Excelerate Energy 2Q26 EBITDA In-Line; Guidance Raised; Colombia Redeployment & FSRU Conversion Advance Sequenced Growth

Research evidence excerpt

J P M O R G A N

North America Equity Research

05 August 2026

Excelerate Energy

2Q26 EBITDA In-Line; Guidance Raised; Colombia

Redeployment & FSRU Conversion Advance

Sequenced Growth

Neutral

EE, EE US

Price (05 Aug 26):$38.50

North American Midstream

EE reported 2Q26 adj EBITDA of $120mm, in line with the $119mm JPMe and

$117mm Street median. Sequential performance (-$2mm QoQ) reflects LNG, gas

and power seasonal headwinds, partially offset by higher Jamaica margins. EE

raised 2026 adj EBITDA guidance +$7.5mm to $490-515mm (prior $480510mm), in line with the $502mm JPMe and near the $492mm Street median. EE

secured a seven-year charter to redeploy the FSRU Express to Colombia beginning

1Q27, boosting vessel EBITDA +35% versus the current contract. EE also

executed a definitive agreement for an FSRU conversion in early 2028. Committed

growth capex guidance increased to $380-400mm, reflecting FSRU conversion

spend and certain Iraq costs pulled forward from 2027, while total Iraq project cost

and return profile remain unchanged. Maintenance capex guidance revision

downward to $85-95mm reflects the expected deferral of the FSRU Exquisite dry

dock into 2027. We anticipate call airtime covers incremental FSRU acquisitions

and conversions amid commercial activity exceeding available assets, particularly

as EE’s 1.5x net leverage and fully undrawn $500mm revolver provide meaningful

flexibility. All in, we see the print largely matching expectations, with Iraq

execution, FSRU demand acceleration, and the Colombia redeployment

representing strong execution overall.

Express redeployment to Colombia secures near-term EBITDA uplift;

FSRU conversion on track for 2028 deployment. EE executed a seven-year

charter with a Frontera Energy subsidiary to redeploy the FSRU Express to a

new Colombian LNG import terminal beginning 1Q27, with the new

agreement expected to increase Express’ annual EBITDA contribution ~35%

versus the current contract, adding meaningful long-term contracted backlog

with multiple extension options. On the FSRU conversion, EE executed a

definitive agreement to acquire the Methane Patricia Camila for ~$79mm; the

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