Slide 1: 4Q & FY2025 Investor Presentation
4Q & FY2025 Investor Presentation February 2026
Slide 2: Disclaimers
Disclaimers Forward -Looking Statements This presentation contains forward -looking statements, within the meaning of the Private Securities Litigation Reform Act of 199 5 as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 19 34,
Slide 3: Introduction
Jasmine: New Photo: Infrastructure operator, energy in motion, different markets we’re looking at Update Photo Introduction Steven Kobos President & CEO
Slide 4: Excelerate Energy Global Asset Footprint
12 Floating Regasification Terminals in Operation or Under Construction 1 Excelerate Energy Global Asset Footprint Our LNG and power infrastructure portfolio enhances energy security by ~25% connecting affordable LNG supply to downstream demand centers and Global Floating Regasification Capacity 1 m
Slide 5: Record Financial & Operational Results Delivered in 2025
BUSINESS UPDATE Record Financial & Operational Results Delivered in 2025 2025 was a transformational year underscoring the company’s role as an established operator of essential LNG and power infrastructure Achieved record FY 2025 Adjusted EBITDA of $449 million, an increase of ~$100 million over FY
Slide 6: Growth Strategy Bolstered by Strong Macro Tailwinds
Growth Strategy Bolstered by Strong Macro Tailwinds Increased global LNG supply is driving greater demand for scalable LNG infrastructure solutions Approximately 200 million tonnes of incremental LNG supply expected to come online by the end of the decade Global LNG Supply 700 Global LNG supply grow
Slide 7: Iraq Integrated LNG Import Terminal
Iraq Integrated LNG Import Terminal Scope of Work • Integrated LNG terminal including associated fixed infrastructure • Excelerate to deploy Hull 3407, its newbuild FSRU, and deliver topside equipment and berth modifications required to enable operations at the jetty • Customer contract includes a m
Slide 8: Jamaica & the Caribbean Update
Jamaica & the Caribbean Update Following the passage of Hurricane Melissa, focus remains on operational excellence and maintaining high levels of reliability Take -or-pay contract portfolio and high levels of asset reliability helped deliver exceptional results in 2025 Integrated platform demonstrat
Slide 9: Extending the Growth Trajectory
Extending the Growth Trajectory With Jamaica integration complete and the Iraq project progressing as planned, focus now turns to advancing the next set of defined initiatives to extend our earnings growth trajectory The Express FSRU is expected to roll off contract in late Q3, and we have high conf
Slide 10: Financial Overview
Financial Overview Dana Armstrong Executive Vice President & CFO KOLKATA, INDIA
Slide 11: Summary of 4Q and FY 2025 Results
Summary of 4Q and FY 2025 Results Delivered strong 4Q results and achieved record FY 2025 Adjusted EBITDA (USD in millions) 4Q 2025 3Q 2025 FY 2025 FY 2024 Net Income $39.1 $55.0 $167.0 $153.0 Adjusted Net Income $39.7 $57.1 $199.3 $153.0 Adjusted EBITDA $112.5 $129.3 $449.3 $348.2 Variance Drivers:
Slide 12: Balance Sheet Strength, Liquidity, and Capital Allocation Update
Balance Sheet Strength, Liquidity, and Capital Allocation Update 1 $1.3B $538M $730M Total Debt + Finance Cash & Cash Equivalents Net Debt 2 Leases Balance sheet strength and liquidity provide flexibility to pursue new growth opportunities while returning capital to shareholders On February 19 th ,
Slide 13: 2026 Financial Outlook
2026 Financial Outlook FY 2026 Guidance 1 (USD in millions) $515M – $545M $100M – $110M $370M – $400M Adjusted EBITDA 2 Maintenance Capex Committed Growth Capital 3 Full year 2026 financial guidance balances growth, returns, financial discipline and highlights the strength of the Excelerate business
Slide 14: Appendix
Ey) EXCELERATE ENERGY Appendix
Slide 15: Reconciliation of Non-GAAP Metrics: Adjusted Net Income
Reconciliation of Non -GAAP Metrics Quarterly and Full Year Adjusted Net Income Reconciliation (USD in millions) 4Q 2025 3Q 2025 FY 2025 FY 2024 Net Income $39.1 $55.0 $167.0 $153.0 Add back: Transition and transaction expenses 0.7 2.2 34.2 - Tax impact on adjustments - (0.1) (2.0) - Adjusted Net In
Slide 16: Reconciliation of Non-GAAP Metrics: Adjusted EBITDA
Reconciliation of Non -GAAP Metrics Quarterly and Full Year Adjusted EBITDA Reconciliation (USD in millions) 4Q 2025 3Q 2025 FY 2025 FY 2024 Net Income $39.1 $55.0 $167.0 $153.0 Interest expense 27.8 28.1 94.1 61.0 Provision for income taxes 8.4 7.9 27.9 26.1 Depreciation and amortization expense 32
Slide 17: Reconciliation of Non-GAAP Metrics: 2026E Adjusted EBITDA
Reconciliation of Non -GAAP Metrics 2026E Adjusted EBITDA Reconciliation (USD in millions) 2026E 2026E Low Case High Case Income before income taxes $246 $283 Interest expense 115 110 Depreciation and amortization expense 138 132 Accretion expense 4 3 Long -term incentive compensation expense 12 17
Slide 18: Capitalization
Capitalization (USD in millions) As of December 31, 2025 Cash and Cash Equivalents $538.2 Debt and Finance Leases Debt facilities 936.3 Debt facilities – related party 162.0 Finance lease liabilities 170.0 $1,268.3 18
Slide 19: YW) EXCELERATE
YW) EXCELERATE uJ ENERGY