Excelerate Energy, Inc. (EE): Business Model Canvas [Dec-2025 Updated]

As a former head analyst, I see many energy plays, but Excelerate Energy, Inc. (EE) is making a calcuated pivot you need to understand: they are shifting from just leasing Floating Storage and Regasification Units (FSRUs) to owning the full LNG-to-power chain, securing their future. This strategy is clearly working, given their guidance for 2025 Adjusted EBITDA between $435 million and $450 million and the fact that about 90% of their future cash flow is locked in by take-or-pay contracts. Honestly, this move toward integrated assets-like the one in Iraq-is what separates a stable utility from a volatile trader. Dive into the full Business Model Canvas below to see exactly how their 10-ship fleet and strategic government partnerships translate into this predictable financial picture.

Excelerate Energy, Inc. (EE) - Canvas Business Model: Key Partnerships

Excelerate Energy, Inc. partners across government, national energy companies, maritime services, and global suppliers to execute its integrated LNG solutions.

The company's agreements with government entities and National Oil Companies (NOCs) form the backbone of its long-term contracted cash flows.

The operational reliability of the FSRU fleet depends on specialized maritime and supply chain partners.

• Excelerate Energy finalized the purchase of the LNG carrier Excelerate Shenandoah in July 2025, designated as an FSRU conversion candidate to service an Atlantic Basin supply deal.
• The FSRU fleet comprised 10 vessels as of December 31, 2024.
• The FSRU Excellence has a peak send-out capacity of 690 million standard cubic feet of gas per day (MMscf/d).
• Excelerate Energy has 10 contracts in place for regasified LNG delivery across markets including Argentina, Bangladesh, Brazil, Finland, Germany, Pakistan, and the U.A.E. (as of December 31, 2024).

Securing long-term LNG supply is critical, with Excelerate Energy locking in volumes from major U.S. and Middle Eastern producers.

• A 20-year contract secures 0.7 MTPA of LNG from Venture Global's Plaquemines LNG project (signed February 2023).
• A 15-year Sale and Purchase Agreement (SPA) with Petrobangla commits to 0.85 MTPA in 2026 and 2027, stepping up to 1.0 MTPA from 2028 to 2040.

The company's financial outlook reflects the strength derived from these contracted partnerships; Full Year 2025 Adjusted EBITDA guidance is set between $435 million and $450 million as of November 2025. Finance: review Q3 2025 cash flow statement against the annualized dividend run-rate of $0.32 per share.

Excelerate Energy, Inc. (EE) - Canvas Business Model: Key Activities

You're looking at the core engine of Excelerate Energy, Inc. (EE) operations as of late 2025. These aren't just processes; they are the physical and contractual mechanisms that generate the company's revenue, which, for context, saw Total Revenues hit $391.0 million in the third quarter of 2025.

Operating and maintaining the global fleet of Floating Storage and Regasification Units (FSRUs)

This is the bedrock of Excelerate Energy, Inc.'s business. They manage the world's largest fleet of these specialized vessels, which are essentially floating LNG import terminals. The operational reliability here is key, which is why the full-year 2024 fleet reliability hit 99.9%.

Here's a look at the fleet scale as of mid-2025:

The company continues to invest in fleet expansion, with Committed Growth Capital for 2025 expected to range between $95 million and $105 million. They are always looking to grow market share by commissioning new vessels or conversions when long-term contract opportunities are robust. That's how they plan to deploy Hull 3407.

Developing integrated LNG import terminals, like the $450 million Iraq project

Excelerate Energy, Inc. is moving deeper into integrated solutions by developing the physical import infrastructure itself. The most recent major development is the agreement signed in October 2025 for Iraq's first floating LNG import terminal at the Port of Khor Al Zubair. This fully integrated project is valued at approximately $450 million. This activity extends their global infrastructure platform, marking their first fully integrated floating LNG import terminal with supply in the Middle East.

Key specifics for the Iraq development include:

• Deployment of the new-build FSRU, Hull 3407.
• A five-year agreement for regasification services and LNG supply with extension options.
• Minimum contracted offtake of 250 million standard cubic feet per day (MMscf/d).
• Designed to accommodate up to 500 MMscf/d of regasification capacity.
• Commercial operations are targeted to start in 2026.

Since 2005, Excelerate Energy, Inc. has developed and operated 13 LNG terminals across nine countries. This Iraq deal is a clear example of that core development activity in action.

