Slide 1: Supplemental Information Third Quarter 2024
‘cart INFRASTRUCTURE Supplemental Information Third Quarter 2024
Slide 2: Disclaimer and forward-looking statements
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, any websites
Slide 3: Third Quarter Review
Third Quarter Review eZ (Fra INFRASTRUCTURE
Slide 4: 3Q net loss and Adj. EBITDA summary
▪ 3Q net loss of $(50.0) million and Adj. EBITDA (1) of $36.9 million, up 8% from 2Q ▪ Very productive quarter with new long-term contracts(2) pushing line-of-sight Adj. EBITDA well over $200 million(3) ($ millions) ($ millions) 3Q’23 2Q’24 3Q’24 $305 Contracted and signed LOIs Net loss $(56.1) $(54
Slide 5: Segment highlights and Adj. EBITDA
($ millions) (2) ▪ Steady carload volumes and rates per car $21.1 ▪ Pursuing multiple acquisition opportunities ▪ Construction projects progressing on schedule for contracts commencing in 2025 $11.8 ▪ Advancing on several long-term contracts which combined represent approximately $60+ million of ann
Slide 6: Capitalization and liquidity
▪ Capitalized with senior secured notes and preferred equity ▪ Jefferson asset-level debt ➔ low-cost, non-recourse to FIP, non-callable in event of sale ▪ Planning several near-term accretive financings(2) September 30, 2024 ($ millions) Cash & cash equivalents $20.3 11) Repauno Phase 2 construction
Slide 7: Core Segment Review
Core Segment Review eZ (Fra INFRASTRUCTURE
Slide 8: Railroad segment results
▪ Net income of $14.5 million; Adj. EBITDA(1) of $21.1 million ▪ Steady carload volumes and rates per car ▪ Pursuing M&A opportunities ($ millions, ▪ Expect annual organic growth (Adj. EBITDA) of 3Q’23 2Q’24 3Q’24 except rate per car) approximately 15% Carloads (000s) 59.3 60.0 60.8 ▪ Potential M&A
Slide 9: Jefferson Terminal results
▪ Net loss of $(8.0) million; Adj. EBITDA(1) of $11.8 million ▪ Construction projects progressing on schedule for contracts commencing in 2025 ▪ Advancing on several long-term contracts which combined represent approximately $60+ million of annual Adj. EBITDA(2) ▪ Contracts commencing during 2025 re
Slide 10: Repauno results and NGL transloading
▪ Signed long-term contract and additional letter of intent for Phase 2 NGL transloading ▪ Preparations underway to launch low-cost, tax-exempt financing for Phase 2 expansion(1) ($ millions) ($ millions) 3Q’23 2Q’24 3Q’24 Annual Adj. Opportunity Status EBITDA Total revenue $4.1 $3.9 $4.0 Customer 1
Slide 11: Long Ridge results
▪ Net loss of $(8.6) million; Adj. EBITDA(1) of $11.1 million ▪ Recent capacity auction results represent $32 million of incremental Adj. EBITDA, or $16 million for 50.1% stake, in 2025/26 and expected to continue for foreseeable future(2) ▪ Commenced drilling West Virginia gas wells; expected to co
Slide 12: Appendix
Appendix eZ (Fra INFRASTRUCTURE
Slide 13: Appendix contents
Appendix: « Statement of Operations by Segment « Comparative Statements of Operations * Condensed Balance Sheets by Segment = Reconciliation of Non-GAAP measures eZ ‘G TAI INFRASTRUCTURE
Slide 14: Statement of operations by segment, three months ended Sept 30, 2024
Three Months Ended September 30, 2024 Ports and Terminals Sustainability Railroad Power and Gas and Energy Corporate and Total Jefferson Terminal Repauno Other Transition ($ thousands) Revenues Total revenues $ 44,781 $ 19,682 $ 3,951 $ — $ — $ 14,897 $ 83,311 Expenses Operating expenses 24,723 17,1
Slide 15: Statement of operations by segment, three months ended Sept 30, 2023
