NextDecade (NasdaqCM:NEXT) Earnings Call Presentation

Project Overview - NextDecade achieved a positive Final Investment Decision (FID) on Train 5 at Rio Grande LNG on October 16, 2025[13] - The Rio Grande LNG project has ~30 MTPA of LNG production capacity under construction, with over $31 billion fully funded[13] - Approximately 85% of Trains 1-5 capacity is contracted[13] Train 5 Details - Train 5 is expected to have an LNG production capacity of ~6 MTPA[18] - Approximately 75% of Train 5's capacity is contracted under LNG SPAs with creditworthy counterparties at prices indexed to Henry Hub plus a fixed fee[18, 21] - The guaranteed substantial completion and date of first commercial delivery (DFCD) for Train 5 under LNG SPAs is expected in the first half of 2031[18] - The total project cost for Train 5 is expected to be $6.7 billion, financed with approximately 60% debt and 40% equity at the project level[19] - NextDecade's economic interest in Train 5 will increase from 50% to 70% once equity partners have received a certain return[19] Financial Projections - The Rio Grande LNG project-level adjusted EBITDA is projected to be $3.7 billion[14] - Post-Flip NextDecade distributable cash flow is projected to be $0.8 billion[14] - NextDecade aggregate equity commitments of ~$2.7 billion for Trains 1 through 5 at Rio Grande LNG funded with ~20% cash and ~80% term loans[65] Market Outlook - The company expects global gas demand to remain strong into the 2030s and beyond[45] - Incremental LNG is expected to supply more than 40% of incremental global gas demand growth[45]