Supplemental Information First Quarter 2025 Disclaimers IN GENERAL. This disclaimer applies to this document and the verbal or written comments of any person presenting it. This document, taken together with any such verbal or written comments, is referred to herein as the "Presentation." The information contained on, or accessible through, any websites included in this Presentation is not incorporated by reference into, and should not be considered a part of, this Presentation. FORWARD-LOOKING STATEMENTS. ...

FTAI Infrastructure Inc. Q1 2025 Earnings Release [Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) FTAI Infrastructure reported strong Q1 2025 results, including $109.7 million net income, a $120.0 million Long Ridge gain, and $164.5 million Adjusted EBITDA from core segments Q1 2025 Selected Financial Results | (in thousands, except per share data) | Q1'25 | | :--- | :--- | | Net Income Attributable to Stockholders | $109,724 | | Basic Earnings per Share of Common Stock | $0.95 | | Diluted Earnings per Share of Common Stock | $0.89 | | Adjusted EBITDA | $155,219 | | Adjusted EBITDA - Four core segments | $164,512 | | Gain on Long Ridge Transaction | $119,952 | - The Board of Directors declared a cash dividend of **$0.03 per share** for the first quarter of 2025, payable on May 27, 2025[4](index=4&type=chunk) - Key business developments in Q1 2025 include: - Completed refinancing and increased ownership at Long Ridge - Executed new contracts and Letters of Intent (LOIs) at Repauno - Commenced the first of three new contracts at the Jefferson terminal on April 1st[9](index=9&type=chunk) [Financial Statements](index=3&type=section&id=Exhibit%20-%20Financial%20Statements) This section presents the unaudited consolidated financial statements for Q1 2025, including Statements of Operations, Balance Sheets, and Cash Flows [Consolidated Statements of Operations](index=3&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Q1 2025 total revenues grew to $96.2 million, with net income attributable to stockholders reaching $109.7 million, driven by a $119.8 million gain on asset sales Q1 2025 vs Q1 2024 Statement of Operations Highlights | (in thousands, except per share data) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Total revenues | $96,161 | $82,535 | | Total expenses | $104,602 | $93,884 | | Gain (loss) on sale of assets, net | $119,828 | $(13) | | Net income (loss) | $120,164 | $(50,297) | | Net income (loss) attributable to stockholders | $109,724 | $(56,582) | | Diluted EPS | $0.89 | $(0.54) | [Consolidated Balance Sheets](index=4&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) As of March 31, 2025, total assets increased to $4.14 billion, total liabilities to $3.28 billion, and stockholders' equity more than doubled to $476.2 million Balance Sheet Highlights | (in thousands) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $26,325 | $27,785 | | Total assets | $4,141,866 | $2,374,388 | | Total liabilities | $3,275,428 | $1,918,032 | | Total stockholders' equity | $476,203 | $202,651 | [Consolidated Statements of Cash Flows](index=6&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Q1 2025 saw $85.7 million net cash used in operations, $164.3 million provided by investing, and a total cash and restricted cash increase to $223.4 million Q1 2025 vs Q1 2024 Cash Flow Summary | (in thousands) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(85,651) | $(3,883) | | Net cash provided by (used in) investing activities | $164,299 | $(18,846) | | Net cash used in financing activities | $(2,537) | $(454) | | **Cash and restricted cash, end of period** | **$223,407** | **$64,296** | [Key Performance Measures (Non-GAAP)](index=8&type=section&id=Key%20Performance%20Measures) This