New Fortress Energy Inc. · NASDAQ:NFE
New Fortress Energy — Merger or Acquisition (March 2026)
29 slides from New Fortress Energy's merger presentation, Mar 17, 2026
Slide 1: March 2026 Transaction Update
March 2026 Transaction Update
Slide 2: UK Restructuring Plan Transaction Update
UK Restructuring Plan Transaction Update 2
Slide 3: UK RP Transaction Update
UK RP Transaction Update 3 The Transaction utilizes a UK process (UK RP) that allows us to… Exchange debt for equity and other consideration (i) with our various creditors Allows us to continue to run the Company without interruption during this process The plan is consensual & constitutes one of th
Slide 4: What is a UK Restructuring Plan (UK RP)?
UK RP Transaction Update 4 What is a UK Restructuring Plan (UK RP)? A UK Restructuring Plan (UK RP) is a court -sanctioned restructuring process used by companies to restructure their debt & capital structure. NFE has reached agreement with its creditors to restructure its debt using a “UK Restructu
Slide 5: Separation into BrazilCo (Hygo) and New NFE
5 UK RP Transaction Update The first step of the Transaction is to separate the Company into two independent businesses, BrazilCo (Hygo) & “New NFE” Two independent businesses: 1. BrazilCo (Hygo) (comprising terminals, power plants & operations in Brazil) will become a private company managed by the
Slide 6: Transaction highlights
Transaction highlights UK RP Transaction Update 6 i. Excludes management incentive plan. ii. Subject to further dilution if some or all the preferred equity is converted at the end of year three. iii. Debt amount could increase to a maximum of ~$640mm if all eligible participants exchange preferred
Slide 7: Expected capital structure for New NFE
Expected capital structure for “New NFE” (4) UK RP Transaction Update 7 • Low leverage - target of 2 -3x EBITDA which is consistent with IG issuers • Significant free cash flow growth anticipated to deleverage & enhance equity value 65% New owners 35% Current owners Common Equity (iii)(iv) Preferred
Slide 8: Mechanics of the restructuring by creditor and investor classes
UK RP Transaction Update 8 Note: All instruments and financial terms are described in more detail on slide 20 of the Appendix to this presentation. Note: Numbers in millions unless otherwise noted. Note: Reflects allocations on accrued claims as of March 31, 2026, prior to any preferred equity conve
Slide 9: Three key priorities: customers, investors, and company
UK RP Transaction Update 9 Throughout this process, we focused on three key priorities: our customers, our investors, and our company This Transaction results in a great outcome at every level 1 Customers First and foremost, we continued to serve our customers without an interruption of service • Ou
Slide 10: Restructuring of liabilities & operations
i. Assuming savings start March 1, 2026. UK RP Transaction Update 10 Restructuring of liabilities & operations During the negotiations, we worked with our partners (vendors, service providers, contractors & ship owners) to materially reduce our outstanding obligations ~$624 million in total savings
Slide 11: Summary
UK RP Transaction Update 11 Summary Secured agreements with our partners to reduce expenses by ~$624 million Signed an RSA with our creditors to reduce corporate debt from ~$5.7 billion to ~$527.5 million (3) Results in a meaningful transaction that benefits our customers, our investors & our compan
Slide 12: Transaction timeline and expected completion by mid-2026
UK RP Transaction Update 12 i. Timing is subject to court availability. ii. Subject to receipt of applicable regulatory approvals and completion of UK court process. There is no assurance that the Comp any will be able to close this transaction by the projected timeline or that the transaction will
Slide 13: "New NFE" Update
“New NFE” Update 13
Slide 14: What is "New NFE"?
