August 8, 2023

NEW YORK -- New Fortress Energy Inc. (Nasdaq: NFE) (“NFE” or the “Company”) today reported its financial results for the second quarter of 2023.

•Adjusted EBITDA(1) of $246 million in the second quarter of 2023 and $686 million in the first half of 2023

•Net income of $120 million in the second quarter of 2023 and $272 million in the first half of 2023

•Adjusted EPS(2) of $0.58 on a fully diluted basis in the second quarter of 2023 and $1.48 in the first half of 2023

•Achieved several milestones since the first quarter of 2023

◦Genera PR, an independently managed subsidiary of NFE, assumed management of PREPA's thermal power plants in Puerto Rico under a 10-year contract(3);

◦installed(4) 350 MW of gas fired power in Puerto Rico under FEMA authorization, with 150 MW of power online(4) in Palo Seco in June 2023, and another 200 MW of power in San Juan coming online(4) in the third quarter of 2023(6);

◦installed(4) our first rig for FLNG 1 at Altamira, and targeting COD(4) in the third quarter of 2023(6);

◦completed(4) our 135 MW La Paz power plant, and targeting COD(4) in the third quarter of 2023(6);

◦completed(4) our 3 Mtpa Barcarena terminal, and targeting COD(4) by year end 2023(6);

•Expecting an increase in earnings and decrease in capex in the second half of 2023 through 2024 as we place $3.2 billion of invested capital(7) projects online(4) over the next 60 days(6)

•Capital expenditures(7) for 2024 to decline to $250 million to reflect completion of a number of our projects

•Illustrative Adjusted EBITDA Guidance(8) for 2023 revised to $1.6 billion to reflect lower expected cargo earnings and timing of infrastructure projects coming online(4), while 2024 guidance(8) reiterated at $2.4 billion

•Composition of earnings expected to transition as more than 85% of 2024 Adjusted EBITDA Guidance(8) will be generated from core infrastructure and only 15% from cargo sales, with 84% from investment grade counterparts

•Corporate strategy focuses on operations, cash generation, and deleveraging

"We are at an exciting period in the Company's history as we near the end of our large-scale buildout with more than $3.2 billion of high-quality, contracted projects entering service(4) over the next 90 days(6). We expect a significant increase in free cash flow as these projects enter service and capital expenditures decline. Our focus is on significantly growing cash flows from our portfolio, operational execution, deleveraging, and low cost, high return organic growth opportunities," said Wes Edens, NFE president and chief executive officer.

•Completed(4) and installed 150 MW of power at our Palo Seco location in June 2023, and near completion(9) for 200 MW of power at our San Juan terminal with expected COD(4) in the third quarter of 2023(6)

•In July, Genera PR LLC, an independently managed subsidiary of NFE, completed all mobilization activities and is now managing PREPA's thermal power generation system(3) of 4,693 MW

•Mechanically completed(10) each of our modules and three rigs on FLNG 1, with our Pioneer III rig successfully installed offshore in August

◦Expecting to complete and install the remaining two FLNG rigs in August(6) and introduce First Gas(11) and achieve COD(4) in September(6)

•FLNG 2 and 3 are already under construction(9) and all long-lead items have been procured, with expected COD(4) in the first quarter of 2025(6)

◦In May, we signed a non-binding Letter of Intent(12) with CFE to explore installing FLNG 2 and 3 at an underutilized existing onshore terminal in Altamira

◦Financing strategy anticipates no additional NFE equity financings

•Terminals

•Completed(4) our Barcarena terminal with First Gas(11) to Norsk Hydro on schedule for end of year 2023(6) upon the arrival of our FSRU, which is currently being converted from an LNG carrier

•Undergoing reliability testing at our La Paz power plant and expect COD(4) in the third quarter of 2023(6)

•Remain on schedule for our Santa Catarina terminal and expect COD(4) in the first quarter of 2024(6)