Managing and optimizing acquired downstream power generation assets in Jamaica

A significant shift in key activities involved the acquisition of an integrated LNG and power platform in Jamaica, which closed in May 2025 for approximately $1.055 billion. This move means Excelerate Energy, Inc. is now actively managing power generation assets, not just regasification. The acquired assets include the Montego Bay and Old Harbour LNG terminals and the Clarendon combined heat and power (CHP) plant.

The optimization of these assets is already showing up in the financials. The Jamaica operations contributed to the Q2 2025 Adjusted EBITDA of $107.1 million for the quarter. The company expects to generate between US$80 million and $110 million in incremental after-tax earnings by 2030 from optimizing this platform, supported by a planned investment of US$200 million to US$400 million in growth capital expenditures in the Caribbean. The underlying contracts for the Jamaica assets are long-term, with a 21-year profile.

LNG supply and trading to support integrated customer solutions

To support its infrastructure, Excelerate Energy, Inc. actively engages in securing and trading LNG volumes. This activity is crucial for fulfilling the supply components of its integrated deals, like the one in Iraq. The company's financial performance reflects this, with record full-year 2024 Adjusted EBITDA hitting $348.2 million and Net Income at $153.0 million.

Supply contracts underpin this activity:

• A 20-year contract to purchase 0.7 MTPA of LNG from Venture Global's Plaquemines LNG project, secured in February 2023.
• A 15-year LNG Sale and Purchase Agreement (SPA) with Petrobangla, providing 0.85 MTPA in 2026 and 2027, stepping up to 1.0 MTPA from 2028 to 2040.

The company's strong liquidity position supports these trading and supply commitments; as of September 30, 2025, Excelerate Energy, Inc. held $462.6 million in unrestricted cash and cash equivalents. Finance: draft 13-week cash view by Friday.

Excelerate Energy, Inc. (EE) - Canvas Business Model: Key Resources

You're looking at the core assets that power Excelerate Energy, Inc.'s business model as of late 2025. These aren't just line items; they're the physical and contractual foundations that generate the company's predictable cash flows.

The physical fleet is central. Excelerate Energy, Inc. operates one of the world's largest fleets of Floating Storage and Regasification Units (FSRUs). As of July 2025, the company reported operating ten FSRUs worldwide. Furthermore, the fleet is expanding; HD Hyundai Heavy Industries launched a new-build FSRU, Hull 3407, earlier in the month, which is designed with a storage capacity of 170,000 cubic meters and a regasification capacity up to 1 billion standard cubic feet per day (1,000 MMscf/d), with commercial operations expected to start in 2026.

The contractual backbone is what really locks in the value here. The business model relies heavily on long-term, fixed-revenue agreements. As of December 31, 2024, the company had ~86% of contracted revenue designated as Take-or-Pay. This revenue stream is supported by a weighted average remaining contract duration of approximately 13 years, or about 21 years when including extension options. This structure is projected to deliver approximately $2.9 billion in cumulative Take-or-Pay direct margin between 2025 and 2039.

The recent strategic acquisition in Jamaica significantly enhanced the integrated asset base. Excelerate Energy, Inc. completed the acquisition of New Fortress Energy Inc.'s business in Jamaica in May 2025 for $1.055 billion in cash. This deal brought in crucial downstream and power assets, positioning Excelerate Energy, Inc. as the sole LNG platform in that market.

Here's a look at the key operational and contractual metrics as of the latest reporting periods:

The specialized technical and engineering expertise is demonstrated by the consistent operational performance. The company recorded fleet reliability of 99.9% across its operations for the full year 2024, a figure that remained exceptional into Q1 2025. This expertise is applied to rapid deployment, as seen with the Jamaica acquisition closing quickly after announcement, and in technical upgrades, such as the agreement signed in July 2025 to install a reliquefaction unit on the Experience FSRU in Brazil to eliminate boil-off gas losses.

Excelerate Energy, Inc. also recently added to its supply-side capabilities. In July 2025, the company finalized the purchase of an LNG carrier, the Excelerate Shenandoah, which is slated for future FSRU conversion, showing a commitment to controlling assets across the value chain. The company's 20-year supply agreement with Venture Global LNG for 0.7 million metric tons per annum also underpins its resource base.

The operational strength directly supports the financial outlook. Following the Jamaica close, Excelerate Energy, Inc. revised its full-year 2025 Adjusted EBITDA guidance to a range between $420 million and $440 million. Committed Growth Capital for 2025 was also updated to range between $95 million and $105 million, driven in part by the carrier purchase.

