Ftai Infrastructure Inc. · NASDAQ:FIP
Ftai Infrastructure — Q3 2025 Earnings Presentation
40 slides from Ftai Infrastructure's earnings presentation, Oct 31, 2025
Slide 1: Supplemental Information Third Quarter 2025
(Fra INFRASTRUCTURE Supplemental Information Third Quarter 2025
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, an
Slide 3: 2025 Third Quarter Review
2025 Third Quarter Review eZ (Fra INFRASTRUCTURE
Slide 4: Financial Results
Financial Results * 3Q Consolidated Adj. EBITDA") of $70.9 million - Closed the Wheeling and Lake Erie Railway (the “W&LE”) transaction in the final week of August, contributing $8.4 million in Adj. EBITDA!) over a five-week span - Commenced Long Ridge West Virgina gas sales in the third week of Aug
Slide 5: Third Quarter Highlights
Third Quarter Highlights!) " Strong results driven by rail segment and Long Ridge operating performance = $29.1 million of Adj. EBITDAI2) ‘ranstar Wheeling & Lake Erie RAILWAY COMPANY * Closed acquisition of W&LE into a voting trust on August 25 * Integration planning well progressed, pending STB ap
Slide 6: Fourth Quarter Initiatives
Fourth Quarter Initiatives!) " Three key initiatives are in motion for the fourth quarter Receive STB Explore strategic Reine Tae <aine approval and alternatives at integrate W&LE Long Ridge parent-level debt may vary materially, Please see “Disclaimers” atthe beginning of the Presentation. (er AL I
Slide 7: Capital Structure
Capital Structure " Capitalized with parent-level term loan and preferred equity, as well as nomrecourse (to FIP) debt at subsidiaries * Planning near-term refinancing of existing parent-level term loan Capital Structure Balance Sheet Priorities!) ($ millions) June 30, 2025 September 30, 2025 1) Ref
Slide 8: Core Segment Review
Core Segment Review eZ (Fra INFRASTRUCTURE
Slide 9: Railroads
Railroads " Generated Adj. EBITDA") of $29.1 million, up from $20.7 million in 2Q 2025 - W68LE contributed $8.4 million in Adj. EBITDA!) over a five-week span Financial Summary Near-Term Priorities!) Be per car 3Q'24 20'25 3Q'25"7) " Receive STB approval for full control of the W&LE, and execute on
Slide 10: Integrate Wheeling and Lake Erie Railway
Integrate Wheeling and Lake Erie Railway = Opportunities identified and ready to implement after STB approval ® Target annual Adj. EBITDA") of ~$220 million by the end of 2026, excluding growing pipeline of revenue opportunities across the rail the platform Rail Segment Pro Forma Adj. EBITDA')(2) Ex
Slide 11: Long Ridge
Long Ridge " Generated Adj. EBITDA") of $35.7 million, which includes 6 weeks of West Virginia gas sales = West Virginia wells achieved full production and are producing excess gas for sale into market ($ millions) 3Q'24 2Q’25 3Q’25 no " Uprate: “fast-tracked” by PJM for 20MW increase in generation,
Slide 12: Exploring Strategic Alternatives at Long Ridge
Exploring Strategic Alternatives at Long Ridge ® Long Ridge has grown tremendously, with Adj. EBITDA" increasing from ~$37 million in 2022 to an annualized ~$143 million based on 3Q 2025 results. " Highly attractive macro environment with unprecedented levels of demand for new power assets " If mone
Slide 13: Jefferson Terminal
Jefferson Terminal " Generated Adj. EBITDA!) of $11.0 million Financial Summary Near-Term Priorities!) ($ millions) 3Q'24 2Q'25 3Q’25 * Ammonia export transloading contract to commence in November and pipeline reversal project nearly complete Throughput (kbd) 169.6 203.3 192.2 " New contracts in neg
Slide 14: Repauno
Repauno = Phase 3 underground caverns permit granted in October " Phase 2 construction on time and on budget with a commencement of operations targeted for 4Q 2026 Financial Summary Near-Term Priorities(?) Contract Project Product Bbls / Day Term ($ millions) 3Q'24 2Q'25 3Q'25 Contract 1 Phase 1 But
Slide 15: Appendix
Appendix eZ (Fra INFRASTRUCTURE
Slide 16: Appendix: Statement of Operations by Segment
Appendix: « Statement of Operations by Segment eZ ‘G 1) As of September 30, 2025, under GAAP, WALE is accounted for as an equity method investment and is not consolidated. Is prof and loss are recorded os equity in earnings (losses) of TAILINFRASTRUCTURE unconsolidated entities.
