Summary of Eftai Infrastructure Conference Call Company Overview - **Company Name**: Eftai Infrastructure - **Ticker Symbol**: FIP - **Industry**: Infrastructure and Short Line Railroads Key Points and Arguments 1. **Company History and Split**: Eftai Infrastructure and Eftai Aviation were previously one company, Eftai, Fortress Transportation and Infrastructure. The split was due to complexity and tax inefficiencies associated with K1 forms, which limited market participation. The combined stock price increased from $17 to $155 post-split, indicating a successful restructuring [2][3]. 2. **Current Stock Performance**: Eftai Aviation is performing well, projected to reach $1.70 by year-end. Eftai Infrastructure is at an inflection point with potential for significant growth, possibly doubling by year-end [4][5]. 3. **CEO's Goals for the Year**: The CEO, Ken Nicholson, outlined four main objectives for the year: - Recapitalization of the Long Ridge facility, refinancing over $1 billion in debt [6]. - Financing for Phase Two construction at the Repauno facility, securing $300 million in municipal financing [6]. - Refinancing of HoldCo debt, reducing interest expenses from $130 million to $100 million [7][24]. - Acquisition of Wheeling in West Virginia for $1.5 billion, enhancing the short line railroad business [8]. 4. **Future Projections**: Over the next 18-24 months, the company plans to divest three main assets (Long Ridge, Repauno, and Jefferson) to eliminate debt and focus on short line railroads, targeting $400 million to $500 million in EBITDA [9][16][21]. 5. **Repauno Facility Advantages**: The Repauno facility is set to benefit from underground storage capabilities, allowing for cost-effective construction compared to above-ground storage. This could lead to significant EBITDA generation [11][12][13]. 6. **Market Positioning**: The company aims to reduce reliance on U.S. Steel from 85% to the 30% range through diversification, enhancing its competitive position in the market [17]. 7. **Short Line Railroad Market**: There are approximately 500 short line railroads in the U.S., mostly family-owned. The acquisition of diversified railroads like Wheeling is competitive, with multiple buyers showing interest [30][31]. 8. **Consolidation Potential**: The company anticipates further consolidation in the short line railroad sector, potentially attracting interest from larger players like Genesee and Wyoming or Brookfield after achieving significant growth [34]. 9. **Investment Strategy**: The company emphasizes the need for patient capital, as development projects may take time to yield results. The focus is on long-term growth rather than short-term gains [22][23]. 10. **Interest from Investors**: The company has received interest from major investment firms, indicating confidence in its growth strategy and potential for high returns [60]. Other Important Information - **Management Expertise**: The management team has extensive experience in short line railroad acquisitions, with a track record of successful investments [25][26]. - **Tax Considerations**: The company expects minimal tax leakage from asset sales due to existing net operating losses [48]. - **Operational Control**: Eftai Infrastructure will operate the acquired railroads, leveraging existing management expertise to drive efficiencies [43][44]. This summary encapsulates the key insights and strategic direction of Eftai Infrastructure as discussed in the conference call, highlighting its growth potential and market positioning within the infrastructure sector.

Group 1 - Long Ridge Energy LLC (LRE) will hold its second quarter 2025 investor call on August 28, 2025, at 10:00 AM EDT [1] - LRE is part of Long Ridge Energy & Power LLC (LREP), which is a wholly owned subsidiary of FTAI Infrastructure, Inc. [1] - In February 2026, LRE incurred $1 billion in new debt, consisting of $600 million in Senior Secured Notes and a $400 million Term Loan B, both due in 2032 [1] Group 2 - A simultaneous webcast of the investor call will be available to the public on a listen-only basis [2] - Long Ridge will post its second quarter 2025 financial statements and an investor presentation on its website prior to the earnings call [2] Group 3 - Long Ridge Energy and Power LLC operates a 485 MW combined cycle power plant and natural gas wells in Southeastern Ohio and West Virginia [3] - The company is developing additional opportunities for data centers on its property and utilizes its Ohio River access for commodity transloading and storage [3] Group 4 - FTAI Infrastructure focuses on investing in critical infrastructure with high barriers to entry, generating strong cash flows and potential for earnings growth [4] - FTAI Infrastructure is managed by an affiliate of Fortress Investment Group LLC, a diversified global investment firm [4]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ Commission file number 001-41370 FTAI INFRASTRUCTURE INC. (Exact name of registrant as specified in its charter) | Delaware | | 87-4407005 | | | --- | --- | ...

