Slide 1: Supplemental Information Second Quarter 2025
(Fra INFRASTRUCTURE Supplemental Information Second 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, an
Slide 3: Rail Acquisition and Corporate Refinancing
Rail Acquisition and Corporate Refinancing eZ (Fra INFRASTRUCTURE
Slide 4: Acquiring Premier Regional Railroad in the Heart of Industrial America
Acquiring Premier Regional Railroad in the Heart of Industrial America = Acquiring the Wheeling & Lake Erie Railway (the “W&LE") for $1.05 billion = The WA&LE is one of the largest regional railroads in the U.S., operating over 1,000 miles of track and serving ~250 customers ® Highly strategic combi
Slide 5: Highly Accretive Combination with Multiple Growth Opportunities
Highly Accretive Combination with Multiple Growth Opportunities " Expect to close the acquisition in the third quarter, initially into a voting trust = Jon Carnes, Transtar CEO, will serve as CEO for the combined business " We expect the combined Transtar / W&LE business to generate annual Adjusted
Slide 6: Refinancing Reduces Fixed Charges and Increases Cash Flow
Refinancing Reduces Fixed Charges and Increases Cash Flow = Refinancing corporate balance sheet simultaneously with closing of the acquisition ® Issuing $2.25 billion of new capital - $1.25 billion of new corporate debt to refinance 10.5% senior notes and Series A preferred stock - $1.0 billion of p
Slide 7: 2025 Second Quarter Review
2025 Second Quarter Review eZ (Fra INFRASTRUCTURE
Slide 8: Financial Results
Financial Results " 2Q Consolidated Adj. EBITDA" of $45.9 million - Adj. EBITDA up 30% sequentially excluding 1Q Long Ridge gain and up 34% year-on-year ($ millions) 2Q'24 1Q'25 2Q'25 Net (loss) income $(54.4) $109.7 $(79.8) Adj. EBITDA (excl. Long Ridge gain]!"! R (5) Transtar $22.1 $19.9 $207 epou
Slide 9: Accelerating Growth into the Second Half of 2025
Accelerating Growth into the Second Half of 2025!") " Significant developments across the portfolio * $20.7 million of Adj. EBITDA'2) up 4% from1Q as carload volumes increase * Transformational acquisition of the Wheeling and Lake Erie Railway Company = $23.0 million of Adj. EBITDA() inclusive of sc
Slide 10: Core Segment Review
Core Segment Review eZ (Fra INFRASTRUCTURE
Slide 11: Railroad
Railroad Generated Adj. EBITDA") of $20.7 million, up from $19.9 million in 1Q 2025 Future growth supported by Nippon’s strategic investments of $2 billion in the Mon Valley and $3 billion in Gary Works!) Wheeling and Lake Erie Railway acquisition which will merge with Transtar, expect transaction t
Slide 12: Long Ridge
Long Ridge " Generated Adj. EBITDA") of $23.0 million, which includes the impact of scheduled maintenance resulting in the power plant being offline for 14 days ® Incremental $30 million in annual capacity payments began on June 1 " Recent capacity auction results represents $6 million of additional
Slide 13: Jefferson Terminal
Jefferson Terminal " Generated Adj. EBITDA") of $11.1 million, inclusive of four tanks leased to a new customer under a profitable, long- term agreement jal Summary ($ millions) 2Q'24 1Q'25 2Q'25 Throughput (kbd) 215.1 186.8 203.3 Total revenue $21.2 $19.4 $21.6 Net loss $(14.2) $(15.1) $(12.0) Adj.
