New Fortress Energy Inc. · NASDAQ:NFE
New Fortress Energy — Debt Investor Presentation (March 2026)
24 slides from New Fortress Energy's debt investor presentation, Mar 17, 2026
Slide 1: Cleansing Materials
March 17, 2026 Cleansing Materials
Slide 2: Disclaimer
Disclaimer Confidentiality This confidential presentation (together with the information set forth herein and any oral statements made in connection her ewi th, the “Presentation”) is being delivered to you by New Fortress Energy Inc. and certain of its subsidiaries (collectively, the “Company”) in
Slide 3: Liquidity update
Liquidity update Note: Excludes restricted cash, trapped cash, and cash in Brazil(1) As of 3/12/20262 CoreCo and BrazilCo restricted cash balance of $34.2mm and $54.2mm, respectively as of 3/6/2026. BrazilCo unrestricted cash balance of $59.6mm as of 3/6/20263 Includes $87mm of FEMA pro eeds in t e
Slide 4: Cash bridge and guidance
Cash bridge and guidance (1) Cash balances reflect unrestricted cash2 Included i the $53mm unfinanced capex, $10mm is from the FLNG1 outage that was capitalized due to improvements/enhancements of the asset, $7mm on FLNG2-4 projects (procurement), $9mm on Nicaragua project (civil), and $6mm on vesse
Slide 5: Simplified organizational overview and intercompany relationships
Simplified organizational overview and intercompany relationships (1) Common collateral' refers to substantially all assets of NFE and its wholly owned subsidiaries (excluding Qualified Liquefaction Facilities and other excluded assets); common collateral excludes FLNG1, FLNG2, the assets of Brazil
Slide 6: Overview of collateral positions today
Overview of collateral positions today Note: Balances shown in the above are as of 3/31/2026 (unless otherwise noted); above also excludes LC Facility which generally benefits from same guarantee and collateral package as RCFs. Company has $235mm of outstanding LC exposure ($31mm related to LNG carg
Slide 7: Vessel overview
Vessel overview **Table excludes chartered OSVs, crewboats, tugboats and support vessels which are assumed to be maintained as-is at CoreCoNote: One ounterp y agreed to defer ~$32mm of payment reviously scheduled for the earlier of the post-effective date or July 2026(1) NFE charters through Dec mbe
Slide 8: Collateral mapping
Collateral mapping Note: Many of the Company’s and its subsidiaries’ contracts, including commercial agreements and debt arrangements of foreign subsidiaries, contain provisions such as events of default or other triggers that may be implicated by certain debt defaults, changes or transfers of contr
Slide 9: FLNG 1 production summary
9Note: CFE gas supply agreement terms include 180k / day minimum volume commitment and $77mm / year firm transport. FLNG 1 uni t has exceeded contracted minimum volume commitments when operating at full capacity. (1) Improvements individually resulted in an approximately 5 -6% max. daily production
Slide 10: FLNG production cost optimization
10 Note: Immaterial differences due to rounding (1) September 2025 actual run -rate production cost was $3.89. $2.92 cost to produce was achieved in December 2025 (2) Target Run -Rate reflects Q4’26 weighted average cost to produce FLNG production cost optimization Implementing several optimization
Slide 11: Comparison of CoreCo financial forecast assumptions
11 Comparison of CoreCo financial forecast assumptions Total AP excluding Brazil is $624mm as of 12/31/2025, with major components broken down as: critical gas supplier (72%), FLNG 1 - 5 capex (8%), vessels (5%), and dividends (2%). Of this balance, 86% is past due Revenue / Collection Assumptions P
Slide 12: CoreCo financial forecast
12 CoreCo financial forecast Chris needs a backup page for p12 for what’s in other Note: Forecast developed as of 3/4/26. The Company believes that it can avoid the need for incremental new CoreCo money, through certain strategic actions, the impact of which are captured in the Sales and Financings
Slide 13: CoreCo 2026 – 2029E financial forecast
