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, 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, gains (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, before series B preferred stock dividend and loss on extinguishment of preferred stock to Adjusted EBITDA for the three months ended March 31, 2026 and 2025:

(1)Includes the following items for the three months ended March 31, 2026 and 2025: (i) depreciation and amortization expense of $50,691 and $25,012, (ii) capitalized contract costs amortization of $1,233 and $1,233 and (iii) amortization of other comprehensive income of $(10,236) and $(1,588), respectively.

(2)Includes the following items for the three months ended March 31, 2026 and 2025: (i) net (loss) income of $(518) and $6,578, (ii) interest expense of $— and $7,648, (iii) depreciation and amortization expense of $— and $2,884, (iv) acquisition and transaction expenses of $— and $201, (v) changes in fair value of non-hedge derivative instruments of $— and $(12,822), (vi) equity method basis adjustments of $— and $10 and (vii) other non-recurring items of $— and $1, respectively.

(3)Includes the following items for the three months ended March 31, 2026: (i) Railroad severance and integration expenses of $1,471 and (ii) unrealized loss on investment of $1,190. Includes the following items for the three months ended March 31, 2025: (i) incidental utility rebillings of $650 and (ii) loss on inventory heel of $385.

(4)Includes the following items for the three months ended March 31, 2026 and 2025: (i) equity-based compensation of $1,772 and $138, (ii) provision for income taxes of $66 and $104, (iii) interest expense of $4,052 and $3,940, (iv) depreciation and amortization expense of $3,331 and $3,069, (v) acquisition and transaction expenses of $15 and $1, (vi) interest and other costs on pension and OPEB liabilities of $— and $(2), (vii) asset impairment charges of $— and $19,

(viii) losses on the modification or extinguishment of debt of $1,489 and $2, (ix) dividends and accretion of redeemable preferred stock of $175 and $— and (x) other non-recurring items of $6 and $61, respectively.

The following tables sets forth a reconciliation of net loss attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock to Adjusted EBITDA for our four core segments for the three months ended March 31, 2026:

(1)Jefferson Terminal

Includes the following items for the three months ended March 31, 2026: (i) depreciation and amortization expense of $11,987 and (ii) capitalized contract costs amortization of $1,233.

Power and Gas

Includes the following items for the three months ended March 31, 2026: (i) depreciation and amortization expense of $16,376 and (ii) amortization of other comprehensive income of $(10,236).

(2)Railroad

Includes the following items for the three months ended March 31, 2026: Railroad severance and integration expenses of $1,471.

(3)Railroad

Includes the following items for the three months ended March 31, 2026: (i) equity-based compensation expense of $2, (ii) provision for income taxes of $16, (iii) interest expense of $7, (iv) depreciation and amortization expense of $92, (v) acquisition and transaction expenses of $8, (vi) dividends and accretion of redeemable preferred stock of $175, (vii) changes in fair value of non-hedge derivative instruments of $4 and (viii) other non-recurring items of $6.

Jefferson Terminal

Includes the following items for the three months ended March 31, 2026: (i) equity-based compensation expense of $1,679, (ii) provision for income taxes of $49, (iii) interest expense of $3,761, (iv) depreciation and amortization expense of $3,062 and (v) losses on the modification or extinguishment of debt of $1,489.

Repauno

Includes the following items for the three months ended March 31, 2026: (i) equity-based compensation expense of $73, (ii) interest expense of $90 and (iii) depreciation and amortization expense of $119.

Power and Gas

Includes the following items for the three months ended March 31, 2026: (i) equity-based compensation expense of $13, (ii) interest expense of $194, (iii) depreciation and amortization expense of $50, (iv) acquisition and transaction expenses of $7 and (v) changes in fair value of non-hedge derivative instruments of $(4).