Executive Summary

Q2 2025 was severely challenged: revenue fell to $301.7M with Adjusted EBITDA at $(3.7)M and GAAP net loss of $556.8M, driven by $699M non‑cash impairments, partially offset by a $472.7M gain on the sale of Jamaican operations .
Results missed S&P Global consensus materially: revenue $301.7M vs $661.2M estimate, “Primary EPS” actual −$0.85 vs −$0.64 estimate, and EBITDA actual −$24.0M vs $310.6M estimate; company-reported GAAP diluted EPS was −$2.02 due to large one‑offs *.
Liquidity remains a focal point: total cash $821M ($551M unrestricted) at 6/30, and the company launched a strategic alternatives process (Houlihan Lokey, Skadden retained) to improve capital structure via asset sales/refinancing and other options .
Operationally, FLNG 1 ran at or above nameplate in Q2; Brazil (CELBA) commissioning has begun and management expects it operational before year‑end; shipping portfolio optimization advanced with Energos Winter (5‑yr) and Energos Freeze (3‑yr) charters .
Key near-term catalysts: PREPA island‑wide GSA renegotiation (weekly extensions in place), FEMA/USACE equitable adjustment for Puerto Rico temporary power, CELBA power plant startup, and Brazil power auctions slated for March 13, 2026 .

What Went Well and What Went Wrong

What Went Well

FLNG 1 performance: “performed at or above nameplate capacity for all of Q2” excluding scheduled maintenance, supporting supply stability .
Portfolio optimization progress: multi‑year FSRU charters signed (Energos Freeze 3‑yr; Energos Winter 5‑yr), enhancing medium‑term cash flows and asset utilization .
Brazil project execution: PortoCem “over 70% complete,” on-time/on-budget and fully funded; CELBA commissioning started with expectation to be operational before year‑end, positioning core earnings to rise as assets come online .

What Went Wrong

Significant non-cash charges and weak terminal economics: $582.2M goodwill impairment and $117.3M asset impairment drove GAAP loss; Terminals & Infrastructure Segment Operating Margin turned negative (−$7.2M), collapsing total segment OM to $25.0M .
Sharp revenue and EBITDA shortfall vs consensus: revenue $301.7M vs $661.2M est.; S&P “Primary EPS” actual −$0.85 vs −$0.64 est.; S&P EBITDA actual −$24.0M vs $310.6M est., highlighting the degree of reset post asset sale/one‑offs and weak core contribution this quarter *.
Capital structure pressure and disclosure/process risks: the company disclosed a strategic alternatives process to add liquidity/relief under debt agreements; earlier in Q2, NFE received a Nasdaq notice for a late Form 10‑Q filing, although it expected to file “as soon as possible” .

Financial Results

Revenue, EPS, and EBITDA vs prior periods and S&P Global estimates

Metric	Q2 2024	Q1 2025	Q2 2025 Actual	Q2 2025 Consensus
Revenue ($M)	428.0	470.5	301.7	661.2*
GAAP Diluted EPS ($)	−0.44	−0.73	−2.02	n/a
S&P “Primary EPS” ($)	n/a	n/a	−0.85*	−0.64*
Adjusted EBITDA ($M, Company)	120.2	82.3	−3.7	n/a
EBITDA ($M, S&P)	n/a	n/a	−24.0*	310.6*

Notes: Company GAAP diluted EPS differs from S&P “Primary EPS.” Company Adjusted EBITDA differs from S&P EBITDA methodology.

Segment operating margin (non‑GAAP) breakdown

Segment Operating Margin ($M)	Q2 2024	Q1 2025	Q2 2025
Terminals & Infrastructure	214.3	74.6	−7.2
Ships	34.1	31.4	32.2
Total Segment OM	248.4	106.0	25.0

KPIs and one‑offs

KPI / Item	Q2 2025
Cash & cash equivalents ($M)	551.1
Restricted cash ($M)	270.3
Total cash ($M)	821.4
Current portion of LT debt & ST borrowings ($M)	1,181.6
Long‑term debt ($M)	7,805.3
Goodwill impairment ($M)	582.2
Asset impairment ($M)	117.3
Gain on sale of Jamaican operations ($M)	472.7
Transaction & integration costs ($M)	75.4

Non‑GAAP reconciliations and definitions provided in the release and exhibits .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Adjusted EBITDA	FY 2025	~$1.0B (excludes FEMA claim) reiterated on prior calls	No quantitative update in Q2 release/8‑K; qualitative “expect core earnings to increase” as Brazil/Nicaragua/PR expansions come online	n/a (no update)
EBITDA + Gains	FY 2025	$1.25–$1.5B indicated on Q1 call	No update provided in Q2 materials	n/a
Project milestones	2H 2025	CELBA operational before year‑end	Reiterated qualitatively	Maintained
PREPA island‑wide GSA	2025	Weekly extensions; aiming for LT agreement	Weekly extensions continue; LT GSA negotiations ongoing	Maintained (process ongoing)

No explicit revenue/margin/tax/OpEx quantitative guidance was issued in Q2 materials .

Earnings Call Themes & Trends

(There was no Q2 2025 earnings call transcript available in our document set. Themes below bridge Q4 2024 and Q1 2025 to Q2 2025 disclosures.)

