Third Quarter 2025 Earnings Supplement November 2025 Forward Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements include any statements about the Company's business, financial condition, operating results, plans, objectives, expectations and intentions, expansion plans, estimates of our total addressable market, our ...

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FTAI INFRASTRUCTURE Supplemental Information Third Quarter 2025 Disclaimers IN GENERAL. This disclaimer applies to this document and the verbal of any person presenting it. This document, baker locesher with any such verbal or with any such verbal "Presentation" The information contained on, or accessible through, any websites included in this Presentation is not incorporated by reference into, ond should not be con FORW ARD LOOKING STATEMENTS. Certain strements in this Pesentation may consistanter "for wor ...

Non-GAAP Financial Measures Definitions - The company uses non-GAAP financial measures, but they should not be considered a substitute for GAAP measures[2] - Adjusted EPS excludes special items to evaluate operational performance and compare results across periods[3] - Adjusted operating cash flow excludes special items to evaluate the performance of continuing operations and compare cash flow results[4] - Free cash flow is adjusted operating cash flow minus maintenance capital expenditures, used to assess financial performance and strengthen the balance sheet[5] - Adjusted EBITDA is calculated per the credit agreement, excluding certain charges and credits, to measure financial performance and evaluate debt service ability[6] Q3 2025 vs Q3 2024 Performance - Net income attributable to common stockholders was $117.5 million in Q3 2025, compared to $117.8 million in Q3 2024[7] - Diluted EPS was $0.83 in Q3 2025, compared to $0.81 in Q3 2024[7] - Adjusted EPS was $0.87 in Q3 2025, compared to $0.79 in Q3 2024[7] - Free cash flow was $181.9 million in Q3 2025, compared to $185.0 million in Q3 2024[8] 2025 Financial Outlook - The company expects adjusted EPS to be between $3.80 and $3.90[9] - The company expects net cash provided by operating activities excluding special items to be between $910 million and $950 million[9]

Financial Performance - Revenue for the second quarter of 2025 was $0.48 million, compared to $0.22 million for the same period in 2024[44] - The company ended the second quarter of 2025 with $12.0 million in cash, an increase from $11.1 million at the end of 2024[43] - Adjusted EBITDA for the second quarter of 2025 was $(16.2) million, compared to $(8.1) million for the same period in 2024[46] - Net loss for the three months ended June 30, 2025 was $(141.275) million[51] Business Updates - 100% of surveyed IT organizations are at least in the AI investigation and use-case discovery stages[25] - Only 14% of companies are in the production at scale phase of their AI workloads[26] - Over 90% of companies intend to increase AI spending in 2025 and beyond[26] - AeroFlexx has achieved four straight quarters of revenue generation across three active customers[35] Strategic Initiatives - Refinity completed signing an engineering, procurement, and construction partner for its first plant design and delivery in 2Q25[38] - Refinity is on track for 3Q25 to demonstrate the viability of fluid bed conversion of mixed plastic waste to liquid product at pilot scale, with preliminary results above expectations[38]

Financial Performance - Second quarter revenue increased by 4.9% year-over-year to EUR 26.1 million (USD 30.6 million)[56] - Factoring out Netherlands contraction, revenue growth was +21%[12] - Adjusted EBITDA for the second quarter decreased by 4.4% year-over-year to EUR 3.5 million (USD 4.1 million)[56] - Gross profit increased by 10.8% year-over-year in Q2[20] - Realized EUR 2 million in annualized synergies[12] Product Mix and Content - Proprietary content revenue increased by 44% year-over-year[12] - Proprietary content accounted for 14.8% of total revenue in 2Q25, up from 10.8% in 2Q24[28] - PAM & Turnkey revenue was EUR 3.8 million, representing 14.6% of total revenue in 2Q25, compared to EUR 4.9 million and 19.9% in 2Q24[28] Market Growth and Strategy - U S revenue grew by 64% and Brazil by 56% in the second quarter[12] - U S online casino market is projected to grow to USD 75 billion+ at maturity[36] - Brazil is projected to contribute approximately 10% of revenue in 2025[39] - Total Netherlands market exposure is projected to reduce to 32% in FY 2025, with BetCity revenue projected at 17%[40]

Financial Performance - Adjusted EBITDA for Q1 2025 was $250 million[6], compared to $233559 thousand for Q1 2024[39] - Free Cash Flow for Q1 2025 was $120 million[6], compared to $107511 thousand for Q1 2024[43] - Capital Expenditures for Q1 2025 were $78 million[6] - The company is affirming FY 2025 Adjusted EBITDA guidance of $109 billion to $115 billion[9] - The company is affirming FY 2025 Capital Guidance of $450 million to $540 million[9] Operational Highlights - Average gas processed volumes for Q1 2025 were 180 Bcfpd, a 17% year-over-year increase[14] - Midstream Logistics Adjusted EBITDA for Q1 2025 was $159 million, an 11% year-over-year increase[14] - Pipeline Transportation Adjusted EBITDA for Q1 2025 was $94 million, a 2% year-over-year decrease[14] - Construction of the 220 Mmcfpd Kings Landing Complex is progressing, with commissioning expected to begin in six weeks[9] Strategic Initiatives - The company authorized a $500 million share repurchase program[9] - The company issued $250 million of 6625% sustainability-linked senior notes[9]

Financial Performance - Total revenue for 1Q25 was $1497 million, a 40% year-over-year increase[15] - Adjusted EBITDA for 1Q25 was $98 million, a 25% year-over-year increase[15] - Adjusted EBITDA margin was 66% in 1Q25, a decrease of 10 basis points year-over-year[15] Operating Metrics - Admissions increased by 76% year-over-year, totaling 41389[15] - Adjusted Admissions increased by 27% year-over-year, totaling 84536[15] - Net Patient Service Revenue per Adjusted Admission increased by 12% year-over-year, reaching $17402[15] Capital Structure - The company has $495 million in ABL Capacity and $295 million in total cash, resulting in $790 million available liquidity[32] - Net leverage is 26x and lease-adjusted net leverage is 30x[32] 2025 Full Year Guidance - Total revenue is projected to be between $6200 million and $6450 million[38] - Adjusted EBITDA is projected to be between $575 million and $615 million[38]

Market Trends & Investor Sentiment - There's significant demand for commercial real estate (CRE) investment opportunities in North America[10] - Multifamily sales volume has rebounded to pre-pandemic levels[13] - Investor buying sentiment reflects a desire to transact in the multifamily environment[16] - The 2024 multifamily absorption rate was 2.2 times above the pre-COVID average[20] - The delta between the cost of homeownership and renting remains wide[24] Financial Performance (Q1 2025 vs Q1 2024) - Consolidated total transaction volume increased by 10%, from $6394459 thousand to $7035932 thousand[31] - Total revenues increased by 25%, from $81897 thousand to $102570 thousand[31] - Net income increased by 135%, from -$6700 thousand to $2360 thousand[31] - Adjusted EBITDA increased by 31%, from -$19297 thousand to -$13327 thousand[31] - Total revenues for Servicing & Asset Management ("SAM") decreased by 7%, from $141235 thousand to $131903 thousand[35] - Net income for SAM decreased by 56%, from $43283 thousand to $19126 thousand[35] - Adjusted EBITDA for SAM decreased by 10%, from $119658 thousand to $107902 thousand[35] Future Outlook & Goals - The company anticipates high single-digits to double-digits growth in adjusted core earnings per share for 2025[38] - The company anticipates flat to high single-digits growth in adjusted EBITDA for 2025[38] - The company aims to increase average transaction volume per banker/broker to $200 million, a 16% increase[41]