Excelerate Energy, Inc has reported its financial results for the second quarter ended June 30, 2025, demonstrating strong performance following the strategic acquisition of Jamaica’s integrated LNG and power platform. The company reported net income of $20.8 million, adjusted net income of $46.8 million, and adjusted EBITDA of $107.1 million for the quarter.
The completion of the Jamaica integrated LNG and power platform acquisition in May has marked a strategic inflection point for Excelerate, according to President and CEO Steven Kobos. The transaction includes the Montego Bay and Old Harbour LNG terminals and the Clarendon combined heat and power plant, expanding the company’s role in the LNG value chain and creating a more diversified growth platform.
Kobos emphasised that the Jamaica operations are exceeding operational expectations and integration remains on track. The acquisition has enabled Excelerate to advance its long-term strategy of owning and operating downstream infrastructure assets, reflecting the company’s expanded business model ambitions.
Based on strong performance and confidence in the Jamaica acquisition’s contribution, Excelerate has raised its full-year 2025 Adjusted EBITDA guidance to a range between $420 million and $440 million. The revised outlook incorporates anticipated contributions from the Jamaica acquisition from May 14, 2025, through December 31, 2025.
Sequential quarterly results showed adjusted EBITDA increased from the previous quarter primarily due to Jamaica EBITDA contributions, though this was partially offset by lower Atlantic Basin margins and vessel operating cost timing. Year-over-year comparisons demonstrated growth in adjusted net income and adjusted EBITDA, primarily driven by the Jamaica operations.
Excelerate’s board of directors approved a quarterly cash dividend of $0.08 per share, representing approximately a 33 percent increase from the prior quarter and $0.32 per share on an annualised basis. The dividend is payable September 4, 2025, to stockholders of record as of August 20, 2025.
With increased confidence in forward cash flow outlook following the Jamaica acquisition, the company is targeting low double-digit annual dividend growth rates commencing in 2026 and continuing through 2028.
In July 2025, Excelerate finalised an agreement to purchase an LNG carrier, renamed the Excelerate Shenandoah, to service a previously announced mid-term Atlantic Basin supply deal. The vessel represents the company’s first owned asset selected as a floating storage and regasification unit conversion candidate.
The company also signed a definitive agreement with Petrobras to install a reliquefaction unit on the floating regasification terminal Experience in Brazil’s Guanabara Bay. The technology upgrade is expected to eliminate excess cargo losses due to boil-off, reduce Scope 1 emissions, and enhance terminal performance and life expectancy.
As of June 30, 2025, Excelerate maintained $426.0 million in unrestricted cash and cash equivalents, with no letters of credit outstanding under its revolving credit facility. The company had full access to $500 million of undrawn capacity under its revolving credit facility, providing substantial financial flexibility for continued growth initiatives.
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