Excelerate Energy has reported its financial results for the second quarter ended June 30, 2026.
Excelerate reported net income of US$50.1 million and adjusted gross operating profit of US$120.1 million for Q2 2026, compared to US$20.8 million and US$107.1 million, respectively, during the same prior-year period. During the period, the company also executed a definitive agreement with Sociedad Portuaria Puerto Bahia, a subsidiary of Frontera Energy Corporation, to redeploy the floating storage and regasification unit (FSRU) Express to a new LNG import terminal in Colombia for seven years.
Excelerate also executed a definitive agreement to purchase a new LNG carrier, Methane Patricia Camila, which will serve as the dedicated vessel for the company’s first FSRU conversion project with expected commercial deployment in early 2028.
“Excelerate delivered strong financial and operational results in the second quarter, reflecting the earnings power of our contracted infrastructure portfolio and the strength of our global business," said Steven Kobos, President and CEO of Excelerate Energy.
"We continued to demonstrate our ability to adapt to changing market conditions while advancing our strategic priorities. That approach is reflected in the progress we’ve made this year. We are creating value from the assets we operate today while laying the groundwork for future growth, which includes continuing to progress our integrated Iraq LNG import terminal and advancing our first FSRU conversion."
Kobos said these actions are intended to expand Excelerate's global footprint and provide the company with a "visible, sequenced pathway to long-term growth."
Net income for the second quarter of 2026 was in line with the prior quarter, while adjusted gross operating profit decreased slightly from the prior quarter primarily due to LNG, gas and power seasonal impacts, partially offset by higher margins for Jamaica.
Net income and adjusted gross operating profit for the second quarter of 2026 both increased from the prior year second quarter primarily due to a full quarter contribution from the Jamaica platform. The increase in net income also reflected the absence of acquisition-related transition and transaction expenses incurred in the prior year period, partially offset by higher interest expense related to the 2030 notes.
Excelerate has raised and narrowed its full-year 2026 adjusted gross operating profit guidance range. For the full year, adjusted gross operating profit is now expected to range between US$490 million and US$515 million.
Committed growth capital guidance has increased and is now expected to range between US$380 million and US$400 million for the full year. The increase reflects capital spending related to the FSRU conversion project and certain Iraq-related project costs that are now expected to be incurred in 2026 rather than 2027. The total estimated cost of the Iraq LNG terminal remains in line with the previously communicated capex range.
Maintenance capex is now expected to range between US$85 million and US$95 million. The decrease reflects the expected deferral of the FSRU Exquisite dry dock into 2027.