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FTAI Infrastructure Inc. Reports First Quarter 2025 Results, Declares Dividend of $0.03 per Share of Common Stock

1. FTAI Infrastructure reported Q1 2025 net income of $109.7M, up significantly. 2. Basic earnings per share reached $0.95, reflecting strong financial performance. 3. The company declared a dividend of $0.03 per share payable on May 27. 4. Significant gain of $119.9M from Long Ridge transaction boosted earnings. 5. New contracts launched at Repauno and Jefferson, enhancing growth prospects.

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FAQ

Why Very Bullish?

Q1 earnings exceeded expectations, reflecting strong operational performance and strategic growth through new contracts and significant asset transactions, evidenced by the substantial gain from Long Ridge, which often leads to positive market sentiment and potential price increase.

How important is it?

Strong earnings, significant gains from transactions, and a new dividend push are likely to attract positive attention from investors looking for growth and dividends, leading to increased stock demand.

Why Short Term?

Immediate reaction is likely as markets respond to quarterly results and announcements, particularly the dividend declaration, which typically supports stock prices in the short run.

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FIPFTAIFORTRESS
NEW YORK, May 08, 2025 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI Infrastructure”) today reported financial results for the first quarter 2025. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release. Financial Overview (in thousands, except per share data)Selected Financial ResultsQ1’25Net Income Attributable to Stockholders$109,724Basic Earnings per Share of Common Stock$0.95Diluted Earnings per Share of Common Stock$0.89Adjusted EBITDA (1)$155,219Adjusted EBITDA - Four core segments (1)(2)$164,512Gain on Long Ridge Transaction$119,952 _______________________________ (1)   For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release.(2)   Excludes Sustainability and Energy Transition and Corporate and Other segments. First Quarter 2025 Dividends On May 6, 2025, the Company’s Board of Directors (the “Board”) declared a cash dividend on its common stock of $0.03 per share for the quarter ended March 31, 2025, payable on May 27, 2025 to the holders of record on May 19, 2025. Business Highlights Refinancing and increase in ownership completed at Long Ridge.New contracts and LOI’s executed at Repauno.First of three contracts at Jefferson commenced April 1st. Additional Information For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Relations section of the Company’s website, www.fipinc.com, and the Company’s Quarterly Report on Form 10-Q, when available on the Company’s website. Nothing on the Company’s website is included or incorporated by reference herein. Conference CallIn addition, management will host a conference call on Friday, May 9, 2025 at 8:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link https://register-conf.media-server.com/register/BIda3c2ea433ca42d4843e5ba0cc3371b0. Once registered, participants will receive a dial-in and unique pin to access the call. A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.fipinc.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast. A replay of the conference call will be available after 11:30 A.M. on Friday, May 9, 2025 through 11:30 A.M. on Friday, May 16, 2025 on https://ir.fipinc.com/news-events/events. The information contained on, or accessible through, any websites included in this press release is not incorporated by reference into, and should not be considered a part of, this press release. About FTAI Infrastructure Inc.FTAI Infrastructure primarily invests in critical infrastructure with high barriers to entry across the rail, ports and terminals, and power and gas sectors that, on a combined basis, generate strong and stable cash flows with the potential for earnings growth and asset appreciation. FTAI Infrastructure is externally managed by an affiliate of Fortress Investment Group LLC, a leading, diversified global investment firm. Cautionary Note Regarding Forward-Looking StatementsCertain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond the Company’s control. The Company can give no assurance that its expectations will be attained and such differences may be material. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on the Company’s website (www.fipinc.