Excelerate Energy delivered record financial results in 2025, with its Jamaican operations emerging as the single biggest driver for the US-based liquefied natural gas (LNG) company.
The company reported full-year net income of US$167 million and adjusted earnings before interest, depreciation, and amortisation (EBITDA) of US$449.3 million, up 29 per cent from $348.2 million in 2024. Revenue more than doubled from the prior year’s LNG, gas and power segment, climbing to US$631.6 million from US$239.3 million – a surge the company attributed directly to its Jamaican acquisition.
“We delivered record net income and adjusted EBITDA for the year, demonstrating the earnings power of our contracted infrastructure portfolio and the value created through integration,” said Steven Kobos, president and CEO, in notes accompanying the financials.
The company was explicit about Jamaica’s role. Net income and adjusted EBITDA for 2025 increased “primarily due to the contribution from the Jamaica acquisition and increased LNG, gas and power sales opportunities”, according to the release.
The fourth quarter told a more complicated story. Earnings dipped sequentially – adjusted EBITDA fell to US$112.5 million from US$129.3 million in the third quarter – due partly to “modestly lower LNG, gas, and power direct margin in Jamaica following Hurricane Melissa in the fourth quarter”. The company described the storm’s impact as limited, noting disruption to operations rather than significant structural damage or material costs.
Looking ahead, Excelerate guided 2026 adjusted EBITDA of between US$515 million and US$545 million – a potential 21 per cent increase over 2025. Kobos said the company remains focused on “securing new growth opportunities and extending the earnings profile of the business further in the coming years”.
Total assets grew to US$4.1 billion at year end from US$2.9 billion in 2024. New Fortress Energy sold its Jamaica operations to Excelerate for US$1.0 billion.
steven.jackson@gleanerjm.com
