cash and cash equivalents and increase our cash requirements. As a result of these and other factors, we could use our available capital resources sooner than expected and may be required to seek additional equity or debt financing.
Previous wording
In December 2025, our board of directors approved a share repurchase program (the “Share Repurchase Program”) to purchase up to $75.0 million of our Class A Common Stock, $0.001 par value per share (“Class A Common Stock”). The Share Repurchase Program does not obligate us to acquire any specific number of shares, has no expiration date, and may be suspended, extended, modified or discontinued at any time at the discretion of the board of directors. During the three months ended June 30, 2026, we repurchased 693,177 shares of our outstanding Class A Common Stock at a weighted average price of $33.93 per share, for a total net cost, including commission fees and taxes, of approximately $23.8 million. During the six months ended June 30, 2026, we repurchased 840,876 shares of our outstanding Class A Common Stock at a weighted average price of $33.90 per share, for a total net cost, including commission fees and taxes, of approximately $28.8 million. For more information, see Part II – Other Information – Item 2. Unregistered Sales of Equity Securities and Use of Proceeds –Share Repurchase Program.
Current wording
In December 2025, our board of directors approved a share repurchase program (the “Share Repurchase Program”) to purchase up to $75.0 million of our Class A Common Stock, $0.001 par value per share (“Class A Common Stock”). The Share Repurchase Program does not obligate us to acquire any specific number of shares, has no expiration date, and may be suspended, extended, modified or discontinued at any time at the discretion of the board of directors. During the three months ended September 30, 2026, we repurchased 291,157 shares of our outstanding Class A Common Stock at a weighted average price of $35.21 per share, for a total net cost, including commission fees and taxes, of approximately $10.4 million. During the nine months ended September 30, 2026, we repurchased 1,132,033 shares of our outstanding Class A Common Stock at a weighted average price of $34.23 per share, for a total net cost, including commission fees and taxes, of approximately $39.2 million. For more information, see Part II – Other Information – Item 2. Unregistered Sales of Equity Securities and Use of Proceeds –Share Repurchase Program.
Previous wording
Cash flows provided by operating activities decreased by $67.7 million for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, primarily due to differences in the timing of collections and payments related to LNG, gas and power purchases and sales, and interest expense on the 2030 Notes (as defined herein), partially offset by costs related to the Acquisition.
Current wording
Cash flows provided by operating activities decreased by $102.3 million for the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, primarily due to differences in the timing of collections and payments related to LNG, gas and power purchases and sales, and interest expense on the 2030 Notes (as defined herein), partially offset by costs related to the Acquisition.
Previous wording
Cash flows used in investing activities were primarily comprised of capital expenditures made for the purchases of property and equipment, which decreased by $841.7 million for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025. The decrease was primarily due to the Acquisition, partially offset by increased milestone payments made in 2026 as compared to 2025 for the Excelerate Acadia as well as purchases made in 2026 for our Iraq project.
Current wording
Cash flows used in investing activities were primarily comprised of capital expenditures made for the purchases of property and equipment, which decreased by $863.9 million for the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025. The decrease was primarily due to the Acquisition, partially offset by increased milestone payments made in 2026 as compared to 2025 for the Excelerate Acadia as well as purchases made in 2026 for our Iraq project.
Showing the first 40 of 47 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
N.A., as administrative agent. Under the Amended Credit Agreement, EELP obtained a new $250.0 million term loan facility (the “Term Loan Facility” and, together with the EE Revolver, as amended, the “EE Facilities”).