FTAI Infrastructure Inc. Reports Second Quarter 2025 Results, Declares Dividend of $0.03 per Share of Common Stock

About this update from Ftai Infrastructure Inc.

NEW YORK , Aug. 07, 2025 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI Infrastructure”) today reported financial results for the second quarter 2025. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release. Financial Overview (in thousands, except per share data) Selected Financial Results Q2’25 Net Loss Attributable to Stockholders $ (79,816 ) Basic and Diluted Loss per Share of Common Stock $ (0.73 ) Adjusted EBITDA (1) $ 45,916 Adjusted EBITDA - Four core segments (1)(2) $ 52,642 _______________________________ (1) For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release. (2) Excludes Sustainability and Energy Transition and Corporate and Other segments. Second Quarter 2025 Dividends On August 7, 2025 , the Company’s Board of Directors (the “Board”) declared a cash dividend on its common stock of $0.03 per share for the quarter ended June 30, 2025 , payable on September 8, 2025 to the holders of record on August 25, 2025 . Business Highlights Agreed to acquire the Wheeling & Lake Erie Railway , one of the largest regional railroads in the U.S. for cash consideration of $1.05 billion Plan to refinance existing 10.50% senior notes and Series A preferred stock simultaneously with the closing of the acquisition Closed financing of $300 million of tax-exempt debt at Repauno at average coupons of 6.50%; construction of phase 2 infrastructure fully underway Additional Information For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Relations section of the Company’s website, www.fipinc.com , and the Company’s Quarterly Report on Form 10-Q, when available on the Company’s website. Nothing on the Company’s website is included or incorporated by reference herein. Conference Call In addition, management will host a conference call on Friday, August 8, 2025 at 8:00 A.M. Eastern Time . The conference call may be accessed by registering via the following link https://register-conf.media-server.com/register/BI4b5e32e58cb742c48f06db1ac56e9de4 . Once registered, participants will receive a dial-in and unique pin to access the call. A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.fipinc.com . Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast. A replay of the conference call will be available after 11:30 A.M. on Friday, August 8, 2025 through 11:30 A.M. on Friday, August 15, 2025 on https://ir.fipinc.com/news-events/events . The information contained on, or accessible through, any websites included in this press release is not incorporated by reference into, and should not be considered a part of, this press release. About FTAI Infrastructure Inc. FTAI Infrastructure primarily invests in critical infrastructure with high barriers to entry across the rail, ports and terminals, and power and gas sectors that, on a combined basis, generate strong and stable cash flows with the potential for earnings growth and asset appreciation. FTAI Infrastructure is externally managed by an affiliate of Fortress Investment Group LLC , a leading, diversified global investment firm. Cautionary Note Regarding Forward-Looking Statements Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond the Company’s control. The Company can give no assurance that its expectations will be attained and such differences may be material. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on the Company’s website ( www.fipinc.com ). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities. For further information, please contact: Alan Andreini Investor Relations FTAI Infrastructure Inc. (646) 734-9414 [email protected] Exhibit - Financial Statements FTAI INFRASTRUCTURE INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollar amounts in thousands, except share and per share data) Three Months Ended June 30 , Six Months Ended June 30 , 2025 2024 2025 2024 Revenues Total revenues $ 122,286 $ 84,887 $ 218,447 $ 167,422 Expenses Operating expenses 74,435 61,225 141,480 125,800 General and administrative 3,862 2,840 8,975 7,701 Acquisition and transaction expenses 8,704 921 12,219 1,847 Management fees and incentive allocation to affiliate 3,680 2,776 6,222 5,777 Depreciation and amortization 33,998 20,163 59,010 40,684 Asset impairment 4,401 — 4,401 — Total expenses 129,080 87,925 232,307 181,809 Other (expense) income Equity in (losses) earnings of unconsolidated entities (1,995 ) (12,788 ) 3,319 (24,690 ) (Loss) gain on sale of assets, net — (150 ) 119,828 (163 ) Loss on modification or extinguishment of debt (4,066 ) (9,170 ) (4,073 ) (9,170 ) Interest expense (59,204 ) (29,690 ) (102,316 ) (57,283 ) Other income 3,052 6,963 6,745 9,328 Total other (expense) income (62,213 ) (44,835 ) 23,503 (81,978 ) (Loss) income before income taxes (69,007 ) (47,873 ) 9,643 (96,365 ) Provision for (benefit from) income taxes 952 267 (40,562 ) 2,072 Net (loss) income (69,959 ) (48,140 ) 50,205 (98,437 ) Less: Net loss attributable to non-controlling interests in consolidated subsidiaries (11,100 ) (11,400 ) (22,501 ) (22,090 ) Less: Dividends and accretion of redeemable preferred stock 20,957 17,610 42,798 34,585 Net (loss) income attributable to stockholders $ (79,816 ) $ (54,350 ) $ 29,908 $ (110,932 ) Net (loss) income attributable to common stockholders $ (83,898 ) $ (54,350 ) $ 24,359 $ (110,932 ) (Loss) earnings per share: Basic $ (0.73 ) $ (0.52 ) $ 0.21 $ (1.06 ) Diluted $ (0.73 ) $ (0.52 ) $ 0.21 $ (1.06 ) Weighted average shares outstanding: Basic 114,880,817 105,039,831 114,491,338 104,612,209 Diluted 114,880,817 105,039,831 115,260,452 104,612,209 FTAI INFRASTRUCTURE INC. CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollar amounts in thousands, except share and per share data) (Unaudited) June 30, 2025 December 31, 2024 Assets Current assets: Cash and cash equivalents $ 33,626 $ 27,785 Restricted cash and cash equivalents 414,637 119,511 Accounts receivable, net 68,150 52,994 Other current assets 22,632 19,561 Total current assets 539,045 219,851 Leasing equipment, net 37,195 37,453 Operating lease right-of-use assets, net 66,749 67,937 Property, plant, and equipment, net 3,232,712 1,653,468 Investments 17,730 12,529 Intangible assets, net 45,223 46,229 Goodwill 401,229 275,367 Other assets 67,077 61,554 Total assets $ 4,406,960 $ 2,374,388 Liabilities Current liabilities: Accounts payable and accrued liabilities $ 223,498 $ 176,425 Debt, net 82,754 48,594 Operating lease liabilities 7,268 7,172 Derivative liabilities 30,443 — Other current liabilities 18,801 18,603 Total current liabilities 362,764 250,794 Debt, net 3,001,609 1,539,241 Operating lease liabilities 59,635 60,893 Derivative liabilities 138,340 — Other liabilities 68,692 67,104 Total liabilities 3,631,040 1,918,032 Commitments and contingencies — — Redeemable preferred stock Series A ( $0.01 par value per share; 200,000,000 total preferred shares authorized; 300,000 Series A shares issued and outstanding as of June 30, 2025 and December 31, 2024 , respectively; redemption amount of $435 .5 million and $431 .8 million at June 30, 2025 and December 31, 2024 , respectively) 397,652 381,218 Redeemable convertible preferred stock Series B ( $0.01 par value per share; 200,000,000 total preferred shares authorized; 160,000 Series B shares issued and outstanding as of March 31, 2025 ; redemption amount of $192 .0 million at June 30, 2025 ) 152,642 — Equity Common stock ( $0.01 par value per share; 2,000,000,000 shares authorized; 115,087,817 and 113,934,860 shares issued and outstanding as of June 30, 2025 and December 31, 2024 , respectively) 1,151 1,139 Additional paid in capital 724,514 764,381 Accumulated deficit (333,112 ) (405,818 ) Accumulated other comprehensive loss (17,084 ) (157,051 ) Stockholders' equity 375,469 202,651 Non-controlling interest in equity