Slide 14: Repauno
Repauno ® Closed $300 million tax-exempt financing at a 6.5% average coupon " Phase two construction on time and on budget with a commencement of operations targeted for 4Q 2026 Financial Summary Contracts Overview Contract Project Product Bbls / Day Term ($ millions) 2Q'24 1Q'25 2Q'25 Contract 1 Ph
Slide 15: Appendix
Appendix eZ (Fra INFRASTRUCTURE
Slide 16: Appendix
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 17: Statement of Operations by Segment (unaudited)
Statement of Operations by Segment (unaudited) Three Months Ended June 30, 2025 Ports and Terminals inabili Railroad - Power and Gas ‘sod Evergy Corporate and Total ($ thousands) Jefferson Terminal Repauno Transition Revenues Total revenues $ 42,140 $ 21,628 $ 2,992 $ 41,796 $ - $ 13,730 |$ 122,286
Slide 18: Statement of Operations by Segment (unaudited)
Statement of Operations by Segment (unaudited) Three Months Ended June 30, 2024 Ports and Terminals inabili Railroad - Power and Gas ‘sod Evergy Corporate and Total ($ thousands) Jefferson Terminal Repauno Transition Revenues Total revenues $ 45,638 $ 21,174 $ 3,862 $ - $ - $ 14,213 |$ 84,887 Expens
Slide 19: Statement of Operations by Segment (unaudited)
Statement of Operations by Segment (unaudited) Six Months Ended June 30, 2025 Ports and Terminals inabilit Railroad - Power and Gas ‘sod Evergy Corporate and Total ($ thousands) Jefferson Terminal Repauno Transition Revenues Total revenues $ 84,771 $ 41,077 $ 6,803 $ 59,090 $ - $ 26,706 |$ 218,447 E
Slide 20: Statement of Operations by Segment (unaudited)
Statement of Operations by Segment (unaudited) Six Months Ended June 30, 2024 Ports and Terminals inabilit Railroad - Power and Gas ‘sod Evergy Corporate and Total ($ thousands) Jefferson Terminal Repauno Transition Revenues Total revenues $ 91,950 $ 39,790 $ 7,941 $ - $ - $ 27,741 |$ 167,422 Expens
Slide 21: Appendix
Appendix: « Statement of Operations by Segment * Comparative Statements of Operations * Condensed Balance Sheets by Segment = Reconciliation of Non-GAAP measures eZ ‘G TAI INFRASTRUCTURE 20
Slide 22: Consolidated (unaudited)
Consolidated (unaudited) ($ thousands) Revenues Total revenues Expenses Operating expenses General and administrative Acquisition and transaction expenses Management fees and incentive allocation to affiliate Depreciation and amortization Asset impairment Total expenses Other (expense) income Equity
Slide 23: Railroad (unaudited)
Railroad (unaudited) ($ thousands) Revenues Lease income Rail revenues Total revenues Expenses Operating expenses Acquisition and transaction expenses Depreciation and amortization Asset impairment Total expenses Other expense (Loss) gain on sale of assets, net Interest expense Other income Total ot
Slide 24: Jefferson Terminal (unaudited)
Jefferson Terminal (unaudited) ($ thousands) Revenues Lease income Terminal services revenues Total revenues Expenses Operating expenses Acquisition and transaction expenses. Depreciation and amortization Total expenses Other income (expense) Gain on sale of assets, net (Loss) gain on modification o
Slide 25: Repauno (unaudited)
Repauno (unaudited) Three Months Ended ($ thousands) 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 Revenues Terminal services revenues $ 3,862 $ 3,951 $ 3,900 $ 3,810 |$ 2,713 Other revenue = = 32 1 279 Total revenues 3,862 3,951 3,932 3,811 2,992 Expenses Operating expenses 5,598 6,764 4,950 6
Slide 26: Power and Gas (unaudited)
Power and Gas (unaudited) ($ thousands) Revenues Terminal services revenues Power revenues Gas revenues Total revenues Expenses Operating expenses Acquisition and transaction expenses. Depreciation and amortization Total expenses Other (expense) income Equity in (losses) earnings of unconsolidated e
Slide 27: Sustainability and Energy Transition (unaudited)
Sustainability and Energy Transition (unaudited) Three Months Ended ($ thousands) 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 Expenses Operating expenses $ 7$ — $ - $ — |$ 2 Acquisition and transaction expenses. = = 7 = = Asset impairment - - 72,336 - - Total expenses 7 - 72,353 - 2 Other (ex
