NextDecade (NEXT) Company Report

NextDecade Corporation has initiated the U.S. regulatory pre-filing process with the Federal Energy Regulatory Commission (FERC) to expand its Rio Grande LNG project by adding a sixth liquefaction train and an additional marine berth, with a full application expected in 2026.
The company currently has five liquefaction trains under construction, with the first expected to be completed by 2027, and the site has the potential to expand to 10 trains, increasing total liquefaction capacity to approximately 48 million tonnes per year.
NextDecade recently secured approximately $13.4 billion in total project financing for Trains 4 and 5, each with a production capacity of 6 million tonnes per annum.
The company is also actively developing proprietary carbon capture and storage technologies to support its clean energy goals alongside LNG expansion.

Nov 24, 2025, 1:56 PM

Morningstar

NextDecade Subsidiary Enters Amended Credit Agreement

Debt Issuance

Board Change

New Projects/Investments

NextDecade Corporation's indirect subsidiary, Rio Grande LNG Super Holdings, LLC, entered into an Amended and Restated Credit Agreement on November 17, 2025, which includes an incremental $50 million Series A term loan and recharacterizes $50 million of existing debt as Series A loans.
The $100 million Series A Loans mature on November 17, 2030, bear 8.0% annual interest, and are exchangeable into common stock at $9.50 per share at the lenders' election. The remaining original debt was recharacterized as Series B Loans, with an adjusted maturity of October 16, 2030, and an interest rate of 13.5% per annum.
This agreement terminates Super Holdings' prior obligation to offer full prepayment of the Original Credit Agreement, resolving a previous financial contingency.
In connection with the agreement, NextDecade also extended the exercise periods for its Tranche A/B and Tranche C Warrants and granted a lender, General Atlantic, the right to designate a director for nomination to the Board in 2026.

Nov 18, 2025, 1:26 PM

8-K

NextDecade achieves Final Investment Decision for Rio Grande LNG Train five and reaffirms financial guidance

New Projects/Investments

Debt Issuance

Guidance Update

NextDecade has achieved a Final Investment Decision (FID) on Train five at Rio Grande LNG, adding approximately 6,000,000 tons per annum of LNG production capacity.
The company now has approximately 30,000,000 tons per annum of LNG production capacity under construction at Rio Grande LNG, with approximately 85% contracted across Trains one through five.
Train five's $6,660,000,000 total project cost was financed with approximately 60% debt and 40% equity, with NextDecade's $1,290,000,000 equity commitment funded through $1,300,000,000 in term loans and over $230,000,000 in cash, resulting in no material impact to common shares outstanding.
NextDecade reaffirmed its Five Train steady state production and financial guidance, projecting approximately $800,000,000 per year in distributable cash flow after the economic flip in Trains four and five.
Phase one construction continues to progress safely, ahead of schedule and on budget, and the company is developing and permitting Trains six through eight with potential FID for Train six as early as 2027.

Oct 17, 2025, 3:00 PM

Transcript

NextDecade Achieves FID on Rio Grande LNG Train 5 and Reaffirms Financial Guidance

New Projects/Investments

Guidance Update

Debt Issuance

NextDecade achieved a positive Final Investment Decision (FID) on Train 5 at Rio Grande LNG, bringing the total LNG production capacity under construction to approximately 30,000,000 tons per annum across Trains 1-5.
The company has closed over $30,000,000,000 in financings for Trains 1-5, with Train 5's $6,660,000,000 project cost funded by over 60% debt and $2,570,000,000 in equity commitments, including $1,290,000,000 from NextDecade without material shareholder dilution.
NextDecade reaffirmed its Five-Train steady state financial guidance, projecting approximately $800,000,000 per year in distributable cash flow after the economic flip for Trains 4 and 5, which is expected in the mid-2030s.
Phase 1 construction is progressing safely, ahead of schedule, and on budget, with the company also developing and permitting Trains 6-8, potentially doubling its production capacity.
NextDecade anticipates continued robust global LNG demand growth, driven by developing countries, energy security, and AI-related power needs, with the global LNG market expected to grow by 40% by 2030.

