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olivLaw · US equity research

Excelerate Energy, Inc. EE

Natural Gas Distribution · SIC 4924 · Vertical: Natural Gas Distribution (SIC 4924)

34.29USD−2.39% · 1 dayClose 04 Nov 2026

Excelerate Energy operates regasification infrastructure for LNG under long-term take-or-pay contracts across several countries. The company reported revenues of 1228.3 million USD in fiscal 2025, and its 2026 Adjusted EBITDA guidance is between 490 and 515 million USD.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Excelerate Energy, Inc. (EE) stock was 34.29 USD (−2.39% on the day), with P/E 26.8 on diluted EPS of 1.28 USD over the last 12 months, dividend yield 0.50%, beta 0.64, 52-week range 26.12–42.89 USD. Latest reported quarter (Q2 2026): revenue of 329.3 m USD (+61.0% YoY), diluted EPS 0.37 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
unavailable
P/E (TTM)
26.8
Diluted EPS TTM 1.28 · TTM to 31 Dec 2025
E/P (TTM)
3.73%
TTM to 31 Dec 2025
Dividend yield
0.50%
DPS 12m 0.17
Beta (2y)
0.64
Volatility (1y) 38%
52-week range
26.1242.89

Price history

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Technical reading

RSI (14)
50.7
neutral
Bollinger (20, 2)
31.43 – 36.10
in the upper half of the band · %B 0.61 · band width 13.8%
SMA 50 / 200
35.31 / 36.04
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.05 / -0.38
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+0.5%−2.0%+2.5 pp—
3 months−10.9%−2.2%−8.8 pp—
6 months−0.1%+4.3%−4.4 pp—
Year to date+22.2%+10.6%+11.7 pp—
1 year+33.9%+10.5%+23.5 pp+2.8%
3 years+123.1%+73.7%+49.4 pp+40.1%
5 yearsunavailable+61.7%unavailable—
Max drawdown (1y)
−26.5%
25 Feb 2026 → 22 Oct 2026
Max drawdown (5y)
−54.8%
22 Nov 2022 → 14 Feb 2024
Compound annual growth (5y)
unavailable
S&P 500 +10.1%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
329.3 m USD
+61.0% YoY
Net income
unavailable USD
unavailable YoY
Diluted EPS
0.37
+146.7% YoY
net / operating
unavailable / 24.6%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue193.4 m274.6 m315.1 m204.6 m391.0 m317.6 m433.4 m329.3 m
Operating income59.7 m60.2 m65.7 m43.4 m87.2 m70.4 m82.0 m80.9 m
Depreciation & amortisation23.0 m22.6 m21.6 m25.5 m31.8 m32.4 m31.0 m32.7 m
Pre-tax income51.7 m51.7 m58.2 m26.3 m63.0 m47.4 m59.4 m56.0 m
Income tax6.2 m5.6 m6.0 m5.6 m7.9 m8.4 m9.5 m-5.9 m
Diluted EPS0.35—0.460.150.43—0.370.37
Operating cash flow39.8 m ≈49.6 m154.8 m87.1 m ≈114.9 m ≈104.4 m60.0 m114.2 m ≈
Dividends paid789.0 k ≈1.3 m1.5 m1.9 m ≈2.6 m ≈2.6 m2.7 m2.5 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 75 percentile of its own 4-quarter history (min 13.9, median 22.9, max 49.1; quarters with earnings only).

Fiscal years

Fiscal year202020212022202320242025
Revenue430.8 m888.6 m2.5 bn1.2 bn851.4 m1.2 bn
Revenue YoYunavailable+106.2%+178.3%−53.1%−26.5%+44.3%
Net incomeunavailableunavailableunavailableunavailableunavailableunavailable
Net income YoYunavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPS0.000.000.511.111.271.28
Diluted EPS YoYunavailableunavailableunavailable+117.6%+14.4%+0.8%
net %unavailableunavailableunavailableunavailableunavailableunavailable
Free cash flowunavailableunavailableunavailableunavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
538.2 m USD
Financial debt
936.3 m USD
Net debt
398.1 m USD
Equity
2.2 bn USD
Total assets
4.1 bn USD
Debt / equity
0.42x
Current ratio
2.43x
ROE
unavailable
ROA
unavailable
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
1.2 bn
2024
851.4 m
2025
1.2 bn