of consolidated subsidiaries (149,843 ) (127,513 ) Total equity 225,626 75,138 Total liabilities, redeemable preferred stock and equity $ 4,406,960 $ 2,374,388 FTAI INFRASTRUCTURE INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Dollar amounts in thousands, unless otherwise noted) Six Months Ended June 30 , 2025 2024 Cash flows from operating activities: Net income (loss) $ 50,205 $ (98,437 ) Adjustments to reconcile net income (loss) to net cash used in operating activities: Equity in (earnings) losses of unconsolidated entities (3,319 ) 24,690 Gain on sale of subsidiaries (119,952 ) — Loss on sale of assets, net 124 163 Loss on modification or extinguishment of debt 4,073 9,170 Equity-based compensation 2,163 4,139 Depreciation and amortization 59,010 40,684 Asset impairment 4,401 — Change in deferred income taxes (41,298 ) 1,493 Amortization of deferred financing costs 5,218 4,570 Amortization of bond discount 5,459 2,898 Amortization of other comprehensive income (4,732 ) — Paid-in-kind interest expense 897 — Provision for credit losses 195 514 Change in: Accounts receivable (2,988 ) 3,255 Other assets 2,540 (3,040 ) Accounts payable and accrued liabilities 15,593 (12,787 ) Derivative liabilities (66,178 ) — Other liabilities (2,283 ) 1,218 Net cash used in operating activities (90,872 ) (21,470 ) Cash flows from investing activities: Investment in unconsolidated entities (12,585 ) (1,639 ) Acquisition of business, net of cash acquired 226,628 — Acquisition of leasing equipment (564 ) (1,204 ) Acquisition of property, plant and equipment (148,319 ) (27,420 ) Proceeds from investor loan 11,001 — Investment in promissory notes and loans — (17,500 ) Investment in equity instruments — (5,000 ) Proceeds from sale of property, plant and equipment 2,198 111 Net cash provided by (used in) investing activities 78,359 (52,652 ) Cash flows from financing activities: Proceeds from debt, net 494,074 449,689 Repayment of debt (126,102 ) (242,001 ) Payment of financing costs (21,545 ) (10,022 ) Cash dividends - common stock (6,886 ) (6,303 ) Cash dividends - redeemable preferred stock (25,516 ) — Settlement of equity-based compensation (545 ) (3,216 ) Distributions to non-controlling interests — (15,039 ) Net cash provided by financing activities 313,480 173,108 Net increase in cash and cash equivalents and restricted cash and cash equivalents 300,967 98,986 Cash and cash equivalents and restricted cash and cash equivalents, beginning of period 147,296 87,479 Cash and cash equivalents and restricted cash and cash equivalents, end of period $ 448,263 $ 186,465 Key Performance Measures The Chief Operating Decision Maker (“CODM”) utilizes Adjusted EBITDA as our key performance measure. Adjusted EBITDA provides the CODM with the information necessary to assess operational performance, as well as make resource and allocation decisions. Adjusted EBITDA is defined as net income (loss) attributable to stockholders, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, depreciation and amortization expense, interest expense, interest and other costs on pension and other pension expense benefits (“OPEB”) liabilities, dividends and accretion of redeemable preferred stock, and other non-recurring items, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities, and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA. The following table sets forth a reconciliation of net (loss) income attributable to stockholders to Adjusted EBITDA for the three and six months ended June 30, 2025 and 2024: Three Months Ended June 30 , Change Six Months Ended June 30 , Change (in thousands) 2025 2024 2025 2024 Net (loss) income attributable to stockholders $ (79,816 ) $ (54,350 ) $ (25,466 ) $ 29,908 $ (110,932 ) $ 140,840 Add: Provision for (benefit from) income taxes 952 267 685 (40,562 ) 2,072 (42,634 ) Add: Equity-based compensation expense 910 1,799 (889 ) 2,163 4,139 (1,976 ) Add: Acquisition and transaction