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FTAI Infrastructure Inc. Reports Second Quarter 2025 Results, Declares Dividend of $0.03 per Share of Common Stock

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FTAI Infrastructure (NASDAQ:FIP) reported its Q2 2025 financial results, highlighting a net loss of $79.8 million, or $0.73 per share. The company achieved Adjusted EBITDA of $45.9 million, with its four core segments contributing $52.6 million.

In a significant strategic move, FTAI announced plans to acquire the Wheeling & Lake Erie Railway for $1.05 billion in cash. The company also successfully closed a $300 million tax-exempt debt financing at Repauno with average coupons of 6.50%. The Board declared a quarterly dividend of $0.03 per share, payable on September 8, 2025, to shareholders of record as of August 25, 2025.

FTAI Infrastructure (NASDAQ:FIP) ha comunicato i risultati finanziari del secondo trimestre 2025, evidenziando una perdita netta di 79,8 milioni di dollari, pari a 0,73 dollari per azione. La società ha registrato un EBITDA rettificato di 45,9 milioni di dollari, con i suoi quattro segmenti principali che hanno contribuito per 52,6 milioni di dollari.

In una mossa strategica significativa, FTAI ha annunciato l'intenzione di acquisire la Wheeling & Lake Erie Railway per 1,05 miliardi di dollari in contanti. L'azienda ha inoltre concluso con successo un finanziamento di debito esente da tasse di 300 milioni di dollari a Repauno, con coupon medi del 6,50%. Il Consiglio di Amministrazione ha dichiarato un dividendo trimestrale di 0,03 dollari per azione, pagabile il 8 settembre 2025 agli azionisti registrati al 25 agosto 2025.

FTAI Infrastructure (NASDAQ:FIP) informó sus resultados financieros del segundo trimestre de 2025, destacando una pérdida neta de 79,8 millones de dólares, o 0,73 dólares por acción. La compañía logró un EBITDA ajustado de 45,9 millones de dólares, con sus cuatro segmentos principales aportando 52,6 millones de dólares.

En un movimiento estratégico importante, FTAI anunció planes para adquirir el Wheeling & Lake Erie Railway por 1.050 millones de dólares en efectivo. La empresa también cerró con éxito un financiamiento de deuda exenta de impuestos por 300 millones de dólares en Repauno, con cupones promedio del 6,50%. La Junta declaró un dividendo trimestral de 0,03 dólares por acción, pagadero el 8 de septiembre de 2025 a los accionistas registrados al 25 de agosto de 2025.

FTAI 인프라스트럭처 (NASDAQ:FIP)는 2025년 2분기 재무 결과를 발표하며, 7,980만 달러 순손실, 주당 0.73달러 손실을 기록했다고 밝혔습니다. 회사는 조정 EBITDA로 4,590만 달러를 달성했으며, 네 개의 핵심 부문이 5,260만 달러를 기여했습니다.

중요한 전략적 조치로 FTAI는 Wheeling & Lake Erie 철도를 현금 10억 5천만 달러에 인수할 계획을 발표했습니다. 또한 평균 쿠폰 6.50%로 3억 달러의 세금 면제 채무 금융을 Repauno에서 성공적으로 마감했습니다. 이사회는 2025년 9월 8일에 지급될 주당 0.03달러 분기 배당금을 선언했으며, 배당 기준일은 2025년 8월 25일입니다.

FTAI Infrastructure (NASDAQ:FIP) a publié ses résultats financiers du deuxième trimestre 2025, mettant en avant une perte nette de 79,8 millions de dollars, soit 0,73 dollar par action. La société a réalisé un EBITDA ajusté de 45,9 millions de dollars, ses quatre segments principaux ayant contribué pour 52,6 millions de dollars.

