Excelerate Energy, Inc.

Hello and welcome to the Xcelerate Energy 4th Quarter and 4th Year 2025 Earnings Conference Call. My name is Alex and I'll be coordinating for this school. If you'd like to ask a question at the end of the presentation, you may press star followed by one on your telephone keypad. And if you'd like to withdraw that question, you may press star followed by two. I'll now hand it over to Craig Hicks to begin. Please go ahead.

Good morning, and thank you for joining Accelerate Energy's fourth quarter and full year 2025 earnings call. Joining me today are Stephen Kobos, President and CEO, and Dan Armstrong, Chief Financial Officer. Also joining the call are Oliver Simpson, Chief Commercial Officer, and David Leiner, Chief Operating Officer. Our fourth quarter and full year 2025 earnings press release and presentation were published yesterday afternoon and are available on our website at ir.accelerateenergy.com. Before we begin, please note that today's discussion will include forward-looking statements, which involve risks and uncertainties that may cause actual results to differ materially. We undertake no obligation to update these statements. We'll also reference certain non-GAAP financial measures. reconciliations to the most directly comparable gap measures can be found at the back of the presentation. With that, it is my pleasure to pass the call over to Stephen Kobos. Stephen Kobos Thank you, Craig.

And good morning, everyone. Thank you for joining us today. Whether you followed Accelerate Energy for many years, or you are new to the story, I want to start by grounding us in who we are and what differentiates our business. At Accelerate, we operate a global LNG and power infrastructure platform. We help countries enhance their energy security by increasing access to global LNG markets. We do this by providing safe and reliable downstream energy infrastructure, particularly in markets where traditional onshore development is impractical or would take too long to deploy. Our business is built around critical assets, long-term contracts, and dependable operating performance. That foundation has allowed us to operate through market cycles and deliver consistent results. Turning to 2025, it was a strong year of execution for Accelerate Energy. For the full year, we delivered record adjusted EBITDA of $449 million. This is an increase of about 100 million over the prior year. That performance reflects the contribution from the Jamaica acquisition, continued growth in our other LNG gas and power activities, along with reduced year-over-year operating expenses. Operationally, we performed exceptionally well. Enterprise-wide reliability exceeded 99.9% for the year. our strongest performance to date. And remember, reliability isn't just an operational measure. It's a financial one. Consistent, reliable performance generates stable, predictable cash flow. We also ended the year with a strong balance sheet, significant liquidity, and low leverage. That financial position allows us to enter 2026 from a position of strength Today, we're introducing full year 2026 adjusted EBITDA guidance of $515 million to $545 million. At the midpoint, this is over an $80 million increase over our full year 2025 results. Our 26 outlook is grounded in assets and contracts that are already operating or moving through execution. This provides a solid and visible foundation for the year ahead. Looking more broadly, global LNG supply is going to increase materially through the end of the decade. As that supply comes to market, we expect demand for LNG regasification infrastructure to grow, particularly across the global south. Many of these markets are seeking reliable, scalable solutions to enhance energy security and reduce dependence on dirtier fuels. At the same time, power demand continues to rise. Population growth, industrial development, and expanding digital infrastructure, including AI data centers, are placing new demands on energy systems. These dynamics reinforce the need for reliable LNG and power infrastructure and they align well with the capabilities of our asset portfolio. Turning to Iraq, this remains a strategically important project for Accelerate. For Iraq, the project is mission critical. It provides a reliable source of nat gas to help with an existing deficit, to support growing power generation needs, and strengthen the country's energy security by reducing exposure to regional supply disruptions. Construction of Hull 3407, our newest best-in-class FSRU, is progressing well. The vessel has completed sea trials and is advancing through final commissioning activities. These include gas trials and cryogenic testing ahead of delivery in the early second quarter. Site mobilization and early construction activities for the integrated LNG import terminal at the port of Horel-Zubair are underway. Engineering and procurement activities are progressing. Long lead items have been ordered, and we've executed the lease for the existing jetty. As the project has advanced into detailed engineering, we refined the structural design of the jetty to ensure it can support safe, long-term terminal operations. These refinements required additional scope, including structural reinforcement, which has resulted in higher estimated construction capital. As the project moves forward, we're gaining better visibility in our refining our financial assumptions based on scope and commercial terms. Total estimated capital costs for the RAC terminal is now expected to range between $520 million and $550 million, inclusive of the cost of the FSRU. The all-in cost of the vessel remains roughly $370 million, with about $220 million remaining to be paid for the vessel in the second quarter of this year. From an economic perspective, while total CapEx estimates have increased, we are now expecting annual terminal operating costs to be considerably lower. The Iraq project is expected to achieve an EBITDA build multiple of approximately five times. This is in line with the economics we outlined on our November earnings call at the minimum contracted uptake of 250 million standard cubic feet per day. Under the contract, deliveries can scale up to 500 million standard cubic feet per day, providing meaningful upside potential. The integrated Iraq terminal remains on track to commence operations in the third quarter of 26. Now, I'll turn to Jamaica. In 25, our Jamaica LNG to power platform performed exceptionally well. It delivered safe and reliable energy supply to the country and provided us with stable contracted cash flows. It also demonstrated exceptional resilience during Hurricane Melissa, one of the all-time most powerful hurricanes with minimal operational and financial impacts during the fourth quarter. Hurricane Melissa highlighted the benefits of LNG and floating regasification infrastructure, bolstering the energy security of Jamaica and potentially for other islands throughout the Caribbean. Following the acquisition, our focus has been on integration, operational excellence, and maintaining high levels of reliability. We are proud to announce that full integration of the Jamaica platform was completed. completed successfully in Q4. With the integration complete, we are advancing our strategy to optimize the Jamaica platform while pursuing new infrastructure opportunities across the Caribbean. With Jamaica integration complete and the Iraq project progressing as planned, our focus now turns to executing the next set of defined initiatives to extend our earnings growth trajectory. We expect the Express FSRU to be redelivered at the expiration of its current contract late in Q3. We have high confidence in redeploying the asset in improved economic terms over the prior contract. This should support incremental EBITDA uplift in 2027. Second, we are moving forward with plans for an FSRU conversion. Under our current planning assumptions, the converted FSRU will be available for commercial deployment in early 2028. Negotiations of the final contracts related to the conversion are ongoing, which is why this project is not yet included in our committed growth capital guidance. We're going to provide more detail once the necessary commercial agreements are finalized. Finally, future growths will be driven by a set of scalable LNG regasification solutions that we know how to execute. These include integrated onshore terminals, floating storage units paired with onshore regasification, and small scale and modular configurations. Together, these solutions provide a disciplined and repeatable way to deploy capital and scale our global asset portfolio. With that, I'll turn the call over to Dana to walk through the financial results in more detail.