FTAI Infrastructure (FIP) Company Report

FIP reported consolidated Adjusted EBITDA of $70.9 million and a net loss of $(118.3) million for Q3 2025.
Key drivers for Q3 2025 Adjusted EBITDA included $8.4 million from the newly acquired Wheeling and Lake Erie Railway (W&LE) and $1.4 million from Long Ridge West Virginia gas sales.
The Railroad segment's Adjusted EBITDA grew to $29.1 million in Q3 2025, up from $20.7 million in Q2 2025, primarily due to the W&LE contribution.
As of September 30, 2025, FIP held $354 million in cash and restricted cash and had $3,728 million in total net debt, with a near-term priority to refinance a $1.25 billion parent-level term loan.
Repauno's Phase 2 construction is in progress, with existing contracts and a Letter of Intent (LOI) projected to generate approximately $80 million of annual Adjusted EBITDA.

Oct 31, 2025, 12:00 PM

FTAI Infrastructure Reports Strong Q3 2025 Results, Targets $450M+ Annual EBITDA, and Explores Long Ridge Monetization

FIP

Earnings

M&A

Guidance Update

FTAI Infrastructure (FIP) reported Q3 2025 Adjusted EBITDA of $70.9 million, representing a 55% increase from Q2 2025 and nearly double year-over-year, primarily due to the acquisition of Wheeling & Lake Erie Railway Company and the commencement of West Virginia gas production.
The company projects an annual Adjusted EBITDA exceeding $450 million, a target that incorporates the full impact of recent acquisitions and new agreements at Jefferson Energy and Repauno.
FIP is exploring strategic alternatives for its Long Ridge segment, including a potential monetization, as the business has achieved its $160 million annual EBITDA run rate.
The combined rail segment (TransStar and Wheeling) is now expected to reach an EBITDA run rate of at least $220 million by the end of 2026, an increase from the previous $200 million estimate.
FIP plans to refinance its $1.2 billion parent-level debt with a new long-term bond issuance by year-end 2025.

Oct 31, 2025, 12:00 PM

FTAI Infrastructure Inc. Reports Q3 2025 Results and Declares Dividend

FIP

Earnings

Dividends

M&A

FTAI Infrastructure Inc. reported Adjusted EBITDA of $70.9 million for Q3 2025, which is up 54% from the second quarter of 2025.
The company posted a basic and diluted loss per share of common stock of $(1.38) for Q3 2025.
A cash dividend of $0.03 per share of common stock was declared for the quarter ended September 30, 2025, payable on November 28, 2025.
Key business highlights include the acquisition of the Wheeling & Lake Erie Railway on August 25, 2025, and the commencement of West Virginia gas production in August, leading to excess gas sales at Long Ridge. The company is also evaluating strategic alternatives for Long Ridge, including a potential sale.

Oct 30, 2025, 8:16 PM

Ftai Infrastructure Outlines Strategic Transformation and Financial Progress

FIP

Debt Issuance

M&A

New Projects/Investments

FIP has completed several key financial objectives in the first six months of 2025, including recapitalizing the Long Ridge facility debt (over $1 billion), securing financing for the Repauno facility ($300 million to $400 million of taxable debt), and refinancing HoldCo debt, which reduced annual interest expense from $130 million to $100 million.
The company also acquired the Wheeling and West Virginia short line railroad for $1.5. This acquisition is expected to significantly diversify the business, reducing reliance on U.S. Steel from 95% to the 30s%.
FIP's strategic plan over the next 18 to 24 months (by early to mid-2027) involves selling its Long Ridge, Repauno, and Jefferson assets, aiming to generate $1 billion to $1.2 billion in equity and eliminate debt.
The long-term goal is to transition into a pure-play short line railroad business, with the combined Transtar and Wheeling & West Virginia entities projected to achieve $200 million in EBITDA by the end of 2026. The overall target for the short line railroad business is $400 million to $500 million in EBITDA.
The company's current annualized EBITDA, based on Q2 2025 numbers, is $184 million.

Aug 27, 2025, 5:05 PM

FTAI Infrastructure Inc. Establishes New Subsidiary for Railroad Assets

FIP

New Projects/Investments

M&A

Debt Issuance

FTAI Infrastructure Inc. (FIP) filed an 8-K on August 25, 2025, announcing the formation of FIP RR Holdings LLC on August 14, 2025, to own railroad-related assets, including Transtar and the Target.
On August 25, 2025, FIP entered into key agreements related to this new entity, including a Voting Trust Agreement, a Credit Agreement with BARCLAYS, and an Amended and Restated Limited Liability Company Agreement for FIP RR Holdings LLC.
The company will file financial statements for the acquired business and pro forma financial information by amendment to the 8-K within 71 days.
The document details restrictions on FIP RR Holdings LLC, such as a $5,000,000 limit on issuing certain securities below current value and an aggregate $30,000,000 limit on other restricted payments.