Name: FTAI Infrastructure Inc. Segments Disclosure
Creator: FTAI Infrastructure Inc.
License: https://creativecommons.org/publicdomain/mark/1.0/

SEGMENT INFORMATION

During the first quarter of 2023, we modified our definition of Adjusted EBITDA to exclude the impact of other non-recurring items, such as severance expense. All segment data and related disclosures for earlier periods presented herein have been recast to reflect this segment reporting structure.

Our reportable segments represent strategic business units comprised of investments in different types of infrastructure assets. We have five reportable segments which operate in infrastructure businesses across several market sectors, all in North America. Our reportable segments are (i) Railroad, (ii) Jefferson Terminal, (iii) Repauno, (iv) Power and Gas and (v) Sustainability and Energy Transition. The Railroad segment is comprised of eight freight railroads and one switching company that provide rail service to certain manufacturing and production facilities, which includes the newly acquired The Wheeling Corporation as of the third quarter of 2025 (refer to Note 3 for additional details). The Jefferson Terminal segment consists of a multi-modal crude oil and refined products terminal, Jefferson Terminal South and other related assets. The Repauno segment consists of a 1,630-acre deep-water port located along the Delaware River with an underground storage cavern, a multipurpose dock, a rail-to-ship transloading system and multiple industrial development opportunities. The Power and Gas segment is comprised of Long Ridge, which is a 1,660-acre multi-modal terminal located along the Ohio River with rail, dock, and multiple industrial development opportunities, including a power plant in operation. The Sustainability and Energy Transition segment is comprised of Aleon/Gladieux, Clean Planet, and CarbonFree, and all three investments are development stage businesses focused on sustainability and recycling.

Corporate and Other primarily consists of unallocated corporate general and administrative expenses, management fees, debt and redeemable preferred stock. Additionally, Corporate and Other includes an operating company that provides roadside assistance services for the intermodal and over-the-road trucking industries. As of the second quarter of 2025, we have moved KRS, a railcar cleaning operation, from the Railroad segment to the Corporate and Other segment. As the chief operating decision maker (“CODM”) focuses on Transtar and Wheeling, a pure railroad business, within the Railroad segment results, we believe the change in segment for KRS better aligns with how the CODM reviews overall segment results. Due to the immateriality of the results of KRS, we will apply this change prospectively.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The CODM evaluates investment performance for each reportable segment primarily based on Adjusted EBITDA. Our company’s CODM is our Chief Executive Officer, who uses Adjusted EBITDA as it serves as a consistent measure for comparing profitability between periods and across segments, independent of each segment’s capital structure, which may vary materially, and because it neutralizes one-time or other non-operational items. Decisions regarding resource allocation are made based on Adjusted EBITDA performance, together with other relevant factors, including but not limited to, market dynamics, growth opportunities and expected future performance.

Adjusted EBITDA is defined as net income (loss) attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock, 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 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.

We believe that net income (loss) attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock, as defined by U.S. GAAP, is the most appropriate earnings measure with which to reconcile Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to net income (loss) attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock as determined in accordance with U.S. GAAP.

The following tables set forth certain information for each reportable segment as provided to and evaluated by the CODM:

I. For the Year Ended December 31, 2025


	Year Ended December 31, 2025
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Revenues
Total revenues	$	172,940	$	85,658	$	10,991	$	179,331	$	—	$	53,600	502,520

Expenses
Operating expenses	91,587		68,618		22,733		62,432		2		54,215		299,587
General and administrative	—		—		—		—		—		16,222		16,222
Acquisition and transaction expenses	3,607		68		4,253		6,594		249		12,367		27,138
Management fees and incentive allocation to affiliate	—		—		—		—		—		14,714		14,714
Depreciation and amortization	21,273		46,197		9,973		54,236		—		810		132,489
Asset impairment	4,401		—		—		—		—		—		4,401
Total expenses	120,868		114,883		36,959		123,262		251		98,328		494,551

Other income (expense)
Equity in earnings (losses) of unconsolidated entities	9,223		—		—		10,588		(7,558)		50		12,303
(Loss) gain on sale of assets, net	(79)		—		—		119,952		8,969		—		128,842
Loss on modification or extinguishment of debt	—		(748)		(3,324)		(77)		—		(55,174)		(59,323)
Interest expense	(883)		(65,130)		(6,943)		(88,490)		—		(104,468)		(265,914)
Other income	6,144		3,926		4,475		4,232		1,842		132		20,751
Total other income (expense)	14,405		(61,952)		(5,792)		46,205		3,253		(159,460)		(163,341)
Income (loss) before income taxes	66,477		(91,177)		(31,760)		102,274		3,002		(204,188)		(155,372)
Provision for (benefit from) income taxes	5,937		(1,873)		714		(7,524)		—		(572)		(3,318)


