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FTAI INFRASTRUCTURE Supplemental Information Second Quarter 2026
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Disclaimers 1 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 . Certain statements in this Presentation may constitute “forward - looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 , of FTAI Infrastructure Inc . (referred to in this Presentation as “FIP,” the “Company,” or “we”), including without limitation, ability to achieve key investment objectives, ability to successfully integrate acquired businesses and realize the anticipated benefits of acquisitions, expansion and growth opportunities, ability to achieve target annual and run - rate Adjusted EBITDA, pipeline activity and investment of existing cash, actual results as compared to annualized data, expectations regarding additional Adjusted EBITDA from investments, whether equipment will be able to be leased, ability to attract new customers, grow third - party business and achieve new revenue opportunities at Transtar, ability to meet cost savings targets, ability to insulate from inflation, ability to monetize excess gas production, ability to leverage new energy flows and energy security, ability to reach full utilization and targeted capacity at ports, terminals, facilities and power plants, realization of expected or targeted expansion of railroads, terminals and power plants, ability to receive relevant permits and approvals, ability to achieve sustainability initiatives and targets, bank borrowings and future debt and leverage capacity, financing activities and other such matters . These statements are based on management’s current expectations, estimates and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward - looking statements, many of which are beyond our control . FIP can give no assurance that its expectations will be attained . Accordingly, you should not place undue reliance on any forward - looking statements made in this Presentation . For a discussion of some of the risks and important factors that could affect such forward - looking statements, see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent annual report on Form 10 - K (when available) and other filings with the U . S . Securities and Exchange Commission, which are included on the Company’s website (www . fipinc . com) . In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward - looking statements . Such forward - looking statements speak only as of the date of this Presentation . The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward - looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based . PAST PERFORMANCE . Past performance is not a reliable indicator of future results and should not be relied upon for any reason . Annualized data is presented for illustrative purposes only and should not be considered indicative of future performance or actual results for any period . NO OFFER ; NO RELIANCE . This Presentation is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security and may not be relied upon in connection with the purchase or sale of any security . Any such offer would only be made by means of formal documents, the terms of which would govern in all respects . You should not rely on this Presentation as the basis upon which to make any investment decision . NON - GAAP FINANCIAL INFORMATION . This Presentation includes information based on financial measures that are not recognized under generally accepted accounting principles (GAAP), such as Adjusted EBITDA . You should use Non ‐GAAP information in addition to, and not as an alternative to, financial information prepared in accordance with GAAP . See Reconciliation and Glossary in the Appendix to this Presentation for reconciliations to the most comparable GAAP measures and an explanation of our Non - GAAP measure . Our Non - GAAP measure may not be identical or comparable to measures with the same name presented by other companies . Reconciliations of forward - looking Non - GAAP financial measures to their most directly comparable GAAP financial measures are not included in this Presentation because the most directly comparable GAAP financial measures are not available on a forward - looking basis without unreasonable effort .
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2026 Second Quarter Review
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Second Quarter Highlights – Generating Momentum Across Our Portfolio (1) 3 1) Target Adj. EBITDA, future progress and earnings depend on expansion projects being completed on expected timelines and contr act s performing as anticipated. Actual results may vary materially. Please see “Disclaimers” at the beginning of the Presentation. ▪ Announced $1.52 billion sale to MARA Holdings, Inc. on April 30, 2026, with proceeds used to paydown debt ▪ Expect closing by the end of September, subject to FERC approval Sale of Long Ridge De - Leverages our Company Creating Value This Year to Position for Sales in 2027 ▪ Multiple opportunities at Jefferson to increase volumes with no additional capital ▪ Repauno Phase 2 on schedule for early 2027 commencement Our Primary Driver of Growth Going Forward ▪ Record revenues and Adj. EBITDA for 2Q ▪ Rail market M&A expected to be active in the second half of 2026
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$35.2 $44.1 $44.2 $48.7 3Q'25 4Q'25 1Q'26 2Q'26 ($ millions) 2Q’25 2Q’26 Net income (loss) $(83.9) $(166.5) Adj. EBITDA (1) Rail Segment 20.7 42.4 Long Ridge 23.0 27.4 Jefferson 11.1 13.0 Repauno (2.1) 0.2 Corporate and Other (6.8) (6.9) Consolidated Adj. EBITDA (1) $45.9 $76.1 Financial Results 4 1) This is a Non - GAAP measure. See Reconciliation of Non - GAAP Measures section in Appendix for a reconciliation to the most compara ble GAAP measure. 2) Excludes $9.0 million gain related to an exchange of equity interests in Clean Planet Energy. ▪ 2Q Consolidated Adj. EBITDA (1) totaled $76.1 million ▪ Expect to close Long Ridge sale in late September, subject to FERC approval − Excluding Long Ridge, Adj. EBITDA (1) was $48.7 million, a quarterly record Adj. EBITDA (1) - By Quarter Quarterly Adj. EBITDA (1) – Excluding Long Ridge ($ millions) Continued growth expected from: 1. Full impact of Tidewater Logistics 2. Repauno Phase 2 3. Organic growth at Jefferson (2)
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5 Capitalization ▪ Closing the Long Ridge transaction is a key step towards reducing FIP’s leverage ▪ Focused on continuing to reduce leverage and cost of capital 2Q’26 Pro Forma Sale of Long Ridge and Corporate Debt Paydown (4)(5)(6)(7) Including Phase 2 Repauno (4)(5)(6)(7) Corporate debt $1,399 $1,164 $1,164 Subsidiary non - recourse debt, net (1) 2,529 1,377 1,377 Total debt 3,928 2,541 2,541 Total capitalization $4,566 $3,180 $3,180 Parent level cash flow 141 141 192 Corporate debt / parent level cash flow 9.9x 8.3x 6.0x Capital Structure ($ millions) 1) Non - recourse to FIP. 2) 2Q’26 annualized parent level cash flow of $141 million reflects $179 million of Rail Segment Adj. EBITDA, including full yea r i mpact of owning Tidewater Logistics, net of $10 million of rail interest and Tidewater Logistics lease expense, and $28 million of corporate overhead. 3) Including Phase 2 Repauno parent level cash flow of $192 million reflects $259 million of Rail Segment and Repauno Phase 2 at full capacity Adj. EBITDA, including full year impact of owning Tidewater Logistics, net of $10 million of rail interest and Tidewater Logistics lease expense, $29 million of Repauno interest, and $28 million of corporate overhead. 4) Target Adj. EBITDA, future progress and earnings depend on expansion projects being completed on expected timelines and contr act s performing as anticipated. Actual results may vary materially. Please see “Disclaimers” at the beginning of the Presentation. 5) Reflects a 1.19x debt paydown multiple, assuming paydown of the corporate term loan by September 30, 2026. 6) Accounting for the sale of Long Ridge and paydown of the corporate term loan are based on estimates. 7) Reflects updated Jefferson debt balances following the July 1, 2026 refinancings. (2) (2) (3)
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Core Segment Review
