FTAI Infrastructure Inc.

What they do

FIP was formed December 13, 2021 as a subsidiary of FTAI Aviation Ltd. (formerly Fortress Transportation and Infrastructure Investors LLC) and trades on the Nasdaq Global Select Market under 'FIP.' It runs four primary business lines: Railroad (short line and regional railroads), Ports and Terminals (the Jefferson Terminal and Repauno segments, which store and handle crude oil, refined products and clean fuels for third parties), Power and Gas (including a 485-megawatt power plant at the Long Ridge terminal in Ohio), and Sustainability and Energy Transition. It reports five segments: Railroad, Jefferson Terminal, Repauno, Power and Gas, and Sustainability and Energy Transition, all in North America.

Revenue drivers

• Power and Gas — Develops and operates facilities such as the 485 MW Long Ridge power plant in Ohio; accounted for 36% of 2025 total revenue. The segment includes Long Ridge Energy & Power LLC, which was recorded as held-for-sale as of an April 29, 2026 sale agreement.
• Railroad — Invests in and operates short line and regional railroads in North America; accounted for 34% of 2025 total revenue. The company reported record rail segment revenues and Adjusted EBITDA in Q2 2026.
• Ports and Terminals (Jefferson Terminal and Repauno) — Develops or acquires industrial properties in strategic locations that store and handle crude oil, refined products and clean fuels for third parties; together accounted for 19% of 2025 total revenue.
• Corporate and other — Accounted for the remaining 11% of 2025 total revenue. The KRS business, previously in Corporate and Other, was sold on June 30, 2026.

Recent performance

Second quarter 2026 revenue was $186.8 million, up from $143.5 million in 2025-12-31 and $140.6 million in 2025-09-30. The company reported a Q2 2026 net loss attributable to common stockholders of $166.5 million and basic and diluted loss per share of $1.41. Adjusted EBITDA was $76.1 million for Q2 2026, and $83.0 million excluding the Sustainability and Energy Transition and Corporate and Other segments. Full-year 2025 revenue was $502.5 million with a net loss of $152.1 million and diluted EPS of -$2.26; operating cash flow was -$118.0 million. The Board declared a $0.03 per share common dividend on August 5, 2026, payable September 8, 2026.

Strategy

FIP targets infrastructure assets it believes have high barriers to entry, strong margins and stable cash flows, taking an opportunistic approach to distressed or undervalued assets where it can add value through active management. It states a target for overall corporate leverage on a consolidated basis of no greater than 50% of total capital, though leverage on individual assets may vary. It plans to grow through follow-on investments in existing assets as well as new acquisitions, relying on its manager's expertise and relationships. Recent actions include the June 29, 2026 acquisition of Tidewater, a barge and rail transloading company with operations in Ohio, West Virginia and Texas, added to the Railroad segment, and the pending sale of Long Ridge Energy & Power LLC. The company completed the SSP bi-directional pipeline project at Jefferson and is progressing Repauno phase two toward an expected early 2027 operational commencement.

Risks

• Limited standalone operating history — The company states it has limited experience operating as an independent public company and cannot assure it will successfully operate its business or meet contractual commitments.
• Inability to sustain distributions — The 10-K states there is no assurance FIP will generate sufficient returns to pay operating expenses, make or sustain distributions, or meet contractual commitments.
• Financing and interest rate exposure — Results depend on the level and volatility of interest rates, availability of short- and long-term financing, and spreads between asset yields and financing costs.
• Macroeconomic and customer credit risk — Uncertainty in general economic conditions, tariffs and trade policy, and customer defaults on obligations could reduce demand for assets and cash flows.

Outlook

Management reported Q2 2026 Adjusted EBITDA of $76.1 million and highlighted the pending sale of Long Ridge, which at closing is expected to immediately eliminate $1.16 billion of Long Ridge debt with net proceeds used to repay approximately $300 million of other debt, subject to regulatory approvals expected within 12 months of the April 29, 2026 signing. Repauno phase two is expected to commence operations in early 2027. The company declared a $0.03 per share quarterly dividend payable September 8, 2026.