Dans une démarche stratégique importante, FTAI a annoncé son projet d'acquérir le Wheeling & Lake Erie Railway pour 1,05 milliard de dollars en espèces. L'entreprise a également finalisé avec succès un financement par dette exonérée d'impôts de 300 millions de dollars à Repauno, avec des coupons moyens de 6,50 %. Le conseil d'administration a déclaré un dividende trimestriel de 0,03 dollar par action, payable le 8 septembre 2025 aux actionnaires inscrits au 25 août 2025.

FTAI Infrastructure (NASDAQ:FIP) meldete seine Finanzergebnisse für das zweite Quartal 2025 und verzeichnete einen Nettverlust von 79,8 Millionen US-Dollar bzw. 0,73 US-Dollar je Aktie. Das Unternehmen erzielte ein bereinigtes EBITDA von 45,9 Millionen US-Dollar, wobei die vier Kernsegmente 52,6 Millionen US-Dollar beitrugen.

In einem bedeutenden strategischen Schritt kündigte FTAI Pläne an, die Wheeling & Lake Erie Railway für 1,05 Milliarden US-Dollar in bar zu übernehmen. Das Unternehmen schloss zudem erfolgreich eine steuerbefreite Fremdfinanzierung über 300 Millionen US-Dollar in Repauno mit durchschnittlichen Kupons von 6,50 % ab. Der Vorstand erklärte eine Quartalsdividende von 0,03 US-Dollar je Aktie, zahlbar am 8. September 2025 an die Aktionäre, die am 25. August 2025 im Register eingetragen sind.

Positive
  • Strategic acquisition of Wheeling & Lake Erie Railway, one of the largest regional railroads in the U.S., for $1.05 billion
  • Successful closing of $300 million tax-exempt debt financing at Repauno with favorable 6.50% average coupons
  • Core segments demonstrated strong performance with $52.6 million in Adjusted EBITDA
Negative
  • Significant net loss of $79.8 million in Q2 2025
  • Plans to refinance existing 10.50% senior notes and Series A preferred stock, potentially increasing debt burden
  • Low quarterly dividend of $0.03 per share indicates limited cash distribution to shareholders

Insights

FTAI reports $79.8M Q2 loss while progressing on $1.05B railway acquisition and securing $300M tax-exempt financing for Repauno facility.

FTAI Infrastructure's Q2 2025 results reveal mixed performance with some concerning metrics but strategic growth initiatives. The company posted a substantial net loss of $79.8 million, translating to a loss per share of $0.73. However, its adjusted EBITDA reached $45.9 million, with the four core segments generating $52.6 million in adjusted EBITDA, indicating the core business operations maintain positive cash flow despite overall losses.

The most significant development is FTAI's agreement to acquire the Wheeling & Lake Erie Railway for $1.05 billion in cash. This acquisition represents a major strategic expansion, as W&LE is one of the largest regional railroads in the United States. The company plans to refinance its existing 10.50% senior notes and Series A preferred stock concurrent with the acquisition closing, which could improve its capital structure and potentially reduce interest expenses.

In another positive development, FTAI secured $300 million in tax-exempt debt financing for its Repauno facility at favorable average coupons of 6.50%. This indicates lender confidence in the project and provides capital for the ongoing phase 2 infrastructure construction.

The Board declared a quarterly dividend of $0.03 per share, maintaining its commitment to returning capital to shareholders despite the net loss position. This suggests management believes in the company's long-term cash generation capabilities while balancing growth investments with shareholder returns.

These strategic moves indicate FTAI is actively repositioning its portfolio toward transportation infrastructure assets while continuing development of existing projects, though investors should monitor how the substantial railway acquisition impacts the balance sheet and when it might contribute positively to financial results.

NEW YORK, Aug. 07, 2025 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI Infrastructure”) today reported financial results for the second quarter 2025. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release.

Financial Overview

(in thousands, except per share data)
Selected Financial ResultsQ2’25
Net Loss Attributable to Stockholders$(79,816)
Basic and Diluted Loss per Share of Common Stock$(0.73)
Adjusted EBITDA (1)$45,916 
Adjusted EBITDA - Four core segments (1)(2)$52,642 

_______________________________

(1)For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release.
(2)Excludes Sustainability and Energy Transition and Corporate and Other segments.
  