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Energy liquids 25% Aggregates 24% Coke 17% Steel 16% Iron 7% Plastics 5% Industrial minterals 3% Grain 1% Chemicals 1% Other 1% Railroads 1) This is a Non - GAAP measure. See Reconciliation of Non - GAAP Measures section in Appendix for a reconciliation to the most compara ble GAAP measure. 2) Includes Transtar financials only; W&LE inclusion began August 25, 2025. 3) 2Q 2025 pro forma presented on a combined basis for W&LE and Transtar for year - over - year comparability. 4) Figures represent 2Q 2026 carload - based freight revenue by commodity. 7 ▪ Generated Adj. EBITDA (1) of $42.4 million in 2Q ▪ Acquired Tidewater Logistics on June 26, 2026, a multimodal transloading and logistics company serving oil, gas, and industri al sectors; go forward results will reflect full period of ownership ($ millions, except rate per car) 2Q’25 (2) 2Q’25 Pro Forma (3) 2Q’26 Carloads (000s) 59.6 98.6 98.5 Avg. rate per car $644 $778 $853 Total revenue $42.1 $81.2 $92.2 Net income (loss) $7.3 $16.1 $(18.8) Adj. EBITDA (1) $20.7 $37.6 $42.4 Financial Summary 2Q’26 Carloads = 98.5k Pro forma for combined W&LE and Transtar ownership Carload - based revenue by commodity (4)
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Tidewater Logistics 1) Target Adj. EBITDA, future progress and earnings depend on expansion projects being completed on expected timelines and contr act s performing as anticipated. Actual results may vary materially. Please see “Disclaimers” at the beginning of the Presentation. 8 ▪ Acquired on June 26, for approximately $45 million cash consideration ▪ Operates portfolio of four rail terminals in Ohio, West Virginia, and Texas — highly complementary to our Wheeling & Lake Erie r ailroad ▪ Expected to contribute approximately $9 million of annual Adj. EBITDA (1) Strategically Located on W&LE Derwent, OH Rai l Truck Fairmont, WV Rail Truck Permian Asset Big Lake, TX Rail Truck Steubenville, OH Rail Truck Barge Wheeling and Lake Erie Existing Facility Expansion Facility Key Facts Modal Connectivity Rail Partners Commodities Handled Rail Barge Truck Sand Liquids Crude Fertilizer Fly ash Metals Union Railroad Company, PA Rail Truck
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Industrial Carve - Outs Increasingly Active Rail M&A Market 9 ▪ We continue to evaluate opportunities to acquire and integrate freight railroads, and accelerate the growth of our rail busin ess ▪ Expect multiple acquisition opportunities over the next 6 – 12 months ▪ Seller dynamic includes private equity funds with maturing hold periods, individuals, and corporate/industrial owners ▪ Our rail business is well positioned to act on the following M&A themes: Shortline Portfolio Sales ▪ Over 500 North American railroads, many of which are owned in portfolios ▪ Larger opportunities, potentially highly - accretive Individual Railroad “Tuck - Ins” ▪ Regional rail - served terminals and switching lines ▪ Straightforward to integrate, diversify commodity/ customer base ▪ In house rail assets under consideration for sale by industrial owners (e.g., Transtar) ▪ Customer concentration considerations, but typically long - term committed volumes 1 2 3
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165.0 54.3 26.5 2Q'26 Refined products Crude Ammonia Jefferson Terminal 10 1) This is a Non - GAAP measure. See Reconciliation of Non - GAAP Measures section in Appendix for a reconciliation to the most compara ble GAAP measure. ▪ Generated Adj. EBITDA (1) of $13.0 million in 2Q ▪ Record refined products and ammonia throughput offset by lower crude throughput due to disruptions in the Strait of Hormuz ▪ New crude transloading contract became operational in July; crude volumes are expected to continue ramping over the next 12 m ont hs − Majority of volumes expected to move by rail and pipeline, reducing exposure to Middle East supply disruptions ($ millions) 2Q’25 2Q’26 Throughput (kbd) 203.3 245.8 Total revenue $21.6 $24.3 Net loss $(12.0) $(8.6) Adj. EBITDA (1) $11.1 $13.0 Financial Summary ▪ Ammonia ▪ Volumes continue to ramp up 2Q’26 Throughput ( kbd ) = 245.8 245.8 ▪ Crude ▪ Strait of Hormuz disruptions reduced crude volumes; going forward expect more volumes to move by rail and pipeline ▪ Refined products ▪ Higher export volumes drove the increase in refined products
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Focused on Increasing C apacity Utilization at Jefferson 11 1) Target Adj. EBITDA, future progress and earnings depend on expansion projects being completed on expected timelines and contr act s performing as anticipated. Actual results may vary materially. Please see “Disclaimers” at the beginning of the Presentation. ▪ Jefferson is a critical hub for Beaumont and Port Authur area refineries and major producers of petrochemicals, deeply integrated into their supply chains, with significant opportunities to grow volumes from existing customers ▪ With existing customer pipeline connectivity, Jefferson can immediately accommodate additional throughput with no incremental capital investment required, capable of generating over $100 million of Adj. EBITDA annually (1) Product Mix (1) ▪ Exports by rail, pipeline, and marine ▪ Identified near - term opportunities to increase volumes by approximately 30kbd Refined Products Crude ▪ Imports domestically by rail and pipeline, and internationally by marine ▪ Heating and blending capabilities for heavy crudes, including Uinta wax Ammonia ▪ Export of ammonia for two customers at Jefferson South ▪ Customers are planning to expand production; potential doubling of volumes for Jefferson
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Repauno 12 1) This is a Non - GAAP measure. See Reconciliation of Non - GAAP Measures section in Appendix for a reconciliation to the most compara ble GAAP measure. 2) Target Adj. EBITDA, future progress and earnings depend on expansion projects being completed on expected timelines and contr act s performing as anticipated. Actual results may vary materially. Please see “Disclaimers” at the beginning of the Presentation. ▪ Phase 2 construction progressing with a commencement of operations targeted in early 2027 ▪ Based on ongoing conversations, continuing to target Phase 2 commencing near full capacity (2) ($ millions) 2Q’25 2Q’26 Total revenue $3.0 $5.5 Net loss $(9.6) $(3.8) Adj. EBITDA (1) $(2.1) $0.2 Financial Summary Highlights & Near - Term Priorities (2) ▪ Operations benefiting from seasonal butane contract that started in April ▪ Optimizing Phase 1 between propane and butane to maximize market opportunities and achieve early propane in - service ▪ Phase 2 construction progress: − Commissioning and commencement of operation in 1Q 2027
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Repauno Phase 2 Progressing 13 Cryogenic Tank Piping Infrastructure ▪ Construction of Phase 2 on track for early 2027 commencement of operation ▪ Cryogenic storage tank with 630k barrel capacity ▪ Pipes and manifolds connecting to the dock ▪ Additional rail capacity
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Long Ridge 14 1) This is a Non - GAAP measure. See Reconciliation of Non - GAAP Measures section in Appendix for a reconciliation to the most compara ble GAAP measure. 2) Target Adj. EBITDA, future progress and earnings depend on expansion projects being completed on expected timelines and contr act s performing as anticipated. Actual results may vary materially. Please see “Disclaimers” at the beginning of the Presentation. ▪ Preparing to close sale, with closing expected by the end of September, subject to FERC approval ▪ Generated Adj. EBITDA (1) of $27.4 million in 2Q , with a capacity factor of 85 % ▪ 2Q results reflects 11 days of a planned outage at Long Ridge ($ millions) 2Q’25 2Q’26 Power plant capacity factor 83% 85% Gas production (MMBtu / day) 64,375 73,060 Revenue $41.8 $48.8 Net income (loss) $(15.1) $(54.1) Adj. EBITDA (1) $23.0 $27.4 ▪ 2Q gas production in excess of 73.1 MMBtu / day ▪ Long Ridge sale expected to close in Q3, subject to regulatory approvals Financial Summary Highlights & Near - Term Priorities (2)
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Appendix
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Appendix (1) : ▪ Statement of Operations by Segment ▪ Comparative Statements of Operations ▪ Condensed Balance Sheets by Segment ▪ Reconciliation of Non - GAAP measures 16 1) As of September 30, 2025, under GAAP, W&LE is accounted for as an equity method investment and is not consolidated. Its profi t a nd loss are recorded as equity in earnings (losses) of unconsolidated entities.
