Slide 1: Q4 2025 Investor Update
Q4 2025 Investor Update March 2026 NASDAQ: NEXT Delivering Energy for What’s NEXT
Slide 2: Disclaimer Statement
Disclaimer Statement 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
Slide 3: 2025 Developments and Key Highlights
2025 Developments and Key Highlights Fully funded Achieved positive • Signed over 7 million • Supported Trains 4 NextDecade $2.4 billion and 5 economics with final investment equity commitments tonnes per annum strong LNG prices with no material impact decisions (FIDs) and to common shares (MTPA) of
Slide 4: NextDecade 2026 Priorities
NextDecade 2026 Priorities Progress construction of Trains 1-5 safely, on budget, and ahead of schedule Phase 1 continues to track ahead of guaranteed substantial completion dates Finalize preparation for commissioning activities, first LNG, and transition to operations People, processes, and system
Slide 5: Trains 1-5 Construction Continues Safely, on Budget, and Ahead of Schedule
Trains 1-5 Construction Continues Safely, on Budget, and Ahead of Schedule Recent Construction Highlights Construction Progress as of January 2026 • Train 1 structural steel and equipment installation substantially 64.5% complete Trains 1 and 2 • Early electrical commissioning underway with ongoing
Slide 6: Path to Additional Growth at Rio Grande LNG
Path to Additional Growth at Rio Grande LNG: Developing and Advancing the Permitting Process for Trains 6-8 Train 6 • Initiated pre-filing process with FERC in November 2025 for Train 6 and a third marine berth, expect to file full application mid-2026 T6 • Projected operations could potentially beg
Slide 7: Recent Financial Highlights
Recent Financial Highlights • No incremental capital needs projected for construction of Trains 4 and 5, including NextDecade equity commitments • Closed $6.7 billion project financing in September 2025 to fully fund Train 4 • ~$2.8 billion in equity commitments: ~$1.7 billion equity partners and ~$
Slide 8: LNG Sales Update and Additional Pricing Sensitivity
LNG Sales Update and Additional Pricing Sensitivity: Robust Cash Flow Projected Across Range of Market Margins TBtu Projected LNG Production Volumes Train 1 Start-Up to Train 5 DFCD1 Projected NextDecade Share of Rio 5,000 (Early Volumes ~2027 – 1H 2031) Grande LNG Project-Level DCF TBtu $2.25 (~202
Slide 9: Early Cash Flows Bridge to Strong, Optimized Balance Sheet
Early Cash Flows Bridge to Strong, Optimized Balance Sheet • Balance sheet optimization and strength paramount for long-term success • Target 3.0-3.5x debt to Adjusted EBITDA at NextDecade1 level following Train 5 DFCD • Visible paths to optimize balance sheet and achieve target leverage • Expect to
Slide 10: Steady State Annual Financial Guidance
Steady State Annual Financial Guidance Pricing Sensitivities: Robust Cash Flow Expected Across Range of Market Margins Projected NextDecade Annual Steady State Distributable Cash Flow Additional Pricing Sensitivity Reaffirm Existing Guidance (Assumes ~2 MTPA additional SPAs and maximization of proje
Slide 11: NextDecade Investment Highlights
NextDecade Investment Highlights
Slide 12: Providing the World Access to Lower-Carbon Energy
Providing the World Access to Lower-Carbon Energy Maximizing shareholder value by safely and efficiently delivering lower-carbon energy through LNG infrastructure Rio Grande LNG Facility NextDecade is developing and constructing the Rio Grande LNG Facility, a natural gas liquefaction and export faci
Slide 13: NextDecade Key Investor Highlights
NextDecade Key Investor Highlights 1 Strong Asset Development Platform at Rio Grande LNG Facility 2 Valuable Relationships with High-Quality Counterparties Across the Value Chain 3 Growth Momentum Supported by Robust Market Fundamentals 4 Strong Commitment to Sustainability and Social Responsibility
Slide 14: NextDecade Key Investor Highlights
NextDecade Key Investor Highlights Trains 1-3 progressing safely, on budget, and ahead of schedule, with first LNG from Train 1 expected in 1H 2027 1 Train 4 FID achieved in September 2025, and Train 5 FID achieved in October 2025 Strong Organic Growth Platform at Developing and advancing permitting
Slide 15: NextDecade Key Investor Highlights
NextDecade Key Investor Highlights EPC partner has unmatched track record of liquefaction project deliverability on time and on budget 2 Commercial offtake agreements (LNG SPAs) with creditworthy, leading players in the global LNG market Valuable Relationships with Project design utilizes establish
Slide 16: NextDecade Key Investor Highlights
