Slide 1: Supplemental Information First Quarter 2026
Supplemental Information First Quarter 2026
Slide 2: Disclaimers
Disclaimers IN GENERAL . This disclaimerapplies to thisdocumentand the verbal or writtencommentsof any person presentingit. This document,taken togetherwithany such verbal or writtencomments,is referredto hereinas the “Presentation .” The informationcontainedon, or accessible through,any websitesinc
Slide 3: Long Ridge Transaction
Long Ridge Transaction eZ (Fra INFRASTRUCTURE
Slide 4: Sale of Long Ridge
Sale of Long Ridge (1) ▪ Entered intoagreementto sell Long Ridge to MARA Holdings, Inc. for$1.52 billion transaction value ▪ Transaction highlights: Attractive Purchase price reflects unique attributes of Long Ridge (modern, efficient,-margin); high valuation attractive return for FIP over life of t
Slide 5: Sale of Long Ridge De-Leverages Our Balance Sheet
Sale of Long Ridge De -Leverages Our Balance Sheet (1) ▪ Proceeds from the sale of Long Ridge will be used to eliminateapproximately $1.4 billion of debt ▪ Results in immediate reduction of debt service and improved coverage Before After (3) ($ millions) Total debt (2) $3,814 $2,377 Corporate fixed
Slide 6: Growth Strategy
Growth Strategy (1) ▪ Going forward, majority of revenue and Adj. EBITDA expected from rail segment 1 2 Freight Rail Energy Terminals 1Q’26 Adj. EBITDA (2) $40.2 1Q’26 Adj. EBITDA (2) $12.1 ▪ Organic growth ▪ Finish projects underway ▪ Increasingly active M&A market: − Repauno phase 2 comes online i
Slide 7: 2026 First Quarter Review
2026 First Quarter Review eZ (Fra INFRASTRUCTURE
Slide 8: Financial Results
Financial Results ▪ 1Q Consolidated Adj. EBITDA (1) totaled$70.6 million ▪ Quarter reflects 25 days of a planned outage at Long Ridge; estimated Adj. EBITDA impact of approximately $14 million in (2) the quarter (i.e., Long Ridge Adj. EBITDA would have been approximately $40 million excluding the ou
Slide 9: Business Segment Update
Business Segment Update (1) ▪ $40.2 million of 1Q Adj. EBITDA (2), up 31.4% year-over-year up from $30.6 million in 1Q 2025 pro forma(3) ▪ Advancing multiple additional M&A opportunities ▪ $26.4 million of 1Q Adj. EBITDA (2), ~$14 million impact to Adj. EBITDA from shutdown (4) ▪ Sale to MARA Holdin
Slide 10: Capitalization
Capitalization ▪ Net proceeds to FIPfrom Long Ridge salewill be used to repay FIP parent -level debt Capital Structure Debt Maturity Profile (8)(9) ($ millions) ($ millions) Pro Forma Sale of Long Ridge and Corporate Debt Near -Term $1,805 $1,720 1Q’26 Paydown(1)(4) Target (1)(4)(7) Corporate debt(2
Slide 11: Core Segment Review
Core Segment Review eZ (Fra INFRASTRUCTURE
Slide 12: Railroads
Railroads ▪ Generated Adj. EBITDA(1) of $40.2 million in 1Q Financial Summary 1Q’26 Carloads = 87.9k ($ millions, 1Q’25 Pro 1Q 2026 Revenue by commodity(4) 1Q’25 (2) 1Q’26 except rate per car) Forma(3) Grain Other Coal 7% Carloads (000s) 58.8 85.7 87.9 Industrial 2% 1% Minerals Steel 3% 24% $657 $83
Slide 13: W&LE and Transtar Integration
W&LE and Transtar Integration (1) ▪ Integration of W&LE and Transtar progressing, with substantial completion expected by the end of 2Q Rail Segment Pro Forma Adj. EBITDA (2) Cost Savings ($ millions) ▪ ~$10 million of annual run-rate savings to date $50 + $220+ ▪ Expect ~$23 million of total run -r
Slide 14: Jefferson Terminal
