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Cheniere Energy , Inc. Second Quarter 2026 CHENIERE August 6 , 2026 LNG LISTED NYSE
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Forward-Looking Statements This presentation contains certain statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical or present facts or conditions, included or incorporated by reference herein are “forward- looking statements.” Included among “forward-looking statements” are, among other things: • statements regarding the ability of Cheniere Energy Partners, L.P. to pay or increase distributions to its unitholders or Cheniere Energy, Inc. to pay or increase dividends to its shareholders or participate in share or unit buybacks; • statements regarding Cheniere Energy, Inc.’s or Cheniere Energy Partners, L.P.’s expected receipt of cash distributions from their respective subsidiaries; • statements that Cheniere Energy Partners, L.P. expects to commence or complete construction of its proposed liquefied natural gas (“LNG”) terminals, liquefaction facilities, pipeline facilities or other projects, or any expansions or portions thereof, by certain dates or at all; • statements that Cheniere Energy, Inc. expects to commence or complete construction of its proposed LNG terminals, liquefaction facilities, pipeline facilities or other projects, or any expansions or portions thereof, by certain dates or at all; • statements regarding future levels of domestic and international natural gas production, supply or consumption or future levels of LNG imports into or exports from North America and other countries worldwide, or purchases of natural gas, regardless of the source of such information, or the transportation or other infrastructure, or demand for and prices related to natural gas, LNG or other hydrocarbon products; • statements regarding any financing transactions or arrangements, or ability to enter into such transactions; • statements relating to Cheniere’s capital deployment, including intent, ability, extent, and timing of capital expenditures, debt repayment, dividends, share repurchases and execution on the capital allocation plan; • statements regarding our future sources of liquidity and cash requirements; • statements relating to the construction of our proposed liquefaction facilities and natural gas liquefaction trains (“Trains”) and the construction of our pipelines, including statements concerning the engagement of any engineering, procurement and construction ("EPC") contractor or other contractor and the anticipated terms and provisions of any agreement with any EPC or other contractor, and anticipated costs related thereto; • statements regarding any agreement to be entered into or performed substantially in the future, including any revenues anticipated to be received and the anticipated timing thereof, and statements regarding the amounts of total LNG regasification, natural gas, liquefaction or storage capacities that are, or may become, subject to contracts; • statements regarding counterparties to our commercial contracts, construction contracts and other contracts; • statements regarding our planned development and construction of additional Trains or pipelines, including the financing of such Trains or pipelines; • statements that our Trains, when completed, will have certain characteristics, including amounts of liquefaction capacities; • statements regarding our business strategy, our strengths, our business and operation plans or any other plans, forecasts, projections or objectives, including anticipated revenues, capital expenditures, maintenance and operating costs, free cash flow, run rate SG&A estimates, cash flows, EBITDA, Consolidated Adjusted EBITDA, distributable cash flow, distributable cash flow per share and unit, deconsolidated debt outstanding, and deconsolidated contracted EBITDA, any or all of which are subject to change; • statements regarding projections of revenues, expenses, earnings or losses, working capital or other financial items; • statements relating to our goals, commitments and strategies in relation to environmental