section details the company's key non-GAAP performance measure, Adjusted EBITDA, including its reconciliation from net income and a breakdown by core business segment - The Chief Operating Decision Maker (CODM) utilizes **Adjusted EBITDA** as the company's key performance measure to assess operational performance and make resource allocation decisions[21](index=21&type=chunk)[22](index=22&type=chunk) [Reconciliation of Net Income to Adjusted EBITDA](index=8&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Adjusted%20EBITDA) Consolidated Adjusted EBITDA for Q1 2025 significantly increased to $155.2 million, up $128.0 million from Q1 2024, primarily driven by higher net income Consolidated Adjusted EBITDA Reconciliation | (in thousands) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Net income (loss) attributable to stockholders | $109,724 | $(56,582) | $166,306 | | **Adjusted EBITDA (Non-GAAP)** | **$155,219** | **$27,231** | **$127,988** | [Segment Adjusted EBITDA](index=9&type=section&id=Segment%20Adjusted%20EBITDA) The four core segments generated a total Adjusted EBITDA of $164.5 million in Q1 2025, with Power and Gas being the largest contributor at $138.1 million Q1 2025 Adjusted EBITDA by Core Segment | (in thousands) | Adjusted EBITDA (Non-GAAP) | | :--- | :--- | | Railroad | $19,924 | | Jefferson Terminal | $7,950 | | Repauno | $(1,452) | | Power and Gas | $138,090 | | **Four Core Segments Total** | **$164,512** |

Financial Overview - FTAI Infrastructure reported a net income attributable to stockholders of $109.724 million for Q1 2025, compared to a net loss of $56.582 million in Q1 2024, marking a significant turnaround [2][14] - Basic earnings per share (EPS) for common stock was $0.95, while diluted EPS was $0.89 [2][14] - Adjusted EBITDA for the quarter was $155.219 million, with the four core segments contributing $164.512 million [2][21] Revenue and Expenses - Total revenues for Q1 2025 were $96.161 million, an increase from $82.535 million in Q1 2024 [13] - Operating expenses rose to $67.045 million from $64.575 million year-over-year [13] - Total expenses increased to $104.602 million from $93.884 million in the previous year [13] Dividends - The Board of Directors declared a cash dividend of $0.03 per share for the quarter ended March 31, 2025, payable on May 27, 2025 [4] Business Highlights - The company completed refinancing and increased ownership at Long Ridge, executed new contracts and letters of intent at Repauno, and commenced the first of three contracts at Jefferson on April 1, 2025 [9][10] Cash Flow - The net cash used in operating activities was $85.651 million, while net cash provided by investing activities was $164.299 million [19] - The company reported a net increase in cash and cash equivalents and restricted cash of $76.111 million, ending the period with $223.407 million [19] Balance Sheet - Total assets as of March 31, 2025, were $4.142 billion, up from $2.374 billion at the end of 2024 [16][17] - Total liabilities increased to $3.275 billion from $1.918 billion [17] Key Performance Measures - Adjusted EBITDA is utilized as a key performance measure, providing insights into operational performance and resource allocation decisions [21][22]

NEW YORK, April 14, 2025 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP; the "Company" or “FTAI Infrastructure”) plans to announce its financial results for the first quarter 2025 after the closing of Nasdaq on Thursday, May 8, 2025. A copy of the press release and an earnings supplement will be posted to the Investor Relations section of the Company's website, https://www.fipinc.com/. In addition, management will host a conference call on Friday, May 9, 2025, at 8:00 A.M. Eastern Time. The confer ...

