Excelerate Energy reported record quarterly adjusted EBITDA of approximately $133 million and outlined plans for a Bahamas liquefied natural gas hub during its third-quarter earnings call.
Third Quarter Financial Results
The LNG infrastructure provider posted net income of $60 million for the third quarter of 2026, marking an increase of $10 million from the second quarter. Chief Financial Officer Dana Armstrong stated that the financial results benefited from the commencement of a new charter in Jordan and higher direct margins across the portfolio for LNG, gas, and power.
Adjusted EBITDA rose by $13 million sequentially to approximately $133 million, which Chief Financial Officer Dana Armstrong noted as the highest figure in the company’s history.
President and CEO Steven Kobos attributed the company’s operational resilience during a year-on-year revenue decline to its diversified portfolio of infrastructure assets and commercial operations across multiple regions
.
President and CEO Steven Kobos noted that earnings are predominantly supported by long-term take-or-pay contracts. For the full year 2026, the company narrowed its adjusted EBITDA guidance to $495 million to $515 million.
LNG Deliveries Begin in 2027 Using Jamaica Platform
Deliveries under the agreement are scheduled to begin in the first quarter of 2027 using the existing Jamaica platform, with Chief Commercial Officer Oliver Simpson explaining that initial volumes will move directly from Jamaica rather than utilizing ISO containers. The contract involves deliveries ramping up to 16 trillion British thermal units of LNG annually, supporting power generation, marine bunkering, and other regional downstream uses.
$EE Excelerate Energy reported solid Q3 2026 results with net income of $60.0 million and Adjusted EBITDA of $133.5 million, alongside two material contracts: an 11-year LNG supply agreement with AxDo Bahamas Ltd. and a five-year extension of the Petrobras Sequoia FSRU contract…
For the second half of 2028, the company plans to deploy a dedicated floating storage unit near Grand Bahama. Capital investment for the floating storage unit is estimated between $85 million and $95 million, encompassing the LNG carrier and its conversion, although final conversion costs remain subject to engineering and project scope.
Based on current contracted volumes, the firm anticipates that once the storage unit is in service, it will generate an average annual EBITDA run rate of roughly $15 million for the remaining decade of the agreement.
Terminal Projects in Iraq and Colombia
Project execution continues across international markets, with Excelerate targeting a first-quarter 2027 startup for its Colombia terminal and a second-quarter 2027 startup in Iraq. Regarding Iraq specifically, essential supplies required for building the fixed terminal infrastructure and reinforcing the jetty are now reaching the nation.
Chief Financial Officer Dana Armstrong confirmed that these temporary deployment plans preserve previously communicated financial expectations, including an annual EBITDA run rate of approximately $100 million for Iraq at minimum volumes and a 35 percent uplift for Colombia.
Vessel Conversions and Debt Management
The company plans to install a reliquefaction unit on the vessel during its scheduled 2028 dry dock to reduce boil-off losses.
As of September 30, 2026, Excelerate maintained approximately $1.2 billion in total debt, including finance leases, alongside $357 million in cash, while its $500 million revolving credit facility remained fully available. The board of directors declared a quarterly dividend of $0.09 per share, payable on December 3, 2026, to shareholders of record on November 18, 2026.