FIP

FTAI Infrastructure’s second quarter results drew a positive market reaction, despite missing Wall Street’s top- and bottom-line expectations. The company’s strong year-on-year revenue growth was underpinned by record performance in its rail segment and progress on key asset sales. CEO Kenneth Nicholson cited the sale agreement for Long Ridge and continued rail acquisitions as central to the quarter’s momentum, adding that, “integration of the Wheeling & Lake Erie Railway has gone smoothly, with anticipated synergies accumulating as expected.” Is now the time to buy FIP? Find out in our full research report (it’s free). Revenue: $186.8 million vs analyst estimates of $191.8 million (52.7% year-on-year growth, 2.6% miss) EPS (GAAP): -$1.41 vs analyst estimates of -$0.56 (significant miss) Adjusted EBITDA: $76.11 million vs analyst estimates of $75.17 million (40.8% margin, 1.3% beat) Operating Margin: 12.1%, up from 5.2% in the same quarter last year Market Capitalization: $516.5 million While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Giuliano Anderes-Bologna (Compass Point) asked for an update on the Wheeling acquisition’s integration and performance. CEO Kenneth Nicholson said the acquisition was “a game changer” for the rail platform, highlighting smooth integration and revenue opportunities exceeding initial expectations. Giuliano Anderes-Bologna (Compass Point) inquired about the attractiveness of industrial carve-out rail assets. Nicholson responded that these deals offer unique growth prospects, as such assets often lack third-party revenue development, creating accretive opportunities for FTAI. Jeffrey Kauffman (Citizens JMP) questioned the status of identified synergies from the Wheeling integration. Nicholson stated about 80% of synergies have been achieved, with IT integrations to wrap up in Q3, and incremental revenue benefits beginning to materialize. Sherif Elmaghrabi (BTIG) probed the impact of Middle East disruptions on Jefferson’s crude volumes. Nicholson outlined that rail and pipeline volumes are less exposed to volatility, and that ship volumes are expected to recover in Q3, aided by infrastructure upgrades. Matthew Erdner (JonesTrading) asked about the timing for increased rail activity tied to the Nippon investment. Nicholson indicated construction is on plan, with incremental rail volume expected to materialize within six months. In future quarters, our team will watch (1) the closing and subsequent deleveraging impact of the Long Ridge sale, (2) continued rail segment expansion through acquisitions and integration, and (3) the completion and commercialization of Repauno Phase 2. Successful execution in these areas will be key to realizing management’s growth and monetization targets for the infrastructure portfolio. FTAI Infrastructure currently trades at $4.35, up from $3.41 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it’s free for active Edge members). ONE MORE THING: Top 5 Growth Stocks. The biggest stock winners almost always had one thing in common before they ran. Revenue growing like crazy. Meta. CrowdStrike. Broadcom. Our AI flagged all three. They returned 315%, 314%, and 455%, respectively. Find out which 5 stocks it’s flagging this month — FREE. Get Our Top 5 Growth Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Comfort Systems (+1,154% between June 2020 and June 2025). Find your next big winner with StockStory today.

Image source: The Motley Fool. Thursday, Aug. 6, 2026 at 8:00 a.m. ET Investor Relations - Alan Andreini Chief Executive Officer - Kenneth Nicholson Chief Financial Officer - Buck Fletcher Operator: Good day, and thank you for standing by. Welcome to the FTAI Infrastructure Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I'd like to hand the conference over to your first speaker today, Alan Andreini, Investor Relations. Please go ahead. Alan Andreini: Thank you, Marvin. I would like to welcome you all to the FTAI Infrastructure earnings call for the second quarter of 2026. Joining me here today are Ken Nicholson, the CEO of FTAI Infrastructure, and Buck Fletcher, the company's CFO. We have posted an investor presentation and our press release on our website, which we encourage you to download if you have not already done so. Also, please note that this call is open to the public in listen-only mode and is being webcast. In addition, we will be discussing some non-GAAP financial measures during the call today, including adjusted EBITDA. The reconciliations of those measures to the most directly comparable GAAP measures can be found in the earnings supplement. Before I turn the call over to Ken, I would like to point out that certain statements made today will be forward-looking statements, including regarding future earnings. These statements, by their nature, are uncertain and may differ materially from actual results. We encourage you to review the disclaimers in our press release and investor presentation regarding non-GAAP financial measures and forward-looking statements, and to review the risk factors contained in our quarterly report filed with the SEC. Now, I would like to turn the call over to Ken. Kenneth Nicholson: Okay, thank you very much, Alan, and good morning, everyone. Welcome to this morning's call. The second quarter was a very active one for us, and today we will walk through our various accomplishments for the quarter, our financial results, and we'll talk a little bit about our goals and expectations for the remainder of this year. Suffice to say, we're pleased with our overall results and excited about the momentum we're carrying into the months ahead. We'll kick things off on Slide 3 of the supplement. As we stated before, our goals for this year have 3 primary components. Sell Long Ridge and deleverage our balance sheet, continue to grow our railroad portfolio, and position our terminals for monetization next year at attractive values. And I'm pleased to report that we made good progress on each of these goals during Q2. First, we announced the sale of Long Ridge at the end of April, and while timing is not necessarily an exact science, we currently expect to be in position to close the transaction by the end of Q3. The sale will result in substantial deleveraging and a material reduction in our interest expense at our parent level. Second, our rail business posted another record quarter in both revenues and adjusted EBITDA. We made a small acquisition at the end of Q2 and are expecting several additional acquisition opportunities in the months ahead as the M&A market in the rail sector continues to heat up. We have an exceptional platform to continue to integrate acquisitions in the rail space, and I'm confident we'll be successful adding to our portfolio. Finally, our terminals made good progress on important projects that will create value and position each of Jefferson and Repauno for monetization next year. All in, we have momentum carrying us into what we expect to be a very productive second half of 2026. Moving to Slide 4, we'll review the financial results for the quarter. Adjusted EBITDA for Q2 came in at $76.1 million, up materially from $45.9 million for the first quarter -- for the second quarter of 2025. On the right side of the Slide, we illustrate adjusted EBITDA for each of our last 4 quarters, including the results of Long Ridge, which we now account for -- excluding the results of Long Ridge, which we now account for as an asset held for sale. Excluding Long Ridge, adjusted EBITDA was $48.7 million for Q2, which represents a new quarterly record and equates to just under $200 million on an annualized basis. In the quarters ahead, we expect revenues and adjusted EBITDA from our rail and terminal segments to continue to grow, driven by the contribution from our recently acquired Tidewater Logistics acquisition and developments at our terminals, including most notably Repauno's Phase 2 project. Flipping to page 5, we'll talk about our balance sheet and deleveraging. As you may recall, our existing corporate debt contains terms allowing for repayment with proceeds from the Long Ridge sale to be made at a lower premium than would otherwise be due if funded with other sources of cash. So with less premium required, we're able to repay more principal. In total, we expect to eliminate approximately $1.4 billion of total debt from our balance sheet, of which a little over $1.1 billion is at the Long Ridge level, and approximately $300 million is other debt in addition to the $1.1 billion at Long Ridge. Debt service at our parent level will decline by about $25 million annually, meaningfully improving our leverage metrics, and we expect our leverage metrics to continue to improve over the next several quarters as we bring online new business at our terminals, especially at Repauno. Altogether, with a deleveraged balance sheet and higher free cash flow generation, we expect to be well-positioned to act on new investment opportunities, especially in the freight rail space. Moving to Slide 7, we'll get into the details at each of our segments, starting with our railroad. We posted new quarterly records for both revenue and EBITDA in Q2. Revenue came in at $92.2 million and adjusted EBITDA was $42.4 million for the quarter, compared with pro forma Q2 '25 revenue of $81.2 million and adjusted EBITDA of $37.6 million. Remember our reported results for last year exclude the results of the Wheeling. So we're showing pro forma figures to demonstrate what revenues and EBITDA would have been if we included the Wheeling standalone results last year. Overall volumes for the quarter continue to be steady with higher carloads at Wheeling offsetting slightly lower volumes at Transtar as U.S. Steel continues to undertake a substantial overhaul and upgrade of the largest blast furnace at Gary Works, which, while dormant now for the upgrade, will ultimately be a meaningful plus for us. Since carloads at the Wheeling are generally at a higher average rate than at Transtar, on a blended basis we report higher average pricing for the quarter. Integration of the Wheeling & Lake Erie Railway is going smoothly with anticipated synergies accumulating as expected and critical IT consolidation wrapping up here in Q3. On the revenue side, we continue to grow the list of opportunities as the 2 railroads are operating as 1. Additional propane carloads are planned to start early next year when Repauno's Phase 2 commences. The pipeline of additional opportunities is substantial. In total, we continue to estimate in excess of $50 million of incremental annual EBITDA potential from the various new revenue sources manifesting in the future. On Slide 8, we'll talk a little bit about our acquisition of Tidewater Logistics. At the end of Q2, we acquired Tidewater for $45 million of cash consideration, funded with an add-on to our existing parent-level term loan. Tidewater operates a total of 4 rail-served terminals, the largest of which is directly served by the Wheeling, making the acquisition a particularly accretive one. Handling and transloading over 20,000 carloads annually of a variety of commodities, Tidewater's terminals play an important role in customer supply chains, enabling the transition of freight between rail and truck efficiently and flexibly. We expect Tidewater to contribute approximately $9 million of annual EBITDA, implying an attractive purchase multiple. But more importantly, we plan to leverage Tidewater's management expertise and relationships to expand the rail terminals business and drive additional growth going forward. As I mentioned, we expect the remainder of the year to be an active one on the rail M&A front, and on Slide 9, we describe the types of situations that we're currently evaluating. Opportunities fall into 3 primary buckets. The first is portfolios of short-line and regional railroads, which are larger, needle-moving investment opportunities that can convey substantial combination efficiency. Second set of opportunities involve sales by corporate and industrial parties that today directly own the railroad that connects their facilities to the National Freight Network. Our acquisition of Transtar from U.S. Steel a number of years ago is a good example of that type of opportunity. And the third is more regional in nature involving tuck-ins of smaller single railroads or terminals, much like our recent acquisition of Tidewater. We are actively pursuing opportunities in each of these 3 categories, so I'm optimistic that we'll be able to continue to grow our existing platform here in the future. Now on to Jefferson. At Jefferson, we reported $24.3 million of revenue and $13 million of adjusted EBITDA in Q2 versus $21.6 million of revenue and $11.1 million of EBITDA in Q2 of last year. Refined products and ammonia came in at new quarterly records in terms of both volumes and revenues as our export business with customers for those products continues to grow. Crude volumes were impacted by volatility in the Middle East and we experienced a temporary reduction in inbound ship volumes during Q2. We've been informed that we should expect ship volumes to return here in Q3 and to be further supplemented by inbound volumes of crude by rail, so we forecast the remainder of the year to be strong on the crude front. We continue to negotiate new contracts to expand our business at Jefferson, and we lay out those opportunities on Slide 11. The largest opportunities we're pursuing are with existing customers and involve expansions of the services we currently provide. Our customers have been investing heavily in their nearby facilities to increase production and market reach, which would require more products to flow through Jefferson. Our goal is to execute on all 3 opportunities during this year and commence revenue planning shortly thereafter. In total, 3 opportunities represent in excess of $50 million of annual incremental EBITDA and utilize existing assets requiring little to no incremental investment or CapEx. Now shifting to Repauno, our focus continues on Phase 2 where construction proceeds as planned toward our goal of completion by the end of this year with revenue commencing shortly thereafter. We have long-term contracts in place for a portion of our capacity and are seeing high demand for the remaining available space. With the disruption in the Middle East, spreads for propane exports continue to be attractive and based on the conversations we're having, we expect to commence revenue service in early 2027 near or at full capacity. In the aggregate, we can handle close to 100,000 barrels per day for the combined assets of Phase 1 and Phase 2, representing approximately $80 million of annual EBITDA. Construction of Phase 2 is progressing well and we're excited to start the commissioning process later this year. On Slide 13, we show some images of the progress the team has been making with a large cryogenic tank now fully above ground and readying for completion, as well as the pipes and manifolds connected to tanks to our rail racks and ship docks. The majority of expenditures of Phase 2 have been financed with long-term, low-cost tax-exempt debt, which is an ideal match for a project of this type, and we've had a great partnership with the State of New Jersey's Economic Development