The company's financial flexibility is another key resource. As of June 30, 2025, Excelerate Energy, Inc. had $426.0 million in unrestricted cash and cash equivalents, with $500 million of undrawn capacity available under its revolving credit facility.

Finance: draft 13-week cash view by Friday.

Excelerate Energy, Inc. (EE) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Excelerate Energy, Inc. (EE) over alternatives; it's all about speed, integration, and rock-solid performance. This isn't just about moving gas; it's about delivering reliable power capacity quickly where it's needed most.

Rapid-to-Market, Flexible LNG Import Solutions Using FSRU Technology

Excelerate Energy, Inc. delivers speed to market by deploying Floating Storage and Regasification Units (FSRUs) instead of waiting years for fixed terminals. This flexibility is key for energy-hungry markets needing immediate supply diversification. For instance, the newest vessel, Hull 3407, is designed with a storage capacity of 170,000 cubic meters and a regasification capacity up to 1 billion standard cubic feet per day (1,000 MMscf/d). This newest unit is on track for delivery in 2026. The company currently manages about 25% of the global floating regasification capacity.

Here's a snapshot of the capacity and commitment underpinning these flexible solutions:

The take-or-pay contract model is the foundation here.

Integrated LNG-to-Power Value Chain Services, Simplifying Logistics for Customers

The value proposition extends beyond just regasification; Excelerate Energy, Inc. bundles terminal services with LNG supply, which cuts down on the logistical headaches for the customer. Think of it as a single-source provider for getting gas from the ocean to the power plant. The recent acquisition in Jamaica exemplifies this integration, bringing in the Montego Bay LNG Terminal, the Old Harbour LNG Terminal, and the Clarendon combined heat and power plant. This move expanded the company's role in the LNG value chain significantly.

The financial performance in Q2 2025 shows the scale of the operations:

• Q2 2025 Revenue: $204.6 million
• Q2 2025 Adjusted EBITDA: $107.1 million
• Raised Full Year 2025 Adjusted EBITDA Guidance: $420 million to $440 million
• Quarterly Cash Dividend: $0.08 per share (annualized to $0.32 per share)

They're making money from terminal services and early contributions from these integrated assets.

High Operational Reliability, Reporting 99.9% Uptime in Q2 2025

Reliability is non-negotiable when you are providing baseload power support. Excelerate Energy, Inc. consistently delivers on this promise. The company recorded fleet-wide reliability of 99.9% across its fleet for the full year 2024. More recently, they reported 99.9% uptime in Q2 2025. This level of operational excellence is what underpins their stable cash flows.

Enhancing Energy Security and Transition for Emerging Global Markets

Excelerate Energy, Inc. positions itself as a bridge for the energy transition, helping emerging markets secure reliable energy supply while moving away from more carbon-intensive sources or pipeline dependency. The Iraq agreement, for example, is designed to help the country access global LNG markets for the first time, reducing reliance on imported pipeline gas and enhancing energy security. This is a strategic inflection point for the company, extending its global infrastructure platform deeper into the Middle East with a fully integrated terminal and supply solution.

You can see this focus in their recent contract activity:

• Secured 20-year contract for 0.7 MTPA of LNG from Plaquemines LNG (starting 2026).
• Signed 15-year SPA with Petrobangla, providing up to 1.0 MTPA from 2028 to 2040.
• Term sheet signed for a 1.2 Mt/year LNG import terminal in Vietnam.

This strategy is about creating lasting value by solving critical energy access issues.

Finance: draft 13-week cash view by Friday.

Excelerate Energy, Inc. (EE) - Canvas Business Model: Customer Relationships

You're looking at how Excelerate Energy, Inc. (EE) locks in its long-term revenue, and honestly, it's all about deep, infrastructure-level relationships, not transactional sales. This is about becoming essential to a nation's energy security, which requires a high-touch approach with government-level clients.

Long-term, high-touch strategic partnerships with sovereign entities

Excelerate Energy, Inc. (EE) focuses on becoming a critical infrastructure partner for sovereign nations. This strategy is clearly visible in recent major deals. For instance, in October 2025, Excelerate Energy, Inc. (EE) executed a definitive commercial agreement with a subsidiary of Iraq's Ministry of Electricity for the country's first liquefied natural gas (LNG) import terminal. This landmark agreement, which includes terminal development and LNG supply, represents a strategic move deeper into the Middle East. The Iraq project is designed to accommodate a guaranteed 500 MMscf/d of regasification capacity, with a minimum contracted offtake of 250 million standard cubic feet per day (MMscf/d). This level of integration requires a very close working relationship with the client entity. Furthermore, the acquisition of the integrated LNG and power platform in Jamaica, which closed in May 2025 for $1.055 billion in cash, significantly expanded their footprint with a sovereign-adjacent customer base, adding the Montego Bay and Old Harbour LNG terminals and the Clarendon combined heat and power plant. The company noted in 2024 that it was advancing opportunities to invest in critical LNG infrastructure for sovereign nations across its asset footprint.

