NextDecade (NEXT) Q2 2025 earnings summary

Executive summary

• Executed a fixed price turnkey EPC agreement for Train 5 of the Rio Grande LNG Facility between Rio Grande LNG Train 5, LLC and Bechtel Energy Inc., dated June 12, 2025.

• The agreement covers engineering, procurement, construction, pre-commissioning, commissioning, start-up, and testing of Train 5 and associated facilities.

• The contract price is $4,319,981,000, subject to adjustment only by Change Order as provided in the agreement.

• Commercialization of Train 4 completed with 20-year SPAs signed with Aramco and TotalEnergies; JERA signed as first long-term offtake for Train 5.

• EPC contracts for Trains 4 and 5 finalized with Bechtel, with pricing valid through September 15, 2025.

Scope of work

• Contractor is responsible for all engineering, procurement, construction, pre-commissioning, commissioning, start-up, and testing of Train 5, including all equipment, construction equipment, spare parts, labor, and training of Owner's personnel.

• Contractor must integrate Owner's personnel into pre-commissioning, commissioning, testing, and start-up efforts.

• The work includes all incidental work required to complete Train 5 in accordance with good engineering and construction practices, applicable law, and codes.

Key contractual terms

• The contract price is separated into Aggregate Equipment Price and Aggregate Labor and Skills Price for tax purposes.

• Interim payments are based on percent completion (Earned Value) and completion of payment milestones.

• Change Orders are the exclusive mechanism for adjusting contract price, key dates, or scope.

• Owner may issue Limited Notices to Proceed (LNTP) before full Notice to Proceed (NTP); NTP is subject to specific conditions precedent, including financing and permits.

• Delay Liquidated Damages and Performance Liquidated Damages are specified, with aggregate caps on contractor liability.