matters; • statements regarding legislative, governmental, regulatory, administrative or other public body actions, approvals, requirements, permits, applications, filings, investigations, proceedings or decisions; • statements regarding our anticipated LNG and natural gas marketing activities; and • any other statements that relate to non-historical or future information. These forward-looking statements are often identified by the use of terms and phrases such as “achieve,” “anticipate,” “believe,” “contemplate,” “continue,” “could,” “develop,” “estimate,” “example,” “expect,” “forecast,” “goals,” ”guidance,” “intend,” “may,” “opportunities,” “plan,” “potential,” “predict,” “project,” “propose,” “pursue,” “should,” “subject to,” “strategy,” “target,” “will,” and similar terms and phrases, or by use of future tense. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in “Risk Factors” in the Cheniere Energy, Inc. and Cheniere Energy Partners, L.P. Annual Reports on Form 10-K filed with the SEC on February 26, 2026 and subsequent filings made with the SEC, which are incorporated by reference into this presentation. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these ”Risk Factors.” These forward-looking statements are made as of the date of this presentation, and other than as required by law, we undertake no obligation to update or revise any forward-looking statement or provide reasons why actual results may differ, whether as a result of new information, future events or otherwise. Reconciliation to U.S. GAAP Financial Information The following presentation includes certain “non-GAAP financial measures” as defined in Regulation G under the Securities Exchange Act of 1934, as amended. Schedules are included in the appendix hereto that reconcile the non-GAAP financial measures included in the following presentation to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP. Safe Harbor Statements 2
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Agenda 3 Introduction Randy Bhatia Vice President, Investor Relations and Communications Financial Review Zach Davis Executive Vice President and Chief Financial Officer Q & A Company Highlights Jack Fusco Chairman, President and Chief Executive Officer Commercial Update Anatol Feygin Executive Vice President and Chief Commercial Officer
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Operating and Financial Highlights Jack Fusco, Chairman, President and CEO
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Second Quarter 2026 Highlights & 2026 Guidance 5 $1,416 $1,804 2Q 2025 2Q 2026 ~$920 ~$1,170 2Q 2025 2Q 2026 Raising Full Year 2026 Financial Guidance Note: $ in millions unless otherwise noted. Consolidated Adjusted EBITDA and Distributable Cash Flow are non -GAAP measures. A definition of these non-GAAP measures and a reconciliation to Net income attributable to Cheniere, the most comparable U.S. GAAP measure, is included in the appendix. 1. Includes $0.2B equity funded growth capex and $0.9B debt funded capex. 2. As of June 30, 2026. ($ billions, except per unit data) Consolidated Adjusted EBITDA $7.25 - $7.75 $7.90 - $8.40 Distributable Cash Flow $4.75 - $5.25 $5.30 - $5.80 CQP Distribution per Unit $3.10 - $3.40 $3.10 - $3.40 Growth Projects Update +27% CCL Stage 3 Project ~98.4% complete2 ✓ Midscale Train 6 Substantial Completion in June ✓ First LNG from Midscale Train 7 expected imminently Prior FY 2026 Revised FY 2026 ✓ ~$900 million equity cash flow deployed in 2Q 2026 ✓ ~2.2 million shares repurchased for ~$550 million ✓ ~$1.1 billion of growth capex funded1 ✓ $0.555/sh dividend declared for 2Q 2026 2Q 2026 Capital Allocation Progress 96.0%99.8% 100.0% 98.0% Engineering Procurement Subcontract Work Construction Engineering Procurement Subcontract Work Construction 91.5% 69.9% 53.4% 6.7% CCL Midscale Trains 8 & 9 Project ~48.3% complete2 $1,626 $3,068 2Q 2025 2Q 2026 Consolidated Adjusted EBITDA Distributable Cash Flow Net Income +27% +89% 2Q 2026 Operational Excellence ✓ 672 TBtu LNG loaded ✓ Raising production forecast for 2026 due to improved reliability & sustained outperformance across platform o CCL Stage 3 daily production record in May followed by CCL facility daily production record in June o 2Q production records at both CCL & SPL ✓ 184 cargoes exported