Slide 28: Corporate and Other (unaudited)
Corporate and Other (unaudited) Three Months Ended ($ thousands) 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 Revenues Rail revenues $ -— $ - $ - $ $ 513 Roadside services revenues 14,213 4,897 2,362 2,976 13,217 Total revenues 14,213 14,897 12,362 12,976 13,730 Expenses Operating expenses 13,
Slide 29: Appendix
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: Condensed Balance Sheets by Segment
Condensed Balance Sheets by Segment June 30, 2025 Ports and Terminals F Sustainability and Corporate and Railroad Power and Gas es Total ($ thousands) Jefferson Terminal Repauno Energy Transition Other Gross Property, Plant and Equipment (PP&E) $ 495,917 $ 1,136,500 $ 414,983 $ 1,571,967, $ - 20,234
Slide 31: Condensed Balance Sheets by Segment
Condensed Balance Sheets by Segment December 31, 2024 ($ thousands) Gross Property, Plant and Equipment (PP&E) Accumulated Depreciation on PP&E Net PP&E Gross Leasing Equipment Accumulated Depreciation on Leasing Equipment Net Leasing Equipment Intangible Assets Goodwill All Other Assets Total Asset
Slide 32: Appendix
Appendix: « Statement of Operations by Segment « Comparative Statements of Operations * Condensed Balance Sheets by Segment * Reconciliation of Non-GAAP measures eZ ‘G TAI INFRASTRUCTURE 31
Slide 33: Adjusted EBITDA Reconciliation by Segment (unaudited)
Adjusted EBITDA Reconciliation by Segment (unaudited)!") Three Months Ended June 30, 2025 Reikood ‘207 Repeuno Powerand Gos andenegy’ Commerce nd | Ta ($ thousands) Transition Net income (loss) attributable to stockholders $ 7,320 $ (11,966) $ (9,610) $ (15,087) $ (1,071) $ (49,402) | $ (79,816) ‘Ad
Slide 34: Adjusted EBITDA Reconciliation by Segment (unaudited)
Adjusted EBITDA Reconciliation by Segment (unaudited)!") ($ thousands) Net income (loss) attributable to stockholders Add: Provision for (benefit from) income faxes ‘Add: Equity-based compensation expense Add: Acquisition and transaction expenses Add: Losses on the modification or extinguishment of
Slide 35: Adjusted EBITDA Reconciliation by Segment (unaudited)
Adjusted EBITDA Reconciliation by Segment (unaudited)!") ($ thousands) Net income (loss) attributable to stockholders Add: Provision for (benefit from) income faxes ‘Add: Equity-based compensation expense Add: Acquisition and transaction expenses Add: Losses on the modification or extinguishment of
Slide 36: Adjusted EBITDA Reconciliation by Segment (unaudited)
Adjusted EBITDA Reconciliation by Segment (unaudited)!") ($ thousands) Net income (loss) attributable to stockholders Add: Provision for (benefit from) income faxes ‘Add: Equity-based compensation expense Add: Acquisition and transaction expenses Add: Losses on the modification or extinguishment of
Slide 37: Notes to Non-GAAP reconciliations - Adjusted EBITDA
Notes to Non-GAAP reconciliations - Adjusted EBITDA ($ thousands) 0) Refer to FIP's Q1'25 Earnings Supplement, Q4'24 Earnings Supplement and @3'24 Earnings Supplement for Adjusted EBITDA reconciliation by segment for the three months ended March 31, 2025, December 31, 2024 and September 30, 2024, re
Slide 38: Notes to Non-GAAP reconciliations - Adjusted EBITDA (continued)
Notes to Non-GAAP reconciliations - Adjusted EBITDA (continued) ($ thousands) ‘1 Power and Gas Includes the following items for the three months ended June 30, 2025 and 2024: (i) net loss of $— and $(7,353)}, (ii) interest expense of $— and $9,465, (iii) depreciation and amortization expense of $— a
Slide 39: Notes to Non-GAAP reconciliations - Adjusted EBITDA (continued)
Notes to Non-GAAP reconciliations - Adjusted EBITDA (continued) ($ thousands) ‘ITotal Includes the following items for the three months ended June 30, 2025 and 2024: (i) equity-based compensation of $86 and $268, (ii) provision for (benefit from) income taxes of $84 and $(142), (iii) interest expens
Slide 40: 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