Net income (loss)	60,540		(89,304)		(32,474)		109,798		3,002		(203,616)		(152,054)

Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	116		(43,261)		(1,709)		(26)		—		—		(44,880)
Less: Preferred dividends and accretion on redeemable non-controlling interests	44,607		—		—		—		—		—		44,607
Less: Dividends and accretion of redeemable preferred stock	—		—		—		—		—		55,622		55,622
Net income (loss) attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock	$	15,817	$	(46,043)	$	(30,765)	$	109,824	$	3,002	$	(259,238)	$	(207,403)

The following table sets forth a reconciliation of Adjusted EBITDA to net income (loss) attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock:


	Year Ended December 31, 2025
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Adjusted EBITDA	$	110,975	$	43,625	$	(4,775)	$	232,990	$	8,506	$	(30,097)	$	361,224
Add: Non-controlling share of Adjusted EBITDA	524		27,028		1,492		337		—		—		29,381
Add: Equity in earnings (losses) of unconsolidated entities	9,223		—		—		10,588		(7,558)		50		12,303
Less: Interest and other costs on pension and OPEB liabilities	887		—		—		—		—		—		887
Less: Dividends and accretion of redeemable preferred stock	(44,607)		—		—		—		—		(55,622)		(100,229)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	(26,713)		—		—		(6,503)		2,303		38		(30,875)
Less: Interest expense	(883)		(65,130)		(6,943)		(88,490)		—		(104,468)		(265,914)
Less: Depreciation and amortization expense	(21,273)		(51,128)		(9,973)		(34,144)		—		(810)		(117,328)
Less: Incentive allocations	—		—		—		—		—		—		—
Less: Asset impairment charges	(4,401)		—		—		—		—		—		(4,401)
Less: Changes in fair value of non-hedge derivative instruments	4,234		—		—		(171)		—		—		4,063
Less: Losses on the modification or extinguishment of debt and capital lease obligations	—		(748)		(3,324)		(77)		—		(55,174)		(59,323)
Less: Acquisition and transaction expenses	(3,607)		(68)		(4,253)		(6,594)		(249)		(12,367)		(27,138)
Less: Equity-based compensation expense	(2,300)		(1,495)		(1,240)		(5,636)		—		(405)		(11,076)
Less: (Provision for) benefit from income taxes	(5,937)		1,873		(714)		7,524		—		572		3,318
Less: Other non-recurring items	(305)		—		(1,035)		—		—		(955)		(2,295)
Net income (loss) attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock	$	15,817	$	(46,043)	$	(30,765)	$	109,824	$	3,002	$	(259,238)	$	(207,403)

II. For the Year Ended December 31, 2024


	Year Ended December 31, 2024
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Revenues
Total revenues	$	180,027	$	80,646	$	15,824	$	—	$	—	$	55,000	331,497

Expenses
Operating expenses	97,207		71,203		23,483		2,190		7		53,584		247,674
General and administrative	—		—		—		—		—		14,798		14,798
Acquisition and transaction expenses	526		23		—		2,293		17		2,598		5,457
Management fees and incentive allocation to affiliate	—		—		—		—		—		11,318		11,318
Depreciation and amortization	20,200		47,872		9,914		—		—		1,424		79,410
Asset impairment	—		—		—		—		72,336		—		72,336
Total expenses	117,933		119,098		33,397		4,483		72,360		83,722		$	430,993

Other (expense) income
Equity in (losses) earnings of unconsolidated entities	—		—		—		(37,146)		(18,390)		40		(55,496)
(Loss) gain on sale of assets, net	(704)		3,074		—		—		—		—		2,370
Loss on modification or extinguishment of debt	—		(8,925)		—		—		—		—		(8,925)
Interest expense	(306)		(49,001)		(1,617)		—		—		(71,184)		(122,108)
Other income	770		5,515		—		12,430		2,167		22		20,904
Total other expense	(240)		(49,337)		(1,617)		(24,716)		(16,223)		(71,122)		(163,255)
Income (loss) before income taxes	61,854		(87,789)		(19,190)		(29,199)		(88,583)		(99,844)		(262,751)
Provision for (benefit from) income taxes	4,692		(1,667)		(431)		—		—		719		3,313
Net income (loss)	57,162		(86,122)		(18,759)		(29,199)		(88,583)		(100,563)		(266,064)

Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	245		(41,491)		(1,173)		—		—		—		(42,419)

Less: Dividends and accretion of redeemable preferred stock	—		—		—		—		—		70,814		70,814
Net income (loss) attributable to stockholders	$	56,917	$	(44,631)	$	(17,586)	$	(29,199)	$	(88,583)	$	(171,377)	$	(294,459)

