Excelerate Energy revenue up, profit dips in Q2 2025

Excelerate Energy has reported a mixed financial performance for the second quarter of 2025, with a notable increase in revenue offset by a decline in net profit compared to the same period last year. The Texas-based energy company’s bottom line was impacted by costs associated with its recent acquisition of an integrated liquefied natural gas (LNG) and power platform in Jamaica.

For the three months ending June 30, the company posted revenues of $204.6 million, an increase of almost 12 per cent from the $183.3 million recorded in the second quarter of 2024.

However, this growth did not translate to higher profit, with net income falling to $20.8 million, a significant drop from the $33.3 million profit reported in the prior-year period.

The decrease in profitability was primarily driven by higher outgoings, which the company attributed to, "transition and transaction costs incurred as a result of the Jamaica acquisition and an increase in interest expense."

Alongside its financial reporting, the company highlighted several key commercial developments. In May, Excelerate completed its acquisition of an integrated LNG and power platform in Jamaica, an integration it says is progressing well.

Following the quarter's end, the company finalised the purchase of an LNG carrier, the Excelerate Shenandoah, which will service an Atlantic Basin supply deal and is a candidate for conversion into a floating storage and regasification unit (FSRU).

Additionally, Excelerate signed an agreement with Petrobras to install a reliquefaction unit on its Experience floating terminal in Brazil, a move aimed at eliminating cargo losses and reducing emissions.

Despite the impact on net income, the company's leadership expressed confidence in its strategy. "Our results reflect the performance of our terminal services and early contributions from our Jamaica operations,” said Steven Kobos, President and CEO.

Excelerate has raised its full-year 2025 guidance and announced an increased quarterly cash dividend of eight cents per share, a rise of approximately 33 per cent from the previous quarter.