New Fortress Energy Inc. · NASDAQ:NFE
New Fortress Energy — Q4 2024 Earnings Presentation
45 slides from New Fortress Energy's earnings presentation, March 2025
Slide 1: Q4 2024 Results, March 2025
March 2025 O4 2024 NewFortress energy
Slide 2: Executive Summary, Financial Results, Appendix
1. Executive Summary 2. Financial Results 3. Appendix
Slide 3: Quarterly financial results
Executive Summary Quarterly financial results $mm 2023 Q1-24 Q2-24 Q3-24 Q4-24 2024 Total Segment Revenue") $2,435 $690 $428 $525 $572 $2,215 Total Segment $1,452 $384 $248 $220 $240 $1,093 Operating Margin'2) ’ ’ AEBITDA®) $1,282 $340 $120 $176 $313 $950 $313mm®) in O4; $950mm°®) 2024 50%.increase.
Slide 4: Financial update
Executive Summary Financial update Q4 was.a.strong.quarter $313mm AEBITDA in Q4 2024, more than 50% higher than forecasted: Q4 2024 2024 2025 AEBITDA®) $313 $950 i $1,000) + $950mm AEBITDA in 2024) + Earnings enhanced by optimizing gas supply + FLNG volumes created surplus * Took advantage of elevat
Slide 5: Capital Markets update
Executive Summary Capital Markets update Capital.Markets.activity has been.robust We have executed financing transactions to extend maturities & bolster corporate liquidity: * October 2024 * Raised $400mm new equity * November 2024 + Extended $900mm revolver to October 2027 * Issued $2.Zbn bond with
Slide 6: Significant incremental demand in core markets expected
Executive Summary Significant incremental demand in core markets expected to come online over next several years Do we wait & sell excess cargos over time until demand comes online or hedge & sell today to capture excess spread? Answer: TTF (as of Sale Execution) Flexible Demand (HH + $8) Apr25— Jul
Slide 7: Operational highlights
Fast LNG Puerto Rico Executive Summary Operational highlights FLNG 1 unit placed into service 12/31/24) Expect annual production to be in excess of nameplate capacity’ Currently expect FLNG 2 completion in 1H 2027!) On 3/1/25, Genera exchanged long-term incentives in contract for $110mm payment As p
Slide 8: Fast LNG
Fast LNG
Slide 9: FLNG 1 placed into service December 31, 2024
Executive Summary December 31, 2024 nameplate capacity to deliver to wide variety of destinations worldwide Provides significant volume
Slide 10: Reduced costs & increased speed leveraging FLNG 1 design
Executive Summary Reduced costs & increased speed to operations by leveraging FLNG 1 design & engineering Cost synergies as result of shared personnel, management & logistics Time & price certainty as result of turnkey-EPC, procurement of long lead time equipment, & advanced engineering & civil work
Slide 11: Expect FLNG 2 completion in 1H 2027
Executive Summary Expect FLNG 2 completion in 1H 2027”) Q2 Q2 Q1 Q3 Q2-03 a4 1H 2023 2023 2024 2025 2026 2026 2027!) | | | rT | Engineering Procurement Module Expect Modules to Expect Expect FNTP begins fabrication in onshore ship from mechanical commissioning process construction Kiewit completion
Slide 12: Puerto Rico
Puerto Rico 12
Slide 13: Puerto Rico update
Executive Summary Puerto Rico update Three significant San Juan LNG Terminal opportunities: 300 TBtu capacity 1. Provide gas via e = aA two contracts (expiring March 2026 e e & June 2026 2. Conversions o de 3. New builds @ NFE facilities @ Current @ Fuel switch @ New builds & peakers @ Other GeneraP
Slide 14: Island-wide contract extended
Executive Summary 2. Island-wide Contract extended 1 year; expires March 2026 14
Slide 15: Significant opportunity to convert ~1 GW of existing power
Executive Summary 2. Significant opportunity to convert ~1 GW of existing power Mayaguez 200 MW ey ee Mt : Palo Seco M = Aguirre 1 & 2 Cambalache 240 MW 200 MW c Weil _ eM Ran) Aguirre 400 MW Megagens 85 MW Total 925 MW Converting.gas-ready_ plants.is heavily aligned with major initiatives of Puerto
Slide 16: Executive Summary
Executive Summary 16
Slide 17: Have already saved Puerto Rico $500mm+ in fuel savings
Executive Summary Have already saved Puerto Rico $500mm+ in fuel savings & extended contract offers pathways to billions of dollars in potential savings"