Authority, which we hope to continue to expand for future growth projects at Repauno. Finally, on Slide 14, we'll briefly close out with Long Ridge. Given the pending nature of the sale, I'll only hit the highlights for the quarter. Adjusted EBITDA came in at $27.4 million in Q2 versus $23 million in Q2 of last year. Power plant capacity factor of 85% was impacted by the planned outage we commenced in Q1 and continued for a total of 11 days into Q2. Away from that outage, the fundamentals continue to be strong with power prices and capacity revenue continuing at historically high levels. We averaged a little more than 73,000 MMBTU per day of gas production versus 70,000 MMBTU per day required at the plant, and we expect to maintain production well in excess of plant requirements and generate continued revenues from excess gas sales in the quarters ahead. So far in Q3, Long Ridge is off to a great start with capacity factor at nearly 100% currently and gas production continuing in excess of our plant's needs. I'm going to conclude our remarks there, and now I will turn it back over to Alan. Alan Andreini: Thank you, Ken. Marvin, you may now open the call to Q&A. Operator: Thank you. [Operator Instructions] Our first question comes from the line of Giuliano Bologna of Compass Point. Your line is now open. Giuliano Anderes-Bologna: Congrats on the continued solid results and execution. Maybe, as a first question, it's been about a year since you made the acquisition of the Wheeling. Can you expand on how you feel now about that acquisition and how the progress has evolved since the acquisition? Kenneth Nicholson: Yes, definitely. Good morning, Giuliano. Yes, we actually announced the acquisition on August 6th of last year, so it's been exactly 1 year since we announced the Wheeling acquisition. So it's a timely question. I would say we are thrilled. The acquisition has been a game changer for our rail platform. Of course, the Wheeling itself is exceeding our original expectations. We're excited about the next 6 months ahead. Very excited about propane volumes continuing to grow. We've seen particular activity and strength in propane volumes on the Wheeling. Everything's working out super. The integration has worked out great. Very few issues. I would say, you know, Transtar, as I mentioned in some of my remarks, it was a little bit softer in Q2 for a good reason. U.S. Steel is investing in their Gary, Indiana facility, upgrading their large blast furnace. But what that's meant is in Q2, things were a little softer in volumes. And by virtue of owning the Wheeling, we posted in the aggregate the great results, record results. So the impact on diversity, incremental growth opportunities, everything's checking out great, and I'm really thrilled that we were able to accomplish that acquisition and the management team has been doing a superb job integrating the 2 companies together. Giuliano Anderes-Bologna: Yes, that's very helpful. And as next question, you know, with respect to the third category of potential rail acquisitions, what is it about corporate systems and, you know, what is it about that category specifically? Kenneth Nicholson: Yes, it's interesting. The industrial carve-outs, you see those slightly less frequently. Obviously, Transtar was a great example of an industrial carve-out, but there are a number of corporate entities, very large corporate entities in the agricultural space, and the metals and mining space, and in other sectors that today own their own track systems. Most of them are shorter switching lines. Those create unique opportunities for those corporate parents to generate liquidity and, frankly, focus on their core business and divest a non-core asset. The beauty of those opportunities in particular is, just like Transtar, most of those businesses have historically been operated solely for their parent owner. And just like with Transtar, they have not pursued third-party growth opportunities. And that's really fundamentally what makes them unique and particularly accretive. We're seeing a pickup in activity and there are a few industrial parents that are beginning the process to divest their in-house short lines, connecting lines, and so we're going to be pretty aggressive on those situations. I think those are among the best situations out there. Giuliano Anderes-Bologna: I appreciate it, and I'll jump back in queue. Operator: We'll move on to our next question. Our next question comes from Jeff Kauffman of Citizens JMP. Jeffrey Kauffman: Congratulations on the quarterly results. I want to follow up on the Wheeling question. You'd identified a synergy target on the integration of Wheeling. I was just kind of curious, did you achieve all of the synergies you were looking for? How far along that process are you? And have you discovered any other opportunities as you've kind of worked through that process? Kenneth Nicholson: Yes, hi, Jeff. Good morning. I would say we're about 80% through the integration process. There's still a little bit more to do, particularly on the IT front, which we'll be wrapping up here in the third quarter. And it's going almost exactly as planned. I mean, we identified $20 million of cost efficiencies. We are right on that target. We're not demonstrating all of that necessarily in the second quarter results because some of those initiatives were enacted during Q2. So you'll start to see the full impact in Q3 and Q4. But on the cost efficiencies, I can't say we've necessarily identified additional opportunities to reduce costs. I feel like we did a pretty complete job as we were assessing the Wheeling acquisition a year ago. And we've come in at the target there. Where we have, I think, done better than we originally expected is on additional revenue opportunities. There's a lot to do between the 2 companies. We are opening additional transload facilities in Pittsburgh that are stimulated by customers on the Wheeling. We would never have done that if we hadn't acquired the Wheeling. We've been able to expand the industrial footprint, if you will, the 2 railroads are now operating as 1. So on the revenue side, we're doing better than expected. You know, those opportunities take time to flow and execute. You know, transload facilities need to be built. They're not terribly complicated, there is some time there. And so, look, we're building sustainable, permanent, you know, revenue bases with new customers at Transtar that we didn't necessarily envision we would have an opportunity to do when we made the acquisition a year ago. So, I'm excited about that. Jeffrey Kauffman: Okay, just 1 follow-up. As you're looking for additional properties to put in the portfolio, given that there's going to be a series of choices out there, could you identify kind of what the 2 or 3 things you're looking for at the top of that list as opposed to just whatever property is available? Are you looking to diversify the revenue mix at all? Is there a particular type of situation that you feel is a better fit with the franchise? Kenneth Nicholson: Great question, because every short line or regional railroad or rail terminal tends to be snowflakey in nature. And there are a lot of differentiating factors when we look at situations. Yes, things like diversity of commodities, diversity of customers are important, particularly where it helps us diversify our existing commodity base. Things like agricultural exposure, intermodal exposure, those are things we have less of today, so it would be nice to diversify into those commodity bases. Most importantly, there are a handful of technical things, railroads that are leased versus owned. Obviously, you want to own property, if at all possible, railroads that have pricing freedom versus long-term restrictions on their ability to freely price freight and increase prices over time. So there are a whole bunch of smaller technical things that ideally go the right way. Fundamentally, though, it's growth. When we look at a new railroad, we try to identify the opportunities for growth, not just organically, but with additional capital. Many railroads don't focus on investing more capital to grow their revenue base, building out a new transload facility, attracting new customers to locate on their rail lines, acquiring real estate adjacent to the rail line. Things like right-of-way income oftentimes are under-managed businesses within railroads and can be incredibly lucrative, especially with all the data center and power build-out and need for transmission lines and fiber optic cables. When you own railroads, you own those long corridors that have those rights. So fundamentally, it's mostly growth. We really look for railroads we think over a 3- to 5-year period, we can double EBITDA. That's how we target things. Jeffrey Kauffman: All right, those are my questions. Thank you. Operator: Thank you. One moment for our next question. Our next question comes from the line of Sherif Elmaghrabi of BTIG. Your line is now open. Sherif Elmaghrabi: To pivot away from rail for a second, I want to focus on the terminals businesses ahead of monetization. At Jefferson, one of the regional partners has had to deal with, call them supply chain constraints due to what's going on in the Middle East. And, you know, you've talked about the ways that they're going to revive throughput in Q3. Can you just talk about a little bit of puts and takes there, you know, how much rail crude can supplement or kind of offset uncertainty going on with the tanker trade? And where is the throughput growth coming from ahead of monetization? I think that would be very helpful. Kenneth Nicholson: Yes, yes. Yes, it's been changes every day out in the Middle East as it relates to supply chain dynamics. And we saw the impact of that in the second quarter. What I would say is for our particular customer, we handle crude volumes through 3 modes. Inbound ships, which originate in the Middle East, trains, which largely originate in Utah, and then inbound by pipe from other pipe-connected sources. 2 of the 3 are not subject to volatility and interruption. What our customer is doing is, well, a couple things. One, we've been informed ship volumes are expected to recover in Q3. And we just heard that very recently. And so I'm optimistic about Q3 crude volumes overall. Ships can hold, I mean, up to 500,000 barrels of crude oil on ship. A train holds about 50,000 barrels. So it gives you a sense of the scale and the importance of ship inbound volumes. We had a lot of ships come in Q1 and a lot fewer in Q2. But we are transitioning actively to inbound rail. The beauty of inbound rail is you actually get like a 2x multiplier because inbound rail volumes from Utah require blending. And so for every 50,000-barrel train we bring in, we also have to bring in 50,000 barrels of pipeline-originated crude for blending. So we're really handling 100,000 barrels for every train. That transition is actively happening. We completed a very important infrastructure project with our Southern Star pipeline, which is one of the many pipelines we built connecting Jefferson directly to refineries. We completed that just about a month ago. And that enables for the efficient handling of light crudes and heavy crudes back and forth. And now we are unloading trains coming from Utah and that business is growing pretty rapidly. So I think at Jefferson, we'll see a return of inbound ship volumes and we'll see a material increase of inbound rail volumes during Q3 and Q4. That is a very good thing as we're thinking about monetizing the business in 2027. Sherif Elmaghrabi: It's super helpful and obviously refining margins are very supportive at the moment to more throughput. Pivoting to Repauno, I don't want to put the horse before the cart, but is the plan to get any Phase 3 capacity under contract, or could we see a sale of at least a portion of the business before then? And if you could just remind us on timing for Phase 3, that's helpful. Okay. Kenneth Nicholson: Yes, we'd love to do that. Phase 3 is permitted, designed, engineered, ready to go. We won't finance or start construction on Phase 3 until we have a long-term contract in place. We are still contracting the remaining capacity of Phase 2. So we want to finish that up because that is, you know, ready for operation commencement in early 2027. So the focus right now is on completing Phase 2. We'd love to have Phase 3 contracted and under construction when we look to monetize Repauno. It's not something we're necessarily planning on. I think we've already created a lot of value at Repauno in terms of obtaining the permits and having it designed and all fully scheduled. So, that's something a new owner can look forward to and hopefully underwrite. There is definitely a tremendous opportunity. Propane volumes coming out of the Marcellus and Utica, the Appalachian Basin overall continue to grow. And we are the only export-capable facility on the East Coast that actually has room to grow. So, it's a great asset we own. I think it's valuable already in Phase 3, whether we've started construction or signed up customers by the time we monetize. It is certainly a helpful thing if we're able to do that. I don't think it's absolutely necessary. We're not going to wait for that for starting the sale process for Repauno. Sherif Elmaghrabi: Okay, super helpful, and thanks again. Operator: Thank you. One moment for our next question. Our next question comes from the line of Matthew Erdner of JonesTrading. Your line is now open. Matthew Erdner: Building off of the terminals there and the disruption in the Middle East, do you feel like now is a good environment for sales on these? And then as a follow-up to that, I'm curious if you guys have had any reverse inquiry just given where these are located and who else is around you in those spots. Kenneth Nicholson: Yes, good morning. I think it's a good time and it can continue to be a good time for energy terminal M&A. We've definitely received some inbounds. And I would say that activity has picked up somewhat with the shifting of supply chains, largely driven by the conflict in the Middle East, people are sniffing around. And so we're engaged in a handful of very early conversations on that front. I, you know, it's interesting, the terminal market is a big one, and there are all different types of terminals. But -- and they trade at very different valuations. Generic inland terminals that just transload liquids from rail to truck or pipe to truck for regional distribution. Those tend to trade at high single-digit multiples, typically to MLPs and structured vehicles. The strategic export terminals are much more valuable on a multiple basis and historically have traded at multiples between 12 and 15 times. That's what we own at Jefferson and Repauno. And so, fingers crossed, we're hopeful we'll be at the high end of those multiple ranges. I mean, fundamentally, Jefferson and Repauno serve a highly strategic role. At Jefferson, we're connected to the 2 largest refineries in the Western Hemisphere, directly pipeline-connected. We are part of the supply chain and integrated part of the supply chain to those 2 refineries. And Repauno, as I said, really the only available gateway on the East Coast that has meaningful room for expansion. So with those differentiating characteristics, yes, I'm pretty optimistic about how things will play out next year. Matthew Erdner: Awesome, that's very helpful. I appreciate the color there. And then, you know, going back to the rail, I've got just kind of 1 question there. You guys touched on the Nippon investment. Do you guys have any line of sight as to when, you know, those, I guess, construction of that is going to be done and when rail will kind of start to increase from that facility? Kenneth Nicholson: Probably at some point over the next 6 months. Feeling -- everything's on time, on budget, on plan, but probably about a 6-month time. Matthew Erdner: Got it. That's helpful. Thank you, guys. Operator: Thank you. I'm showing no further questions at this time. I'll now turn it back to Alan Andreini for closing remarks. Alan Andreini: Thank you, Marvin, and thank you all for participating on today's call. We look forward to updating you after Q3. Operator: Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Before you buy stock in Ftai Infrastructure, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Ftai Infrastructure wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $403,337!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,334,946!* Now, it’s worth noting Stock Advisor’s total average return is 958% — a market-crushing outperformance compared to 214% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 12, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. FTAI Infrastructure (FIP) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

