FTAI Infrastructure Q4 Earnings Call Highlights

FTAI Infrastructure (NASDAQ:FIP) reported a fourth-quarter 2025 adjusted EBITDA grounds of $80.2 million, up from $70.9 cardinal successful the 3rd 4th and $29.2 cardinal successful the year-ago period, arsenic the institution benefited from the archetypal full-quarter publication from the Wheeling & Lake Erie Railway and continued spot astatine its Long Ridge powerfulness and state asset.

CEO Ken Nicholson said the quarter’s adjusted EBITDA excluded a $9 cardinal summation tied to a write-up of a non-core concern successful Clean Planet Energy, which absorption characterized arsenic a one-time point not expected to repeat. For the afloat twelvemonth 2025, adjusted EBITDA totaled $232.3 million, up from $127.6 cardinal successful fiscal 2024.

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Nicholson said respective 2025 transactions and declaration commencements were timed specified that full-year results reflected lone partial contributions. Those included the February acquisition of the remaining 49% of Long Ridge, the August acquisition of the Wheeling & Lake Erie Railway, and the late-November commencement of enactment nether a caller 15-year ammonia export declaration astatine the Jefferson terminal.

Based connected these events, Nicholson said the institution exited 2025 astatine an “EBITDA tally complaint of conscionable implicit $320 cardinal annually,” which helium noted was meaningfully higher than reported figures for the year.

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In the obstruction segment, fourth-quarter gross was $86.4 cardinal and adjusted EBITDA was $41.3 million, compared with gross of $61.7 cardinal and adjusted EBITDA of $29.1 cardinal successful the 3rd quarter. The 4th was FTAI Infrastructure’s archetypal afloat 4th of ownership of the Wheeling, with absorption stating it took progressive power astatine the extremity of December pursuing Surface Transportation Board approval.

Of the obstruction segment’s $41.3 cardinal of adjusted EBITDA, $22.0 cardinal was attributed to Transtar and $19.3 cardinal to Wheeling. Nicholson said Transtar metrics were mostly stable, though coke volumes were somewhat little owed to an incidental astatine U.S. Steel’s Clairton accumulation portion that kept it down for the afloat 4th quarter; absorption said Clairton returned to afloat operations successful January and coke volumes person recovered.

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For Wheeling, Nicholson said fourth-quarter gross of $43.8 cardinal accrued 8% twelvemonth implicit twelvemonth and adjusted EBITDA roseate 34% twelvemonth implicit twelvemonth to $19.3 million, exceeding aboriginal expectations.