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities. For further information, please contact: Alan AndreiniInvestor RelationsFTAI Infrastructure Inc.(646) 734-9414aandreini@ftaiaviation.com Exhibit - Financial Statements FTAI INFRASTRUCTURE INC.CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)(Dollar amounts in thousands, except share and per share data) Three Months Ended March 31,  2025   2024 Revenues   Total revenues$96,161  $82,535     Expenses   Operating expenses 67,045   64,575 General and administrative 5,113   4,861 Acquisition and transaction expenses 3,515   926 Management fees and incentive allocation to affiliate 2,542   3,001 Depreciation and amortization 25,012   20,521 Asset impairment 1,375   — Total expenses 104,602   93,884     Other income (expense)   Equity in earnings (losses) of unconsolidated entities 6,689   (11,902)Gain (loss) on sale of assets, net 119,828   (13)Loss on modification or extinguishment of debt (7)  — Interest expense (43,112)  (27,593)Other income 3,693   2,365 Total other income (expense) 87,091   (37,143)Income (loss) before income taxes 78,650   (48,492)(Benefit from) provision for income taxes (41,514)  1,805 Net income (loss)  120,164   (50,297)Less: Net loss attributable to non-controlling interests in consolidated subsidiaries (11,401)  (10,690)Less: Dividends and accretion of redeemable preferred stock 21,841   16,975 Net income (loss) attributable to stockholders$109,724  $(56,582)    Net income (loss) attributable to common stockholders$108,257  $(56,582)    Earnings (loss) per share:   Basic$0.95  $(0.54)Diluted$0.89  $(0.54)Weighted average shares outstanding:   Basic 114,101,860   104,189,287 Diluted 122,758,859   104,189,287  FTAI INFRASTRUCTURE INC.CONSOLIDATED BALANCE SHEETS (Unaudited)(Dollar amounts in thousands, except share and per share data) (Unaudited)   March 31, 2025 December 31, 2024Assets   Current assets:   Cash and cash equivalents$26,325  $27,785 Restricted cash and cash equivalents 197,082   119,511 Accounts receivable, net 65,285   52,994 Other current assets 30,010   19,561 Total current assets 318,702   219,851 Leasing equipment, net 37,570   37,453 Operating lease right-of-use assets, net 67,287   67,937 Property, plant, and equipment, net 3,187,072   1,653,468 Investments 14,082   12,529 Intangible assets, net 46,733   46,229 Goodwill 402,952   275,367 Other assets 67,468   61,554 Total assets$4,141,866  $2,374,388     Liabilities   Current liabilities:   Accounts payable and accrued liabilities$209,764  $176,425 Debt, net 91,315   48,594 Operating lease liabilities 7,195   7,172 Derivative liabilities 41,705   — Other current liabilities 21,166   18,603 Total current liabilities 371,145   250,794 Debt, net 2,663,596   1,539,241 Operating lease liabilities 60,160   60,893 Derivative liabilities 112,219   — Other liabilities 68,308   67,104 Total liabilities 3,275,428   1,918,032     Commitments and contingencies —   —     Redeemable preferred stock Series A ($0.01 par value per share; 200,000,000 total preferred shares authorized; 300,000 Series A shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively; redemption amount of $416.2 million and $431.8 million at March 31, 2025 and December 31, 2024, respectively) 376,694   381,218 Redeemable convertible preferred stock Series B ($0.01 par value per share; 200,000,000 total preferred shares authorized; 160,000 Series B shares issued and outstanding as of March 31, 2025; redemption amount of $192.0 million at March 31, 2025) 152,642   —     Equity   Common stock ($0.01 par value per share; 2,000,000,000 shares authorized; 114,761,435 and 113,934,860 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively) 1,148   1,139 Additional paid in capital 748,365   764,381 Accumulated deficit (274,253)  (405,818)Accumulated other comprehensive income (loss) 943   (157,051)Stockholders' equity 476,203   202,651 Non-controlling interest in equity of consolidated subsidiaries (139,101)  (127,513)Total equity 337,102   75,138 Total liabilities, redeemable preferred stock and equity$4,141,866  $2,374,388  FTAI INFRASTRUCTURE INC.CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)(Dollar amounts in thousands, unless otherwise noted) Three Months Ended March 31,  2025   2024 Cash flows from operating activities:   Net income (loss)$120,164  $(50,297)Adjustments to reconcile net income (loss) to net cash used in operating activities:   Equity in (earnings) losses of unconsolidated entities (6,689)  11,902 Gain on sale of subsidiaries (119,952)  — Loss on sale of assets, net 124   13 Loss on modification or extinguishment of debt 7   — Equity-based compensation 1,253   