NEX T BI OM ET RI CS GR OU P ASA Q2 Presentation Aug ust 20, 2025 Disclaimer This presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. Such forward-looking information and statements are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for NEXT Biometrics Group ASA ...

Core Insights - NextDecade Corporation has secured a commitment of $1.8 billion for the expansion of the Rio Grande LNG plant, with TotalEnergies and Global Infrastructure Partners contributing to the financing [1][9] - The total funding for the expansion project has reached $3 billion, with NextDecade contributing an additional $1.2 billion for a 40% interest in the fourth liquefaction train [3] - The estimated project costs for Train 4 and related infrastructure are between $6 billion and $6.2 billion, which aligns with previous phases of the project [4] Investment Details - TotalEnergies will invest $300 million for a 10% stake in Train 4, while GIP will invest $1.5 billion for a 50% stake [2][9] - If Train 4 meets specific return on investment targets, NextDecade's ownership stake could increase to 60%, reducing GIP's stake to 30% [2] Capacity and Export Implications - The addition of Train 4 and the proposed Train 5 is expected to increase the total capacity of the Rio Grande LNG facility by 10.8 million tons per annum (mtpa) [4][9] - The Rio Grande project is positioned to enhance U.S. LNG exports, reinforcing the country's status as the largest global exporter of LNG [4]

