Excelerate Energy, Inc. · NYSE:EE
Excelerate Energy — Q1 2022 Earnings Presentation
25 slides from Excelerate Energy's earnings presentation, May 24, 2022
Slide 1: 1Q 2022 Investor Presentation
1Q 2022 Investor Presentation MAY 2022
Slide 2: Disclaimers
Disclaimers Forward-Looking Statements This presentation contains forward-looking statements about Excelerate Energy, Inc. (“Excelerate,” “Company,” “we,” “us,” and “our”) and our industry that involve substantial risks and uncertainties. All statements other than statements of historical fact conta
Slide 3: Company Highlights
Company Highlights Steven Kobos President & CEO
Slide 4: Excelerate Energy Around the World
Excelerate Energy Around the World 10 3 2,300+ 5,500 Bcf+ 275 M+ FSRUS E-FIT Terminals Ship-to-Ship Transfers Regasified LNG Deliveries m3 of LNG Transported Finland LNG Terminal FSRU: Exemplar Hadera Deepwater LNG Terminal Summit LNG Terminal FSRU: Excelsior FSRU: Summit LNG Headquarters Moheshkhal
Slide 5: 1Q 2022 Highlights
1Q 2022 Highlights Adjusted EBITDAR (USD in millions) Financial Results $96.6 • Reported Net Income of $12.8 million • Reported Adjusted EBITDAR of $71.4 million $71.4 Commercial Highlights $63.7 • Executed winter gas sales at Northeast Gateway • First full quarter of gas sales at Bahia Terminal (Br
Slide 6: Global LNG Market Outlook
Global LNG Market Outlook Global Gas Prices1 90 Recent geopolitical events have resulted in a 80 paradigm shift in the LNG market 70 • Europe has gone from a flexible destination for LNG 60 to becoming a premium market US$/MMBTU 50 • Increased competition for limited LNG supply has 40 driven spot pr
Slide 7: Europe is Looking to Replace its Largest Single Source of Natural Gas
Europe is Looking to Replace its Largest Single Source of Natural Gas 15 bcm RUSSIAN LNG IMPORTS Flexible LNG infrastructure will be required to displace Russian gas imports1 • FSRUs and “E-FIT” style terminals are an obvious choice 140 bcm • Custom-built solutions required for different RUSSIAN PIP
Slide 8: Excelerate's Flexible FSRU Fleet
Excelerate’s Flexible FSRU Fleet Excelerate Operates 10 FSRUs Excelerate FSRU Fleet Overview Excellence Excelsior Exemplar Expedient • ~20% of the global fleet Multiple Operating Capabilities • Closed/open loop/combined Explorer Express Summit LNG Excelerate Sequoia Regas Sendout Capacity • 600 – 12
Slide 9: Growth Project Pipeline Overview
Growth Project Pipeline Overview Pursuing flexible LNG infrastructure projects in new and existing markets across our global footprint Early Advanced In Recent Projects Development Development Execution In Service Potential projects • Vlora LNG Terminal • Albania Emergency • Bahia Regas Terminal loc
Slide 10: Finland LNG Terminal
EUROPE BUSINESS UPDATE Finland LNG Terminal RUSSIA Excelerate and Gasgrid Finland have reached an agreement for regasification services to bolster energy reliability in Finland and Estonia. SWEDEN Proposed Scope: • Existing 150,900m3 FSRU (Exemplar) FINLAND • Jetty modifications Status: FINLAND LNG
Slide 11: Vlora LNG Terminal
EUROPE BUSINESS UPDATE SLOVAKIA UKRAINE Vlora LNG Terminal HUNGARY CROATIA ROMANIA The Vlora LNG project is being developed to help mitigate Albania’s current energy crisis driven by BOSNIA & HERZEGOVINA SERBIA the highly volatile cost of power imports from Europe. MONTENEGRO KOSOVO BULGARIA Propose
Slide 12: MLNG Expansion
BANGLADESH BUSINESS UPDATE MLNG Expansion The MLNG Expansion project will increase natural gas deliveries to the country via our existing “E-FIT” terminal in the southeastern part of Bangladesh. Proposed Scope: • Existing 150,900m3 FSRU • Terminal life extension upgrades • ~1.5 MTPA of LNG supply SU
