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Equity | 9 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
Equity | Equity Class A Common Stock The Class A Common Stock, par value $0.001 (“Class A Common Stock”) outstanding represents 100% of the rights of the holders of all classes of the Company’s outstanding common stock to share in distributions from Excelerate, except for the right of Class B common stockholders to receive the par value of the Class B Common Stock, $0.001 par value per share (“Class B Common Stock”) upon the Company’s liquidation, dissolution or winding up or an exchange of Class B interests of EELP. Class B Common Stock Excelerate Energy Holdings, LLC (“EE Holdings”), a company controlled directly and indirectly by Kaiser, holds all of the shares of Excelerate’s outstanding Class B Common Stock. The Class B Common Stock entitles the holder to one vote for each share of Class B Common Stock. Holders of shares of the Company’s Class B Common Stock vote together with holders of its Class A Common Stock as a single class on all matters on which stockholders are entitled to vote generally, except as otherwise provided in its amended and restated certificate of incorporation or required by law. As the only holder of Class B Common Stock, EE Hold ings had 71.9% and 77.5% of the combined voting power of the Company’s common stock as of September 30, 2025 and December 31, 2024, respect ively. The EELP Limited Partnership Agreement (the “EELP LPA”) entitles partners (and certain permitted transferees thereof) to exchange their Class B interests for shares of Class A Common Stock on a one-for-one basis or, at its election, for cash. When a Class B interest is exchanged for a share of Class A Common Stock, the corresponding share of Class B Common Stock will automatically be canceled. The EELP LPA permits the Class B limited partners to exercise their exchange rights subject to certain timing and other conditions. When a Class B interest is surrendered for exchange, it will not be available for reissuance. The following table summarizes the changes in ownership:
|  | Class A Common Stock |  |  |  |  |  |  |  |  |  |
|  | Issued |  |  | Less: Treasury Stock |  |  | Outstanding |  |  | Class B Common Stock |  |  | Total |  |  | Class A Ownership Percentage |
Balance at January 1, 2025 |  |  | 26,432,131 |  |  |  | 2,564,058 |  |  |  | 23,868,073 |  |  |  | 82,021,389 |  |  |  | 105,889,462 |  |  |  | 22.5 | %
Long-term incentive compensation units vested, net |  |  | 234,419 |  |  |  | 107,633 |  |  |  | 126,786 |  |  |  | — |  |  |  | 126,786 |  |  |  |
Options exercised |  |  | 1,955 |  |  |  | — |  |  |  | 1,955 |  |  |  | — |  |  |  | 1,955 |  |  |  |
Balance at March 31, 2025 |  |  | 26,668,505 |  |  |  | 2,671,691 |  |  |  | 23,996,814 |  |  |  | 82,021,389 |  |  |  | 106,018,203 |  |  |  | 22.6 | %
Issuance of common stock |  |  | 8,000,000 |  |  |  | — |  |  |  | 8,000,000 |  |  |  | — |  |  |  | 8,000,000 |  |  |  |
Long-term incentive compensation units vested, net |  |  | 2,868 |  |  |  | 2,248 |  |  |  | 620 |  |  |  | — |  |  |  | 620 |  |  |  |
Options exercised |  |  | 3,714 |  |  |  | 91 |  |  |  | 3,623 |  |  |  | — |  |  |  | 3,623 |  |  |  |
Balance at June 30, 2025 |  |  | 34,675,087 |  |  |  | 2,674,030 |  |  |  | 32,001,057 |  |  |  | 82,021,389 |  |  |  | 114,022,446 |  |  |  | 28.1 | %
Long-term incentive compensation units vested, net |  |  | 4,786 |  |  |  | 2,266 |  |  |  | 2,520 |  |  |  | — |  |  |  | 2,520 |  |  |  |
Other |  |  | — |  |  |  | 1,864 |  |  |  | (1,864 | ) |  |  | — |  |  |  | (1,864 | ) |  |  |
Balance at September 30, 2025 |  |  | 34,679,873 |  |  |  | 2,678,160 |  |  |  | 32,001,713 |  |  |  | 82,021,389 |  |  |  | 114,023,102 |  |  |  | 28.1 | %
Balance at January 1, 2024 |  |  | 26,284,027 |  |  |  | 20,624 |  |  |  | 26,263,403 |  |  |  | 82,021,389 |  |  |  | 108,284,792 |  |  |  | 24.3 | %
Long-term incentive compensation units vested, net |  |  | 82,165 |  |  |  | 39,702 |  |  |  | 42,463 |  |  |  | — |  |  |  | 42,463 |  |  |  |
Share repurchases |  |  | — |  |  |  | 588,030 |  |  |  | (588,030 | ) |  |  | — |  |  |  | (588,030 | ) |  |  |
Balance at March 31, 2024 |  |  | 26,366,192 |  |  |  | 648,356 |  |  |  | 25,717,836 |  |  |  | 82,021,389 |  |  |  | 107,739,225 |  |  |  | 23.9 | %