Part I. Financial Information [Item 1. Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) The company reported a **$149.7 million** net loss for H1 2025, driven by derivative losses, alongside increased assets and liabilities from LNG facility construction [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $158,537 | $148,137 | | Property, plant and equipment, net | $6,589,331 | $5,020,003 | | **Total assets** | **$7,864,850** | **$6,404,059** | | **Liabilities & Equity** | | | | Total current liabilities | $683,884 | $595,084 | | Debt, net | $5,170,547 | $3,920,425 | | **Total liabilities** | **$5,999,326** | **$4,659,673** | | Total stockholders' equity | $260,480 | $377,641 | | Non-controlling interest | $1,605,044 | $1,366,745 | | **Total equity** | **$1,865,524** | **$1,744,386** | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) - The company is in a pre-revenue stage, reporting no revenues for the periods presented[16](index=16&type=chunk) Consolidated Statements of Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Total operating loss | $(56,268) | $(39,534) | $(108,184) | $(77,651) | | Derivative gain (loss) | $25,157 | $109,067 | $(143,543) | $367,939 | | Interest expense, net | $(28,833) | $(26,030) | $(56,038) | $(51,509) | | Net loss attributable to common stockholders | $(60,867) | $(32,576) | $(149,672) | $(4,230) | | Net loss per common share — basic and diluted | $(0.23) | $(0.13) | $(0.57) | $(0.02) | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Consolidated Cash Flow Summary (in thousands) | Cash Flow Category | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(72,722) | $(22,838) | | Net cash used in investing activities | $(1,531,338) | $(1,374,290) | | Net cash provided by financing activities | $1,668,337 | $1,305,729 | | Net increase (decrease) in cash | $64,277 | $(91,399) | | Cash, cash equivalents and restricted cash – end of period | $457,039 | $203,079 | - Investing activities primarily consisted of **$1.5 billion** in acquisitions for property, plant, and equipment related to the Rio Grande LNG Facility construction. Financing activities were driven by **$1.29 billion** in proceeds from debt issuance and **$412.7 million** from equity commitments[21](index=21&type=chunk) [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) - The company is constructing the Rio Grande LNG Facility, with Phase 1 (three trains) under construction. Train 4 is commercialized and progressing toward a Final Investment Decision (FID), and Train 5 is also being commercialized[23](index=23&type=chunk) - Total net property, plant, and equipment increased to **$6.59 billion** as of June 30, 2025, from **$5.02 billion** at year-end 2024, reflecting the ongoing construction of the Rio Grande LNG Facility[27](index=27&type=chunk) - Total debt, net of unamortized costs, increased to **$5.17 billion** from **$3.92 billion** at year-end 2024, primarily due to draws on credit facilities to fund construction[34](index=34&type=chunk) - In July 2025, a subsidiary began entering into contingent interest rate swaps to hedge expected floating-rate payments for the financing of Train 4 construction[61](index=61&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=17&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Significant progress on Rio Grande LNG facility construction and commercial agreements for future trains, with a widened net loss of **$149.7 million** due to derivative impacts [Overview of Business and Significant Developments](index=18&type=section&id=Overview%20of%20Business%20and%20Significant%20Developments) - As of June 2025, construction progress for the Rio Grande LNG Facility was on schedule: - Trains 1 & 2 and common facilities: **48.3% complete** - Train 3: **22.7% complete**[73](index=73&type=chunk) - The company is expanding beyond the first five trains, developing Trains 6-8 which are expected to add approximately **18 MTPA** of liquefaction capacity. A FERC pre-filing for Train 6 is expected in 2025[73](index=73&type=chunk) - Key commercial agreements were signed to support future trains: - **Train 4:** A 20-year, **1.2 MTPA** SPA with Saudi Aramco and a 20-year, **1.5 MTPA** SPA with TotalEnergies - **Train 5:** A 20-year, **2.0 MTPA** SPA with JERA[73](index=73&type=chunk) - In May 2025, the company amended its senior secured loan to increase the principal by **$50 million** to a total of **$225 million**, with proceeds used for working capital and pre-FID expenses for Trains 4 and 5[73](index=73&type=chunk)[74](index=74&type=chunk) [Rio Grande LNG Facility Activity](index=20&type=section&id=Rio%20Grande%20LNG%20Facility%20Activity) - Total expected capital costs for Phase 1 (Trains 1-3) are estimated to be approximately **$18.0 billion**, covering EPC, owner's costs, contingencies, and financing[87](index=87&type=chunk) - For Phase 1, Rio Grande has secured long-term SPAs for approximately **16.2 MTPA** of LNG with a weighted average term of **19.2 years**, expected to generate approximately **$1.8 billion** in average annual fixed fees[83](index=83&type=chunk)[84](index=84&type=chunk) - The company is targeting a positive FID on Train 4 by mid-September 2025, subject to obtaining adequate financing. The financing process was launched in June 2025[92](index=92&type=chunk)[95](index=95&type=chunk) - Train 5 is also progressing toward an FID targeted by mid-September 2025, contingent on securing sufficient commercial support and financing[96](index=96&type=chunk)[99](index=99&type=chunk) [Liquidity and Capital Resources](index=23&type=section&id=Liquidity%20and%20Capital%20Resources) - NextDecade and its subsidiary Rio Grande operate with independent capital structures. Cash at the Rio Grande level is restricted to funding Phase 1 obligations and is not available for NextDecade's corporate obligations[106](index=106&type=chunk) - Phase 1 is funded by approximately **$6.2 billion** in equity capital commitments and **$11.6 billion** in senior secured non-recourse bank credit facilities[107](index=107&type=chunk) - As of June 30, 2025, NextDecade Corporation's capital resources consist of approximately **$158.5 million** in cash and cash equivalents[111](index=111&type=chunk) - The company does not expect to generate significant cash flow from operations until the first train of Phase 1 becomes operational, which is anticipated in late 2027[110](index=110&type=chunk)[112](index=112&type=chunk) [Results of Operations](index=24&type=section&id=Results%20of%20Operations) Comparison of Results of Operations (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | General and administrative expense | $52,049 | $33,902 | $96,991 | $66,407 | | Total operating loss | $(56,268) | $(39,534) | $(108,184) | $(77,651) | | Derivative gain (loss) | $25,157 | $109,067 | $(143,543) | $367,939 | | Net loss attributable to common stockholders | $(60,867) | $(32,576) | $(149,672) | $(4,230) | - The net loss for the six months ended June 30, 2025, increased by **$145.4 million** compared to the same period in 2024. This was primarily driven by a **$511.5 million** decrease in unrealized derivative gains and a **$30.6 million** increase in G&A expenses due to increased headcount[119](index=119&type=chunk)[123](index=123&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=26&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, the company is exempt from providing quantitative and qualitative market risk disclosures for this period - As a smaller reporting company, NextDecade is exempt from providing quantitative and qualitative disclosures about market risk for this reporting period[120](index=120&type=chunk) [Controls and Procedures](index=26&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of June 30, 2025, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[121](index=121&type=chunk) - No material changes were made to the internal control over financial reporting during the most recent fiscal quarter[122](index=122&type=chunk) Part II. Other Information [Legal Proceedings](index=27&type=section&id=Item%201.%20Legal%20Proceedings) The company reported no legal proceedings during the period - As of the reporting date, there were no legal proceedings to disclose[125](index=125&type=chunk) [Risk Factors](index=27&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported since the last Annual Report on Form 10-K - No material changes to risk factors were reported since the last Annual Report on Form 10-K[126](index=126&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=27&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased shares for employee tax liabilities on vested stock awards, not as part of a publicly announced plan - During the three months ended June 30, 2025, the company repurchased **6,839 shares** of common stock. These were shares surrendered by employees to settle tax liabilities on vested restricted stock awards[127](index=127&type=chunk) [Other Information](index=27&type=section&id=Item%205.%20Other%20Information) No Rule 10b5-1 trading plans were adopted or terminated by directors or executive officers during the quarter - No directors or executive officers adopted or terminated any Rule 10b5-1 trading plans during the quarter[130](index=130&type=chunk) [Exhibits](index=27&type=section&id=Item%206.%20Exhibits) Key exhibits filed include EPC agreements for Trains 4 and 5, credit agreement amendments, and CEO/CFO certifications - Key exhibits filed include: - EPC agreement for Train 4 and Train 5 with Bechtel Energy Inc. - First Amendment to the Credit Agreement with Rio Grande LNG Super Holdings, LLC. - CEO and CFO certifications pursuant to the Sarbanes-Oxley Act[131](index=131&type=chunk)

