Slide 1: Supplemental Information Fourth Quarter 2023
Repauno Port & Rail Terminal Jefferson Terminal Supplemental Information Fourth Quarter 2023 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: Fourth Quarter Review
Fourth Quarter Review (Fra INFRASTRUCTURE
Slide 4: Consolidated Financial Results
Consolidated Financial Results 4Q net loss of $(48.2) million; 4Q core segment Adj. EBITDA (1) of $42.4 million, representing a new quarterly record Strong momentum into 2024 across each of our four core segments Year Ended December 31, Three Months Ended, ($ in millions) 2022 2023 December 31,
Slide 5: 4Q Core Segment Highlights
4Q Core Segment Highlights ($ in millions) Adj. EBITDA(1) Highlights Record revenue of $44.0 million and record Adj. EBITDA(1) of $23.6 million New railcar repair facility at Union Railroad to open in 1Q’24 and anticipate will (2) $23.6 operate at capacity(3) Progressing on several significant
Slide 6: Capital Structure
Capital Structure Capitalized with senior secured notes and preferred equity Jefferson asset-level debt low cost, non-recourse to FIP, non-callable in event of sale Capital Structure Company Structure December 31, ($ in millions) 2023 Cash & Cash Equivalents $29.4 $600mm senior secured notes $
Slide 7: Core Segment Review
Core Segment Review (Fra INFRASTRUCTURE
Slide 8: Railroad
Railroad Net income of $19.5 million; record Adj. EBITDA(1) of $23.6 million and $78.5 million in 4Q’23 and FY’23, respectively New railcar repair facility at Union Railroad to open in 1Q’24 and anticipate will operate at capacity(2) Progressing on several significant third-party freight oppor
Slide 9: Jefferson Terminal
Jefferson Terminal Net loss of $(6.8) million; record Adj. EBITDA(1) of $14.3 million, up from $7.8 million in 3Q’23 Record average throughput of 185k bpd Advancing on several long-term contracts which combined represent a potential $75+ million of annual Adj. EBITDA(2) Financial Summary Curre
Slide 10: Repauno
Repauno Net loss of $(4.2) million; Adj. EBITDA(1) loss continued to narrow in 4Q with focus on operating expenses Moving forward with application for cavern development; approval anticipated early in the second half of 2024(2) Active discussions continue for Phase 2 expansion(2) Financial Sum
Slide 11: Long Ridge
Long Ridge Net loss of $(10.5) million; Adj. EBITDA(1) of $5.1 million, down from 3Q’23 due to 4Q scheduled maintenance Power plant performing well while gas production is reduced given low price environment Multiple new business opportunities all progressing(2) Financial Summary Current Initi
Slide 12: Appendix
(Fra INFRASTRUCTURE
Slide 13: Appendix
Appendix: ▪ Statement of Operations by Segment ▪ Comparative Statements of Operations ▪ Condensed Balance Sheets by Segment ▪ Reconciliation of Non-GAAP measures 12
Slide 14: Statement of Operations by Segment (unaudited)
Statement of Operations by Segment (unaudited) Three Months Ended December 31, 2023 Ports and Terminals Railroad Power and Gas Sustainability and Corporate and Total Jefferson Terminal Repauno Energy Transition Other ($ in thousands) Revenues Total revenues $ 44,030 $ 19,340 $ 4,110 $ — $ — $ 13,960
Slide 15: Statement of Operations by Segment (unaudited)
Statement of Operations by Segment (unaudited) Three Months Ended December 31, 2022 Ports and Terminals Sustainability Railroad Power and Gas and Energy Corporate and Total Jefferson Terminal Repauno Other Transition ($ in thousands) Revenues Total revenues $ 35,774 $ 15,538 $ 2,584 $ — $ — $ 17,495
