FTAI Infrastructure Inc.

FTAI Infrastructure reported Q2 adjusted EBITDA of $76.1 million versus $45.9 million in Q2 2025. Excluding Long Ridge, adjusted EBITDA was $48.7 million, which management called a new quarterly record. Rail revenue was $92.2 million and rail adjusted EBITDA was $42.4 million, compared with pro forma Q2 2025 revenue of $81.2 million and adjusted EBITDA of $37.6 million. Jefferson revenue was $24.3 million and adjusted EBITDA was $13 million, versus $21.6 million and $11.1 million in Q2 2025. Long Ridge adjusted EBITDA was $27.4 million versus $23 million in Q2 2025. Management said it expects to close the Long Ridge sale by the end of Q3, eliminate about $1.4 billion of total debt, and reduce parent-level debt service by about $25 million annually. For the rail business, management expects several additional acquisition opportunities ahead and said Tidewater should contribute about $9 million of annual EBITDA. On the terminals side, Repauno Phase 2 is targeted for completion by year-end with revenue commencing shortly thereafter, and early 2027 service is expected near or at full capacity.

Ken Nicholson framed the quarter as one of broad execution across all three strategic priorities: selling Long Ridge and deleveraging, growing rail, and preparing terminals for monetization. He said the Wheeling acquisition has been a “game changer,” the integration is going smoothly, and the team is seeing more growth opportunities than originally expected. His tone was upbeat and confident, with repeated emphasis on momentum, a strong second half of 2026, and confidence that the platform can keep compounding through acquisitions and organic expansion.

Buck Fletcher did not give a separate prepared financial narrative in the transcript beyond supporting the earnings materials and taking part in the call. The key financial items management highlighted were $76.1 million of Q2 adjusted EBITDA, $48.7 million excluding Long Ridge, and the expected elimination of about $1.4 billion of debt once Long Ridge closes. Management also said debt service at the parent level should fall by about $25 million annually, aided by lower premium repayment terms tied to the sale proceeds.

Analysts focused on the Wheeling acquisition, the remaining synergy capture, and where the company wants to buy next. Management said Wheeling is ahead of expectations operationally, integration is about 80% complete, and the company is right on the $20 million cost-efficiency target, though the bigger upside is revenue growth from new transload facilities and cross-platform opportunities. Questions also probed Jefferson’s exposure to Middle East shipping disruption; management said Q3 should improve as ship volumes recover and rail crude volumes ramp, helped by the new Southern Star pipeline project and blending economics. On Repauno, management said Phase 3 is permitted and ready, but they will not start construction until a long-term contract is secured and they are still contracting Phase 2 capacity.