Overview

• U.S. LNG exporter's Q1 revenue rose 8% yr/yr, beating analyst expectations

• Adjusted EBITDA for Q1 up 25% yr/yr, also beating analyst expectations

• Company raised full-year 2026 adjusted EBITDA and cash flow guidance

Outlook

• Cheniere raises 2026 Consolidated Adjusted EBITDA guidance to $7.25-$7.75 bln

• Company lifts 2026 Distributable Cash Flow guidance to $4.75-$5.25 bln

• Cheniere expects first LNG production from Train 6 at Corpus Christi Stage 3 imminently

Result Drivers

• HIGHER LNG VOLUMES - Q1 benefited from increased LNG volumes delivered, with 187 cargoes exported, a quarterly record

• OPTIMIZATION ACTIVITIES - Contributions from optimization activities supported higher total margins on LNG delivered

• DERIVATIVE FAIR VALUE LOSSES - Net loss driven by $4.8 bln of unfavorable changes in fair value of derivative instruments related to long-term IPM agreements

Company press release: ID:nBw5p9xg2a

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$5.87 bln	$5.76 bln (8 Analysts)
Q1 Net Income attributable to Cheniere		-$3.5 bln
Q1 Adjusted EBITDA	Beat	$2.33 bln	$2.04 bln (15 Analysts)

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 23 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the oil & gas transportation services peer group is "buy"

• Wall Street's median 12-month price target for Cheniere Energy Inc is $306.00, about 17.1% above its May 6 closing price of $261.42

• The stock recently traded at 17 times the next 12-month earnings vs. a P/E of 15 three months ago

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