SEC (XBRL)· 27 Feb 2026verified

Operating income
2023
210.6 m
2024
215.0 m
2025
266.7 m

SEC (XBRL)· 27 Feb 2026verified

Depreciation & amortisation
2023
114.3 m
2024
98.9 m
2025
111.3 m

SEC (XBRL)· 27 Feb 2026verified

EBITDA
2023
324.9 m ≈
2024
313.9 m ≈
2025
378.0 m ≈

SEC (XBRL)· 27 Feb 2026derived

Pre-tax income
2023
160.1 m
2024
179.1 m
2025
194.9 m

SEC (XBRL)· 27 Feb 2026verified

Income tax
2023
33.2 m
2024
26.1 m
2025
27.9 m

SEC (XBRL)· 27 Feb 2026verified

Diluted EPS
2023
1.11
2024
1.27
2025
1.28

SEC (XBRL)· 27 Feb 2026verified

Weighted average diluted shares
2023
108.3 m
2024
25.8 m
2025
30.6 m

SEC (XBRL)· 27 Feb 2026verified

Balance sheet · USD

Cash
2023
555.9 m
2024
537.5 m
2025
538.2 m

SEC (XBRL)· 27 Feb 2026verified

Receivables
2023
97.3 m
2024
120.0 m
2025
82.7 m

SEC (XBRL)· 27 Feb 2026verified

Inventories
2023
2.9 m
2024
23.9 m
2025
27.1 m

SEC (XBRL)· 27 Feb 2026verified

Current assets
2023
699.6 m
2024
754.3 m
2025
753.4 m

SEC (XBRL)· 27 Feb 2026verified

Property, plant & equipment, net
2023
1.6 bn
2024
1.6 bn
2025
2.1 bn

SEC (XBRL)· 27 Feb 2026verified

Goodwill
2023
—
2024
0
2025
235.0 m

SEC (XBRL)· 27 Feb 2026verified

Intangibles (excl. goodwill)
2023
—
2024
0
2025
359.2 m

SEC (XBRL)· 27 Feb 2026verified

Total assets
2023
2.9 bn
2024
2.9 bn
2025
4.1 bn

SEC (XBRL)· 27 Feb 2026verified

Accounts payable
2023
13.8 m
2024
7.1 m
2025
46.6 m

SEC (XBRL)· 27 Feb 2026verified

Short-term debt
2023
42.6 m
2024
46.8 m
2025
23.5 m

SEC (XBRL)· 27 Feb 2026verified

Long-term debt
2023
333.4 m
2024
286.8 m
2025
912.8 m

SEC (XBRL)· 27 Feb 2026verified

Current liabilities
2023
203.8 m
2024
216.1 m
2025
310.1 m

SEC (XBRL)· 27 Feb 2026verified

Total liabilities
2023
1.1 bn
2024
994.7 m
2025
1.9 bn

SEC (XBRL)· 27 Feb 2026verified

Equity
2023
1.8 bn
2024
1.9 bn
2025
2.2 bn

SEC (XBRL)· 27 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
231.9 m
2024
244.4 m
2025
461.2 m

SEC (XBRL)· 27 Feb 2026verified

Investing cash flow
2023
-308.6 m
2024
-113.3 m
2025
-1.2 bn

SEC (XBRL)· 27 Feb 2026verified

Financing cash flow
2023
111.4 m
2024
-149.0 m
2025
723.1 m

SEC (XBRL)· 27 Feb 2026verified

Dividends paid
2023
2.6 m
2024
3.4 m
2025
8.5 m

SEC (XBRL)· 27 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
44.3%
computed by olivLawFY 2025
Revenue CAGR 3Y
-20.8%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
23.3%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
24.0%
computed by olivLawFY 2025
Net income growth (YoY)
unavailable
input data missing
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
0.8%
computed by olivLawFY 2025
EPS CAGR 3Y
35.9%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
30.5%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
21.8%
computed by olivLawTTM to 30 Jun 2026
Net margin
unavailable
input data missing
FCF margin
unavailable
input data missing

