Slide 1: Q2 2026 Investor Update
Q2 2026 Investor Update July 2026 Delivering energy for what’s NEXT
Slide 2: Disclaimer Statement
Disclaimer Statement This Presentation contains certain statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than
Slide 3: Recent Developments and Key Highlights
Recent Developments and Key Highlights Advancing Safely energized main substation with 138kV power in May 2026 toward first Seconded >100 operational employees to Bechtel as part of LNG production preparations for commissioning and start-up in 1H 2027 Over 6,000 workers on site daily Refinance
Slide 4: Construction Continues Safely, on Budget, and Ahead of Schedule
Construction Continues Safely, on Budget, and Ahead of Schedule Recent Construction Highlights Construction Progress as of June 2026 • Safely energized main substation with 138kV power in May 74.0% • Seconded >100 operational employees to Bechtel in June in Trains 1 and 2 preparation for commissioni
Slide 5: Train 6 Development Advancing
Train 6 Development Advancing • Filed formal application with FERC for Train 6 in May 2026 • FERC issued the schedule of environmental review in July • Final Environmental Impact Statement expected June 25, 2027 • Filed DOE application for Train 6 LNG export authorizations in June 2026 • Advancing c
Slide 6: Middle East Conflict Has Dramatically Altered “Third Wave” Dynamic
Middle East Conflict Has Dramatically Altered “Third Wave” Dynamic Uncertain timing of return of existing Middle East LNG supply and delays to expansion projects have removed material amounts of LNG supply from the global market through 2030+ (MTPA) Historical and Projected LNG Supply Prior to Middl
Slide 7: Recent Financial Transactions
Recent Financial Transactions • Termed out a significant portion of outstanding Rio Grande LNG, LLC (Phase 1) bank facility debt in June and July 2026, diversifying debt maturities and freeing up bank capacity for future expansions • Rio Grande LNG Intermediate HoldCo Borrower, LLC (Phase 1 HoldCo B
Slide 8: 2Q 2026 Financials
2Q 2026 Financials • Two vessel charters began in 2Q, additional charters to begin throughout 2026 • Vessel charters accounted for as finance leases – leased vessels recorded as assets and lease liabilities on balance sheet, included primarily in depreciation and amortization expense and interest ex
Slide 9: NextDecade Investment Highlights
NextDecade Investment Highlights 8
Slide 10: Providing the World Access to Lower-Carbon Energy
Providing the World Access to Lower-Carbon Energy Maximizing shareholder value by safely and efficiently delivering lower-carbon energy through LNG infrastructure Rio Grande LNG Facility NextDecade is developing and constructing the Rio Grande LNG Facility, a natural gas liquefaction and export faci
Slide 11: NextDecade Key Investor Highlights
NextDecade Key Investor Highlights 1 Strong Asset Development Platform at Rio Grande LNG Site 2 Valuable Relationships with High-Quality Counterparties Across the Value Chain 3 Growth Momentum Supported by Robust Market Fundamentals 4 Strong Commitment to Sustainability and Social Responsibility 10
Slide 12: NextDecade Key Investor Highlights
NextDecade Key Investor Highlights Construction of Trains 1-5 progressing safely and on budget, guaranteed completion dates range from 2027 – 1H 2031 1 Phase 1 (Trains 1–3) tracking ahead of guaranteed schedule, first LNG from Train 1 expected in 1H 2027 Strong Organic Growth Platform at Developing
Slide 13: NextDecade Key Investor Highlights
NextDecade Key Investor Highlights EPC partner has unmatched track record of liquefaction project deliverability on time and on budget 2 Commercial offtake agreements (LNG SPAs) with creditworthy, leading players in the global LNG market Valuable Relationships with Project design utilizes establish