[Part I](index=8&type=section&id=PART%20I) [Business](index=8&type=section&id=Item%201.%20Business) FTAI Infrastructure Inc. acquires and operates critical infrastructure assets, with Railroad and Ports and Terminals driving 2024 revenue - The company operates as an independent public company following its spin-off from FTAI Aviation Ltd. on August 1, 2022, focusing on infrastructure assets[24](index=24&type=chunk) FY 2024 Revenue Contribution by Business Line | Business Line | Revenue Contribution | | :--- | :--- | | Railroad | 54% | | Ports and Terminals | 29% | | Corporate and other | 17% | - The company is externally managed by an affiliate of Fortress, which provides management and professional services for an annual fee of **1.50% of total equity**[35](index=35&type=chunk)[36](index=36&type=chunk) - A significant portion of revenue is derived from a small number of customers, with the largest customer accounting for **50% of total revenue** in FY 2024[71](index=71&type=chunk) [Our Portfolio](index=9&type=section&id=Our%20Portfolio) The company's diversified portfolio spans Railroad, Ports and Terminals, Power and Gas, and Sustainability and Energy Transition segments - **Railroad (Transtar):** Comprises six short-line freight railroads and has an exclusive **15-year strategic rail partnership** with U.S. Steel Corporation (USS), with minimum volume commitments for the first five years[37](index=37&type=chunk)[38](index=38&type=chunk) - **Ports and Terminals (Jefferson & Repauno):** Jefferson Terminal has **6.2 million barrels of storage capacity** and handles crude oil and refined products. Repauno is a **1,600-acre deep-water port** on the Delaware River with unique underground granite storage caverns[43](index=43&type=chunk)[52](index=52&type=chunk) - **Power and Gas (Long Ridge):** Operates a **485-megawatt power plant** and is exploring running it on carbon-free hydrogen. The company re-acquired the remaining **49.9% interest** in Long Ridge in February 2025, and it will be fully consolidated going forward[56](index=56&type=chunk)[58](index=58&type=chunk)[61](index=61&type=chunk) - **Sustainability and Energy Transition:** Key investments include Aleon/Gladieux for lithium-ion battery and catalyst recycling, a joint venture with Clean Planet Energy to convert plastic waste into fuel, and an investment in CarbonFree for carbon capture technology[62](index=62&type=chunk)[63](index=63&type=chunk)[65](index=65&type=chunk) [Risk Factors](index=15&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant business, regulatory, capital structure, and management-related risks, including customer concentration and stock ownership restrictions - **Business Risks:** The company faces risks from its limited operating history as an independent entity, macroeconomic conditions, and intense competition. A single customer in the Railroad segment accounted for **50% of revenue** in 2024, highlighting significant customer concentration risk[87](index=87&type=chunk)[91](index=91&type=chunk)[141](index=141&type=chunk) - **Regulatory & Environmental Risks:** The rail sector is highly regulated, and changes could increase costs. The company is also subject to extensive environmental laws, with potential for significant liability from contamination or spills at its terminal sites like Repauno and Long Ridge[111](index=111&type=chunk)[114](index=114&type=chunk)[138](index=138&type=chunk) - **Capital Structure Risks:** The terms of the Series A Preferred Stock could allow holders to elect a majority of the board of directors in an "Event of Noncompliance," such as failure to pay dividends after August 1, 2024[148](index=148&type=chunk)[149](index=149&type=chunk) - **Manager & Conflicts of Interest:** The company is dependent on its Manager (an affiliate of Fortress). Conflicts of interest exist as the Manager and its affiliates may invest in competing assets. The management agreement was not negotiated at arm's-length[151](index=151&type=chunk)[154](index=154&type=chunk)[155](index=155&type=chunk) - **Common Stock Risks:** To preserve its ability to use Net Operating Loss (NOL) carryforwards, the company's certificate of incorporation restricts any person or entity from acquiring **4.8% or more** of its outstanding stock[180](index=180&type=chunk)[181](index=181&type=chunk)[182](index=182&type=chunk) [Unresolved Staff Comments](index=33&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - There are no unresolved staff comments[201](index=201&type=chunk) [Cybersecurity](index=33&type=section&id=Item%201C.