Slide 1: Supplemental Information First Quarter 2024
Repauno Port & Rail Terminal Jefferson Terminal Supplemental Information First Quarter 2024 0 Union Railroad Company (Transtar) Long Ridge Energy & Power
Slide 2: 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.” The information contained on, or accessible through, a
Slide 3: First Quarter Review
First Quarter Review (Fra INFRASTRUCTURE
Slide 4: Consolidated Financial Results
Consolidated Financial Results 1Q net loss of $(56.6) million; 1Q core segment Adj. EBITDA (1) of $37.2 million Consolidated results in line with 4Q after adjusting for Jefferson’s non-recurring gain of ~$5 million ($ in millions) 1Q’23 4Q’23 1Q’24 Net loss $(40.6) $(48.2) $(56.6) Adjusted EBITD
Slide 5: 1Q Core Segment Highlights
1Q Core Segment Highlights ($ in millions) Adj. EBITDA(1) Highlights Record quarterly revenue, carloads and average rate per car; expect continued growth as year progresses(3) (2) $21.7 New railcar repair facility at Union Railroad commenced operations in 1Q and anticipate will operate at capaci
Slide 6: Capital Structure
Capital Structure Capitalized with senior secured notes and preferred equity Jefferson asset-level debt low cost, non-recourse to FIP, non-callable in event of sale Capital Structure Company Structure ($ in millions) March 31, 2024 Cash & Cash Equivalents $23.0 $600mm senior secured notes $300
Slide 7: Core Segment Review
Core Segment Review (Fra INFRASTRUCTURE
Slide 8: Railroad
Railroad Net income of $14.4 million; Adj. EBITDA(1) of $21.7 million Record quarterly revenue, carloads and average rate per car; expect continued growth as year progresses(2) Railcar repair facility at Union Railroad commenced operations in 1Q’24 and anticipate will operate at capacity(2)
Slide 9: Jefferson Terminal
Jefferson Terminal Net loss of $(11.1) million; Adj. EBITDA(1) of $6.8 million Strong 2Q momentum and expect record quarterly throughput and revenue(2) Advancing on several long-term contracts which combined represent a potential $75+ million of annual Adj. EBITDA(2) Financial Summary Update o
Slide 10: Repauno
Repauno Long-term Phase 2 contracts are taking shape − Anticipate an initial combined 30k+ bpd upon execution(2) Financial Summary Update on Initiatives(2) ($ in millions) ($ in millions) 1Q’23 4Q’23 1Q’24 1Q’24 Adj. EBITDA(1) $(1.7) Opportunity Status Target Adj. EBITDA Total Revenue $(1.5) $4.1
Slide 11: Long Ridge
Long Ridge Net loss of $(5.4) million; Adj. EBITDA(1) of $10.4 million Power plant operated efficiently at a capacity factor of 98% Multiple new business opportunities all progressing(2) − AI-focused onsite data center customer represents a significant opportunity Financial Summary Update on I
Slide 12: Appendix
(Fra INFRASTRUCTURE
Slide 13: Appendix
Appendix: ▪ Statement of Operations by Segment ▪ Comparative Statements of Operations ▪ Condensed Balance Sheets by Segment ▪ Reconciliation of Non-GAAP measures 12
Slide 14: Statement of Operations by Segment (unaudited) - Q1 2024
Statement of Operations by Segment (unaudited) Three Months Ended March 31, 2024 Ports and Terminals Sustainability Railroad Power and Gas and Energy Corporate and Total Jefferson Terminal Repauno Other Transition ($s in thousands) Revenues Total revenues $ 46,312 $ 18,616 $ 4,079 $ — $ — $ 13,528 $
Slide 15: Statement of Operations by Segment (unaudited) - Q1 2023
Statement of Operations by Segment (unaudited) Three Months Ended March 31, 2023 Ports and Terminals Sustainability Railroad Power and Gas and Energy Corporate and Total Jefferson Terminal Repauno Other Transition ($s in thousands) Revenues Total revenues $ 41,005 $ 19,092 $ (1,453) $ — $ — $ 17,850
Slide 16: Appendix
Appendix: ▪ Statement of Operations by Segment ▪ Comparative Statements of Operations ▪ Condensed Balance Sheets by Segment ▪ Reconciliation of Non-GAAP measures 15
Slide 17: Consolidated (unaudited)
Consolidated (unaudited) Three Months Ended ($s in thousands) 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 Revenues Total revenues $ 76,494 $ 81,832 $ 80,706 $ 81,440 $ 82,535 Expenses Operating expenses 65,162 62,775 68,416 57,319 64,575 General and administrative 3,201 3,702 2,485 3,445 4,86
Slide 18: Railroad (unaudited)
Railroad (unaudited) Three Months Ended ($s in thousands) 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 Revenues Lease income $ 437 $ 400 $ 394 $ 421 $ 411 Rail revenues 40,568 42,146 41,470 43,609 45,901 Total revenues 41,005 42,546 41,864 44,030 46,312 Expenses Operating expenses 25,235 22,25
