FTAI Infrastructure Inc.

Key Performance Measures

The Chief Operating Decision Maker (“CODM”) utilizes Adjusted EBITDA as our key performance measure.

Adjusted EBITDA provides the CODM with the information necessary to assess operational performance, as well as make resource and allocation decisions. Adjusted EBITDA is defined as net income (loss) attributable to stockholders, 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 other pension expense benefits (“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.

The following table sets forth a reconciliation of net (loss) income attributable to stockholders to Adjusted EBITDA for the three and six months ended June 30, 2025 and 2024:

(1)Includes the following items for the three months ended June 30, 2025 and 2024: (i) depreciation and amortization expense of $33,998 and $20,163, (ii) capitalized contract costs amortization of $1,232 and $1,433 and (iii) amortization of other comprehensive income of $(3,144) and $—, respectively. Includes the following items for the six months ended June 30, 2025 and 2024: (i) depreciation and amortization expense of $59,010 and $40,684, (ii) capitalized contract costs amortization of $2,465 and $2,009 and (iii) amortization of other comprehensive income of $(4,732) and $—, respectively.

(2)Includes the following items for the three months ended June 30, 2025 and 2024: (i) net loss of $(100) and $(12,838), (ii) interest expense of $— and $11,182, (iii) depreciation and amortization expense of $— and $8,050, (iv) acquisition and transaction expenses of $— and $31, (v) changes in fair value of non-hedge derivative instruments of $— and $(3,875), (vi) equity-based compensation of $— and $1, (vii) asset impairment charges of $— and $163, (viii) equity method basis adjustments of $— and $16 and (ix) other non-recurring items of $— and $478, respectively. Includes the following items for the six months ended June 30, 2025 and 2024: (i) net income (loss) of $6,478 and $(24,780), (ii) interest expense of $7,648 and $22,075, (iii) depreciation and amortization expense of $2,884 and $13,180, (iv) acquisition and transaction expenses of $201 and $50, (v) changes in fair value of non-hedge derivative instruments of $(12,822) and $(1,822), (vi) equity-based compensation expense of $— and $2, (vii) asset impairment of $— and $250, (viii) equity method basis adjustments of $10 and $32 and (ix) other non-recurring items of $1 and $478, respectively.

(3)Includes the following items for the three months ended June 30, 2025: Railroad severance expense of $298. Includes the following items for the six months ended June 30, 2025: (i) incidental utility rebillings of $650, (ii) loss on inventory heel of $385 and (iii) Railroad severance expense of $298.

(4)Includes the following items for the three months ended June 30, 2025 and 2024: (i) equity-based compensation of $86 and $268, (ii) provision for (benefit from) income taxes of $84 and $(142), (iii) interest expense of $3,706 and $2,639, (iv) depreciation and amortization expense of $3,071 and $3,387, (v) acquisition and transaction expenses of $165 and $3, (vi) interest and other costs on pension and OPEB liabilities of $(1) and $—, (vii) asset impairment charges of $8 and $—, (viii) losses on the modification or extinguishment of debt of $356 and $2,150 and (ix) other non-recurring items of $2 and $—, respectively. Includes the following items for the six months ended June 30, 2025 and 2024: (i) equity-based compensation expense of $224 and $699, (ii) provision for (benefit from) income taxes of $188 and $(276), (iii) interest expense of $7,646 and $4,828, (iv) depreciation and amortization expense of $6,140 and $6,581, (v) acquisition and transaction expenses of $166 and $3, (vi) interest and other costs on pension and OPEB liabilities of $(3) and $2, (vii) asset impairment of $27 and $—, (viii) losses on the modification or extinguishment of debt of $358 and $2,150 and (ix) other non-recurring items of $63 and $—, respectively.

The following tables sets forth a reconciliation of net income (loss) attributable to stockholders to Adjusted EBITDA for our four core segments for the three months ended June 30, 2025:

(1)Jefferson Terminal

Includes the following items for the three months ended June 30, 2025: (i) depreciation and amortization expense of $11,290 and (ii) capitalized contract costs amortization of $1,232.

Power and Gas

Includes the following items for the three months ended June 30, 2025: (i) depreciation and amortization expense of $15,018 and (ii) amortization of other comprehensive income of $(3,144).

(2)Railroad

Includes the following items for the three months ended June 30, 2025: Railroad severance expense of $298.

(3)Railroad

Includes the following items for the three months ended June 30, 2025: (i) equity-based compensation expense of $2, (ii) provision for income taxes of $5, (iii) interest expense of $1, (iv) depreciation and amortization expense of $31, (v) acquisition and transaction expenses of $17, (vi) interest and other costs on pension and OPEB liabilities of $(1), (vii) asset impairment charges of $27 and (viii) other non-recurring items of $2.

Jefferson Terminal

Includes the following items for the three months ended June 30, 2025: (i) equity-based compensation expense of $76, (ii) provision for income taxes of $78, (iii) interest expense of $3,707, (iv) depreciation and amortization expense of $2,900, (v) acquisition and transaction expenses of $16 and (vi) losses on the modification or extinguishment of debt of $171.

Repauno

Includes the following items for the three months ended June 30, 2025: (i) equity-based compensation expense of $8, (ii) provision for income taxes of $1, (iii) interest expense of $(2), (iv) depreciation and amortization expense of $140, (v) acquisition and transaction expenses of $132, (vi) loss on the modification or extinguishment of debt of $185 and (vii) asset impairment charges of $(19).