%20Cybersecurity) The company's cybersecurity program, overseen by the CEO and Manager's ISSC, leverages third-party advisors and NIST, with no material impact on operations to date - Cybersecurity risk management is overseen by the CEO and the Manager's Information Security Steering Committee, which includes the CFO, General Counsel, and CISO[202](index=202&type=chunk)[203](index=203&type=chunk) - The company engages third-party advisors for risk assessments, leveraging standards such as the National Institute of Standards and Technology (NIST) framework[204](index=204&type=chunk) - To date, the company reports that cybersecurity threats have not materially affected its business strategy, results of operations, or financial condition[206](index=206&type=chunk) [Properties](index=34&type=section&id=Item%202.%20Properties) The company's key properties include its New York executive offices, Jefferson Terminal, Repauno, and Transtar railroad operations across multiple states - The company's main properties include the Jefferson Terminal in Texas, the Repauno port in New Jersey, and extensive land holdings for its Transtar railroad operations across several states[208](index=208&type=chunk) [Legal Proceedings](index=34&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in ordinary course legal proceedings, not expected to materially affect its financial position or operations - Management does not expect current legal proceedings to have a material adverse effect on the company's business or financial results[209](index=209&type=chunk) [Mine Safety Disclosures](index=34&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This disclosure item is not applicable to the company's operations - Not applicable[210](index=210&type=chunk) [Part II](index=35&type=section&id=PART%20II) [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=35&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) FTAI Infrastructure Inc.'s common stock trades on NASDAQ, with a declared Q4 2024 dividend, outperforming benchmarks since its 2022 spin-off - The company's common stock trades on NASDAQ under the symbol "**FIP**"[211](index=211&type=chunk) - A cash dividend of **$0.03 per share** was declared for Q4 2024, payable in March 2025. However, management plans to eliminate future common dividends to preserve liquidity[212](index=212&type=chunk) Cumulative Total Return Comparison | Index | 8/1/2022 | 12/31/2022 | 12/31/2023 | 12/31/2024 | | :--- | :--- | :--- | :--- | :--- | | FTAI Infrastructure Inc. | $100.00 | $90.44 | $123.89 | $234.77 | | S&P SmallCap 600 | $100.00 | $94.09 | $109.19 | $118.69 | | Alerian MLP | $100.00 | $105.77 | $133.85 | $166.53 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=36&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Total revenues increased in 2024, but net loss widened due to a significant asset impairment, while Adjusted EBITDA improved; liquidity is managed by accruing PIK dividends Consolidated Financial Highlights (in thousands) | Metric | 2024 (in thousands) | 2023 (in thousands) | Change '24 vs '23 (in thousands) | | :--- | :--- | :--- | :--- | | Total Revenues | $331,497 | $320,472 | $11,025 | | Total Expenses | $430,993 | $364,847 | $66,146 | | Asset Impairment | $72,336 | $743 | $71,593 | | Net Loss | $(266,064) | $(159,750) | $(106,314) | | Net Loss Attributable to Stockholders | $(294,459) | $(183,736) | $(110,723) | | Adjusted EBITDA (Non-GAAP) | $127,588 | $107,522 | $20,066 | - The increase in total expenses and net loss in 2024 was primarily driven by a **$71.6 million asset impairment charge** related to the investment in GM-FTAI Holdco LLC in the Sustainability and Energy Transition segment[234](index=234&type=chunk)[285](index=285&type=chunk) - To manage liquidity, management has approved a plan to accrue paid-in-kind (PIK) dividends on its Series A Preferred Stock, which will prevent the payment of future dividends on common stock (excluding the Q4 2024 dividend)[305](index=305&type=chunk)[382](index=382&type=chunk) - The annual goodwill impairment test for the Jefferson Terminal reporting unit indicated its fair value exceeded its carrying value by more than **10%** as of October 1, 2024. The analysis used a **9.5% discount rate**[329](index=329&type=chunk)[330](index=330&type=chunk) [Results of Operations by Segment](index=42&type=section&id=Results%20of%20Operations%20by%20Segment) In FY 2024, Railroad, Jefferson Terminal, and Power and