NEW YORK, February 27, 2025 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI Infrastructure”) today reported financial results for the fourth quarter and full year 2024. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release.

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(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.

On February 27, 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 December 31, 2024, payable on March 26, 2025 to the holders of record on March 14, 2025.

•Closed debt refinancing and purchase of 49.9% third-party stake in Long Ridge; now expect to generate approximately $160 million of annual Adjusted EBITDA at Long Ridge going forward.

•Signed second contract at Repauno for phase two NGL exports; now contracted for approximately $50 million of annual Adjusted EBITDA.

•Revenue under three long-term contracts at Jefferson commencing this spring and summer, expected to contribute approximately $25 million of annual Adjusted EBITDA.

•Pursuing multiple M&A opportunities in active market at Transtar.

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 Annual Report on Form 10-K, when available on the Company’s website. Nothing on the Company’s website is included or incorporated by reference herein.

In addition, management will host a conference call on Friday, February 28, 2025 at 8:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link https://register.vevent.com/register/BIbd4cd7169e8b41e38ce81294e421c670. 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 https://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, February 28, 2025 through 11:30 A.M. on Friday, March 7, 2025 on https://ir.fipinc.com/news-events/presentations.

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.

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.

Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, the ability for Transtar to make any acquisitions and the ability of Long Ridge to reach its annual Adjusted EBITDA targets. 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.

Alan Andreini

Investor Relations

FTAI Infrastructure Inc.

(646) 734-9414

aandreini@fortress.com

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 loss attributable to stockholders to Adjusted EBITDA for the three and twelve months ended December 31, 2024 and 2023:

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(1)Includes the following items for the years ended December 31, 2024 and 2023: (i) depreciation and amortization expense of $79,410 and $80,992 and (ii) capitalized contract costs amortization of $4,475 and $549, respectively.

Includes the following items for the three months ended December 31, 2024 and 2023: (i) depreciation and amortization expense of $19,234 and $20,415 and (ii) capitalized contract costs amortization of $1,233 and $549, respectively.

(2)Includes the following items for the years ended December 31, 2024 and 2023: (i) net loss of $(55,656) and $(23,752), (ii) interest expense of $43,549 and $34,686, (iii) depreciation and amortization expense of $28,115 and $27,685, (iv) acquisition and transaction expenses of $209 and $445, (v) changes in fair value of non-hedge derivative instruments of $(1,488) and $(18,904), (vi) asset impairment of $274 and $1,135, (vii) equity-based compensation of $2 and $5, (viii) loss on modification or extinguishment of debt of $4,724 and $—, (ix) equity method basis adjustments of $65 and $(1,091) and (x) other non-recurring items of $478 and $—, respectively.

Includes the following items for the three months ended December 31, 2024 and 2023: (i) net loss of $(16,524) and $(16,469), (ii) interest expense of $10,648 and $9,520, (iii) depreciation and amortization expense of $8,024 and $7,087, (iv) acquisition and transaction expenses of $112 and $138, (v) changes in fair value of non-hedge derivative instruments of $2,906 and $(742), (vi) asset impairment of $— and $1,135, (vii) equity-based compensation of $— and $1 and (viii) equity method basis adjustments of $16 and $(1,091), respectively.

(3)Includes the following items for the year ended December 31, 2023: certain non-cash expenses related to cancellation of restricted shares and Railroad severance expense of $2,470.

(4)Includes the following items for the years ended December 31, 2024 and 2023: (i) equity-based compensation of $1,127 and $1,412, (ii) (benefit from) provision for income taxes of $(510) and $578, (iii) interest expense of $11,555 and $7,391, (iv) depreciation and amortization expense of $12,930 and $11,752, (v) changes in fair value of non-hedge derivative instruments of $— and $63, (vi) acquisition and transaction expenses of $7 and $307, (vii) interest and other costs on pension and OPEB liabilities of $(1) and $6, (viii) asset impairment of $— and $2, (ix) loss on modification or extinguishment of debt of $2,086 and $— and (x) other recurring items of $— and $4, respectively.