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SPL Expansion Phase 1 Advancing Towards FID 6 1. Reflective of total expected peak production capacity and inclusive of estimated debottlenecking potential. SPL Expansion Phase 1 Updates ✓ Signed ~$4.7 billion lump sum turnkey EPC contract with Bechtel in May 2026 ✓ Issued LNTP to Bechtel to commence Phase 1 early engineering & equipment procurement in May 2026 ▪ Baker Hughes to supply gas turbines & compressors ✓ Awarded Baker Hughes multi-year service contract to upgrade existing turbines across SPL ✓ Launched financing process last week for senior secured delayed draw term loan facility at SPL ✓ Expect FERC permit in late 2026 to enable early 2027 FID Single large-scale liquefaction train (Train 7), BOG re-liquefaction unit, supporting infrastructure & tie-ins to existing SPL terminal Expected total production capacity of over 6 MTPA1 Fully commercialized with creditworthy counterparties to meet Cheniere’s disciplined financial standard SPL Expansion Phase 1 Overview FIDEPC ContractCommercial RegulatoryFinancing Phase 1 (Train 7)
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Commercial Update Anatol Feygin, EVP and CCO
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Middle East Disruption Alters Global LNG Market Dynamics 8 Strait of Hormuz Tanker Transits SoH Outbound Tanker Crossing Count (10-day MA) Sources: Cheniere Research interpretation of Kpler. Bloomberg, GIE, ICE, CME, and S&P Global Commodity Insights data. Note: Price data as of August 3rd, 2026. 1. Myanmar LNG imports were zero in 2025. 101.1 5.9 2.9 1.2 0.2 5.1 (18.0) 98.3 0 40 80 120 Q2 2025 United States Canada Russia Australia Rest of World Qatar & UAE Q2 2026 MT 0 6 12 18 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Crude 2026 Crude 2025 LNG 2026 LNG 2025 Pre-war Strait closed Ceasefire LNG transits remain 91% below pre- conflict levels 25 20 15 10 5 0 5 10 15 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 MT Cheniere Rest of US Asia Europe 10.9 13.7 -4 -2 0 2 4 China Pakistan Japan South Korea Hong Kong Singapore Philippines Bangladesh Vietnam Myanmar India Taiwan Malaysia Indonesia Thailand Q1 Q2 European Gas Storage % Full Global LNG Export Changes Global Supply Variance (2Q 2026 vs 2Q 2025) Record U.S. Exports to Asia in 2Q Quarterly U.S. Exports to Asia vs Europe Global Benchmark Prices Daily TTF, JKM Prices 2025 – 2026 Regional LNG Import Changes Asia LNG Import Variance (1H 2026 vs. 1H 2025, in MT) %1 +21% +25% +42% +4% +4% -- +85% +5% +13% (5%) (57%) (3%) (3%) (49%) (10%) 0% 20% 40% 60% 80% 100% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 5-Yr Range 2026 2025 2024 5-Yr Average $0 $5 $10 $15 $20 $25 $30 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec $/MMBtu TTF 2026 TTF 2025 JKM 2026 JKM 2025 Brent 2026 Brent 2025
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Demand Resilience Supports Long-Term LNG Supply Growth 9 Sources: Kpler, Wood Mackenzie, Cheniere Research. Note: LNG capacity forecast represents Cheniere Research estimates as of June 2026. Demand Resiliency Across Regions 1H 2026 vs 1H 2021 – 2025 Demand Recent FID Activity Enhances Supply Resiliency Volume of LNG Project FIDs by Year Changing Sources of Global LNG Supply LNG Capacity by Major Supplier 27 23 29 30 20 8 3 21 71 3 37 35 58 15 77 38 0 10 20 30 40 50 60 70 80 90 MT Rest of World US Qatar Russia 0 10 20 30 40 50 60 70 80 Europe JKT China S. Asia SE. Asia MT 2026 5-yr min 5-yr max 5-yr avg 44 129 57 89 9292 141 77 141 73 268 268 259 205 259 0 50 100 150 200 250 300 2016 2026 2035 MT Russia Pipeline (LNG Equivalent) Under Construction Operational Sanctioned EU Ban From ‘27 China Demonstrating Largest Flexibility in LNG Demand RUS AUS QA US RoW RUS AUS QA US RoW RUS AUS QA US RoW 2016 2026 2035
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Financial Review Zach Davis, EVP and CFO
