Slide 1: Supplemental Information First Quarter 2025
Supplemental Information First Quarter 2025
Slide 2: Disclaimers
Disclaimers IN GENERAL. This disclaimer applies to this document and the verbal or written comments of any person presenting it. This document, taken together with any such verbal or written comments, is referred to herein as the “Presentation.” The information contained on, or accessible through, a
Slide 3: 2025 First Quarter Review
2025 First Quarter Review (Fra INFRASTRUCTURE
Slide 4: Financial Results
Financial Results 1Q Adj. EBITDA(1) of $35.2 million, up 21% sequentially and up 29% year-on-year Acquisition of 49.9% interest in Long Ridge closed on February 26, 2025; go forward results will reflect 100% ownership 1Q reported results included $120 million gain related to acquisition of Lon
Slide 5: Strong Start to 2025
Stong Start to 2025(1) Extremely active first quarter with multiple developments across our portfolio $19.9 million of Adj. EBITDA(2) in line with 4Q as carload volumes remained steady notwithstanding tariff uncertainty Advancing several M&A opportunities $18.1 million of Adj. EBITDA(2) repr
Slide 6: Capital Structure
Capital Structure Capitalized with senior secured notes and preferred equity, as well as non-recourse debt at subsidiaries Capital Structure Recent / Near-term Financing Activity(1) ($ millions) March 31, 2025 Cash & restricted cash $223 Completed $1 billion financing at Long Ridge Corporate 572 L
Slide 7: Core Segment Review
Core Segment Review (Fra INFRASTRUCTURE
Slide 8: Railroad
Railroad Generated Adj. EBITDA(1) of $19.9 million, up from $19.4 million in 4Q 2024 Carload, rates and revenue largely consistent with 4Q as activity level at U.S. Steel facilities remained steady Focused on driving third-party opportunities and executing on M&A strategy during 2025 Financial
Slide 9: Long Ridge
Long Ridge 1Q results reflect 50.1% interest from January 1 to February 26, and 100.0% for the remainder Generated over $10 million of Adj. EBITDA(1) in March following the repricing of power contracts; an incremental $30 million in annual capacity payments commences June 1 Financial Summary 202
Slide 10: Jefferson Terminal
Jefferson Terminal Generated Adj. EBITDA(1) of $8.0 million, which includes the impact of four tanks being off-lease during the quarter for transitioning to new customer under long-term contract − Adj. EBITDA(1) would have exceeded $10 million had the tanks been on-lease during the quarter Financi
Slide 11: Repauno
Repauno Launched tax-exempt financing and expect to close in late May Positive momentum continues with signing of new LOI, bringing the combined total to $80 million of annual Adj. EBITDA(1) from phase two contracts Financial Summary 2025 Growth Strategy(2) Organic growth with phase one existi
Slide 12: Appendix
(Fra INFRASTRUCTURE
Slide 13: Appendix
Appendix: ▪ Statement of Operations by Segment ▪ Comparative Statements of Operations ▪ Condensed Balance Sheets by Segment ▪ Reconciliation of Non-GAAP measures 12
Slide 14: Statement of Operations by Segment (unaudited)
Statement of Operations by Segment (unaudited) Three Months Ended March 31, 2025 Ports and Terminals Sustainability Railroad Power and Gas and Energy Corporate and Total Jefferson Terminal Repauno Other Transition ($ thousands) Revenues Total revenues $ 42,631 $ 19,449 $ 3,811 $ 17,294 $ — $ 12,976
Slide 15: Statement of Operations by Segment (unaudited)
Statement of Operations by Segment (unaudited) Three Months Ended March 31, 2024 Ports and Terminals Sustainability Railroad Power and Gas and Energy Corporate and Total Jefferson Terminal Repauno Other Transition ($ thousands) Revenues Total revenues $ 46,312 $ 18,616 $ 4,079 $ — $ — $ 13,528 $ 82,
Slide 16: Appendix
Appendix: ▪ Statement of Operations by Segment ▪ Comparative Statements of Operations ▪ Condensed Balance Sheets by Segment ▪ Reconciliation of Non-GAAP measures 15
Slide 17: Consolidated (unaudited)
Consolidated (unaudited) Three Months Ended ($ thousands) 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 Revenues Total revenues $ 82,535 $ 84,887 $ 83,311 $ 80,764 $ 96,161 Expenses Operating expenses 64,575 61,225 62,766 59,108 67,045 General and administrative 4,861 2,840 2,989 4,108 5,113 Ac
Slide 18: Railroad (unaudited)
Railroad (unaudited) Three Months Ended ($ thousands) 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 Revenues Lease income $ 411 $ 382 $ 526 $ 465 $ 457 Rail revenues 45,901 45,256 44,255 42,831 42,174 Total revenues 46,312 45,638 44,781 43,296 42,631 Expenses Operating expenses 24,842 23,701 24