Topic	Previous Mentions (Q4 2024, Q1 2025)	Current Period (Q2 2025)	Trend
Capital structure and deleveraging	Reaffirmed goal to deleverage via asset sales; $4.775B in capital markets actions; Jamaica sale targeted; move toward asset‑level financing	Strategic alternatives process launched (Houlihan Lokey/Skadden) exploring asset sales, refinancings, and other transactions for liquidity/relief	Intensified focus
Puerto Rico (PREPA GSA & FEMA REA)	80 TBtu island‑wide contract extended; aim to convert diesel to gas; FEMA claim discussed; desire for longer‑duration GSA	Weekly extensions continue; negotiating a LT GSA; in active dialogue with FEMA/USACE on equitable adjustment; expects resolution by year‑end	Process ongoing; resolution targeted 2025
Brazil projects & auctions	CELBA ~88% complete; PortoCem ahead of schedule; auctions anticipated; desire to minimize CapEx, maximize terminal cash flows	CELBA commissioning begun; project on-time/on-budget and fully funded; Brazil auction date indicated (Mar 13, 2026), potentially up to 15 GW	Execution progressing; auction visibility
FLNG 1 performance	Performing above nameplate; central to supply and portfolio hedging	Performed at/above nameplate through Q2 (ex scheduled maintenance)	Stable/positive
Shipping/FSRUs	Subcharters to enhance cash flows (Eskimo, Freeze; more in pipeline)	3‑yr Freeze charter (Energia 2000) and 5‑yr Winter charter (EGAS) executed	Continued optimization
Regulatory/filings	Q4 10‑K filing delay addressed; liquidity updated; Q1 10‑Q timing discussed	Nasdaq notice in May for late Q1 10‑Q; company working to file ASAP	Filing timeliness under scrutiny

Management Commentary

“We expect our core earnings to increase as our developments in Brazil, Nicaragua and expansions in Puerto Rico, come online” .
On strategic review: NFE is “considering all options available, including asset sales, capital raising, debt amendments and refinancing transactions, and other strategic transactions” to add liquidity and relieve potential acceleration under debt agreements .
Brazil execution: PortoCem “over 70% complete(3). The project is on-time, on-budget and is fully funded with asset-level debt” .
Puerto Rico: Negotiating a long‑term island‑wide GSA with PREPA; extending current GSA weekly; confidence in resolving FEMA/USACE equitable adjustment by year‑end .
FLNG 1: “performed at or above nameplate capacity for all of Q2” excluding planned maintenance .

Q&A Highlights

(From prior calls given no Q2 transcript available)

Guidance framing: 2025 Adjusted EBITDA ~$1.0B excluding FEMA; EBITDA+gains $1.25–$1.5B targeted; FEMA claim excluded from guidance .
Puerto Rico conversions and LT GSA: Rapid conversion of diesel plants feasible; longer‑tenor GSA desired; shift from diesel‑linked pricing to Henry Hub‑based expected in future agreements .
Deleveraging roadmap: Asset sales (e.g., Jamaica), move to asset‑level financing secured by long‑duration offtakes to refinance corporate debt, reduce cost of capital .

Estimates Context

Revenue: $301.7M vs $661.2M S&P consensus → significant miss, reflecting removal/rebaseline of sold assets and weak terminal margin this quarter *.
EPS: S&P “Primary EPS” −$0.85 vs −$0.64 est. → miss; company GAAP diluted EPS was −$2.02 due to large impairments and a gain on sale below the operating line *.
EBITDA: S&P EBITDA −$24.0M vs $310.6M est. → severe miss; company Adjusted EBITDA was −$3.7M (different definition) *.
Implication: Street models likely need to lower near‑term revenue/EBITDA and re‑calibrate core run‑rate for Terminals post-Jamaica, while incorporating start‑up contributions from CELBA/Nicaragua/Puerto Rico in 2H25+ and the shipping charters’ incremental earnings .

Key Takeaways for Investors

Q2 2025 is a reset quarter: large impairments and weak terminal margin drove a deep GAAP loss and significant misses vs consensus; core earnings power must be rebuilt as new assets ramp *.
Liquidity and leverage are the central narrative: cash of $821M at quarter‑end and an active strategic alternatives process signal near‑term capital structure actions as catalysts .
Operations show green shoots: FLNG 1 stability, CELBA commissioning (expected operational before year‑end), and multi‑year FSRU charters support improving earnings visibility into 2026 .
Puerto Rico could re‑accelerate volumes: weekly GSA extensions continue while negotiating a long‑term agreement; potential FEMA recovery and conversions provide upside if executed .
Brazil auction visibility (Mar 2026) and terminal positioning are medium‑term optionality; management expects a larger‑than‑initial auction size, potentially up to ~15 GW .
Modeling caution near term: deconsolidation/asset sales and one‑offs complicate YoY/Seq comparisons; focus on segment OM trends and project milestones to gauge core trajectory .
Stock catalysts: any de‑risking of the balance sheet (asset sales/refis), PREPA LT GSA, FEMA resolution, and CELBA COD are likely to be key share‑price drivers .

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Earnings press release and 8‑K source: New Fortress Energy Q2 2025 press release and 8‑K exhibits . Other relevant Q2‑period press releases: Energos Freeze 3‑yr charter (May 13, 2025) ; Nasdaq notice (May 27, 2025) ; Energos Winter 5‑yr charter (Jul 15, 2025) . Prior calls used for trend context: Q4 2024 ; Q1 2025 .
*Values retrieved from S&P Global.

New Fortress Energy Inc. (NFE)·Q2 2025 Earnings Summary