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Second Quarter 2026 Financial Highlights 11 Summary Results ✓ Invested ~$1.1 billion of growth capex, including ~$219 million equity funded ✓ Returned ~$666 million to shareholders in 2Q 2026 ▪ Repurchased ~2.2 million shares of common stock for ~$550 million o <207 million shares currently outstanding as of July 31, 2026 ▪ Paid quarterly dividend of $0.555/share for 1Q 2026 & declared quarterly dividend of $0.555/share for 2Q 2026 o Expect to seek Board approval for annual dividend increase in 3Q ✓ In June, issued $1.0 billion of 5.350% Senior Notes due 2036 & $750 million of 6.050% Senior Notes due 2056 at CQP ▪ Inaugural 30-year bond issued at CQP ▪ Portion of net proceeds were used to fully redeem $1.5 billion of 5.00% Senior Secured Notes due 2027 at SPL & fund a portion of the LNTP on Phase 1 of the SPL Expansion Project ✓ In June, amended & restated CEI and CCH credit facilities, extending maturities, improving pricing, enhancing flexibility, & preserving $2.75 billion in credit capacity ✓ Launched financing process for senior secured delayed draw term loan to fund Phase 1 of SPL Expansion Project Key 2Q 2026 Financial Updates Note: Consolidated Adjusted EBITDA, Adjusted Net Income, and Distributable Cash Flow are non-GAAP measures. A definition of these non-GAAP measures and a reconciliation to Net income attributable to Cheniere, the most comparable U.S. GAAP measure, is included in the appendix. 1. Reported as Net income (loss) attributable to Cheniere on our Consolidated Statement of Operations. 2. Adjusted Net Income is calculated by taking net income (loss) attributable to Cheniere and excluding the effects of non-cash changes in the fair value of agreements accounted for as derivative instruments, net of the associated non-controlling interests and income tax effects. 3. 2Q 2026 includes approximately 3 TBtu of commissioning volumes exported in the period, 1H 2026 includes approximately 9 TBtu of commissioning volumes exported in the period, there were no commissioning volumes exported in 2Q 2025, and 1H 2025 includes approximately 6 TBtu of commissioning volumes exported in the period. 4. 2Q 2026 excludes approximately (12) TBtu of net volumes in-transit before and after the period, 1H 2026 excludes approximately (48) TBtu of net volumes in-transit before and after the period, 2Q 2025 includes 1 TBtu of net volumes in-transit before and after the period, and 1H 2025 includes approximately 7 TBtu of net volumes in-transit before and after the period. >$2 Billion Deployed Under Capital Allocation Plan in 1H 2026 ($ millions, except per share and LNG data) 2Q 2026 2Q 2025 1H 2026 1H 2025 Revenues $5,732 $4,641 $11,600 $10,085 Consolidated Adjusted EBITDA $1,804 $1,416 $4,137 $3,288 Distributable Cash Flow ~$1,170 ~$920 ~$2,840 ~$2,190 Net Income (Loss)1 $3,068 $1,626 ($434) $1,979 Adjusted Net Income2 $632 $498 $1,638 $1,292 LNG Exported LNG Volumes Exported (TBtu)3 672 550 1,360 1,159 LNG Cargoes Exported 184 154 371 322 LNG Volumes Recognized in Income (TBtu)4 LNG Volumes from Liquefaction Projects 657 550 1,303 1,159 Third-Party LNG Volumes – 8 36 15
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2026E - Commissioning Volumes & Timing - Long-Term Contracts - Forward-Sold Spot Volumes Unsold Spot Capacity 12 Full Year 2026 Financial Guidance Full Year 2026 Guidance Key Drivers of Today’s Increase ✓ Timing & ramp-up of CCL Stage 3 Train 7 ✓ Upstream & downstream optimization activities ✓ Volatility in international & domestic gas prices ✓ Timing of year-end cargoes ✓ Forecast $1 change in market margin will impact Consolidated Adjusted EBITDA by <$50 million for the full year 2026 LNG Volume Forecast Note: Numbers may not foot due to rounding. Consolidated Adjusted EBITDA and Distributable Cash Flow are non-GAAP measures. A definition of these non-GAAP measures and a reconciliation to Net income attributable to Cheniere, the most comparable U.S. GAAP measure, is included in the appendix. Production figures reflect impact of planned maintenance. ($ billions, except per unit data) February Guidance May Guidance Revised FY 2026 Consolidated Adjusted EBITDA $6.75 - $7.25 $7.25 - $7.75 $7.90 - $8.40 Distributable Cash Flow $4.35 - $4.85 $4.75 - $5.25 $5.30 - $5.80 CQP Distribution per Unit $3.10 - $3.40 $3.10 - $3.40 $3.10 - $3.40 ~53 - ~54 MT CCL Stage 3 CCL Trains 1-3 SPL Trains 1-6 ~1 MT ~46 - 47 MT ~5 MT <1 MT <50 TBtu Unsold LNG Volumes ✓ Increased & tightened full year 2026 production forecast due to improved reliability, realized outperformance & Stage 3 acceleration ✓ Improved margin capture & outlook for remainder of 2026 ✓ Optimization activities locked in year-to-date Key Drivers for Remainder of 2026