•Construction(9) of our 630 MW power plant at Barcarena is more than 20% completed(4) pursuant to a fixed-price, date-certain EPC contract with Mitsubishi and Toyo Setal; Operations(4) are expected to commence in the third quarter of 2025(6) pursuant to 25-year PPAs with Brazilian distribution companies

•Finalizing an agreement(13) to sell our 135 MW La Paz power plant to CFE for approximately $180 million, with transaction close expected in the first quarter of 2024(6)

•In March, we were awarded a 400 MW nameplate capacity contract(14) with a 10-year duration from the Single Electricity Market Operator (SEMO), Ireland's electric grid operator

•Expecting to finalize our permitting and construction contract for a 600 MW combined-cycle natural gas power plant before year-end 2023(6), with operations expected to commence(4) in 2026(6)

•Construction(9) on our first hydrogen plant, with an initial capacity of 100 MW or approximately 46 tons per day, is progressing on schedule(6), with first production(4) expected in the fourth quarter of 2024(6) and COD(4) in the first quarter of 2025(6)

•We have several other U.S. green hydrogen projects in various stages of Development(9) with a focus on sites with strategic logistics, low-cost power, and strong regional hydrogen demand

•In June and July, we closed $200 million of asset level debt for the installment of power generation at our Puerto Rico complex at an interest rate of SOFR + 3.00%

•In August, we received credit approval for $575 million of asset level debt for the construction of our Barcarena power plant at a blended interest rate of 9.2%

•In August, we closed a $400 million term loan with Morgan Stanley at an interest rate of SOFR + 3.50%

•Common dividend(15) of $0.10 per share expected to be maintained for each quarter through end of year 2024

•Composition of earnings expected to transition as more than 85% of 2024 Adjusted EBITDA Guidance(8) will be generated from core infrastructure and only 15% from cargo sales

•Approximately 84% of 2024 Adjusted EBITDA Guidance(8) expected to be generated from investment grade counterparts

On August 7, 2023, NFE’s Board of Directors approved a dividend of $0.10 per share, with a record date of September 13, 2023 and a payment date of September 27, 2023.

For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investors section of New Fortress Energy’s website, www.newfortressenergy.com, and the Company’s most recent Annual Report on Form 10-K, which is available on the Company’s website. Nothing on our website is included or incorporated by reference herein.

Management will host a conference call on Tuesday, August 8, 2023 at 8:00 A.M. Eastern Time. The conference call may be accessed by dialing (888) 204-4368 (toll free from within the U.S.) or +1-323-994-2093 (from outside of the U.S.) fifteen minutes prior to the scheduled start of the call; please reference “NFE Second Quarter 2023 Earnings Call” or conference code 9499542.

A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.newfortressenergy.com within the "Investors" tab under “Events & Presentations.” Please allow extra time prior to the call to visit the website and download any necessary software required to listen to the internet broadcast. A replay of the conference call will be available at the same website location shortly after the conclusion of the live call.

New Fortress Energy Inc. (Nasdaq: NFE) is a global energy infrastructure company founded to help address energy poverty and accelerate the world’s transition to reliable, affordable, and clean energy. The company owns and operates natural gas and liquefied natural gas (LNG) infrastructure and an integrated fleet of ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. Collectively, the company’s assets and operations reinforce global energy security, enable economic growth, enhance environmental stewardship and transform local industries and communities around the world.

