New Fortress Energy Inc. · NASDAQ:NFE
New Fortress Energy — Q1 2026 Earnings Presentation
29 slides from New Fortress Energy's earnings presentation, May 14, 2026
Slide 1: Q1 2025
May 2025 Q1 2025 NewFortress energy
Slide 2: 1. Business Overview
1. Business Overview 2. Financial Results 3. Appendix
Slide 3: $1.25bn to $1.5bn for 2025
Business Overview $1.25bn to $1.5bn for 2025, core recurring income plus one-off results we expect core earnings to be ~$500mm, plus one-off gains of $750mm to $1bn Our goal is “quality vs quantity” Downstream Earnings’ $384 $98 $92 $71 $646 $37 op $12 $85 $38 $135 $79 Excess Cargo - - - $296 $296 -
Slide 4: Material events
Business Overview Material events‘®) $1.055bn sale, ~$800mm net, ~$430mm_gain FEMA claim $659mm.claim'), high degree of engagement & expect resolution near-term Leasing surplus FSRUs results in significant income: (7) FSRU sub-charters FSRU 3 & 4 Total $312mm (PV 10 = ~$236mm) Q4 excess cargo sale $
Slide 5: Our near-term focus has been on asset sales & debt reduction
Business Overview Our near-term focus has been on asset sales & debt reduction Montego Bay + ~$125mm EBITDA * Stable, mature market with long-term contracts with ~20-year duration * NFE’s Jamaica business supplies 60% of Jamaica’s gas & power needs Clarendon CHP Plant ° Significant remaining growth
Slide 6: To do so, we're moving
Business Overview To do so, we're moving ea Corporate debt
Slide 7: Our focus is on high quality, long-term assets & cash flows
Business Overview Our focus is on high quality, long-term assets & cash flows Matching long-term supply with long-term demand generates significant.long.duration.cash flows Long-term supply" Long-term demand("?) Contract Contract terms Remaining term Credit rating Norsk Hydro 115% HH + $6.05 14 yrs
Slide 8: Puerto Rico / Mexico / Nicaragua / Brazil
Business Overview Puerto Rico Mexico Nicaragua “ Brazil
Slide 9: We're focused on organic growth in key markets
Business Overview We're focused on organic growth in key markets * Construction nearing completion for CELBA Energy auctions delayed until later this year; expect 10+ GW in upcoming auction Energy crisis from decades of underinvestment. As a result, issuing: * Temp power RFP * Long-term gas RFP * Ne
Slide 10: Norsk Hydro GSA
Business Overview Norsk Hyd GSA Barcarena (PA) 30 TBtu/yr 90% TOP Norsk Hydro: BBB BB+ Brazil Sovereign: BB+ 15-year contract from March 2024 COD: Aug 2025!"3) COD: Aug 202613) Alunorte (Norsk Hydro) Alumina Refinery 115% HH + $4.03 (fixed) + $2.01 (inflated to US CPI) 10
Slide 11: PortoCem: 1,572 MW simple cycle power plant
Business Overview PortoCem: 1,572 MW simple cycle power plant ' + ~54% complete vs 44% planned progress‘"3) * Main power core equipment arriving ahead of schedule * 2 out of 3 turbines installed * Generator installation ongoing * Capacity revenues commence 2H 2026
Slide 12: Brazil capacity auction
Business Overview Auction previously scheduled was postponed for NFE registered for Brazil's Minister of Energy publicly ; of own projects Forecasted that auction will award between greenfield & brownfield projects; PPAs will commence , and last for 10 years (brownfield) to 15 years (greenfield); NF
Slide 13: Key issues
Business Overview Key issues iL. Lack of sufficient reserve (hence need for temp power) 2. Power plants currently consuming diesel that San Juan can be converted (highly Terminal costly, ~300mm/yr) 3. No new power PREPA’s plans to address these issues generation built in last 30 years (highly ineffi
Slide 14: 2. Financial Results
1. Business Overview 2. Financial Results 3. Appendix 14
Slide 15: Financial Results
Financial Results of $mm $mm Revolver Purchase price $1,055 Purchase price $1,055 (-) Jamalco debt repayment ($227) (-) Jamalco debt repayment ($227) 2. Paydown of (-) Est. fees, expenses & other ($50) (-) Est. fees, expenses & other ($50) Term LoanA Net proceeds $778 (-) Revolver Paydown ($270) 3.
