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and Full Year 2022 Results The Woodlands, TX, - March 27, 2022 Excelerate Energy, Inc. (NYSE: EE) (the “Company” or “Excelerate”) today reported its financial results for the fourth quarter and full-year ended December 31, 2022. RECENT HIGHLIGHTS • Reported Net Income of $33.9 million for the fourth quarter and $80.0 million for the full year 2022 • Reported Adjusted Net Income of $34.1 million for the fourth quarter and $108.7 million for the full year 2022 • Reported Adjusted EBITDAR of $98.0 million for the fourth quarter and $331.1 million for the full year 2022 • Executed 20-year Sales and Purchase Agreement for 0.7 MTPA of LNG with Venture Global in February 2023 • Closed on an amended $600 million senior secured credit facility in March 2023 • Deployed the FSRU Exemplar to Finland in December; sold partial commissioning LNG cargo into Finland • Commenced time charter with the Federal Republic of Germany for the FSRU Excelsior in February 2023 • Extended time charter with Dubai Supply Authority (DUSUP) for the FSRU Explorer by five years from Q4 2025 • Excelerate Board declared a quarterly dividend of $0.025 per share, payable on April 27, 2023 2023 GUIDANCE Expect full year 2023 Adjusted EBITDA to range between $320 million and $340 million CEO COMMENT
Looking ahead, we are positioned to build on this strong momentum. We will continue to capitalize on near-term growth catalysts, fueled by the increased demand for LNG. We will evaluate opportunities to scale our business over the long-term to drive greater value for shareholders and customers.” Fourth Quarter and Full Year 2022 Financial Results 
(1) See the reconciliation of non-GAAP financial measures to the most comparable GAAP financial measure in the section titled “Non-GAAP Reconciliation” below.
Key Commercial Updates Venture Global SPA In February 2023, Excelerate executed a 20-year Sales and Purchase Agreement (SPA) with Venture Global. Under the SPA, Excelerate will purchase 0.7 million tonnes per annum (MTPA) of LNG on a free on board (FOB) basis from Venture Global’s Plaquemines LNG Phase 2 project in Plaquemines, Louisiana. This strategic partnership with Venture Global is an important step for Excelerate as the Company continues to execute its growth strategy. Building a diversified LNG supply portfolio will allow Excelerate to offer more flexible and cost-effective products to both existing and new customers in its downstream markets. Finland In December 2022, the FSRU Exemplar arrived at the port of Inkoo, Finland with a partial cargo of liquefied natural gas (LNG) which served as the commissioning cargo for the terminal. Excelerate, through its Finnish gas marketing subsidiary, Excelerate Finland Gas Marketing Oy (“Excelerate Finland”), executed an agreement for the sale of commissioning volumes and regasification capacity rights during the commissioning phase. The Exemplar’s charter hire commenced October 1,2022. Excelerate and Gasgrid Finland Oy (“Gasgrid Finland”) previously announced an executed 10-year, time charter party agreement for Excelerate to provide LNG regasification services. Germany In October 2022, Excelerate signed a five-year charter agreement with the Federal Republic of Germany for the FSRU Excelsior. The Excelsior is expected to provide regasification services at Germany’s planned LNG import terminal which is being developed at the port of Wilhelmshaven by Tree Energy Solutions, E.ON, and ENGIE. The charter hire for the Excelsior commenced in February 2023. The FSRU will be temporarily deployed to provide seasonal regasification service at the Bahia Blanca GasPort terminal in Argentina before returning to the German charter in the third quarter of 2023. Dubai In February 2023, Excelerate reached an agreement with Dubai Supply Authority (“DUSUP”) to extend its Time Charter Agreement for the FSRU Explorer. Prior to this agreement, the FSRU Explorer contract was due to end in the fourth quarter of 2025. Under the terms of the new agreement, the time charter period will be extended by an additional five years from the end of the existing contract in the fourth quarter of 2025. Argentina In March 2023, Excelerate was awarded a seasonal charter for the FSRU Excelsior at the Bahia Blanca GasPort terminal in Argentina. The Excelsior, which is currently being chartered by the German government, will be placed on a suspension agreement while it is temporarily deployed to Bahia Blanca to provide regasification services during the Argentina winter. Immediately after the Argentina winter season, the Excelsior will resume its original charter with the German government. Liquidity and capital resources In March, the Company closed on an amended and restated $600 million senior secured credit facility, consisting of a $350 million revolving credit facility and a $250 million Term Loan (the “Facility”). Proceeds from the Term Loan will be used to purchase the FSRU Sequoia, which is currently under a bare boat charter with a third party until mid-2025. Excelerate gave notice to the vessel owner regarding its intent to exercise its purchase option following the closing of the Facility. Proceeds from the revolving credit facility are expected to be used primarily for letters of credit, working capital, and other general corporate purposes. As of December 31, 2022, Excelerate had $516.7 million in cash and cash equivalents, $40 million of letters of credit issued, and no outstanding borrowings under its $350 million senior secured revolving credit facility. On March 23, 2023, Excelerate’s Board of Directors (the “Board”) approved a quarterly dividend equal to $0.025 per share of Class A common stock, which will be paid on April 27, 2023, to shareholders of record at the close of business on April 12, 2023. 2023 Financial Outlook For the full year 2023, the Company expects Adjusted EBITDA to range between $320 million and $340 million. Following the anticipated purchase of the FSRU Sequoia in the second quarter of 2023, the Company will no longer incur rental expense for the Sequoia bareboat charter. The Company will cease reporting Adjusted EBITDAR in 2023. Maintenance capex for 2023 is expected to range between $15 million and $35 million. Actual results may differ materially from the Company’s outlook as a result of, among other things, the factors described under “Forward-Looking Statements” below. Investor Conference Call and Webcast The Excelerate management team will host a conference call for investors and analysts at 8:30 a.m. Eastern Time (7:30 a.m. Central Time) on Tuesday, March 28, 2023. Investors are invited to access a live webcast of the conference call via the Investor Relations page on the Company’s website at www.excelerateenergy.com. An archived replay of the call and a copy of the presentation will be on the website following the call. About Excelerate Energy: Excelerate Energy, Inc. is a U.S.-based LNG company located in The Woodlands, Texas. Excelerate is changing the way the world accesses cleaner forms of energy by providing integrated services along the LNG value chain with an objective of delivering rapid-to-market and reliable LNG solutions to customers. The Company offers a full range of flexible regasification services from FSRUs to infrastructure development to LNG supply. Excelerate has offices in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Helsinki, Manila, Rio de Janeiro, Singapore, and Washington, DC. For more information, please visit www.excelerateenergy.com. Excelerate Energy L.P. press release 
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