This press release contains certain statements and information that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than historical information are forward-looking statements that involve known and unknown risks and relate to future events, our future financial performance or our projected business results. You can identify these forward-looking statements by the use of forward-looking words such as “expects,” “may,” “will,” “can,” “could,” “should,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “believes,” “schedules,” “progress,” “targets,” “budgets,” “outlook,” “trends,” “forecasts,” “projects,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” or the negative version of those words or other comparable words. Forward looking statements include: illustrative financial metrics and other similar metrics, including goals, expected financial growth and margins, among others; ability to maintain our expected timelines; expectations regarding our ability to construct, complete and commission our projects on time and within budget; our ability to increase earnings and free cash flows and decrease capital expenditures; our ability to change our corporate strategy and to shift to cash generation, deleveraging and organic opportunities; the execution of definitive documents and their related terms and conditions, including without limitation the sales price of the La Paz power plant to CFE and the permitting and construction contract for our Ireland project; expectations regarding the funding of our projects and operations, including expectations of no additional NFE equity financings; and all the information in the exhibits to this press release. These forward-looking statements are necessarily estimates based upon current information and involve a number of risks, uncertainties and other factors, many of which are outside of the Company’s control. Actual results or events may differ materially from the results anticipated in these forward-looking statements. Specific factors that could cause actual results to differ from those in the forward-looking statements include, but are not limited to: risks related to the development, construction, completion or commissioning schedule for the facilities; risks related to the operation and maintenance of our facilities and assets; failure of our third-party contractors, equipment manufacturers, suppliers and operators to perform their obligations for the development, construction and operation of our projects, vessels and assets; our ability to implement our business strategy; the risk that proposed transactions may not be completed in a timely manner or at all; the receipt of permits, approvals and authorizations from governmental and regulatory agencies on a timely basis or at all; new or changes to existing governmental policies, laws, rules or regulations, or the administration thereof; failure to maintain sufficient working capital and to generate revenues, which could adversely affect our ability to fund our projects; adverse regional, national, or international economic conditions, adverse capital market conditions and adverse political developments; and the impact of public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics and any related company or government policies and actions to protect the health and safety of individuals or government policies or actions to maintain the functioning of national or global economies and markets.

These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of the Company’s forward-looking statements. Other known or unpredictable factors could also have material adverse effects on future results. Any forward-looking statement speaks only as of the date on which it is made, and we undertake no duty to update or revise any forward-looking statements, even though our situation may change in the future or we may become aware of new or updated information relating to such forward-looking statements. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in New Fortress Energy Inc.’s annual and quarterly reports filed with the Securities and Exchange Commission, which could cause its actual results to differ materially from those contained in any forward-looking statement.

Chance Pipitone

ir@newfortressenergy.com

Ben Porritt

press@newfortressenergy.com

(516) 268-7403

Exhibits – Financial Statements

Adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered in isolation or as an alternative to income from operations, net income, cash flow from operating activities or any other measure of performance or liquidity derived in accordance with GAAP. We believe this non-GAAP measure, as we have defined it, offers a useful supplemental view of the overall operation of our business in evaluating the effectiveness of our ongoing operating performance in a manner that is consistent with metrics used for management’s evaluation of the Company’s overall performance and to compensate employees. We believe that Adjusted EBITDA is widely used by investors to measure a company’s operating performance without regard to items such as interest expense, taxes, depreciation, and amortization which vary substantially from company to company depending on capital structure, the method by which assets were acquired and depreciation policies. Further, we exclude certain items from our SG&A not otherwise indicative of ongoing operating performance.

We calculate Adjusted EBITDA as net income, plus transaction and integration costs, contract termination charges and loss on mitigations sales, depreciation and amortization, asset impairment expense, interest expense, net, other (income) expense, net, loss on extinguishment of debt, changes in fair value of non-hedge derivative instruments and contingent consideration, tax expense, and adjusting for certain items from our SG&A not otherwise indicative of ongoing operating performance, including non-cash share-based compensation and severance expense, non-capitalizable development expenses, cost to pursue new business opportunities and expenses associated with changes to our corporate structure, plus our pro rata share of Adjusted EBITDA from certain unconsolidated entities, less the impact of equity in earnings (losses) of certain unconsolidated entities plus certain non-capitalizable contract acquisition costs.

Adjusted EBITDA is mathematically equivalent to our Total Segment Operating Margin, as reported in the segment disclosures within our financial statements, minus Core SG&A, including our pro rata share of such expenses of certain unconsolidated entities. Core SG&A is defined as total SG&A adjusted for non-cash share-based compensation and severance expense, non-capitalizable development expenses, cost of exploring new business opportunities and expenses associated with changes to our corporate structure. Core SG&A excludes certain items from our SG&A not otherwise indicative of ongoing operating performance.