The following table sets forth a reconciliation of Adjusted EBITDA to net income (loss) attributable to stockholders:


	Year Ended December 31, 2024
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Adjusted EBITDA	$	84,254	$	41,967	$	(5,186)	$	40,246	$	(9,485)	$	(24,208)	$	127,588
Add: Non-controlling share of Adjusted EBITDA	122		26,264		808		—		—		—		27,194
Add: Equity in (losses) earnings of unconsolidated entities	—		—		—		(37,146)		(18,390)		40		(55,496)
Less: Interest and other costs on pension and OPEB liabilities	66		—		—		—		—		—		66
Less: Dividends and accretion of redeemable preferred stock	—		—		—		—		—		(70,814)		(70,814)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	—		—		—		(30,006)		9,710		24		(20,272)
Less: Interest expense	(306)		(49,001)		(1,617)		—		—		(71,184)		(122,108)
Less: Depreciation and amortization expense	(20,200)		(52,347)		(9,914)		—		—		(1,424)		(83,885)
Less: Incentive allocations	—		—		—		—		—		—		—
Less: Asset impairment charges	—		—		—		—		(70,401)		—		(70,401)
Less: Changes in fair value of non-hedge derivative instruments	—		—		—		—		—		—		—
Less: Losses on the modification or extinguishment of debt and capital lease obligations	—		(8,925)		—		—		—		—		(8,925)
Less: Acquisition and transaction expenses	(526)		(23)		—		(2,293)		(17)		(2,598)		(5,457)
Less: Equity-based compensation expense	(1,801)		(4,233)		(2,108)		—		—		(494)		(8,636)
Less: (Provision for) benefit from income taxes	(4,692)		1,667		431		—		—		(719)		(3,313)
Less: Other non-recurring items	—		—		—		—		—		—		—
Net income (loss) attributable to stockholders	$	56,917	$	(44,631)	$	(17,586)	$	(29,199)	$	(88,583)	$	(171,377)	$	(294,459)

III. For the Year Ended December 31, 2023


	Year Ended December 31, 2023
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Revenues
Total revenues	$	169,445	$	72,146	$	10,691	$	—	$	—	$	68,190	320,472

Expenses
Operating expenses	92,972		66,576		22,203		2,726		29		69,166		253,672
General and administrative	—		—		—		—		—		12,833		12,833
Acquisition and transaction expenses	737		1,370		—		94		1		1,938		4,140
Management fees and incentive allocation to affiliate	—		—		—		—		—		12,467		12,467
Depreciation and amortization	19,590		48,916		9,336		—		—		3,150		80,992
Asset impairment	743		—		—		—		—		—		743
Total expenses	114,042		116,862		31,539		2,820		30		99,554		364,847

Other (expense) income
Equity in (losses) earnings of unconsolidated entities	—		—		—		(9,949)		(14,814)		56		(24,707)
(Loss) gain on sale of assets, net	(437)		7,292		—		—		—		—		6,855
Loss on modification or extinguishment of debt	(937)		—				—		—		(1,099)		(2,036)
Interest expense	(2,284)		(32,443)		(2,557)		(3)		—		(62,316)		(99,603)
Other (expense) income	(2,164)		(1,302)		—		7,523		2,529		—		6,586
Total other expense	(5,822)		(26,453)		(2,557)		(2,429)		(12,285)		(63,359)		(112,905)
Income (loss) before income taxes	49,581		(71,169)		(23,405)		(5,249)		(12,315)		(94,723)		(157,280)
(Benefit from) provision for income taxes	(561)		2,468		496		—		—		67		2,470
Net income (loss)	50,142		(73,637)		(23,901)		(5,249)		(12,315)		(94,790)		(159,750)

Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	143		(36,917)		(1,412)		—		—		(228)		(38,414)

Less: Dividends and accretion of redeemable preferred stock	—		—		—		—		—		62,400		62,400
Net income (loss) attributable to stockholders	$	49,999	$	(36,720)	$	(22,489)	$	(5,249)	$	(12,315)	$	(156,962)	$	(183,736)

The following table sets forth a reconciliation of Adjusted EBITDA to net income (loss) attributable to stockholders:


