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New York - March 3, 2025 New Fortress Energy Inc. (Nasdaq: NFE) ("NFE" or the "Company") today reported its financial results for the fourth quarter and for the year ended December 31, 2024. Summary Highlights • Adjusted EBITDA(1) of $313 million in the fourth quarter of 2024 and $950 million in the full year 2024 • Net loss of $224 million in the fourth quarter of 2024 and $242 million in the full year 2024, driven primarily by costs incurred with refinancing our debt including a Q4 loss on extinguishment of debt of $260 million. • Adjusted Net Income(3) of $29 million in the fourth quarter of 2024 and $101 million for the full year 2024 • Adjusted EPS(2) of $0.13 on a fully diluted basis in the fourth quarter of 2024 and $0.46 in the full year 2024 • EPS of $(1.11) on a fully diluted basis in the fourth quarter of 2024 and $(1.25) in the full year 2024 • Total cash balance of $966 million, of which $493 million is unrestricted as of December 31, 2024 • This has been a strong fourth quarter for the Company as we achieved Adjusted EBITDA of $313 million, surpassing our guidance of $200-$220 million. Earnings for the year also held strong as we achieved Adjusted EBITDA of $950 million, surpassing our guidance of $835-$855 million. Our results have benefited from the recognition of income from optimizing our current LNG portfolio. Our Fast LNG asset has been completed(5) and was placed into service for accounting purposes in December 2024. The liquefier has been operating smoothly and has been routinely producing above nameplate capacity since the start of the year. This significant milestone concludes the development of a cornerstone asset that secures NFE's LNG supply and enhances the energy security of our downstream customers across the globe. While the asset is in service from an accounting perspective, we will continue to commission the asset, and such costs that enhance the asset will be capitalized on our balance sheet. We also recently announced the extension of our 80 TBtu island-wide gas supply contract in Puerto Rico, and an adjustment to our incentive structure on the Operation and Maintenance agreement between NFE subsidiary Genera & PREPA in exchange for a $110 million payment. These agreements provide significant opportunity to generate substantial cost savings and significantly reduce emissions by converting existing plants from diesel to LNG, and also reinforce NFE's longstanding commitment to delivering reliable and clean power to Puerto Ricans at the lowest cost possible. In Brazil, we have continued to make great progress on our power plant developments, with our 624 MW CELBA plant in particular nearly 88% complete. We also believe that NFE should be in prime position to take advantage of the recently announced Brazil power auctions expected to occur in June this year, which will provide a significant opportunity for both brownfield & greenfield gas to power plants that can either be developed by NFE or supplied via our LNG terminals. In Q4 2024, NFE also completed the $2.7 billion issuance of new senior secured notes due 2029, that was used to refinance our 2025 bonds and more than two-thirds of our outstanding 2026 and 2029 bonds, which resulted in approximately ~$300 million in additional liquidity for the Company. This transaction, combined with the $400 million common equity offering completed in October 2024, marked an important step forward in strengthening the Company's balance sheet and positions the Company for future sustained growth. In February 2025, we issued additional notes in Brazil raising $350 million that will be utilized to repay existing debt in Brazil and to add additional liquidity to our balance sheet. In March 2025, we upsized our Term Loan B by an additional $425 million. Full report About New Fortress Energy Inc. New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable, and clean energy. The Company owns and operates natural gas and liquefied natural gas (LNG) infrastructure and an integrated fleet of ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. Collectively, the Company's assets and operations reinforce global energy security, enable economic growth, enhance environmental stewardship and transform local industries and communities around the world. New Fortress Energy Inc. - press release 
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