Returns

ROE
unavailable
input data missing
ROA
unavailable
input data missing
ROIC
10.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROCE
8.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
583.7 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
1.3x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Debt / equity
0.4x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
1.8x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
1.7x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
1.0x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
393.5 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
87.8%
computed by olivLawTTM to 30 Jun 2026

Efficiency

Days sales outstanding
22 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
26.8x
computed by olivLawFY 2025
Earnings yield
3.7%
computed by olivLawFY 2025
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
0.5%
computed by olivLawTTM to 30 Jun 2026
Shareholder yield (distributions)
unavailable
input data missing

Risk

Altman Z
unavailable
input data missing

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 52.1% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

34.29 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
26.8x
computed by olivLawFY 2025
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
unavailable
input data missing
Net margin
unavailable
input data missing
Revenue growth (YoY)
44.3%
computed by olivLawFY 2025
Dividend yield
0.5%
computed by olivLawTTM to 30 Jun 2026

Coverage and freshness

26/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Source: SEC (XBRL)published 06 Aug 2026
verified 632derived 45

Score by group

52% · Insufficient data

Estimated value range

Low
14.98
USD per share
Mid
20.69
USD per share
High
25.44
USD per share
Price: 34.29 USD
The price is above the range
Potential to the central value: -39.7% (value / price − 1)
Margin of safety: -65.7% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 14.98 – 25.44 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/E14.98 – 25.44 (Mid 20.69)
    10 companies used · median multiple 16.2x · quartiles 11.7x – 19.9x
    ATO, CQP, LNG, MDU, NFG, NJR, NWN, OGS, SR, VG
  • Dividend discount (DDM)unavailable · input data missing
Multiple comparisons use the SIC vertical: Natural Gas Distribution (SIC 4924)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 52.1% of at least 60%

FactorValueScoreWeight used
ROIC · Quality10.6%60 (vs peers)20%
Net margin · Qualityunavailableunavailable—
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-20.8%0 (on a fixed band)16%
EPS CAGR 3Y · Growth35.9%100 (on a fixed band)16%
Net debt / EBITDA · Balance sheet1.3x78 (vs peers)20%
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet1.8x83 (on a fixed band)8%
P/E (TTM) · Valuation26.8x0 (vs peers)20%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet79/100 · 2/3 factors with a value
  • Growth50/100 · 2/2 factors with a value
  • Quality· partial60/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Excelerate Energy, Inc (EE). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 1.2 bn USD in 2025; YoY growth 44.3%; net debt/EBITDA 1.3x.

The estimated value range is 14.98–25.44 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 20.69 USD, the price of 34.29 USD leaves a potential of -39.7% (value / price − 1) and a margin of safety of -65.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • EPS CAGR 3Y: 35.9%
  • Net debt / EBITDA: 1.3x
  • Current ratio: 1.8x

What contradicts it

  • Revenue CAGR 3Y: -20.8%
  • P/E (TTM): 26.8x
  • The price is above the estimated value range

Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Interest coverage, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Natural Gas Distribution (SIC 4924) · same industry (4-digit SIC) · compared with 14 companies

