FTAI Infrastructure Inc. Q3 FY2024 earnings call

• Board authorized $0.03 per share quarterly dividend. - Adjusted EBITDA in Q3 was a new quarterly record, up 8% QoQ and 50% YoY. - Portfolio has ~$70 million of incremental annual EBITDA from executed contracts, with total company annual EBITDA ~$220 million and pipeline >$300 million if new business converted. - Transtar: $21.1M adjusted EBITDA, steady carloads/rates, third-party revenue growth, pursuing accretive acquisitions. - Jefferson: $11.8M adjusted EBITDA, projects on-budget/on-time, new business opportunities. - Repauno: First long-term contract for Phase 2, construction commenced, plans to raise tax-exempt debt. - Long Ridge: 99% capacity factor, refinancing plans, potential to reset power hedges for higher cash flow.

Transtar: Posted $21.1 million of adjusted EBITDA in Q3 2024 with revenue of $44.8 million. Carloads and rates held steady, third-party revenue growing. Jefferson: Generated $11.8 million of adjusted EBITDA in Q3 2024 with revenue of $19.7 million. Construction of contracted projects on-budget/on-time. Repauno: Executed first long-term contract for Phase 2 transloading system, construction commenced. Long Ridge: Generated $11.1 million of EBITDA in Q3 2024 with 99% capacity factor. Adjusted EBITDA for the company in Q3 was $36.9 million, up 8% QoQ and 50% YoY. The portfolio has ~$70 million of incremental annual EBITDA from executed contracts, current run rate ~$220 million, and pipeline >$300 million annual EBITDA potential.

• Q3 adjusted EBITDA $36.9M, Q4 expected higher. - $70M incremental annual EBITDA from executed contracts, potential >$300M with new business. - Repauno and Long Ridge financings expected accretive. - Plan to refinance corporate bonds after Repauno and Long Ridge financings to reduce fixed charges and increase cash flow.

• Uncertainty around Nippon Steel acquisition approval impacting Transtar. - Market conditions affecting financing costs and contract pricing. - Regulatory approvals needed for Long Ridge turbine upgrade to 505 MW.

Q: Expand on the Long Ridge financing and contract pricing.

A: Long Ridge refinancing could lower borrowing costs, with potential $50 million+ annual EBITDA accretion from resetting power hedges closer to market prices.

Q: Update on U.S. Steel transaction impact on Transtar.

A: Uncertain if Nippon approval, but Nippon approval better for Transtar as they intend to invest in Pittsburgh.

Q: Transtar M&A progress.

A: Looking at 3 opportunities, mid-process, potential meaningful accretion, part of Transtar's business plan.

Q: Details on Jefferson's $20 million incremental annual EBITDA contracts.

A: Two contracts, one for crude oil (5-year, ~$8M annual EBITDA) starting April 2025, one for ammonia (15-year, ~$12M annual EBITDA) starting July 2025, fully funded and on track.

Q: Long Ridge GE role.

A: No additional components needed for turbine upgrade to 505 MW, just software reprogramming and regulatory approval.