Includes the following items for the three months ended December 31, 2024 and 2023: (i) equity-based compensation of $188 and $508, (ii) (benefit from) provision for income taxes of $(136) and $509, (iii) interest expense of $3,649 and $1,833, (iv) depreciation and amortization expense of $3,075 and $2,802, (v) changes in fair value of non-hedge derivative instruments of $— and $2, (vi) acquisition and transaction expenses of $4 and $280, (vii) interest and other costs on pension and OPEB liabilities of $(2) and $3, (viii) loss on modification or extinguishment of debt of $111 and $— and (ix) other recurring items of $— and $1, 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 and year ended December 31, 2024:

			Year Ended December 31, 2024
(in thousands)			Railroad						Jefferson Terminal						Repauno						Power and Gas						Four Core Segments
Net income (loss) attributable to stockholders			$	56,917					$	(48,311)					$	(17,586)					$	(29,199)					$	(38,179)
Add: Provision for (benefit from) income taxes			4,692						2,013						(431)						—						6,274
Add: Equity-based compensation expense			1,801						4,233						2,108						—						8,142
Add: Acquisition and transaction expenses			526						23						—						2,293						2,842
Add: Losses on the modification or extinguishment of debt and capital lease obligations			—						8,925						—						—						8,925
Add: Changes in fair value of non-hedge derivative instruments			—						—						—						—						—
Add: Asset impairment charges			—						—						—						—						—
Add: Incentive allocations			—						—						—						—						—
Add: Depreciation & amortization expense(1)			20,200						52,347						9,914						—						82,461
Add: Interest expense			306						49,001						1,617						—						50,924
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities(2)			—						—						—						30,006						30,006
Add: Dividends and accretion of redeemable preferred stock			—						—						—						—						—
Add: Interest and other costs on pension and OPEB liabilities			(66)						—						—						—						(66)
Add: Other non-recurring items			—						—						—						—						—
Less: Equity in losses of unconsolidated entities			—						—						—						37,146						37,146
Less: Non-controlling share of Adjusted EBITDA(3)			(122)						(26,264)						(808)						—						(27,194)
Adjusted EBITDA (Non-GAAP)			$	84,254					$	41,967					$	(5,186)					$	40,246					$	161,281

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(1)Jefferson Terminal

Includes the following items for the three months and year ended December 31, 2024: (i) depreciation and amortization expense of $11,254 and $47,872 and (ii) capitalized contract costs amortization of $1,233 and $4,475, respectively.

(2)Power and Gas

Includes the following items for the three months and year ended December 31, 2024: (i) net loss of $(12,316) and $(37,211), (ii) interest expense of $9,381 and $37,600, (iii) depreciation and amortization expense of $7,328 and $25,353, (iv) acquisition and transaction expenses of $112 and $209, (v) changes in fair value of non-hedge derivative instruments of $2,906 and $(1,488), (vi) asset impairment of $— and $274, (vii) equity-based compensation of $— and $2, (viii) loss on modification or extinguishment of debt of $— and $4,724, (ix) equity method basis adjustments of $16 and $65 and (x) other non-recurring items of $— and $478, respectively.

(3)Railroad

Includes the following items for the three months and year ended December 31, 2024: (i) equity-based compensation of $4 and $9, (ii) provision for income taxes of $9 and $22, (iii) interest expense of $1 and $2, (iv) depreciation and amortization expense of $32 and $88, (v) acquisition and transaction expenses of $1 and $2 and (vi) interest and other costs on pension and OPEB liabilities of $(2) and $(1), respectively.

Jefferson Terminal

Includes the following items for the three months and year ended December 31, 2024: (i) equity-based compensation of $161 and $989, (ii) benefit from income taxes of $(133) and $(506), (iii) interest expense of $3,578 and $11,454, (iv) depreciation and amortization expense of $2,890 and $12,236, (v) acquisition and transaction expenses of $3 and $5 and (vi) loss on modification or extinguishment of debt of $111 and $2,086, respectively.

Repauno

Includes the following items for the three months and year ended ended December 31, 2024: (i) equity-based compensation of $23 and $129, (ii) benefit from income taxes of $(12) and $(26), (iii) interest expense of $70 and $99 and (iv) depreciation and amortization expense of $153 and $606, respectively.