This article first appeared on GuruFocus. Adjusted EBITDA: $76.1 million in Q2 2026, up from $45.9 million in Q2 2025. Adjusted EBITDA (ex-Long Ridge): $48.7 million in Q2, a new quarterly record, equating to just under $200 million annualized. Rail Revenue: Record $92.2 million in Q2, compared to pro forma $81.2 million in Q2 2025. Rail Adjusted EBITDA: Record $42.4 million in Q2, versus pro forma $37.6 million in Q2 2025. Jefferson Revenue: $24.3 million in Q2, up from $21.6 million in Q2 2025. Jefferson Adjusted EBITDA: $13 million in Q2, up from $11.1 million in Q2 2025. Long Ridge Adjusted EBITDA: $27.4 million in Q2, up from $23 million in Q2 2025. Long Ridge Capacity Factor: 85% in Q2, impacted by an 11-day planned outage. Long Ridge Gas Production: Averaged over 73,000 MMBtu per day, exceeding the 70,000 MMBtu per day plant requirement. Debt Reduction: Expect to eliminate approximately $1.4 billion of total debt, including $1.1 billion at Long Ridge and $300 million of other debt. Parent Debt Service: Expected to decline by about $25 million annually. Tidewater Acquisition: Acquired for $45 million in cash; expected to contribute approximately $9 million of annual EBITDA. Warning! GuruFocus has detected 6 Warning Signs with FIP. Is FIP fairly valued? Test your thesis with our free DCF calculator. Release Date: August 06, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Record quarterly adjusted EBITDA of $76.1 million, up from $45.9 million in Q2 2025, with rail and terminal segments posting new records. Rail business achieved record revenue and EBITDA, with Wheeling integration on track and synergies accumulating as expected. Acquisition of Tidewater Logistics for $45 million is expected to add ~$9 million annual EBITDA, with plans to leverage its expertise for further growth. Repauno Phase 2 construction is on schedule for completion by end of 2026, with expected revenue service in early 2027 near full capacity, targeting ~$80 million annual EBITDA. Jefferson terminal saw record refined products and ammonia volumes, with new contracts and infrastructure projects expected to boost crude volumes in Q3 and Q4. Long Ridge sale expected to close by end of Q3, eliminating ~$1.4 billion in debt and reducing annual interest expense by ~$25 million. Strong pipeline of rail M&A opportunities across three categories, with management confident in doubling EBITDA of acquired railroads over 3-5 years. Long Ridge performing well with near 100% capacity factor in Q3 and gas production exceeding plant needs. Crude volumes at Jefferson were impacted by Middle East volatility, with a temporary reduction in inbound ship volumes during Q2. Transtar volumes were slightly lower due to US Steel's blast furnace overhaul at Gary Works, which is expected to be a temporary drag. Integration of Wheeling is only about 80% complete, with IT consolidation still ongoing in Q3, meaning full synergies are not yet realized. Phase 3 at Repauno is not yet contracted or financed, and the company is not waiting for it before starting the sale process, which may limit near-term value. The sale of Long Ridge is still pending, with timing not exact, and the company expects to close by end of Q3, but there is execution risk. The company faces uncertainty in the Middle East supply chain, which could continue to affect crude volumes at Jefferson. Debt service reduction of ~$25 million annually is significant, but the company still carries substantial debt, and leverage metrics will only improve gradually. Q: It's been about a year since you made the acquisition of The Wheeling. Can you expand on how you feel now about that acquisition and how progress has evolved since the acquisition?A: (Kenneth Nicholson, CEO) We are thrilled. The acquisition has been a game changer for our rail platform. The Wheeling itself is exceeding our original expectations. We've seen particular activity and strength in propane volumes on The Wheeling. The integration has worked out great with very few issues. While Transtar was a little softer in Q2 due to US Steel's upgrade of their Gary, Indiana blast furnace, by virtue of owning The Wheeling, we posted record results in the aggregate. The impact on diversity and incremental growth opportunities is checking out great. Q: You'd identified a synergy target on the integration of Wheeling. Did you achieve all of the synergies you were looking for? How far along that process are you?A: (Kenneth Nicholson, CEO) We're about 80% through the integration process, with IT consolidation wrapping up in Q3. We identified $20 million of cost efficiencies and are right on that target, though the full impact will show in Q3 and Q4 results. Where we have done better than expected is on additional revenue opportunities. We are opening additional transload facilities in Pittsburgh stimulated by customers on the Wheeling. We're building sustainable, permanent revenue bases with new customers at Transtar that we didn't necessarily envision when we made the acquisition. Q: As you're looking for additional properties to put in the portfolio, could you identify what the two or three things you're looking for at the top of that list?A: (Kenneth Nicholson, CEO) Things like diversity of commodities and customers are important, particularly where it helps diversify our existing commodity base. Agricultural and intermodal exposure are things we have less of today. Most importantly, we look for growth. When we look at a new railroad, we try to identify opportunities for growth, not just organically, but with additional capital. We really look for railroads where we think, over a three to five-year period, we can double EBITDA. Q: At Jefferson, one of the regional partners has had to deal with supply chain constraints due to what's going on in the Middle East. Can you talk about how much rail crude can supplement or offset uncertainty going on with the tanker trade?A: (Kenneth Nicholson, CEO) We handle crude volumes through three modes: inbound ships from the Middle East, trains largely from Utah, and inbound by pipe. We've been informed ship volumes are expected to recover in Q3. We are transitioning actively to inbound rail. The beauty of inbound rail is you get a 2 times multiplier, because inbound rail volumes from Utah require blending. For every 50,000 barrel train we bring in, we also have to bring in 50,000 barrels of pipeline-originated crude for blending. We completed an important infrastructure project with our Southern Star Pipeline about a month ago, which enables efficient handling of light and heavy crudes. We'll see a return of inbound ship volumes and a material increase of inbound rail volumes during Q3 and Q4. Q: Is the plan to get any Phase 3 capacity under contract? Or could we see a sale of at least a portion of the business before then?A: (Kenneth Nicholson, CEO) Phase 3 is permitted, designed, engineered, and ready to go. We won't finance or start construction until we have a long-term contract in place. The focus right now is on completing Phase 2. We'd love to have Phase 3 contracted and under construction when we look to monetize Repauno, but it's not something we're necessarily planning on. We've already created a lot of value in obtaining the permits and having it fully scoped out. We are the only export-capable facility on the East Coast that actually has room to grow. We're not going to wait for that to start the sale process for Repauno. Q: Do you feel like now is a good environment for sales on the terminals? Have you had any reverse inquiry?A: (Kenneth Nicholson, CEO) I think it's a good time, and it's going to continue to be a good time for energy terminal M&A. We've definitely received some inbounds, and activity has picked up somewhat with the shifting of supply chains driven by the conflict in the Middle East. Generic inland terminals tend to trade at high single-digit multiples, but strategic export terminals historically have traded at multiples between 12 times to 15 times. That's what we own at Jefferson and Repauno. At Jefferson, we're connected to the two largest refineries in the Western hemisphere. Repauno is really the only available gateway on the East Coast with meaningful room for expansion. Q: You guys touched on the Nippon investment. Do you have any line of sight as to when construction is going to be done and when rail will start to increase from that facility?A: (Kenneth Nicholson, CEO) Probably at some point over the next six months. Everything's on time, on budget, on plan, probably about a six-month timeframe. Q: With respect to the third category of potential rail acquisitions, what is it about corporate systems and what is it about that category specifically?A: (Kenneth Nicholson, CEO) The industrial carve-outs are slightly less frequent. There are a number of very large corporate entities in the agricultural space and the metals and mining space that today own their own track systems. Those create unique opportunities for those corporate parents to generate liquidity and focus on their core business. The beauty of those opportunities is that, just like Transtar, most of those businesses have historically been operated solely for their parent owner and have not pursued third-party growth opportunities. We're seeing a pickup in activity and are going to be pretty aggressive on those situations. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. The announced sale of Long Ridge serves as a primary catalyst for corporate deleveraging, expected to eliminate approximately $1.4 billion in total debt and reduce parent-level interest expense by $25 million annually. Rail segment performance reached record levels, driven by the successful integration of Wheeling & Lake Erie and steady volumes, despite temporary softness at Transtar due to a major blast furnace upgrade at U.S. Steel's Gary Works. The acquisition of Tidewater Logistics for $45 million adds four rail-served terminals and is expected to contribute $9 million in annual EBITDA, leveraging existing Wheeling infrastructure for immediate accretion. Jefferson Terminal achieved record refined product and ammonia volumes, though crude throughput was temporarily hampered by Middle East volatility affecting inbound ship schedules. Repauno's Phase 2 construction remains on schedule for year-end completion, with management citing high demand for remaining capacity driven by attractive propane export spreads. Management is pivoting toward a pure-play rail and infrastructure model, utilizing increased free cash flow from divestitures to fund an active M&A pipeline in the short-line and regional rail sectors. The Long Ridge transaction is currently expected to close by the end of Q3 2026, providing the liquidity necessary to pursue larger 'needle-moving' rail acquisitions. Jefferson Terminal is targeting the execution of three expansion opportunities with existing customers by year-end, which could represent over $50 million in incremental annual EBITDA with minimal capital expenditure. Repauno Phase 2 is projected to commence revenue service in early 2027, with expectations to operate near or at full capacity due to growing Appalachian Basin propane volumes. Management intends to position both Jefferson and Repauno for monetization in 2027, targeting valuation multiples between 12x and 15x EBITDA typical for strategic export terminals. Rail M&A activity is expected to remain high through the second half of 2026, focusing on industrial carve-outs and regional tuck-ins that offer 3-to-5-year EBITDA doubling potential. Long Ridge is now accounted for as an asset held for sale, with its results excluded from the company's core adjusted EBITDA figures to reflect the go-forward business structure. The Gary Works blast furnace upgrade acts as a temporary headwind for Transtar volumes, though management views the facility modernization as a long-term positive for rail demand. Middle East geopolitical tension remains a variable for Jefferson's crude volumes, though the facility is mitigating this by increasing inbound rail shipments from Utah. Phase 3 expansion at Repauno is fully permitted but will not commence construction until a long-term anchor contract is secured, maintaining a disciplined capital allocation approach. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management confirmed they are 80% through the integration process, with IT consolidation expected to wrap up in Q3. The $20 million cost efficiency target is on track, while revenue synergies are exceeding expectations through new transload facilities and expanded industrial footprints. Management highlighted that industrial parents often under-manage their internal rail lines, providing opportunities for FTAI to drive growth by opening these lines to third-party customers. These assets are viewed as particularly accretive because they typically lack the historical focus on growth and capital investment found in dedicated rail platforms. Management is shifting toward inbound rail volumes to offset ship disruptions, noting a '2x multiplier' effect where rail-delivered crude requires additional pipeline-originated crude for blending. A recently completed pipeline project (Southern Star) now allows for more efficient handling of light and heavy crude grades, supporting this modal shift. Management distinguished their strategic export terminals from generic inland terminals, noting that strategic assets historically command 12x to 15x multiples versus high single digits for generic ones. The company is making progress on terminal projects at Jefferson and Repauno, positioning both for potential monetization as their strategic value increases through new infrastructure and expanded rail and ship volumes.

