Ftai Infrastructure Inc. · NASDAQ:FIP
Ftai Infrastructure — Q4 2025 Earnings Presentation
39 slides from Ftai Infrastructure's earnings presentation, Feb 27, 2026
Slide 1: Supplemental Information Fourth Quarter 2025
Supplemental Information Fourth Quarter 2025
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: 2025 Review
2025 Review eZ (Fra INFRASTRUCTURE
Slide 4: Financial Results
Financial Results ▪ 4Q Consolidated Adj. EBITDA (1) totaled a record$80.2 million (2) , representing an annual run -rate of $320.8 million Adj. EBITDA (1) - By Quarter Adj. EBITDA (1) - Annual and Year End Run -Rate ($ millions) 4Q’24 3Q’25 4Q’25 ($ millions) Net loss $(133.6) $(118.3) $(119.0) $320
Slide 5: Business Segment Update
Business Segment Update (1) ▪ $41.3 million of 4Q Adj. EBITDA(2) ▪ Took active control of the W&LE in late December, and integration of Transtar and W&LE underway ▪ $36.2 million of 4Q Adj. EBITDA (2), impacted by ~18 days of shutdown for maintenance and to repair the generator ▪ 4Q gas production e
Slide 6: Capitalization
Capitalization ▪ Closed new $1.315 billion two-year corporate loan to refinance existing $1.25 billion bridge loan Capital Structure Pro Forma for Corporate ($ millions) December 31, 2025 Refinancing(2)(3) Cash & restricted cash $326 $301 Corporate debt $1,225 $1,315 Rail segment(1) 49 49 Jefferson(
Slide 7: 2026 Goals
2026 Goals (1) ▪ Three core goals to implement in 2026 Integrate Transtar and W&LE to Monetize Grow each of our realize cost Long Ridge business segments eliminations and efficiencies 1) Target Adj. EBITDA, future progress and earnings depend on expansion projects being completed on expected timelin
Slide 8: Core Segment Review
Core Segment Review eZ (Fra INFRASTRUCTURE
Slide 9: Railroads
Railroads ▪ Generated Adj. EBITDA(1) of $41.3 million in 4Q − 4Q results reflect a full quarter of W&LE ownership Financial Summary Highlights & Near -Term Priorities(5) ($ millions, 3Q’25 (2) 4Q’25 (3) 2024 2025 (4) except rate per car) ▪ STB approved the acquisition of W&LE in late November Carloa
Slide 10: W&LE and Transtar Integration
W&LE and Transtar Integration (1) ▪ Targeting $20 million of annual cost savings, with $10 million implemented to date on a-rate run basis and the remainder to be completed in the first half of 2026 Integration Economic Benefits ▪ Implemented to date: Run-rate savings − 15% reduction in management t
Slide 11: Long Ridge
Long Ridge ▪ Generated Adj. EBITDA(1) of $36.2 million in 4Q, includes ~18 days of downtime for maintenance and generator repair − Leveraged the outage to complete additional maintenance originally planned for the spring of 2026 Financial Summary Highlights & Near -Term Priorities(4) ($ millions) 3Q
Slide 12: Jefferson Terminal
Jefferson Terminal ▪ Generated Adj. EBITDA(1) of $13.6 million in 4Q Financial Summary Highlights & Near -Term Priorities(2) ($ millions) 3Q’25 4Q’25 2024 2025 ▪ The 23.6% improvement in 4Q Adj. EBITDA (1) compared to 3Q was driven by two key factors Throughput (kbd) 192.2 209.8 184.9 198.1 − Higher
Slide 13: 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) ▪ Phase 2 construction progress: ($ millions) 3Q’25 4Q’25 20
Slide 14: Appendix
Appendix eZ (Fra INFRASTRUCTURE
Slide 15: Appendix contents
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 16: Statement of Operations by Segment (Q4 2025)
Statement of Operations by Segment (unaudited) Three Months Ended December 31, 2025 Ports and Terminals Railroad Power and Gas Sustainability and Corporate and Total Jefferson Terminal Repauno Energy Transition Other ($ thousands) Revenues Total revenues $ 45,256 $ 23,450 $ 1,234 $ 61,607 $ — $ 11,9
Slide 17: Statement of Operations by Segment (Q4 2024)
Statement of Operations by Segment (unaudited) Three Months 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 $ 43,296 $ 21,174 $ 3,932 $ — $ — $ 12,362 $
Slide 18: Statement of Operations by Segment (FY 2025)
Statement of Operations by Segment (unaudited) Year Ended December 31, 2025 Ports and Terminals Sustainability Railroad Power and Gas and Energy Corporate and Total Jefferson Terminal Repauno Other Transition ($ thousands) Revenues Total revenues $ 172,940 $ 85,658 $ 10,991 $ 179,331 $ — $ 53,600 $
Slide 19: Statement of Operations by Segment (FY 2024)
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 20: Appendix
Appendix: ▪ Statement of Operations by Segment ▪ Comparative Statements of Operations ▪ Condensed Balance Sheets by Segment ▪ Reconciliation of Non -GAAP measures 19
Slide 21: Consolidated (unaudited)
Consolidated (unaudited) Three Months Ended ($ thousands) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Revenues Total revenues $ 80,764 $ 96,161 $ 122,286 $ 140,556 $ 143,517 Expenses Operating expenses 59,108 67,045 74,435 74,985 83,122 General and administrative 4,108 5,113 3,862 3,202 4,04
Slide 22: Railroad (unaudited)