Group 1 - The discussion includes both macroeconomic factors and specific stocks such as Norfolk Southern (NSC), Caterpillar (CAT), and Duke Energy (DUK) [1] - The focus is on long-term investment strategies in U.S. and European equities, emphasizing undervalued growth stocks and high-quality dividend growers [2] - Sustained profitability, characterized by strong margins, stable and expanding free cash flow, and high returns on invested capital, is highlighted as a more reliable driver of returns than valuation alone [2] Group 2 - The analyst has a beneficial long position in the shares of NSC and CNI through stock ownership, options, or other derivatives [3] - The article expresses the author's own opinions and is not compensated for it, aside from Seeking Alpha [3] - Seeking Alpha clarifies that past performance does not guarantee future results and does not provide specific investment recommendations [4]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q2 was $45.9 million, up 30% from Q1 2025 and up 34% from Q2 2024 [18] - The company expects annual EBITDA to exceed $450 million, including the acquisition of Wheeling and Lake Erie Railway [19] Business Line Data and Key Metrics Changes - TransStar reported adjusted EBITDA of $20.7 million, up 4% from Q1 2025 [20] - Long Ridge generated $23 million of EBITDA in Q2, up from $18.1 million in Q1 [21] - Jefferson's EBITDA was $11.1 million, up from $8 million in Q1 [22] Market Data and Key Metrics Changes - The Wheeling and Lake Erie Railway generated total revenue of approximately $150 million for the latest twelve months [7] - The company expects $20 million of annual cost savings from the Wheeling acquisition, primarily from network efficiencies [11] Company Strategy and Development Direction - The company announced a major acquisition of Wheeling and Lake Erie Railway for $1.05 billion, expected to transform its freight rail segment [6] - Plans to refinance the corporate balance sheet to increase free cash flow and provide flexibility for future growth [6] - The company aims to grow its freight rail segment and may consider monetizing other assets to focus on rail acquisitions [68] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving $200 million of targeted annual EBITDA from the combined rail companies by 2026 [10] - The company anticipates significant growth in revenues and EBITDA in 2025 due to the Wheeling acquisition and contracted business [19] - Management noted a mild pickup in M&A activity in the rail sector and sees opportunities for further acquisitions [44] Other Important Information - The company completed financing for its Phase II transloading project at Repauno, issuing $300 million of tax-exempt debt [22] - The company is actively pursuing additional acquisitions of complementary railroads to diversify revenue and commodity base [24] Q&A Session Summary Question: Can you talk about the synergies of putting TransStar and Wheeling together? - Management highlighted the expected $20 million of annual savings from the integration, emphasizing the strategic fit and immediate efficiencies [33][34] Question: What are the implications of the Wheeling acquisition on diversification? - The acquisition is expected to significantly enhance diversification, with TransStar's reliance on U.S. Steel decreasing from 85% to one-third of total business [36][38] Question: Are there continued opportunities for consolidation in the rail space? - Management noted a mild pickup in M&A activity and expressed confidence in pursuing additional acquisitions [44] Question: Can you elaborate on the $70 million EBITDA opportunity at Long Ridge? - Management clarified that the $70 million includes contracted revenue and potential future growth from data center opportunities, which are not yet included in the bar chart [48][49] Question: What is the status of Phase III at Repauno? - The permitting process is expected to be finalized by September 30, with a total cost of about $200 million and a projected payback period of two years [55] Question: How will the $1 billion of preferred stock impact cash flow? - The preferred stock will not trap cash, allowing significant excess cash flow to be distributed to the holding company after debt service [78]

Acquisition and Refinancing - FTAI Infrastructure is acquiring the Wheeling & Lake Erie Railway (W&LE) for $1.05 billion[13] - The combined Transtar / W&LE business is expected to generate annual Adjusted EBITDA of $200+ million by the end of 2026[16] - Corporate fixed charges are expected to reduce by ~$30 million annually due to refinancing[19] - $2.25 billion of new capital is being issued, including $1.25 billion in new corporate debt and $1.0 billion of preferred stock[21] Q2 2025 Financial Performance - Consolidated Adjusted EBITDA for Q2 2025 was $45.9 million[29] - Transtar's Adjusted EBITDA for Q2 2025 was $20.7 million, up 4% from Q1 2025[25, 31] - Long Ridge's Adjusted EBITDA for Q2 2025 was $23.0 million[25, 32] - Jefferson Terminal's Adjusted EBITDA for Q2 2025 was $11.1 million[25, 34] - Repauno's Adjusted EBITDA for Q2 2025 was $(2.1) million[25, 34] Growth Opportunities - Expect ~$15+ million of incremental annual Adjusted EBITDA from Nippon's investments in U S Steel facilities[37] - Two contracts commencing in fall 2025 at Jefferson Terminal represent $20 million of incremental annual Adjusted EBITDA[34, 45] - Contracts and a LOI in place at Repauno represent approximately $80 million of annual Adjusted EBITDA[34]

[Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) FTAI Infrastructure reported a Q2 2025 net loss of $79.8 million and Adjusted EBITDA of $45.9 million, with strategic acquisitions progressing Q2 2025 Selected Financial Results | (in thousands, except per share data) | Q2'25 | | :--- | :--- | | **Net Loss Attributable to Stockholders** | $(79,816) | | **Basic and Diluted Loss per Share** | $(0.73) | | **Adjusted EBITDA** | $45,916 | | **Adjusted EBITDA - Four core segments** | $52,642 | - The Board of Directors declared a quarterly cash dividend of **$0.03** per common share, payable on September 8, 2025[4](index=4&type=chunk) - Key strategic initiatives in Q2 2025 include: - Agreed to acquire Wheeling & Lake Erie Railway for **$1.05 billion** in cash - Planning to refinance existing 10.50% senior notes and Series A preferred stock concurrent with the acquisition closing - Closed **$300 million** of tax-exempt debt financing at Repauno, with phase 2 construction now fully underway[9](index=9&type=chunk) [Consolidated Financial Statements](index=3&type=section&id=Consolidated%20Financial%20Statements) Consolidated financial statements show total assets increased to **$4.41 billion** by June 30, 2025, with Q2 2025 revenues at **$122.3 million**, resulting in a **$70.0 million** net loss [Consolidated Statements of Operations](index=3&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Q2 2025 vs Q2 2024 Statement of Operations Highlights | (in thousands, except per share data) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Total revenues** | $122,286 | $84,887 | | **Total expenses** | $129,080 | $87,925 | | **Interest expense** | $59,204 | $29,690 | | **Net (loss) income** | $(69,959) | $(48,140) | | **Net (loss) attributable to stockholders** | $(79,816) | $(54,350) | | **Basic and Diluted (Loss) per share** | $(0.73) | $(0.52) | [Consolidated Balance Sheets](index=4&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) Balance Sheet Highlights (June 30, 2025 vs Dec 31, 2024) | (in thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $33,626 | $27,785 | | **Property, plant, and equipment, net** | $3,232,712 | $1,653,468 | | **Total assets** | $4,406,960 | $2,374,388 | | **Debt, net (Current + Non-current)** | $3,084,363 | $1,587,835 | | **Total liabilities** | $3,631,040 | $1,918,032 | | **Total equity** | $225,626 | $75,138 | [Consolidated Statements of Cash Flows](index=6&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Six Months Ended June 30, Cash Flow Summary | (in thousands) | 2025 | 2024 | | :--- | :--- | :--- | | **Net cash used in operating activities** | $(90,872) | $(21,470) | | **Net cash provided by (used in) investing activities** | $78,359 | $(52,652) | | **Net cash provided by financing activities** | $313,480 | $173,108 | | **Net increase in cash** | $300,967 | $98,986 | [Non-GAAP Financial Measures](index=8&type=section&id=Non-GAAP%20Financial%20Measures) The company uses Adjusted EBITDA as a key performance measure, which increased to **$45.9 million** in Q2 2025, with core segments generating **$52.6 million** [Reconciliation of Net Loss to Adjusted EBITDA](index=8&type=section&id=Reconciliation%20of%20Net%20Loss%20to%20Adjusted%20EBITDA) - Adjusted EBITDA is a key performance measure used by the Chief Operating Decision Maker (CODM) to assess operational performance and make resource allocation decisions[21](index=21&type=chunk)[22](index=22&type=chunk) Reconciliation of Net Loss to Adjusted EBITDA (Q2 2025 vs Q2 2024) | (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net (loss) attributable to stockholders** | $(79,816) | $(54,350) | | Add: Depreciation and amortization expense | $32,086 | $21,596 | | Add: Interest expense | $59,204 | $29,690 | | Add: Acquisition and transaction expenses | $8,704 | $921 | | **Adjusted EBITDA (Non-GAAP)** | **$45,916** | **$34,256** | [Segment Adjusted EBITDA Reconciliation](index=10&type=section&id=Segment%20Adjusted%20EBITDA%20Reconciliation) Adjusted EBITDA by Core Segment (Q2 2025) | (in thousands) | Adjusted EBITDA | | :--- | :--- | | **Railroad** | $20,671 | | **Jefferson Terminal** | $11,082 | | **Repauno** | $(2,082) | | **Power and Gas** | $22,971 | | **Total Four Core Segments** | **$52,642** |