Slide 16: Statement of Operations by Segment (unaudited)
Statement of Operations by Segment (unaudited) Year Ended December 31, 2023 Ports and Terminals Sustainability Railroad Power and Gas and Energy Corporate and Total Jefferson Terminal Repauno Other Transition ($ in thousands) Revenues Total revenues $ 169,445 $ 72,146 $ 10,691 $ — $ — $ 68,190 $ 320
Slide 17: Statement of Operations by Segment (unaudited)
Statement of Operations by Segment (unaudited) Year Ended December 31, 2022 Ports and Terminals Sustainability Railroad Power and Gas and Energy Corporate and Total Jefferson Terminal Repauno Other Transition ($ in thousands) Revenues Total revenues $ 149,661 $ 60,289 $ 4,117 $ — $ — $ 47,899 $ 261,
Slide 18: Appendix
Appendix: ▪ Statement of Operations by Segment ▪ Comparative Statements of Operations ▪ Condensed Balance Sheets by Segment ▪ Reconciliation of Non-GAAP measures 17
Slide 19: Consolidated (unaudited)
Consolidated (unaudited) Three Months Ended ($ in thousands) 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 Revenues Total revenues $ 71,391 $ 76,494 $ 81,832 $ 80,706 $ 81,440 Expenses Operating expenses 59,926 65,162 62,775 68,416 57,319 General and administrative 2,755 3,201 3,702 2,485 3,44
Slide 20: Railroad (unaudited)
Railroad (unaudited) Three Months Ended ($ in thousands) 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 Revenues Lease income $ 453 $ 437 $ 400 $ 394 $ 421 Rail revenues 35,321 40,568 42,146 41,470 43,609 Total revenues 35,774 41,005 42,546 41,864 44,030 Expenses Operating expenses 20,930 25,23
Slide 21: Jefferson Terminal (unaudited)
Jefferson Terminal (unaudited) Three Months Ended ($ in thousands) 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 Revenues Lease income $ 303 $ 306 $ 319 $ 343 $ 469 Terminal services revenues 15,235 18,786 16,785 16,267 18,871 Total revenues 15,538 19,092 17,104 16,610 19,340 Expenses Operatin
Slide 22: Repauno (unaudited)
Repauno (unaudited) Three Months Ended ($ in thousands) 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 Revenues Terminal services revenues $ 364 $ 362 $ 4,083 $ 4,087 $ 4,109 Other revenue 2,220 (1,815) (136) — 1 Total revenues 2,584 (1,453) 3,947 4,087 4,110 Expenses Operating expenses 4,808 4
Slide 23: Power and Gas (unaudited)
Power and Gas (unaudited) Three Months Ended ($ in thousands) 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 Expenses Operating expenses $ 360 $ 424 $ 173 $ 1,393 $ 736 Acquisition and transaction expenses 100 22 49 — 23 Total expenses 460 446 222 1,393 759 Other (expense) income Equity in (los
Slide 24: Sustainability and Energy Transition (unaudited)
Sustainability and Energy Transition (unaudited) Three Months Ended ($ in thousands) 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 Expenses Operating expenses $ — $ 1 $ 28 $ — $ — Acquisition and transaction expenses 251 1 — — — Total expenses 251 2 28 — — Other (expense) income Equity in loss
Slide 25: Corporate and Other (unaudited)
Corporate and Other (unaudited) Three Months Ended ($ in thousands) 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 Revenues Roadside services revenues $ 17,495 $ 17,850 $ 18,235 $ 18,145 $ 13,960 Total revenues 17,495 17,850 18,235 18,145 13,960 Expenses Operating expenses 18,989 18,148 18,551
Slide 26: Appendix
Appendix: ▪ Statement of Operations by Segment ▪ Comparative Statements of Operations ▪ Condensed Balance Sheets by Segment ▪ Reconciliation of Non-GAAP measures 25