Slide 14: NextDecade Key Investor Highlights
NextDecade Key Investor Highlights Signed over 7 MTPA of 20-year LNG SPAs in 2025 with creditworthy counterparties Aramco, TotalEnergies, JERA, EQT, and ConocoPhillips for Trains 4 and 5 at Rio Grande LNG 3 Filed formal application with FERC for Train 6 and third berth in 2Q 2026, goal to leverage c
Slide 15: NextDecade Key Investor Highlights
NextDecade Key Investor Highlights NextDecade seeks to deliver secure, affordable, and cleaner energy through the safe and efficient development and operation of liquefaction capacity at Rio Grande LNG 4 LNG displaces coal and other solid fuels in developing Strong Commitment countries, providing en
Slide 16: 2026 Priorities
2026 Priorities 15
Slide 17: Progress on Key 2026 Priorities
Progress on Key 2026 Priorities NextDecade 2026 Priorities Year-to-Date Progress Phase 1 continues to track ahead of guaranteed Progress construction of Trains 1-5 safely, on schedule, within budget, and safely budget, and ahead of schedule Electrical commissioning of Train 1 progressing, site s
Slide 18: Progress on 2026 Financial Priorities
Progress on 2026 Financial Priorities 1. Opportunistically term out a portion of 2. Evaluate potential Train 6 financing options project-level credit facility balances in debt • Target high level of long-term SPAs to allow debt capital markets maximization at project level • Manage and diversify deb
Slide 19: LNG Market Dynamics
LNG Market Dynamics 18
Slide 20: Robust Global Gas Demand Growth Calls for Incremental LNG Supply
Robust Global Gas Demand Growth Calls for Incremental LNG Supply bcm 6,000 • Expect growth in global gas demand to LNG Pipeline Gas remain strong into 2030s and beyond 5,000 - Economic growth and electrification driving demand in developing countries 4,000 - Increased focus on energy security across
Slide 21: Recent Events Underscore Attractiveness of Long-Term U.S. LNG Supplies
Recent Events Underscore Attractiveness of Long-Term U.S. LNG Supplies Short-Term LNG Market Price vs. Estimated U.S. LNG SPA Delivered Price to Asia1 2021 – Present Stable Henry-Hub linked $30 pricing serves as buffer Average Average against market price shocks 2021-Present 2023-Present and tight m
Slide 22: Existing Regas Capacity Can Accommodate Substantial LNG Supply Growth
Existing Regas Capacity Can Accommodate Substantial LNG Supply Growth Operational regas capacity is expected to accommodate ~1,350 MTPA of LNG by 2030, supporting significant additional LNG supply capacity • ~50 countries around the globe have operational regas infrastructure • Robust existing globa
Slide 23: Rio Grande LNG Facility
Rio Grande LNG Facility 22
Slide 24: Rio Grande LNG Site in Great Location for Liquefaction Development
Rio Grande LNG Site in Great Location for Liquefaction Development Access to uncongested port Strong geotechnical conditions and waterway requiring less piling Area historically subject to Proximity to prolific natural fewer named storms than gas resources in Permian and other areas of U.S. Gulf Coa
Slide 25: Potential to Be One of World’s Largest LNG Production and Export Sites
Potential to Be One of World’s Largest LNG Production and Export Sites MTPA ~12 MTPA ~60 MTPA 60 50 ~18 MTPA 40 ~30 MTPA 30 ~48 MTPA 20 currently under construction or 10 in development 0 Trains 1-5 under Trains 6-8 in Potential incremental Total potential capacity at construction development capaci
Slide 26: Rio Grande LNG Facility Site Plan Trains 1–5
Rio Grande LNG Facility Site Plan Trains 1–5 World class ~1,000-acre site in south Texas with 15,000 feet of frontage on the Brownsville Ship Channel, advantaged by proximity to abundant Permian and Eagle Ford gas resources and uncongested port Texas State Pipeline Highway 48 interconnects Material