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Statement of Operations by Segment (unaudited) 1) This is a Non - GAAP measure. See Reconciliation of Non - GAAP Measures section in Appendix for a reconciliation to the most compara ble GAAP measure. 17 Three Months Ended June 30, 2026 Railroad Ports and Terminals Power and Gas Sustainability and Energy Transition Corporate and Other Total ($ thousands) Jefferson Terminal Repauno Revenues Total revenues $ 92,154 $ 24,316 $ 5,537 $ 48,844 $ — $ 15,917 $ 186,768 Expenses Operating expenses 51,334 18,740 6,377 24,923 2 15,957 117,333 General and administrative — — — — — 3,674 3,674 Acquisition and transaction expenses 2,491 — — 2,245 115 1,170 6,021 Management fees and incentive allocation to affiliate — — — — — 3,677 3,677 Depreciation and amortization 19,512 11,997 2,655 5,109 — 238 39,511 Asset impairment — — — 60,380 — 2,808 63,188 Total expenses 73,337 30,737 9,032 92,657 117 27,524 233,404 Other (expense) income Equity in losses of unconsolidated entities — — — — (560) — (560) Loss on sale of assets, net (16) — — — — — (16) Loss on modification or extinguishment of debt — — — (549) — (1,053) (1,602) Interest expense (1,905) (13,636) (1,405) (25,031) — (63,515) (105,492) Other income 633 561 912 263 839 79 3,287 Total other (expense) income (1,288) (13,075) (493) (25,317) 279 (64,489) (104,383) Income (loss) before income taxes 17,529 (19,496) (3,988) (69,130) 162 (76,096) (151,019) Provision for (benefit from) income taxes 3,237 136 2 (14,951) — — (11,576) Net income (loss) 14,292 (19,632) (3,990) (54,179) 162 (76,096) (139,443) Less: Net (loss) income attributable to non - controlling interests in consolidated subsidiaries - common stockholders (99) (11,075) (183) (75) — 55 (11,377) Less: Preferred dividends and accretion on redeemable non - controlling interests 33,230 — — — — — 33,230 Less: Dividends and accretion of redeemable preferred stock — — — — — 657 657 Less: Convertible preferred stock dividend — — — — — 4,511 4,511 Net (loss) income attributable to common stockholders $ (18,839) $ (8,557) $ (3,807) $ (54,104) $ 162 $ (81,319) $ (166,464) Adjusted EBITDA (1) $ 42,356 $ 13,014 $ 232 $ 27,429 $ 277 $ (7,195) $ 76,113
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Statement of Operations by Segment (unaudited) 1) This is a Non - GAAP measure. S ee Reconciliation of Non - GAAP Measures section in Appendix for a reconciliation to the most comparable GAAP measure. 18 Three Months Ended June 30, 2025 Railroad Ports and Terminals Power and Gas Sustainability and Energy Transition Corporate and Other Total ($ thousands) Jefferson Terminal Repauno Revenues Total revenues $ 42,140 $ 21,628 $ 2,992 $ 41,796 $ — $ 13,730 $ 122,286 Expenses Operating expenses 22,130 17,018 5,449 16,026 2 13,810 74,435 General and administrative — — — — — 3,862 3,862 Acquisition and transaction expenses 2,783 69 1,980 1,397 — 2,475 8,704 Management fees and incentive allocation to affiliate — — — — — 3,680 3,680 Depreciation and amortization 4,979 11,290 2,494 15,018 — 217 33,998 Total expenses 34,293 28,377 9,923 32,441 2 24,044 129,080 Other (expense) income Equity in losses of unconsolidated entities — — — — (1,995) — (1,995) Loss on modification or extinguishment of debt — (742) (3,324) — — — (4,066) Interest expense (112) (16,000) — (24,787) — (18,305) (59,204) Other income (expense) 399 1,282 103 345 926 (3) 3,052 Total other income (expense) 287 (15,460) (3,221) (24,442) (1,069) (18,308) (62,213) Income (loss) before income taxes 8,134 (22,209) (10,152) (15,087) (1,071) (28,622) (69,007) Provision for (benefit from) income taxes 768 336 25 — — (177) 952 Net income (loss) 7,366 (22,545) (10,177) (15,087) (1,071) (28,445) (69,959) Less: Net income (loss) attributable to non - controlling interests in consolidated subsidiaries 46 (10,579) (567) — — — (11,100) Less: Dividends and accretion of redeemable preferred stock — — — — — 20,957 20,957 Less: Convertible preferred stock dividend — — — — — 4,082 4,082 Net income (loss) attributable to common stockholders $ 7,320 $ (11,966) $ (9,610) $ (15,087) $ (1,071) $ (53,484) $ (83,898) Adjusted EBITDA (1) $ 20,671 $ 11,082 $ (2,082) $ 22,971 $ 824 $ (7,550) $ 45,916
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Statement of Operations by Segment (unaudited) 1) This is a Non - GAAP measure. S ee Reconciliation of Non - GAAP Measures section in Appendix for a reconciliation to the most comparable GAAP measure. 19 Six Months Ended June 30, 2026 Railroad Ports and Terminals Power and Gas Sustainability and Energy Transition Corporate and Other Total ($ thousands) Jefferson Terminal Repauno Revenues Total revenues $ 177,162 $ 51,634 $ 6,745 $ 110,850 $ — $ 28,741 $ 375,132 Expenses Operating expenses 98,098 44,553 12,683 52,698 2 29,693 237,727 General and administrative — — — — — 7,228 7,228 Acquisition and transaction expenses 4,099 — — 3,046 115 5,581 12,841 Management fees and incentive allocation to affiliate — — — — — 7,769 7,769 Depreciation and amortization 38,999 23,984 5,238 21,485 — 496 90,202 Asset impairment — — — 60,380 — 2,808 63,188 Total expenses 141,196 68,537 17,921 137,609 117 53,575 418,955 Other (expense) income Equity in losses of unconsolidated entities — — — — (1,078) — (1,078) Loss on sale of assets, net (9) — — (573) — — (582) Loss on modification or extinguishment of debt — (6,429) — (549) — (40,538) (47,516) Interest expense (3,404) (29,871) (3,356) (48,697) — (102,651) (187,979) Other income (expense) 119 1,368 1,988 2,231 1,576 (1,011) 6,271 Total other (expense) income (3,294) (34,932) (1,368) (47,588) 498 (144,200) (230,884) Income (loss) before income taxes 32,672 (51,835) (12,544) (74,347) 381 (169,034) (274,707) Provision for (benefit from) income taxes 6,535 348 2 (14,951) — 13 (8,053) Net income (loss) 26,137 (52,183) (12,546) (59,396) 381 (169,047) (266,654) Less: Net (loss) income attributable to non - controlling interests in consolidated subsidiaries (261) (24,754) (574) (121) — 73 (25,637) Less: Preferred dividends and accretion on redeemable non - controlling interests 70,451 — — — — — 70,451 Less: Dividends and accretion of redeemable preferred stock — — — — — 657 657 Less: Convertible preferred stock dividend — — — — — 8,864 8,864 Net (loss) income attributable to common stockholders $ (44,053) $ (27,429) $ (11,972) $ (59,275) $ 381 $ (178,641) $ (320,989) Adjusted EBITDA (1) $ 82,589 $ 27,451 $ (2,089) $ 53,840 $ 496 $ (15,582) $ 146,705