Three Months Ended September 30, 2023 Ports and Terminals Sustainability Railroad Power and Gas and Energy Corporate and Total Jefferson Terminal Repauno Other Transition ($ thousands) Revenues Total revenues $ 41,864 $ 16,610 $ 4,087 $ — $ — $ 18,145 $ 80,706 Expenses Operating expenses 24,332 17,5
Slide 16: Statement of operations by segment, nine months ended Sept 30, 2024
Nine Months Ended September 30, 2024 Ports and Terminals Sustainability Railroad Power and Gas and Energy Corporate and Total Jefferson Terminal Repauno Other Transition ($ thousands) Revenues Total revenues $ 136,731 $ 59,472 $ 11,892 $ — $ — $ 42,638 $ 250,733 Expenses Operating expenses 73,266 54
Slide 17: Statement of operations by segment, nine months ended Sept 30, 2023
Nine Months Ended September 30, 2023 Ports and Terminals Sustainability Railroad Power and Gas and Energy Corporate and Total Jefferson Terminal Repauno Other Transition ($ thousands) Revenues Total revenues $ 125,415 $ 52,806 $ 6,581 $ — $ — $ 54,230 $ 239,032 Expenses Operating expenses 71,824 49,
Slide 18: Appendix contents
Appendix: « Statement of Operations by Segment * Comparative Statements of Operations * Condensed Balance Sheets by Segment = Reconciliation of Non-GAAP measures eZ ‘G TAI INFRASTRUCTURE
Slide 19: Comparative statements of operations, total
Three Months Ended ($ thousands) 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 Revenues Total revenues $ 80,706 $ 81,440 $ 82,535 $ 84,887 $ 83,311 Expenses Operating expenses 68,416 57,319 64,575 61,225 62,766 General and administrative 2,485 3,445 4,861 2,840 2,989 Acquisition and transaction
Slide 20: Comparative statements of operations, Railroad
Three Months Ended ($ thousands) 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 Revenues Lease income $ 394 $ 421 $ 411 $ 382 $ 526 Rail revenues 41,470 43,609 45,901 45,256 44,255 Total revenues 41,864 44,030 46,312 45,638 44,781 Expenses Operating expenses 24,332 21,148 24,842 23,701 24,723 Ac
Slide 21: Comparative statements of operations, Jefferson Terminal
Three Months Ended ($ thousands) 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 Revenues Lease income $ 343 $ 469 $ 797 $ 802 $ 787 Terminal services revenues 16,267 18,871 17,819 20,372 18,895 Total revenues 16,610 19,340 18,616 21,174 19,682 Expenses Operating expenses 17,548 16,613 19,132 17,
Slide 22: Comparative statements of operations, Repauno
Three Months Ended ($ thousands) 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 Revenues Terminal services revenues $ 4,087 $ 4,109 $ 4,078 $ 3,862 $ 3,951 Other revenue — 1 1 — — Total revenues 4,087 4,110 4,079 3,862 3,951 Expenses Operating expenses 6,179 5,319 6,171 5,598 6,764 Depreciation
Slide 23: Comparative statements of operations, Power and Gas
Three Months Ended ($ thousands) 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 Expenses Operating expenses $ 1,393 $ 736 $ 692 $ 330 $ 1 Acquisition and transaction expenses — 23 — 398 1,681 Total expenses 1,393 759 692 728 1,682 Other (expense) income Equity in losses of unconsolidated entitie
Slide 24: Comparative statements of operations, Sustainability and Energy Transition
Three Months Ended ($ thousands) 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 Expenses Operating expenses $ — $ — $ — $ 7 $ — Total expenses — — — 7 — Other (expense) income Equity in losses of unconsolidated entities (2,867) (5,254) (4,874) (5,464) (3,844) Other income 649 653 660 290 1,206 T
Slide 25: Comparative statements of operations, Corporate and Other
Three Months Ended ($ thousands) 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 Revenues Roadside services revenues $ 18,145 $ 13,960 $ 13,528 $ 14,213 $ 14,897 Total revenues 18,145 13,960 13,528 14,213 14,897 Expenses Operating expenses 18,964 13,503 13,738 13,614 14,140 General and administra