Gas segments showed Adjusted EBITDA growth, while Repauno's loss narrowed and Sustainability's loss widened Adjusted EBITDA by Segment (in thousands) | Segment | 2024 (in thousands) | 2023 (in thousands) | | :--- | :--- | :--- | | Railroad | $84,254 | $78,521 | | Jefferson Terminal | $41,967 | $35,694 | | Repauno | $(5,186) | $(8,061) | | Power and Gas | $40,246 | $34,784 | | Sustainability and Energy Transition | $(9,485) | $(7,253) | | Corporate and Other | $(24,208) | $(26,163) | | **Total Adjusted EBITDA** | **$127,588** | **$107,522** | - **Railroad:** Revenue increased by **$10.6 million** in 2024 due to higher carloads and rates per car, leading to a **$5.7 million increase** in Adjusted EBITDA[249](index=249&type=chunk)[252](index=252&type=chunk) - **Jefferson Terminal:** Revenue grew by **$8.5 million** from increased crude oil throughput, contributing to a **$6.3 million rise** in Adjusted EBITDA[259](index=259&type=chunk)[261](index=261&type=chunk) - **Sustainability and Energy Transition:** Reported a net loss of **$88.6 million**, driven by a **$72.3 million impairment** of its investment in GM-FTAI Holdco LLC[283](index=283&type=chunk)[285](index=285&type=chunk) [Liquidity and Capital Resources](index=55&type=section&id=Liquidity%20and%20Capital%20Resources) The company manages liquidity by accruing PIK dividends on preferred stock to conserve cash, with operating cash flow turning negative in 2024, while extending debt maturities - Management has approved a plan to accrue paid-in-kind (PIK) dividends on its Series A Preferred Stock to ensure sufficient liquidity to meet obligations over the next twelve months[305](index=305&type=chunk) Historical Cash Flow (in thousands) | Cash Flow Data | 2024 (in thousands) | 2023 (in thousands) | 2022 (in thousands) | | :--- | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | $(15,278) | $5,513 | $(42,690) | | Net cash used in investing activities | $(118,137) | $(147,123) | $(267,266) | | Net cash provided by financing activities | $193,232 | $79,447 | $157,743 | - As of December 31, 2024, the company has total debt obligations of **$1.6 billion** in principal and **$555.3 million** in interest, with **$50.0 million** of principal and **$122.0 million** of interest due within the next twelve months[317](index=317&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=59&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate fluctuations on variable-rate debt, with a 100-basis point increase potentially raising annual interest expense by **$0.7 million** - The company's main market risk is interest rate risk from variable rate debt agreements tied to indices like SOFR[337](index=337&type=chunk)[339](index=339&type=chunk) - A hypothetical **100-basis point (1%)** increase/decrease in the variable interest rate would result in a change of approximately **$0.7 million** in interest expense over the next 12 months[341](index=341&type=chunk) [Financial Statements and Supplementary Data](index=59&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited financial statements and an unqualified auditor's report, with notes detailing accounting policies, debt, equity, and subsequent events - The independent auditor, Ernst & Young LLP, issued an unqualified opinion on the financial statements and the effectiveness of internal control over financial reporting as of December 31, 2024[345](index=345&type=chunk)[346](index=346&type=chunk) - A critical audit matter identified was the valuation of goodwill for the Jefferson Terminal reporting unit, due to the significant estimation required for forecasted revenue growth, capital expenditures, and the discount rate[352](index=352&type=chunk)[353](index=353&type=chunk) Consolidated Balance Sheet Highlights (in thousands) | Account | Dec 31, 2024 (in thousands) | Dec 31, 2023 (in thousands) | | :--- | :--- | :--- | | Total Assets | $2,374,388 | $2,379,609 | | Total Liabilities | $1,918,032 | $1,641,518 | | Redeemable Preferred Stock | $381,218 | $325,232 | | Total Equity | $75,138 | $412,859 | [Notes to Consolidated and Combined Consolidated Financial Statements](index=68&type=section&id=Notes%20to%20Consolidated%20and%20Combined%20Consolidated%20Financial%20Statements) The notes detail financial statement support, including debt instruments, preferred stock terms, segment performance, and the February 2025 acquisition of Long Ridge Energy & Power - **Debt (Note 7):** As of Dec 31, 2024, total debt was **$1.6 billion**, composed of various loans