Slide 1: Supplemental Information Second Quarter 2026
Supplemental Information Second Quarter 2026
Slide 2: Disclaimers
Disclaimers IN GENERAL . This disclaimerapplies to thisdocumentand the verbal or writtencommentsof any person presentingit. This document,taken togetherwithany such verbal or writtencomments,is referredto hereinas the “Presentation .” The informationcontainedon, or accessible through,any websitesinc
Slide 3: 2026 Second Quarter Review
2026 Second Quarter Review eZ (Fra INFRASTRUCTURE
Slide 4: Second Quarter Highlights – Generating Momentum Across Our Portfolio
Second Quarter Highlights – Generating Momentum Across Our Portfolio (1) Sale of Long Ridge Our Primary Driver of Growth Creating Value This Year to De-Leverages our Company Going Forward Position for Sales in 2027 ▪ Announced $1.52 billion sale to ▪ Record revenues and Adj. EBITDA ▪ Multiple opport
Slide 5: Financial Results
Financial Results ▪ 2Q Consolidated Adj. EBITDA (1) totaled$76.1 million ▪ Expect to close Long Ridge sale in late September, subject to FERC approval − Excluding Long Ridge, Adj. EBITDA(1) was $48.7 million, a quarterly record Adj. EBITDA (1) - By Quarter Quarterly Adj. EBITDA (1) – Excluding Long
Slide 6: Capitalization
Capitalization ▪ Closing the Long Ridge transaction is a key step towards reducing FIP’s leverage ▪ Focused on continuing to reduce leverage and cost of capital Capital Structure ($ millions) Pro Forma Sale of Long Ridge and Corporate Debt Including Phase 2 2Q’26 Paydown(4)(5)(6)(7) Repauno(4)(5)(6)
Slide 7: Core Segment Review
Core Segment Review eZ (Fra INFRASTRUCTURE
Slide 8: Railroads
Railroads ▪ Generated Adj. EBITDA(1) of $42.4 million in 2Q ▪ Acquired Tidewater Logistics on June 26, 2026, a multimodal transloading and logistics company serving oil, gas, and industri al sectors; go forward results will reflect full period of ownership Financial Summary 2Q’26 Carloads = 98.5k ($
Slide 9: Tidewater Logistics
Tidewater Logistics ▪ Acquired on June 26, for approximately $45 million cash consideration ▪ Operates portfolio of four rail terminals in Ohio, West Virginia, and Texas — highly complementary to our Wheeling & Lake Erieailroad r ▪ Expected to contribute approximately $9 million of annual Adj. EBITD
Slide 10: Increasingly Active Rail M&A Market
Increasingly Active Rail M&A Market ▪ We continue to evaluate opportunities to acquire and integrate freight railroads, and accelerate the growth of our railess busin ▪ Expect multiple acquisition opportunities over the next –126 months ▪ Seller dynamic includes private equity funds with maturing ho
Slide 11: Jefferson Terminal
Jefferson Terminal ▪ Generated Adj. EBITDA(1) of $13.0 million in 2Q ▪ Record refined products and ammonia throughput offset by lower crude throughput due to disruptions in the Strait of Hormuz ▪ New crude transloading contract became operational in July; crude volumes are expected to continue rampi
Slide 12: Focused on Increasing Capacity Utilization at Jefferson
Focused on Increasing C apacity Utilization at Jefferson ▪ Jefferson is a critical hub for Beaumont and Port Authur area refineries and major producers of petrochemicals, deeply integrated into their supply chains, with significant opportunities to grow volumes from existing customers ▪ With existin
Slide 13: Repauno
Repauno ▪ Phase 2 construction progressing with a commencement of operations targeted in early 2027 ▪ Based on ongoing conversations, continuing to target Phase 2 commencing near full capacity (2) Financial Summary Highlights & Near -Term Priorities(2) ($ millions) 2Q’25 2Q’26 ▪ Operations benefitin
Slide 14: Repauno Phase 2 Progressing
Repauno Phase 2 Progressing ▪ Construction of Phase 2 on track for early 2027 commencement of operation ▪ Cryogenic storage tank with 630k barrel capacity ▪ Pipes and manifolds connecting tothe dock ▪ Additional rail capacity Cryogenic Tank Piping Infrastructure 13
Slide 15: Long Ridge
