NextDecade (NEXT) Status Update summary

Project milestones and construction progress

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

• Train 5 adds about 6 MTPA capacity, 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, as EPC partner, is executing lump-sum turnkey contracts, ensuring cost and schedule certainty.

• All turbines for Trains 4 and 5 have been locked in, mitigating risks of equipment delays that are impacting the broader industry.

Financial structure and funding

• Train 5 project cost is $6.7 billion, fully funded through $3.59 billion in term loans, $0.5 billion in private placement notes, and $2.58 billion in equity commitments from NextDecade and partners.

• NextDecade’s $1.29 billion equity commitment for Train 5 is fully funded, using a mix of cash and term loans with an expected all-in cost of ~9%.

• No material impact to common shares outstanding from Train 5 equity funding.

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

• Capital structure prioritizes maximizing distributable cash flow per share and maintaining investment-grade metrics.

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 after the economic interest flip in Train 5, expected in the mid-2030s.

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

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

• Guidance assumes $5 margin for uncontracted cargoes, with plans to sell forward some of these volumes.