Slide 18: Genera contract modification
Executive Summary Genera: wholly owned NFE subsidiary that Previous contract: —;-—;> Modified contrac manages thermal 10-year generation for PREPA term cower sites $22.5mm Base fee 5043 MW nameplate capacity $100mm 1.5mm Incentive fee " = ° Simplifies payment structure customers 18
Slide 19: Brazil
Brazil 19
Slide 20: Barcarena: 2.2 GW of existing, long-term power in N. Brazil
Executive Summary Barcarena: 2.2 GW of existing, long-term power in N. Brazil Barcarena Sie p sx NTS Pipeline —— TAG Pipeline
Slide 21: Significant yield & growth opportunities
Executive Summary Significant yield & growth opportunities in underserved markets in North & South regions of Brazil 2. Near-term growth in LNG & power ) >2.2 GW of power, with fixed, long-term inflation-linked PPAs Power assets fully funded with upfront equity injected & long-term, non-recourse deb
Slide 22: Vast network of national pipelines & stranded power
vast network of national pipelines & stranded power. Executive Summary — TAG Pipeline — NTS Pipeline Power plants without PPAs 22
Slide 23: Brazil power auction forecast
Forecasted that auction will award between greenfield & brownfield projects PPAs will commence , and last for 10 years (brownfield) to 15 years (greenfield) Gas supply (JKM or TTF) due to existing physical restriction on pipeline grid Executive Summary NFE registered for 2 GW+ of own projects NFE re
Slide 24: Norsk Hydro, CELBA, PortoCem
Executive Summary Norsk Hydro CELBA PortoCem Barcarena (PA) Pipeline 20” 30 TBtu/yr Operational 5) PortoCe 15-year contract Power Pont Ey started March 2024 COD: Aug 2025'”) COD: Jul 2026!) 4 - MESSE - 24
Slide 25: 1,572 MW simple cycle power plant
1,572 MW simple cycle power plant ~39% complete vs 31% planned progress'7) Standby asset, providing power when called on by system operator Capacity revenues commence 2H 2026 Executive Summary 25
Slide 26: Executive Summary, Financial Results, Appendix
1. Executive Summary 2. Financial Results 3. Appendix 26
Slide 27: Recent & expected financing update
SERS LS BS Financial Results Recent & expected financing update Executed exchange of 2025 & 2026 notes which extended maturities & provided incremental ~$300mm in proceeds Extended $900mm of Revolving Credit Facility maturity to October 2027 Issued $400mm of common equity in Q4 2024 Completed $425mm
Slide 28: Current cash flow forecast & liquidity
Financial Results Current cash flow forecast & liquidity Cash Flow Forecast ($mm) Liquidity Forecast ($mm)"") 2025 2025 AEBITDA®) $1,000 Beginning of Year 2025 Cash $493 (-) Capex - Net” ($305) (-) Debt Service? ($575) (+) TLB & Lumina net proceeds $490 (-) Vessel Charter Payments ($95) (+) 2025 Cas
Slide 29: Significant increase in Adj. EBITDA drives strong quarter
Financial Results Significant increase in Adj. EBITDA drives strong quarter Q3 2024 | Q42024, QoQA YE 2023 | YE 2024 YoY A Terminals Op. Margin ($mm) $185 $206 $21 $1,210 | $955 ($255) (+) Ships Op. Margin ($mm) $35 $34 ($1) $242 $137 ($105) Total Segment Op. Margin ($mm)?) $220 $240 $20 $1,452 | $1
Slide 30: Net Income & EPS change from prior quarter
Net Income & EPS change from prior quarter Financial Results Q3 2024 Q4 2024 QoQ A YE 2023 YE 2024 YoY A Peeisap eal rae raat i $9 | ($242) | ($251) $548 | ($270) | ($818) EPS ($/share), Diluted $0.03 | ($1.11) | ($1.14) $2.65 | ($1.25) | ($3.90) Adj. Net Income (Loss)$mm)'® $11 $29 $18 $567 $101 ($
Slide 31: Executive Summary, Financial Results, Appendix
1. Executive Summary 2. Financial Results 3. Appendix 31
Slide 32: Adjusted EBITDA
Appendix Adjusted EBITDA (in thousands of U.S. dollars) FY 2023 Q1 2024 Q2 2024 Net income $548,876 $56,670 $(86,860) Add: Interest expense 277,842 77,344 80,399 Add: Tax provision (benefit) 115,513 21,624 3,435 Add: Depreciation and amortization 187,324 50,491 37,413 Add: Asset impairment expense 1
Slide 33: Adjusted EBITDA