13 CoreCo 2026 – 2029E financial forecast Note: Unlevered free cash flow is pro forma for the proposed transaction; cash tax is projected at 5% to 15% of AEBITDA (1) Other’ inclusive of prior cargo sales (Novation), turbine lease income (company owns 10 TM 2500s), pass -through Genera revenue, and s
Slide 14: CoreCo supply and demand
14 CoreCo supply and demand Note: FLNG 1 production cost assumed at 115HH + $2.90 through November 2027, at which point it steps down to 115HH + $2.60 (1) Reflects company assumption that contract begins January 2027 (2) Reflects company assumption that contract begins January 2029 (3) One FLNG 1 ca
Slide 15: CoreCo overview: PF CoreCo Capital Structure
Pre-Txn Pro Forma Pre-Txn Face Value Maturity Rate x 26E EBITDA x 27E EBITDA Interest Expense Txn. Adj. Pro Forma Debt Maturity Rate x 26E EBITDA x 27E EBITDA Interest Expense New CoreCo Term Loan – $528 $528 6/30/2031 S+612.5 $100mm R-1 RCF 100 4/1/2026 S+290 (100) – $560mm R-2 RCF 560 10/1/2027 S+
Slide 16: CoreCo liquidity and leverage forecast
$157 $118 $126 $349 - $100 $200 $300 $400 16 Liquidity Forecast ($mm) PF Net Leverage 6.1x 1.5x 1.2x PF AEBITDA $106 $451 $415 CoreCo liquidity and leverage forecast Dec -26E Dec -27E Dec -28EFeb -26
Slide 17: Brazil update
17 Brazil update CELBA 2 is expected to come online in April and PortoCem is now ~90% complete • COD expected in April 2026 • 25 -year PPA with guaranteed dispatch during dry season (July – December) • Must run contract structure with capacity and energy payments • Gas supply sourced from Barcarena
Slide 18: 2026 Brazil power auctions
18 Source: Ministry of Mines and Energy, Energy Research Office, BNAmericas 2026 Brazil power auctions TGS terminal positioned to win 3 GW+ in auctions as both gas supplier to existing plants & as an owner of new power projects March 2026 auctions Capacity power auctions with expected volume of 15 G
Slide 19: BrazilCo financial forecast assumptions
19 Note: The Company is evaluating several opportunities related to the upcoming power auctions, including potential tolling arr ang ements utilizing the TGS terminal and a to be determined third -party FSRU BrazilCo financial forecast assumptions Gas Sales CELBA 2 Power Plant PortoCem Term • Norsk
Slide 20: BrazilCo financial forecast
20 BrazilCo financial forecast Significant EBITDA uplift as CELBA2 and PortoCem come online Revenue ($ in mm) $286 $318 $302 $304 $244 $232 $235 $230 $188 $397 $407 $411 - - - $58 $133 $132 $125 $58 $132 $131 $124 $834 $1,213 $1,208 $1,194 FY 2026E FY 2027E FY 2028E FY 2029E PortoCem Incremental Dis
Slide 21: BrazilCo financial forecast: capex and unlevered free cash flow
21 Note: BrazilCo forecast assumes no capex spend in beyond FY26. BrazilCo forecast assumes no unfinanced capex in projection period (1) BrazilCo unlevered free cash flow represents EBITDA at 10%, 20%, & 30% PortoCem dispatch less withholding taxes, working capital adjustments, and one -time items B
Slide 22: BrazilCo supply and demand
22 (1) FY2026 supply is assumed to be a combination of CoreCo and a dedicated long term 3 rd party supply contract BrazilCo supply and demand (1) 2026 2027 2028 2029+ Supply 3rd Party Supply 48 58 58 58 Total Supply 48 58 58 58 Contracted Demand Barcarena - Norsk Hydro (27) (30) (30) (30) CELBA Powe
Slide 23: BrazilCo overview
23 Note: Estimated pre -transaction debt value as of 3/31/2026 (1) Leverage profile does not reflect incremental funding that will be provided by holders of the New 2029 Notes (2) Maturity shown is earliest maturity of the three tranches (3) Equity splits are subject to dilution from BrazilCo MIP; a
Slide 24: BrazilCo financing notes overview
BrazilCo financing notes overview The 2029 senior secured notes issued by NFE Brazil Financing Limited (the “Brazil Financing Notes”) were issued under, and ar e g overned by, the Amended and Restated Note Purchase Agreement (the “NPA”), dated February 24, 2025, and governed by the laws of the State
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