Overview

• US LNG and power infrastructure firm's Q1 revenue beat analyst expectations

• Adjusted net income and adjusted EBITDA for Q1 both beat analyst expectations

• Company lowered 2026 adjusted EBITDA outlook due to delayed Iraq terminal startup

Outlook

• Company lowers 2026 Adjusted EBITDA outlook to $480 mln-$510 mln due to Iraq project delay

• Startup of Iraq LNG terminal now expected in 2027, delayed from Q3 2026

• Committed growth capital for 2026 now expected at $270 mln-$300 mln

Result Drivers

• LNG, GAS AND POWER SALES - Co said increased LNG, gas and power sales, mostly related to the Jamaica acquisition, drove higher adjusted EBITDA and net income versus prior quarter and year

• VESSEL OPTIMIZATION - Co attributed sequential earnings improvement to vessel optimization

• HIGHER COSTS - Net income declined versus prior year due to higher interest expense, seasonal maintenance, and increased tax provision

Company press release: ID:nBw1TGrGna

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$433.40 mln	$351.67 mln (6 Analysts)
Q1 Adjusted Net Income	Beat	$50 mln	$13.46 mln (5 Analysts)
Q1 Net Income		$50 mln
Q1 Adjusted EBITDA	Beat	$122.20 mln	$119.43 mln (9 Analysts)
Q1 Operating Income		$82 mln
Q1 Pretax Profit		$59.44 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the natural gas utilities peer group is "buy"

• Wall Street's median 12-month price target for Excelerate Energy Inc is $44.00, about 23.8% above its May 5 closing price of $35.55

• The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 22 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.