Slide 17: Statement of Operations by Segment (unaudited)
Statement of Operations by Segment (unaudited) Three Months Ended September 30, 2025 Ports and Terminals inabili " Railroad - Powerond Gos ond Brergy’ — Co¥Paxale ond Total ($ thousands) Jefferson Terminal Repauno Transition Revenues Total revenues $ 42,913 $ 21,131 $ 2,954 $ 58,634 - $ 14,924 140,5
Slide 18: Statement of Operations by Segment (unaudited)
Statement of Operations by Segment (unaudited) Three Months Ended September 30, 2024 ($ thousands) Revenues Total revenues Expenses Operating expenses General and administrative Acquisition and transaction expenses Management fees and incentive allocation to affiliate Depreciation and amortization T
Slide 19: Statement of Operations by Segment (unaudited)
Statement of Operations by Segment (unaudited) Nine Months Ended September 30, 2025 Ports and Terminals inabili . Railroad - Power and Gas ‘sod Evergy Corporate and Total ($ thousands) Jefferson Terminal Repauno Transition Revenues Total revenues $ 127,684 $ 62,208 $ 9,757 $ 117,724 $ - $ 41,630 |$
Slide 20: Statement of Operations by Segment (unaudited)
Statement of Operations by Segment (unaudited) Nine Months Ended September 30, 2024 Ports and Terminals inabili . Railroad - Power and Gas ‘sod Evergy Corporate and Total ($ thousands) Jefferson Terminal Repauno Transition Revenues Total revenues $ 136,731 $ 59,472 $ 11,892 $ - $ $ 42,638 |$ 250,733
Slide 21: Appendix
Appendix: « Statement of Operations by Segment * Comparative Statements of Operations * Condensed Balance Sheets by Segment = Reconciliation of Non-GAAP measures eZ ‘G TAI INFRASTRUCTURE 20
Slide 22: Consolidated (unaudited)
Consolidated (unaudited) ($ thousands) Revenues Total revenues Expenses Operating expenses General and administrative Acquisition and transaction expenses Management fees and incentive allocation to affiliate Depreciation and amortization Asset impairment Total expenses Other (expense) income Equity
Slide 23: Railroad (unaudited)
Railroad (unaudited) Three Months Ended ($ thousands) 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 Revenues Lease income $ 526 $ 465 $ 457 $ 361 |$ 402 Rail revenues 44,255 42,831 42,174 41,779 42,511 Total revenues 44,781 43,296 42,631 42,140 42,913 Expenses Operating expenses 24,723 23,941 2
Slide 24: Jefferson Terminal (unaudited)
Jefferson Terminal (unaudited) ($ thousands) Revenues Lease income Terminal services revenues Total revenues Expenses Operating expenses Acquisition and transaction expenses. Depreciation and amortization Total expenses Other income (expense) Gain on sale of assets, net Gain (loss) on modification o
Slide 25: Repauno (unaudited)
Repauno (unaudited) ($ thousands) Revenues Terminal services revenues Other revenue Total revenues Expenses Operating expenses Acquisition and transaction expenses Depreciation and amortization Total expenses Other expense Loss on extinguishment of debt Interest expense Other income Total other expe
Slide 26: Power and Gas (unaudited)
Power and Gas (unaudited) ($ thousands) Revenues Terminal services revenues Power revenues Gas revenues Total revenues Expenses Operating expenses Acquisition and transaction expenses. Depreciation and amortization Total expenses Other (expense) income Equity in (losses) earnings of unconsolidated e
Slide 27: Sustainability and Energy Transition (unaudited)
Sustainability and Energy Transition (unaudited) Three Months Ended ($ thousands) 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 Expenses Operating expenses $ — $ — $ - $§ 2 \$ - Acquisition and transaction expenses. = 17 - = = Asset impairment - 72,336 - - - Total expenses - 72,353 - 2 - Other
Slide 28: Corporate and Other (unaudited)