Second Quarter 2025 Dividends
On August 7, 2025, the Company’s Board of Directors (the “Board”) declared a cash dividend on its common stock of $0.03 per share for the quarter ended June 30, 2025, payable on September 8, 2025 to the holders of record on August 25, 2025.

Business Highlights

  • Agreed to acquire the Wheeling & Lake Erie Railway, one of the largest regional railroads in the U.S. for cash consideration of $1.05 billion
  • Plan to refinance existing 10.50% senior notes and Series A preferred stock simultaneously with the closing of the acquisition
  • Closed financing of $300 million of tax-exempt debt at Repauno at average coupons of 6.50%; construction of phase 2 infrastructure fully underway

Additional Information
For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Relations section of the Company’s website, www.fipinc.com, and the Company’s Quarterly Report on Form 10-Q, when available on the Company’s website. Nothing on the Company’s website is included or incorporated by reference herein.

Conference Call
In addition, management will host a conference call on Friday, August 8, 2025 at 8:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link https://register-conf.media-server.com/register/BI4b5e32e58cb742c48f06db1ac56e9de4. Once registered, participants will receive a dial-in and unique pin to access the call.

A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.fipinc.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast.

A replay of the conference call will be available after 11:30 A.M. on Friday, August 8, 2025 through 11:30 A.M. on Friday, August 15, 2025 on https://ir.fipinc.com/news-events/events.

The information contained on, or accessible through, any websites included in this press release is not incorporated by reference into, and should not be considered a part of, this press release.

About FTAI Infrastructure Inc.
FTAI Infrastructure primarily invests in critical infrastructure with high barriers to entry across the rail, ports and terminals, and power and gas sectors that, on a combined basis, generate strong and stable cash flows with the potential for earnings growth and asset appreciation. FTAI Infrastructure is externally managed by an affiliate of Fortress Investment Group LLC, a leading, diversified global investment firm.

Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond the Company’s control. The Company can give no assurance that its expectations will be attained and such differences may be material. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on the Company’s website (www.fipinc.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.

For further information, please contact:
Alan Andreini
Investor Relations
FTAI Infrastructure Inc.
(646) 734-9414
aandreini@ftaiaviation.com 


Exhibit - Financial Statements

FTAI INFRASTRUCTURE INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(Dollar amounts in thousands, except share and per share data)

 Three Months Ended June 30, Six Months Ended June 30,
  2025   2024   2025   2024 
Revenues       
Total revenues$122,286  $84,887  $218,447  $167,422 
        
Expenses       
Operating expenses 74,435   61,225   141,480   125,800 
General and administrative 3,862   2,840   8,975   7,701 
Acquisition and transaction expenses 8,704   921   12,219   1,847 
Management fees and incentive allocation to affiliate 3,680   2,776   6,222   5,777 
Depreciation and amortization 33,998   20,163   59,010   40,684 
Asset impairment 4,401      4,401    
Total expenses 129,080   87,925   232,307   181,809 
        
Other (expense) income       
Equity in (losses) earnings of unconsolidated entities (1,995)  (12,788)  3,319   (24,690)
(Loss) gain on sale of assets, net    (150)  119,828   (163)
Loss on modification or extinguishment of debt (4,066)  (9,170)  (4,073)  (9,170)
Interest expense (59,204)  (29,690)  (102,316)  (57,283)
Other income 3,052   6,963   6,745   9,328 
Total other (expense) income (62,213)  (44,835)  23,503   (81,978)
(Loss) income before income taxes (69,007)  (47,873)  9,643   (96,365)
Provision for (benefit from) income taxes 952   267   (40,562)  2,072 
Net (loss) income (69,959)  (48,140)  50,205   (98,437)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries (11,100)  (11,400)  (22,501)  (22,090)
Less: Dividends and accretion of redeemable preferred stock 20,957   17,610   42,798   34,585 
Net (loss) income attributable to stockholders$(79,816) $(54,350) $29,908  $(110,932)
        
