Infinity Natural Resources (INR) investor relations material

Executive summary

• Achieved 75% year-over-year net production growth to 348.5 MMcfe/d and 131% increase in Adjusted EBITDAX for Q2 2026, driven by new well completions, expanded midstream capacity, and the Antero Acquisition.

• Net income for Q2 2026 was $108.0 million, up from $72.0 million in Q2 2025, with oil, natural gas, and NGL sales up 135% year-over-year.

• Net revenues rose to $171.0 million from $74.5 million year-over-year, with total production reaching 348 MMcfe/d.

• Completed the Antero Acquisition for $683.9 million, funded by $350 million Series A Preferred Stock and expanded credit facility.

• Integrated upstream and midstream operations drove efficiency, with 70% of gas production flowing through owned assets.

Financial highlights

• Q2 2026 Adjusted EBITDAX was $114.7 million, up from $49.6 million in Q2 2025, with a margin of $3.62/Mcfe, leading Appalachian Basin peers.

• Total revenues for Q2 2026 were $171.0 million, up 130% year-over-year; net cash from operations was $137.9 million.

• Operating costs (excluding firm transportation) were $36.2 million, with operating expenses per Mcfe down 14% year-over-year to $1.14.

• Net leverage stood at 1.1x, with $900.9 million in liquidity and no borrowings under the revolving credit facility.

• Development capital expenditures for Q2 2026 were $129.1 million.

Outlook and guidance

• 2026 net production guidance: 345–375 MMcfe/d, with 18–20 Mbbls/d liquids and $450–$500 million in development capital expenditures.

• Annual production growth targeted at 70% for 2026, with a two-rig program and ~30 wells planned.

• Active hedge program covers approximately 78% of anticipated 2026 production, supporting cash flow stability.

• Management expects continued commodity price volatility due to macroeconomic and geopolitical factors.

• Sufficient liquidity is projected for at least the next year, supported by strong cash flows and recent capital raises.