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Statement of Operations by Segment (unaudited) 1) This is a Non - GAAP measure. S ee Reconciliation of Non - GAAP Measures section in Appendix for a reconciliation to the most comparable GAAP measure. 20 Six Months Ended June 30, 2025 Railroad Ports and Terminals Power and Gas Sustainability and Energy Transition Corporate and Other Total ($ thousands) Jefferson Terminal Repauno Revenues Total revenues $ 84,771 $ 41,077 $ 6,803 $ 59,090 $ — $ 26,706 $ 218,447 Expenses Operating expenses 45,069 35,112 12,115 22,337 2 26,845 141,480 General and administrative — — — — — 8,975 8,975 Acquisition and transaction expenses 2,876 68 2,296 2,466 — 4,513 12,219 Management fees and incentive allocation to affiliate — — — — — 6,222 6,222 Depreciation and amortization 10,065 22,530 4,990 21,108 — 317 59,010 Total expenses 62,411 57,710 19,401 45,911 2 46,872 232,307 Other income (expense) Equity in earnings (losses) of unconsolidated entities — — — 10,588 (7,319) 50 3,319 (Loss) gain on sale of assets, net (124) — — 119,952 — — 119,828 Loss on modification or extinguishment of debt — (749) (3,324) — — — (4,073) Interest expense (251) (32,624) (1,518) (33,804) — (34,119) (102,316) Other income (expense) 787 2,008 103 2,585 1,265 (3) 6,745 Total other income (expense) 412 (31,365) (4,739) 99,321 (6,054) (34,072) 23,503 Income (loss) before income taxes 22,772 (47,998) (17,337) 112,500 (6,056) (54,238) 9,643 Provision for (benefit from) income taxes 1,580 759 37 (42,457) — (481) (40,562) Net income (loss) 21,192 (48,757) (17,374) 154,957 (6,056) (53,757) 50,205 Less: Net income (loss) attributable to non - controlling interests in consolidated subsidiaries 133 (21,663) (971) — — — (22,501) Less: Dividends and accretion of redeemable preferred stock — — — — — 42,798 42,798 Less: Convertible preferred stock dividend — — — — — 5,549 5,549 Net income (loss) attributable to common stockholders $ 21,059 $ (27,094) $ (16,403) $ 154,957 $ (6,056) $ (102,104) $ 24,359 Adjusted EBITDA (1) $ 40,595 $ 19,032 $ (3,534) $ 161,061 $ (802) $ (15,217) $ 201,135
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Appendix: ▪ Statement of Operations by Segment ▪ Comparative Statements of Operations ▪ Condensed Balance Sheets by Segment ▪ Reconciliation of Non - GAAP measures 21
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Consolidated (unaudited) 1) This is a Non - GAAP measure. See Reconciliation of Non - GAAP Measures section in Appendix for a reconciliation to the most compara ble GAAP measure. 22 Three Months Ended ($ thousands) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Revenues Total revenues $ 122,286 $ 140,556 $ 143,517 $ 188,364 $ 186,768 Expenses Operating expenses 74,435 74,985 83,122 120,394 117,333 General and administrative 3,862 3,202 4,045 3,554 3,674 Acquisition and transaction expenses 8,704 3,221 11,698 6,820 6,021 Management fees and incentive allocation to affiliate 3,680 3,782 4,710 4,092 3,677 Depreciation and amortization 33,998 34,813 38,666 50,691 39,511 Asset impairment 4,401 — — — 63,188 Total expenses 129,080 120,003 142,241 185,551 233,404 Other (expense) income Equity in (losses) earnings of unconsolidated entities (1,995) 2,928 6,056 (518) (560) Gain (loss) on sale of assets, net — 28 8,986 (566) (16) Loss on modification or extinguishment of debt (4,066) (55,208) (42) (45,914) (1,602) Interest expense (59,204) (73,312) (90,286) (82,487) (105,492) Other income 3,052 5,554 8,452 2,984 3,287 Total other expense (62,213) (120,010) (66,834) (126,501) (104,383) Loss before income taxes (69,007) (99,457) (65,558) (123,688) (151,019) Provision for (benefit from) income taxes 952 5,081 32,163 3,523 (11,576) Net loss (69,959) (104,538) (97,721) (127,211) (139,443) Less: Net loss attributable to non - controlling interests in consolidated subsidiaries (11,100) (11,497) (10,882) (14,260) (11,377) Less: Preferred dividends and accretion on redeemable non - controlling interests — 12,487 32,120 37,221 33,230 Less: Dividends and accretion on redeemable preferred stock 20,957 12,824 — — 657 Less: Convertible preferred stock dividend 4,082 4,231 4,338 4,353 4,511 Less: Loss on extinguishment of preferred stock — 36,646 — — — Net loss attributable to common stockholders $ (83,898) $ (159,229) $ (123,297) $ (154,525) $ (166,464) Adjusted EBITDA (1) $ 45,916 $ 70,931 $ 89,158 $ 70,592 $ 76,113
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Railroad (unaudited) 1) This is a Non - GAAP measure. See Reconciliation of Non - GAAP Measures section in Appendix for a reconciliation to the most compara ble GAAP measure. 23 Three Months Ended ($ thousands) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Revenues Lease income $ 361 $ 402 $ 601 $ 1,855 $ 2,118 Rail revenues 41,779 42,511 44,612 82,023 88,384 Terminal services revenues — — — — 167 Other revenue — — 43 1,130 1,485 Total revenues 42,140 42,913 45,256 85,008 92,154 Expenses Operating expenses 22,130 22,562 23,956 46,764 51,334 Acquisition and transaction expenses 2,783 (459) 1,190 1,608 2,491 Depreciation and amortization 4,979 5,151 6,057 19,487 19,512 Asset impairment 4,401 — — — — Total expenses 34,293 27,254 31,203 67,859 73,337 Other income (expense) Equity in earnings of unconsolidated entities — 3,013 6,210 — — Gain (loss) on sale of assets, net — 28 17 7 (16) Interest expense (112) (80) (552) (1,499) (1,905) Other income (expense) 399 881 4,476 (514) 633 Total other income (expense) 287 3,842 10,151 (2,006) (1,288) Income before income taxes 8,134 19,501 24,204 15,143 17,529 Provision for income taxes 768 4,040 317 3,298 3,237 Net income 7,366 15,461 23,887 11,845 14,292 Less: Net income (loss) attributable to non - controlling interests in consolidated subsidiaries 46 25 (42) (162) (99) Less: Preferred dividends and accretion on redeemable non - controlling interests — 12,487 32,120 37,221 33,230 Net income (loss) attributable to common stockholders $ 7,320 $ 2,949 $ (8,191) $ (25,214) $ (18,839) Adjusted EBITDA (1) $ 20,671 $ 29,128 $ 41,252 $ 40,233 $ 42,356
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Jefferson Terminal (unaudited) 1) This is a Non - GAAP measure. See Reconciliation of Non - GAAP Measures section in Appendix for a reconciliation to the most compara ble GAAP measure. 24 Three Months Ended ($ thousands) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Revenues Lease income $ 885 $ 808 $ 695 $ 640 $ 655 Terminal services revenues 20,743 20,323 22,755 26,678 23,661 Total revenues 21,628 21,131 23,450 27,318 24,316 Expenses Operating expenses 17,018 16,400 17,106 25,813 18,740 Acquisition and transaction expenses 69 — — — — Depreciation and amortization 11,290 11,358 12,309 11,987 11,997 Total expenses 28,377 27,758 29,415 37,800 30,737 Other (expense) income (Loss) gain on modification or extinguishment of debt (742) 13 (12) (6,429) — Interest expense (16,000) (17,064) (15,442) (16,235) (13,636) Other income 1,282 499 1,419 807 561 Total other expense (15,460) (16,552) (14,035) (21,857) (13,075) Loss before income taxes (22,209) (23,179) (20,000) (32,339) (19,496) Provision for (benefit from) income taxes 336 (39) (2,593) 212 136 Net loss (22,545) (23,140) (17,407) (32,551) (19,632) Less: Net loss attributable to non - controlling interests in consolidated subsidiaries (10,579) (11,162) (10,436) (13,679) (11,075) Net loss attributable to common stockholders $ (11,966) $ (11,978) $ (6,971) $ (18,872) $ (8,557) Adjusted EBITDA (1) $ 11,082 $ 11,024 $ 13,569 $ 14,437 $ 13,014