Net (loss) income attributable to common stockholders$(83,898) $(54,350) $24,359  $(110,932)
        
(Loss) earnings per share:       
Basic$(0.73) $(0.52) $0.21  $(1.06)
Diluted$(0.73) $(0.52) $0.21  $(1.06)
Weighted average shares outstanding:       
Basic 114,880,817   105,039,831   114,491,338   104,612,209 
Diluted 114,880,817   105,039,831   115,260,452   104,612,209 


FTAI INFRASTRUCTURE INC.
CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollar amounts in thousands, except share and per share data)

 (Unaudited)  
 June 30, 2025 December 31, 2024
Assets   
Current assets:   
Cash and cash equivalents$33,626  $27,785 
Restricted cash and cash equivalents 414,637   119,511 
Accounts receivable, net 68,150   52,994 
Other current assets 22,632   19,561 
Total current assets 539,045   219,851 
Leasing equipment, net 37,195   37,453 
Operating lease right-of-use assets, net 66,749   67,937 
Property, plant, and equipment, net 3,232,712   1,653,468 
Investments 17,730   12,529 
Intangible assets, net 45,223   46,229 
Goodwill 401,229   275,367 
Other assets 67,077   61,554 
Total assets$4,406,960  $2,374,388 
    
Liabilities   
Current liabilities:   
Accounts payable and accrued liabilities$223,498  $176,425 
Debt, net 82,754   48,594 
Operating lease liabilities 7,268   7,172 
Derivative liabilities 30,443    
Other current liabilities 18,801   18,603 
Total current liabilities 362,764   250,794 
Debt, net 3,001,609   1,539,241 
Operating lease liabilities 59,635   60,893 
Derivative liabilities 138,340    
Other liabilities 68,692   67,104 
Total liabilities 3,631,040   1,918,032 
    
Commitments and contingencies     
    
Redeemable preferred stock Series A ($0.01 par value per share; 200,000,000 total preferred shares authorized; 300,000 Series A shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively; redemption amount of $435.5 million and $431.8 million at June 30, 2025 and December 31, 2024, respectively) 397,652   381,218 
Redeemable convertible preferred stock Series B ($0.01 par value per share; 200,000,000 total preferred shares authorized; 160,000 Series B shares issued and outstanding as of March 31, 2025; redemption amount of $192.0 million at June 30, 2025) 152,642    
    
Equity   
Common stock ($0.01 par value per share; 2,000,000,000 shares authorized; 115,087,817 and 113,934,860 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively) 1,151   1,139 
Additional paid in capital 724,514   764,381 
Accumulated deficit (333,112)  (405,818)
Accumulated other comprehensive loss (17,084)  (157,051)
Stockholders' equity 375,469   202,651 
Non-controlling interest in equity of consolidated subsidiaries (149,843)  (127,513)
Total equity 225,626   75,138 
Total liabilities, redeemable preferred stock and equity$4,406,960  $2,374,388 


FTAI INFRASTRUCTURE INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollar amounts in thousands, unless otherwise noted)

 Six Months Ended June 30,
  2025   2024 
Cash flows from operating activities:   
Net income (loss)$50,205  $(98,437)
Adjustments to reconcile net income (loss) to net cash used in operating activities:   
Equity in (earnings) losses of unconsolidated entities (3,319)  24,690 
Gain on sale of subsidiaries (119,952)   
Loss on sale of assets, net 124   163 
Loss on modification or extinguishment of debt 4,073   9,170 
Equity-based compensation 2,163   4,139 
Depreciation and amortization 59,010   40,684 
Asset impairment 4,401    
Change in deferred income taxes (41,298)  1,493 
Amortization of deferred financing costs 5,218   4,570 
Amortization of bond discount 5,459   2,898 
Amortization of other comprehensive income (4,732)   
Paid-in-kind interest expense 897    
Provision for credit losses 195   514 
Change in:   
Accounts receivable (2,988)  3,255 
Other assets 2,540   (3,040)
Accounts payable and accrued liabilities 15,593   (12,787)
Derivative liabilities (66,178)   
Other liabilities (2,283)  1,218 
Net cash used in operating activities (90,872)  (21,470)
    