expenses 8,704 921 7,783 12,219 1,847 10,372 Add: Losses on the modification or extinguishment of debt and capital lease obligations 4,066 9,170 (5,104 ) 4,073 9,170 (5,097 ) Add: Changes in fair value of non-hedge derivative instruments — — — — — — Add: Asset impairment charges 4,401 — 4,401 4,401 — 4,401 Add: Incentive allocations — — — — — — Add: Depreciation and amortization expense (1) 32,086 21,596 10,490 56,743 42,693 14,050 Add: Interest expense 59,204 29,690 29,514 102,316 57,283 45,033 Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2) (100 ) 3,208 (3,308 ) 4,400 9,465 (5,065 ) Add: Dividends and accretion of redeemable preferred stock 20,957 17,610 3,347 42,798 34,585 8,213 Add: Interest and other costs on pension and OPEB liabilities (264 ) (138 ) (126 ) (529 ) 462 (991 ) Add: Other non-recurring items (3) 298 — 298 1,333 — 1,333 Less: Equity in losses (earnings) of unconsolidated entities 1,995 12,788 (10,793 ) (3,319 ) 24,690 (28,009 ) Less: Non-controlling share of Adjusted EBITDA (4) (7,477 ) (8,305 ) 828 (14,809 ) (13,987 ) (822 ) Adjusted EBITDA (Non-GAAP) $ 45,916 $ 34,256 $ 11,660 $ 201,135 $ 61,487 $ 139,648 _______________________________ (1) Includes the following items for the three months ended June 30, 2025 and 2024: (i) depreciation and amortization expense of $33,998 and $20,163 , (ii) capitalized contract costs amortization of $1,232 and $1,433 and (iii) amortization of other comprehensive income of $(3,144) and $—, respectively. Includes the following items for the six months ended June 30, 2025 and 2024: (i) depreciation and amortization expense of $59,010 and $40,684 , (ii) capitalized contract costs amortization of $2,465 and $2,009 and (iii) amortization of other comprehensive income of $(4,732) and $—, respectively. (2) Includes the following items for the three months ended June 30, 2025 and 2024: (i) net loss of $(100) and $(12,838) , (ii) interest expense of $— and $11,182 , (iii) depreciation and amortization expense of $— and $8,050 , (iv) acquisition and transaction expenses of $— and $31 , (v) changes in fair value of non-hedge derivative instruments of $— and $(3,875) , (vi) equity-based compensation of $— and $1 , (vii) asset impairment charges of $— and $163 , (viii) equity method basis adjustments of $— and $16 and (ix) other non-recurring items of $— and $478 , respectively. Includes the following items for the six months ended June 30, 2025 and 2024: (i) net income (loss) of $6,478 and $(24,780) , (ii) interest expense of $7,648 and $22,075 , (iii) depreciation and amortization expense of $2,884 and $13,180 , (iv) acquisition and transaction expenses of $201 and $50 , (v) changes in fair value of non-hedge derivative instruments of $(12,822) and $(1,822) , (vi) equity-based compensation expense of $— and $2 , (vii) asset impairment of $— and $250 , (viii) equity method basis adjustments of $10 and $32 and (ix) other non-recurring items of $1 and $478 , respectively. (3) Includes the following items for the three months ended June 30, 2025 : Railroad severance expense of $298 . Includes the following items for the six months ended June 30, 2025 : (i) incidental utility rebillings of $650 , (ii) loss on inventory heel of $385 and (iii) Railroad severance expense of $298 . (4) Includes the following items for the three months ended June 30, 2025 and 2024: (i) equity-based compensation of $86 and $268 , (ii) provision for (benefit from) income taxes of $84 and $(142) , (iii) interest expense of $3,706 and $2,639 , (iv) depreciation and amortization expense of $3,071 and $3,387 , (v) acquisition and transaction expenses of $165 and $3 , (vi) interest and other costs on pension and OPEB liabilities of $(1) and $—, (vii) asset impairment charges of $8 and $—, (viii) losses on the modification or extinguishment of debt of $356 and $2,150 and (ix) other non-recurring items of $2 and $—, respectively. Includes the following items for the six months