Slide 1: Supplemental Information Fourth Quarter 2024
Supplemental Information Fourth Quarter 2024
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: 2024 Review
2024 Review (Fra INFRASTRUCTURE
Slide 4: 2024 Financial Results and Outlook
2024 Financial Results and Outlook Grew Adjusted EBITDA(1) in every segment during 2024 Expect substantial growth in 2025 driven by recently completed Long Ridge transactions and new, contracted commercial activity(2) Financial Summary Path to $400 million of Annual Adj. EBITDA(2) ($ millions) (
Slide 5: 2025 Expected to be a Transformational Year
2025 Expected to be a Transformational Year(1) Driving momentum across our portfolio Refinancing and consolidation of 100% interest results in ~$160 million of annual adj. EBITDA going forward Extremely attractive macro environment for continued growth (e.g., behind-the-meter customers) Two
Slide 6: Long Ridge Transactions
Long Ridge Transactions On February 19, 2025, closed on refinancing of existing debt and re-priced power sale contracts at ~50% higher rates − Improved leverage ratios and liquidity enhancing − Expected to increase Long Ridge annual adj. EBITDA(1) to $160 million(2) On February 26, 2025, purchas
Slide 7: Capital Structure
Capital Structure Capitalized with senior secured notes and preferred equity, as well as non-recourse debt at subsidiaries Capital Structure Recent / Near-term Financing Activity(1) Pro Forma for Long Ridge ($ millions) December 31, 2024 Refinancing & Acquisition(2) Cash & restricted cash $147 $29
Slide 8: Core Segment Review
Core Segment Review (Fra INFRASTRUCTURE
Slide 9: Railroad
Railroad Generated adjusted EBITDA of $84.3 million in 2024, up from $78.5 million in 2023 Focused on (i) organic growth driven by new third-party customers and (ii) executing on M&A strategy Financial Summary 2025 Growth Strategy(1) ($ millions, except rate per car) 3Q’24 4Q’24 2023 2024 Orga
Slide 10: Jefferson Terminal
Jefferson Terminal Generated adjusted EBITDA of $42.0 million in 2024, up from $35.7 million in 2023 Substantial growth in 2025 driven by in-place contracts commencing in the spring and summer, as well as new business opportunities Financial Summary 2025 Growth Strategy(1) ($ millions) 3Q’24 4Q’
Slide 11: Repauno
Repauno Early works construction commenced on “phase two” NGL export facility Majority of phase two capacity contracted today Financial Summary 2025 Growth Strategy(1) Complete phase two construction financing in 2Q ($ millions) 3Q’24 4Q’24 2023 2024 Contracts commence during 2026 Total reve
Slide 12: Long Ridge
Long Ridge 2024 results reflect 50.1% interest only Recent refinancing and purchase of 49.9% stake transform financial results going forward expect $160 million of annual adjusted EBITDA for 100% stake In negotiations with multiple parties for behind-the-meter developments Financial Summary
Slide 13: Appendix
(Fra INFRASTRUCTURE
Slide 14: Appendix
Appendix: ▪ Statement of Operations by Segment ▪ Comparative Statements of Operations ▪ Condensed Balance Sheets by Segment ▪ Reconciliation of Non-GAAP measures 13
Slide 15: Statement of Operations by Segment (unaudited)
Statement of Operations by Segment (unaudited) Three Months Ended December 31, 2024 Ports and Terminals Railroad Power and Gas Sustainability and Corporate and Total Jefferson Terminal Repauno Energy Transition Other ($ thousands) Revenues Total revenues $ 43,296 $ 21,174 $ 3,932 $ — $ — $ 12,362 $
Slide 16: Statement of Operations by Segment (unaudited)
Statement of Operations by Segment (unaudited) Three Months Ended December 31, 2023 Ports and Terminals Sustainability Railroad Power and Gas and Energy Corporate and Total Jefferson Terminal Repauno Other Transition ($ thousands) Revenues Total revenues $ 44,030 $ 19,340 $ 4,110 $ — $ — $ 13,960 $
Slide 17: Statement of Operations by Segment (unaudited)
Statement of Operations by Segment (unaudited) Year Ended December 31, 2024 Ports and Terminals Sustainability Railroad Power and Gas and Energy Corporate and Total Jefferson Terminal Repauno Other Transition ($ thousands) Revenues Total revenues $ 180,027 $ 80,646 $ 15,824 $ — $ — $ 55,000 $ 331,49
Slide 18: 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 ($ thousands) Revenues Total revenues $ 169,445 $ 72,146 $ 10,691 $ — $ — $ 68,190 $ 320,47
Slide 19: Appendix
Appendix: ▪ Statement of Operations by Segment ▪ Comparative Statements of Operations ▪ Condensed Balance Sheets by Segment ▪ Reconciliation of Non-GAAP measures 18
Slide 20: Consolidated (unaudited)
Consolidated (unaudited) Three Months Ended ($ thousands) 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 Revenues Total revenues $ 81,440 $ 82,535 $ 84,887 $ 83,311 $ 80,764 Expenses Operating expenses 57,319 64,575 61,225 62,766 59,108 General and administrative 3,445 4,861 2,840 2,989 4,108 A
Slide 21: Railroad (unaudited)