Slide 19: Jefferson Terminal (unaudited)
Jefferson Terminal (unaudited) Three Months Ended ($s in thousands) 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 Revenues Lease income $ 306 $ 319 $ 343 $ 469 $ 797 Terminal services revenues 18,786 16,785 16,267 18,871 17,819 Total revenues 19,092 17,104 16,610 19,340 18,616 Expenses Operatin
Slide 20: Repauno (unaudited)
Repauno (unaudited) Three Months Ended ($s in thousands) 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 Revenues Terminal services revenues $ 362 $ 4,083 $ 4,087 $ 4,109 $ 4,078 Other revenue (1,815) (136) — 1 1 Total revenues (1,453) 3,947 4,087 4,110 4,079 Expenses Operating expenses 4,929 5,7
Slide 21: Power and Gas (unaudited)
Power and Gas (unaudited) Three Months Ended ($s in thousands) 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 Expenses Operating expenses $ 424 $ 173 $ 1,393 $ 736 $ 692 Acquisition and transaction expenses 22 49 — 23 — Total expenses 446 222 1,393 759 692 Other (expense) income Equity in earnin
Slide 22: Sustainability and Energy Transition (unaudited)
Sustainability and Energy Transition (unaudited) Three Months Ended ($s in thousands) 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 Expenses Operating expenses $ 1 $ 28 $ — $ — $ — Acquisition and transaction expenses 1 — — — — Total expenses 2 28 — — — Other (expense) income Equity in losses o
Slide 23: Corporate and Other (unaudited)
Corporate and Other (unaudited) Three Months Ended ($s in thousands) 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 Revenues Roadside services revenues $ 17,850 $ 18,235 $ 18,145 $ 13,960 $ 13,528 Total revenues 17,850 18,235 18,145 13,960 13,528 Expenses Operating expenses 18,148 18,551 18,964
Slide 24: Appendix
Appendix: ▪ Statement of Operations by Segment ▪ Comparative Statements of Operations ▪ Condensed Balance Sheets by Segment ▪ Reconciliation of Non-GAAP measures 23
Slide 25: Condensed Balance Sheets by Segment - March 31, 2024
Condensed Balance Sheets by Segment March 31, 2024 Ports and Terminals Sustainability and Corporate and Railroad Power and Gas Energy Transition Other Total ($s in thousands) Jefferson Terminal Repauno Gross Property, Plant and Equipment (PP&E) $ 488,844 $ 1,078,294 $ 329,804 $ — $ — $ 11,461 $ 1,90
Slide 26: Condensed Balance Sheets by Segment - December 31, 2023
Condensed Balance Sheets by Segment December 31, 2023 Ports and Terminals Sustainability and Corporate and Railroad Power and Gas Energy Transition Other Total ($s in thousands) Jefferson Terminal Repauno Gross Property, Plant and Equipment (PP&E) $ 487,654 $ 1,084,822 $ 326,665 $ — $ — $ 7,995 $ 1,
Slide 27: Appendix
Appendix: ▪ Statement of Operations by Segment ▪ Comparative Statements of Operations ▪ Condensed Balance Sheets by Segment ▪ Reconciliation of Non-GAAP measures 26
Slide 28: Adjusted EBITDA Reconciliation by Segment - Q1 2024
Adjusted EBITDA Reconciliation by Segment (unaudited) Three Months Ended March 31, 2024 Jefferson Sustainability Corporate and Railroad Terminal Repauno Power and Gas and Energy Other Total ($s in thousands) Transition Net income (loss) attributable to stockholders $ 14,436 $ (11,120) $ (4,260) $ (5
Slide 29: Adjusted EBITDA Reconciliation by Segment - Q1 2023
Adjusted EBITDA Reconciliation by Segment (unaudited) Three Months Ended March 31, 2023 Jefferson Sustainability Corporate and Railroad Terminal Repauno Power and Gas and Energy Other Total ($s in thousands) Transition Net income (loss) attributable to stockholders $ 8,098 $ (9,162) $ (8,831) $ 8,54
Slide 30: Notes to Non-GAAP reconciliations - Adjusted EBITDA
Notes to Non-GAAP reconciliations - Adjusted EBITDA ($s in thousands) (1) Refer to FIP's Q4'23 Earnings Supplement, Q3’23 Earnings Supplement and Q2’23 Earnings Supplement for Adjusted EBITDA reconciliation by segment for the three months ended December 31, 2023, September 30, 2023 and June 30, 2023
Slide 31: Notes to Non-GAAP reconciliations - Adjusted EBITDA (continued)
Notes to Non-GAAP reconciliations - Adjusted EBITDA (continued) ($s in thousands) (4) Total Includes the following item for the three months ended March 31, 2023: Railroad severance expense of $1,288. Railroad Includes the following item for the three months ended March 31, 2023: Railroad severance
Slide 32: 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