and bonds, including Senior Notes due 2027, Series 2020, 2021, and 2024 bonds for Jefferson Terminal, and the DRP Revolver[468](index=468&type=chunk) - **Redeemable Preferred Stock (Note 16):** The Series A Preferred Stock has a **14.0% dividend rate**, which increases to **18.0%** if required cash dividends are not paid after August 2024. As of Dec 31, 2024, **$122.5 million** in PIK dividends had been accrued[577](index=577&type=chunk)[578](index=578&type=chunk) - **Subsequent Events (Note 19):** In February 2025, the company acquired the remaining **49.9%** of Long Ridge Energy & Power LLC. Consideration included cash, a promissory note, and **160,000 shares** of new Series B Preferred Stock[597](index=597&type=chunk) - **Subsequent Events (Note 19):** In March 2025, the Repauno segment entered into a new **$30.0 million credit agreement**[606](index=606&type=chunk) [Controls and Procedures](index=108&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of December 31, 2024, having remediated a material weakness in goodwill impairment analysis, with an unqualified auditor opinion - Management concluded that internal control over financial reporting was effective as of December 31, 2024[611](index=611&type=chunk) - A material weakness identified at the end of 2023, related to the goodwill impairment analysis for the Jefferson Terminal reporting unit, was remediated during 2024[613](index=613&type=chunk) - Remediation efforts included developing more detailed cash flow projection models and implementing multi-tiered reviews of key assumptions[613](index=613&type=chunk) [Part III](index=110&type=section&id=PART%20III) [Directors, Executive Officers and Corporate Governance](index=110&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2025 definitive proxy statement - Information is incorporated by reference from the definitive proxy statement for the 2025 annual meeting[628](index=628&type=chunk) [Executive Compensation](index=110&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive and director compensation is incorporated by reference from the 2025 definitive proxy statement - Information is incorporated by reference from the definitive proxy statement for the 2025 annual meeting[628](index=628&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=110&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) This section details the equity compensation plan, with over **4.1 million** securities issuable and nearly **25 million** available, and other ownership information incorporated by reference Equity Compensation Plan Information as of December 31, 2024 | Plan category | Number of securities to be issued upon exercise | Weighted-average exercise price | Number of securities remaining available for future issuance | | :--- | :--- | :--- | :--- | | Equity compensation plans approved by security holders | 4,106,088 | $2.62 | 24,906,155 | - Other information regarding security ownership is incorporated by reference from the definitive proxy statement for the 2025 annual meeting[631](index=631&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=110&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on related party transactions and director independence is incorporated by reference from the 2025 definitive proxy statement - Information is incorporated by reference from the definitive proxy statement for the 2025 annual meeting[632](index=632&type=chunk) [Principal Accountant Fees and Services](index=110&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding principal accountant fees and services is incorporated by reference from the 2025 definitive proxy statement - Information is incorporated by reference from the definitive proxy statement for the 2025 annual meeting[632](index=632&type=chunk) [Part IV](index=111&type=section&id=PART%20IV) [Exhibits](index=111&type=section&id=Item%2015.%20Exhibits) This section lists exhibits filed with the Form 10-K, including key agreements, debt indentures, and various material contracts and certifications - Key exhibits filed include the Separation and Distribution Agreement (2.1), Amended and Restated Management and Advisory Agreement (10.1), and the Indenture for the Senior Notes due 2027 (4.1)[634](index=634&type=chunk) [Form 10-K Summary](index=113&type=section&id=Item%2016.%20Form%2010-K%20Summary) This section indicates that no summary was provided in the report - None[640](index=640&type=chunk)