Dedicated account management for complex, multi-year infrastructure contracts

When you are building out a country's energy backbone, the relationship management has to be intense and specialized. These aren't simple service calls; these are multi-year, multi-faceted infrastructure projects. The Iraq deal, for example, is an integrated package that includes the Floating Storage and Regasification Unit (FSRU) deployment, fixed terminal assets, LNG supply, and operational support-a true turnkey solution. The agreement with Iraq specifically includes a five-year agreement for regasification services and LNG supply, complete with extension options. This complexity necessitates dedicated teams managing the project lifecycle, from the expected commercial operations start in 2026 for the Iraq project to the ongoing optimization in Jamaica. The focus is on capturing a broader portion of the value chain through these integrated deals, which creates multiple, durable revenue streams. The company's operational reliability, which hit 99.9% across the fleet for the full year 2024, speaks to the quality of the technical and account management supporting these critical assets.

Contractual relationships secured by take-or-pay agreements for predictable cash flow

The financial stability of Excelerate Energy, Inc. (EE) is directly tied to the contractual structure with these customers. The business model is heavily secured by arrangements that function like take-or-pay. As of December 31, 2024, 86% of contracted revenue was Take-or-Pay, representing approximately $2.9 billion of cumulative Take-or-Pay direct margin scheduled through 2039. Following the Jamaica acquisition, the expectation was that over 90% of cash flows from customers would be derived from take-or-pay contracts. This focus on guaranteed revenue is a core strength; in fact, as of their November 2025 update, the company stated that approximately 90% of its future contracted cash flows are under take-or-pay agreements. This structure has provided continuous cash collections since the first regasification contract began back in 2008. This predictable cash flow underpins the company's financial performance, evidenced by the raised Full Year 2025 Adjusted EBITDA guidance, now expected to range between $435 million and $450 million.

Here is a snapshot of the contractual security underpinning these relationships as of late 2025, based on the latest available figures:

You can see the commitment to long-term, stable revenue streams is baked right into the contract structure. The company's Q3 2025 Adjusted EBITDA reached $129.3 million, showing this model works even while executing major growth initiatives like the Iraq deal.

• Acquisition of Jamaica platform closed in May 2025.
• Iraq agreement signed in October 2025.
• Quarterly cash dividend approved at $0.08 per share (annualized $0.32).
• Committed Growth Capital for 2025 expected between $95 million and $105 million.

Excelerate Energy, Inc. (EE) - Canvas Business Model: Channels

You're looking at how Excelerate Energy, Inc. (EE) gets its integrated LNG solutions in front of customers, which is a mix of direct government negotiation and strategic asset acquisition. This isn't just about selling a product; it's about building critical national infrastructure.

Direct sales force engaging government ministries and state-owned enterprises

The direct engagement channel is clearly focused on securing long-term, large-scale national energy projects, often involving government entities. This is where the real value capture happens, moving beyond simple charters to integrated solutions. For instance, in October 2025, Excelerate Energy, Inc. executed a definitive commercial agreement with a subsidiary of Iraq's Ministry of Electricity for the country's first LNG import terminal. This deal, which built on extensive engagement over the past several years, is a prime example of this channel in action.

This integrated project in Iraq involves a five-year agreement for regasification services and LNG supply, with extension options, and a minimum contracted offtake of 250 million standard cubic feet per day (MMscf/d). The terminal is designed to accommodate a guaranteed 500 MMscf/d of regasification capacity. The total project investment for this turnkey package is expected to be approximately $450 million. This direct approach is key to securing the over 90% of total cash flows expected from take-or-pay contracts, which boast a weighted average contract life of 10 years.

Strategic alliances and joint ventures for market entry and project execution

Strategic moves, like major acquisitions, function as a powerful channel for immediate market entry and asset integration. The acquisition of New Fortress Energy Inc.'s business in Jamaica in May 2025 for $1.055 billion is the most significant recent example. This deal brought in the Montego Bay and Old Harbour LNG terminals and the 150 MW Clarendon combined heat and power plant, marking a strategic inflection point for Excelerate Energy, Inc..