Jefferson Terminal ▪ Generated Adj. EBITDA(1) of $14.4 million in 1Q, inclusive of a full quarter ofammonia export transloading Financial Summary 1Q’26 Throughput ( kbd ) = 275.7 ($ millions) 1Q’25 1Q’26 5% ▪ Ammonia = 13.2 kbd ▪ Consists of exports, under a 15-year contract Throughput (kbd) 186.8 2
Slide 15: Repauno
Repauno ▪ Phase 2 construction progressing with a commencement of operations targeted in early 2027 ▪ Based on ongoing conversations, Phase 2 expected to commence at full capacity (2) Financial Summary Highlights & Near -Term Priorities(2) ($ millions) 1Q’25 1Q’26 ▪ Signed new seasonal butane contra
Slide 16: Long Ridge
Long Ridge ▪ Generated Adj. EBITDA(1) of $26.4 million in 1Q , with a capacity factor of 73% ▪ 1Q results reflects 25 days of a planned outage at Long Ridge; Adj. EBITDA (2) excluding the outage would have been ~$40 million (2) Financial Summary Quarterly Adj. EBITDA - Since 2023 (5) ($ millions) 1Q
Slide 17: Appendix
Appendix eZ (Fra INFRASTRUCTURE
Slide 18: Appendix
Appendix : (1) ▪ Statement of Operations by Segment ▪ Comparative Statements of Operations ▪ Condensed Balance Sheets by Segment ▪ Reconciliation of Non -GAAP measures 1) As of September 30, 2025, under GAAP, W&LE is accounted for as an equity method investment and is not consolidated. Its profi t a
Slide 19: Statement of Operations by Segment (unaudited)
Statement of Operations by Segment (unaudited) Three Months Ended March 31, 2026 Ports and Terminals Sustainability Railroad Power and Gas and Energy Corporate and Total Jefferson Terminal Repauno Other Transition ($ thousands) Revenues Total revenues $ 85,008 $ 27,318 $ 1,208 $ 62,006 $ — $ 12,824
Slide 20: Statement of Operations by Segment (unaudited)
Statement of Operations by Segment (unaudited) Three Months Ended March 31, 2025 Ports and Terminals Sustainability Railroad Power and Gas and Energy Corporate and Total Jefferson Terminal Repauno Other Transition ($ thousands) Revenues Total revenues $ 42,631 $ 19,449 $ 3,811 $ 17,294 $ — $ 12,976
Slide 21: Appendix
Appendix: ▪ Statement of Operations by Segment ▪ Comparative Statements of Operations ▪ Condensed Balance Sheets by Segment ▪ Reconciliation of Non -GAAP measures 20
Slide 22: Consolidated (unaudited)
Consolidated (unaudited) Three Months Ended ($ thousands) 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 Revenues Total revenues $ 96,161 $ 122,286 $ 140,556 $ 143,517 $ 188,364 Expenses Operating expenses 67,045 74,435 74,985 83,122 120,394 General and administrative 5,113 3,862 3,202 4,045 3,5
Slide 23: Railroad (unaudited)
Railroad (unaudited) Three Months Ended ($ thousands) 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 Revenues Lease income $ 457 $ 361 $ 402 $ 601 $ 1,855 Rail revenues 42,174 41,779 42,511 44,612 82,023 Other revenue — — — 43 1,130 Total revenues 42,631 42,140 42,913 45,256 85,008 Expenses Oper
Slide 24: Jefferson Terminal (unaudited)
Jefferson Terminal (unaudited) Three Months Ended ($ thousands) 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 Revenues Lease income $ 880 $ 885 $ 808 $ 695 $ 640 Terminal services revenues 18,569 20,743 20,323 22,755 26,678 Total revenues 19,449 21,628 21,131 23,450 27,318 Expenses Operating ex
Slide 25: Repauno (unaudited)