Long Ridge ▪ Preparing to close sale, with closing expected by the end of September, subject to FERC approval ▪ Generated Adj. EBITDA(1) of $27.4 millionin 2Q , with a capacity factor of85% ▪ 2Q results reflects 11 days of a planned outage at Long Ridge Financial Summary Highlights & Near -Term Prio
Slide 16: Appendix
Appendix eZ (Fra INFRASTRUCTURE
Slide 17: Appendix
Appendix : (1) ▪ Statement of Operations by Segment ▪ Comparative Statements of Operations ▪ Condensed Balance Sheets by Segment ▪ Reconciliation of Non -GAAP measures 1) As of September 30, 2025, under GAAP, W&LE is accounted for as an equity method investment and is not consolidated. Its profi t a
Slide 18: Statement of Operations by Segment (unaudited)
Statement of Operations by Segment (unaudited) Three Months Ended June 30, 2026 Ports and Terminals Sustainability Railroad Power and Gas and Energy Corporate and Total Jefferson Terminal Repauno Other Transition ($ thousands) Revenues Total revenues $ 92,154 $ 24,316 $ 5,537 $ 48,844 $ — $ 15,917 $
Slide 19: Statement of Operations by Segment (unaudited)
Statement of Operations by Segment (unaudited) Three Months Ended June 30, 2025 Ports and Terminals Sustainability Railroad Power and Gas and Energy Corporate and Total Jefferson Terminal Repauno Other Transition ($ thousands) Revenues Total revenues $ 42,140 $ 21,628 $ 2,992 $ 41,796 $ — $ 13,730 $
Slide 20: Statement of Operations by Segment (unaudited)
Statement of Operations by Segment (unaudited) Six Months Ended June 30, 2026 Ports and Terminals Sustainability Railroad Power and Gas and Energy Corporate and Total Jefferson Terminal Repauno Other Transition ($ thousands) Revenues Total revenues $ 177,162 $ 51,634 $ 6,745 $ 110,850 $ — $ 28,741 $
Slide 21: Statement of Operations by Segment (unaudited)
Statement of Operations by Segment (unaudited) Six Months Ended June 30, 2025 Ports and Terminals Sustainability Railroad Power and Gas and Energy Corporate and Total Jefferson Terminal Repauno Other Transition ($ thousands) Revenues Total revenues $ 84,771 $ 41,077 $ 6,803 $ 59,090 $ — $ 26,706 $ 2
Slide 22: Appendix
Appendix: ▪ Statement of Operations by Segment ▪ Comparative Statements of Operations ▪ Condensed Balance Sheets by Segment ▪ Reconciliation of Non -GAAP measures 21
Slide 23: Consolidated (unaudited)
Consolidated (unaudited) Three Months Ended ($ thousands) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Revenues Total revenues $ 122,286 $ 140,556 $ 143,517 $ 188,364 $ 186,768 Expenses Operating expenses 74,435 74,985 83,122 120,394 117,333 General and administrative 3,862 3,202 4,045 3,554 3
Slide 24: Railroad (unaudited)
Railroad (unaudited) Three Months Ended ($ thousands) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Revenues Lease income $ 361 $ 402 $ 601 $ 1,855 $ 2,118 Rail revenues 41,779 42,511 44,612 82,023 88,384 Terminal services revenues — — — — 167 Other revenue — — 43 1,130 1,485 Total revenues 42,
Slide 25: Jefferson Terminal (unaudited)
Jefferson Terminal (unaudited) Three Months Ended ($ thousands) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Revenues Lease income $ 885 $ 808 $ 695 $ 640 $ 655 Terminal services revenues 20,743 20,323 22,755 26,678 23,661 Total revenues 21,628 21,131 23,450 27,318 24,316 Expenses Operating ex
Slide 26: Repauno (unaudited)
Repauno (unaudited) Three Months Ended ($ thousands) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Revenues Terminal services revenues $ 2,713 $ 2,954 $ 1,233 $ 1,208 $ 5,533 Other revenue 279 — 1 — 4 Total revenues 2,992 2,954 1,234 1,208 5,537 Expenses Operating expenses 5,449 5,724 4,894 6,3
Slide 27: Power and Gas (unaudited)
Power and Gas (unaudited) Three Months Ended ($ thousands) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Revenues Terminal services revenues $ 828 $ 393 $ 407 $ 422 $ 419 Power revenues 38,010 56,517 45,876 45,628 42,568 Gas revenues 2,958 1,724 15,324 15,956 5,857 Total revenues 41,796 58,634
Slide 28: Sustainability and Energy Transition (unaudited)