The company also uses technical alliances to enhance existing assets. Excelerate Energy, Inc. signed a definitive agreement with Petrobras to install a reliquefaction unit on the FSRU Experience in Guanabara Bay, Brazil. This upgrade is designed to eliminate all excess cargo losses due to boil-off. Furthermore, Excelerate Energy, Inc.'s 2026 earnings are set to benefit from a new Petrobangla-QatarEnergy contract.

Here's a quick look at how the contract structure supports this channel:

Global operational presence in key markets like Brazil, Bangladesh, and Jamaica

Excelerate Energy, Inc.'s physical footprint is the tangible manifestation of its channel strategy, providing the infrastructure backbone for its service delivery. As of mid-2025, the company operated ten FSRUs globally. The strategic deployment across various geographies diversifies risk and captures demand from different energy transition paces.

The operational presence is quite broad, spanning multiple continents. You can see their offices and operational areas listed across the globe:

• Geographic locations include Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Hanoi, Helsinki, Jamaica, London, Rio de Janeiro, Singapore, and Washington, DC.
• FSRUs are currently located in Bangladesh, Finland, Brazil, Dubai, and Pakistan.
• One FSRU is serving the second FSRU-based LNG import terminal in Germany's Wilhelmshaven.
• The newest FSRU, Hull 3407, has a regasification capacity of up to 1 billion standard cubic feet per day (1,000 MMscf/d).

In Bangladesh, the FSRU terminal achieved its 250th ship-to-ship (STS) operation since its 2019 launch. In Brazil, the Experience FSRU is undergoing an upgrade with Petrobras. The Jamaica platform, fully integrated since May 2025, is already exceeding operational expectations.

Excelerate Energy, Inc. (EE) - Canvas Business Model: Customer Segments

You're looking at the core clientele for Excelerate Energy, Inc. (EE) as of late 2025. These are the entities that sign up for the long-term capacity and supply deals that underpin the company's take-or-pay revenue structure. It's a mix of national entities needing immediate energy security and established players looking to optimize their gas supply.

Sovereign governments and their Ministries of Electricity (e.g., Iraq)

Sovereign governments represent a key segment, often seeking rapid deployment of LNG import capacity to address energy deficits. A major recent example is the definitive commercial agreement executed in October 2025 with a subsidiary of Iraq's Ministry of Electricity for the country's first integrated floating LNG import terminal at the Port of Khor Al Zubair.

This project is designed to accommodate a guaranteed 500 million standard cubic feet per day (MMscf/d) of regasification capacity. The arrangement includes a five-year agreement for regasification services and LNG supply, with a minimum contracted offtake of 250 MMscf/d. The total project investment is estimated at approximately US$450M, which includes the cost of the FSRU to be deployed, Hull 3407.

National Oil and Gas Companies (NOCs) seeking import/regasification capacity

While specific NOC names aren't always detailed in the latest public releases, the nature of the Iraq deal points directly to this segment, as the agreement is with the Ministry of Electricity, which often works in tandem with or acts as the primary off-taker for state energy bodies. The core value proposition here is the delivery of a turnkey package, including the FSRU, terminal assets, and LNG supply, allowing NOCs or their related ministries to capture a broader portion of the value chain.

Large-scale power generation utilities and industrial gas consumers

This group is served through the infrastructure Excelerate Energy builds and operates, such as the integrated LNG and power platform acquired in Jamaica. The Jamaica assets include the Montego Bay LNG Terminal, the Old Harbour LNG Terminal, and the Clarendon combined heat and power plant, indicating direct service to power generation utilities. The company's Q3 2025 revenue growth was partly driven by higher LNG, gas, and power sales opportunities.

Emerging and established energy markets globally (e.g., Jamaica, Vietnam)

Excelerate Energy, Inc. is actively expanding its global infrastructure platform into new markets. The strategic acquisition of New Fortress Energy Inc.'s integrated LNG and power platform in Jamaica, which closed in May 2025 for $1.055 billion in cash, significantly expanded its downstream infrastructure ownership. The company's full-year 2025 Adjusted EBITDA guidance of $435 million to $450 million incorporates contributions from these Jamaica operations starting from May 14, 2025.

The company's existing contracts also serve established markets. For instance, a five-year charter agreement was signed with the Government of the Federal Republic of Germany for the FSRU Excelsior, which has a send-out capacity of 5 bcm/y.

Here's a quick look at the scale of contracted capacity and fleet metrics as of late 2025:

The business model relies heavily on these long-term commitments. As of February 21, 2025, excluding two evergreen contracts, the minimum contracted cash flows stood at approximately $3.6 billion.