FTAI Infrastructure (FIP) Q4 2024 Earnings Call February 28, 2025 03:56 PM ET Company Participants Alan Andreini - Head - Investor RelationsKen Nicholson - Chief Executive OfficerGuiliano Bologna - Managing DirectorBrian Mckenna - Director - Equity ResearchGregory Lewis - Managing Director Operator Good day, and thank you for standing by. Welcome to the FPI Infrastructure Fourth Quarter twenty twenty four Earnings Conference Call. At this time, all participants are in a listen only mode. After the speakers' ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for 2024 was $127.6 million, up from $107.5 million in 2023, marking more than a doubling over the past two years [9] - The company anticipates total annual EBITDA of approximately $323 million, combining 2024 results with $195 million of incremental locked-in annual EBITDA under executed contracts [10] - The target for annual EBITDA is estimated to exceed $400 million, significantly higher than the previous target of just over $300 million [11] Business Line Data and Key Metrics Changes - Transtar reported Q4 revenue of $43.3 million and adjusted EBITDA of $19.4 million, compared to $44.8 million and $21.1 million in Q3 [26] - Jefferson generated $21.2 million in revenue and $11.1 million in adjusted EBITDA in Q4, up from $19.7 million and $11.8 million in Q3, excluding a one-time asset sale gain [29] - Long Ridge's EBITDA in Q4 was $9.9 million, down from $11.1 million in Q3, due to a planned maintenance outage [34] Market Data and Key Metrics Changes - The company is pursuing more new business opportunities than at any time since its spin-off, indicating a strong pipeline for growth [10] - The M&A market is described as the most active in years, with discussions on six opportunities representing well over $100 million of annual EBITDA [16][28] Company Strategy and Development Direction - The company plans to focus on substantial growth in 2025, with specific initiatives at Long Ridge, Repauno, and Jefferson [11][12][14] - Long Ridge's recent transactions are expected to enhance earnings significantly, allowing the company to capture 100% of the value creation [22] - The company is evaluating multiple products and counterparties at Jefferson, including crude oil, natural gas liquids, and renewables [41][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving substantial growth in 2025, driven by new contracts and business opportunities [11][12] - The anticipated increase in capacity payments and demand for power from hyperscalers is expected to positively impact Long Ridge's financials [36] - Management remains optimistic about the potential for M&A opportunities and the ability to finance acquisitions through debt markets [90] Other Important Information - The company has received approval for $300 million of tax-exempt debt, providing access to low-cost, long-term capital for construction projects [14] - The refinancing of corporate bonds and existing preferred stock is planned for the second quarter, aimed at reducing fixed charges and increasing cash flow [25][58] Q&A Session Summary Question: Expansion on new deals at Jefferson - Management is negotiating various products including crude oil, natural gas liquids, and renewables, with significant potential for growth [41][46] Question: Timing for Long Ridge's $160 million EBITDA - The full impact of the $160 million EBITDA from Long Ridge will be reflected in Q3, with partial contributions in Q1 and Q2 [48][50] Question: Update on Repauno permits and Phase 3 potential - Permits for the underground cavern are expected by the end of Q1, with Phase 3 potentially generating an incremental $100 million of EBITDA [62][64] Question: Transtar's organic growth target - Management remains confident in achieving a 15% organic growth rate, supported by anticipated increases in production levels [66][69] Question: M&A activity and financing - The company is evaluating several M&A opportunities and expects to announce a transaction within the next three months, with financing planned through debt markets [72][90]

Supplemental Information Fourth Quarter 2024 2024 Financial Results and Outlook | | Financial Summary | | | | Path to $400 million of Annual Adj. EBITDA(2) | | | | --- | --- | --- | --- | --- | --- | --- | --- | | ($ millions) | 2022 | 2023 | ($ 2024 | millions) | | | | | | | | | Contracted | | $400+ | | | Net loss | $(177.2) | $(183.7) | $(298.1) | New business in advanced stages | | | | | Adj. EBITDA | | | | $323 | | $80+ | | | Transtar | $64.3 | $78.5 | $84.3 | | | | | | | | | | | 50 | 50 | Repauno(3) | ...