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Cheniere Energy, Inc. Second Quarter 2026 August 6, 2026
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Appendix
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Cheniere LNG Exports 15 Cheniere Destinations >4,940 Cargoes Exported from our Liquefaction Projects Source: Cheniere Research. Note: Cumulative cargoes as of July 31, 2026. MENA – Middle East & North Africa Cheniere LNG Exports by Destination 0 2 4 6 8 10 12 14 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2022 2023 2024 2025 2026 MT Europe Asia Latin America MENA
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Industry Leading U.S. LNG Export Platform 16 Corpus Christi LNG Terminal >24 MTPA total production capacity in operation >1,480 cargoes produced & exported >6 MTPA under construction or in commissioning Up to ~24 MTPA expansion in development1 Sabine Pass Liquefaction >30 MTPA total production capacity in operation >3,460 cargoes produced & exported Up to ~20 MTPA expansion in development1 Note: Numbers may not foot due to rounding. Cumulative cargoes of July 31, 2026. All capacity figures reflect estimated debottlenecking potential. Potential future growth subject to permitting, commercial a nd financial requirements. 1. Reflective of total expected peak production capacity and inclusive of estimated debottlenecking potential. In Operation Under Construction or In Commissioning Total Expected Production In Operation or Under Construction Potential SPL & CCL Phase 1 Expansions Total Expected Production Inclusive of Potential Phase 1 Expansions Potential Future Growth Total Production Inclusive of Potential Future Growth >100 Cheniere Liquefaction Capacity (in MTPA) ~11 - 12 ~71 - ~75 ~55 >6 ~60 - ~63 CCL Trains 1-3 CCL Midscale Trains 1-6 SPL Trains 1-6 CCL Midscale Trains 7-9 + Debottlenecking >30
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17 Cheniere’s Balanced Capital Allocation Philosophy Cash Flow Visibility Capital Management Long-Term Value Creation ✓ Best-in-class operations and safety at the foundation ✓ Unmatched contracted portfolio ensures cash flow resiliency ✓ Balance sheet management increases debt capacity for future growth ✓ Dividend and payout ratio strategy enables future financial flexibility ✓ Brownfield growth paired with share repurchases maximize shareholder returns ✓ Growth always measured against returns embedded in LNG stock Operational Excellence + Relentless Focus on Safety Long-Term Take-or-Pay Style Fixed Fee Cash Flows Investment Grade Balance Sheet Sustainable Dividend Organic Growth Share Repurchases Cash Flow Visibility and Capital Management Core to Enabling Long-Term Value Creation
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Cheniere 2Q 2026 Debt Summary 18 Publicly Traded Equity Operating Entity Non-Operating Entity Cheniere Energy, Inc. (NYSE: LNG) Cheniere Energy Partners, L.P. (NYSE: CQP) Sabine Pass LNG Sabine Pass Liquefaction Cheniere Creole Trail Pipeline Cheniere Corpus Christi Holdings Corpus Christi Liquefaction CQP GP (& IDRs) Cheniere Marketing Cheniere Corpus Christi Pipeline Sabine Pass Liquefaction, LLC $1.35B Notes due 2028 (4.200%) $2.0B Notes due 2030 (4.500%) ~$1.68B Notes due 20374 $1.0B Senior Secured Revolving Credit Facility due 2028 Cheniere Energy Partners, L.P. $1.5B Notes due 2029 (4.500%) $1.5B Notes due 2031 (4.000%) $1.2B Notes due 2032 (3.250%) $1.4B Notes due 2033 (5.950%) $1.2B Notes due 2034 (5.750%) $1.0B Notes due 2035 (5.550%) $1.0B Notes due 2036 (5.350%) $0.75B Notes due 