Slide 13: Payra LNG
BANGLADESH BUSINESS UPDATE Payra LNG The Payra project will support Bangladesh’s growing economy by providing natural gas volumes to new and existing LNG customers in the southern and western parts of Bangladesh. Proposed Scope: • Existing or newbuild FSRU • New offshore “E-FIT” integrated terminal
Slide 14: Strategy for Long-Term Value Creation
Strategy for Long-Term Value Creation 1 2 3 4 5 Strengthen Pursue Opportunities Expand into Create a Sizable, Maintain Our Disciplined Existing Business Downstream of New Markets Diversified LNG Investment Philosophy Existing Markets Procurement Portfolio Having a strong presence in With established
Slide 15: Financial Overview
Financial Overview Dana Armstrong Executive Vice President & CFO
Slide 16: 1Q 2022 Results
1Q 2022 Results Financial results in line with internal expectations • Results up sequentially over the 4Q 2021 due to full (USD in millions) 1Q 2022 4Q 2021 1Q 2021 quarter of gas sales at Bahia Terminal (Brazil) and an LNG cargo sale at Northeast Gateway Revenues $591.7 $338.8 $164.8 • Performance
Slide 17: Pro Forma Liquidity & Capitalization
Pro Forma Liquidity & Capitalization 1 (USD in millions) Balance sheet strength and liquidity provide flexibility to pursue new growth opportunities $350 million total revolving credit facility capacity $734 Total Debt + Finance Leases Pro Forma as of 3/31/22 $449 ~$235 Pro Forma Cash & Cash Equival
Slide 18: 2022 Financial Outlook
2022 Financial Outlook (USD in millions) Adjusted EBITDA $249M - $269M Adjusted EBITDAR $285M - $305M Annualized Dividend $0.10 per Class A Common share Note: Guidance as of May 24, 2022. All guidance is estimated as of the date hereof and is subject to change without notice depending upon a number
Slide 19: Excelerate Energy
EXCELERATE ENERGY
Slide 20: Appendix
Ey EXCELERATE QW) ENERGY Appendix
Slide 21: Experienced Industry Player in the LNG Value Chain
Experienced Industry Player in the LNG Value Chain Upstream of Excelerate Exploration & Production Transportation Liquefaction Loading and Ocean Transport Where we are Today Where we are Expanding E-FIT: Excelerate-Flexible Integrated Terminal Natural Gas and Power Generation and Distribution Port S
Slide 22: Reconciliation of Non-GAAP Metrics
Reconciliation of Non-GAAP Metrics Quarterly Adjusted EBITDA and Adjusted EBITDAR Reconciliation (USD in millions) (USD in millions, except per share and LNG data) 1Q 2022 4Q 2021 1Q 2021 Net Income $12.8 ($1.8) $38.0 Interest Expense 19.2 18.8 20.9 Provision for income taxes 3.7 7.0 4.5 Depreciatio
Slide 23: Reconciliation of Non-GAAP Metrics
Reconciliation of Non-GAAP Metrics Adjusted EBITDA and Adjusted EBITDAR Reconciliation: (USD in millions) (USD in millions, except per share and LNG data) 2021 2020 Net Income $41.2 $32.9 Interest Expense 80.8 89.4 Provision for income taxes 21.2 13.9 Depreciation and amortization expense 104.9 104.
Slide 24: Pro Forma Capitalization
Pro Forma Capitalization (USD in millions) Pro Forma EELP as of Adjusted March 31, 2022 EELP as of March 31, 2022 Cash and Cash Equivalents1 $82.9 $449.1 Debt and Finance Leases Debt facilities 229.7 229.7 Debt facilities – related party2 257.8 197.8 Finance lease liabilities 246.3 246.3 Finance lea
Slide 25: Reconciliation of Non-GAAP Metrics
Reconciliation of Non-GAAP Metrics 2022E Adjusted EBITDA and Adjusted EBITDAR Reconciliation (USD in millions) (USD in millions, except per share and LNG data) 2022E 2022E Low Case High Case Income before income taxes $60 $95 Interest expense 60 55 Depreciation and amortization expense 100 95 Stock