Cheniere Energy Partners, Lp · NYSE:CQP
Cheniere Energy Partners, Lp — Q3 2025 Earnings Presentation
22 slides from Cheniere Energy Partners, Lp's earnings presentation, Oct 30, 2025
Slide 1: Cheniere Energy, Inc. Third Quarter 2025
Cheniere Energy, Inc. Third Quarter 2025 October 30, 2025
Slide 2: Safe Harbor Statements
Safe Harbor Statements Forward-Looking Statements This presentation contains certain statements that are, or may be deemed to be, “forward-looking • statements regarding our planned development and construction of additional Trains or pipelines, including statements” within the meaning of Section 27
Slide 3: Agenda
Agenda Introduction Randy Bhatia Vice President, Investor Relations and Communications Company Highlights Jack Fusco President and Chief Executive Officer Commercial Update Anatol Feygin Executive Vice President and Chief Commercial Officer Financial Review Zach Davis Executive Vice President and Ch
Slide 4: Operating and Financial Highlights
Operating and Financial Highlights Jack Fusco, President and CEO
Slide 5: Third Quarter 2025 Highlights & Full Year 2025 Guidance
Third Quarter 2025 Highlights & Full Year 2025 Guidance Consolidated Adjusted EBITDA Updating Financial Guidance Prior FY 2025 FY 2025 ($ billions, except per unit data) $1,483 $1,608 Consolidated Adjusted EBITDA $6.6 - $7.0 $6.6 - $7.0 Distributable Cash Flow $4.4 - $4.8 $4.8 - $5.2 3Q 2024 3Q 2025
Slide 6: CCL Stage 3 and Midscale Trains 8 & 9 Outlook
CCL Stage 3 and Midscale Trains 8 & 9 Outlook CCL Stage 3 Update ✓ CCL Stage 3 Project ~91% complete1 & tracking ahead of schedule ✓ Substantial completion of Trains 1 – 3 achieved in March, August, and October, respectively ✓ Expect first LNG from Train 4 in November 2025 & Substantial Completion a
Slide 7: Commercial Update
Commercial Update Anatol Feygin, EVP and CCO
Slide 8: European LNG Demand Constructive as U.S. Supply Ramps
European LNG Demand Constructive as U.S. Supply Ramps Benchmarks Flat in 3Q Amidst Tight S/D Dynamics European Call on U.S. LNG Remains Elevated Gains in Exports Continue to Materialize TTF & JKM Prices 2024 – 2025 U.S. FOB Exports by Region 2023 – 3Q 2025 YoY Change in LNG Exports by Supplier 3Q 20
Slide 9: Regional LNG Demand Dynamics
Regional LNG Demand Dynamics Europe on Track for Record LNG Import Year1 European Gas Demand Remains Flat YoY2 EU Injections Drove LNG Imports; Inventory Still Lags MT 5-Yr Range Bcm % Full Bcm 14 European Imports Up 50 EU Storage Levels 2025 +26% in 2025 YoY 5-Yr Range 100 Lower YoY and vs. 2024 20
Slide 10: LNG Market Nearing Inflection Point
LNG Market Nearing Inflection Point Long-Term Liquefaction Capacity Outlook Estimated Change in LNG Capacity and Volume1 Asian LNG Spot Prices and DES Forecasts2 MTPA MTPA $/MMBtu Actual Forecast 700 70 Nameplate Capacity Net Change, Annualized 16 Supply Increase from New Trains Consultant Forecasts
Slide 11: Financial Review
Financial Review Zach Davis, EVP and CFO
Slide 12: Third Quarter 2025 Financial Highlights
Third Quarter 2025 Financial Highlights Summary Results Key 3Q 2025 and Recent Financial Transactions and Updates ($ millions, except per share and LNG data) 3Q 2025 3Q 2024 9M 2025 9M 2024 ✓ ~$1.8 billion of capital allocation in 3Q 2025 and ~$18.0 billion deployed in total under ’20/20 Vision’ cap
Slide 13: Full Year 2025 Guidance and Initial 2026 Volume Outlook
Full Year 2025 Guidance and Initial 2026 Volume Outlook Full Year 2025 Financial Guidance 2025 Key Drivers Remaining in 4Q ($ billions, except per unit data) Prior FY 2025 FY 2025 ✓ One-time increase to 2025 DCF from new IRS guidance Consolidated Adjusted EBITDA $6.6 - $7.0 $6.6 - $7.0 ✓ Timing and
Slide 14: Cheniere Energy, Inc. Third Quarter 2025
Cheniere Energy, Inc. Third Quarter 2025 October 30, 2025
Slide 15: Appendix
Append ix CHENIERE
Slide 16: Cheniere LNG Exports
Cheniere LNG Exports >4,370 Cargoes Exported from our Liquefaction Projects MT Cheniere LNG Exports by Destination 14 12 10 8 6 4 2 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2020 2021 2022 2023 2024 2025 Europe Asia Latin America MENA Cheniere Destinations Source: Chenie
Slide 17: Industry Leading U.S. LNG Export Platform
Industry Leading U.S. LNG Export Platform Corpus Christi LNG Terminal Sabine Pass Liquefaction ~20 MTPA total production capacity >30 MTPA total production capacity in operation in operation ~1,250 cargoes produced & exported >3,120 cargoes produced & exported ~11 MTPA under construction Up to ~20 M
Slide 18: Cheniere's Balanced Capital Allocation Philosophy
Cheniere’s Balanced Capital Allocation Philosophy Operational Excellence + Relentless Focus on Safety Cash Flow Visibility ✓ Best-in-class operations and safety at the foundation ✓ Unmatched contracted portfolio ensures cash flow resiliency Long-Term Take-or-Pay Style Fixed Fee Cash Flows Investment
Slide 19: Cheniere 3Q 2025 Debt Summary
Cheniere 3Q 2025 Debt Summary Cash Balance: ~$1.2B1 Cheniere Energy, Inc. Cheniere Energy, Inc. $1.5B Notes due 2028 (4.625%) (NYSE: LNG) $1.5B Notes due 2034 (5.650%) $1.25B Unsecured Revolving Credit Facility due 2030 Cheniere Corpus Christi Holdings, LLC ~$1.20B Notes due 2027 (5.125%) ~$1.13B No
Slide 20: Run-Rate Guidance Update
Run-Rate Guidance Update Assumes CMI Run-Rate of $2.50 - $3.00 / MMBtu 9 Trains + Stage 3 + CCL Midscale 8 & 9 + 9 Trains + Stage 3 + Debottlenecking + CCL Midscale 8 & 9 + CCL Stage IV Phase 1 + Debottlenecking SPL Stage V Phase 1 ($ billions, unless otherwise noted) (Full Year) (Full Year) Liquefa
Slide 21: Reconciliation to Non-GAAP Measures
Reconciliation to Non-GAAP Measures Regulation G Reconciliations This presentation contains non-GAAP financial measures. Consolidated Adjusted EBITDA, Distributable Cash Flow, Distributable Cash Flow per Share, and Distributable Cash Flow per Unit are non-GAAP financial measures that we use to facil
Slide 22: Investor Relations Contacts
Investor Relations Contacts Randy Bhatia Vice President, Investor Relations and Communications – (713) 375-5479, randy.bhatia@cheniere.com Frances Smith Director, Investor Relations – (713) 375-5753, frances.smith@cheniere.com John Naumovski Lead Analyst, Investor Relations – (713) 375-5087, john.na