Core Viewpoint - The stock prices of U.S. liquefied natural gas (LNG) developers surged collectively following the EU's commitment to invest $750 billion in U.S. LNG over the next three years as part of a comprehensive trade agreement [1] Group 1: Stock Performance - NextDecade (NEXT.US), Venture Global (VG.US), and Cheniere Energy (LNG.US) saw stock price increases of over 5% [1] - Expand Energy (EXE.US) and EQT Energy (EQT.US) experienced stock price rises of approximately 1% [1] Group 2: Trade Agreement Details - The framework trade agreement includes a commitment from the EU to purchase $250 billion worth of LNG annually from the U.S. to reduce dependence on Russian gas [1] - The U.S. has become the world's largest LNG supplier in 2023, surpassing Australia and Qatar, primarily due to supply disruptions and sanctions resulting from the Russia-Ukraine conflict [1] Group 3: Tariff Implications - The agreement stipulates a 15% import tariff on most EU goods from the U.S., which is lower than the previously feared 30% rate [1] - Analyst Ashley Kelty from Panmure Liberum noted that the 15% tariff is better than expected, which will mitigate the impact on industrial activities in both regions [1] Group 4: Market Outlook - The increase in U.S. energy procurement by the EU may exert pressure on natural gas prices, potentially leading to a surplus in the LNG market in Europe [1]

Rio Grande LNG Project Overview - Phase 1 (Trains 1-3) of the Rio Grande LNG Facility is under construction after achieving FID on July 12, 2023[13] - The project secured $18.4 billion in project financing, marking the largest greenfield energy project financing in U S history[13] - Phase 1 is supported by fixed-fee long-term LNG Sales and Purchase Agreements (SPAs) covering over 90% of its nameplate production capacity[17] - NextDecade expects an economic interest of up to 20 8% from Phase 1 operations[17] - Trains 1 and 2 are 8 1% complete as of September 2023, with engineering at 35 7%, procurement at 14 1%, and construction at 0 2%[21] Expansion Plans and Commercial Momentum - NextDecade is focused on expanding the LNG platform with Trains 4 and 5, leveraging Phase 1 agreements and commercial momentum[22] - Equity partner options are in place to potentially fund 60% of the equity financing required for each of Train 4 and Train 5[23] - TotalEnergies holds LNG SPA options for approximately 32% of the minimum expected contracted volume for each of Train 4 and Train 5[23] - The company is targeting a positive FID on Train 4 in the second half of 2024[24] Carbon Capture and Storage (CCS) Initiatives - NextDecade is committed to developing more sustainable LNG with lower emissions through project design, responsibly sourced gas, a pledge to use net-zero power, and planned carbon capture and storage[12] - The company plans to capture up to 5 million metric tonnes per annum (mta) of CO2 at the Rio Grande LNG Facility, aiming to produce the lowest carbon-intensive LNG in North America[109]