Slide 27: Condensed Balance Sheets by Segment
Condensed Balance Sheets by Segment December 31, 2023 Ports and Terminals Sustainability and Corporate and Railroad Power and Gas Energy Transition Other Total ($ in thousands) Jefferson Terminal Repauno Gross Property, Plant and Equipment (PP&E) $ 487,654 $ 1,084,822 $ 326,665 $ — $ — $ 7,995 $ 1,9
Slide 28: Condensed Balance Sheets by Segment
Condensed Balance Sheets by Segment December 31, 2022 Ports and Terminals Sustainability and Corporate and Railroad Power and Gas Energy Transition Other Total ($ in thousands) Jefferson Terminal Repauno Gross Property, Plant and Equipment (PP&E) $ 490,304 $ 1,063,755 $ 311,420 $ 8,142 $ — $ 6,234 $
Slide 29: Appendix
Appendix: ▪ Statement of Operations by Segment ▪ Comparative Statements of Operations ▪ Condensed Balance Sheets by Segment ▪ Reconciliation of Non-GAAP measures 28
Slide 30: Adjusted EBITDA Reconciliation by Segment (unaudited)
Adjusted EBITDA Reconciliation by Segment (unaudited) Three Months Ended December 31, 2023 Jefferson Sustainability Corporate and Railroad Terminal Repauno Power and Gas and Energy Other Total ($ in thousands) Transition Net income (loss) attributable to stockholders $ 19,495 $ (6,776) $ (4,202) $ (
Slide 31: Adjusted EBITDA Reconciliation by Segment (unaudited)
Adjusted EBITDA Reconciliation by Segment (unaudited) Three Months Ended December 31, 2022 Jefferson Sustainability Corporate and Railroad Terminal Repauno Power and Gas and Energy Other Total ($ in thousands) Transition Net income (loss) attributable to stockholders $ 8,525 $ (9,620) $ (4,806) $ (1
Slide 32: Adjusted EBITDA Reconciliation by Segment (unaudited)
Adjusted EBITDA Reconciliation by Segment (unaudited) Year Ended December 31, 2023 Jefferson Sustainability Corporate and Railroad Terminal Repauno Power and Gas and Energy Other Total ($ in thousands) Transition Net income (loss) attributable to stockholders $ 49,999 $ (36,720) $ (22,489) $ (5,249)
Slide 33: Adjusted EBITDA Reconciliation by Segment (unaudited)
Adjusted EBITDA Reconciliation by Segment (unaudited) Year Ended December 31, 2022 Jefferson Sustainability Corporate and Railroad Terminal Repauno Power and Gas and Energy Other Total ($ in thousands) Transition Net income (loss) attributable to stockholders and Former Parent $ 39,122 $ (35,623) $
Slide 34: Notes to Non-GAAP reconciliations - Adjusted EBITDA
Notes to Non-GAAP reconciliations - Adjusted EBITDA ($ in thousands) (1) Refer to FIP's Q3'23 Earnings Supplement, Q2’23 Earnings Supplement and Q1’23 Earnings Supplement for Adjusted EBITDA reconciliation by segment for the three months ended September 30, 2023, June 30, 2023 and March 31, 2023, re
Slide 35: Notes to Non-GAAP reconciliations - Adjusted EBITDA (continued)
Notes to Non-GAAP reconciliations - Adjusted EBITDA (continued) ($ in thousands) (3) Sustainability and Energy Transition Includes the following items for the three months ended December 31, 2023 and 2022: (i) net loss of $(5,247) and $(2,485), (ii) depreciation and amortization expense of $561 and
Slide 36: Notes to Non-GAAP reconciliations - Adjusted EBITDA (continued)
Notes to Non-GAAP reconciliations - Adjusted EBITDA (continued) ($ in thousands) (5) Railroad Includes the following items for the three months ended December 31, 2023 and 2022: (i) equity-based compensation of $2 and $1, (ii) (benefit from) provision for income taxes of $(5) and $0, (iii) interest
Slide 37: 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