New Fortress Energy Inc. · NASDAQ:NFE
New Fortress Energy — Debt Investor Presentation (September 2026)
15 slides from New Fortress Energy's debt investor presentation, Sep 11, 2026
Slide 1: Financing Case Cleansing Materials
September 11, 2026 Financing Case Cleansing Materials
Slide 2: Confidentiality
Confidentiality This confidential presentation (together with the information set forth herein and any oral statements made in connection herewith, the “Presentation”) is being delivered to you by New Fortress Energy Inc. and certain of its subsidiaries (collectively, the “Company”) in connection wi
Slide 3: Executive Summary
– The company delivered a forecast in March (the “Cleansing Case”) in connection with signing the RSA – Given that the RSA required CoreCo to maintain liquidity of $100M, CoreCo developed a stressed scenario of the Cleansing Case (the “Financing Case”) to account for possible contingencies – The Fin
Slide 4: Key Assumption Differences Between Cleansing and Financing Case
4(1) Beginning May 2026 Key Assumption Differences Between Cleansing and Financing Case Cleansing Case Financing Case Puerto Rico ▪ ~45 TBtu of 2026 consumption ▪ Lower 2026 consumption due to extended maintenance on SJ Unit 6 FLNG ▪ $2.90 adder ▪ $3.50 adder to allow for unplanned downtime Third-Pa
Slide 5: Financials Comparison
5 Financials Comparison(1) ($ in millions) (1) Excludes remaining novation proceeds and net ship margin (2) Pricing assumptions are based on market data as of August 2026 FY27 (Cleansing Case) FY27 (Financing Case) TBtu $M TBtu $M Islandwide (Today) 50 $145 45 $95 Genera - $20 - $22 Puerto Rico 50 $
Slide 6: Unlevered Free Cash Flow | 2026E-2027E
Unlevered Free Cash Flow | 2026E-2027E 6 Set forth below is a comparison of UFCF from the Cleansing Case and Financing Case Note: Reflects Financing Case forecast; Cleansing Case forecast 3/17 (1) Includes remaining novation proceeds and net ship margin (2) Includes impact of intermediation facility
Slide 7: Financing Case Volumes
Financing Case Volumes 7 Financing Case volumes for Puerto Rico, Mexico, and Cargo Sales Note: Reflects Financing Case forecast; Cleansing Case forecast 3/17 (1) Reflects 1Q26 actuals (2) Reflects 2Q26 actuals; BrazilCo has required more LNG volumes than previously contemplated through June 30, 2026
Slide 8: CoreCo Liquidity and Leverage Forecast
$100M Min. Liquidity $195 $72 $115 $- $50 $100 $150 $200 $250 $300 $350 $400 Jul-26 Aug-26 Sep-26 Oct-26 Nov-26 Dec-26 Jan-27 Feb-27 Mar-27 Apr-27 May-27 Jun-27 Jul-27 Aug-27 Sep-27 Oct-27 Nov-27 Dec-27 CoreCo Liquidity and Leverage Forecast 8 To maintain $100M of liquidity in the Financing Case, Co
Slide 9: Pro Forma Capital Structure
Pro Forma Capital Structure 9 (1) Includes 4% OID (2) Includes 3% commitment fee (3) Pre-txn balance includes Series I and II intercompany loans, Zero Parks loan, and intermediation facility; post-txn balance includes Zero Parks loan and intermediation facility (4) Company settled with one counterpa
Slide 10: AEBITDA Comparison | 2026E-2027E
Cleansing Case Financing Case Prior Financing Case 5/27 2026 2027 2026 2027 Gas Revenue $684 $1,022 $698 $954 Power Revenue 97 320 223 237 Capacity Revenue 70 134 68 100 Other 222 267 179 192 Total Revenue $1,074 $1,743 $1,169 $1,482 Terminal Op. Margin $201 $405 $168 $243 Market Sales (1) 12 32 95
Slide 11: BrazilCo Financial Summary
BrazilCo Financial Summary
Slide 12: BrazilCo Financial Forecast
($662) $149 ($178) $140 $21 $155 $205 2026 2027 2028 2029 2030 2031 2032 ($156) $252 $325 $356 $394 $492 $626 $51 $48 $33 $28 $30 $21 $11 $51 $45 $32 $27 $29 $19 $11 ($54) $345 $390 $412 $454 $532 $648 2026 2027 2028 2029 2030 2031 2032 Contracted EBITDA + 10% PortoCem Dispatch PortoCem Incremental
Slide 13: BrazilCo Capital Structure
BrazilCo Capital Structure 13 ($ in USD millions) (1) Does not include 10% commitment fee; expectation is that no less than $300M of additional New BrazilCo Secured Notes will be issued before year-end 2026, subject to required consents, with proceeds to refinance the New BrazilCo Bridge Notes. Term
Slide 14: New Money Term Sheet
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Slide 15: New Money Term Sheet
15 New Money Term Sheet Pari CoreCo Term Loans CoreCo Junior Term Loans Facility Amount • $35mm • $100mm Junior Debt, plus $50mm uncommitted accordion Borrower • New Fortress Energy Inc. Guarantors • Guarantors to include substantially all CoreCo assets excluding FLNG2 and other Excluded Assets • Al
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