Interested in FTAI Infrastructure Inc.? Here are five stocks we like better. Q2 performance improved significantly: Adjusted EBITDA rose to $76.1 million from $45.9 million year over year, while EBITDA excluding Long Ridge reached a record $48.7 million. Long Ridge sale is expected by the end of Q3: The transaction would eliminate approximately $1.4 billion of debt and reduce annual parent-level debt service by about $25 million, freeing capital for investments—particularly in freight rail. Rail and terminal growth continued: The rail segment posted record results, acquired Tidewater Logistics for $45 million, and expects roughly $9 million of annual EBITDA from the deal. Jefferson delivered record refined-products and ammonia volumes, while Repauno’s second phase remains on track for completion by year-end and revenue service in early 2027. FTAI Infrastructure (NASDAQ:FIP) reported second-quarter adjusted EBITDA of $76.1 million, compared with $45.9 million in the prior-year period, as the company advanced plans to sell its Long Ridge energy asset, expanded its rail platform and continued development work at its terminal operations. Excluding Long Ridge, which is now accounted for as an asset held for sale, adjusted EBITDA was a quarterly record of $48.7 million, equating to an annualized run rate of just under $200 million, Chief Executive Officer Ken Nicholson said on the company’s second-quarter earnings call. → 3 Drone Stocks That Should Soar After the Summer Slump “We made good progress” during the quarter on the company’s three priorities for 2026: selling Long Ridge and reducing debt, growing the railroad portfolio, and preparing the Jefferson and Repauno terminals for potential monetizations next year, Nicholson said. FTAI Infrastructure announced the sale of Long Ridge in late April and currently expects the transaction to close by the end of the third quarter, according to Nicholson. The sale is expected to eliminate roughly $1.4 billion of debt, including more than $1.1 billion at the Long Ridge level and about $300 million of other debt. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth The company expects annual parent-level debt service to decline by approximately $25 million following the transaction. Nicholson said the resulting deleveraging and higher free cash flow should position FTAI Infrastructure to pursue additional investment opportunities, particularly in freight rail. Long Ridge generated $27.4 million of adjusted EBITDA during the second quarter, up from $23 million a year earlier. Its power plant operated at an 85% capacity factor, affected by an outage that began in the first quarter and continued for 11 days into the second quarter. → Jersey Mike's Serves Fresh Gains After IPO Stumble Outside the outage, Nicholson said power prices and capacity revenue remained at historically high levels. The operation produced more than 73,000 MMBtu per day of gas on average, above the 70,000 MMBtu per day required by the plant. He said Long Ridge had begun the third quarter with capacity factor near 100% and gas production above plant requirements. The railroad business recorded quarterly revenue of $92.2 million and adjusted EBITDA of $42.4 million. Those figures compared with pro forma second-quarter 2025 revenue of $81.2 million and adjusted EBITDA of $37.6 million, with the prior-year pro forma figures including results from the Wheeling & Lake Erie Railway. Higher carloads at Wheeling offset somewhat lower volumes at Transtar, where U.S. Steel is undertaking an overhaul of the largest blast furnace at its Gary Works facility. Nicholson said Wheeling carloads generally carry higher average rates than Transtar volumes, contributing to higher blended pricing. The integration of Wheeling is about 80% complete, Nicholson said in response to analyst questions. The company identified $20 million in expected cost efficiencies and remains on target, with the full impact expected to become more visible in the third and fourth quarters as initiatives implemented during the second quarter take effect. Remaining integration work includes IT consolidation, which is expected to conclude in the third quarter. Management said revenue opportunities from combining the railroads have exceeded original expectations, including new transload facilities in Pittsburgh and potential growth in propane traffic. Nicholson reiterated an estimate of more than $50 million of incremental annual EBITDA potential from future revenue initiatives across the rail platform. At the end of the second quarter, FTAI Infrastructure acquired Tidewater Logistics for $45 million in cash, financed through an add-on to its existing parent-level term loan. Tidewater operates four rail-served terminals and handles and transloads more than 20,000 carloads annually. The company expects Tidewater to contribute approximately $9 million of annual EBITDA. Nicholson said FTAI Infrastructure is evaluating further rail acquisitions, including portfolios of short-line and regional railroads, industrial railroad carve-outs and smaller railroad or terminal tuck-ins. The company is particularly interested in businesses with opportunities for commodity and customer diversification, pricing flexibility, owned infrastructure and growth potential through capital investment. At Jefferson, second-quarter revenue rose to $24.3 million from $21.6 million a year earlier, while adjusted EBITDA increased to $13 million from $11.1 million. Refined-products and ammonia volumes and revenue reached quarterly records, Nicholson said. Crude volumes were affected by Middle East volatility that temporarily reduced inbound ship traffic during the quarter. However, the company has been informed that ship volumes are expected to recover in the third quarter. Jefferson is also increasing crude volumes delivered by rail from Utah, which require blending with pipeline-supplied crude. Nicholson said FTAI Infrastructure completed an infrastructure project connecting Jefferson to the Southern Star Pipeline, enabling more efficient handling of light and heavy crude. The company forecasts a stronger crude outlook for the remainder of 2026 and is pursuing three expansion opportunities with existing customers that together could represent more than $50 million of incremental annual EBITDA while requiring little or no additional capital spending. At Repauno, phase two construction remains on track for completion by year-end, with revenue service expected to begin in early 2027. The company has long-term contracts for part of the capacity and reported strong demand for the remaining space. Combined phase one and phase two capacity is expected to approach 100,000 barrels per day and represent approximately $80 million of annual EBITDA. Most phase two spending has been financed through long-term, low-cost tax-exempt debt, Nicholson said. FTAI Infrastructure has permitted and designed a potential phase three expansion at Repauno, though management said it will not begin financing or construction without a long-term customer contract. Nicholson said the company does not intend to delay the potential Repauno sale process while awaiting a phase three commitment. FTAI Infrastructure Ltd (NASDAQ: FIP) is a closed-end investment company that acquires and manages infrastructure assets offering stable, long-term cash flows. The company targets core and core-plus infrastructure sectors with contracted or regulated revenue streams, aiming to deliver attractive risk-adjusted returns for its shareholders. FTAI Infrastructure’s portfolio is diversified across multiple sub-sectors, geographies and counterparties to manage risk and capture growth opportunities in global infrastructure markets. The company focuses on three primary investment categories: communications infrastructure, transport and logistics infrastructure, and utility infrastructure. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "FTAI Infrastructure Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

NEW YORK, Aug. 05, 2026 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI Infrastructure”) today reported financial results for the second quarter 2026. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release. Business Highlights Reported $76.1 million of Adjusted EBITDA for the second quarter of 2026. Strong performance from the rail segment with record revenues and Adjusted EBITDA for Q2; announced tuck-in acquisition of Tidewater Logistics on June 29, 2026. Anticipated sale of Long Ridge is pending regulatory approval; at closing, FIP will immediately eliminate $1.16 billion of Long Ridge debt and use net proceeds to repay approximately $300 million of other debt. Jefferson completed the SSP bi-directional pipeline project, while Repauno phase two continued progress to an expected early 2027 operational commencement. Financial Overview _______________________________ (1) For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release.(2) Excludes Sustainability and Energy Transition and Corporate and Other segments. Second Quarter 2026 Dividends On August 5, 2026, the Company’s Board of Directors (the “Board”) declared a cash dividend on its common stock of $0.03 per share for the quarter ended June 30, 2026, payable on September 8, 2026 to the holders of record on August 24, 2026. Additional Information For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Relations section of the Company’s website, www.fipinc.com, and the Company’s Quarterly Report on Form 10-Q, when available on the Company’s website. Nothing on the Company’s website is included or incorporated by reference herein. Conference CallIn addition, management will host a conference call on Thursday, August 6, 2026 at 8:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link https://register-conf.media-server.com/register/BI94c2ce06b3e4463c9d752652f363bf8e. Once registered, participants will receive a dial-in and unique pin to access the call. A simultaneous webcast of the conference call will be available to the public on a listen-only basis at https://www.fipinc.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast. A replay of the conference call will be available after 11:30 A.M. on Thursday, August 6, 2026 through 11:30 A.M. on Thursday, August 13, 2026 on https://ir.fipinc.com/news-events/events. The information contained on, or accessible through, any websites included in this press release is not incorporated by reference into, and should not be considered a part of, this press release. About FTAI Infrastructure Inc. FTAI Infrastructure primarily invests in critical infrastructure with high barriers to entry across the rail, ports and terminals, and power and gas sectors that, on a combined basis, generate strong and stable cash flows with the potential for earnings growth and asset appreciation. FTAI Infrastructure is externally managed by an affiliate of Fortress Investment Group LLC, a leading, diversified global investment firm. Cautionary Note Regarding Forward-Looking Statements Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations 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 the Company’s control. The Company can give no assurance that its expectations will be attained and such differences may be material. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. 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 and Quarterly Reports on Form 10-Q, which are available 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 press release. 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. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities. For further information, please contact: Alan AndreiniInvestor RelationsFTAI Infrastructure Inc.(646) 734-9414 Exhibit - Financial Statements Key Performance Measures The Chief Operating Decision Maker (“CODM”) utilizes Adjusted EBITDA as our key performance measure. Adjusted EBITDA provides 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 common stockholders, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, gains (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 allocations, depreciation and amortization expense, interest expense, interest and other costs on pension and other pension expense benefits (“OPEB”) liabilities, dividends and accretion of redeemable and convertible preferred stock, and other 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. The following table sets forth a reconciliation of net (loss) income attributable to common stockholders to Adjusted EBITDA for the three and six months ended June 30, 2026 and 2025: _______________________________ (1) 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. (2) Includes the following items for the three months ended June 30, 2026 and 2025: 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 and (vii) other non-recurring items of $— and $1, respectively. (3) 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. (4) 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: (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. (5) 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 expenses of $29 and $165, (vii) interest and other costs on pension and OPEB liabilities of $(2) and $(1), (viii) asset impairment charges of $— and $8, (ix) losses on the 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 expense 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 expenses of $44 and $166, (vii) interest and other costs on pension and OPEB liabilities of $(2) and $(3), (viii) asset impairment charges of $— and $27, (ix) losses on the 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. The following tables sets forth a reconciliation of net loss attributable to common stockholders to Adjusted EBITDA for our four core segments for the three months ended June 30, 2026: _______________________________ (1) Jefferson Terminal Includes the following items for the three months ended June 30, 2026: (i) depreciation and amortization expense of $11,997 and (ii) capitalized contract costs amortization of $1,232. Power and Gas Includes the following items for the three months ended June 30, 2026: (i) depreciation and amortization expense of $5,109 and (ii) amortization of other comprehensive income of $(287). (2) Railroad Includes the following items for the three months ended June 30, 2026: Railroad severance and integration expenses of $857. (3) Railroad Includes the following items for the three months ended June 30, 2026: (i) equity-based compensation expense of $3, (ii) provision for income taxes of $20, (iii) interest expense of $12, (iv) depreciation and amortization expense of $126, (v) acquisition and transaction expenses of $11, (vi) interest and other costs on pension and OPEB liabilities of $(2), (vii) dividends and accretion of redeemable preferred stock of $216, (viii) changes in fair value of non-hedge derivative instruments of $1 and (ix) other non-recurring items of $7. Jefferson Terminal Includes the following items for the three months ended June 30, 2026: (i) equity-based compensation expense of $249, (ii) provision for income taxes of $32, (iii) interest expense of $3,157 and (iv) depreciation and amortization expense of $3,064. Repauno Includes the following items for the three months ended June 30, 2026: (i) equity-based compensation expense of $8, (ii) interest expense of $64 and (iii) depreciation and amortization expense of $123. 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.

