EE

Core Business Focus

• The company is laser focused on downstream LNG infrastructure and regasification, prioritizing this space over expansion into other petroleum gases due to the large total addressable market for downstream LNG.
• The company emphasizes the value of deliverability and operational experience for LNG infrastructure projects, noting that customers prioritize reliable execution amid concerns over energy security.

Regional Operations & Partnerships

• Interbasin LNG deliveries in the Middle East are proceeding as normal: 39 of 40 scheduled cargoes to Kuwait's LNG terminal (which Accelerate helped open nearly 20 years ago) for 2025 have been delivered, almost all from Qatar, with total cargo volumes only down 15% amid regional conflict.
• The company views the Iraqi LNG terminal project as strategically valuable, noting it would likely operate continuously if approved, similar to Kuwait's terminal, and is a logical destination for additional intrabasin LNG deliveries.
• The company holds a firm long-term charter for the Express FSRU in Colombia, with clear timelines and line of sight to project delivery, and expects the Colombian project to serve as a stepping stone for broader growth in the Caribbean region alongside existing assets (including the Jamaican tank farm).

Asset Strategy

• The company is progressing with the conversion of an existing vessel to an FSRU for 2028 entry into service, driven by the limited supply of new FSRUs coming online in this timeline and robust demand for FSRU assets across projects globally.

No forward-looking guidance revisions (upward/downward) or new guidance for financial or operational performance were provided in the transcript excerpt. Management reaffirmed it remains comfortable with the previously issued guidance range it has already published.

No segment-level financial performance data, absolute revenue values, or revenue contribution percentages are provided in the provided transcript excerpt.

• Regional instability in the Middle East, particularly around the Strait of Hormuz, creates uncertainty for LNG supply logistics and transit.
• A limited pipeline of new FSRU deliveries in the near to mid-term could constrain the company's ability to pursue new project opportunities.
• Geopolitical conflict has increased customer focus on supply chain and price security, requiring the company to adapt contract and project design to meet new risk preferences.

Q: What is the status of LNG supply discussions with Qatar, how are operations holding up amid Middle East conflict, and what are the plans for the Express FSRU's dry dock and charter in Colombia? / A: No new updates are available for the announced Bangladesh supply deal, which remains within the company's existing guidance. Interbasin LNG deliveries are proceeding normally, with 39 of 40 2025 cargoes to Kuwait's terminal delivered from Qatar amid regional conflict. The company is focused on executing Plan A to move Express to Colombia for its charter, but maintains pre-planned contingency options (Plan B and C) if a pivot becomes necessary.

Q: What conditions would push the company to order a new build FSRU from a shipyard, and how does the Colombian Express project fit into Caribbean growth plans? / A: The Colombian project will serve as a long-term foundation to leverage into additional Caribbean growth opportunities, similar to the company's existing Jamaican tank farm hub. Management expects the company will order a new build FSRU at some point in the 2030s, but is not prepared to move forward immediately and wants better terms from shipyards before committing.

Q: What EBITDA uplift does management expect from the 2028 FSRU conversion, and will the company secure additional LNG supply to support its growing project pipeline? / A: The company typically uses a 5 to 7x CAPEX to EBITDA multiple for project forecasting, with the conversion expected to fall within this range (integrated projects may land near the 5x end). The company is actively holding deliberate discussions to match new LNG supply to downstream customer demand, and will provide updates when more details are finalized.

Q: How has Middle East instability changed customer conversations about LNG projects, and will the company expand beyond LNG into other petroleum gases? / A: Customers have become more receptive to the company's integrated, long-term LNG offering that provides both physical supply security and stable pricing, with customers open to adjusting designs to meet new security needs. The company will remain focused on downstream LNG infrastructure for the foreseeable future, as the TAM for this space is large enough to support all the company's growth plans.