2056 (6.050%) $1.0B Senior Unsecured Revolving Credit Facility due 2028 Cash Balance: ~$0.5B1 Total Consolidated Debt Outstanding5: ~$24.3 Billion Cheniere Energy, Inc. $1.5B Notes due 2028 (4.625%) $1.5B Notes due 2034 (5.650%) $1.0B Notes due 2036 (5.200%) $0.75B Notes due 2056 (6.000%) $1.75B Senior Unsecured Revolving Credit Facility due 2031 Cash Balance: ~$1.1B1 Cheniere Corpus Christi Holdings, LLC ~$1.20B Notes due 2027 (5.125%) ~$1.13B Notes due 2029 (3.700%) ~$2.54B Notes due 20392 $1.0B Senior Secured Revolving Credit Facility due 2031 ~$1.5B Senior Secured Term Loan Credit Facility3 Note: This organizational chart is provided for illustrative purposes only, is not and does not purport to be a complete organizational chart of Cheniere. See abbreviated legal structure in the Cheniere Energy, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, filed with the Securities and Exchange Commission. Total commitments for Term Loan and Credit facilities are shown above and are inclusive of undrawn balances. 1. Total LNG cash balance, inclusive of $0.4 billion of restricted cash, as of June 30, 2026. LNG balance does not include total cash of $0.5 billion, inclusive of $0.02 billion of restricted cash, held by CQP. 2. Includes 4 separate tranches of notes reflecting a weighted-average interest rate of 3.788%. 3. Matures the earlier of June 2029 or two years after Substantial Completion of the last train of CCL Stage 3. 4. Includes 8 separate tranches of notes reflecting a weighted-average interest rate of 4.748%. 5. Reflects total debt inclusive of current portion, before unamortized discount, debt issuance costs and cash and cash equivalents. See Note 8 in the Cheniere Energy, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, filed with the Securities and Exchange Commission. 6. Reflects total liquidity inclusive of consolidated cash balance, inclusive of $0.4 billion of restricted cash, as of June 30, 2026, and available commitments for Term Loan and Credit facilities. Total Consolidated Available Liquidity6: ~$7.5 Billion
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Run-Rate Guidance Update Assumes CMI Run-Rate of $2.50 - $3.00 / MMBtu 19 ($ billions, unless otherwise noted) 9 Trains + Stage 3 + CCL Midscale 8 & 9 + Debottlenecking (Full Year) 9 Trains + Stage 3 + CCL Midscale 8 & 9 + Debottlenecking + CCL Expansion Phase 1 + SPL Expansion Phase 1 (Full Year) Liquefaction Production Capacity (MTPA) 60 – 63 71 – 75 CEI Consolidated Adjusted EBITDA $7.3 - $8.0 $8.6 - $9.4 Less: Distributions to CQP Non-Controlling Interest $(1.0) - $(1.1) $(1.1) - $(1.2) Less: CQP / SPL Interest Expense / Maintenance Capex / Other $(0.8) $(0.9) Less: CEI / CCH Interest Expense / Maintenance Capex / Income Taxes / Other $(1.4) - $(1.5) $(1.5) - $(1.6) CEI Distributable Cash Flow $4.1 - $4.7 $4.9 - $5.6 CQP Distributable Cash Flow Per Unit $4.00 - $4.25 $4.60 - $4.90 Note: Numbers may not foot due to rounding. Additional assumptions include 80/20 profit-sharing tariff with SPL/CCH projects, $3.00 / MMBtu Henry Hub, effective cash tax rate as percentage of DCF of ~10% - 15%, 5.00% interest rates for refinancings, completion of $500 million of future debt paydown at CQP with no debt paydown thereafter, and CMI open capacity sales at marketing margin of $2.50 - $3.00 / MMBtu, indicative of current contracting levels on a long-term basis before lifting margin. Consolidated Adjusted EBITDA, Distributable Cash Flow, Distributable Cash Flow per Share and Distributable Cash Flow per Unit are non-GAAP measures. A definition of these non-GAAP measures is included in the appendix. We have not made any forecast of net income on a run rate basis, which would be the most directly comparable measure under GAAP, in part because net income includes the impact of derivative transactions, which cannot be determined at this time, and we are unable to reconcile differences between these run rate forecasts and net income.
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Reconciliation to Non-GAAP Measures 20