NEW YORK, July 15, 2026 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP; the "Company" or “FTAI Infrastructure”) plans to announce its financial results for the second quarter 2026 after the closing of Nasdaq on Wednesday, August 5, 2026. A copy of the press release and an earnings supplement will be posted to the Investor Relations section of the Company's website, https://www.fipinc.com/. In addition, management will host a conference call on Thursday, August 6, 2026, at 8:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link https://register-conf.media-server.com/register/BI94c2ce06b3e4463c9d752652f363bf8e. Once registered, participants will receive a dial-in and unique pin to access the call. A simultaneous webcast of the conference call will be available to the public on a listen-only basis at https://www.fipinc.com/. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast. A replay of the conference call will be available after 11:30 A.M. on Thursday, August 6, 2026, through 11:30 A.M. on Thursday, August 13, 2026 on https://ir.fipinc.com/news-events/events/. The information contained on, or accessible through, any websites included in this press release is not incorporated by reference into, and should not be considered a part of, this press release. About FTAI Infrastructure Inc. FTAI Infrastructure Inc. primarily invests in critical infrastructure with high barriers to entry across the rail, ports and terminals, and power and gas sectors that, on a combined basis, generate strong and stable cash flows with the potential for earnings growth and asset appreciation. FTAI Infrastructure Inc. is externally managed by an affiliate of Fortress Investment Group LLC, a leading, diversified global investment firm. Cautionary Note Regarding Forward-Looking Statements Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations 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 the Company’s control. The Company can give no assurance that its expectations will be attained and such differences may be material. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. 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 and Quarterly Reports on Form 10-Q, which are available 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 press release. 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. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities. For further information, please contact: Alan AndreiniInvestor RelationsFTAI Infrastructure Inc.(646) [email protected]

HANNIBAL, Ohio, June 08, 2026 (GLOBE NEWSWIRE) -- Long Ridge Energy LLC (“LRE”) is announcing its first quarter 2026 investor call for Thursday, June 11, 2026 at 3:00 PM ET. LRE comprises the electric power and natural gas business of Long Ridge Energy & Power LLC (“LREP”). LREP is a wholly owned portfolio company of FTAI Infrastructure, Inc. (Nasdaq: FIP). The conference call may be accessed by registering via the following link: https://register-conf.media-server.com/register/BI863a2ce8dbbb4ea0916ae4e6f81c8d7b. Once registered, participants will receive a dial-in and unique pin to access the call. A simultaneous webcast of the conference call will be available to the public on a listen-only basis at https://www.longridgeenergy.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast. LRE will post its first quarter 2026 financial statements and an investor presentation to its website prior to the earnings call. A replay of the conference call will be available after 3:00 PM on Thursday, June 11, 2026, through 3:00 PM on Thursday, June 25, 2026. The information contained on, or accessible through, any websites included in this press release is not incorporated by reference into, and should not be considered a part of, this press release. About LREP Headquartered in Pittsburgh, Pennsylvania, LREP is a vertically integrated power and gas company comprised of a highly efficient, 485-megawatt combined cycle gas power plant, working interests in natural gas production wells, and approximately 1,600 acres of land along the Ohio River in Southeastern Ohio and West Virginia. In addition, LREP is developing additional opportunities on its property to site and serve data centers. About FTAI Infrastructure Inc. FTAI Infrastructure primarily invests in critical infrastructure with high barriers to entry across the rail, ports and terminals, and power and gas sectors that, on a combined basis, generate strong and stable cash flows with the potential for earnings growth and asset appreciation. FTAI Infrastructure is externally managed by an affiliate of Fortress Investment Group LLC, a leading, diversified global investment firm. For further information, please contact: Vance E. PowersChief Financial OfferLong Ridge Energy and Power [email protected] Alan AndreiniInvestor RelationsFTAI Infrastructure [email protected]

Image source: The Motley Fool. Monday, May 11, 2026 at 5 p.m. ET Chief Executive Officer — Frederick G. Thiel Chief Financial Officer — Salman H. Khan Investor Relations — Robert Samuels Frederick G. Thiel: Good afternoon, everyone, and thank you for joining us. Q1 2026 was a redefining quarter for Marathon Digital Holdings, Inc., not an incremental one. This was a quarter where we executed deliberately across multiple fronts at once and moved the company decisively forward. During the quarter, we moved the Starwood joint venture from announcement to execution, closed our acquisition of a majority interest in Aegion, and retired about 30% of our outstanding convertible debt, all while realigning the organization to fit the business strategy. Shortly after quarter end, we announced a definitive agreement to acquire Long Ridge Energy and Power from FTAI Infrastructure. These were not isolated events. They are connected pieces of a strategy that is now fully in motion. That strategy starts with a single conviction: the next phase of digital infrastructure value creation will be shaped by the control of power—where it is located, when it is available, and how it can best be monetized. AI adoption is accelerating faster than power can be brought online to meet demand. That is not an opinion. It is the defining constraint of this market. Available, connected energy is the bottleneck on AI compute growth. The ability to source, control, and dynamically allocate that power is a structural advantage. And the lack of available power will negatively impact semiconductors related to AI if there is not sufficient capacity to absorb chip supply. Some semiconductor vendors are investing directly and locking up demand, as evidenced by NVIDIA’s recent investments. Marathon Digital Holdings, Inc. has positioned itself squarely in the bull’s-eye, with already-energized power to enable hyperscalers to, in the near term, energize compute with our previously 1.9 gigawatts of power capacity and now, with the addition of Long Ridge, we are having advanced conversations with multiple prospective tenants across multiple sites. Let me start with Long Ridge. We view Long Ridge as a land and power acquisition to develop a premier compute campus. It is a strategic enabler for our existing Hannibal operations, adding to the site 1,600 acres with a path to grow the existing 200 megawatts power to over 1 gigawatt. It will establish a leading AI/HPC data center campus in the PJM Interconnection, one of the most active data center and power markets in North America. In a market where power and infrastructure constraints take years to solve, Long Ridge gives us exactly what is needed to deliver value to shareholders upon closing. This is not a greenfield site. It is a site that is already operational, already generating cash, and that gives us immediate access to the infrastructure, interconnection, physical footprint, and resources required to scale to over 1 gigawatt. The power is there. The land is there. The water is there. The fuel supply is there. And the interconnection is there. The centerpiece of the campus is an approximately 505-megawatt nameplate combined-cycle gas turbine, one of the most efficient in the entire PJM Interconnection. It generated $144 million of annualized adjusted EBITDA in 2025, with 76% contracted capacity. This is stable, visible cash flow from the moment we close the transaction. Beyond the power plant, the campus consists of over 1,600 contiguous acres and includes the 200 megawatts of Marathon Digital Holdings, Inc.’s existing capacity at Hannibal. As of signing, we have already submitted plans to augment the Hannibal interconnect, and we will move quickly post-close to further expand power capacity at the power plant. At close, we plan to retain Long Ridge’s skilled team consisting of about 25 full-time employees that have deep operational knowledge of the facility. They will supplement our existing energy asset operating expertise. Here is what matters most about the scarcity of this asset. If you tried to build this from scratch today—the land, the power, the permitting, the water, the interconnection—you are looking at $2 billion to $3 billion of capital and seven to ten years of development time. We are stepping into a platform that is already built, already operational, and already generating cash flow. Assets like this are very hard to come by. Some might even call it a unicorn. So when they do appear, you move. In total, Long Ridge gives us over 1 gigawatt of total potential capacity and a path to scale to 600 gross megawatts of AI and critical IT load over time. This transaction increases our owned and operating capacity by approximately 65%, taking us from about 1.3 gigawatts of energized capacity today to roughly 2.2 gigawatts by closing and, including expansion capacity, to 2.4 gigawatts. We have been actively engaged with multiple top-tier potential tenants around this asset. These conversations are now accelerating since announcing this transaction. The current plan calls for an initial 100 megawatts of AI buildout, with construction beginning around 2027 and initial capacity coming online in mid-2028. The power plant is not the end product. It is the enabler. It provides reliable control over an increasingly scarce input at a cost of approximately $15 per megawatt-hour. This is a cost position that very few can match, as well as a positive cash flow tomorrow. And to be clear, our existing Bitcoin mining operations at Hannibal will continue without interruption until such time as the data center campus needs the power. Marathon Digital Holdings, Inc. does not expect to reduce Long Ridge’s current supply of power into the PJM grid. As we develop compute capacity behind the meter, we will pair that demand with incremental generation over time. Our goal is to continue to operate Long Ridge Energy and ensure that customers continue to benefit from the reliable power they have been accustomed to. Taken together, Long Ridge gives Marathon Digital Holdings, Inc. a scaled power-advantage platform, immediate and durable cash flow, and a clear path to build one of the leading digital infrastructure campuses in this market. Next, I would like to talk about our strategic partnership with Starwood, which made meaningful progress during the quarter. We moved from announcement to execution, advancing permitting and site preparations across our portfolio, and entering active tenant discussions with multiple counterparties, including hyperscalers, across 90% of our existing owned and operated sites, including the Long Ridge campus. I want to take a moment to explain why the structure of this partnership matters, because it is fundamentally different from a traditional lease, and that distinction has real economic benefits for Marathon Digital Holdings, Inc. and its shareholders. First, Starwood is a trusted institutional counterparty with global investment expertise and a dedicated data center development platform. Their team has developed, built, and put into operations more than 7 gigawatts of data center capacity worldwide for premier tenants. This means Starwood is a trusted counterparty, having negotiated multiple leases with premier tenants, which we believe accelerates the timeline for site evaluation and lease signing—something we have already seen. Second, Starwood brings captive development and EPC capabilities. They lead design, development, construction, and facility operations, giving Marathon Digital Holdings, Inc. an experienced execution partner without having to source and manage third-party contractors. Additionally, their prior experience constructing sites for premier tenants provides enhanced certainty regarding their ability to develop on tenant timelines and technical requirements. This trust factor provides prospective tenants more confidence that their timelines and specifications will be met. Our peers who have never done this before still need to build trust with prospective tenants because they lack a proven track record. Third, the structure is capital efficient. When Marathon Digital Holdings, Inc. contributes sites, their value is determined using pre-agreed, site-specific economics tied to power, land, interconnection, and development attributes. That value gives more equity credit in the project before joint venture cash contributions are required. To put this in context, on an illustrative 200-megawatt project, Marathon Digital Holdings, Inc. could generate approximately $50 million to $100 million of net annualized stabilized cash flow based on a 9% to 15% yield-on-cost range with little to no incremental equity required beyond the value of the site we contribute. As projects scale, the structure naturally evolves. Marathon Digital Holdings, Inc.’s site contribution is fixed, so for larger developments, the incremental growth capital becomes more proportioned between the partners. At that point, the funding model starts to look more like a traditional data center development structure, including the use of construction financing that can support roughly 80% loan-to-value. The key point is that this model allows Marathon Digital Holdings, Inc. to monetize the value of its powered land portfolio, preserve significant upside in long-term cash flows, and manage capital exposure in a disciplined way. Most critically, this is not designed to be a one-time transaction. As we continue to aggregate land and power assets, our goal is to contribute sites into the structure repeatedly. Starwood is a capital-efficient engine for turning Marathon Digital Holdings, Inc.’s powered land portfolio into contracted, institutional-grade digital infrastructure at scale. We expect to sign multiple tenant leases by year-end. As the pipeline converts, we will disclose contracted megawatts. While the Starwood joint venture addresses the large-scale hyperscale end of the AI infrastructure market, Excion addresses a different but equally important segment: sovereign, enterprise, and private cloud AI compute. Together, they give Marathon Digital Holdings, Inc. two distinct pathways into AI, both grounded in the same foundation of energy-backed infrastructure, both serving real and growing demand. Governments and enterprises, particularly across Europe and Canada, are increasingly unwilling to rely solely on hyperscale platforms for their AI infrastructure due to data sovereignty and cost. They want control over compute, data autonomy, jurisdictional compliance, security, and independence. This is not a niche requirement. As AI policy evolves and data sovereignty standards tighten, a meaningful share of AI workloads will require infrastructure that is compliance-ready, jurisdictionally controlled, and trusted. Excion is built to serve exactly that demand. We continue to build on our proven success in the UAE, Finland, and our recent launch in Oman. We are in active discussions with major energy companies in France, Brazil, and Saudi Arabia across energy-rich regions where reliable, scalable power supports long-term digital infrastructure development. We are still early, and we will share a more detailed roadmap as this effort develops. The simplest way to think about it is: Starwood and Excion are different expressions of the same thesis. The JV pursues large-scale colocation for hyperscalers. Excion pursues private cloud, sovereign AI, and enterprise deployments in regulated markets where these are critical criteria. Both depend on Marathon Digital Holdings, Inc.’s core capability of controlling and monetizing energy-backed infrastructure. Together, they expand our addressable market across two large and growing segments of the AI infrastructure opportunity. Finally, Bitcoin mining is the operational