“New NFE” Update 14 What is “New NFE”? “New NFE” will consist of a portfolio of LNG import terminals, power plants, & a portfolio of natural gas La Paz terminal Pichilingue power plant Puerto Sandino power plant San Juan terminal Fast LNG 1 Puerto Sandino terminal 1. Own, operate and manage LNG term
Slide 15: New NFE gas supply portfolio
“New NFE” Update 15 “New NFE” will have a portfolio of 4 MTPA of gas Goal is to fully utilize supply with matched downstream portfolio 2. VG Contracts1. FLNG1 1.5 MTPA (75 TBtu) Nameplate capacity Operational since August 2024 VG Plaquemines 1 MTPA expected January 2027 VG CP2 1.5 MTPA Expected 2029
Slide 16: Three major earnings initiatives
“New NFE” Update 16 In addition to the current operations, we expect earnings will be augmented through 3 major initiatives 2. Puerto Rico gas conversions Significant gas conversion opportunity Potential to more than double existing demand 1. Completion of Nicaragua Terminal Puerto Sandino Terminal
Slide 17: New NFE financials
“New NFE” Update 17 Financials Q3'26 Annualized Q4'26 Annualized FY'2027 Run -Rate (9) TBtu (x) Margin (6) = $mm TBtu (x) Margin = $mm TBtu (x) Margin = $mm TBtu (x) Margin = $mm Islandwide (Today) 50 $2.90 $145 50 $2.90 $145 50 $2.90 $145 50 $3.20 $160 Genera - - $20 - - $20 - - $20 - - $20 Puerto
Slide 18: Appendix
Appendix 18
Slide 19: Key terms: Debt and preferred equity
Appendix 19 Key terms: Debt and preferred equity New NFE Term Loan Facility • Senior Secured Term Loan Facility Size • $527.5mm plus • Up to $116M to the extent election to exchange up to $231mm of preferred equity is exercised (10) Issuer • New Fortress Energy Inc. Security / Collateral • Liens on
Slide 20: Growth Initiatives: major growth initiatives
Appendix – Growth Initiatives 20 We have 3 major growth initiatives 1. Puerto Rico conversions 2. Completion of Nicaragua terminal 3. Deployment of 10 TM2500 turbine portfolio
Slide 21: Growth Initiatives: Puerto Rico conversions
Appendix – Growth Initiatives 21 (i) Public -Private Partnerships Authority, “Partnership Committee Report: Puerto Rico Public -Private Partnership for the Puerto Rico Electric Power Thermal Generation Facilities”, October 17, 2022. (ii) LUMA Resource Accuracy Report. (iii) https://www.eia.gov/state
Slide 22: Growth Initiatives: Puerto Rico conversion sites
Appendix – Growth Initiatives 22Note: Gas consumption is quoted at nameplate capacity of generation sites. Current volumes ~50 TBtu; Conversions at 50% dispatch could add up to ~75 TBtu; Total demand of up to 125 TBtu by EOY 2026 Megagens Palo Seco (3 & 4) Mayaguez Cambalache San Juan (7 & 9) Aguirr
Slide 23: Gas conversions deliver immediate savings
Appendix – Growth Initiatives 23(i) Gas and Diesel Contract Prices Based on Commodity Pricing as of March 3 rd , 2026. (ii) Gas consumption based on 50% dispatch of the Megagens Units. 1. Gas conversions deliver immediate savings & reliability to Puerto Ricans Palo Seco Megagens successfully commiss
Slide 24: Growth Initiatives: Nicaragua
Appendix – Growth Initiatives 24 2. Nicaragua Nicaragua consists of a fully constructed 300 MW power plant & an LNG terminal that is nearing completion • 100% complete and ready for commissioning • Adjacent to IDB high -voltage transmission line • PPA with state distribution company • Receives LNG f
Slide 25: Growth Initiatives: Turbine portfolio
Appendix – Growth Initiatives 25 3. Turbine portfolio We have a portfolio of 10 TM2500 turbines that are ready for deployment in an extremely tight leasing & sales market TM2500 turbines There is a significant opportunity to lease the units for temporary power deployment in combination with natural
Slide 26: Disclaimers
26 Disclaimers IN GENERAL. This disclaimer applies to this document and the verbal or written comments of any person presenting it. This doc ume nt, taken together with any such verbal or written comments, is referred to herein as the “Presentation.” FORWARD -LOOKING STATEMENTS: All statements conta
Slide 27: Disclaimers: No Offer or Solicitation
27 Disclaimers No Offer or Solicitation The information set forth in this presentation is not an offer to sell or exchange, or solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for, any securities, or the solicitation of a proxy, consent, or authorization in
Slide 28: Footnotes
28 1. The Company is also issuing approximately $527.5 million in debt in exchange for the NFE corporate debt along with the $2.5 b ill ion in preferred equity of the Company and the issuance of 65% of the Company’s common equity. 2. The Company has entered into an agreement with over 50% of its exi
Slide 29: Footnotes: Adjusted EBITDA Forecast
29 8. "Adjusted EBITDA Forecast" is our forward -looking target for Adjusted EBITDA for the relevant period and is less Estimated SG&A, including the pro rata share of SG&A from unconsolidated entities. This presentation assumes that (i) the Company begins earning revenues related to power dispatch
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