ended June 30, 2025 and 2024: (i) equity-based compensation expense of $224 and $699 , (ii) provision for (benefit from) income taxes of $188 and $(276) , (iii) interest expense of $7,646 and $4,828 , (iv) depreciation and amortization expense of $6,140 and $6,581 , (v) acquisition and transaction expenses of $166 and $3 , (vi) interest and other costs on pension and OPEB liabilities of $(3) and $2 , (vii) asset impairment of $27 and $—, (viii) losses on the modification or extinguishment of debt of $358 and $2,150 and (ix) other non-recurring items of $63 and $—, respectively. The following tables sets forth a reconciliation of net income (loss) attributable to stockholders to Adjusted EBITDA for our four core segments for the three months ended June 30, 2025 : Three Months Ended June 30, 2025 (in thousands) Railroad Jefferson Terminal Repauno Power and Gas Four Core Segments Net income (loss) attributable to stockholders $ 7,320 $ (11,966 ) $ (9,610 ) $ (15,087 ) $ (29,343 ) Add: Provision for income taxes 768 336 25 — 1,129 Add: Equity-based compensation expense 358 327 150 — 835 Add: Acquisition and transaction expenses 2,783 69 1,980 1,397 6,229 Add: Losses on the modification or extinguishment of debt and capital lease obligations — 742 3,324 — 4,066 Add: Changes in fair value of non-hedge derivative instruments — — — — — Add: Asset impairment charges 4,401 — — — 4,401 Add: Incentive allocations — — — — — Add: Depreciation and amortization expense (1) 4,979 12,522 2,494 11,874 31,869 Add: Interest expense 112 16,000 — 24,787 40,899 Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities — — — — — Add: Dividends and accretion of redeemable preferred stock — — — — — Add: Interest and other costs on pension and OPEB liabilities (264 ) — — — (264 ) Add: Other non-recurring items (2) 298 — — — 298 Less: Equity in earnings of unconsolidated entities — — — — — Less: Non-controlling share of Adjusted EBITDA (3) (84 ) (6,948 ) (445 ) — (7,477 ) Adjusted EBITDA (Non-GAAP) $ 20,671 $ 11,082 $ (2,082 ) $ 22,971 $ 52,642 _______________________________ (1) Jefferson Terminal Includes the following items for the three months ended June 30, 2025 : (i) depreciation and amortization expense of $11,290 and (ii) capitalized contract costs amortization of $1,232 . Power and Gas Includes the following items for the three months ended June 30, 2025 : (i) depreciation and amortization expense of $15,018 and (ii) amortization of other comprehensive income of $(3,144) . (2) Railroad Includes the following items for the three months ended June 30, 2025 : Railroad severance expense of $298 . (3) Railroad Includes the following items for the three months ended June 30, 2025 : (i) equity-based compensation expense of $2 , (ii) provision for income taxes of $5 , (iii) interest expense of $1 , (iv) depreciation and amortization expense of $31 , (v) acquisition and transaction expenses of $17 , (vi) interest and other costs on pension and OPEB liabilities of $(1) , (vii) asset impairment charges of $27 and (viii) other non-recurring items of $2 . Jefferson Terminal Includes the following items for the three months ended June 30, 2025 : (i) equity-based compensation expense of $76 , (ii) provision for income taxes of $78 , (iii) interest expense of $3,707 , (iv) depreciation and amortization expense of $2,900 , (v) acquisition and transaction expenses of $16 and (vi) losses on the modification or extinguishment of debt of $171 . Repauno Includes the following items for the three months ended June 30, 2025 : (i) equity-based compensation expense of $8 , (ii) provision for income taxes of $1 , (iii) interest expense of $(2) , (iv) depreciation and amortization expense of $140 , (v) acquisition and transaction expenses of $132 , (vi) loss on the modification or extinguishment of debt of $185 and (vii) asset impairment charges of $(19) . Source: FTAI Infrastructure

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