Brian McKenna

Gregory Lewis

Giuliano Anderes-Bologna

Giuliano Bologna

Sherif Elmaghrabi

- FIP reported **consolidated Adjusted EBITDA of $70.9 million** and a **net loss of $(118.3) million** for Q3 2025.  **[0001899883_2218023:5]** 
- 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**.  **[0001899883_2218023:5]** 
- 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.  **[0001899883_2218023:5]** **[0001899883_2218023:6]** 
- 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**.  **[0001899883_2218023:6]** 
- 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**.  **[0001899883_2218023:5]**

FIP Reports Q3 2025 Financial Results with Strong Adjusted EBITDA Growth

- FTAI Infrastructure Inc. reported **Adjusted EBITDA of $70.9 million** for Q3 2025, which is **up 54% from the second quarter of 2025**.  **[1899883_0001899883-25-000051_fip93020258-kxexhibit991.htm:0]** 
- The company posted a **basic and diluted loss per share of common stock of $(1.38)** for Q3 2025.  **[1899883_0001899883-25-000051_fip93020258-kxexhibit991.htm:0]** 
- 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**.  **[1899883_0001899883-25-000051_fip93020258-kxexhibit991.htm:0]** 
- 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.  **[1899883_0001899883-25-000051_fip93020258-kxexhibit991.htm:0]**  The company is also **evaluating strategic alternatives for Long Ridge**, including a potential sale.  **[1899883_0001899883-25-000051_fip93020258-kxexhibit991.htm:0]**

FTAI Infrastructure Inc. Reports Q3 2025 Results and Declares Dividend

- 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**.  **[1899883_tx_375179_1]** 
- The company also acquired the Wheeling and West Virginia short line railroad for **$1.5**.  **[1899883_tx_375179_1]** **[1899883_tx_375179_3]**  This acquisition is expected to significantly diversify the business, reducing reliance on **U.S. Steel** from **95%** to the **30s%**.  **[1899883_tx_375179_2]** **[1899883_tx_375179_6]** 
- 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.  **[1899883_tx_375179_2]** **[1899883_tx_375179_3]** 
- 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**.  **[1899883_tx_375179_1]** **[1899883_tx_375179_3]**  The overall target for the short line railroad business is **$400 million to $500 million in EBITDA**.  **[1899883_tx_375179_2]** **[1899883_tx_375179_3]** 
- The company's current annualized EBITDA, based on Q2 **2025** numbers, is **$184 million**.  **[1899883_tx_375179_3]**

Ftai Infrastructure Outlines Strategic Transformation and Financial Progress

- **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**.  **[1899883_0001140361-25-032534_ef20054420_8k.htm:0]** **[1899883_0001140361-25-032534_ef20054420_ex10-2.htm:6]** **[1899883_0001140361-25-032534_ef20054420_ex10-2.htm:34]** 
- 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.  **[1899883_0001140361-25-032534_ef20054420_8k.htm:12]** 
- The company will file financial statements for the acquired business and pro forma financial information by amendment to the 8-K within **71 days**.  **[1899883_0001140361-25-032534_ef20054420_8k.htm:12]** 
- 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.  **[1899883_0001140361-25-032534_ef20054420_ex10-3.htm:6]** **[1899883_0001140361-25-032534_ef20054420_ex10-1.htm:100]**

FTAI Infrastructure (FIP)