EENYSENatural Gas DistributionUS GAAP · USD

Excelerate Energy, Inc.

Excelerate Energy owns and operates LNG and natural gas infrastructure that receives liquefied gas, regasifies it, and delivers it into local energy systems. The company’s core business is providing floating regasification and downstream LNG infrastructure that helps countries secure fuel supply, support power generation, and diversify energy sources.

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Revenue1,228m USD
+44.3 %y/y
Operating profit (EBIT)267m USD
+24.0 %y/y
EBIT margin21.7%
−3.5 ppy/y
Net income167m USD
+9.1 %y/y
Free cash flow461m USD
+88.7 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

05001,0001,5002,0002,500m USD2020: 431 m USD2020: EBIT 133 m USD20202021: 889 m USD2021: EBIT 139 m USD20212022: 2,473 m USD2022: EBIT 187 m USD20222023: 1,159 m USD2023: EBIT 211 m USD20232024: 851 m USD2024: EBIT 215 m USD20242025: 1,228 m USD2025: EBIT 267 m USD20251,228267
RevenueOperating profit (EBIT)

Business

Share of revenue
Regasification terminals and FSRUs70 %

Floating and shore-based assets that receive LNG and convert it back into natural gas.

LNG infrastructure projects15 %

Development, construction, and operation of LNG import and downstream infrastructure.

LNG and natural gas marketing10 %

Commercial supply and marketing of LNG and natural gas tied to infrastructure assets.

Operations and technical services5 %

Asset operations, crew management, and technical support for specialized LNG assets.

Products

Reported · share of revenue
51.4%48.6%FY2025100 %
  • Gas Sales51.4 %
  • Fsru and Terminal Services48.6 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Excelerate sells mainly to governments, utilities, and energy counterparties that need reliable LNG import capacity and regasification services. Its customers buy because the company can deploy specialized floating assets quickly, operate them safely, and provide access to LNG in markets that lack conventional terminal infrastructure.

Utilities and power generators

Buy regasification capacity and LNG supply to fuel power plants and grid demand.

Government and state-linked energy buyers

Contract for LNG import infrastructure to improve energy security and diversify supply.

LNG suppliers and marketers

Use Excelerate's downstream infrastructure to place LNG into end markets.

Industrial and direct energy users

Purchase natural gas delivered through Excelerate-linked infrastructure for direct consumption.

Strategy

Excelerate is focused on expanding downstream LNG infrastructure, especially FSRUs and integrated regasification projects, where it can earn long-duration contract revenue. It is also using acquisitions and LNG supply arrangements to broaden its geographic mix and deepen its role as a last-mile LNG platform.

Acquire and operate more LNG regasification infrastructureMedium term

Adds long-duration contracted revenue and expands the installed asset base.

Grow downstream LNG market presenceMedium term

Positions the company where LNG supply must connect to end demand centers.

Diversify geography and customer mixMedium term

Reduces dependence on any single market and broadens contract opportunities.

Geography

Q1/2026

Excelerate operates across a global footprint with presence in 11 countries and operating activity in Argentina, Bangladesh, Brazil, Finland, Germany, Pakistan, the UAE, and the United States. It says it is the largest provider of regasified LNG capacity in Argentina, Bangladesh, Finland, and the UAE, and one of the largest in Brazil and Pakistan, making geography central to both growth and concentration risk.

North America45 %
Asia Pacific26 %
Latin America13 %
Middle East9.5 %
Europe6.7 %

Share of the revenue the company reports by geography.

Risks

Excelerate faces project execution, integration, and operational risks because its business depends on specialized assets, complex logistics, and long-term customer relationships. It is also exposed to LNG price cycles, competition from state-backed and major energy players, and cybersecurity threats to operational systems that run floating terminals and carriers.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Project execution delays and cost inflation1Acquisition integration risk2Cybersecurity and operational technology disruption3Commodity and LNG market cyclicality4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Project execution delays and cost inflationImpact: HighLikelihood: Medium

    Specialized LNG projects can face labor, materials, and scheduling issues that delay startup or cancel projects.

    Exposure: Newbuilds and infrastructure development

  2. Acquisition integration riskImpact: HighLikelihood: Medium

    The Jamaica acquisition must be integrated successfully to realize expected earnings and cash flow benefits.

    Exposure: Pending acquisition in Jamaica

  3. Cybersecurity and operational technology disruptionImpact: HighLikelihood: Medium

    Floating terminals and carriers depend on information and operational systems for navigation and regasification.

    Exposure: OT and IT systems across fleet and terminals

  4. Commodity and LNG market cyclicalityImpact: MediumLikelihood: High

    Changes in LNG and natural gas supply, demand, and pricing can affect customer economics and contract demand.

    Exposure: Global LNG markets

  5. Competitive pressure in LNG regasificationImpact: Medium

    State-sponsored entities and major energy companies can enter the market and compress pricing.

    Exposure: FSRU and import terminal contracts

Accounting

Judgemental items
Business combination accounting

The Jamaica acquisition requires fair value allocation of assets and liabilities, which can create goodwill and future impairment risk.

Impact: Affects balance sheet values, depreciation, and future impairment charges

Adjusted EBITDA reconciliation

Management uses this non-GAAP measure to evaluate operations, but it excludes financing, tax, and non-cash items.

Impact: Can change how investors assess operating performance and valuation

Non-controlling interests

Third-party ownership in subsidiaries affects how earnings are allocated between shareholders and minority interests.

Impact: Impacts net income attributable to common shareholders

Equity-method investment accounting

The Nakilat Excelerate joint venture contributes earnings based on the equity method rather than consolidation.

Impact: Can introduce period-to-period earnings variability

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Last updated: 24/09/2026