FTAI Infrastructure (FIP) investor relations material

Executive summary

• Announced agreement to sell Long Ridge asset to MARA Holdings for $1.52 billion, eliminating $1.15–$1.16 billion of Long Ridge debt and repaying $300 million of parent-level debt at closing, with net proceeds over $300 million after debt repayment or assumption by buyer.

• Q1 2026 consolidated Adjusted EBITDA was $70.6 million, nearly doubling from $35.2 million in Q1 2025, though impacted by a 25-day planned outage at Long Ridge; excluding the outage, EBITDA would have exceeded $80 million.

• Strategic focus shifting to core freight rail business, with active M&A pipeline and integration of Transtar and Wheeling railroads, targeting $23 million annual cost savings.

• Declared a $0.03 per share dividend for Q1 2026, payable June 12, 2026.

• Operations span Railroad, Ports and Terminals, Power and Gas, and Sustainability and Energy Transition segments.

Financial highlights

• Q1 2026 total revenues were $188.4 million, up from $96.2 million in Q1 2025, driven by Power and Gas and Railroad segments.

• Net loss attributable to stockholders for Q1 2026 was $(150.2) million, compared to net income of $109.7 million in Q1 2025, due to higher operating and interest expenses, acquisition integration, and debt refinancing.

• Rail segment Q1 adjusted EBITDA: $40.2 million, up 31% year-over-year on a pro forma basis.

• Jefferson Terminal Q1 EBITDA: $14.4 million, up from $8.0 million in Q1 2025, with new ammonia transloading contract contributing.

• Long Ridge Q1 EBITDA: $26.4 million, up from $18.1 million last year, despite a 25-day planned outage.

Outlook and guidance

• Sale of Long Ridge expected to close in Q3 2026, pending regulatory approvals, and is anticipated to reduce interest expense, improve leverage metrics, and increase free cash flow.

• Rail sector anticipated to be the dominant earnings driver, with significant M&A opportunities expected in the next 12 months.

• Jefferson targeting over $100 million annual EBITDA with new contracts; Repauno phase II to be operational by early 2027, targeting $80 million annual EBITDA.

• Monetization of Repauno and possibly Jefferson considered feasible by mid-to-late 2027, post-phase II completion.

• Management expects planned actions to provide sufficient liquidity for obligations over the next twelve months.