Long-term incentive compensation units vested, net |  |  | 29,479 |  |  |  | 22,237 |  |  |  | 7,242 |  |  |  | — |  |  |  | 7,242 |  |  |  |
Share repurchases |  |  | — |  |  |  | 673,780 |  |  |  | (673,780 | ) |  |  | — |  |  |  | (673,780 | ) |  |  |
Balance at June 30, 2024 |  |  | 26,395,671 |  |  |  | 1,344,373 |  |  |  | 25,051,298 |  |  |  | 82,021,389 |  |  |  | 107,072,687 |  |  |  | 23.4 | %
Long-term incentive compensation units vested, net |  |  | 2,031 |  |  |  | 2,031 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |
Share repurchases |  |  | — |  |  |  | 363,974 |  |  |  | (363,974 | ) |  |  | — |  |  |  | (363,974 | ) |  |  |
Balance at September 30, 2024 |  |  | 26,397,702 |  |  |  | 1,710,378 |  |  |  | 24,687,324 |  |  |  | 82,021,389 |  |  |  | 106,708,713 |  |  |  | 23.1 | %
EELP Distribution Rights The Company, as the general partner of EELP, has the right to determine when distributions will be made to holders of interests and the amount of any such distributions. If a distribution is authorized, such distribution will be made to the holders of Class A interests and Class B interests on a pro rata basis in accordance with the number of interests held by such holder. Dividends and Distributions During the nine months ended September 30, 2025, EELP declared and paid distributions to all interest holders, including Excelerate. Excelerate has used and will continue to use proceeds from such distributions to pay dividends to holders of Class A Common Stock. The following table details the distributions and dividends for the periods presented:
|  |  |  | Class B Interests |  |  | Class A Common Stock |
Dividend and Distribution for the Quarter Ended |  | Date Paid or To Be Paid |  | Distributions Paid or To Be Paid |  |  | Total Dividends Declared |  |  | Dividend Declared per Share |
|  |  |  | (In thousands) |  |
September 30, 2025 |  | December 4, 2025 |  | $ | 6,562 |  |  | $ | 2,675 |  |  | $ | 0.08 |
June 30, 2025 |  | September 4, 2025 |  |  | 6,562 |  |  |  | 2,667 |  |  |  | 0.08 |
March 31, 2025 |  | June 5, 2025 |  |  | 4,921 |  |  |  | 2,005 |  |  |  | 0.06 |
December 31, 2024 |  | March 27, 2025 |  |  | 4,921 |  |  |  | 1,535 |  |  |  | 0.06 |
Albania Power Project In April 2022, Excelerate established an entity to provide a temporary power solution in Albania (the “Albania Power Project”). Excelerate is a 90% owner of the Albania Power Project and has recei ved $6.7 million in cash contributions from the minority owner as of September 30, 2025. The Albania Power Project is fully consolidated in the Company’s financial statements. Repurchase of Equity Securities During the year ended December 31, 2024, the Company repurchased 2,473,787 shares of its outstanding Class A Common Stock at a weighted average price of $20.41 per share, for a total net cost, including commission fees and taxes, of approximately $50.0 million. As indicated under the EELP Limited Partnership Agreement, for each Class A Common Stock repurchased by the Company, EELP, immediately prior to the repurchase, redeemed an equal number of Class A interests held by Excelerate, upon the same terms and at the same price as the shares of Excelerate’s Class A Common Stock were repurchased. Equity Offering In March 2025, Excelerate and EELP entered into an underwriting agreement (the “Underwriting Agreement”) relating to an underwritten public offering (the “Equity Offering”) of 6,956,522 shares (the “Shares”) of Excelerate’s Class A Common Stock. The offering price of the Shares to the public was $26.50 per share, and the underwriters agreed to purchase the Shares from the Company pursuant to the Underwriting Agreement at a price of $25.308 per share. Under the terms of the Underwriting Agreement, the Company granted the underwriters an option to purchase up to an additional 1,043,478 shares of Class A Common Stock at the same price per share as the Shares. The Equity Offering closed on April 2, 2025. The underwriters’ option was fully exercised and subsequently closed on May 1, 2025. The net proceeds from the Equity Offering to the Company from the sale of the Shares, after deducting underwriting discounts and commissions and estimated offering expenses, were approximately $201.8 million.

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