foundation we are building from. Our strategy is to co-locate new infrastructure with our existing mining operations. This allows us to monetize power assets immediately while building on the operational discipline and infrastructure expertise that mining demands. Mining generates revenue today. It preserves the option to redirect capacity toward AI and critical IT loads as those opportunities mature on the same sites. That flexibility is deliberate. It is not incidental to our strategy. It is central to it, in that it allows us to best monetize our power and compute. We continue to believe Bitcoin is supported by institutional demand. In our view, that creates a constructive setup over time, with a bias to the upside if institutional buying continues and retail demand returns. We continue to believe Bitcoin will appreciate beyond its current level. We also took deliberate steps to strengthen the balance sheet during the quarter. We retired about 30% of our outstanding convertible debt at a discount, reducing potential dilution and increasing our financial flexibility. This was a decision to reduce the capital structure’s drag on equity value and give us greater capacity to pursue the highest-return opportunities across the business, with discipline and without being forced to dilute shareholders. With that, I will turn the call over to Salman H. Khan to walk through the financial results. Salman H. Khan: Thank you, Frederick. Good afternoon, everyone. Before I walk through the quarterly results, I want to briefly frame Q1 2026 from a strategic and financial perspective. This was a quarter in which we strengthened the balance sheet, reduced potential dilution from convertible notes by as much as approximately 46 million shares, or 9% on a fully diluted basis, and continued to align our capital allocation with the strategy. As Frederick outlined, we are converting Marathon Digital Holdings, Inc.’s digital infrastructure with lower-cost, large-scale energy capacity into AI and critical IT. Two initiatives are central to that strategy. First, our recent announcement to acquire Long Ridge adds one of the most efficient energy-backed compute campuses with existing cash flows, owned generation, existing interconnection, low-cost, vertically integrated power generation complex, and a significant development opportunity over time. This acquisition is next to our existing Bitcoin mining site and is expected to expand our AI footprint in an AI-rich corridor. As we pursue the regulatory approvals and seek consents from Long Ridge debt holders, we believe Long Ridge will provide near-term diversified financial performance while unlocking significant long-term contracted digital infrastructure revenue. Second, the Starwood joint venture gives us a capital-efficient path to monetize the value of our sites by converting them to AI, HPC, and critical IT workloads. It is important to note that in our joint venture structure with Starwood, Marathon Digital Holdings, Inc. contributes a site into the joint venture once a tenant is signed, for which we receive credit based on the site’s power, land, interconnection, and development attributes at predetermined value, as Frederick mentioned earlier. That is the power of the joint venture model. It allows us to convert the embedded value of our existing infrastructure into meaningful ownership in large-scale digital infrastructure opportunities while significantly limiting the incremental capital required from our balance sheet, giving us a higher return on capital than our peers. Now let me turn to Bitcoin price in Q1. This was a challenging quarter for the Bitcoin price and reflected broader pressure across risk assets. The decline was driven by a combination of macro uncertainty, tighter risk appetite, and continued pressure on mining economics. For Marathon Digital Holdings, Inc., that backdrop reinforces the importance of operating discipline. We remain focused on fleet efficiency, cost control, and capital allocation rather than pursuing growth for growth’s sake. Since quarter-end, Bitcoin has rebounded meaningfully, increasing approximately 20% from its March 31 closing price. While volatility remains inherent to this asset class, the recovery reinforces the value of maintaining Bitcoin as both a reserve asset and a source of strategic financial flexibility. With that context, I will turn to our Q1 2026 financial performance, capital allocation, and balance sheet activity. Revenues in Q1 2026 were $174.6 million compared to $213.9 million in the prior-year period. The decline was primarily driven by an 18% decrease in Bitcoin’s average price, which reduced revenue by $33.1 million, and to a lower extent, lower production, which accounted for approximately $2.5 million. In addition, other revenues declined approximately $3.7 million, primarily reflecting lower revenue from other digital asset hosting services compared to the prior-year period. During the quarter, we delivered a record energized hash rate of 72.2 exahash per second, increasing 33% from 54.3 exahash per second in 2025. This growth reflects continued fleet optimization and the deployment of approximately 2.4 exahash of new-generation ASIC miners at favorable pricing during the quarter. Our share of available mining rewards reached 5.5%, up from 4.8% in 2025. We mined 2,247 Bitcoin, or 25 Bitcoin per day in Q1 2026. That is approximately 39 fewer BTC than the prior-year period, reflecting a higher network difficulty level partially offset by our higher hash rate. We reported a net loss of $1.3 billion, or [inaudible] loss per diluted share this quarter, compared to a net loss of $533.4 million, or $1.55 loss per diluted share in 2025. Approximately $1.0 billion of this net loss for 2026 was driven by the unrealized mark-to-market fair value adjustment for digital assets, a direct reflection of the drop in Bitcoin price during the quarter. A reminder that based on our current Bitcoin holdings, every $10,000 change in Bitcoin price results in an approximate $350 million impact on fair value of digital assets, which is an unrealized mark-to-market adjustment to our income statement. Adjusted EBITDA for the quarter was negative $1.0 billion compared to negative $483.6 million in the prior-year period. Similar to net loss, this figure is dominated by the Bitcoin mark-to-market change. We use adjusted EBITDA as a supplemental measure of operational performance; a full reconciliation to net loss is included in our shareholder letter and earnings deck. On the cost side, our cost per kilowatt-hour was $0.04 for our owned sites in Q1 2026. For context, we believe this remains among the most competitive in the sector at larger scale. Our purchased energy cost for Bitcoin for the quarter for our own mining sites was [inaudible] in 2026, from [inaudible] in 2025, primarily due to higher network difficulty driven by growth in global hash rate. This resulted in an 8% decline in Bitcoin production at our own mining sites compared to the prior-year period. Our daily cost per petahash per day improved 3% year-over-year to $27.6 from $28.5 in 2025, and over the past eleven quarters has improved by 42%. We believe this remains among the lowest at scale in our sector. In Q1 2026, general and administrative expense, excluding stock-based compensation, was $57.7 million compared to $36.9 million in the prior-year period. The increase reflects the scaling of our operations, higher personnel costs associated with headcount growth from the prior-year period, and administrative fees in support of our expanded global footprint through acquisition and integration costs. Acquisition and integration costs burdened our G&A by $11.0 million for Q1 2026. As part of our strategic shift toward AI and critical IT, we have realigned our business operations and reduced workforce by 15%, providing combined annualized savings of $12.0 million. This was a difficult but strategic decision. In addition, we incurred a restructuring charge of $45.9 million due to elimination of certain business initiatives and realignment. The organization focused on scaling Bitcoin mining is different from the one required to build a digital infrastructure company. This realignment positions the company to pursue AI opportunities as Frederick discussed earlier. Following this restructuring, we expect our quarterly G&A run rate, excluding stock-based compensation and acquisition and integration costs, to trend below the Q1 level as these savings are realized over time. Now let me address deleveraging our balance sheet and our recent Bitcoin sales. During the quarter, we retired approximately 33% of our outstanding debt, which included a 30% reduction in convertible notes at a discount. This reduced potential future dilution, lowered leverage, and improved our ability to allocate capital towards higher-return strategic opportunities. We funded a portion of this debt reduction through Bitcoin monetization. Bitcoin is not only a reserve asset on our balance sheet; it is also a source of strategic financial flexibility. We will continue to deploy it thoughtfully when doing so creates measurable value for shareholders, and we intend to use it selectively to strengthen the balance sheet and fund strategic priorities. During the quarter, we sold approximately $1.5 billion of Bitcoin. These funds were used to repurchase, at a discount, over $1.0 billion of face value of our 2030 and 2031 notes, and to reduce our line of credit by $200 million. In addition, we refinanced $150 million of our line of credit at a 7% interest rate versus 10.5% previously. I also want to highlight that we have not used our At-The-Market Equity Offering Program, or ATM, since the end of 2025. We have funded operations and balance sheet actions through Bitcoin monetization, not equity dilution. We think this is an important data point for shareholders as we continue to allocate capital toward the highest-return opportunities. Now let me discuss our Bitcoin holdings. We held a total of 35,303 Bitcoin at the end of the quarter, a decrease of 12,228 from the previous year. Of the total, approximately 28% of the holdings were activated and loaned or pledged as collateral. The loaned Bitcoin generated approximately $66.4 million of interest income over 2026. Finally, I want to provide additional clarity on the pro forma capital structure we expect to have in place at Long Ridge upon closing the acquisition. Long Ridge’s $400 million term loan is expected to be repaid at closing. We are also currently conducting a consent solicitation to waive the change-of-control provision in Long Ridge’s $600 million secured notes, which would allow the notes to remain in place. The $115 million CanAm facility is similarly expected to remain in place. As a result, total pro forma debt at Long Ridge is expected to be approximately $900 million, down from $1.1 billion previously, with approximately $185 million of tack-on secured notes expected to be issued. We expect to fund the remaining consideration through a combination of cash on hand, borrowings collateralized by Bitcoin, and potentially proceeds from the sale of Bitcoin, depending on market conditions at the time of closing. We have also secured a $785 million commitment letter, backstopped by a bridge loan from Barclays in case needed. We have a plan in place to finance this acquisition, and we are very excited about what Long Ridge will bring to Marathon Digital Holdings, Inc. and our stockholders. With that, I will turn it back to Frederick. Thank you so much. Frederick G. Thiel: The actions we have taken so far this year were purposeful, and they were interconnected. The Starwood joint venture creates a capital-efficient path to convert our power portfolio into AI infrastructure ownership. Long Ridge adds a differentiated power-advantage platform for a premier AI and critical IT campus anchored by our existing Hannibal operations. Excion gives us a second pathway into AI, sovereign, and private cloud, domestically and internationally. Balance sheet actions reduce dilution risk and increase our financial flexibility. And Bitcoin mining remains our foundation. We recognize that the market is focused on demonstrated execution—signed contracts, contracted megawatts, and tangible proof that this strategy converts into shareholder value. Marathon Digital Holdings, Inc. is redefining itself as a digital infrastructure company, controlling and monetizing electrons to their best value across multiple compute markets. This transition is already underway; Q1 2026 was a meaningful step forward. With that, I will turn the call over to the operator to open it up for questions. Operator: Thank you. To ask a question, press star one on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. We will pause for a moment while we poll for questions. Your first question comes from Paul Golding with Macquarie Capital. Please state your question. Paul Golding: Congrats on all the progress this quarter. I wanted to ask, as you think high level—and maybe this is for Frederick—as you think high level about the approach to expanding on the HPC strategy, on the one hand, you have got multiple tenant prospects across the portfolio of existing sites and through the Starwood JV. On the other hand, you also did an opportunistic deal to acquire the Long Ridge asset. How should we think about your broader strategy between commercializing existing sites and adding capacity through these opportunistic deals? Was Long Ridge sort of a one-off because of the relationship and it coming to market, or is this potentially a simultaneous approach that we should see unfold between assets coming to market that you would look to acquire versus the existing portfolio? Thanks so much. Frederick G. Thiel: Yeah, great question. So, the Long Ridge deal has been in the works for quite a long time, since we acquired the Hannibal asset originally, actually. The site—obviously, Long Ridge provides us with the land that we need to be able to build a true premier campus. And the original intention with the Hannibal site was to build a much bigger data center facility. It just took a long while for the respective parties to reach agreement on a deal here, and obviously they had to take it to market through a process to ensure that they were doing the right thing for their shareholders. But it has been a deal that has been in the works for quite a long time, actually. I think going forward, what you should see is you can think of us as focusing on a combination of small sites—perfect tuck-ins. We recently added a smaller site earlier at the end of last year, for example, which is now operational; it was a mining site, which has the opportunity to potentially convert into a smaller token factory facility if we want to do that with that site. At the same time, we are going to continue to look for larger land-and-power opportunities where we can build significant campuses together with Starwood. We really have the best of both worlds here because, on the large-scale opportunities, having Starwood as a partner does a wonderful job of de-risking the whole process and ensuring that we are able to execute properly. At the same time, at the smaller-scale sites—where we know how to develop smaller sites—especially as you start looking in the world of inference where a lot of this is moving to ASIC technologies away from NVIDIA’s traditional GPUs, those facilities now are able to operate in more modular data center formats, which are more akin to what we have been doing all along with Bitcoin mining, where all our sites operate as modular data centers. And so we believe building this dual capability, if you would, of being able to develop smaller sites that specifically service inference needs for a variety of potential tenants or end customers, as well as doing the larger sites with Starwood, is a way that we will be able to build a portfolio of assets that will provide long-term value to our shareholders. Paul Golding: Thanks so much, Frederick. And maybe just as a quick follow-up, I was wondering if I could pull on that inference versus training thread a bit. Are you able to share any detail around the general mix of interest right now from these prospects? Is it indexing more towards the inferencing use cases, or is it more towards training, or equally distributed? Thanks so much. Frederick G. Thiel: Sure. So, when you generically use the word hyperscaler, you are typically talking about somebody who has large amounts of data that they have collected that they train a model on, that they then use that model