New Fortress Energy (NFE) Investor update summary

Transaction overview

• Completed a major debt-for-equity exchange using a UK Restructuring Plan (UK RP), enabling uninterrupted operations and customer service.

• The restructuring is governed by a Restructuring Support Agreement (RSA), already supported by over 50% of creditors and expected to exceed 75%.

• The company is split into two entities: BrazilCo (private, Brazil assets) and New NFE (public, integrated LNG-to-power business).

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

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

Capital structure and creditor outcomes

• New NFE targets leverage of 2x-3x EBITDA, with $527.5 million in five-year debt and $2.5 billion in preferred equity.

• Preferred equity has a coupon escalating from 3% to 7% over three years and is mandatorily converted to common stock if not repaid.

• Creditors receive varying allocations of debt, preferred equity, and common equity based on their prior holdings.

• The restructuring provides a simple, transparent capital structure with no asset-level or Holdco debt remaining post-transaction.

• Minimum liquidity of $100 million is maintained, with access to additional funding if needed.

Operational and financial outlook

• The business now operates with modest capital needs, focusing on long-term supply and offtake contracts for stable, free cash flow.

• Projected adjusted EBITDA for New NFE is $115 million in 2026, rising to $415 million in 2027 and exceeding $400 million for 2027 and beyond.

• Key growth initiatives include the Nicaragua terminal (commissioning October 2026), Puerto Rico gas conversions, and turbine portfolio deployment.

• Additional long-term supply contracts could add $225–$300 million incremental EBITDA later in the decade.

• The company ended the year with $225 million in cash and expects to maintain strong liquidity.