Railroad (unaudited) Three Months Ended ($ thousands) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Revenues Lease income $ 465 $ 457 $ 361 $ 402 $ 601 Rail revenues 42,831 42,174 41,779 42,511 44,612 Other revenue — — — — 43 Total revenues 43,296 42,631 42,140 42,913 45,256 Expenses Operating
Slide 23: Jefferson Terminal (unaudited)
Jefferson Terminal (unaudited) Three Months Ended ($ thousands) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Revenues Lease income $ 793 $ 880 $ 885 $ 808 $ 695 Terminal services revenues 20,381 18,569 20,743 20,323 22,755 Total revenues 21,174 19,449 21,628 21,131 23,450 Expenses Operating e
Slide 24: Repauno (unaudited)
Repauno (unaudited) Three Months Ended ($ thousands) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Revenues Terminal services revenues $ 3,900 $ 3,810 $ 2,713 $ 2,954 $ 1,233 Other revenue 32 1 279 — 1 Total revenues 3,932 3,811 2,992 2,954 1,234 Expenses Operating expenses 4,950 6,666 5,449 5
Slide 25: Power and Gas (unaudited)
Power and Gas (unaudited) Three Months Ended ($ thousands) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Revenues Terminal services revenues $ — $ 326 $ 828 $ 393 $ 407 Power revenues — 15,780 38,010 56,517 45,876 Gas revenues — 1,188 2,958 1,724 15,324 Total revenues $ — $ 17,294 $ 41,796 $ 5
Slide 26: Sustainability and Energy Transition (unaudited)
Sustainability and Energy Transition (unaudited) Three Months Ended ($ thousands) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Expenses Operating expenses $ — $ — $ 2 $ — $ — Acquisition and transaction expenses 17 — — — 249 Asset impairment 72,336 — — — — Total expenses 72,353 — 2 — 249 Othe
Slide 27: Corporate and Other (unaudited)
Corporate and Other (unaudited) Three Months Ended ($ thousands) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Revenues Rail revenues — — 513 395 498 Roadside services revenues $ 12,362 $ 12,976 $ 13,217 $ 14,529 $ 11,472 Total revenues 12,362 12,976 13,730 14,924 11,970 Expenses Operating exp
Slide 28: Appendix
Appendix: ▪ Statement of Operations by Segment ▪ Comparative Statements of Operations ▪ Condensed Balance Sheets by Segment ▪ Reconciliation of Non -GAAP measures 27
Slide 29: Condensed Balance Sheets by Segment (2025)
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 30: Condensed Balance Sheets by Segment (2024)
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) $ 487,654 $ 1,109,041 $ 376,080 $ — $ — $ 7,995 $ 1,980,
Slide 31: Appendix
Appendix: ▪ Statement of Operations by Segment ▪ Comparative Statements of Operations ▪ Condensed Balance Sheets by Segment ▪ Reconciliation of Non -GAAP measures 30
Slide 32: Adjusted EBITDA Reconciliation by Segment (Q4 2025)
Adjusted EBITDA Reconciliation by Segment (unaudited) (1) Three Months Ended December 31, 2025 Jefferson Sustainability Corporate and Railroad Terminal Repauno Power and Gas and Energy Other Total ($ thousands) Transition Net (loss) income attributable to stockholders $ (8,191) $ (6,971) $ (8,195) $
Slide 33: Adjusted EBITDA Reconciliation by Segment (Q4 2024)
Adjusted EBITDA Reconciliation by Segment (unaudited) (1) 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 $ (11,350) $ (4,179) $
Slide 34: Adjusted EBITDA Reconciliation by Segment (FY 2025)
Adjusted EBITDA Reconciliation by Segment (unaudited) (1) Year Ended December 31, 2025 Jefferson Sustainability Corporate and Railroad Terminal Repauno Power and Gas and Energy Other Total ($ thousands) Transition Net income (loss) attributable to stockholders $ 15,817 $ (46,043) $ (30,765) $ 109,82
Slide 35: Adjusted EBITDA Reconciliation by Segment (FY 2024)
Adjusted EBITDA Reconciliation by Segment (unaudited) (1) 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 $ (44,631) $ (17,586) $ (29,19
Slide 36: Notes to Non-GAAP reconciliations - Adjusted EBITDA
Notes to Non -GAAP reconciliations - Adjusted EBITDA ($ thousands) (1) RefertoFIP'sQ 3'25 Earnings Supplement,Q 2’25 Earnings Supplementand Q 1’25 Earnings Supplementfor AdjustedEBITDA reconciliationby segmentfor thethreemonthsended September30 , 2025 , June30 , 2025 and March 31 , 2025 , respective
Slide 37: Notes to Non-GAAP reconciliations - Adjusted EBITDA (continued)
Notes to Non -GAAP reconciliations - Adjusted EBITDA (continued) ($ thousands) (3) Sustainabilityand Energy Transition Includesthefollowingitemsfor thethreemonthsended December31 , 2025 and 2024 : (i) netloss of $(153 ) and $(4,208 ), (ii) depreciationexpense of $— and $696 , and (iii) interestexpen
Slide 38: Notes to Non-GAAP reconciliations - Adjusted EBITDA (continued)
Notes to Non -GAAP reconciliations - Adjusted EBITDA (continued) ($ thousands) (5) Railroad Includes the following itemsfor the threemonthsended December 31 , 2025 and 2024 : (i) equity-based compensationof $7 and $4, (ii) provisionfor income taxes of $1 and $9, (iii) interestexpense of $3 and $1, (
Slide 39: 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