Slide 27: Valuable Relationships with High-Quality Counterparties Across Value Chain
Valuable Relationships with High-Quality Counterparties Across Value Chain LNG Customers Equity Partners Technology EPC Pipeline 26
Slide 28: Partnering with Preeminent Global LNG EPC Contractor Bechtel
Partnering with Preeminent Global LNG EPC Contractor Bechtel Construction of the Rio Grande LNG Facility is de-risked by Bechtel’s track record of successful LNG completions and by fully-wrapped, lump-sum, turnkey EPC contracts Project Scope Trains 1-5 • 5 liquefaction trains with expected productio
Slide 29: Rio Grande LNG Facility Construction Schedule
Rio Grande LNG Facility PhaseGuaranteed Construction 1 Construction Schedule Progress Update 2023 2024 2025 2026 2027 2028 2029 2030 2031 4Q 2027 Train 1 3Q 2028 Train 2 1Q 2029 Train 3 3Q 2030 Train 4 2Q 2031 Train 5 Guaranteed Construction Timeline Guaranteed Substantial Completion Date 28
Slide 30: Phase 1 Construction Progress Update
Rio Grande LNG Facility PhaseConstruction 1 Construction Progress Progress Update Train 1, June 2026 Train 2, June 2026 Train 3, June 2026 29
Slide 31: Phase 2 Construction Progress Update
Rio Grande LNG Facility PhaseConstruction 1 Construction Progress Progress Update Train 4, June 2026 Train 5, June 2026 30
Slide 32: Feed Gas Sourcing and Transportation Strategy
Rio Grande LNG Facility Feed Gas Sourcing and Transportation Strategy Executing a diversified gas sourcing and transportation strategy to capitalize on proximity to sources that are expected to produce significant quantities of low-cost natural gas for decades • Executing substantial and diversified
Slide 33: Long-Term LNG Sale and Purchase Agreements Overview
Long-Term LNG Sale and Purchase Agreements Overview Phase 1 Train 4 Train 5 Counterparties 93% FOB SPA Type 100% FOB 100% FOB 7% DES Average Term 19.2 years 20 years 20 years 91% HH Index 100% HH 100% HH 9% Brent SPA volume (MTPA)1 16.2 4.6 4.5 % Capacity Contracted ~90%2 ~77% ~75% ~85% of five-trai
Slide 34: Trains 1-5 Funding Summary
Rio Grande LNG Trains 1-5 Funding Summary • Financed ~66% debt / ~34% equity at FID Phase 1 • $6.2 billion total equity commitments1 from NextDecade, Global Infrastructure Partners (GIP), GIC, $18.0 billion Mubadala, and TotalEnergies estimated total • $1.0 billion equity from RGLNG HoldCo Borrower2
Slide 35: Rio Grande LNG Facility Equity Partners
Rio Grande LNG Facility Equity Partners Financial Investors Total Commitments $2.7 Billion Total Commitments $7.5 Billion Total Commitments $1.3 Billion • Phase 1 • Phase 1 • Phase 1 - ~$0.3 billion commitment completed - ~$4.8 billion total commitments - ~$1.0 billion commitment - Up to 20.8% econo
Slide 36: Train 4 and 5 Equity Commitments Fully Funded with No Material Impact to Equity
NextDecade’s Train 4 and 5 Equity Commitments Fully Funded with No Material Impact to Equity Train 4 and 5 equity funding commitments of ~$2.4 billion fully funded utilizing approach with lowest estimated cost of capital and highest impact to cash flow per share ~$0.2 Billion Cash • Cash committed f
Slide 37: Developing and Advancing Trains 6-8 on the Path to Doubling Capacity
Developing and Advancing Trains 6-8 on the Path to Doubling Capacity Train 6 • Submitted formal FERC application for Train 6 and a third berth in 2Q 2026 T6 • FERC issued schedule of environmental review in July, final Environmental Impact Statement expected June 25, 2027 • Progressing discussions w
Slide 38: Capital Structure and Financial Guidance
Capital Structure and Financial Guidance 37
Slide 39: NextDecade Summary Capital Structure