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Repauno (unaudited) 1) This is a Non - GAAP measure. See Reconciliation of Non - GAAP Measures section in Appendix for a reconciliation to the most compara ble GAAP measure. 25 Three Months Ended ($ thousands) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Revenues Terminal services revenues $ 2,713 $ 2,954 $ 1,233 $ 1,208 $ 5,533 Other revenue 279 — 1 — 4 Total revenues 2,992 2,954 1,234 1,208 5,537 Expenses Operating expenses 5,449 5,724 4,894 6,306 6,377 Acquisition and transaction expenses 1,980 998 959 — — Depreciation and amortization 2,494 2,489 2,494 2,583 2,655 Total expenses 9,923 9,211 8,347 8,889 9,032 Other (expense) income Loss on extinguishment of debt (3,324) — — — — Interest expense — (3,012) (2,413) (1,951) (1,405) Other income 103 2,761 1,611 1,076 912 Total other expense (3,221) (251) (802) (875) (493) Loss before income taxes (10,152) (6,508) (7,915) (8,556) (3,988) Provision for income taxes 25 19 658 — 2 Net loss (10,177) (6,527) (8,573) (8,556) (3,990) Less: Net loss attributable to non - controlling interests in consolidated subsidiaries (567) (360) (378) (391) (183) Net loss attributable to common stockholders $ (9,610) $ (6,167) $ (8,195) $ (8,165) $ (3,807) Adjusted EBITDA (1) $ (2,082) $ 660 $ (1,901) $ (2,321) $ 232
Page 27
Power and Gas (unaudited) 1) This is a Non - GAAP measure. See Reconciliation of Non - GAAP Measures section in Appendix for a reconciliation to the most compara ble GAAP measure. 26 Three Months Ended ($ thousands) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Revenues Terminal services revenues $ 828 $ 393 $ 407 $ 422 $ 419 Power revenues 38,010 56,517 45,876 45,628 42,568 Gas revenues 2,958 1,724 15,324 15,956 5,857 Total revenues 41,796 58,634 61,607 62,006 48,844 Expenses Operating expenses 16,026 15,111 24,984 27,775 24,923 Acquisition and transaction expenses 1,397 162 3,966 801 2,245 Depreciation and amortization 15,018 15,568 17,560 16,376 5,109 Asset impairment — — — — 60,380 Total expenses 32,441 30,841 46,510 44,952 92,657 Other income (expense) Loss on sale of assets, net — — — (573) — Loss on extinguishment of debt — (47) (30) — (549) Interest expense (24,787) (27,956) (26,730) (23,666) (25,031) Other income 345 776 871 1,968 263 Total other expense (24,442) (27,227) (25,889) (22,271) (25,317) (Loss) income before income taxes (15,087) 566 (10,792) (5,217) (69,130) (Benefit from) provision for income taxes — — 34,933 — (14,951) Net (loss) income (15,087) 566 (45,725) (5,217) (54,179) Less: Net loss attributable to non - controlling interests in consolidated subsidiaries — — (26) (46) (75) Net (loss) income attributable to common stockholders $ (15,087) $ 566 $ (45,699) $ (5,171) $ (54,104) Adjusted EBITDA (1) $ 22,971 $ 35,742 $ 36,187 $ 26,411 $ 27,429
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Sustainability and Energy Transition (unaudited) 1) This is a Non - GAAP measure. See Reconciliation of Non - GAAP Measures section in Appendix for a reconciliation to the most compara ble GAAP measure. 27 Three Months Ended ($ thousands) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Expenses Operating expenses $ 2 $ — $ — $ — $ 2 Acquisition and transaction expenses — — 249 — 115 Total expenses 2 — 249 — 117 Other (expense) income Equity in losses of unconsolidated entities (1,995) (85) (154) (518) (560) Gain on sale of assets, net — — 8,969 — — Other income 926 564 13 737 839 Total other (expense) income (1,069) 479 8,828 219 279 (Loss) income before income taxes (1,071) 479 8,579 219 162 Provision for income taxes — — — — — Net (loss) income attributable to common stockholders $ (1,071) $ 479 $ 8,579 $ 219 $ 162 Adjusted EBITDA (1) $ 824 $ 479 $ 8,829 $ 219 $ 277
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Corporate and Other (unaudited) 1) This is a Non - GAAP measure. See Reconciliation of Non - GAAP Measures section in Appendix for a reconciliation to the most compara ble GAAP measure. 28 Three Months Ended ($ thousands) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Revenues Rail revenues $ 513 $ 395 $ 498 $ 270 $ 420 Roadside services revenues 13,217 14,529 11,472 12,554 15,497 Total revenues 13,730 14,924 11,970 12,824 15,917 Expenses Operating expenses 13,810 15,188 12,182 13,736 15,957 General and administrative 3,862 3,202 4,045 3,554 3,674 Acquisition and transaction expenses 2,475 2,520 5,334 4,411 1,170 Management fees and incentive allocation to affiliate 3,680 3,782 4,710 4,092 3,677 Depreciation and amortization 217 247 246 258 238 Asset impairment — — — — 2,808 Total expenses 24,044 24,939 26,517 26,051 27,524 Other (expense) income Loss on modification or extinguishment of debt — (55,174) — (39,485) (1,053) Interest expense (18,305) (25,200) (45,149) (39,136) (63,515) Other (expense) income (3) 73 62 (1,090) 79 Total other expense (18,308) (80,301) (45,087) (79,711) (64,489) Loss before income taxes (28,622) (90,316) (59,634) (92,938) (76,096) (Benefit from) provision for income taxes (177) 1,061 (1,152) 13 — Net loss (28,445) (91,377) (58,482) (92,951) (76,096) Less: Net income attributable to non - controlling interests in consolidated subsidiaries — — — 18 55 Less: Dividends and accretion on redeemable preferred stock 20,957 12,824 — — 657 Less: Convertible preferred stock dividend 4,082 4,231 4,338 4,353 4,511 Less: Loss on extinguishment of preferred stock — 36,646 — — — Net loss attributable to common stockholders $ (53,484) $ (145,078) $ (62,820) $ (97,322) $ (81,319) Adjusted EBITDA (1) $ (7,550) $ (6,102) $ (8,778) $ (8,387) $ (7,195)
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Appendix: ▪ Statement of Operations by Segment ▪ Comparative Statements of Operations ▪ Condensed Balance Sheets by Segment ▪ Reconciliation of Non - GAAP measures 29
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Condensed Balance Sheets by Segment (unaudited) 30 June 30, 2026 Railroad Ports and Terminals Power and Gas Sustainability and Energy Transition Corporate and Other Total ($ thousands) Jefferson Terminal Repauno Gross Property, Plant and Equipment (PP&E) $ 1,846,210 $ 1,160,448 $ 595,014 $ — $ — $ 17,766 $ 3,619,438 Accumulated Depreciation on PP&E (105,104) (310,354) (57,945) — — (10,495) (483,898) Net PP&E 1,741,106 850,094 537,069 — — 7,271 3,135,540 Gross Leasing Equipment — 50,029 — — — — 50,029 Accumulated Depreciation on Leasing Equipment — (14,207) — — — — (14,207) Net Leasing Equipment — 35,822 — — — — 35,822 Intangible Assets 55,980 — — — — — 55,980 Goodwill 147,235 122,735 — — — 5,396 275,366 All Other Assets 217,089 169,686 95,939 375 51,990 51,568 586,647 Assets held for sale 4,510 — — 1,652,880 — — 1,657,390 Total Assets $ 2,165,920 $ 1,178,337 $ 633,008 $ 1,653,255 $ 51,990 $ 64,235 $ 5,746,745 Debt, net $ 47,261 $ 921,411 $ 396,434 $ — $ — $ 1,398,611 $ 2,763,717 All Other Liabilities 599,636 147,867 53,426 4,334 20 48,541 853,824 Liabilities held for sale — — — 1,490,882 — — 1,490,882 Total Liabilities 646,897 1,069,278 449,860 1,495,216 20 1,447,152 5,108,423 Redeemable convertible preferred stock — — — — — 153,298 153,298 Redeemable preferred stock Series A RailCo - Non - controlling interest 1,003,747 — — — — — 1,003,747 Shareholders' equity 510,463 308,065 187,870 148,145 51,970 (1,536,289) (329,776) Non - controlling interest in equity of consolidated subsidiaries 4,813 (199,006) (4,722) 9,894 — 74 (188,947) Total Equity 515,276 109,059 183,148 158,039 51,970 (1,536,215) (518,723) Total Liabilities, Redeemable Preferred Stock and Equity $ 2,165,920 $ 1,178,337 $ 633,008 $ 1,653,255 $ 51,990 $ 64,235 $ 5,746,745