to do things. Amazon, Google, Microsoft use data they have to essentially do inference—train a model and then do inference on that model. So you have a lot of those sites that are a combination of training and inference. And if you have been following what Jensen and NVIDIA have been talking about, his belief is that these training sites will, over time, do more and more inference. I think the models going forward—you are going to see a need for sites where people can deploy models that they have done in-house and run them. These are these token factory–type sites, which I think we are going to see a lot more of, where essentially somebody needs the ability to run a handful of megawatts of model scale. We are starting to see already financial players—meaning non–data center players—wanting to now have data center capacity that they can use. It could be financial trading. It could be healthcare data. It could be other things. Where the ability to develop models and run your business using these models has become mission critical, and therefore you do not want to put it up in the cloud. You want to do it in your own private cloud. And so this is where Excion marries to this model very attractively. We are able to engage with tenants across whether they want a traditional large hyperscaler site, which is training and inference together typically, or somebody who just wants proprietary air-gapped capacity for either training and/or inference—typically together—or just inference and just wants essentially a token factory. They want to run a Qwen model. They want to run an open-weight model. And they are literally just looking for this mix of lowest cost per token with best quality of service. And so, an example: if you are a financial trading company, you may do model development at a data center where latency is not important because you are really training a model. But once you deploy that model to actually run it, you are going to run it somewhere on or near prem where latency is next to zero. So that is a quality of service. You are willing to pay more per token if the quality of service suits exactly your needs. And if quality of service—meaning latency, speed, and connection time—is not important, then you can run it at a token factory that is more remote. So we believe the market is going to consist of a variety of those tiers, and we are already talking with enterprise customers as part of our market research. What we are finding is there are companies whose public cloud bills, if you would—their invoices—have gone from hundreds of thousands of dollars a month to millions of dollars a month because of the fact they are running models in the public cloud, and they are finding it is just financially not an option. You are also seeing, however, the large model providers needing more and more capacity to run their models. And as they develop more and more tools—and I will use as an example, Anthropic has just released these new tools for financial analysts, for investment banks. They are doing all of these vertically designed agentic frameworks. These are systems that consume huge amounts of tokens. But they still are running essentially on your data, but it is still cloud that is running in the background. So there is a need to be able to run across a huge infrastructure of sites globally to be able to operate these things. And so I think you are going to see inference growing, but training is going to be growing for the foreseeable six, seven years, I think. But you are going to see inference volumes increase dramatically as more and more agentic technology comes to play. We are seeing thousand-fold increases in agentic token consumption when somebody moves from chat to using a coworker or code-copilot, for example. Just talk to any CIO and ask what their token bills are lately, and they will share with you that token maxing is not something they want to really incentivize people to do. Paul Golding: Really appreciate all that context. Thanks so much. Operator: Your next question comes from Christopher Charles Brendler with Rosenblatt Securities. Christopher Charles Brendler: Hi, thanks, and good afternoon, folks. I wanted to ask on the G&A line. It has seen a pretty significant increase over the last couple of quarters. Even if you back out stock-based comp and call out acquisition expenses, I am just trying to reconcile that versus the headcount reductions. I know those are probably more forward-looking, but can you talk a little bit about some of the investments you have made and in what areas? And I was struck by your comments about sort of repositioning the organization. As you outsource more and more to Starwood, I would think the organization may not be as large in the future as more and more Bitcoin mining folks are repositioned. Just can you talk about the path of expenses because it seems like it is a little elevated still in my mind. Frederick G. Thiel: Salman, you want to do that? Salman H. Khan: Sure, Chris. Thank you for the question. As you know, we have said this before: we have been growing over the years, and as part of our announcement in Q1, we looked at our organization and reorganized ourselves more focused on what is in the pipeline in the future. As we discussed in today’s call, we have the Long Ridge acquisition; we have Starwood, which we are very excited about. What you have to remember is what we are still very good at. Marathon Digital Holdings, Inc. is extremely good at securing low-cost power at scale—$0.04 per kilowatt-hour—at roughly 2 gigawatts capacity. Not many people can claim that they have that amount of power. So we have the operations to manage that from a Bitcoin mining perspective today. And that capacity that we have and the additional capacity that we plan to acquire gets dropped into our joint venture in certain cases, for example with Starwood, because we maximize our return on that by not having to invest incremental dollars, as we get credit for the assets that we drop into the partnership. So our dilution compared to other miners is much lower. I am just going back to the structure—long-winded answer. Marathon Digital Holdings, Inc. historically was a pure-play Bitcoin miner. We were growing, and we had certain technology initiatives. Marathon Digital Holdings, Inc. going forward continues to remain a technology company that happens to be surrounded by energy, in the middle of AI and critical IT where we expect to monetize and generate free cash flow from a long-term perspective. So we looked at the overall structure and asked: what are the skills that we are missing that we need to add to get there, and what are the skills that we do not need for the growth of our previous peer-to-peer Bitcoin mining business? That is what resulted in the realignment. Now, in terms of the cost structure, I would expect, as we have stated in our prepared remarks, G&A to be lower than what we incurred in Q1 as we move forward. But you also have to realize that when we are having these transformative transactions and acquisitions, there are costs associated with those. And as we have disclosed in our adjusted EBITDA disclosures, we will continue to disclose those and isolate those costs so that we can see what are the recurring costs and what are nonrecurring. That way, it helps model the cost structure better. Frederick G. Thiel: And then, Chris, the other thing is, obviously, the transition takes time in the sense that if I sign a lease tomorrow, that site is still mining Bitcoin for another 18 months maybe while the site is being built. So it is not just that we are going to let go of a whole bunch of operations folks just because we are transitioning the strategy. It takes time. Christopher Charles Brendler: Okay. My follow-up question was on the funding plan. A lot of former crypto miners have started shying away from the ATM. You mentioned you have not used the ATM since September. As you think about your deals, I know you have a lot of cash and Bitcoin on the balance sheet for Long Ridge, but are you striving to be more of an investment-grade credit and use more traditional financing methods in 2026, or is that more of a longer-term plan? Thanks. Salman H. Khan: Yeah, so a couple of things to think about, Chris. The transactions that we are talking about—and you can look at the examples of what other miners have disclosed with HPC conversions—we expect to, as we have stated previously, have a few announcements around the tenant in the second half of this year. Usually these transactions are either with an investment-grade counterparty or backstopped, as others have announced. From a financing perspective, yes, those financings are considered investment grade from a project finance standpoint. When you talk about our profile and our cash flows, our goal and intention is to enter into these via this vehicle where we continue to acquire these low-cost power sites and drop them into the partnership with limited capital needs, depending on the size of the project, and continue to have those triple-net lease revenues flowing through our P&L. As you get to have more predefined future free cash flows generating for your cash flow statements, then obviously our balance sheet position improves. Whether you want to call it investment grade or non-investment grade, you can have a better conversation around what your balance sheet looks like. As you know, historically the sector has not been evaluated much or paid attention to when it comes to credit rating agencies. But with roughly 2 gigawatts of capacity and so many opportunities to generate free cash flow from a long-term perspective—15-year, low-risk rate-of-return–type projects—it certainly begs attention from a rating perspective. Christopher Charles Brendler: Okay. Thanks so much for the color. Salman H. Khan: Yeah. Operator: Next question comes from Brett Knoblauch with Cantor Fitzgerald. Please state your question. Brett Knoblauch: Hi, guys. Thanks for taking my question. Frederick, on the Long Ridge acquisition, I want to make a path to get that maybe 600-megawatt AI campus. Could you maybe help put a time frame around that? Where are they in terms of that extra 200-megawatt grid connect that they are pursuing now? And then how long would it take to expand the generation capacity? What approvals would you need? Frederick G. Thiel: Sure. So the behind-the-meter expansion is already in process. That is on a shorter time frame than the grid expansion. And the grid expansion application submission process—it is what it is. But we figure that as you look at the development time frame, a 200-megawatt facility will likely take 18 to 24 months before it comes online. By that time, an additional 200 megawatts behind the meter should be available. And shortly thereafter, we expect the remaining 200 megawatts to come online from the grid interconnection. So the key is getting the first site up and running for the tenant, and then having the power in the queue and ready to go. But the behind-the-meter additional capacity is what would come on soonest of the two additional capacity increases. Brett Knoblauch: Awesome. Helpful. And then maybe just as a follow-up, I think you guys reiterated you expect the first lease with Starwood to get signed at some point this year. What is giving you the confidence that this could be executed as quickly as you are expecting? Frederick G. Thiel: Competition amongst the prospective tenants to get into the site. We have, as I think we said in our prepared remarks, multiple tenants looking across multiple sites that make up 90% of our capacity today. And as this market—the demand in this market—is not decreasing, people are getting ever more antsy about getting more capacity. You can just see what some of the model players have been doing just to garner more capacity out there. As a model provider, you are directly limited in your ability to grow by the amount of compute you have, because you can only have so many clients hitting your model before your compute runs out of gas. And then the only thing that you can do is yield management and raise your prices. If you look at what some of the model providers have been doing recently, they have essentially gone from an “all-in” $200 a month offering to having to put a capacity cap on that, and you have to pay higher fees, because I do not think anybody fully expected the explosion in demand for tokens that has happened once agentic technology started to be introduced. Open-source and proprietary agent frameworks opened the floodgates for people to start really looking at how to do this. And this is not just an enterprise play, and it is not just a consumer play. Across the full spectrum of users, people are starting to build agents. People are starting to use tools like code copilots, for example. Google is about to release its agentic helper in the Google ecosystem, which is a huge part of the SMB market with Gmail, Google Calendar, etc. That is an agent that will do what local code copilots do, but do it in the cloud. That is just going to drive more and more demand. As you add customers, you need to do more inference. At the same time, your model sizes are growing. Look at what Anthropic has said about its next generation models; they need orders of magnitude more compute than the prior model. When you look at that increment in both model size and compute requirement for both training and operating, plus the inference side of it, there is a huge demand for capacity today. We have multiple prospective tenants vying for the opportunity to get into some of the sites. We are excited about that, and we are happy to be in the position we are with the amount of capacity that we have with a partner like Starwood, where we are able to take advantage of that. Brett Knoblauch: Awesome. Thanks, Frederick. Appreciate it. Operator: Your next question comes from Ben Summers with BTIG. Please state your question. Ben Summers: Hey, good afternoon, and thank you for taking my question. You mentioned conversations with both hyperscalers and enterprise customers. Curious if there is any preference there from your side. Also, is there any difference in the conversations, and how do you think about the customer mix longer term as you build out the HPC business? Frederick G. Thiel: From a per-megawatt basis, the hyperscalers are going to dominate by a large extent just because of the sheer capacity they need. A single enterprise—25 megawatts—would provide a huge amount of capacity for an enterprise customer. So I think it will be, in the near term, 90/10, and over time maybe 60/40. But that is really going to be dependent on how enterprises decide to do things. If they decide to do it on-prem private cloud, then we have the Excion solution to service that need, and we are able to go in and help them operate that. If they want private cloud in a near-prem or remote solution, we can do that as well. But we think that the hyperscalers are going to be the first sets of tenants that we scale with. Over time, you will see the enterprise customer mix increase. Ben Summers: Got it. Super helpful. And then, I know you mentioned scaling the Starwood partnership with new sites. Since announcing that partnership, has there been any change in how you are thinking about developing the power portfolio going forward, and has their long-tenured expertise in the power market helped you potentially scale what Marathon Digital Holdings, Inc. currently has in the power portfolio? Frederick G. Thiel: I would say the beauty in the partnership is that we are really good at building a pipeline of sites—acquiring land and power at attractive prices and paying the right price for land and power. They are really good at finding tenants, getting sites designed and built and operational. It is a perfect complement. There is no real overlap in that regard, and that is what really makes this relationship work as well as it does. So we are very focused on continuing to fill that funnel of prospective sites such that we continue to be viewed by the prospective tenants as a reliable source of capacity going forward. One other comment I will make is that a key difference between our model and what most of our peers are doing is they are typically starting with one reasonably sized site—250 megawatts, 300 megawatts, something like that—and then they have to sink all their attention and capital into getting that site done. Then they go to the second site, and then they go to the third. With the Starwood model, we can go out and acquire multiple sites, and then they can do their part of the deal. We can move at a much faster pace and scale much faster than if we were trying to do this all on our own. While we may be late to the party, I think we are going to catch up quickly, and I think we are going to scale past what many of our peers are doing because of the value of this partnership. Ben Summers: Super helpful. Thanks for taking my questions. Salman H. Khan: Thank you. Operator: That is all the time we have for questions today. I will hand the floor over to Robert Samuels for closing remarks. Robert Samuels: Thanks, operator, and thank you, everyone, for joining us today. If you do have any questions that were not answered during today’s call, please feel free to contact our Investor Relations team at ir.mara.com. Thanks very much. Enjoy the rest of the day. Operator: Thank you. Parties may disconnect. Before you buy stock in Mara Holdings, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Mara Holdings wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. MARA (MARA) Q1 2026 Earnings Call Transcript was originally published by The Motley Fool