Cash flows from investing activities:   
Investment in unconsolidated entities (12,585)  (1,639)
Acquisition of business, net of cash acquired 226,628    
Acquisition of leasing equipment (564)  (1,204)
Acquisition of property, plant and equipment (148,319)  (27,420)
Proceeds from investor loan 11,001    
Investment in promissory notes and loans    (17,500)
Investment in equity instruments    (5,000)
Proceeds from sale of property, plant and equipment 2,198   111 
Net cash provided by (used in) investing activities 78,359   (52,652)
    
Cash flows from financing activities:   
Proceeds from debt, net 494,074   449,689 
Repayment of debt (126,102)  (242,001)
Payment of financing costs (21,545)  (10,022)
Cash dividends - common stock (6,886)  (6,303)
Cash dividends - redeemable preferred stock (25,516)   
Settlement of equity-based compensation (545)  (3,216)
Distributions to non-controlling interests    (15,039)
Net cash provided by financing activities 313,480   173,108 
    
Net increase in cash and cash equivalents and restricted cash and cash equivalents 300,967   98,986 
Cash and cash equivalents and restricted cash and cash equivalents, beginning of period 147,296   87,479 
Cash and cash equivalents and restricted cash and cash equivalents, end of period$448,263  $186,465 


Key Performance Measures

The Chief Operating Decision Maker (“CODM”) utilizes Adjusted EBITDA as our key performance measure.

Adjusted EBITDA provides the CODM with the information necessary to assess operational performance, as well as make resource and allocation decisions. Adjusted EBITDA is defined as net income (loss) attributable to stockholders, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, depreciation and amortization expense, interest expense, interest and other costs on pension and other pension expense benefits (“OPEB”) liabilities, dividends and accretion of redeemable preferred stock, and other non-recurring items, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities, and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA.

The following table sets forth a reconciliation of net (loss) income attributable to stockholders to Adjusted EBITDA for the three and six months ended June 30, 2025 and 2024:

 Three Months Ended June 30, Change
 Six Months Ended
June 30,
 Change
(in thousands) 2025   2024    2025   2024  
Net (loss) income attributable to stockholders$(79,816) $(54,350) $(25,466) $29,908  $(110,932) $140,840 
Add: Provision for (benefit from) income taxes 952   267   685   (40,562)  2,072   (42,634)
Add: Equity-based compensation expense 910   1,799   (889)  2,163   4,139   (1,976)
Add: Acquisition and transaction expenses 8,704   921   7,783   12,219   1,847   10,372 
Add: Losses on the modification or extinguishment of debt and capital lease obligations 4,066   9,170   (5,104)  4,073   9,170   (5,097)
Add: Changes in fair value of non-hedge derivative instruments                 
Add: Asset impairment charges 4,401      4,401   4,401      4,401 
Add: Incentive allocations                 
Add: Depreciation and amortization expense (1) 32,086   21,596   10,490   56,743   42,693   14,050 
Add: Interest expense 59,204   29,690   29,514   102,316   57,283   45,033 
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2) (100)  3,208   (3,308)  4,400   9,465   (5,065)
Add: Dividends and accretion of redeemable preferred stock 20,957   17,610   3,347   42,798   34,585   8,213 
Add: Interest and other costs on pension and OPEB liabilities (264)  (138)  (126)  (529)  462   (991)
Add: Other non-recurring items (3) 298      298   1,333      1,333 
Less: Equity in losses (earnings) of unconsolidated entities 1,995   12,788   (10,793)  (3,319)  24,690   (28,009)
Less: Non-controlling share of Adjusted EBITDA (4) (7,477)  (8,305)  828   (14,809)  (13,987)  (822)
Adjusted EBITDA (Non-GAAP)$45,916  $34,256  $11,660  $201,135  $61,487  $139,648 

