FTAI Infrastructure (FIP) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 2025 adjusted EBITDA of $80.2 million, up from $70.9 million in Q3 and $29.2 million in Q4 2024, with annualized run rate exceeding $320 million; full-year adjusted EBITDA reported as $361.2 million, with segment contributions from Rail ($41.3M), Long Ridge ($36.2M), and Jefferson ($13.6M).

• Major transactions included acquiring the remaining 49% of Long Ridge, purchasing Wheeling & Lake Erie Railway, and launching a 15-year ammonia export contract at Jefferson terminal.

• Integration of Transtar and Wheeling & Lake Erie underway, targeting $20 million in annual cost savings, with $10 million already implemented.

• Net loss for Q4 2025 was $119.0 million, compared to $133.6 million in Q4 2024; full-year net loss attributable to common stockholders was $260.4 million.

• Major refinancing completed with a new $1.315 billion term loan, replacing the bridge facility for the Wheeling acquisition.

Financial highlights

• Q4 2025 adjusted EBITDA: $80.2 million (excluding $9 million Clean Planet Energy gain and $120 million Long Ridge consolidation gain).

• Full-year 2025 adjusted EBITDA: $361.2 million, up from $127.6 million in 2024.

• Total revenues for 2025 were $502.5 million, up from $331.5 million in 2024.

• Segment Q4 2025 adjusted EBITDA: Rail $41.3M, Long Ridge $36.2M, Jefferson $13.6M, Repauno $(1.9)M.

• Net loss attributable to common stockholders was $260.4 million for 2025, compared to $294.5 million in 2024.

Outlook and guidance

• 2026 expected to be highly productive, with full-year impact from recent acquisitions and contracts, and realization of cost eliminations and efficiencies.

• Jefferson Terminal expects continued growth in 2026, driven by new ammonia contracts and increased crude imports.

• Repauno Phase 2 construction on track, expected to handle 80,000 barrels/day and generate $80 million annual EBITDA, with full utilization targeted for early 2027.

• Monetization of Long Ridge progressing, with sale expected to drive deleveraging.