Excelerate Energy, Inc. Q1 FY2025 earnings call

• Operations: Team achieved operational reliability above 99.9% and exceeded safety targets. - Growth Strategy: Hull 3407 construction on track for mid-2026 delivery, with ongoing discussions for its deployment. - Jamaica Acquisition: Entered definitive agreement to acquire integrated LNG infrastructure and power platform in Jamaica for ~$1 billion, which is strategically and financially fit, accretive to EPS, enhances contract portfolio with investment-grade counterparties, and provides new growth opportunities. - Financials: Adjusted net income was $56 million, up 20% sequentially; adjusted EBITDA was $100 million, up 10% sequentially. Balance sheet: Total debt $677 million, cash and cash equivalents $619 million; credit facility amended to extend maturity and increase capacity. Inaugural credit ratings from S&P (BB+) and Fitch (BB) received.

Excelerate delivered an adjusted EBITDA of $100 million and adjusted net income of $56 million in the first quarter. The core regasification infrastructure business is underpinned by a high-quality take-or-pay customer contract portfolio, which represents over 90% of the estimated full year adjusted EBITDA.

• Increased adjusted EBITDA guidance for 2025 to $345 million to $365 million. - Reaffirmed maintenance CapEx range $60 million to $70 million and committed growth capital range $65 million to $75 million. - Equity and debt financing completed for Jamaica acquisition, proceeds used for acquisition and term loan paydown. - Milestone payments related to Hull 3407: ~$30 million in Q1, ~$20 million expected in late Q2 after vessel launch.

• Forward-looking statements involve risks and uncertainties, actual results may differ materially from forward-looking statements. The company makes no obligation to update or revise them.

Q: On Jamaica, what are the remaining steps to close the transaction and what are lower-hanging fruit in projects and EBITDA?

A: Steven said closing is well into process with routine deliverables and consents, no major impediments. Oliver mentioned lower hanging opportunities with modest CapEx.

Q: Update on Hull 3407 prospects and market dynamics?

A: Steven said intense interest, it's the best asset afloat, in serious discussions on multiple fronts.

Q: Venture Global volumes and supply?

A: Steven and Oliver discussed VG Plaquemine expansion volumes dovetailing well with Jamaica assets.

Q: Hub-and-spoke model and renewables?

A: Steven said renewables need reliable backup like gas-fired power, applicable to many countries.

Q: Gas sales up and growth CapEx?

A: Dana said gas sales driven by Atlantic Basin deal and three other cargoes; Steven and Dana discussed growth CapEx with adequate dry powder for growth.

Q: U.S. diplomacy impact on growth?

A: Steven said Excelerate is tariff proof, many countries anxious to import LNG for balance of trade.

Q: LNG vessel conversion plans?

A: Oliver said in discussions with candidates, engineering progressing, on track for this year.

Q: Vietnam MOU and EBITDA cadence?

A: Oliver said ongoing discussions with PetroVietnam, Dana said EBITDA has lumpiness due to OpEx and R&M, with drydocks planned in Q3 and Q4.

Q: International gas prices impact on demand?

A: Oliver said affordability is critical, LNG supply coming online brings more interest in developing markets