Excelerate Energy Q2 2026 earnings: Jamaica lifts profit and outlook

Excelerate Energy (NYSE: EE) reported Q2 2026 revenue of $329.3 million, up about 61% from $204.6 million a year earlier, while diluted EPS rose to $0.37 from $0.15. Net income reached $50.1 million and adjusted EBITDA was $120.1 million, with a full-quarter contribution from the Jamaica platform driving the year-over-year earnings improvement; adjusted EBITDA declined slightly from the previous quarter because of seasonal LNG, gas and power effects.

Core financial results

The company’s revenue increase was concentrated in LNG, gas and power, while terminal services produced a smaller but positive gain. Net income and adjusted EBITDA increased primarily because Q2 2026 included a full quarter of results from the Jamaica platform.

Sequentially, net income was essentially unchanged from Q1 2026, and adjusted EBITDA slipped from $122.2 million to $120.1 million. Seasonal effects were partly offset by higher margins in Jamaica.

Adjusted net income, adjusted EPS and adjusted EBITDA are non-GAAP measures. The operating margins and percentage changes above are calculated from the reported figures.

Revenue mix and commercial developments

LNG, gas and power revenue more than tripled, accounting for most of the company’s overall revenue growth. Terminal services revenue increased at a more moderate rate.

Several commercial agreements establish potential earnings contributions beyond the reported quarter:

• The Excelerate Acadia began a nine-month deployment at Jordan’s Aqaba LNG terminal in early July 2026, after the quarter ended. The company expects the deployment to generate incremental earnings.
• The FSRU Express is scheduled to begin a seven-year charter at a new Colombian LNG terminal in Q1 2027, following its current charter and a planned dry dock. Excelerate said the contract offers improved economic terms compared with the asset’s current deployment.
• The company is acquiring the LNG carrier Methane Patricia Camila for its first FSRU conversion project. The converted vessel is expected to become available for commercial deployment in early 2028 under current planning assumptions.
• Engineering and procurement for the Iraq LNG import terminal are nearing completion. Excelerate currently expects operations to begin early in Q2 2027, although it continues to adjust execution plans as regional conditions evolve.

Liquidity and capital allocation

Excelerate ended June with $342.4 million of unrestricted cash and cash equivalents, down $195.8 million from December 31, 2025. The entire $500 million revolving credit facility remained available, with no outstanding letters of credit under the facility.

The board increased the quarterly Class A dividend by approximately 13% from the previous quarter to $0.09 per share, equivalent to $0.36 per share annually. The dividend is payable September 3, 2026, to shareholders of record on August 19.

Prior-year acquisition costs amplified GAAP profit growth

The increase in reported net income was considerably larger than the growth in adjusted earnings. Q2 2025 included $27.7 million of transition and transaction expenses related to the Jamaica acquisition, while Q2 2026 had no corresponding expense. As a result, GAAP net income increased about 141%, compared with approximately 7% growth in adjusted net income and 12% growth in adjusted EBITDA.

This comparison indicates that the full-quarter Jamaica contribution improved underlying earnings, but the absence of prior-year acquisition costs accounted for a substantial portion of the reported GAAP increase. Higher interest expense associated with the 2030 Notes partially offset the profit improvement.

2026 guidance

Excelerate raised and narrowed its full-year adjusted EBITDA outlook. It also increased committed growth capital guidance as FSRU conversion spending and some Iraq project costs shifted into 2026, while lowering maintenance capital guidance because the Exquisite dry dock is expected to move into 2027.

The company said the total estimated cost of the Iraq terminal remains within its previously communicated range, despite the shift in the timing of expenditures.

Risks investors should monitor

• Iraq execution and security: The project’s expected Q2 2027 startup remains subject to evolving conditions related to the conflict in the Middle East, as well as construction and mobilization progress.
• Higher near-term capital requirements: The increased $380 million-$400 million growth capital plan places greater emphasis on project execution and liquidity management during 2026.
• Commercial deployment schedules: The Colombia charter depends on completion of the Express’s current deployment and planned dry dock, while the converted FSRU’s early-2028 availability remains based on current planning assumptions.
• Seasonality: Seasonal LNG, gas and power effects already caused adjusted EBITDA to decline slightly from Q1, creating potential quarter-to-quarter variability.
• Interest expense: Higher interest costs related to the 2030 Notes partially offset the increase in operating earnings.

Summary

Excelerate Energy’s Q2 2026 results benefited from a full quarter of Jamaica operations and the absence of prior-year acquisition expenses, producing substantial GAAP profit growth and a more moderate increase in adjusted earnings. The raised adjusted EBITDA outlook supports the operating trajectory, while investors’ next focus will be the company’s higher 2026 capital spending and the execution schedules for Colombia, Iraq and its first FSRU conversion.