New Fortress Energy (NFE) Investor update summary

Transaction overview and restructuring process

• Completed a major debt-for-equity exchange using a UK restructuring plan (UKRP), separating the business into BrazilCo (private) and a new, publicly traded entity called "New NFE."

• Corporate debt reduced from $5.7 billion to $527.5 million, with creditors exchanging debt for a mix of new debt, preferred equity, and common shares.

• Existing shareholders' stake diluted from 100% to 35%, but they remain significant owners in a deleveraged company.

• The restructuring support agreement is backed by over 50% of creditors, expected to exceed 75% by completion, and allows uninterrupted company operations.

• Completion of the UK process is targeted for mid-2026, subject to regulatory and court approvals.

Capital structure and creditor outcomes

• New capital structure features $527.5 million in 5-year PIK-eligible debt and $2.5 billion in preferred equity with escalating coupons, and may increase to $640 million depending on conversions.

• Creditors receive a diversified basket of securities, including equity in both the new entity and BrazilCo.

• Preferred equity issued with step-up coupons: 3% in year 1, 5% in year 2, 7% in year 3, and mandatory conversion if not paid off.

• Subsidiary owning FLNG2 assets will issue $400 million in non-recourse term loans and $200 million in preferred equity to be distributed to lenders.

• Expense reductions of $624 million achieved through agreements with 40 partners, including $286 million in accounts payable/capex and $338 million in vessel operating expenses.

Operational and financial outlook

• The business retains key LNG terminals and power plants in San Juan, Nicaragua, and La Paz, focusing on long-term supply and offtake contracts.

• Projected adjusted EBITDA for "New NFE" is $115 million in 2026, rising to $415 million or more in 2027, with SG&A expected to decline to $100 million annually.

• Growth initiatives include Nicaragua terminal commissioning (October 2026), Puerto Rico gas conversions, and turbine portfolio deployment, with Puerto Rico conversions expected to double demand.

• Gas supply portfolio totals 4 MTPA, with long-term contracts and a 13-year weighted average contract life.

• Liquidity remains strong with $150 million cash on hand and a minimum liquidity requirement of $100 million.