	Year Ended December 31, 2023
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Adjusted EBITDA	$	78,521	$	35,694	$	(8,061)	$	34,784	$	(7,253)	$	(26,163)	$	107,522
Add: Non-controlling share of Adjusted EBITDA	71		20,328		856		—		—		260		21,515
Add: Equity in (losses) earnings of unconsolidated entities	—		—		—		(9,949)		(14,814)		56		(24,707)
Less: Interest and other costs on pension and OPEB liabilities	(2,130)		—		—		—		—		—		(2,130)
Less: Dividends and accretion of redeemable preferred stock	—		—		—		—		—		(62,400)		(62,400)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	—		—		—		(29,987)		9,753		25		(20,209)
Less: Interest expense	(2,284)		(32,443)		(2,557)		(3)		—		(62,316)		(99,603)
Less: Depreciation and amortization expense	(19,590)		(49,465)		(9,336)		—		—		(3,150)		(81,541)
Less: Incentive allocations	—		—		—		—		—		—		—
Less: Asset impairment charges	(743)		—		—		—		—		—		(743)
Less: Changes in fair value of non-hedge derivative instruments	—		—		(1,125)		—		—		—		(1,125)
Less: Losses on the modification or extinguishment of debt and capital lease obligations	(937)		—		—		—		—		(1,099)		(2,036)
Less: Acquisition and transaction expenses	(737)		(1,370)		—		(94)		(1)		(1,938)		(4,140)
Less: Equity-based compensation expense	(1,394)		(5,865)		(1,770)		—		—		(170)		(9,199)
Less: Benefit from (provision for) income taxes	561		(2,468)		(496)		—		—		(67)		(2,470)
Less: Other non-recurring items	(1,339)		(1,131)		—		—		—		—		(2,470)
Net income (loss) attributable to stockholders	$	49,999	$	(36,720)	$	(22,489)	$	(5,249)	$	(12,315)	$	(156,962)	$	(183,736)

IV. Balance Sheet

The following tables sets forth the summarized balance sheet. All property, plant and equipment and leasing equipment are located in North America.


	December 31, 2025
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Current assets	$	90,394	$	100,455	$	165,765	$	84,222	$	14,716	$	28,459	$	484,011
Non-current assets	2,010,137		1,112,460		450,928		1,637,568		32,383		21,174		5,264,650
Total assets	2,100,531		1,212,915		616,693		1,721,790		47,099		49,633		5,748,661

Total debt, net	48,841		959,720		385,759		1,154,374		—		1,225,479		3,774,173

Current liabilities	80,532		121,528		38,964		125,740		910		42,323		409,997
Non-current liabilities	453,909		988,828		390,140		1,334,995		—		1,226,809		4,394,681
Total liabilities	534,441		1,110,356		429,104		1,460,735		910		1,269,132		4,804,678

Redeemable preferred stock	937,578		—		—		—		—		152,642		1,090,220

Non-controlling interests in equity of consolidated subsidiaries	5,996		(174,252)		(4,148)		4,843		—		—		(167,561)
Total equity	628,512		102,559		187,589		261,055		46,189		(1,372,141)		(146,237)
Total liabilities, redeemable preferred stock and equity	$	2,100,531	$	1,212,915	$	616,693	$	1,721,790	$	47,099	$	49,633	$	5,748,661


	December 31, 2024
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Current assets	$	48,667	$	154,752	$	6,756	$	6	$	48	$	9,622	$	219,851
Non-current assets	662,241		1,118,886		334,882		116		24,307		14,105		2,154,537
Total assets	710,908		1,273,638		341,638		122		24,355		23,727		2,374,388

Total debt, net	—		974,351		44,250		—		—		569,234		1,587,835

Current liabilities	48,866		131,503		41,136		3,732		20		25,537		250,794
Non-current liabilities	34,348		996,984		47,374		18,240		—		570,292		1,667,238
Total liabilities	83,214		1,128,487		88,510		21,972		20		595,829		1,918,032

Redeemable preferred stock	—		—		—		—		—		381,218		381,218

Non-controlling interests in equity of consolidated subsidiaries	4,722		(130,989)		(1,246)		—		—		—		(127,513)
Total equity	627,694		145,151		253,128		(21,850)		24,335		(953,320)		75,138
Total liabilities, redeemable preferred stock and equity	$	710,908	$	1,273,638	$	341,638	$	122	$	24,355	$	23,727	$	2,374,388

Free Sentinel

Want the next FTAI Infrastructure Inc. segments disclosure the moment it drops?

Set a Sentinel and we'll alert you the moment FTAI Infrastructure Inc.'s next filing hits EDGAR. No credit card, your email never gets sold.

Track for free

Historical Timeline

Fiscal Year	Filed
2025	Mar 16, 2026	Showing above
2024	Mar 13, 2025

2023	Mar 27, 2024

2022	Mar 9, 2023

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

FTAI Infrastructure Inc. Segments Disclosure

Want the next FTAI Infrastructure Inc. segments disclosure the moment it drops?

Historical Timeline

About Segments Disclosures

Other Available Disclosures