Excelerate Energy Inc-A 2025年度报告

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, DC 20549FORM 10-K (Mark One)շANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2025OR նTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from _________ to _________Commission File Number: 001-41352 Excelerate Energy, Inc.(Exact Name of Registrant as Specified in its Charter) Registrant’s telephone number, including area code: (832) 813-7100 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growthcompany. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. DOCUMENTS INCORPORATED BY REFERENCEThe information required by Part III of this Report, to the extent not set forth herein, is incorporated herein by reference from the registrant’s definitive proxy statement relating to the Annual Meeting of Stockholders to be held in 2026, which definitive proxy statement shall be filed with the Securities and Exchange Commission within 120 days after the endof the fiscal year to which this Report relates. Table of Contents PART I Item 1.Business5Item 1A.Risk Factors14Item 1B.Unresolved Staff Comments39Item 1C.Cybersecurity39Item 2.Properties39Item 3.Legal Proceedings39Item 4.Mine Safety Disclosures39 PART II Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities40Item 6.Reserved41Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations42Item 7A.Quantitative and Qualitative Disclosures About Market Risk57Item 8.Financial Statements and Supplementary Data58Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure58Item 9A.Controls and Procedures58Item 9B.Other Information59Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections59 PART III Item 10.Directors, Executive Officers and Corporate Governance60Item 11.Executive Compensation60Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters60Item 13.Certain Relationships and Related Transactions, and Director Independence60Item 14.Principal Accountant Fees and Services60 PART IV Item 15.Exhibits, Financial Statement Schedules61Item 16.Form 10-K Summary64 FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this “Annual Report”) contains forward-looking statements, within the meaning of the PrivateSecurities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended (the “SecuritiesAct”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), about Excelerate Energy, Inc.(“Excelerate” and together with its subsidiaries, “we,” “us,” “our” or the “Company”) and our industry that involve substantial risksand uncertainties. All statements other than statements of historical fact including, without limitation, statements regarding our futureresults of operations or financial condition, business strategy and plans, expansion plans and strategy, economic conditions, bothgenerally and in particular in the regions in which we operate or plan to operate, objectives of management for future operations andthe anticipated benefits of the Acquisition (as defined herein), and our share repurchase program, are forward-looking statements. Insome cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “consider,” “contemplate,”“continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will” or“would” or the negative of these words or other similar terms or expressions. You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statementsprimarily on our current expectations and projections about future events and trends that we believe may affect our business, financialcondition and operating results. The outcome of the events described in these forward-looking statements is subject to risks,uncertainties and other factors described under “Risk Factors” in this Annual Report as described below and our other filings with theSecurities and Exchange Commission (“SEC”), including, but not limited to, the following: •unplanned issues, including time delays, unforeseen expenses, cost inflation, materials or labor shortages, which couldresult in delayed project startup, receipt of payment or existing or anticipated project cancellation;•our ability to realize the anticipated benefits of the Acquisition, including the expected accretion to earnings per share andthe expected increase to our operating cash flow, and our ability t