Financial Overview - FTAI Infrastructure reported a net loss attributable to stockholders of $79.816 million for Q2 2025, compared to a loss of $54.350 million in Q2 2024 [2][24] - The basic and diluted loss per share for common stock was $0.73 for Q2 2025, compared to a loss of $0.52 in the same quarter of the previous year [2][24] - Adjusted EBITDA for Q2 2025 was $45.916 million, an increase from $34.256 million in Q2 2024 [2][24] Dividend Declaration - The Board of Directors declared a cash dividend of $0.03 per share for the quarter ended June 30, 2025, payable on September 8, 2025 [3] Business Highlights - The company agreed to acquire the Wheeling & Lake Erie Railway for $1.05 billion [9] - Plans to refinance existing 10.50% senior notes and Series A preferred stock upon closing of the acquisition [9] - Closed financing of $300 million of tax-exempt debt at Repauno with average coupons of 6.50%, with construction of phase 2 infrastructure fully underway [9] Key Performance Measures - Adjusted EBITDA is utilized as the key performance measure by the Chief Operating Decision Maker, providing insights into operational performance and resource allocation [21][22] - The reconciliation of net loss attributable to stockholders to Adjusted EBITDA for Q2 2025 indicates significant adjustments for various expenses, including interest and depreciation [23][24] Financial Position - Total assets as of June 30, 2025, were $4.407 billion, up from $2.374 billion as of December 31, 2024 [16][17] - Current assets increased to $539.045 million from $219.851 million year-over-year [16] - Total liabilities rose to $3.631 billion from $1.918 billion as of December 31, 2024 [17] Cash Flow Analysis - Net cash used in operating activities for the six months ended June 30, 2025, was $90.872 million, compared to $21.470 million in the same period of 2024 [19] - Cash flows from investing activities showed a net cash provided of $78.359 million, contrasting with a net cash used of $52.652 million in the previous year [19] - Net cash provided by financing activities was $313.480 million, up from $173.108 million in the same period of 2024 [19]

Core Viewpoint - FTAI Infrastructure Inc. is set to announce its financial results for the second quarter of 2025 on August 7, 2025, after the market closes [1] Group 1: Financial Results Announcement - The financial results for Q2 2025 will be released after the closing of Nasdaq on August 7, 2025 [1] - A press release and earnings supplement will be available on the Company's Investor Relations website [1] Group 2: Conference Call Details - Management will host a conference call on August 8, 2025, at 8:00 A.M. Eastern Time [2] - Participants can register for the call via a provided link to receive dial-in information [2] - A simultaneous webcast of the conference call will be available for public listening [3] Group 3: Replay Information - A replay of the conference call will be accessible from 11:30 A.M. on August 8, 2025, until 11:30 A.M. on August 15, 2025 [3] Group 4: Company Overview - FTAI Infrastructure focuses on investing in critical infrastructure sectors such as rail, ports, terminals, and power and gas [5] - The company aims to generate strong and stable cash flows with potential for earnings growth and asset appreciation [5] - FTAI Infrastructure is externally managed by an affiliate of Fortress Investment Group LLC, a diversified global investment firm [5]

Company Overview - Long Ridge Energy LLC (LRE) is part of Long Ridge Energy & Power LLC (LREP), which is a wholly owned portfolio company of FTAI Infrastructure, Inc. [1] - LRE operates a 485 MW combined cycle power plant and natural gas wells in Southeastern Ohio and West Virginia [3]. Financial Information - LRE completed the incurrence of $1 billion in new debt, which includes $600 million of Senior Secured Notes and a $400 million Term Loan B, both due in 2032 [1]. - The first quarter 2025 financial statements and an investor presentation will be posted on the company's website prior to the earnings call [2]. Conference Call Details - The investor call is scheduled for June 12, 2025, at 10:00 AM EDT, and will be accessible via registration [1]. - A simultaneous webcast will be available for public listening [2]. - A replay of the conference call will be available from June 12, 2025, at 12:00 PM until June 20, 2025, at 12:00 PM [3]. Infrastructure and Development - LREP is developing additional opportunities for data centers on its property, utilizing access to the PJM grid [3]. - The company also provides commodity transloading and storage services due to its location along the Ohio River [3]. Parent Company Information - FTAI Infrastructure focuses on investing in critical infrastructure sectors, generating strong cash flows and potential for earnings growth [4].