Corporate and Other (unaudited) Three Months Ended ($ thousands) 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 Revenues Rail revenues $ -— $ - $ - $ 513 |$ 395 Roadside services revenues 14,897 2,362 2,976 13,217 4,529 Total revenues 14,897 12,362 12,976 13,730 14,924 Expenses Operating expense
Slide 29: Appendix
Appendix: « Statement of Operations by Segment « Comparative Statements of Operations * Condensed Balance Sheets by Segment = Reconciliation of Non-GAAP measures eZ ‘G TAI INFRASTRUCTURE 28
Slide 30: Condensed Balance Sheets by Segment
Condensed Balance Sheets by Segment September 30, 2025 ($ thousands) Ports and Terminals Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and ther Total Gross Property, Plant and Equipment (PP&E) $ Accumulated Depreciation on PP&E 447,109 $ 1,583,760 (50,213) (
Slide 31: Condensed Balance Sheets by Segment
Condensed Balance Sheets by Segment December 31, 2024 ($ thousands) Gross Property, Plant and Equipment (PP&E) Accumulated Depreciation on PP&E Net PP&E Gross Leasing Equipment Accumulated Depreciation on Leasing Equipment Net Leasing Equipment Intangible Assets Goodwill All Other Assets Total Asset
Slide 32: Appendix
Appendix: « Statement of Operations by Segment « Comparative Statements of Operations * Condensed Balance Sheets by Segment * Reconciliation of Non-GAAP measures eZ ‘G TAI INFRASTRUCTURE 31
Slide 33: Adjusted EBITDA Reconciliation by Segment (unaudited)
Adjusted EBITDA Reconciliation by Segment (unaudited)!") Three Months Ended September 30, 2025 Reikood ‘207 Repeuno Powerand Gos andenegy’ Commerce nd | Ta ($ thousands) Transition Net income (loss) attributable to stockholders $ 2,949 $ (11,978) $ (6,167) $ 566 $ 479 $ (104,201) | $ (118,352) Add:
Slide 34: Adjusted EBITDA Reconciliation by Segment (unaudited)
Adjusted EBITDA Reconciliation by Segment (unaudited)!") ($ thousands) Net income (loss) attributable to stockholders Add: Provision for (benefit from) income taxes ‘Add: Equity-based compensation expense Add: Acquisition and transaction expenses Add: Gains on the modification or extinguishment of d
Slide 35: Adjusted EBITDA Reconciliation by Segment (unaudited)
Adjusted EBITDA Reconciliation by Segment (unaudited)!") ($ thousands) Net income (loss) attributable to stockholders Add: Provision for (benefit from) income faxes ‘Add: Equity-based compensation expense Add: Acquisition and transaction expenses Add: Losses on the modification or extinguishment of
Slide 36: Adjusted EBITDA Reconciliation by Segment (unaudited)
Adjusted EBITDA Reconciliation by Segment (unaudited)!") ($ thousands) Net income (loss) attributable to stockholders Add: Provision for (benefit from) income faxes ‘Add: Equity-based compensation expense Add: Acquisition and transaction expenses Add: Losses on the modification or extinguishment of
Slide 37: Notes to Non-GAAP reconciliations - Adjusted EBITDA
Notes to Non-GAAP reconciliations - Adjusted EBITDA ($ thousands) 0) Refer to FIP's Q2'25 Earnings Supplement, Q1’25 Earnings Supplement and Q4’24 Earnings Supplement for Adjusted EBITDA reconciliation by segment for the three months ended June 30, 2025, March 31, 2025 and December 31, 2024, respect
Slide 38: Notes to Non-GAAP reconciliations - Adjusted EBITDA (continued)
Notes to Non-GAAP reconciliations - Adjusted EBITDA (continued) ($ thousands) 1 Railroad Includes the following items for the three and nine months ended September 30, 2025: (i) net income of $5,185, (ii) depreciation and amortization expense of $1,852 and (iii) provision for income taxes of $1,371.
Slide 39: Notes to Non-GAAP reconciliations - Adjusted EBITDA (continued)
Notes to Non-GAAP reconciliations - Adjusted EBITDA (continued) ($ thousands) ‘ITotal Includes the following items for the three months ended September 30, 2025 and 2024: (i) equity-based compensation of $120 and $240, (ii) provision for (benefit from) income taxes of $14 and $(98), (iii) interest e
Slide 40: 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