Appendix Adjusted EBITDA {in thousands of U.S. dollars) FY 2023 Q1 2024 Q2 2024 Q3 2024 4 2024 FY 2024 Total Segment Operating Margin $1,451,690 $384,260 $248,351 $219,654 $240,243 $1,092,508 Less: Core SG&A 169,246 44,112 38,190 25,723 34,484 142,509 Less: Pro rata share of Core SG&A from unconsoli
Slide 34: Segment operating margin reconciliation Q4 2024
Appendix Segment operating margin reconciliation Three Months Ended December 31, 2024 Consolidation and Terminals and (in thousands of $) Total Segment Consolidated Infrastructure Other ® Total revenues 528,908 42,363 571,271 107,727 678,998 Cost of sales @) 288,398 - 288,398 - 288,398 Vessel operat
Slide 35: Segment operating margin reconciliation Q3 2024
Appendix Segment operating margin reconciliation Three Months Ended September 30, 2024 Consolidation and Terminals and (in thousands of $) Total Segment Consolidated Infrastructure Other Total revenues 482,200 43,062 525,262 42,273 567,535 Cost of sales @) 325,292 - 325,292 325,292 Vessel operating
Slide 36: Segment operating margin reconciliation Q2 2024
Appendix Segment operating margin reconciliation Three Months Ended June 30, 2024 Consolidation and Terminals and (in thousands of $) Terminals and Total Segment oidatios Consolidated Total revenues 385,428 42,578 428,006 - 428,006 Cost of sales @) 221,860 - 221,860 - 221,860 Vessel operating expens
Slide 37: Segment operating margin reconciliation Q1 2024
Appendix Segment operating margin reconciliation Three Months Ended March 31, 2024 (in thousands of $) Terminals and Total Segment Consolidationand Consolidated Total revenues 647,737 42,584 690,321 - 690,321 Cost of sales) 229,117 - 229,117 - 229,117 Vessel operating expenses - 8,396 8,396 - 8,396
Slide 38: Segment operating margin reconciliation FY 2024
Appendix Segment operating margin reconciliation Year Ended December 31, 2024 Terminals and (in thousands of $) Meiners Total Segment Total revenues 2,044,273 170,587 2,214,860 Cost of sales") 1,064,667 - 1,064,667 Vessel operating expenses - 33,372 33,372 Operations and maintenance 174,313 - 174,31
Slide 39: Segment operating margin reconciliation FY 2023
Appendix Segment operating margin reconciliation Year Ended December 31, 2023 Terminals and Consolidation and (in thousands of $) Total Segment Consolidated Infrastructure Other'?) Total revenues 2,141,085 293,605 2,434,690 (21,394) 2,413,296 Cost of sales“ 764,828 ~ 764,828 112,623 877,451 Vessel o
Slide 40: Core SG&A
Appendix Core SG&A (in thousands of U.S. dollars) FY'23 Q3 2024 Total Selling, general and administrative $205,104 $82,388 Core SG&A 169,246 25,723 SG&A items excluded from Core SG&A 35,858 56,665 4 2024 $61,800 34,484 27,316 FY 2024 $285,520 142,509 143,011 40
Slide 41: Adjusted Net Income and EPS
Appendix Adjusted Net Income and EPS (in thousands of U.S. dollars except for share amounts) FY'23 Q3 2024 Q4 2024 Net income (loss) attributable to common stockholders (GAAP) 547,882 9,299 (242,139) Loss on extinguishment of debt, net - - 260,309 Non-cash impairment charges, net of tax 10,958 1,484
Slide 42: Funds from Operations
Appendix Funds from Operations (in thousands of $ except for share amounts) Q3 2024 4 2024 Net income (loss) attributable to common stockholders 9,299 (242,139) Loss on extinguishment of debt, net - - 260,309 Depreciation/Amortization 187,324 35,364 38,746 Non-cash impairment charges, net of tax 10,
Slide 43: 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.” FORWARD-LOOKING STATEMENTS: All statements contained i
Slide 44: Endnotes
Endnotes “Total Segment Revenue" is the total of our Terminals and Infrastructure Segment Revenue and Ships Segment Operating Revenue. “Total Segment Operating Margin’ is the total of our Terminals and Infrastructure Segment Operating Margin and Ships Segment Operating Margin. Our segment measure al
Slide 45: Endnotes
10. iW. 12. 13. 14, 15. 16. 7. 18. Endnotes Nameplate based upon FLNG 1 capacity and Management's estimates of general performance of the facility since January 1, 2025. Lead times and expected development times used in this Presentation indicate our internal evaluations of a project's expected time