FIP · FTAI Infrastructure Inc.

Period Performance

Period Performance

For the three months ended September 30, 2025, total revenues increased 68.7% to $140.6 million, primarily driven by the acquisition of Long Ridge Energy & Power LLC in February 2025, which contributed $58.6 million in Power and Gas segment revenues. Rail revenues decreased $1.3 million due to lower carloads and rates per car. Terminal services revenues increased $0.8 million on higher refined product throughput at Jefferson Terminal.

Total expenses rose $29.4 million to $120.0 million, led by increases in operating expenses ($12.2 million) from the consolidation of Long Ridge, depreciation and amortization ($15.3 million) from new assets, and acquisition and transaction expenses ($0.7 million). Other expenses surged $84.2 million, including a $56.0 million loss on extinguishment of debt (Senior Notes due 2027) and $41.8 million higher interest expense from increased debt balances. Equity in earnings of unconsolidated entities improved $17.2 million, reflecting the absence of prior year losses from Long Ridge and a current period pickup from Wheeling.

Net loss attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock, was $118.4 million, compared to $50.0 million in the prior year. Adjusted EBITDA more than doubled to $70.9 million, benefiting from the Power and Gas segment ($35.7 million) and Railroad ($29.1 million).

Segment Dynamics

• Railroad: Revenues declined 4.2% to $42.9 million due to lower carloads and rates. Operating expenses decreased $2.2 million, resulting in Adjusted EBITDA of $29.1 million, up $8.0 million. Equity earnings from Wheeling contributed $3.0 million.
• Jefferson Terminal: Revenue grew 7.4% to $21.1 million on higher refined product volumes. Operating expenses fell $0.7 million, but Adjusted EBITDA slipped $0.7 million to $11.0 million due to a prior year sales-leaseback gain and higher interest.
• Repauno: Revenue declined 25.2% to $3.0 million as a butane contract ended in March 2025, partially offset by a new contract in April. Adjusted EBITDA improved to $0.7 million from -$1.4 million, aided by lower labor costs and interest income on bond funds.
• Power and Gas: Revenue surged to $58.6 million from nil, reflecting the Long Ridge acquisition. Adjusted EBITDA was $35.7 million with a 61% margin. Operating expenses and depreciation rose significantly due to consolidation.
• Sustainability and Energy Transition: No revenue. Adjusted EBITDA improved to $0.5 million as equity losses from GM-FTAI decreased.
• Corporate and Other: Revenue was flat at $14.9 million. Adjusted EBITDA worsened to -$6.1 million due to higher acquisition expenses and the debt extinguishment loss.

Forward View

Management highlighted substantial liquidity risk: $1.55 billion of debt matures within 12 months. They have begun implementing a plan to refinance through new senior notes, a term loan, and the Wheeling Acquisition to alleviate near-term obligations. No formal revenue or earnings guidance was provided. The company expects its operating subsidiaries to generate sufficient cash flow to cover expenses and debt service, but the reliance on refinancing success is critical. The Power and Gas segment will remain a key growth driver following the Long Ridge acquisition.