Infinity Natural Resources (INR) investor relations material

Executive summary

• Closed transformative acquisitions in Ohio and Pennsylvania, increasing operated well count from 154 to 395 and expanding midstream system to over 250 miles of pipelines, with 48,000 net horizon acres added.

• Achieved 88% year-over-year production growth in Q1 2026 to 299.3 MMcfe/d, driven by acquisitions and gas-weighted development.

• Revenues rose 79% year-over-year to $154.9 million, with adjusted EBITDAX up 70% to $97.3 million and margins of $3.61/Mcfe.

• Net loss attributable to common stockholders narrowed to $4.98 million, a significant improvement from the prior year.

• Raised $550 million in senior notes and $350 million in preferred equity, expanding liquidity and paying down revolving credit facility.

Financial highlights

• Q1 2026 net production averaged 299 MMcfe/d, up from 159 MMcfe/d in Q1 2025.

• Oil production was 9,600 barrels/day (+16% YoY), natural gas 195 MMcfe/d (+169% YoY), NGLs 7,800 barrels/day (+25% YoY).

• Adjusted EBITDAX was $97.3 million, with margin of $3.61/Mcfe, highest among Appalachian peers.

• Operating costs per Mcfe declined 14% year-over-year, reaching $0.95/Mcfe in Q1 2026.

• Net debt at quarter end was $477 million; total liquidity $929 million.

Outlook and guidance

• 2026 net production guidance: 345–375 MMcfe/d (+70% YoY), with gas at 235–255 MMcfe/d and oil/liquids at 18,000–20,000 barrels/day.

• Development capital expenditures for 2026 projected at $450–$500 million.

• Each quarter's production expected to increase sequentially, with Q4 anticipated as the highest.

• 77% of drilling activity allocated to Ohio, 23% to Pennsylvania, with focus on long laterals averaging 14,000 feet.

• CapEx as a percent of EBITDA expected to decline over the next five years, trending toward peer levels.