NextDecade Key Investor Highlights Signed over 7 MTPA of 20-year LNG SPAs in 2025 with creditworthy counterparties Aramco, TotalEnergies, JERA, EQT, and ConocoPhillips for Trains 4 and 5 at Rio Grande LNG 3 Expect to file full application with FERC for Train 6 in 2026, goal to leverage commercial mo
Slide 17: NextDecade Key Investor Highlights
NextDecade Key Investor Highlights NextDecade seeks to deliver secure, affordable, and cleaner energy through safe and efficient development and operation of liquefaction capacity at the Rio Grande LNG Facility 4 LNG displaces coal and other solid fuels in developing countries Strong Commitment worl
Slide 18: LNG Market Update
LNG Market Update
Slide 19: Robust Global Gas Demand Growth Calls for Incremental LNG Supply
Robust Global Gas Demand Growth Calls for Incremental LNG Supply bcm 6,000 • Expect growth in global gas demand to LNG Pipeline Gas remain strong into 2030s and beyond 5,000 - Economic growth and electrification driving demand in developing countries 4,000 - Increased focus on energy security across
Slide 20: Global Market Well Positioned to Absorb Third Wave of LNG Supply
Global Market Well Positioned to Absorb ‘Third Wave’ of LNG Supply Pace of LNG supply growth during third wave not expected to be as dramatic as previous waves 1st Supply 2nd Supply 3rd Supply Wave Wave Wave Faster 20% supply growth 15% 10% Relative market 5% absorption requirement 20-yr CAGR0% (Yea
Slide 21: Global LNG Market Resilient and Increasingly Robust Over Time
Global LNG Market Resilient and Increasingly Robust Over Time $/MMBtu Implied Rio Grande LNG Spot Margins1 2011-2025 Implied Spot Margin (JKM less estimated Rio Grande LNG gas cost and shipping) Composition 30 ($/MMBtu) 25 Average spot margin: $7.20 20 NextDecade guidance: $5.00 15 ~$6.90 LNG Margin
Slide 22: Existing Regas Capacity Can Accommodate Substantial LNG Supply Growth
Existing Regas Capacity Can Accommodate Substantial LNG Supply Growth Operational regas capacity is expected to accommodate over 1,400 MTPA of LNG by 2030, supporting significant additional LNG supply capacity • 47 countries around the globe have operational regas infrastructure • Robust existing gl
Slide 23: Rio Grande LNG Facility
Rio Grande LNG Facility
Slide 24: Rio Grande LNG Site in Great Location for Liquefaction Development
Rio Grande LNG Site in Great Location for Liquefaction Development Access to uncongested port Strong geotechnical conditions and waterway requiring less piling Area historically subject to Proximity to prolific natural fewer named storms than gas resources in Permian and other areas of U.S. Gulf Coa
Slide 25: Potential to Be One of World's Largest LNG Production and Export Sites
Potential to Be One of World’s Largest LNG Production and Export Sites MTPA ~12 MTPA ~60 MTPA 60 50 ~18 MTPA 40 ~30 MTPA 30 ~48 MTPA 20 currently under construction or 10 in development 0 Trains 1-5 under Trains 6-8 in Potential incremental Total potential capacity at construction development capaci
Slide 26: Facility Site Plan Trains 1-5
Rio Grande LNG Facility Site Plan Trains 1–5 World class ~1,000-acre site in south Texas with 15,000 feet of frontage on the Brownsville Ship Channel, advantaged by proximity to abundant Permian and Eagle Ford gas resources and uncongested port Texas State Pipeline Highway 48 interconnects Material
Slide 27: Valuable Relationships with High-Quality Counterparties Across Value Chain
Valuable Relationships with High-Quality Counterparties Across Value Chain LNG Customers Equity Partners Technology EPC Pipeline 26
Slide 28: Partnering with Preeminent Global LNG EPC Contractor Bechtel
Partnering with Preeminent Global LNG EPC Contractor Bechtel Construction of the Rio Grande LNG Facility is de-risked by Bechtel’s track record of successful LNG completions and by fully-wrapped, lump-sum, turnkey EPC contracts Project Scope Trains 1-5 • 5 liquefaction trains with expected productio
Slide 29: Rio Grande LNG Facility Guaranteed Construction Progress Update
Rio GrandePhase LNG Facility Guaranteed 1 Construction Construction Progress Update Schedule 2023 2024 2025 2026 2027 2028 2029 2030 2031 4Q 2027 Train 1 3Q 2028 Train 2 1Q 2029 Train 3 3Q 2030 Train 4 2Q 2031 Train 5 Guaranteed Construction Timeline Guaranteed Substantial Completion Date 28
Slide 30: Rio Grande Phase 1 LNG Construction Progress
Rio Grande Phase 1LNG Construction Facility Construction Progress Update Progress Train 1, December 2025 Train 2, December 2025 Train 3, December 2025 29
Slide 31: Rio Grande Phase 1 LNG Construction Progress
Rio Grande Phase 1LNG Construction Facility Construction Progress Update Progress Train 4 Area, December 2025 Train 5 Area, December 2025 30
Slide 32: Feed Gas Sourcing and Transportation Strategy