_______________________________

(1)Includes the following items for the three months ended June 30, 2025 and 2024: (i) depreciation and amortization expense of $33,998 and $20,163, (ii) capitalized contract costs amortization of $1,232 and $1,433 and (iii) amortization of other comprehensive income of $(3,144) and $—, respectively. Includes the following items for the six months ended June 30, 2025 and 2024: (i) depreciation and amortization expense of $59,010 and $40,684, (ii) capitalized contract costs amortization of $2,465 and $2,009 and (iii) amortization of other comprehensive income of $(4,732) and $—, respectively.
(2)Includes the following items for the three months ended June 30, 2025 and 2024: (i) net loss of $(100) and $(12,838), (ii) interest expense of $— and $11,182, (iii) depreciation and amortization expense of $— and $8,050, (iv) acquisition and transaction expenses of $— and $31, (v) changes in fair value of non-hedge derivative instruments of $— and $(3,875), (vi) equity-based compensation of $— and $1, (vii) asset impairment charges of $— and $163, (viii) equity method basis adjustments of $— and $16 and (ix) other non-recurring items of $— and $478, respectively. Includes the following items for the six months ended June 30, 2025 and 2024: (i) net income (loss) of $6,478 and $(24,780), (ii) interest expense of $7,648 and $22,075, (iii) depreciation and amortization expense of $2,884 and $13,180, (iv) acquisition and transaction expenses of $201 and $50, (v) changes in fair value of non-hedge derivative instruments of $(12,822) and $(1,822), (vi) equity-based compensation expense of $— and $2, (vii) asset impairment of $— and $250, (viii) equity method basis adjustments of $10 and $32 and (ix) other non-recurring items of $1 and $478, respectively.
(3)Includes the following items for the three months ended June 30, 2025: Railroad severance expense of $298. Includes the following items for the six months ended June 30, 2025: (i) incidental utility rebillings of $650, (ii) loss on inventory heel of $385 and (iii) Railroad severance expense of $298.
(4)Includes the following items for the three months ended June 30, 2025 and 2024: (i) equity-based compensation of $86 and $268, (ii) provision for (benefit from) income taxes of $84 and $(142), (iii) interest expense of $3,706 and $2,639, (iv) depreciation and amortization expense of $3,071 and $3,387, (v) acquisition and transaction expenses of $165 and $3, (vi) interest and other costs on pension and OPEB liabilities of $(1) and $—, (vii) asset impairment charges of $8 and $—, (viii) losses on the modification or extinguishment of debt of $356 and $2,150 and (ix) other non-recurring items of $2 and $—, respectively. Includes the following items for the six months ended June 30, 2025 and 2024: (i) equity-based compensation expense of $224 and $699, (ii) provision for (benefit from) income taxes of $188 and $(276), (iii) interest expense of $7,646 and $4,828, (iv) depreciation and amortization expense of $6,140 and $6,581, (v) acquisition and transaction expenses of $166 and $3, (vi) interest and other costs on pension and OPEB liabilities of $(3) and $2, (vii) asset impairment of $27 and $—, (viii) losses on the modification or extinguishment of debt of $358 and $2,150 and (ix) other non-recurring items of $63 and $—, respectively.
  