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Condensed Balance Sheets by Segment 31 December 31, 2025 Railroad Ports and Terminals Power and Gas Sustainability and Energy Transition Corporate and Other Total ($ thousands) Jefferson Terminal Repauno Gross Property, Plant and Equipment (PP&E) $ 1,790,299 $ 1,153,518 $ 502,601 $ 1,591,392 $ — $ 21,473 $ 5,059,283 Accumulated Depreciation on PP&E (69,736) (287,161) (52,707) (54,180) — (13,728) (477,512) Net PP&E 1,720,563 866,357 449,894 1,537,212 — 7,745 4,581,771 Gross Leasing Equipment — 49,986 — — — — 49,986 Accumulated Depreciation on Leasing Equipment — (13,416) — — — — (13,416) Net Leasing Equipment — 36,570 — — — — 36,570 Intangible Assets 42,229 — — 944 — — 43,173 Goodwill 147,235 122,735 — — — 5,396 275,366 All Other Assets 190,504 187,253 166,799 183,634 47,099 36,492 811,781 Total Assets $ 2,100,531 $ 1,212,915 $ 616,693 $ 1,721,790 $ 47,099 $ 49,633 $ 5,748,661 Debt, net $ 48,841 $ 959,720 $ 385,759 $ 1,154,374 $ — $ 1,225,479 $ 3,774,173 All Other Liabilities 485,600 150,636 43,345 306,361 910 43,653 1,030,505 Total Liabilities 534,441 1,110,356 429,104 1,460,735 910 1,269,132 4,804,678 Redeemable convertible preferred stock — — — — — 152,642 152,642 Redeemable preferred stock Series A RailCo - Non - controlling interest 937,578 — — — — — 937,578 Shareholders' equity 622,516 276,811 191,737 256,212 46,189 (1,372,141) 21,324 Non - controlling interest in equity of consolidated subsidiaries 5,996 (174,252) (4,148) 4,843 — — (167,561) Total Equity 628,512 102,559 187,589 261,055 46,189 (1,372,141) (146,237) Total Liabilities, Redeemable Preferred Stock and Equity $ 2,100,531 $ 1,212,915 $ 616,693 $ 1,721,790 $ 47,099 $ 49,633 $ 5,748,661
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Appendix: ▪ Statement of Operations by Segment ▪ Comparative Statements of Operations ▪ Condensed Balance Sheets by Segment ▪ Reconciliation of Non - GAAP measures 32
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Adjusted EBITDA Reconciliation by Segment (unaudited) (1) 33 See notes to Non - GAAP reconciliations on page 37 . Three Months Ended June 30, 2026 ($ thousands) Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Net (loss) income attributable to common stockholders $ (18,839) $ (8,557) $ (3,807) $ (54,104) $ 162 $ (81,319) $ (166,464) Add: Provision for (benefit from) income taxes 3,237 136 2 (14,951) — — (11,576) Add: Equity - based compensation expense 442 1,072 172 3,589 — 185 5,460 Add: Acquisition and transaction expenses 2,491 — — 2,245 115 1,170 6,021 Add: Losses on the modification or extinguishment of debt and capital lease obligations — — — 549 — 1,053 1,602 Add: Changes in fair value of non - hedge derivative instruments 18 — — 177 — — 195 Add: Asset impairment charges — — — 60,380 — 2,808 63,188 Add: Incentive allocations — — — — — — — Add: Depreciation & amortization expense (2) 19,512 13,229 2,655 4,822 — 238 40,456 Add: Interest expense 1,905 13,636 1,405 25,031 — 63,515 105,492 Add: Pro - rata share of Adjusted EBITDA from unconsolidated entities (3) — — — — (560) — (560) Add: Dividends and accretion on redeemable and convertible preferred stock (4) 33,230 — — — — 5,168 38,398 Add: Interest costs on pension and OPEB liabilities (103) — — — — — (103) Add: Other non - recurring items (5) 857 — — — — — 857 Less: Equity in losses of unconsolidated entities — — — — 560 — 560 Less: Non - controlling share of Adjusted EBITDA (6) (394) (6,502) (195) (309) — (13) (7,413) Adjusted EBITDA $ 42,356 $ 13,014 $ 232 $ 27,429 $ 277 $ (7,195) $ 76,113
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Adjusted EBITDA Reconciliation by Segment (unaudited) (1) 34 See notes to Non - GAAP reconciliations on page 37 . Three Months Ended June 30, 2025 ($ thousands) Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Net income (loss) attributable to common stockholders $ 7,320 $ (11,966) $ (9,610) $ (15,087) $ (1,071) $ (53,484) $ (83,898) Add: Provision for (benefit from) income taxes 768 336 25 — — (177) 952 Add: Equity - based compensation expense 358 327 150 — — 75 910 Add: Acquisition and transaction expenses 2,783 69 1,980 1,397 — 2,475 8,704 Add: Losses on the modification or extinguishment of debt and capital lease obligations — 742 3,324 — — — 4,066 Add: Changes in fair value of non - hedge derivative instruments — — — — — — — Add: Asset impairment charges 4,401 — — — — — 4,401 Add: Incentive allocations — — — — — — — Add: Depreciation & amortization expense (2) 4,979 12,522 2,494 11,874 — 217 32,086 Add: Interest expense 112 16,000 — 24,787 — 18,305 59,204 Add: Pro - rata share of Adjusted EBITDA from unconsolidated entities (3) — — — — (100) — (100) Add: Dividends and accretion on redeemable and convertible preferred stock (4) — — — — — 25,039 25,039 Add: Interest costs on pension and OPEB liabilities (264) — — — — — (264) Add: Other non - recurring items (5) 298 — — — — — 298 Less: Equity in losses of unconsolidated entities — — — — 1,995 — 1,995 Less: Non - controlling share of Adjusted EBITDA (6) (84) (6,948) (445) — — — (7,477) Adjusted EBITDA $ 20,671 $ 11,082 $ (2,082) $ 22,971 $ 824 $ (7,550) $ 45,916
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Adjusted EBITDA Reconciliation by Segment (unaudited) (1) 35 See notes to Non - GAAP reconciliations on page 37 . Six Months Ended June 30, 2026 ($ thousands) Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Net (loss) income attributable to common stockholders $ (44,053) $ (27,429) $ (11,972) $ (59,275) $ 381 $ (178,641) $ (320,989) Add: Provision for (benefit from) income taxes 6,535 348 2 (14,951) — 13 (8,053) Add: Equity - based compensation expense 889 8,325 1,764 5,172 — 288 16,438 Add: Acquisition and transaction expenses 4,099 — — 3,046 115 5,581 12,841 Add: Losses on the modification or extinguishment of debt and capital lease obligations — 6,429 — 549 — 40,538 47,516 Add: Changes in fair value of non - hedge derivative instruments 924 — — (171) — — 753 Add: Asset impairment charges — — — 60,380 — 2,808 63,188 Add: Incentive allocations — — — — — — — Add: Depreciation & amortization expense (2) 38,999 26,449 5,238 10,962 — 496 82,144 Add: Interest expense 3,404 29,871 3,356 48,697 — 102,651 187,979 Add: Pro - rata share of Adjusted EBITDA from unconsolidated entities (3) — — — — (1,078) — (1,078) Add: Dividends and accretion on redeemable and convertible preferred stock (4) 70,451 — — — — 9,521 79,972 Add: Interest costs on pension and OPEB liabilities (283) — — — — — (283) Add: Other non - recurring items (5) 2,328 — — — — 1,190 3,518 Less: Equity in losses of unconsolidated entities — — — — 1,078 — 1,078 Less: Non - controlling share of Adjusted EBITDA (6) (704) (16,542) (477) (569) — (27) (18,319) Adjusted EBITDA $ 82,589 $ 27,451 $ (2,089) $ 53,840 $ 496 $ (15,582) $ 146,705
