New Fortress Energy Inc. Q1 FY2025 earnings call

• Asset sales: Jamaica sale closed at $1.055 billion, net proceeds ~$800 million with $430 million gain; FEMA claim of $659 million with progress; FSRU sub charters with $143 million profit (present value $236 million at 10% discount); excess cargo sale with $296 million gain and $125 million to collect later. • Debt reduction/deleveraging: Focus on asset sales, e.g., Jamaica sale was a meaningful deleveraging event. • Brazil operations: CELBA 624-megawatt and PortoCem 1.6-gigawatt power plants with construction progress; CELBA near mechanical completion, PortoCem with gas turbines installed. • Puerto Rico focus: Energy system challenges; RFP for temporary power, gas supply, new generation; infrastructure improvements in San Juan.

No specific product segment financial performance with revenue contribution % provided in detail in the transcript.

• EBITDA plus gains expected $1.25 billion to $1.5 billion for the year, higher than previous estimate. • Core earnings consistent, with acceleration in second half due to assets coming online in Brazil. • Jamaica sale contributed to early start on the $1.25B to $1.5B EBITDA plus gains goal.

• Uncertainty in FEMA claim resolution timing and amount. • Market decline risk for excess cargo value. • Delays in Brazil auction and regulatory uncertainties.

Q: Gregory Lewis asked about restricted cash and potential debt repurchases.

A: Chris Guinta said restricted cash is mostly related to Brazil CapEx; Wes Edens discussed refinancing the balance sheet to align with asset duration and lower costs.

Q: Chris Robertson inquired about short-term power opportunity in Puerto Rico.

A: Wes Edens explained RFP details and Leandro Cunha talked about CELBA's payment structure.

Q: Wade Suki asked about asset sales, FLNG 2, and Nicaragua.

A: Wes Edens and Chris Guinta provided updates on Nicaragua's PPA restructuring and FLNG 2 status.

Q: Tarek Hamid questioned liquidity and CapEx.

A: Chris Guinta discussed CapEx needs in Brazil, Nicaragua, and FLNG 2 pacing.