2,340 Depreciation and amortization 25,012   20,521 Asset impairment 1,375   — Change in deferred income taxes (41,827)  1,337 Amortization of deferred financing costs 2,908   1,929 Amortization of bond discount 1,892   1,426 Amortization of other comprehensive income (1,588)  — Provision for credit losses (19)  169 Change in:   Accounts receivable 91   1,907 Other assets (4,402)  (4,289)Accounts payable and accrued liabilities 1,927   9,206 Derivative liabilities (66,713)  — Other liabilities 786   (47)Net cash used in operating activities (85,651)  (3,883)    Cash flows from investing activities:   Investment in unconsolidated entities (6,943)  (611)Acquisition of business, net of cash acquired 226,628   — Acquisition of leasing equipment (527)  (396)Acquisition of property, plant and equipment (66,002)  (12,859)Proceeds from investor loan 11,001   — Investment in equity instruments —   (5,000)Proceeds from sale of property, plant and equipment 142   20 Net cash provided by (used in) investing activities 164,299   (18,846)    Cash flows from financing activities:   Proceeds from debt, net 28,237   — Payment of financing costs (1,270)  (265)Cash dividends - common stock (3,443)  — Cash dividends - redeemable preferred stock (25,516)  — Settlement of equity-based compensation (545)  (189)Net cash used in financing activities (2,537)  (454)    Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents 76,111   (23,183)Cash and cash equivalents and restricted cash and cash equivalents, beginning of period 147,296   87,479 Cash and cash equivalents and restricted cash and cash equivalents, end of period$223,407  $64,296  Key Performance Measures The Chief Operating Decision Maker (“CODM”) utilizes Adjusted EBITDA as our key performance measure. Adjusted EBITDA provides the CODM with the information necessary to assess operational performance, as well as make resource and allocation decisions. Adjusted EBITDA is defined as net income (loss) attributable to stockholders, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, depreciation and amortization expense, interest expense, interest and other costs on pension and other pension expense benefits (“OPEB”) liabilities, dividends and accretion of redeemable preferred stock, and other non-recurring items, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities, and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA. The following table sets forth a reconciliation of net income (loss) attributable to stockholders to Adjusted EBITDA for the three months ended March 31, 2025 and 2024:  Three Months EndedMarch 31, Change(in thousands) 2025   2024  Net income (loss) attributable to stockholders$109,724  $(56,582) $166,306 Add: (Benefit from) provision for income taxes (41,514)  1,805   (43,319)Add: Equity-based compensation expense 1,253   2,340   (1,087)Add: Acquisition and transaction expenses 3,515   926   2,589 Add: Losses on the modification or extinguishment of debt and capital lease obligations 7   —   7 Add: Changes in fair value of non-hedge derivative instruments —   —   — Add: Asset impairment charges 1,375   —   1,375 Add: Incentive allocations —   —   — Add: Depreciation and amortization expense (1) 24,657   21,097   3,560 Add: Interest expense 43,112   27,593   15,519 Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2) 4,500   6,257   (1,757)Add: Dividends and accretion of redeemable preferred stock 21,841   16,975   4,866 Add: Interest and other costs on pension and OPEB liabilities (265)  600   (865)Add: Other non-recurring items (3) 1,035   —   1,035 Less: Equity in (earnings) losses of unconsolidated entities (6,689)  11,902   (18,591)Less: Non-controlling share of Adjusted EBITDA (4) (7,332)  (5,682)  (1,650)Adjusted EBITDA (Non-GAAP)$155,219  $27,231  $127,988  _______________________________ (1) Includes the following items for the three months ended March 31, 2025 and 2024: (i) depreciation and amortization expense of $25,012 and $20,521, (ii) capitalized contract costs amortization of $1,233 and $576 and (iii) amortization of other comprehensive income of $(1,588) and $—, respectively.(2) Includes the following items for the three months ended March 31, 2025 and 2024: (i) net income (loss) of $6,578 and $(11,942), (ii) interest expense of $7,648 and $10,893, (iii) depreciation and amortization expense of $2,884 and $5,130, (iv) acquisition and transaction expenses of $201 and $19, (v) changes in fair value of non-hedge derivative instruments of $(12,822) and $2,053, (vi) equity-based compensation of $— and $1, (vii) asset impairment charges of $— and $87, (viii) equity method basis adjustments of $10 and $16 and (ix) other non-recurring items of $1 and $—, respectively.