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Reconciliation to Non-GAAP Measures (Continued) 21 Regulation G Reconciliations This presentation contains non-GAAP financial measures. Consolidated Adjusted EBITDA, Adjusted Net Income, Distributable Cash Flow, Distributable Cash Flow per Share, and Distributable Cash Flow per Unit are non-GAAP financial measures that we use to facilitate comparisons of operating performance across periods. These non-GAAP measures should be viewed as a supplement to and not a substitute for our U.S. GAAP measures of performance and the financial results calculated in accordance with U.S. GAAP and reconciliations from these results should be carefully evaluated. Consolidated Adjusted EBITDA is commonly used as a supplemental financial measure by our management and external users of our consolidated financial statements to assess the financial performance of our assets without regard to financing methods, capital structures, or historical cost basis. Consolidated Adjusted EBITDA is not intended to represent cash flows from operations or net income as defined by U.S. GAAP and is not necessarily comparable to similarly titled measures reported by other companies. We believe Consolidated Adjusted EBITDA provides relevant and useful information to management, investors and other users of our financial information in evaluating the effectiveness of our operating performance in a manner that is consistent with management’s evaluation of financial and operating performance. Consolidated Adjusted EBITDA is calculated by taking net income (loss) attributable to Cheniere before net income attributable to non-controlling interests, interest expense, net of capitalized interest, taxes, depreciation, amortization and accretion expense, and adjusting for the effects of certain non-cash items, other non-operating income or expense items, and other items not otherwise predictive or indicative of ongoing operating performance, including the effects of modification or extinguishment of debt, impairment expense, gain or loss on disposal of assets, changes in the fair value of our commodity and FX derivatives prior to contractual delivery or termination, amortization of deferred NPNS assets and liabilities, and non-cash compensation expense. Changes in the fair value of commodity and FX derivatives and amortization of deferred NPNS assets and liabilities are considered in determining Consolidated Adjusted EBITDA given that the timing of recognizing gains and losses on these derivative contracts differs from the recognition of the related item economically hedged. We believe the exclusion of these items enables investors and other users of our financial information to assess our sequential and year-over-year performance and operating trends on a more comparable basis and is consistent with management’s own evaluation of performance. Adjusted Net Income is calculated by taking net income (loss) attributable to Cheniere and excluding the effects of non-cash changes in the fair value of agreements accounted for as derivative instruments and amortization of deferred NPNS assets and liabilities, net of the associated non-controlling interests and income tax effects. Given that the timing of recognizing gains and losses on derivative contracts differs from the recognition of the related item economically hedged, we believe the exclusion of the effect of changes in the fair value of our commodity and FX derivatives and amortization of deferred NPNS assets and liabilities enables investors and other users of our financial information to assess our sequential and year-over-year performance and operating trends on a more comparable basis and is consistent with management’s own evaluation of performance. Adjusted Net Income is not intended to represent net income (loss) as defined by U.S. GAAP and is not necessarily comparable to similarly titled measures reported by other companies. Distributable Cash Flow is defined as cash generated from the operations of Cheniere and its subsidiaries and adjusted for non-controlling interests. The Distributable Cash Flow of Cheniere’s subsidiaries is calculated by taking the subsidiaries’ EBITDA