Infinity Natural Resources (INR) investor relations material

Executive summary

• Achieved record operational activity in Q2 2025, including drilling the longest well in company history and increasing production volumes by up to 33.1 MBOE per day, representing 31% year-over-year and 25% quarter-over-quarter growth, driven by new Marcellus and Utica wells.

• Completed IPO in early 2025, raising $286–$286.5 million in proceeds, used to repay debt and resulting in a new equity structure and public company status.

• Maintained a strong balance sheet with low leverage (as low as -0.1x) and liquidity of $321.9–$322 million, supporting ongoing development and acquisition opportunities.

• Demonstrated operational flexibility by accelerating Pennsylvania gas projects and maintaining a diversified Appalachian strategy balancing oil and gas.

• Overcame minor third-party midstream delays, with all affected wells now flowing unconstrained.

Financial highlights

• Q2 2025 revenues were $74.5 million, up from $70.4 million in Q2 2024; six-month revenues reached $159.6 million, up 32% year-over-year.

• Adjusted EBITDAX for Q2 2025 was $49.6 million, with a margin of $16.48/Boe; operating costs per BOE declined to $7.93 year-over-year.

• Net income for Q2 2025 was $72.0 million, with EPS of $1.18 per share; six-month net loss of $56.4 million due to a one-time $126.1 million IPO-related stock compensation expense.

• Operating cash flow for the first half of 2025 was $144.6 million, up $47.8 million year-over-year.

• Capital expenditures for Q2 2025 totaled $80.6 million, including $70.4 million for D&C, $2.7 million for midstream, and $7.5 million for land.

Outlook and guidance

• 2025 net production guidance remains 32–35 MBOE per day, representing up to 40% growth over 2024 at the midpoint.

• Drilling and completion CapEx for 2025 targeted at $240–$280 million; midstream CapEx at $9–$12 million.

• Management expects continued production growth in Q3 and Q4, with sufficient liquidity and flexibility to fund capital expenditures through operating cash flow and available credit.

• Plan to operate an average of 1.2 rigs throughout 2025.

• No decrease in 2026 CapEx expected; focus remains on development and free cash flow.