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Adjusted EBITDA Reconciliation by Segment (unaudited) (1) 36 See notes to Non - GAAP reconciliations on page 37 . Six Months Ended June 30, 2025 ($ thousands) Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Net income (loss) attributable to common stockholders $ 21,059 $ (27,094) $ (16,403) $ 154,957 $ (6,056) $ (102,104) $ 24,359 Add: Provision for (benefit from) income taxes 1,580 759 37 (42,457) — (481) (40,562) Add: Equity - based compensation expense 716 835 452 — — 160 2,163 Add: Acquisition and transaction expenses 2,876 68 2,296 2,466 — 4,513 12,219 Add: Losses on the modification or extinguishment of debt and capital lease obligations — 749 3,324 — — — 4,073 Add: Changes in fair value of non - hedge derivative instruments — — — — — — — Add: Asset impairment charges 4,401 — — — — — 4,401 Add: Incentive allocations — — — — — — — Add: Depreciation & amortization expense (2) 10,065 24,995 4,990 16,376 — 317 56,743 Add: Interest expense 251 32,624 1,518 33,804 — 34,119 102,316 Add: Pro - rata share of Adjusted EBITDA from unconsolidated entities (3) — — — 6,503 (2,065) (38) 4,400 Add: Dividends and accretion on redeemable and convertible preferred stock (4) — — — — — 48,347 48,347 Add: Interest costs on pension and OPEB liabilities (529) — — — — — (529) Add: Other non - recurring items (5) 298 — 1,035 — — — 1,333 Less: Equity in (earnings) losses of unconsolidated entities — — — (10,588) 7,319 (50) (3,319) Less: Non - controlling share of Adjusted EBITDA (6) (122) (13,904) (783) — — — (14,809) Adjusted EBITDA $ 40,595 $ 19,032 $ (3,534) $ 161,061 $ (802) $ (15,217) $ 201,135
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Notes to Non - GAAP reconciliations - Adjusted EBITDA 37 ($ thousands) ( 1 ) Refer to FIP's Q 2 ' 25 Earnings Supplement, Q 1 ’ 25 Earnings Supplement and Q 4 ’ 24 Earnings Supplement for Adjusted EBITDA reconciliation by segment for the three months ended June 30 , 2025 , March 31 , 2025 and December 31 , 2024 , respectively . ( 2 ) Total Includes the following items for the three months ended June 30 , 2026 and 2025 : (i) depreciation and amortization expense of $ 39 , 511 and $ 33 , 998 , (ii) capitalized contract costs amortization of $ 1 , 232 and $ 1 , 232 and (iii) amortization of other comprehensive income of $ ( 287 ) and $ ( 3 , 144 ), respectively . Includes the following items for the six months ended June 30 , 2026 and 2025 : (i) depreciation and amortization expense of $ 90 , 202 and $ 59 , 010 , (ii) capitalized contract costs amortization of $ 2 , 465 and $ 2 , 465 and (iii) amortization of other comprehensive income of $ ( 10 , 523 ) and $ ( 4 , 732 ), respectively . Jefferson Terminal Includes the following items for the three months ended June 30 , 2026 and 2025 : (i) depreciation and amortization expense of $ 11 , 997 and $ 11 , 290 and (ii) capitalized contract costs amortization of $ 1 , 232 and $ 1 , 232 , respectively . Includes the following items for the six months ended June 30 , 2026 and 2025 : (i) depreciation and amortization expense of $ 23 , 984 and $ 22 , 530 and (ii) capitalized contract costs amortization of $ 2 , 465 and $ 2 , 465 , respectively . Power and Gas Includes the following items for the three months ended June 30 , 2026 and 2025 : (i) depreciation and amortization expense of $ 5 , 109 and $ 15 , 018 and (ii) amortization of other comprehensive income of $ ( 287 ) and $ ( 3 , 144 ), respectively . Includes the following items for the six months ended June 30 , 2026 and 2025 : (i) depreciation and amortization expense of $ 21 , 485 and $ 21 , 108 and (ii) amortization of other comprehensive income of $ ( 10 , 523 ) and $ ( 4 , 732 ), respectively . ( 3 ) Total Includes the following items for the three months ended June 30 , 2026 and 2025 : (i) net loss of $ ( 560 ) and $ ( 100 ), respectively . Includes the following items for the six months ended June 30 , 2026 and 2025 : (i) net (loss) income of $ ( 1 , 078 ) and $ 6 , 478 , (ii) interest expense of $ — and $ 7 , 648 , (iii) depreciation and amortization expense of $ — and $ 2 , 884 , (iv) acquisition and transaction expenses of $ — and $ 201 , (v) changes in fair value of non - hedge derivative instruments of $ — and $ ( 12 , 822 ), (vi) equity method basis adjustments of $ — and $ 10 , (vii) other non - recurring items of $ — and $ 1 , respectively .
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Notes to Non - GAAP reconciliations - Adjusted EBITDA 38 ($ thousands) ( 3 ) Power and Gas Includes the following items for the six months ended June 30 , 2025 : (i) net income of $ 10 , 576 , (ii) interest expense of $ 6 , 352 , (iii) depreciation and amortization expense of $ 2 , 185 , (iv) acquisition and transaction expenses of $ 201 , (v) changes in fair value of non - hedge derivative instruments of $ ( 12 , 822 ), (vi) equity method basis adjustments of $ 10 , (vii) other non - recurring items of $ 1 . Sustainability Includes the following items for the three months ended June 30 , 2026 and 2025 : (i) net loss of $ ( 560 ) and $ ( 100 ), respectively . Includes the following items for the six months ended June 30 , 2026 and 2025 : (i) net loss of $ ( 1 , 078 ) and $ ( 4 , 048 ), (ii) interest expense of $ — and $ 1 , 284 and (iii) depreciation and amortization expense of $ — and $ 699 , respectively . Corporate and Other Includes the following items for the six months ended June 30 , 2025 : (i) net loss of $ ( 50 ) and (ii) interest expense of $ 12 . ( 4 ) Total Includes the following items for the three months ended June 30 , 2026 and 2025 : (i) dividends and accretion of redeemable preferred stock of $ 33 , 887 and $ 20 , 957 and (ii) dividends of convertible preferred stock of $ 4 , 511 and $ 4 , 082 , respectively . Includes the following items for the six months ended June 30 , 2026 and 2025 : (i) dividends and accretion of redeemable preferred stock of $ 71 , 108 and $ 42 , 798 and (ii) dividends of convertible preferred stock of $ 8 , 864 and $ 5 , 549 , respectively . Corporate and Other Includes the following items for the three months ended June 30 , 2026 and 2025 : (i) dividends and accretion of redeemable preferred stock of $ 657 and $ 20 , 957 and (ii) dividends of convertible preferred stock of $ 4 , 511 and $ 4 , 082 , respectively . Includes the following items for the six months ended June 30 , 2026 and 2025 : (i) dividends and accretion of redeemable preferred stock of $ 657 and $ 42 , 798 and (ii) dividends of convertible preferred stock of $ 8 , 864 and $ 5 , 549 , respectively . ( 5 ) Total Includes the following item for the three months ended June 30 , 2026 : Railroad severance and integration expenses of $ 857 . Includes the following item for the three months ended June 30 , 2025 : Railroad severance expense of $ 298 . Includes the following items for the six months ended June 30 , 2026 : (i) Railroad severance and integration expenses of $ 2 , 328 and (ii) unrealized loss on investment of $ 1 , 190 . Includes the following items for the six months ended June 30 , 2025 : (i) incidental utility rebillings of $ 650 , (ii) loss on inventory heel of $ 385 and (iii) Railroad severance expense of $ 298 . Railroad Includes the following items for the three months ended June 30 , 2026 : Railroad severance and integration expenses of $ 857 . Includes the following item for the three months ended June 30 , 2025 : Railroad severance expense of $ 298 . Includes the following items for the six months ended June 30 , 2026 : Railroad severance and integration expenses of $ 2 , 328 . Includes the following item for the six months ended June 30 , 2025 : Railroad severance expense of $ 298 . Repauno Includes the following item for the six months ended June 30 , 2025 : (i) incidental utility rebillings of $ 650 and (ii) loss on inventory heel of $ 385 . Corporate and Other Includes the following item for the three and six months ended June 30 , 2026 : Unrealized loss on investment of $ 1 , 190 .