Financial Performance - FTAI Infrastructure reported a net loss attributable to stockholders of $137,236,000 for Q4 2024, compared to a loss of $48,193,000 in Q4 2023[2]. - The basic and diluted loss per share for Q4 2024 was $1.24, while for the full year 2024, it was $2.75[2]. - Net loss attributable to stockholders for the year ended December 31, 2024, was $(298,139) thousand, compared to $(183,736) thousand in 2023, representing a 62.5% increase in losses[23]. - Power and Gas reported a net loss of $(37,211,000) for the year, alongside interest expenses of $37,600,000[28]. Revenue and EBITDA - Total revenues for Q4 2024 were $80,764,000, slightly down from $81,440,000 in Q4 2023; full year revenues increased to $331,497,000 from $320,472,000[14]. - Adjusted EBITDA for Q4 2024 was $29,173,000, and for the full year, it was $127,588,000[2]. - Adjusted EBITDA (Non-GAAP) for the year was $161,281,000, with contributions from Jefferson Terminal ($84,254,000), Power and Gas ($41,967,000), Railroad ($40,246,000), and Repauno ($(5,186,000))[27]. Cash Flow and Liquidity - Cash flows from operating activities resulted in a net cash used of $(15,278) thousand for 2024, a significant decline from net cash provided of $5,513 thousand in 2023[20]. - Total cash and cash equivalents at the end of the period increased to $147,296 thousand in 2024 from $87,479 thousand in 2023, marking a 68.5% increase[20]. - The company reported a net cash provided by financing activities of $193,232 thousand in 2024, compared to $79,447 thousand in 2023, representing a 143.5% increase[20]. Assets and Liabilities - Total assets as of December 31, 2024, were $2,374,388,000, a slight decrease from $2,379,609,000 in 2023[17]. - Total liabilities increased to $1,921,712,000 as of December 31, 2024, compared to $1,641,518,000 in 2023[17]. Dividends and Shareholder Returns - The company declared a cash dividend of $0.03 per share for Q4 2024, payable on March 26, 2025[4]. - The company’s cash dividends for common stock increased to $(13,124) thousand in 2024 from $(12,372) thousand in 2023, reflecting a 6.1% increase[20]. Expenses and Depreciation - Depreciation and amortization expense for the year was $83,885 thousand, slightly higher than $81,541 thousand in 2023[23]. - The total depreciation and amortization expense for the year was $82,461,000, with Jefferson Terminal accounting for $52,347,000[27]. - Equity-based compensation expense for the year totaled $8,142,000, with significant contributions from Jefferson Terminal and Power and Gas[27]. Investments and Financing - Proceeds from debt in financing activities increased significantly to $498,426 thousand in 2024, compared to $181,350 thousand in 2023, reflecting a 175.5% increase[20]. - Net cash used in investing activities decreased to $(118,137) thousand in 2024 from $(147,123) thousand in 2023, indicating a 19.7% improvement[20]. Other Financial Metrics - Equity in losses of unconsolidated entities for the year was $55,496 thousand, up from $24,707 thousand in 2023, indicating a 124.5% increase[23]. - The total provision for (benefit from) income taxes across segments was $6,274,000[27]. - The company recorded a loss on modification or extinguishment of debt amounting to $2,086,000 in Jefferson Terminal for the year[30]. - Jefferson Terminal incurred acquisition and transaction expenses totaling $5,000 for the year[30].

Core Viewpoint - FTAI Infrastructure Inc. is set to announce its financial results for Q4 and full year 2024 on February 27, 2025, after Nasdaq closes [1] Financial Results Announcement - The financial results will be available in a press release and an earnings supplement posted on the company's Investor Relations website [1] - A conference call to discuss the results will take place on February 28, 2025, at 8:00 A.M. Eastern Time, accessible through a registration link [2] - A simultaneous webcast of the conference call will be available for public listening, with a replay accessible from February 28, 2025, after 11:30 A.M. until March 7, 2025 [3] Company Overview - FTAI Infrastructure primarily invests in critical infrastructure sectors such as rail, ports and terminals, and power and gas, focusing on areas with high barriers to entry [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]