Slide 16: The FSRU sub-charters do not assume opex escalation and broker fees
The FSRU sub-charters do not assume opex escalation and broker fees
Slide 17: Core earnings remain steady
Financial Results Core earnings remain steady Q4 2024 Q1 2025 Q00 A Terminals Op. Margin ($mm) $206 $75 ($131) (+) Ships Op. Margin (mm) $34 $31 ($3) Total Segment Op. Margin ($mm}75) $240 $106 ($134) (-) Core SG&A ($mm}19 ($34) ($34) $0 Se Earnings from Contracted Sales $108 $0 ($108) (+) Depreciat
Slide 18: Net Income & EPS change from prior quarter
Financial Results Net Income & EPS change from prior quarter Q4 2024 Q1 2025 Q00 A Net Income (Loss) (attributable to Stockholders)($mm) ($242) ($200) $42 EPS ($/share), Diluted ($1.11) ($0.73) $0.38 . Funds From Operations($mm)17 $68 ($136) ($204) Funds From Operations($/share), Diluted?) $0.31 ($0
Slide 19: 3. Appendix
1. Business Overview 2. Financial Results 3. Appendix 19
Slide 20: Appendix: Adjusted EBITDA
Appendix Adjusted EBITDA (in thousands of U.S. dollars) Q1 2024 Q2 2024 03 2024 04 2024 Net income $56,670 $(86,860) $11,313 $(223,510) Add: Interest expense 77,344 80,399 71,107 99,527 Add: Tax provision (benefit) 21,624 3,435 2,953 41,497 Add: Depreciation and amortization 50,491 37,413 35,364 38,
Slide 21: Appendix: Adjusted EBITDA
{in thousands of U.S. dollars) Total Segment Operating Margin Less: Core SG&A Less: Pro rata share of Core SG&A from unconsolidated entities Less: Deferred earnings from contracted LNG sales Less: Revenue recognized from deferred earnings from cargo sales ‘Add: Depreciation in Cost of Sales Adjusted
Slide 22: Appendix: Core SG&A
Appendix Core SG&A (in thousands of U.S. dollars) Q1 2024 Q2 2024 Q3 2024 Total Selling, general and administrative $70,754 $70,578 $82,388 Core SG&A 44,112 38,190 25,723 SG&A items excluded from Core SG&A 26,642 32,388 56,665 Q4 2024 $61,800 34,484 27,316 FY 2024 $285,520 142,509 143,011 Q1 2025 $5
Slide 23: Segment operating margin reconciliation Q1 2025
Appendix Segment operating margin reconciliation Three Months Ended March 31, 2025 (in thousands of $) ferminesand Ships Total Segment Consolidation Consolidated Total revenues 431,927 38,609 470,536 - 470,536 Cost of sales (1) 302,377 - 302,377 - 302,377 Vessel operating expenses - 7176 7176 - 7176
Slide 24: Segment operating margin reconciliation Q4 2024
Appendix Segment operating margin reconciliation Three Months Ended December 31, 2024 (in thousands of $) ferminesand Ships Total Segment Consolidation Consolidated Total revenues 528,908 42,363 571,271 107,727 678,998 Cost of sales 2) 288,398 - 288,398 - 288,398 Vessel operating expenses - 8,219 8,
Slide 25: Funds from Operations
Appendix Funds from Operations (in thousands of $ except for share amounts) Q4 2024 Net income (loss) attributable to common stockholders (242,139) Loss on extinguishment of debt, net 260,309 Depreciation/Amortization 38,746 Non-cash impairment charges, net of tax 10,738 (Gain) loss on sale of asset
Slide 26: 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 27: Endnotes
Endnotes “Core Recurring’ is used to reflect the Company's downstream terminal revenues and revenues from our ship segment as well asrevenue related to cargo sales that also could have been used to provide LNG or gas to our terminals for sale to customers, The Company believes these are recurring re
Slide 28: Endnotes
10. iW. 12. 13. 14, 15. 16. 7. 18. @ Endnotes “FEMA Claim’ In March 2024, our contract to provide emergency power services to support the grid stabilization project was terminated, We are pursuing a $659 million request for equitable adjustment related to the early termination of our contract. The a
Slide 29: Endnotes
19. Endnotes “Funds From Operations" and "Funds From Operations per share" means net income attributable to stockholders, computed in accordance with GAAP, excluding gains or losses from sales of assets, depreciation and amortization and impairment charges. We compute FFO in accordance with our inte