less interest expense, net of capitalized interest, taxes, maintenance capital expenditures and other non-operating income or expense items, and adjusting for the effect of certain non-cash items and other items not otherwise predictive or indicative of ongoing operating performance, including the effects of modification or extinguishment of debt, amortization of debt issue costs, premiums or discounts, impairment of equity method investment and deferred taxes. Cheniere’s Distributable Cash Flow includes 100% of the Distributable Cash Flow of Cheniere’s wholly-owned subsidiaries. For subsidiaries with non-controlling investors, our share of Distributable Cash Flow is calculated as the Distributable Cash Flow of the subsidiary reduced by the economic interest of the non-controlling investors as if 100% of the Distributable Cash Flow were distributed in order to reflect our ownership interests and our incentive distribution rights, if applicable. The Distributable Cash Flow attributable to non-controlling interests is calculated in the same method as Distributions to non-controlling interests as presented on Statements of Stockholders’ Equity. This amount may differ from the actual distributions paid to non-controlling investors by the subsidiary for a particular period. CQP Distributable Cash Flow is defined as CQP Adjusted EBITDA adjusted for taxes, maintenance capital expenditures, interest expense net of capitalized interest, and interest income. Distributable Cash Flow per Share and Distributable Cash Flow per Unit are calculated by dividing Distributable Cash Flow by the weighted average number of common shares or units outstanding. We believe Distributable Cash Flow is a useful performance measure for management, investors and other users of our financial information to evaluate our performance and to measure and estimate the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and expending sustaining capital, that could be considered for deployment by our Board of Directors pursuant to our capital allocation plan, such as by way of common stock dividends, stock repurchases, retirement of debt, or expansion capital expenditures.1 Distributable Cash Flow is not intended to represent cash flows from operations or net income as defined by U.S. GAAP and is not necessarily comparable to similarly titled measures reported by other companies. Non-GAAP measures have limitations as an analytical tool and should not be considered in isolation or in lieu of an analysis of our results as reported under GAAP and should be evaluated only on a supplementary basis. Note: We have not made any forecast of net income on a run rate basis, which would be the most directly comparable financial measure under GAAP, in part because net income includes the impact of derivative transactions, which cannot be determined at this time, and we are unable to reconcile differences between run rate Consolidated Adjusted EBITDA and Distributable Cash Flow and income. 1 Capital spending for our business consists primarily of: • Maintenance capital expenditures. These expenditures include costs which qualify for capitalization that are required to sustain property, plant and equipment reliability and safety and to address environmental or other regulatory requirements rather than to generate incremental distributable cash flow; and • Expansion capital expenditures. These expenditures are undertaken primarily to generate incremental distributable cash flow and include investment in accretive organic growth, acquisition or construction of additional complementary assets to grow our business, along with expenditures to enhance the productivity and efficiency of our existing facilities.
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© 2026 Cheniere Energy, Inc. All Rights Reserved Investor Relations Contacts Randy Bhatia Vice President, Investor Relations and Communications – (713) 375-5479, randy.bhatia@cheniere.com Frances Smith Director, Investor Relations – (713) 375-5753, frances.smith@cheniere.com John Naumovski Lead Analyst, Investor Relations – (713) 375-5087, john.naumovski@cheniere.com