The principal limitation of this non-GAAP measure is that it excludes significant expenses and income that are required by GAAP to be recorded in our financial statements. Investors are encouraged to review the related GAAP financial measures and the reconciliation of the non-GAAP financial measure to our GAAP net income, and not to rely on any single financial measure to evaluate our business. Adjusted EBITDA does not have a standardized meaning, and different companies may use different Adjusted EBITDA definitions. Therefore, Adjusted EBITDA may not be necessarily comparable to similarly titled measures reported by other companies. Moreover, our definition of Adjusted EBITDA may not necessarily be the same as those we use for purposes of establishing covenant compliance under our financing agreements or for other purposes. Adjusted EBITDA should not be construed as alternatives to net income and diluted earnings per share attributable to New Fortress Energy, which are determined in accordance with GAAP.

The following table sets forth a reconciliation of net income to Adjusted EBITDA for the three months ended June 30, 2022, March 31, 2023, and June 30, 2023:

Performance of our two segments, Terminals and Infrastructure and Ships, is evaluated based on Segment Operating Margin. Segment Operating Margin reconciles to Consolidated Segment Operating Margin as reflected below, which is a non-GAAP measure. We define Consolidated Segment Operating Margin as GAAP net income, adjusted for selling, general and administrative expense, transaction and integration costs, contract termination charges and loss on mitigation sales, depreciation and amortization, asset impairment expense, interest expense, other (income) expense, loss on extinguishment of debt, net, (income) loss from equity method investments and tax (benefit) expense. Consolidated Segment Operating Margin is mathematically equivalent to Revenue minus Cost of sales minus Operations and maintenance minus Vessel operating expenses, each as reported in our financial statements.

(1)The Company has excluded contract acquisition costs that do not meet the criteria for capitalization from the segment measure. Contract acquisition costs of $6,232 for the three and six months ended June 30, 2023 reconcile Cost of sales in the segment measure to Cost of sales in the condensed consolidated statements of operations and comprehensive income (loss). Consolidation and Other also adjusts for the exclusion of the unrealized mark-to-market gain or loss on derivative instruments in our segment measure.

(1)Ships includes our effective share of revenues, expenses and operating margin attributable to our 50% ownership of Hilli LLC, prior to the disposition of this investment. The earnings attributable to the investment of $5,986 for the three months ended March 31, 2023 are reported in income from equity method investments in the condensed consolidated statements of operations and comprehensive income.

(2)Consolidation and Other adjusts for the inclusion of the effective share of revenues, expenses and operating margin attributable to 50% ownership of Hilli LLC in our segment measure and exclusion of the unrealized mark-to-market gain or loss on derivative instruments.

(1) Terminals and Infrastructure included the Company's effective share of revenues, expenses and operating margin attributable to 50% ownership of CELSEPAR, prior to the disposition of this investment in the fourth quarter of 2022. The losses attributable to the investment of $389,996 for the three months ended June 30, 2022 are reported in (loss) income from equity method investments in the consolidated statements of operations and comprehensive income (loss).

(2) Ships included the Company's effective share of revenues, expenses and operating margin attributable to 50% ownership of the Hilli Common Units, prior to the disposition of this investment in the first quarter of 2023. The earnings attributable to the investment of $17,069 for the three months ended June 30, 2022 are reported in (loss) income from equity method investments in the condensed consolidated statements of operations and comprehensive income (loss).

(3) Consolidation and Other adjusts for the inclusion of the effective share of revenues, expenses and operating margin attributable to 50% ownership of CELSEPAR and Hilli Common Units in our segment measure and exclusion of the unrealized mark-to-market gain or loss on derivative instruments.

The following table sets forth a reconciliation between net income attributable to stockholders and earnings per share adjusted for non-cash impairment charges and losses on disposals of assets.

1 Cash and cash equivalents includes $11,204, which has been classified as assets held for sale and included in the Other non-current assets on the condensed consolidated balance sheets.