The following tables sets forth a reconciliation of net income (loss) attributable to stockholders to Adjusted EBITDA for our four core segments for the three months ended June 30, 2025:

 Three Months Ended June 30, 2025
(in thousands)Railroad Jefferson
Terminal
 Repauno Power and
Gas
 Four Core
Segments
Net income (loss) attributable to stockholders$7,320  $(11,966) $(9,610) $(15,087) $(29,343)
Add: Provision for income taxes 768   336   25      1,129 
Add: Equity-based compensation expense 358   327   150      835 
Add: Acquisition and transaction expenses 2,783   69   1,980   1,397   6,229 
Add: Losses on the modification or extinguishment of debt and capital lease obligations    742   3,324      4,066 
Add: Changes in fair value of non-hedge derivative instruments              
Add: Asset impairment charges 4,401            4,401 
Add: Incentive allocations              
Add: Depreciation and amortization expense (1) 4,979   12,522   2,494   11,874   31,869 
Add: Interest expense 112   16,000      24,787   40,899 
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities              
Add: Dividends and accretion of redeemable preferred stock              
Add: Interest and other costs on pension and OPEB liabilities (264)           (264)
Add: Other non-recurring items (2) 298            298 
Less: Equity in earnings of unconsolidated entities              
Less: Non-controlling share of Adjusted EBITDA (3) (84)  (6,948)  (445)     (7,477)
Adjusted EBITDA (Non-GAAP)$20,671  $11,082  $(2,082) $22,971  $52,642 

_______________________________

(1)Jefferson Terminal
 Includes the following items for the three months ended June 30, 2025: (i) depreciation and amortization expense of $11,290 and (ii) capitalized contract costs amortization of $1,232.
 Power and Gas
 Includes the following items for the three months ended June 30, 2025: (i) depreciation and amortization expense of $15,018 and (ii) amortization of other comprehensive income of $(3,144).
(2)Railroad
 Includes the following items for the three months ended June 30, 2025: Railroad severance expense of $298.
(3)Railroad
 Includes the following items for the three months ended June 30, 2025: (i) equity-based compensation expense of $2, (ii) provision for income taxes of $5, (iii) interest expense of $1, (iv) depreciation and amortization expense of $31, (v) acquisition and transaction expenses of $17, (vi) interest and other costs on pension and OPEB liabilities of $(1), (vii) asset impairment charges of $27 and (viii) other non-recurring items of $2.
 Jefferson Terminal
 Includes the following items for the three months ended June 30, 2025: (i) equity-based compensation expense of $76, (ii) provision for income taxes of $78, (iii) interest expense of $3,707, (iv) depreciation and amortization expense of $2,900, (v) acquisition and transaction expenses of $16 and (vi) losses on the modification or extinguishment of debt of $171.
 Repauno
 Includes the following items for the three months ended June 30, 2025: (i) equity-based compensation expense of $8, (ii) provision for income taxes of $1, (iii) interest expense of $(2), (iv) depreciation and amortization expense of $140, (v) acquisition and transaction expenses of $132, (vi) loss on the modification or extinguishment of debt of $185 and (vii) asset impairment charges of $(19).



FAQ

What were FTAI Infrastructure's (FIP) Q2 2025 financial results?

FTAI Infrastructure reported a net loss of $79.8 million ($0.73 per share) in Q2 2025, while achieving Adjusted EBITDA of $45.9 million, with core segments contributing $52.6 million.

How much is FTAI Infrastructure paying for the Wheeling & Lake Erie Railway acquisition?

FTAI Infrastructure agreed to acquire Wheeling & Lake Erie Railway for $1.05 billion in cash consideration.

What is FTAI Infrastructure's Q2 2025 dividend payment?

FTAI Infrastructure declared a quarterly cash dividend of $0.03 per share, payable on September 8, 2025, to shareholders of record on August 25, 2025.

What financing did FTAI Infrastructure secure for Repauno?

FTAI Infrastructure closed a $300 million tax-exempt debt financing at Repauno with average coupons of 6.50%, with construction of phase 2 infrastructure fully underway.

When is FTAI Infrastructure's Q2 2025 earnings conference call?

FTAI Infrastructure will host its earnings conference call on Friday, August 8, 2025, at 8:00 A.M. Eastern Time.
FTAI INFRASTRUCTURE INC

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504.08M
106.02M
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84.91%
11.01%
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Railroads, Line-haul Operating
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