(3) Includes the following items for the three months ended March 31, 2025: (i) incidental utility rebillings of $650 and (ii) loss on inventory heel of $385.(4) Includes the following items for the three months ended March 31, 2025 and 2024: (i) equity-based compensation of $138 and $431, (ii) provision for (benefit from) income taxes of $104 and $(134), (iii) interest expense of $3,940 and $2,189, (iv) depreciation and amortization expense of $3,069 and $3,194, (v) acquisition and transaction expenses of $1 and $—, (vi) interest and other costs on pension and OPEB liabilities of $(2) and $2, (vii) asset impairment charges of $19 and $—, (viii) losses on the modification or extinguishment of debt of $2 and $— and (ix) other non-recurring items of $61 and $—, respectively. The following tables sets forth a reconciliation of net income (loss) attributable to stockholders to Adjusted EBITDA for our four core segments for the three months ended March 31, 2025:  Three Months Ended March 31, 2025(in thousands)Railroad Jefferson Terminal Repauno Power and Gas Four Core SegmentsNet income (loss) attributable to stockholders$13,739  $(15,128) $(6,793) $170,044  $161,862 Add: Provision for (benefit from) income taxes 812   423   12   (42,457)  (41,210)Add: Equity-based compensation expense 358   508   302   —   1,168 Add: Acquisition and transaction expenses 93   (1)  316   1,069   1,477 Add: Losses on the modification or extinguishment of debt and capital lease obligations —   7   —   —   7 Add: Changes in fair value of non-hedge derivative instruments —   —   —   —   — Add: Asset impairment charges —   —   —   —   — Add: Incentive allocations —   —   —   —   — Add: Depreciation and amortization expense (1) 5,086   12,473   2,496   4,502   24,557 Add: Interest expense 139   16,624   1,518   9,017   27,298 Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2) —   —   —   6,503   6,503 Add: Dividends and accretion of redeemable preferred stock —   —   —   —   — Add: Interest and other costs on pension and OPEB liabilities (265)  —   —   —   (265)Add: Other non-recurring items (3) —   —   1,035   —   1,035 Less: Equity in earnings of unconsolidated entities —   —   —   (10,588)  (10,588)Less: Non-controlling share of Adjusted EBITDA (4) (38)  (6,956)  (338)  —   (7,332)Adjusted EBITDA (Non-GAAP)$19,924  $7,950  $(1,452) $138,090  $164,512  _______________________________ (1)Jefferson Terminal Includes the following items for the three months ended March 31, 2025: (i) depreciation and amortization expense of $11,240 and (ii) capitalized contract costs amortization of $1,233.   Power and Gas Includes the following items for the three months ended March 31, 2025: (i) depreciation and amortization expense of $6,090 and (ii) amortization of other comprehensive income of $(1,588).  (2)Power and Gas Includes the following items for the three months ended March 31, 2025: (i) net income of $10,576, (ii) interest expense of $6,352, (iii) depreciation and amortization expense of $2,185, (iv) acquisition and transaction expenses of $201, (v) changes in fair value of non-hedge derivative instruments of $(12,822), (vi) equity method basis adjustments of $10 and (vii) other non-recurring items of $1.  (3)Repauno Includes the following items for the three months ended March 31, 2025: (i) incidental utility rebillings of $650 and (ii) loss on inventory heel of $385.  (4)Railroad Includes the following items for the three months ended March 31, 2025: (i) equity-based compensation expense of $2, (ii) provision for income taxes of $5, (iii) interest expense of $1, (iv) depreciation and amortization expense of $31, (v) acquisition and transaction expenses of $1 and (vi) interest and other costs on pension and OPEB liabilities of $(2).   Jefferson Terminal Includes the following items for the three months ended March 31, 2025: (i) equity-based compensation expense of $118, (ii) provision for income taxes of $98, (iii) interest expense of $3,849, (iv) depreciation and amortization expense of $2,889 and (v) losses on the modification or extinguishment of debt of $2.   Repauno Includes the following items for the three months ended March 31, 2025: (i) equity-based compensation expense of $18, (ii) provision for income taxes of $1, (iii) interest expense of $90, (iv) depreciation and amortization expense of $149, (v) asset impairment charges of $19 and (vi) other non-recurring items of $61.

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