Rio Grande LNG Facility Feed Gas Sourcing and Transportation Strategy Developing a diversified gas sourcing and transportation strategy to capitalize on proximity to sources that are expected to produce significant quantities of low-cost natural gas for decades Gas Sourcing and Transportation Approa
Slide 33: Long-Term LNG Sale and Purchase Agreements Overview
Long-Term LNG Sale and Purchase Agreements Overview Phase 1 Train 4 Train 5 Counterparties 93% FOB SPA Type 100% FOB 100% FOB 7% DES Average Term 19.2 years 20 years 20 years 91% HH Index 100% HH 100% HH 9% Brent SPA volume (MTPA)1 16.2 4.6 4.5 % Capacity Contracted ~90%2 ~77% ~75% ~85% of five-trai
Slide 34: Trains 1-5 Funding Summary
Rio Grande LNG Trains 1-5 Funding Summary • Financed ~66% debt / ~34% equity Phase 1 • $6.2 billion total equity commitments1 from $18.0 billion NextDecade, Global Infrastructure Partners (GIP), GIC, estimated total Mubadala, and TotalEnergies • $9.2 billion construction term loan facilities project
Slide 35: Facility Equity Partners
Rio Grande LNG Facility Equity Partners Financial Investors Total Commitments $2.7 Billion Total Commitments $7.5 Billion Total Commitments $1.3 Billion • Phase 1 • Phase 1 • Phase 1 - ~$0.3 billion commitment completed - ~$4.8 billion total commitments - ~$1.0 billion commitment - Up to 20.8% econo
Slide 36: Train 4 and 5 Equity Commitments Fully Funded
NextDecade’s Train 4 and 5 Equity Commitments Fully Funded with No Material Impact to Equity Train 4 and 5 equity funding commitments of ~$2.4 billion fully funded utilizing approach with lowest estimated cost of capital and highest impact to cash flow per share ~$0.2 Billion Cash • Cash committed f
Slide 37: Capital Structure and Financial Priorities
Capital Structure and Financial Priorities
Slide 38: NextDecade Summary Capital Structure
NextDecade Summary Capital Structure NextDecade Corporation (NASDAQ: NEXT) NextDecade LNG, LLC $175 million1 13.50% senior secured loans due 2030 $100 million1 8.00% senior secured exchangeable Rio Grande LNG Super loans due 2030 Holdings, LLC Rio Grande LNG Phase 1 $1.20 billion1 13.0% senior secur
Slide 39: NextDecade Capital Priorities
NextDecade Capital Priorities 1. Protect safe and reliable operations by maintaining high-integrity assets 2. Maintain investment grade metrics for Rio Grande LNG Phase 1, Train 4, and Train 5 • Plan to term out project-level loans and stagger maturities via opportunistic debt capital markets transa
Slide 40: Empowering the Rio Grande Valley Community
Empowering the Rio Grande Valley Community
Slide 41: NextDecade is Committed to the Rio Grande Valley Community
NextDecade is Committed to the Rio Grande Valley Community Fostering a long-lasting partnership with local stakeholders to create value, provide opportunities, and contribute to a thriving community for all • Continuous engagement with local stakeholders to: - Obtain a greater understanding of commu
Slide 42: NextDecade is Committed to the Rio Grande Valley Community
NextDecade is Committed to the Rio Grande Valley Community Fostering a long-lasting partnership with local stakeholders to create value, provide opportunities, and contribute to a thriving community for all • NextDecade’s community engagement is founded on four core values: “The Rio Grande LNG proje
Slide 43: Miradores Environmental Mitigation Project
Miradores Environmental Mitigation Project Restoration of the Miradores Mitigation Site near Brownsville, Texas, began in September 2023 and was completed in June 2025, placing more than 1,500 acres under a conservation easement “As a longtime steward of this land, it’s incredibly meaningful to see
Slide 44: Appendix
RIO GRANDE LN Appendix
Slide 45: Key Assumptions and Details
Key Assumptions and Details Steady state period refers to the period beginning when respective trains have been completed and placed in operation and deliveries under each train’s LNG SPAs have commenced. Projected guidance assumes SPA contract price for all contracted volumes and a $3.00/MMBtu or $
Slide 46: Non-GAAP Measures
Non-GAAP Measures Rio Grande LNG Project-Level Adjusted EBITDA, Rio Grande LNG Project-Level Distributable Cash Flow, NextDecade Share of Rio Grande LNG Project-Level Distributable Cash Flow, and NextDecade Distributable Cash Flow are non-GAAP financial measures that we use to assess operating perfo
Slide 47: Delivering Energy for What's NEXT
Delivering Energy for What’s NEXT www.next-decade.com Investor Relations Megan Light John Montano Contacts: Vice President, Investor Relations Senior Analyst, Investor Relations mlight@next-decade.com jmontano@next-decade.com 832-981-6583 832-397-6140 46