The customer base is served by a global fleet, which as of December 31, 2024, consisted of 10 purpose-built FSRUs. The company also completed over 3,000 LNG ship-to-ship transfers since 2007.

• Iraq Terminal Regasification Capacity: Designed for up to 500 MMscf/d.
• Jamaica Acquisition Cost: $1.055 billion in cash.
• Q3 2025 Revenue: $391 million.
• Q1 2025 Revenue: $315.1 million.
• Annualized Dividend Rate: $0.32 per share (based on $0.08 declared in Q3 2025).

Excelerate Energy, Inc. (EE) - Canvas Business Model: Cost Structure

You're looking at the hard costs Excelerate Energy, Inc. faces to keep the lights on and the growth engine running as of late 2025. This structure is heavily influenced by asset ownership and recent financing moves.

Vessel Operating and Maintenance Expenses, Including Dry-Docking Costs

The operating costs for the fleet and terminals are composed of several key elements. For instance, during the six months ended June 30, 2024, the drydocking of the FSRU Summit LNG and Excellence in the first three months of 2024 represented a cost impact of $17.1 million. The general cost categories that make up these expenses include:

• Vessel operating costs
• Personnel costs
• Repair and maintenance
• Leasing costs

Capital Expenditures for 2025

Excelerate Energy, Inc. has provided clear guidance on its planned capital spending for the 2025 fiscal year, split between keeping existing assets ready and funding new growth projects. Here is the breakdown:

The Committed Growth CapEx range was updated to include the purchase of the LNG carrier, the Excelerate Shenandoah, in the third quarter of 2025.

Interest Expense on Debt, Including the 2030 Notes

The cost of servicing the debt load is a significant component, especially following the May 2025 financing activities. Excelerate Energy Limited Partnership issued $800 million aggregate principal amount of 8.000% Senior Notes due 2030 on May 5, 2025. Interest on these Notes is payable semi-annually, commencing November 15, 2025.

The impact of this new debt structure was immediately visible in the second quarter results. For the three months ended June 30, 2025, the increase in interest expense due to the new 2030 Notes, net of the paydown of the Term Loan, was $9.7 million compared to the same period in 2024. The third quarter of 2025 results were also partially offset by higher interest expense associated with the issuance of the 2030 Notes.

Excelerate Energy, Inc. (EE) - Canvas Business Model: Revenue Streams

You're looking at how Excelerate Energy, Inc. actually brings in the money, and honestly, it's built on long-term infrastructure commitments. The core of the revenue picture comes from two main buckets: the steady fees you get from chartering out your Floating Storage and Regasification Units (FSRUs) and integrated terminals, and the variable income from selling LNG, natural gas, and power from those same assets. This dual approach helps smooth out the bumps, which is key in this market.

For the third quarter of 2025, that combination delivered a record top line. Specifically, Excelerate Energy, Inc. reported total revenues of $391.0 million for Q3 2025. That's a big jump, partly reflecting the full quarter contribution from the Jamaica operations, which they acquired back in May 2025 for $1.055 billion.

Here's a quick look at how the recent performance stacks up against the full-year expectation you're tracking:

The predictability you're after is definitely baked into the structure. Excelerate Energy, Inc. relies heavily on its long-term agreements, which often carry a take-or-pay structure. This means you get paid for capacity whether you use it or not, which is the definition of stable cash flow in infrastructure. In fact, management expects over 90% of total cash flows to be derived from these take-or-pay contracts. Plus, the weighted average remaining contract life across the fleet is around 10 years, which gives you a very long runway for revenue visibility.

Also, keep an eye on how new deals translate into future revenue streams. The recent definitive commercial agreement for Iraq's first fully integrated LNG import terminal is a prime example of expanding that contracted base. That Iraq project involves a minimum contracted offtake of 250 million standard cubic feet per day (MMscf/d) and has a total investment estimated around $450 million, with regasification capacity up to 500 MMscf/d. These long-term service fees from new charters and integrated assets are what drive the business model.

You can see the revenue components clearly in the operational breakdown:

• Regasification and terminal service fees from long-term FSRU charters.
• Sales of LNG, natural gas, and power from integrated assets, which contributed significantly to the $391.0 million Q3 2025 revenue.
• Revenue secured through take-or-pay contracts, underpinning the $435 million to $450 million Adjusted EBITDA guidance for the full year 2025.

Finance: draft 13-week cash view by Friday.