Rio Grande LNG Project Overview - Phase 1 (Trains 1-3) is fully funded and under construction, with a final investment decision (FID) achieved on July 12, 2023, for 17.6 MTPA of liquefaction capacity[12, 13] - Phase 1 secured $18.4 billion in project financing concurrently with FID[13] - Total equity commitments for Phase 1 amount to $6.1 billion, with NextDecade's equity commitment at approximately $283 million[17] - Project debt financing for Phase 1 totals $12.3 billion, including $11.1 billion in construction term loan facilities[17] - Over 90% of Phase 1 liquefaction capacity is supported by fixed-fee long-term LNG Sales and Purchase Agreements (SPAs)[17] Expansion Plans and Financing - NextDecade expects to fund 40% of equity financing required for each of Train 4 and Train 5, for an expected initial economic interest of 40%, increasing to 60% when equity partners receive certain returns[23] - TotalEnergies holds LNG purchase options for 1.5 MTPA in each of Trains 4 and 5 for 20-year free on board (FOB) LNG SPAs indexed to Henry Hub[24] - Approximately 3 MTPA of additional contracted volumes from Train 4 are expected to be needed to support project financing[26] Financial Transactions and Liquidity - NextDecade LNG, LLC entered into a $50 million senior secured revolving credit facility in January 2024 for general corporate purposes, including Train 4 development costs[27] - Rio Grande LNG, LLC (Rio Grande) entered into $251 million of senior secured loans in December 2023, reducing commitments under existing bank credit facilities for Phase 1[27] - Rio Grande issued $190 million of senior secured notes in a private placement transaction in February 2024, further reducing Phase 1 bank credit facility commitments[27] LNG Market and Demand - Estimated demand growth scenario calls for approximately 370 MTPA of incremental LNG supply by 2040[34] - Existing global regas infrastructure can accommodate a significant increase in LNG supply, with an additional ~370 MTPA of LNG supply expected to be needed by 2040[44] Carbon Capture and Storage (CCS) - Planned CCS project at Rio Grande LNG Facility expects to capture up to 5 million mta of CO2[109] - Approximately 650 U.S facilities reporting ≥1MM MTA of CO2 emissions, totaling ~1.75 billion MTA total CO2 emissions[99]

Rio Grande LNG Facility Phase 1 Construction and Financing - Rio Grande LNG Phase 1 achieved FID in July 2023 for Trains 1-3 with 17.6 MTPA liquefaction capacity[13, 49] - Project financing of $18.4 billion fully funds Phase 1 construction[49] - Phase 1 is supported by fixed-fee long-term LNG SPAs covering over 90% of liquefaction capacity[55] - NextDecade's expected economic interest in Phase 1 is up to 20.8%[55] - Trains 1 and 2 overall project completion is 18.2%, with engineering at 54.9%, procurement at 34.4%, and construction at 1.9%[16] - Train 3 overall project completion is 6.9%, with engineering at 5.2%, procurement at 16.7%, and construction at 0.0%[16] Train 4 Development and Expansion - Targeting positive FID on Train 4 in 2H 2024[20] - TotalEnergies holds an LNG purchase option for 1.5 MTPA from Train 4[22] - Approximately 3 MTPA of additional contracted volumes from Train 4 are expected to be needed to reach FID[22] - Phase 1 equity partners hold options to fund a cumulative 60% of the equity of Train 4[22] LNG Market and Demand - Estimated demand growth scenario calls for ~375 MTPA of incremental LNG supply by 2040[30] - Existing global regas infrastructure can accommodate a significant increase in LNG supply, with an additional ~375 MTPA of LNG supply expected to be needed by 2040[41] Carbon Capture and Storage (CCS) - Planned CCS project at Rio Grande LNG Facility expects to capture up to 5 million MTPA of CO2[119]

