NextDecade (NEXT) Status Update summary

Project milestones and construction progress

• Positive final investment decision (FID) for Train 5 at Rio Grande LNG, marking the second FID in just over a month and bringing total under-construction capacity to approximately 30 MTPA.

• Train 5 will add about 6 MTPA of LNG production, with substantial completion and first commercial delivery expected in the first half of 2031.

• Construction is progressing ahead of schedule and on budget, with major equipment for Trains 1 and 2 arriving and significant structural work underway.

• Bechtel, the EPC partner, is executing lump-sum turnkey contracts, ensuring cost and schedule certainty.

• All major equipment for Trains 4 and 5, including turbines, has been locked in, mitigating supply chain risks and potential delays.

Financial structure and funding

• Train 5 project cost is $6.7 billion, funded with approximately 60% debt and 40% equity, including $3.59 billion in term loans, $0.5 billion in private placement notes, and $2.58 billion in equity commitments.

• NextDecade’s equity commitment for Train 5 is fully funded, using $233 million in cash and $1.33 billion in term loans, with no material impact to common shares outstanding.

• Financial investors include Global Infrastructure Partners, GIC, and Mubadala, with commitments totaling $1.29 billion.

• NextDecade’s initial economic interest in Train 5 is 50%, increasing to 70% after certain investor returns are met.

• No material equity dilution expected from recent or planned financings; focus remains on optimizing capital structure and shareholder returns.

Projected financial guidance and cash flows

• Five-train steady-state annual production projected at 1,540 TBtu, with project-level adjusted EBITDA of $3.7 billion and distributable cash flow of $2.1 billion.

• NextDecade’s share of distributable cash flow expected to reach $800 million per year post-flip.

• Guidance assumes $5 margin for uncontracted cargoes, supported by historical and projected spot margins.

• Cash flows from Train 1 start-up to Train 5 completion will be used to reduce debt and optimize capital structure.

• Expansion trains (6–8) could increase project-level distributable cash flow by approximately 85%, with each train potentially generating over $600 million annually.