Cheniere Energy Partners, L.P.

Volumes recognized as revenues

Net income

Net income increased by $133 million and $286 million during the three and nine months ended September 30, 2026, respectively, as compared to the same periods of 2025.

The increase between the three month periods was primarily due to a $170 million increase in LNG revenues, net of cost of sales, as a result of favorable pricing effects associated with LNG volumes delivered during the comparative periods. The net impact of changes in the fair value of our derivative instruments was immaterial, reflecting offsetting fair value changes primarily from our IPM agreements and other natural gas supply contracts.

The increase between the nine month periods was primarily due to:

•$488 million increase in LNG revenues, net of cost of sales and excluding changes in fair value of agreements accounted for as derivative instruments, from favorable pricing effects associated with LNG volumes delivered during the comparative periods, and to a lesser degree from higher production volume; partially offset by:

•$208 million of unfavorable changes in fair value of our derivative instruments, comprised of:

◦$441 million of unfavorable changes in the fair value of our long-term IPM agreements prior to the NPNS designation in June 2026, as further described below, due to widening spreads between global and U.S. domestic natural gas benchmarks and elevated global natural gas price volatility influenced in part by the tightening supply conditions, transit constraints and heightened geopolitical uncertainties from the conflict and instabilities across parts of the Middle East during 2026; partially offset by:

◦$233 million of favorable changes in the fair value of other agreements accounted for as derivative instruments, largely due to changes in market-based locational forward price differentials for North American natural gas deliveries.

In June 2026, we designated the NPNS scope exception under Accounting Standards Codification Topic 815, Derivatives and Hedging, for our IPM agreements. The NPNS exception is available for contracts that are expected to be physically settled and used or sold in the normal course of business, which is consistent with our intended purpose to consume the delivered physical natural gas to produce LNG. Our designation considered increased observable U.S. Gulf Coast third-party physical natural gas market activity involving contracts indexed to global LNG or natural gas prices, among other factors, in evaluating whether the pricing mechanism is consistent with the economics of the underlying physical market. Following the NPNS designation, physical natural gas purchases under these agreements are no longer remeasured at fair value through earnings. Amounts are recognized under the applicable inventory and cost-of-sales guidance as the natural gas is received, consumed in the production process and the related LNG is sold. The estimated fair values of these agreements as of the designation date were established as the new cost basis and are being amortized into cost of sales on a systematic basis over the remaining expected terms of the agreements. Because recognition is based on the timing and volume of contract deliveries, the amounts recognized in any reporting period are expected to vary and are not expected to follow a linear pattern. These non-cash amounts reflect the amortization of deferred gains and losses established at the designation date rather than changes in current-period market prices. If it is determined that the contracts designated as NPNS no longer meet the scope exception, the contracts would be recorded at fair value and any gains and losses would be immediately recognized in earnings.

The following is an expanded discussion of the material drivers of the variance in net income:

Revenues

Total revenues increased by $170 million and $909 million during the three and nine months ended September 30, 2026, respectively, as compared to the same periods of 2025.

The increase between the three month periods was primarily attributable to a $131 million increase from higher pricing per MMBtu, primarily as a result of increased global LNG pricing associated with geopolitical uncertainties and instabilities, related to the SPA linked to the same global market prices as one of our long-term IPM agreements, and favorable pricing effects associated with the remaining LNG volumes delivered during the comparative periods.

The increase between the nine month periods was primarily attributable to:

•$551 million increase from higher pricing per MMBtu as a result of increased Henry Hub pricing; and

•$381 million increase due to higher production volume as a result of planned large-scale maintenance activities that occurred during the nine months ended September 30, 2025, but did not recur during the same period of 2026.

Operating costs and expenses

Total operating costs and expenses had a relatively immaterial change during the three months ended September 30, 2026 and increased by $630 million during the nine months ended September 30, 2026, respectively, as compared to the same periods of 2025.

The increase between the nine month periods was primarily attributable to:

•$338 million increase in the cost of natural gas feedstock between the nine month periods, largely due to the increase in U.S. natural gas prices and to a lesser degree from higher production volume, partially offset by a decrease in costs associated with the sale of certain unutilized natural gas procured for the liquefaction process; and

•$208 million of unfavorable changes in the fair value of agreements accounted for as derivative instruments included in cost of sales, of which $441 million of unfavorable changes related to the changes in fair value of the IPM agreements prior to the NPNS designation date in June 2026, as further described above under the caption Net income, due to favorable fair value changes recognized on these agreements in 2025 that did not recur following the NPNS designation because these agreements were no longer subject to recurring fair value measurement. The changes in the fair value of our long-term IPM agreements were partially offset by $233 million of favorable changes in the fair value of natural gas supply contracts accounted for as derivative instruments included in cost of sales, largely due to changes in market-based locational forward price differentials for North American natural gas deliveries.

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 unless they qualify for, and we designate, an applicable scope exception under Accounting Standards Codification Topic 815, including the NPNS scope exception.

As noted above under Net income, we designated the NPNS scope exception in June 2026 for our IPM agreements previously accounted for as derivative instruments. Those agreements are no longer subject to recurring fair value adjustments and the market-driven earnings variability will be mitigated for those contracts that would have otherwise been marked-to-market in the absence of such designation.

Conversely, commodity contracts accounted for as derivative instruments and for which we have not designated the NPNS exception remain subject to fair value accounting in which gains and losses arising from changes in fair value affect earnings. For such contracts, 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. We may recognize changes in fair value through earnings that could 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.