Rio Grande LNG Facility & Construction Progress - Rio Grande LNG Phase 1 (Trains 1-3) achieved FID in July 2023 and is under construction, progressing on schedule and on budget[30, 63, 67] - As of June 2024, Trains 1 and 2 are 24.1% complete (Engineering 66.4%, Procurement 45.4%, Construction 3.5%), and Train 3 is 7.8% complete (Engineering 8.4%, Procurement 18.4%, Construction 0.1%)[33] - Rio Grande LNG, LLC refinanced over $1.85 billion of the original $11.1 billion term loan facilities since FID of Phase 1 in July 2023[36] Train 4 Development & Commercial Agreements - EPC contract for Train 4 was finalized in August 2024, with a price of approximately $4.3 billion and validity through December 31, 2024[39] - A 20-year SPA with ADNOC for 1.9 MTPA of LNG has been secured for Train 4, and a Heads of Agreement with Aramco for 1.2 MTPA is in progress[23, 40] - TotalEnergies holds an LNG purchase option for 1.5 MTPA from Train 4, which NextDecade expects to be exercised, potentially providing sufficient commercial support for FID[23, 40] LNG Market Fundamentals & Demand - Estimated global LNG demand is projected to grow by approximately 350 MTPA by 2040[45] - Existing operational regas capacity is expected to accommodate up to approximately 1,150 MTPA of LNG by 2040, with over 325 MTPA in development[53] - Phase 1 is supported by fixed-fee long-term LNG Sale and Purchase Agreements (SPAs) with high caliber offtakers, SPA volumes total over 90% of Phase 1 liquefaction capacity[71, 100] Sustainability & Carbon Capture - The Rio Grande LNG Facility is designed to produce less-carbon-intensive LNG through project design, responsibly sourced gas, a pledge to use net-zero electricity, and a proposed CCS project[27, 61] - Next Carbon Solutions is developing end-to-end carbon capture and storage (CCS) solutions, including a proposed project at the Rio Grande LNG Facility with a target of capturing up to 5 million metric tonnes per annum of CO2[13, 122, 130]

Rio Grande LNG Facility Development - NextDecade is developing a 5-Train, 27 MTPA liquefaction facility in Brownsville, TX, with Trains 1-3 under construction and first LNG expected in 2027[16] - Phase 1 (Trains 1-3) is under construction with a combined nameplate capacity of 17.6 MTPA, and FID was achieved in July 2023[83, 86, 96] - The EPC contract for Train 4 was finalized in August 2024, with a price of approximately $4.3 billion and validity through December 31, 2024[52] - A 20-year SPA with ADNOC for 1.9 MTPA of LNG and a Heads of Agreement with Aramco for 1.2 MTPA of LNG support Train 4's commercial progress[28, 54] Financial and Commercial Aspects - Phase 1 has total estimated capital project costs of $18 billion, fully funded through a combination of equity and debt financing[116, 118] - Over 90% of Phase 1 nameplate capacity is contracted with creditworthy customers, providing approximately $1.8 billion in expected annual fixed fees[113] - Equity partners have options to provide 60% of equity financing for each of Train 4 and 5[28] - NextDecade expects an economic interest of up to 20.8% in Phase 1[118] Market and Sustainability - Global LNG demand is expected to grow, requiring over 350 MTPA of incremental LNG supply by 2040[59] - NextDecade is committed to sustainability and social responsibility, aiming to deliver reliable and sustainable energy solutions through liquefaction and CCS infrastructure[33] - Next Carbon Solutions aims to reduce GHG emissions through the development of end-to-end CCS solutions[33]

Project Overview - Rio Grande LNG Facility has a potential liquefaction capacity of approximately 48 MTPA, with Phase 1 (Trains 1-3) under construction and Trains 4-5 in commercialization[12] - First LNG is expected in 2027[13] - NextDecade is developing a potential CCS project at the Rio Grande Facility[14] Financial Highlights - Phase 1 has an estimated capital project cost of $18 billion, fully funded through $6.1 billion in equity commitments and $12.3 billion in debt financing[111] - Over 90% of Phase 1 nameplate capacity is contracted with diverse customers, with Henry Hub-linked SPAs providing approximately $1.8 billion in expected annual fixed fees[105] - NextDecade expects an economic interest of up to 20.8% in Phase 1[111] - Projected distributable cash flow from Trains 1-3 is estimated between $0.2 billion and $0.3 billion per year over 20 years, and Trains 4-5 is estimated between $0.7 billion and $1.0 billion per year[123] Expansion and Growth - Equity partners have options to provide 60% of equity financing for each of Train 4 and 5[27] - A 20-year SPA with ADNOC for 1.9 MTPA of LNG and a Heads of Agreement with Aramco for 1.2 MTPA for 20 years have been executed for Train 4[27] - TotalEnergies holds an LNG purchase option for 1.5 MTPA from Train 4 for a 20-year SPA[27] - Expansion plans include developing Trains 6-8 with a total potential liquefaction capacity of approximately 18 MTPA[35] Construction Progress - Trains 1 and 2 are 38.1% complete, while Train 3 is 15.3% complete[35] - A $175 million senior secured loan was entered into for working capital and development expenses for expansion trains[35]