Multiples and returns vs the median

P/E
26.8x
vertical median 16.2x
above median (+65.7%)
EV/EBITDA
—
vertical median 10.3x
P/S
—
vertical median 2.6x
P/B
—
vertical median 1.6x
ROE
—
vertical median 9.8%
Net margin
—
vertical median 13.1%
EBIT margin
21.8%
vertical median 28.1%
below median (−22.4%)
Revenue YoY
44.3%
vertical median 10.8%
above median (+308.0%)
Net debt/EBITDA
1.3x
vertical median 3.0x
below median (−55.9%)
Dividend yield
0.5%
vertical median 2.8%
below median (−82.4%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
LNGCheniere Energy, Inc.63.5 bn21.745.7%13.1%+27.2%+49% / +71%
CQPCheniere Energy Partners, L.P.30.5 bn9.3—28.1%+23.6%+16% / +2%
ATOAtmos Energy Corp29.4 bn20.79.8%28.5%+12.9%−1% / +53%
NFGNational Fuel Gas Company7.3 bn10.619.6%26.9%+17.1%−7% / +51%
NJRNew Jersey Resources Corporation5.6 bn15.214.5%24.0%+9.9%+15% / +30%
SRSpire Inc.5.3 bn14.910.3%13.9%−4.5%+2% / +48%
OGSONE Gas, Inc.5.2 bn17.58.7%—+42.5%−2% / +43%
MDUMdu Resources Group Inc4.2 bn20.87.0%10.7%+6.7%−7% / +87%
NWNNorthwest Natural Holding Company2.2 bn17.18.3%9.7%+11.8%+4% / +40%
NFENew Fortress Energy Inc.1.2 bn—-533.9%-148.7%−36.2%+234% / −89%
SLNGStabilis Solutions, Inc.71.2 m—-12.7%-14.1%−6.9%−18% / −16%
CETYClean Energy Technologies, Inc.10.4 m—-76.3%-245.9%−63.8%−53% / −96%
EEExcelerate Energy, Inc—26.8——+44.3%+34% / +123%
VGVenture Global, Inc.—9.154.7%22.3%+176.9%+61% / unavailable
UGPUltrapar Holdings Inc.——16.5%1.8%+5.9%+36% / +10%

1- and 3-year price returns: for EE from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).

In brief

Excelerate Energy operates regasification infrastructure for LNG under long-term take-or-pay contracts across several countries. The company reported revenues of 1228.3 million USD in fiscal 2025, and its 2026 Adjusted EBITDA guidance is between 490 and 515 million USD 13.

SWOT

Strengths

  • The company holds a leading global position in offshore regasification services and a base of long-term take-or-pay contracts that provides predictable revenue 1.
  • Operating experience and customer reputation have led to contract renewals and capacity expansions, supporting revenue stability 1.
  • Terminals can be moved between projects, which reduces redeployment risk at the end of a contract 1.

Weaknesses

  • The company carries significant debt and finance lease obligations, which could limit its flexibility to obtain new financing 1.
  • New projects require large investment and can face delays, and cost overruns have occurred in earlier projects 1.
  • Quarterly results are affected by seasonality in the LNG, gas and power segment, which can make short-term revenue harder to predict 2.

Opportunities

  • The Iraq project and the redeployment of an FSRU to Colombia could add new revenue and extend the company's geographic footprint 23.
  • An FSRU conversion project could open a new growth source if the commissioning timeline holds 2.
  • Rising global LNG demand and the need for energy security could support new contracts in emerging markets 1.

Threats

  • Competition from new entrants or state-sponsored entities could reduce regasification rates 1.
  • Geopolitical conflict in the Middle East could delay projects and affect contractual deliveries and revenue 2.
  • Political and legal risks in the countries where the company operates could affect permits, payments and project execution 1.

Risks

  • Project delays and cost overrunshigh

    Development projects can be delayed or become more expensive, and revenue starts only after commercial operations begin 1.

  • Integration of the Jamaica acquisitionmedium

    Expected acquisition benefits could be lower than planned if operating problems or liabilities were not identified during due diligence 1.

  • Competition in regasificationmedium

    New participants could offer lower rates or more modern assets, which could limit the ability to win profitable contracts 1.

  • Geopolitical and force majeure riskhigh

    Regional conflict and force majeure notices could interrupt deliveries and delay the resumption of contractual performance 2.

  • Indebtedness and financingmedium

    The level of debt and financial covenants in financing agreements could restrict the company's ability to raise new funds on favorable terms 1.

Investment thesis

What would need to be true (bull case)

  • If revenue from long-term contracts stays stable and the 2026 Adjusted EBITDA guidance is confirmed, the company could combine predictable revenue with growth from new projects 13.
  • Redeploying terminals to Colombia and the Iraq project could expand the revenue base and improve long-term visibility 2.
  • The planned dividend increase for 2026 could signal confidence in cash flow if the annual growth target is maintained 3.

What would break the thesis

  • If new projects are delayed or exceed budget, expected revenue could arrive later than estimated and debt pressure could increase 1.
  • The Middle East conflict could prolong disruption in the LNG chain and affect contracts with customers in the region 2.
  • Competition for new contracts could reduce rates, which could limit long-term margins 1.