Slide 26: Appendix contents
Appendix: « Statement of Operations by Segment « Comparative Statements of Operations * Condensed Balance Sheets by Segment = Reconciliation of Non-GAAP measures eZ ‘G TAI INFRASTRUCTURE 25
Slide 27: Condensed balance sheet by segment, September 30, 2024
September 30, 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) $ 504,134 $ 1,100,149 $ 341,350 $ — $ — $ 12,210 $ 1,957,843 Accumulated Depreciation on PP
Slide 28: Condensed balance sheet by segment, December 31, 2023
December 31, 2023 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) $ 487,654 $ 1,084,822 $ 326,665 $ — $ — $ 7,995 $ 1,907,136 Accumulated Depreciation on PP&E
Slide 29: Appendix contents
Appendix: « Statement of Operations by Segment « Comparative Statements of Operations * Condensed Balance Sheets by Segment * Reconciliation of Non-GAAP measures eZ ‘G TAI INFRASTRUCTURE 28
Slide 30: Adj. EBITDA reconciliation, three months ended Sept 30, 2024
Three Months Ended September 30, 2024 Jefferson Sustainability Corporate and Railroad Terminal Repauno Power and Gas and Energy Other Total ($ thousands) Transition Net income (loss) attributable to stockholders $ 14,528 $ (8,009) $ (4,987) $ (8,562) $ (2,638) $ (40,303) $ (49,971) Add: Provision fo
Slide 31: Adj. EBITDA reconciliation, three months ended Sept 30, 2023
Three Months Ended September 30, 2023 Jefferson Sustainability Corporate and Railroad Terminal Repauno Power and Gas and Energy Other Total ($ thousands) Transition Net income (loss) attributable to stockholders $ 10,620 $ (12,017) $ (4,946) $ (6,301) $ (2,218) $ (41,239) $ (56,101) Add: Provision f
Slide 32: Adj. EBITDA reconciliation, nine months ended Sept 30, 2024
Nine Months Ended September 30, 2024 Jefferson Sustainability Corporate and Railroad Terminal Repauno Power and Gas and Energy Other Total ($ thousands) Transition Net income (loss) attributable to stockholders $ 44,752 $ (33,281) $ (13,407) $ (19,162) $ (12,033) $ (127,772) $ (160,903) Add: Provisi
Slide 33: Adj. EBITDA reconciliation, nine months ended Sept 30, 2023
Nine Months Ended September 30, 2023 Jefferson Sustainability Corporate and Railroad Terminal Repauno Power and Gas and Energy Other Total ($ thousands) Transition Net income (loss) attributable to stockholders $ 30,504 $ (29,944) $ (18,287) $ 5,300 $ (7,714) $ (115,402) $ (135,543) Add: Provision f
Slide 34: Reconciliation footnotes
($ thousands) (1) Refer to FIP's Q2'24 Earnings Supplement, Q1’24 Earnings Supplement and Q4’23 Earnings Supplement for Adjusted EBITDA reconciliation by segment for the three months ended June 30, 2024, March 31, 2024 and December 31, 2023, respectively. (2) Total Includes the following items for t
Slide 35: Reconciliation footnotes, Sustainability and Corporate
($ thousands) (3) Sustainability Includes the following items for the three months ended September 30, 2024 and 2023: (i) net loss of $(3,845) and $(2,868), (ii) interest expense of $1,272 and $888 and (iii) depreciation and amortization expense of $694 and $326, respectively. Includes the following
Slide 36: Reconciliation footnotes, Railroad
($ thousands) (5) Railroad Includes the following items for the three months ended September 30, 2024 and 2023: (i) equity-based compensation of $3 and $1, (ii) provision for income taxes of $6 and $3, (iii) depreciation and amortization expense of $22 and $13, (iv) acquisition and transaction expen
Slide 37: Adjusted EBITDA definition
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 EBITDA is defi