Cheniere Energy Partners, L.P.

Volumes loaded and recognized from the Liquefaction Project

Net income

Net income declined by $129 million and $187 million for the three and nine months ended September 30, 2025, respectively, as compared to the same periods of 2024, primarily attributable to:

•$162 million and $190 million, respectively, of unfavorable changes in the fair value of agreements accounted for as derivative instruments, largely due to changes in market-based locational forward price differentials for North American natural gas deliveries, partially offset by favorable changes on our IPM agreements primarily due to the narrowing of global and U.S. domestic natural gas spreads, the effect of which is minimized by the relative change in volatilities of applicable global and U.S. domestic natural gas prices; and

•$60 million increase in operating and maintenance expense (including affiliate and related party) between the comparable nine month periods, primarily due to the completion of planned large-scale maintenance activities on two trains at the Liquefaction Project.

These unfavorable variances were partially offset by:

•$23 million increase in other income—affiliate between the comparable nine month periods;

•$10 million and $36 million decreases, respectively, in interest expense, net of capitalized interest; and

•$9 million and $37 million increases, respectively, in LNG revenues, net of cost of sales and excluding derivatives.

The following is an expanded discussion of the significant drivers of the variance in net income by line item:

Revenues

The $349 million and $1.6 billion increases in revenues during the three and nine months ended September 30, 2025, respectively, as compared to the same periods of 2024, were primarily attributable to $367 million and $1.8 billion increases, respectively, from higher pricing per MMBtu as a result of increased Henry Hub pricing, partially offset by $18 million and $185 million decreases, respectively, from lower production volume primarily due to the planned large-scale maintenance activities, as further described above under the caption Net income.

Operating costs and expenses

The $480 million and $1.8 billion increases in operating costs and expenses during the three and nine months ended September 30, 2025, respectively, as compared to the same periods of 2024, were primarily attributable to:

•$340 million and $1.5 billion increases, respectively, in the cost of natural gas feedstock largely due to the increase in U.S. natural gas prices, as further described above under the caption Revenues;

•$162 million and $190 million unfavorable changes, respectively, in fair value of agreements accounted for as derivative instruments included in cost of sales, as further described above under the caption Net income; and

•$60 million increase in operating and maintenance expense (including affiliate and related party) between the comparable nine month periods, as a result of the planned large-scale maintenance activities.

Other income (expense)

The $2 million and $44 million favorable variances during the three and nine months ended September 30, 2025, respectively, as compared to the same periods of 2024, were primarily attributable to $10 million and $36 million decreases, respectively, in interest expense, net of capitalized interest, primarily due to a decrease in total indebtedness between the comparable periods. The daily average debt balance decreased from $15.9 billion during the nine months ended September 30, 2024 to $15.1 billion during the nine months ended September 30, 2025, as debt continued to be paid down as part of Cheniere’s long-term capital allocation plan. Additionally contributing to the favorable variance during the comparable nine month periods was a $23 million increase in other income—affiliate related to service agreements with an affiliated subsidiary of Cheniere, as further described in Note 10—Related Party Transactions.

Significant factors affecting our results of operations

Below are significant factors that affect our results of operations.

Gains and losses on derivative instruments

Derivative instruments, which we use to manage certain risks, are reported at fair value in our Consolidated Financial Statements. For commodity derivative instruments, including those related to our IPM agreements, the underlying LNG sales being economically hedged are accounted for under the accrual method of accounting, whereby revenues expected to be derived from the future LNG sales are recognized only upon delivery or realization of the underlying transaction. Notwithstanding the operational intent to mitigate risk exposure over time, the recognition of derivative instruments at fair value has the effect of recognizing gains or losses relating to future period exposure, and given the significant volumes, long-term duration and volatility in price basis for certain of our derivative contracts, the use of derivative instruments may result in continued volatility of our results of operations based on changes in market pricing, counterparty credit risk and other relevant factors that may be outside of our control. For example, as described in Note 6—Derivative Instruments of our Notes to Consolidated Financial Statements, the fair value of the Liquefaction Supply Derivatives incorporates, as applicable, market participant-based assumptions pertaining to certain contractual uncertainties, including those related to the availability of market information for delivery points, which may require future development of infrastructure, as well as the timing of satisfaction of certain events or development of infrastructure to support natural gas gathering and transport. We may recognize changes in fair value through earnings that could significantly impact our results of operations if and when such uncertainties are resolved.

Business Seasonality

Our quarterly results are affected by production levels, timing of our maintenance activities and the resulting availability of volumes. Therefore, operating profit may not be generated evenly throughout the year. Weather variations, including temperature, have an impact on LNG output at our Liquefaction Project. Our Liquefaction Project is capable of relatively higher production volumes during the cooler months as compared to the summer months. We typically perform our scheduled major maintenance activities at our site during shoulder months in the second and third quarters in order to mitigate the impact to our annual operating results.