NextDecade Summary Capital Structure NextDecade Corporation (NASDAQ: NEXT) NextDecade LNG, LLC $175 million1 13.50% senior secured loans due 2030 $100 million1 8.00% senior secured exchangeable Rio Grande LNG Super loans due 2030 Holdings, LLC Rio Grande LNG Phase 1 $1.20 billion1 13.0% senior secur
Slide 40: Guidance from Train 1 Start-Up to Train 5 Completion
Guidance from Train 1 Start-Up to Train 5 Completion: Robust Cash Flow Projected Across Range of Market Margins TBtu 5,000 Projected LNG Production Volumes Train 1 Start-Up to Train 5 DFCD1 Projected NextDecade Share of Rio TBtu (Early Volumes ~2027 – 2Q 2031) Grande LNG Project-Level DCF 4,500 $2.2
Slide 41: Early Cash Flows Bridge to Strong, Optimized Balance Sheet
Early Cash Flows Bridge to Strong, Optimized Balance Sheet • Balance sheet optimization and strength paramount for long-term success • Target 3.0– to -3.5x debt to Adjusted EBITDA at NextDecade level1 following Train 5 DFCD • Visible paths to optimize balance sheet and achieve target leverage • Expe
Slide 42: Steady State Annual Financial Guidance Pricing Sensitivities
Steady State Annual Financial Guidance Pricing Sensitivities: Robust Cash Flow Expected Across Range of Market Margins Projected NextDecade Annual Steady State Distributable Cash Flow Additional Pricing Sensitivity Reaffirm Existing Guidance (Assumes ~2 MTPA additional SPAs and maximization of proje
Slide 43: NextDecade Capital Priorities
NextDecade Capital Priorities 1. Protect safe and reliable operations by maintaining high-integrity assets 2. Maintain investment grade metrics for Rio Grande LNG Phase 1, Train 4, and Train 5 • Plan to term out project-level loans and stagger maturities via opportunistic debt capital markets transa
Slide 44: Empowering the Rio Grande Valley Community
Empowering the Rio Grande Valley Community 43
Slide 45: NextDecade is Committed to the Rio Grande Valley Community
NextDecade is Committed to the Rio Grande Valley Community Fostering a long-lasting partnership with local stakeholders to create value, provide opportunities, and contribute to a thriving community for all • Continuous engagement with local stakeholders to: - Obtain a greater understanding of commu
Slide 46: NextDecade is Committed to the Rio Grande Valley Community
NextDecade is Committed to the Rio Grande Valley Community Fostering a long-lasting partnership with local stakeholders to create value, provide opportunities, and contribute to a thriving community for all • NextDecade’s community engagement is founded on four core values: “The Rio Grande LNG proje
Slide 47: Miradores Environmental Mitigation Project
Miradores Environmental Mitigation Project Restoration of the Miradores Mitigation Site near Brownsville, Texas, began in September 2023 and was completed in June 2025, placing more than 1,500 acres under a conservation easement “As a longtime steward of this land, it’s incredibly meaningful to see
Slide 48: Appendix
Appendix 47
Slide 49: Key Assumptions and Details
Key Assumptions and Details Steady state period refers to the period beginning when respective trains have been completed and placed in operation and deliveries under each train’s LNG SPAs have commenced. Projected guidance assumes SPA contract price for all contracted volumes and a $3.00/MMBtu or $
Slide 50: Non-GAAP Measures
Non-GAAP Measures Rio Grande LNG Project-Level Adjusted EBITDA, Rio Grande LNG Project-Level Distributable Cash Flow, NextDecade Share of Rio Grande LNG Project-Level Distributable Cash Flow, and NextDecade Distributable Cash Flow are non-GAAP financial measures that we use to assess operating perfo
Slide 51: Delivering energy for what’s NEXT
Investor Relations Contacts: Megan Light John Montano Vice President, Investor Relations Senior Analyst, Investor Relations mlight@next-decade.com jmontano@next-decade.com 832-981-6583 832-397-6140 Delivering energy for what’s NEXT www.next-decade.com