Sustainability and Energy Transition (unaudited) Three Months Ended ($ thousands) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Expenses Operating expenses $ 2 $ — $ — $ — $ 2 Acquisition and transaction expenses — — 249 — 115 Total expenses 2 — 249 — 117 Other (expense) income Equity in losses
Slide 29: Corporate and Other (unaudited)
Corporate and Other (unaudited) Three Months Ended ($ thousands) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Revenues Rail revenues $ 513 $ 395 $ 498 $ 270 $ 420 Roadside services revenues 13,217 14,529 11,472 12,554 15,497 Total revenues 13,730 14,924 11,970 12,824 15,917 Expenses Operating
Slide 30: Appendix
Appendix: ▪ Statement of Operations by Segment ▪ Comparative Statements of Operations ▪ Condensed Balance Sheets by Segment ▪ Reconciliation of Non -GAAP measures 29
Slide 31: Condensed Balance Sheets by Segment (unaudited)
Condensed Balance Sheets by Segment (unaudited) June 30, 2026 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) $ 1,846,210 $ 1,160,448 $ 595,014 $ — $ — $ 17,7
Slide 32: Condensed Balance Sheets by Segment
Condensed Balance Sheets by Segment December 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) $ 1,790,299 $ 1,153,518 $ 502,601 $ 1,591,392 $ — $ 21,4
Slide 33: Appendix
Appendix: ▪ Statement of Operations by Segment ▪ Comparative Statements of Operations ▪ Condensed Balance Sheets by Segment ▪ Reconciliation of Non -GAAP measures 32
Slide 34: Adjusted EBITDA Reconciliation by Segment (unaudited)
Adjusted EBITDA Reconciliation by Segment (unaudited) (1) Three Months Ended June 30, 2026 Jefferson Sustainability Corporate and Railroad Terminal Repauno Power and Gas and Energy Other Total ($ thousands) Transition Net (loss) income attributable to common stockholders $ (18,839) $ (8,557) $ (3,80
Slide 35: Adjusted EBITDA Reconciliation by Segment (unaudited)
Adjusted EBITDA Reconciliation by Segment (unaudited) (1) Three Months Ended June 30, 2025 Jefferson Sustainability Corporate and Railroad Terminal Repauno Power and Gas and Energy Other Total ($ thousands) Transition Net income (loss) attributable to common stockholders $ 7,320 $ (11,966) $ (9,610)
Slide 36: Adjusted EBITDA Reconciliation by Segment (unaudited)
Adjusted EBITDA Reconciliation by Segment (unaudited) (1) Six Months Ended June 30, 2026 Jefferson Sustainability Corporate and Railroad Terminal Repauno Power and Gas and Energy Other Total ($ thousands) Transition Net (loss) income attributable to common stockholders $ (44,053) $ (27,429) $ (11,97
Slide 37: Adjusted EBITDA Reconciliation by Segment (unaudited)
Adjusted EBITDA Reconciliation by Segment (unaudited) (1) Six Months Ended June 30, 2025 Jefferson Sustainability Corporate and Railroad Terminal Repauno Power and Gas and Energy Other Total ($ thousands) Transition Net income (loss) attributable to common stockholders $ 21,059 $ (27,094) $ (16,403)
Slide 38: Notes to Non-GAAP reconciliations - Adjusted EBITDA
Notes to Non -GAAP reconciliations - Adjusted EBITDA ($ thousands) (1) Referto FIP's Q 2'25 Earnings Supplement,Q 1’25 Earnings Supplementand Q 4’24 Earnings Supplementfor AdjustedEBITDA reconciliationby segmentfor thethreemonthsended June 30 , 2025 , March 31 , 2025 and December31 , 2024 , respecti
Slide 39: Notes to Non-GAAP reconciliations - Adjusted EBITDA
Notes to Non -GAAP reconciliations - Adjusted EBITDA ($ thousands) (3) Power and Gas Includesthefollowing itemsfor thesix monthsended June 30 , 2025 : (i) netincomeof $10 ,576 , (ii) interestexpense of $6,352 , (iii) depreciationand amortizationexpense of $2,185 , (iv) acquisitionand transactionexpe
Slide 40: Notes to Non-GAAP reconciliations - Adjusted EBITDA
Notes to Non -GAAP reconciliations - Adjusted EBITDA ($ thousands) (6) Total Includes the following itemsfor the three monthsended June 30 , 2026 and 2025 : (i) equity-based compensationof $295 and $86 , (ii) provision for income taxes of $52 and $84 , (iii) interestexpense of $3,445 and $3,706 , (i
Slide 41: 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