Slide 19: Jefferson Terminal (unaudited)
Jefferson Terminal (unaudited) Three Months Ended ($ thousands) 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 Revenues Lease income $ 797 $ 802 $ 787 $ 793 $ 880 Terminal services revenues 17,819 20,372 18,895 20,381 18,569 Total revenues 18,616 21,174 19,682 21,174 19,449 Expenses Operating ex
Slide 20: Repauno (unaudited)
Repauno (unaudited) Three Months Ended ($ thousands) 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 Revenues Terminal services revenues $ 4,078 $ 3,862 $ 3,951 $ 3,900 $ 3,810 Other revenue 1 — — 32 1 Total revenues 4,079 3,862 3,951 3,932 3,811 Expenses Operating expenses 6,171 5,598 6,764 4,95
Slide 21: Power and Gas (unaudited)
Power and Gas (unaudited) Three Months Ended ($ thousands) 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 Revenues Terminal services revenues $ — $ — $ — $ — $ 326 Power revenues — — — — 15,780 Gas revenues — — — — 1,188 Total revenues — — — — 17,294 Expenses Operating expenses 692 330 1 1,167 6
Slide 22: Sustainability and Energy Transition (unaudited)
Sustainability and Energy Transition (unaudited) Three Months Ended ($ thousands) 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 Expenses Operating expenses $ — $ 7 $ — $ — $ — Acquisition and transaction expenses — — — 17 — Asset impairment — — — 72,336 1,375 Total expenses — 7 — 72,353 1,375 O
Slide 23: Corporate and Other (unaudited)
Corporate and Other (unaudited) Three Months Ended ($ thousands) 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 Revenues Roadside services revenues $ 13,528 $ 14,213 $ 14,897 $ 12,362 $ 12,976 Total revenues 13,528 14,213 14,897 12,362 12,976 Expenses Operating expenses 13,738 13,614 14,140 12,0
Slide 24: Appendix
Appendix: ▪ Statement of Operations by Segment ▪ Comparative Statements of Operations ▪ Condensed Balance Sheets by Segment ▪ Reconciliation of Non-GAAP measures 23
Slide 25: Condensed Balance Sheets by Segment
Condensed Balance Sheets by Segment March 31, 2025 Ports and Terminals Sustainability and Corporate and Railroad Power and Gas Energy Transition Other Total ($ thousands) Jefferson Terminal Repauno Gross Property, Plant and Equipment (PP&E) $ 506,665 $ 1,122,613 $ 396,158 $ 1,522,587 $ — $ 13,367 $
Slide 26: Condensed Balance Sheets by Segment
Condensed Balance Sheets by Segment December 31, 2024 Ports and Terminals Sustainability and Corporate and Railroad Power and Gas Energy Transition Other Total ($ thousands) Jefferson Terminal Repauno Gross Property, Plant and Equipment (PP&E) $ 506,304 $ 1,109,041 $ 376,080 $ — $ — $ 12,779 $ 2,004
Slide 27: Appendix
Appendix: ▪ Statement of Operations by Segment ▪ Comparative Statements of Operations ▪ Condensed Balance Sheets by Segment ▪ Reconciliation of Non-GAAP measures 26
Slide 28: Adjusted EBITDA Reconciliation by Segment (unaudited)
Adjusted EBITDA Reconciliation by Segment (unaudited)(1) Three Months Ended March 31, 2025 Jefferson Sustainability Corporate and Railroad Terminal Repauno Power and Gas and Energy Other Total ($ thousands) Transition Net income (loss) attributable to stockholders $ 13,739 $ (15,128) $ (6,793) $ 170
Slide 29: Adjusted EBITDA Reconciliation by Segment (unaudited)
Adjusted EBITDA Reconciliation by Segment (unaudited)(1) Three Months Ended March 31, 2024 Jefferson Sustainability Corporate and Railroad Terminal Repauno Power and Gas and Energy Other Total ($ thousands) Transition Net income (loss) attributable to stockholders $ 14,436 $ (11,120) $ (4,260) $ (5,
Slide 30: Notes to Non-GAAP reconciliations - Adjusted EBITDA
Notes to Non-GAAP reconciliations - Adjusted EBITDA ($ thousands) (1) Refer to FIP's Q4'24 Earnings Supplement, Q3’24 Earnings Supplement and Q2’24 Earnings Supplement for Adjusted EBITDA reconciliation by segment for the three months ended December 31, 2024, September 30, 2024 and June 30, 2024, re
Slide 31: Notes to Non-GAAP reconciliations - Adjusted EBITDA (continued)
Notes to Non-GAAP reconciliations - Adjusted EBITDA (continued) ($ thousands) (3) Sustainability Includes the following items for the three months ended March 31, 2025 and 2024: (i) net loss of $(3,948) and $(4,874), (ii) interest expense of $1,284 and $1,674 and (iii) depreciation and amortization
Slide 32: Glossary
Glossary Adjusted EBITDA The Chief Operating Decision Maker (“CODM”) utilizes Adjusted EBITDA as the key performance measure. This performance measure provides the CODM with the information necessary to assess operational performance, as well as make resource and allocation decisions. Adjusted EBITD