Repauno (unaudited) Three Months Ended ($ thousands) 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 Revenues Terminal services revenues $ 3,810 $ 2,713 $ 2,954 $ 1,233 $ 1,208 Other revenue 1 279 — 1 — Total revenues 3,811 2,992 2,954 1,234 1,208 Expenses Operating expenses 6,666 5,449 5,724 4,8
Slide 26: Power and Gas (unaudited)
Power and Gas (unaudited) Three Months Ended ($ thousands) 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 Revenues Terminal services revenues $ 326 $ 828 $ 393 $ 407 $ 422 Power revenues 15,780 38,010 56,517 45,876 45,628 Gas revenues 1,188 2,958 1,724 15,324 15,956 Total revenues 17,294 41,796
Slide 27: Sustainability and Energy Transition (unaudited)
Sustainability and Energy Transition (unaudited) Three Months Ended ($ thousands) 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 Expenses Operating expenses $ — $ 2 $ — $ — $ — Acquisition and transaction expenses — — — 249 — Total expenses — 2 — 249 — Other (expense) income Equity in losses of
Slide 28: Corporate and Other (unaudited)
Corporate and Other (unaudited) Three Months Ended ($ thousands) 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 Revenues Rail revenues $ — $ 513 $ 395 $ 498 $ 270 Roadside services revenues 12,976 13,217 14,529 11,472 12,554 Total revenues 12,976 13,730 14,924 11,970 12,824 Expenses Operating ex
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: Condensed Balance Sheets by Segment
Condensed Balance Sheets by Segment March 31, 2026 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) $ 1,791,890 $ 1,157,066 $ 536,142 $ 1,594,875 $ — $ 22,604
Slide 31: Condensed Balance Sheets by Segment
Condensed Balance Sheets by Segment December 31, 2025 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) $ 1,790,299 $ 1,153,518 $ 502,601 $ 1,591,392 $ — $ 21,4
Slide 32: Appendix
Appendix: ▪ Statement of Operations by Segment ▪ Comparative Statements of Operations ▪ Condensed Balance Sheets by Segment ▪ Reconciliation of Non -GAAP measures 31
Slide 33: Adjusted EBITDA Reconciliation by Segment (unaudited)
Adjusted EBITDA Reconciliation by Segment (unaudited) (1) Three Months Ended March 31, 2026 Jefferson Sustainability Corporate and Railroad Terminal Repauno Power and Gas and Energy Other Total ($ thousands) Transition Net (loss) income attributable to stockholders $ (25,214) $ (18,872) $ (8,165) $
Slide 34: Adjusted EBITDA Reconciliation by Segment (unaudited)
Adjusted EBITDA Reconciliation by Segment (unaudited) (1) Three Months Ended March 31, 2025 Jefferson Sustainability Corporate and Railroad Terminal Repauno Power and Gas and Energy Other Total ($ thousands) Transition Net income (loss) attributable to stockholders $ 13,739 $ (15,128) $ (6,793) $ 17
Slide 35: Notes to Non-GAAP reconciliations - Adjusted EBITDA
Notes to Non -GAAP reconciliations - Adjusted EBITDA ($ thousands) (1) Refer to FIP's Q 4'24 Earnings Supplement,Q 3’24 Earnings Supplementand Q 2’24 Earnings Supplementfor Adjusted EBITDA reconciliationby segmentfor the threemonthsended December 31 , 2024 , September30 , 2024 and June30 , 2024 , re
Slide 36: Notes to Non-GAAP reconciliations - Adjusted EBITDA
Notes to Non -GAAP reconciliations - Adjusted EBITDA ($ thousands) (4) Total Includes thefollowing itemsfor thethreemonthsended March 31 , 2026 : (i) Railroad severance and integrationexpenses of $1,471 and (ii) unrealized loss on investmentof $1,190 . Includes thefollowing itemsfor thethreemonthsen
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