What to watch

  • Delivery against 2026 Adjusted EBITDA guidance2026
  • Start of operations at the Iraq integrated terminalQ2 2027
  • Start of FSRU Express service in ColombiaQ1 2027
  • Resumption of contract deliveries affected by force majeurenext 10-Q

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).

The business

Excelerate owns and operates LNG and natural gas infrastructure, meaning receiving points where liquefied natural gas is converted back into gas through regasification 1. As of December 31, 2025 it controlled or operated 11 floating regasification terminals, one onshore terminal and a combined heat and power plant 1. Revenue is supported mainly by long-term take-or-pay contracts, and the minimum contracted cash flows for terminal services were approximately 3315.2 million USD on the same date 1.

In May 2025 the company closed the acquisition of New Fortress Energy's Jamaica business, including the Montego Bay and Old Harbour terminals and the Clarendon plant 1. Besides regasification, Excelerate sells natural gas, LNG, power and steam, with minimum contracted cash flows for these products of approximately 17031.2 million USD at December 31, 2025 1. For the second quarter of 2026 it reported revenues of 329.3 million USD and Adjusted EBITDA of 120.1 million USD 2.

Excelerate operates as a single reportable segment, and management tracks adjusted gross margin, Adjusted EBITDA and capital expenditures 1. The growth plan includes the Iraq terminal, the redeployment of an FSRU to Colombia and a planned FSRU conversion project 23.

Segments

Terminal services

Terminal revenues come from offshore assets leased to customers, together with the technical services to operate them, typically at fixed daily rates under long-term take-or-pay contracts 12.

LNG, gas and power

This segment combines LNG sourcing, transport, regasification and power and steam generation, with products sold mainly under long-term contracts priced back-to-back 12.

Market context

The company says global LNG demand could rise to about 630 MTPA by 2030 from about 430 MTPA in 2025, supporting demand for import terminals in emerging markets 1. In the second quarter of 2026, the Middle East conflict constrained supply flexibility and increased price volatility, and the company expects about 200 million tonnes of incremental LNG supply by 2030 2.

The regasification market remains competitive, with contracts awarded after intensive bidding that often lasts months, based on operator experience, reliability and price 1. New participants could enter through acquisitions or vessel conversions, which could pressure contract prices 1.

Trends

  • Energy security demandtailwind

    Government focus on energy security and diversification away from coal and Russian pipeline gas supports demand for LNG terminals, which could support new contracts for Excelerate 1.

  • Middle East conflictheadwind

    The regional conflict has disrupted supply and raised shipping and insurance costs, and the company received a force majeure notice from QatarEnergy, which could affect deliveries to Petrobangla 2.

  • Gas price volatilitymixed

    LNG prices in Europe and Asia rose in the second quarter of 2026 while Henry Hub fell, and these differences could change revenues in the LNG, gas and power segment 2.

  • US LNG capacity expansionmixed

    Renewed US LNG development, with a record year of liquefaction investment decisions, could raise global supply and change demand for long-term regasification services 1.

Competitive position

Excelerate competes with other floating terminal owners, from large integrated companies to smaller private owners, and differentiates through integrated solutions and operating experience 1. It also competes with LNG sellers such as large producers and trading houses, which it helps expand into new markets 1.

Competition also includes state-sponsored entities and major energy companies, which could offer lower rates or more modern assets 1. For long-term contracts, selection criteria include reliability, shipyard relationships and the ability to start operations quickly 1.

  • Other floating regasification terminal owners

    Competitors described in the source as ranging from large public integrated companies to smaller private owners, without named identification in the filings 1.

  • State-sponsored entities

    Participants that could enter LNG import services, described in the source as experienced and well resourced 1.

  • Major energy companies

    Potential entrants into regasification that could offer more modern assets, according to the source 1.

  • LNG sellers, producers and trading houses

    Players in the LNG value chain against which Excelerate competes, mainly in expanding into new markets 1.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Excelerate Energy, Inc. · 27 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Excelerate Energy, Inc. · 06 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Excelerate Energy, Inc. · 05 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.