NextDecade (NEXT) investor relations material

Executive summary

• Construction of Rio Grande LNG Trains 1-5 is progressing ahead of schedule and within budget, with first gas expected in late 2026 and first LNG production from Train 1 anticipated in the first half of 2027.

• Formal FERC application for Train 6 filed, with a final Environmental Impact Statement expected by June 2027 and a final investment decision targeted for the second half of 2027.

• Expansion plans include up to 10 liquefaction trains, with Trains 6-8 in development and Train 6 offtake and commercialization discussions underway.

• Over 7 MTPA of 20-year LNG SPAs signed in 2025 for Trains 4 and 5, supporting high contract coverage.

• Strong commitment to sustainability and community engagement, including conservation of over 4,000 acres.

Financial highlights

• Completed $1 billion term loan at 7.05% maturing in 2033 and $3.5 billion senior secured notes issuance in four tranches, rated BBB- by S&P and Fitch, with maturities between 2031 and 2041.

• Proceeds were used to pay down approximately $4.6 billion of Phase 1 bank facility borrowings.

• Unwound a portion of interest rate swaps, resulting in a $109 million settlement receipt.

• Train 4 and 5 equity commitments of ~$2.4 billion fully funded with a mix of cash and term loans.

• Projected distributable cash flow from Train 1 start-up to Train 5 completion (2027–2Q 2031) estimated at ~$2.0 billion at $2.00/MMBtu margin.

Outlook and guidance

• First LNG production expected in the first half of 2027, with guaranteed completion dates for Trains 1-5 ranging from 2027 to 1H 2031.

• Expect to provide more precise guidance on first LNG production timing in Q4 2026 as commissioning progresses.

• Train 6 FID targeted for the second half of 2027, with commercialization and financing underway.

• Additional long-term SPAs for Trains 4 and 5 expected to bring portfolio to over 90% contracted.

• Anticipate elevated LNG spot prices through at least 2030 due to ongoing supply disruptions and geopolitical tensions.