FTAI Infrastructure Inc. Reports Q4 and Full Year 2025 Results: Adjusted EBITDA Soars 82%, Strategic Acquisitions Drive Growth

Key Highlights for Investors

• Adjusted EBITDA for FY2025 reached \$232.3 million, representing an 82% year-over-year increase. Excluding certain gains, core Adjusted EBITDA was \$382.8 million.
• Q4 2025 Adjusted EBITDA came in at \$80.2 million, indicating a year-end run rate of \$320.8 million annually.
• Net loss attributable to stockholders (before Series B Preferred Stock dividend and loss on extinguishment of preferred stock) was \$(207.4) million for FY2025.
• Basic loss per common share for the year was \$(2.24); diluted loss per share was \$(2.26).
• Dividend declared: \$0.03 per common share for Q4 2025, payable April 1, 2026 (record date: March 13, 2026).
• Major refinancing completed: Closed a new \$1.315 billion term loan to refinance the 2025 bridge facility, strengthening the balance sheet after the Wheeling & Lake Erie Railroad acquisition.
• Railroad segment performance: Q4 Adjusted EBITDA of \$41.3 million, with Wheeling integration underway and multiple new M&A opportunities being pursued.

Comprehensive Financial Overview

Income Statement Highlights (USD thousands unless otherwise noted)

• Total revenues for FY2025: \$502.5 million (up from \$331.5 million in 2024).
• Total expenses for FY2025: \$494.6 million (up from \$431.0 million in 2024), reflecting higher operating, acquisition, and depreciation costs driven by recent M&A activity.
• Significant non-cash items: Depreciation & amortization climbed to \$132.5 million (from \$79.4 million); Asset impairments of \$4.4 million (down from \$72.3 million in 2024).
• Net loss for FY2025: \$(152.1) million, improved from \$(266.1) million in 2024.
• Adjusted EBITDA (Non-GAAP): \$361.2 million for FY2025 (core segments: \$382.8 million), up sharply from \$127.6 million in 2024.

Balance Sheet Highlights

• Total assets at year-end 2025: \$5.75 billion (up from \$2.37 billion at 2024 year-end), reflecting the Wheeling & Lake Erie Railroad acquisition and other investments.
• Cash & equivalents (including restricted): \$325.9 million.
• Total liabilities: \$4.80 billion (up from \$1.92 billion), driven by new debt and preferred securities issued to fund acquisitions.
• Notable change: New Series A RailCo preferred and Series B convertible preferred stock issued (\$937.6 million and \$152.6 million outstanding, respectively).
• Total equity (including non-controlling interests): \$(146.2) million (down from \$75.1 million), reflecting accumulated losses and significant preferred share issuance.

Strategic and Segment Developments

• Acquisition & Integration: The completion and integration of the Wheeling & Lake Erie Railroad is a major milestone, positioning FTAI Infrastructure for further growth in the railroad sector. Management notes “multiple new M&A opportunities” are being actively pursued.
• Refinancing: The successful closing of a \$1.315 billion term loan to refinance bridge debt not only strengthens the balance sheet but also provides flexibility for future investments.
• Railroad Segment: Delivered \$41.3 million in Q4 Adjusted EBITDA, and the segment is expected to be a major earnings driver going forward.
• Dividend Policy: Continuation of a quarterly dividend, though modest at \$0.03/share, signals management’s confidence in stable cash flows amid substantial recent investments.

Cash Flows & Capital Allocation

• Net cash used in operating activities: \$(118.0) million for FY2025 due to increased working capital and transaction costs.
• Net cash used in investing activities: \$(1.14) billion, reflecting significant acquisitions and capital expenditures.
• Net cash provided by financing activities: \$1.44 billion, driven by new debt and preferred stock issuances, offset by repayment of existing debt and preferred securities.

Non-GAAP Measures: Adjusted EBITDA

Management emphasizes Adjusted EBITDA as the key performance metric. This measure strips out non-cash and non-recurring items, preferred dividends, and the impact of unconsolidated entities. The sharp rise in Adjusted EBITDA is a clear indicator of operational leverage from recent acquisitions and cost management.

Potential Share Price Drivers & Investor Considerations

• Massive Growth in Adjusted EBITDA (+82% YoY): Indicates successful execution on acquisitions and core operational improvements, potentially supporting higher share valuations.
• Balance Sheet Expansion & Leverage: While acquisitions have driven asset and revenue growth, the company now carries substantially higher debt and preferred stock, which may amplify both upside and downside risks.
• Dividend Continuity: The maintenance of a dividend, albeit modest, may reassure income-focused investors about the stability of cash flows post-acquisition.
• Ongoing M&A Pipeline: Management’s commentary on “multiple new M&A opportunities” signals continued expansion potential, but also ongoing execution and integration risks.
• Net Losses vs. Underlying EBITDA Growth: Despite strong growth in underlying operational profitability, GAAP net losses and negative equity may concern some investors, particularly regarding dilution risk from preferred securities and future capital needs.
• Significant Change in Capital Structure: The issuance of new preferred securities and large-scale debt refinancing are material events that may affect share price volatility as the market digests these changes.

Conference Call & Additional Information

Management will host a conference call on February 27, 2026, at 8:00 A.M. Eastern Time. Details for registration and webcast access are available on the company’s website. A replay will be accessible through March 6, 2026.

About FTAI Infrastructure Inc.

FTAI Infrastructure invests in critical infrastructure assets across the rail, ports and terminals, and power and gas sectors, aiming for stable cash flows and asset appreciation. The company is externally managed by an affiliate of Fortress Investment Group LLC, a global investment firm.

Cautionary Statements

Management’s outlook contains forward-looking statements subject to risks and uncertainties, including those detailed in recent SEC filings. Investors are advised to review these disclosures carefully.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence and consult with professional advisors before making investment decisions. The information is based on company-reported data and may be subject to change. The author and publisher assume no liability for actions taken based on this article.

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