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Notes to Non - GAAP reconciliations - Adjusted EBITDA 39 ($ thousands) ( 6 ) Total Includes the following items for the three months ended June 30 , 2026 and 2025 : (i) equity - based compensation of $ 295 and $ 86 , (ii) provision for income taxes of $ 52 and $ 84 , (iii) interest expense of $ 3 , 445 and $ 3 , 706 , (iv) depreciation and amortization expense of $ 3 , 362 and $ 3 , 071 , (v) changes in fair value of non - hedge derivative instruments of $ 4 and $ — , (vi) acquisition and transaction expense of $ 29 and $ 165 , (vii) interest and other costs on pension and OPEB liabilities of $ ( 2 ) and $ ( 1 ), (viii) asset impairment of $ — and $ 8 , (ix) loss on modification or extinguishment of debt of $ 5 and $ 356 , (x) dividends and accretion of redeemable preferred stock of $ 216 and $ — and (xi) other non - recurring items of $ 7 and $ 2 , respectively . Includes the following items for the six months ended June 30 , 2026 and 2025 : (i) equity - based compensation of $ 2 , 067 and $ 224 , (ii) provision for income taxes of $ 118 and $ 188 , (iii) interest expense of $ 7 , 497 and $ 7 , 646 , (iv) depreciation and amortization expense of $ 6 , 693 and $ 6 , 140 , (v) changes in fair value of non - hedge derivative instruments of $ 4 and $ — , (vi) acquisition and transaction expense of $ 44 and $ 166 , (vii) interest and other costs on pension and OPEB liabilities of $ ( 2 ) and $ ( 3 ), (viii) asset impairment of $ — and $ 27 , (ix) loss on modification or extinguishment of debt of $ 1 , 494 and $ 358 , (x) dividends and accretion of redeemable preferred stock of $ 391 and $ — and (xi) other non - recurring items of $ 13 and $ 63 , respectively . Railroad Includes the following items for the three months ended June 30 , 2026 and 2025 : (i) equity - based compensation expense of $ 3 and $ 2 , (ii) provision for income taxes of $ 20 and $ 5 , (iii) interest expense of $ 12 and $ 1 , (iv) depreciation and amortization expense of $ 126 and $ 31 , (v) acquisition and transaction expenses of $ 11 and $ 17 , (vi) interest and other costs on pension and OPEB liabilities of $ ( 2 ) and $ ( 1 ), (vii) dividends and accretion of redeemable preferred stock of $ 216 and $ — , (viii) changes in fair value of non - hedge derivative instruments of $ 1 and $ — and (ix) other non - recurring items of $ 7 and $ 2 , respectively . Includes the following items for the six months ended June 30 , 2026 and 2025 : (i) equity - based compensation expense of $ 5 and $ 4 , (ii) provision for income taxes of $ 36 and $ 10 , (iii) interest expense of $ 19 and $ 2 , (iv) depreciation and amortization expense of $ 218 and $ 62 , (v) acquisition and transaction expenses of $ 19 and $ 18 , (vi) interest and other costs on pension and OPEB liabilities of $ ( 2 ) and $ ( 3 ), (vii) asset impairment charges of $ — and $ 27 , (viii) dividends and accretion of redeemable preferred stock of $ 391 and $ — , (ix) changes in fair value of non - hedge derivative instruments of $ 5 and $ — and (x) other non - recurring items of $ 13 and $ 2 , respectively . Jefferson Terminal Includes the following items for the three months ended June 30 , 2026 and 2025 : (i) equity - based compensation of $ 249 and $ 76 , (ii) provision for income taxes of $ 32 and $ 78 , (iii) interest expense of $ 3 , 157 and $ 3 , 707 , (iv) depreciation and amortization expense of $ 3 , 064 and $ 2 , 900 and (v) loss on modification or extinguishment of debt of $ — and $ 171 , respectively . Includes the following items for the six months ended June 30 , 2026 and 2025 : (i) equity - based compensation of $ 1 , 928 and $ 194 , (ii) provision for income taxes of $ 81 and $ 176 , (iii) interest expense of $ 6 , 918 and $ 7 , 556 , (iv) depreciation and amortization expense of $ 6 , 126 and $ 5 , 789 , (v) acquisition and transaction expense of $ — and $ 16 and (vi) loss on modification or extinguishment of debt of $ 1 , 489 and $ 173 , respectively . Repauno Includes the following items for the three months ended June 30 , 2026 and 2025 : (i) equity - based compensation expense of $ 8 and $ 8 , (ii) provision for income taxes of $ — and $ 1 , (iii) interest expense of $ 64 and $ ( 2 ), (iv) depreciation and amortization expense of $ 123 and $ 140 , (v) acquisition and transaction expenses of $ — and $ 132 , (vi) losses on the modification or extinguishment of debt of $ — and $ 185 and (vii) asset impairment charges of $ — and $ ( 19 ), respectively . Includes the following items for the six months ended June 30 , 2026 and 2025 : (i) equity - based compensation of $ 81 and $ 26 , (ii) provision for income taxes of $ — and $ 2 , (iii) interest expense of $ 154 and $ 88 , (iv) depreciation and amortization expense of $ 242 and $ 289 , (v) acquisition and transaction expenses of $ — and $ 132 , (vi) loss on the modification or extinguishment of debt of $ — and $ 185 and (vii) other non - recurring items of $ — and $ 61 , respectively . Power and Gas Includes the following items for the three months ended June 30 , 2026 : (i) equity - based compensation expense of $ 30 , (ii) interest expense of $ 212 , (iii) depreciation and amortization expense of $ 41 , (iv) acquisition and transaction expenses of $ 18 , (v) changes in fair value of non - hedge derivative instruments of $ 3 and (vi) losses on the modification or extinguishment of debt of $ 5 . Includes the following items for the six months ended June 30 , 2026 : (i) equity - based compensation expense of $ 43 , (ii) interest expense of $ 406 , (iii) depreciation and amortization expense of $ 91 , (iv) acquisition and transaction expenses of $ 25 , (v) changes in fair value of non - hedge derivative instruments of $ ( 1 ) and (vi) losses on the modification or extinguishment of debt of $ 5 . Corporate and Other Includes the following items for the three months ended June 30 , 2026 : (i) equity - based compensation expense of $ 5 and (ii) depreciation and amortization expense of $ 8 . Includes the following items for the six months ended June 30 , 2026 : (i) equity - based compensation expense of $ 10 , (ii) provision for income taxes of $ 1 and (iii) depreciation and amortization expense of $ 16 .
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Glossary 40 Adjusted EBITDA The Chief Operating Decision Maker (“CODM”) utilizes Adjusted EBITDA as the key performance measure. This performance measure pr ovides the CODM with the information necessary to assess operational performance, as well as make resource and allocation decisions. Adjusted EBITDA is defined as net income (loss) attributable to stockholders, before series B preferred stock dividend and lo ss on extinguishment of preferred stock, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity - based compensation expense, acquisition and transaction expenses , losses on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non - hedge derivative instruments, asset impairment charges, incentive alloca tions, depreciation and amortization expense, interest expense, interest and other costs on pension and OPEB liabilities, dividends and accretion of redeemable preferred stock, and ot her non - recurring items (b) to include the impact of our pro - rata share of Adjusted EBITDA from unconsolidated entities, and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non - controlling share of Adjusted EBITDA. Debt to Capital Ratio Debt to Capital Ratio is calculated as Total Debt divided by Total Debt plus Total Equity. Net Income (Loss) Net income (loss) is defined as net income (loss) attributable to stockholders.