NEW YORK, May 07, 2026 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI Infrastructure”) today reported financial results for the first quarter 2026. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release. Business Highlights Announced agreement on April 30, 2026, to sell Long Ridge to MARA Holdings, Inc. for $1.52 billion transaction value. At closing of the sale, FIP will immediately eliminate $1.16 billion of Long Ridge debt and use net proceeds to repay approximately $300 million of debt at the FIP parent level, resulting in lower interest expense and higher free cash flow going forward. Reported $70.6 million of Adjusted EBITDA for the first quarter of 2026. Long Ridge first quarter results were impacted by a 25-day planned outage of the power plant for scheduled maintenance; excluding the impact of the outage, Adjusted EBITDA for FIP would have exceeded $80 million for Q1 and would have represented a new quarterly record. Strong performance from rail segment and Jefferson, while Repauno phase two expansion continued on plan for early 2027 operational commencement. Financial Overview First Quarter 2026 Dividends On May 7, 2026, the Company’s Board of Directors (the “Board”) declared a cash dividend on its common stock of $0.03 per share for the quarter ended March 31, 2026, payable on June 12, 2026 to the holders of record on May 18, 2026. Additional Information For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Relations section of the Company’s website, www.fipinc.com, and the Company’s Quarterly Report on Form 10-Q, when available on the Company’s website. Nothing on the Company’s website is included or incorporated by reference herein. Conference Call In addition, management will host a conference call on Friday, May 8, 2026 at 8:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link https://dpregister.com/sreg/10207794/103afb4fca0. Once registered, participants will receive a dial-in and unique pin to access the call. A simultaneous webcast of the conference call will be available to the public on a listen-only basis at https://www.fipinc.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast. A replay of the conference call will be available after 11:30 A.M. on Friday, May 8, 2026 through 11:30 A.M. on Friday, May 15, 2026 on https://ir.fipinc.com/news-events/events. The information contained on, or accessible through, any websites included in this press release is not incorporated by reference into, and should not be considered a part of, this press release. About FTAI Infrastructure Inc. FTAI Infrastructure primarily invests in critical infrastructure with high barriers to entry across the rail, ports and terminals, and power and gas sectors that, on a combined basis, generate strong and stable cash flows with the potential for earnings growth and asset appreciation. FTAI Infrastructure is externally managed by an affiliate of Fortress Investment Group LLC, a leading, diversified global investment firm. Cautionary Note Regarding Forward-Looking Statements Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations 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 the Company’s control. The Company can give no assurance that its expectations will be attained and such differences may be material. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. 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 and Quarterly Reports on Form 10-Q, which are available 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 press release. 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. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities. For further information, please contact: Alan Andreini Investor Relations FTAI Infrastructure Inc. (646) 734-9414 [email protected] Exhibit - Financial Statements Key Performance Measures The Chief Operating Decision Maker (“CODM”) utilizes Adjusted EBITDA as our key performance measure. Adjusted EBITDA provides 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 loss 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, gains (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 allocations, depreciation and amortization expense, interest expense, interest and other costs on pension and other pension expense benefits (“OPEB”) liabilities, dividends and accretion of redeemable preferred stock, and other 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. The following table sets forth a reconciliation of net (loss) income attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock to Adjusted EBITDA for the three months ended March 31, 2026 and 2025: The following tables sets forth a reconciliation of net loss attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock to Adjusted EBITDA for our four core segments for the three months ended March 31, 2026:

Interested in FTAI Infrastructure Inc.? Here are five stocks we like better. FTAI signed an agreement to sell Long Ridge to MARA for an aggregate of $1.52 billion, targeting a Q3 2026 close (subject to FERC approval) and expecting net proceeds in excess of $300 million to repay parent-level debt and lower parent interest expense by about $30 million per year. Management is pivoting to rail-focused growth and M&A, planning to finance incremental acquisitions mainly with incremental debt plus some cash from the Long Ridge sale, while targeting $23 million of annual cost savings (with $10 million enacted in Q1) and more than $50 million of incremental annual EBITDA potential from new rail revenue sources. Q1 results: adjusted EBITDA was $70.6 million (would have exceeded $80 million excluding a 25‑day Long Ridge outage); the company closed a new $1.35 billion term loan at a 9.75% coupon and secured commitments to refinance just over $200 million of Jefferson debt, leaving management with a path to meaningful deleveraging and no near‑term maturities. FTAI Infrastructure (NASDAQ:FIP) used its first-quarter 2026 earnings call to focus heavily on the pending sale of its Long Ridge power and gas asset, a transaction CEO Ken Nicholson said is expected to materially improve the company’s leverage profile and sharpen its strategic emphasis on freight rail growth. Nicholson said the company signed an agreement “just over a week ago” to sell Long Ridge to MARA Holdings for an aggregate transaction value of $1.52 billion. The company expects to close in the third quarter of 2026, subject to regulatory approval. Nicholson told analysts the primary approval is from the Federal Energy Regulatory Commission (FERC) for a change of control, and that the filing was expected imminently. He guided to “the middle of the third quarter” for approval, adding the company is focused on closing as soon as possible because earlier repayment would reduce interest expense. → Insider Sales: Top AST SpaceMobile Insider Cuts Postion Over 30% According to Nicholson, existing Long Ridge debt will be repaid or assumed by the buyer, and expected net proceeds to FTAI Infrastructure are anticipated to be in excess of $300 million. He said the company plans to use the bulk of those proceeds to repay higher-cost parent-level debt and to increase focus on its core freight rail operations. On deleveraging, Nicholson said the company expects to reduce parent debt by “at least $300 million” and lower parent-level interest expense by about $30 million per year. He noted the corporate debt includes terms that allow repayment with Long Ridge sale proceeds at a lower premium than would otherwise apply. → Light Speed Returns: Corning Cashes In on NVIDIA Growth Nicholson said the company expects “the bulk of our long-term growth going forward to be driven in the rail sector,” describing a large opportunity set in North American freight rail and anticipating an active period for rail M&A during the remainder of 2026. During Q&A, Nicholson said incremental rail acquisitions would likely be financed primarily with incremental debt, supplemented by some cash retained from the Long Ridge transaction. He said paying down debt increases capacity for additional borrowing and argued it would be more efficient to issue debt for accretive acquisitions. → Years in the Making, AMD’s Upside Movement Has Just Begun He also described why he expects deal flow to increase, citing three factors: Potential Class I railroad mergers, which could lead to divestitures of short-line and regional assets. Private equity and institutional owners nearing the end of typical 10-year fund lives, prompting monetizations over the next “six to 12 months.” Long-time individual owners considering exits after decades in the industry. For the first quarter, Nicholson reported adjusted EBITDA of $70.6 million, up from $35.2 million in the first quarter of 2025. He cautioned year-over-year comparisons are less meaningful given investment activity, but described the quarter as strong and said the portfolio made progress. Long Ridge results were affected by a 25-day planned outage tied to an inspection of the hot gas section of the power turbine, which Nicholson said is typically required every four to five years. While the inspection resulted in a “clean bill of health,” the outage reduced revenue and EBITDA for the quarter. Nicholson said that excluding the outage impact, consolidated first-quarter EBITDA would have exceeded $80 million, which would have been a record. Rail: Nicholson reported rail segment adjusted EBITDA of $40.2 million in Q1. He said it was up 31% on an apples-to-apples basis and noted Q1 was the first full quarter with active control of the Wheeling operation, with integration savings beginning to show. Revenue was $85 million, compared to pro forma Q1 2025 revenue of $79.3 million; pro forma adjusted EBITDA for Q1 2025 was $30.6 million. Growth was attributed to higher volumes and rates and reduced expenses from cost-savings initiatives started in Q1. Nicholson also noted the first quarter is typically seasonally soft, especially at Wheeling due to winter impacts on construction materials. On integration, Nicholson said the combination of Transtar and Wheeling is expected to drive gains through near-term cost savings and longer-term revenue opportunities. He said the company is targeting $23 million of annual cost savings, with $10 million enacted in Q1 (representing $2.5 million of EBITDA in the quarter) and the remaining $13 million expected to be implemented in the “relatively near term.” He also said the company sees more than $50 million of incremental annual EBITDA potential from new revenue sources over time, including propane carloads planned to start early next year when Repauno Phase II begins operations. Jefferson Terminal: Jefferson posted $27.3 million of revenue and $14.4 million of adjusted EBITDA, compared with $19.5 million and $8 million, respectively, a year earlier. Nicholson said volumes averaged 275,000 barrels per day, driven by a new ammonia export contract that commenced in late November and increased inbound crude volumes. Asked about softer unit pricing, Nicholson said there had been “no realized downward pricing” on any specific contract and characterized the change as a product mix shift between business lines such as crude oil and refined products. He added that crude oil typically commands a higher rate due to handling requirements, but that does not necessarily imply higher margins versus refined products. He also said inbound crude volumes had not been affected “to date” by the conflict in the Middle East and the blockage of the Strait of Hormuz, because crude destined to Jefferson has originated largely from Saudi west coast terminals. Nicholson said crude volumes were steady so far in the second quarter. On growth, Nicholson said the terminal is negotiating contract expansions largely with existing customers and hopes to execute on three opportunities during the year. He said the three opportunities represent more than $50 million of incremental annual EBITDA and would require little to no incremental capital investment. He also said discussions could take volumes above 500,000 barrels per day, with operational capacity around 600,000 barrels per day using existing infrastructure. Repauno: Nicholson said construction of Repauno Phase II continues on plan and that once Phase II is operational, the terminal is expected to be capable of handling over 80,000 barrels per day of natural gas liquids and generating approximately $80 million of annual EBITDA across Phase I and Phase II. In later remarks, he described Phase II completion targeted by the end of 2026 with revenue beginning “shortly thereafter,” and said the company expects to commence revenue service in early 2027 at full capacity, citing strong demand and attractive propane export spreads. On Repauno Phase III underground storage, Nicholson said the company remains focused on Phase II, but sees a favorable market environment for Phase III contracting and financing. He said monetization of Repauno “next year is certainly doable,” adding that a buyer would likely want to see Phase II complete and operating. Long Ridge: Adjusted EBITDA at Long Ridge was $26.4 million in Q1, up from $18.1 million a year earlier, with a capacity factor of 73% due to the outage. Nicholson said power prices and capacity revenue remained at historically high levels. Gas production averaged “a little more than 86,000 MMBtu per day” versus “a little more than 70,000” required at the plant, allowing for excess gas sales. He said Long Ridge entered Q2 with a 100% capacity factor at the time of the call and continued production in excess of plant needs. Nicholson said the company closed a new term loan of approximately $1.35 billion during the quarter, using proceeds to repay the initial loan issued in connection with the Wheeling acquisition. He said the new term loan is the only parent-level debt and carries a 9.75% annual coupon, and that the balance is expected to be about $300 million lower after the Long Ridge sale closes. He also said the company received commitments to refinance a little over $200 million of debt at Jefferson, and characterized the overall result as a stable balance sheet with no near-term maturities and “a path for meaningful deleveraging” after the Long Ridge sale. During Q&A, Nicholson acknowledged that beyond the planned debt repayment, the transaction should leave some additional cash on the balance sheet depending on timing and cash generation through closing. He said possible uses include additional debt repayment, retaining cash to fund acquisitions (including “a couple smaller situations” in rail he described as potentially highly accretive), and covering transaction fees that will be recognized at closing. He added that management and the board continuously evaluate other options for capital allocation. FTAI Infrastructure Ltd (NASDAQ: FIP) is a closed-end investment company that acquires and manages infrastructure assets offering stable, long-term cash flows. The company targets core and core-plus infrastructure sectors with contracted or regulated revenue streams, aiming to deliver attractive risk-adjusted returns for its shareholders. FTAI Infrastructure’s portfolio is diversified across multiple sub-sectors, geographies and counterparties to manage risk and capture growth opportunities in global infrastructure markets. The company focuses on three primary investment categories: communications infrastructure, transport and logistics infrastructure, and utility infrastructure. The article "FTAI Infrastructure Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.