Railroad (unaudited) Three Months Ended ($ thousands) 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 Revenues Lease income $ 421 $ 411 $ 382 $ 526 $ 465 Rail revenues 43,609 45,901 45,256 44,255 42,831 Total revenues 44,030 46,312 45,638 44,781 43,296 Expenses Operating expenses 21,148 24,842 2
Slide 22: Jefferson Terminal (unaudited)
Jefferson Terminal (unaudited) Three Months Ended ($ thousands) 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 Revenues Lease income $ 469 $ 797 $ 802 $ 787 $ 793 Terminal services revenues 18,871 17,819 20,372 18,895 20,381 Total revenues 19,340 18,616 21,174 19,682 21,174 Expenses Operating e
Slide 23: Repauno (unaudited)
Repauno (unaudited) Three Months Ended ($ thousands) 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 Revenues Terminal services revenues $ 4,109 $ 4,078 $ 3,862 $ 3,951 $ 3,900 Other revenue 1 1 — — 32 Total revenues 4,110 4,079 3,862 3,951 3,932 Expenses Operating expenses 5,319 6,171 5,598 6,7
Slide 24: Power and Gas (unaudited)
Power and Gas (unaudited) Three Months Ended ($ thousands) 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 Expenses Operating expenses $ 736 $ 692 $ 330 $ 1 $ 1,167 Acquisition and transaction expenses 23 — 398 1,681 214 Total expenses 759 692 728 1,682 1,381 Other (expense) income Equity in los
Slide 25: Sustainability and Energy Transition (unaudited)
Sustainability and Energy Transition (unaudited) Three Months Ended ($ thousands) 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 Expenses Operating expenses $ — $ — $ 7 $ — $ — Acquisition and transaction expenses — — — — 17 Asset impairment — — — — 72,336 Total expenses — — 7 — 72,353 Other (e
Slide 26: Corporate and Other (unaudited)
Corporate and Other (unaudited) Three Months Ended ($ thousands) 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 Revenues Roadside services revenues $ 13,960 $ 13,528 $ 14,213 $ 14,897 $ 12,362 Total revenues 13,960 13,528 14,213 14,897 12,362 Expenses Operating expenses 13,503 13,738 13,614 14,
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: Condensed Balance Sheets by Segment
Condensed Balance Sheets by Segment December 31, 2024 Ports and Terminals Sustainability and Corporate and Railroad Power and Gas Energy Transition Other Total ($ thousands) Jefferson Terminal Repauno Gross Property, Plant and Equipment (PP&E) $ 506,304 $ 1,109,041 $ 376,080 $ — $ — $ 12,779 $ 2,004
Slide 29: 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 ($ thousands) Jefferson Terminal Repauno Gross Property, Plant and Equipment (PP&E) $ 487,654 $ 1,084,822 $ 326,665 $ — $ — $ 7,995 $ 1,907,
Slide 30: Appendix
Appendix: ▪ Statement of Operations by Segment ▪ Comparative Statements of Operations ▪ Condensed Balance Sheets by Segment ▪ Reconciliation of Non-GAAP measures 29
Slide 31: Adjusted EBITDA Reconciliation by Segment (unaudited)
Adjusted EBITDA Reconciliation by Segment (unaudited) Three Months Ended December 31, 2024 Jefferson Sustainability Corporate and Railroad Terminal Repauno Power and Gas and Energy Other Total ($ thousands) Transition Net income (loss) attributable to stockholders $ 12,165 $ (15,030) $ (4,179) $ (10
Slide 32: 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 ($ thousands) Transition Net income (loss) attributable to stockholders $ 19,495 $ (6,776) $ (4,202) $ (10,
Slide 33: Adjusted EBITDA Reconciliation by Segment (unaudited)
Adjusted EBITDA Reconciliation by Segment (unaudited) Year Ended December 31, 2024 Jefferson Sustainability Corporate and Railroad Terminal Repauno Power and Gas and Energy Other Total ($ thousands) Transition Net income (loss) attributable to stockholders $ 56,917 $ (48,311) $ (17,586) $ (29,199) $
Slide 34: 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 ($ thousands) Transition Net income (loss) attributable to stockholders $ 49,999 $ (36,720) $ (22,489) $ (5,249) $
Slide 35: Notes to Non-GAAP reconciliations - Adjusted EBITDA
Notes to Non-GAAP reconciliations - Adjusted EBITDA ($ thousands) (1) Refer to FIP's Q3'24 Earnings Supplement, Q2’24 Earnings Supplement and Q1’24 Earnings Supplement for Adjusted EBITDA reconciliation by segment for the three months ended September 30, 2024, June 30, 2024 and March 31, 2024, respe
Slide 36: Notes to Non-GAAP reconciliations - Adjusted EBITDA (continued)
Notes to Non-GAAP reconciliations - Adjusted EBITDA (continued) ($ thousands) (3) Sustainability and Energy Transition Includes the following items for the three months ended December 31, 2024 and 2023: (i) net loss of $(4,208) and $(5,247), (ii) depreciation expense of $696 and $561, and (iii) inte
Slide 37: Notes to Non-GAAP reconciliations - Adjusted EBITDA (continued)
Notes to Non-GAAP reconciliations - Adjusted EBITDA (continued) ($ thousands) (5) Railroad Includes the following items for the three months ended December 31, 2024 and 2023: (i) equity-based compensation of $4 and $2, (ii) provision for (benefit from) income taxes of $9 and $(5), (iii) interest exp
Slide 38: 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