Oct 17, 2025, 3:00 PM

Transcript

NextDecade Secures Funding and Final Investment Decision for Rio Grande LNG Train 5

New Projects/Investments

Debt Issuance

Guidance Update

NextDecade achieved a positive Final Investment Decision (FID) for Train 5 of the Rio Grande LNG Facility on October 16, 2025. This increases the total LNG production capacity under construction to approximately 30 MTPA, which is fully funded with over $31 billion.
The Train 5 project has an expected cost of $6.7 billion, financed with approximately 60% debt and 40% equity at the project level. NextDecade's $1.29 billion equity commitment for Train 5 is fully funded using cash and term loans.
Approximately 75% of Train 5's ~6 MTPA capacity is contracted for 20 years, bringing the overall contracted capacity for Trains 1-5 to ~85%. Train 5 is projected for completion in 1H 2031.
The company reaffirmed its five-train steady state financial guidance, including annual LNG production volumes of 1,540 TBtu, Rio Grande LNG Project-Level Adjusted EBITDA of $3.7 billion, and Post-Flip NextDecade Distributable Cash Flow of $0.8 billion.

Oct 17, 2025, 3:00 PM

Presentation

NextDecade Achieves Final Investment Decision for Rio Grande LNG Train 5 and Reaffirms Financial Guidance

New Projects/Investments

Guidance Update

Debt Issuance

NextDecade (NEXT) achieved a positive Final Investment Decision (FID) for Train 5 at Rio Grande LNG, bringing the total LNG production capacity under construction to approximately 30 million tons per annum.
The company has closed over $30 billion in financing to fully fund Trains 1-5, with 85% of capacity contracted across these trains. Train 5's equity funding of $1.29 billion was financed with $1.3 billion in term loans and over $230 million in cash, avoiding material dilution to common shares.
NextDecade reaffirmed its five Train steady-state financial guidance, projecting approximately $800 million per year in distributable cash flow after the economic interest "flip" in Train 5, and an aggregate of $2 billion from Train 1 startup (2027) through Train 5 DFCD (H1 2031).
Phase one construction is ahead of schedule and on budget, and the company is developing Trains 6 through 8, with Train 6 pre-filing with FERC planned for this year.
The company has locked in turbines for Trains 4 and 5, a critical step that avoids potential one-year delays in project timelines.

Oct 17, 2025, 3:00 PM

Transcript

NextDecade Finalizes Funding for Rio Grande LNG Train 5

New Projects/Investments

Debt Issuance

NextDecade has approved the construction of Train 5 at its Rio Grande LNG export facility, which will add approximately 6 million tonnes per annum to its total LNG production capacity, bringing it to about 30 million tonnes per year.
The $6.7 billion project is supported by long-term LNG sale agreements totaling 4.5 million metric tons annually with major companies and is expected to begin commercial deliveries in the first half of 2031.
Financing for Train 5 includes a $3.59 billion term loan, $500 million in private placement notes, and $2.6 billion in equity commitments from NextDecade and partners such as Global Infrastructure Partners, GIC, and Mubadala Investment Company.

Oct 16, 2025, 11:36 PM

Morningstar

NextDecade Announces Positive FID for Rio Grande LNG Train 5 and Funding Close

New Projects/Investments

Debt Issuance

CFO Change

NextDecade announced a positive Final Investment Decision (FID) on Train 5 at Rio Grande LNG on October 16, 2025, marking its second FID in just over a month.
The $6.7 billion project for Train 5, which will add approximately 6 million tonnes per annum (MTPA) of LNG production capacity, is fully funded through a $3.59 billion term loan facility, $0.50 billion private placement notes, and $1.29 billion each in equity commitments from NextDecade and financial partners.
NextDecade's $1.29 billion equity commitment for Train 5 is financed using $233 million of cash on hand and $1.33 billion in term loans, with no material impact to common shares outstanding, and the project is expected to be completed in the first half of 2031.
In management news, Luke Boylston was appointed Chief Accounting Officer, effective October 13, 2025, and Brent Wahl resigned as Chief Financial Officer, effective October 20, 2025.

Oct 16, 2025, 8:41 PM

8-K

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