Nextdecade Corporation · NASDAQ:NEXT
Nextdecade — Investor Presentation (October 2026)
49 slides from Nextdecade's investor presentation, October 2026
Slide 1: Q3 2026 Investor Update
Q3 2026 Investor Update October 2026 Delivering energy for what’s NEXT
Slide 2: Disclaimer Statement
Disclaimer Statement This Presentation contains certain statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than
Slide 3: Recent Developments and Key Highlights: Commissioning and Start-Up Timeline
Phase Recent1 Developments Expected Commissioning and Start-Up Timeline and Key Highlights 4Q 2026 Expected first gas into the Rio Grande LNG Facility 2Q 2027 Expected first LNG production from Train 1 3Q 2027 Expected Substantial Completion of Train 1, one quarter ahead of guaranteed schedule ~1 Qu
Slide 4: Recent Developments: Unsold Production Volumes Provide Market Exposure
Projected Unsold Production Recent Developments and KeyVolumes Provide Valuable Market Exposure Highlights TTF Calendar Pricing 2027-2030 >$6/MMBtu Volume-weighted average implied $/MMBtu October 2025 v. October 2026 market margins during ramp-up $27.50 period (~2027–2Q 2031) $22.50 October 2025 Oct
Slide 5: Construction Continues Safely, on Budget, and Ahead of Schedule
Construction Continues Safely, on Budget, and Ahead of Schedule Progressing toward expected Train 1 LNG production in 2Q 2027 and Substantial Completion in 3Q 2027 Recent Construction Highlights Construction Progress as of September 2026 Liquefaction Trains 79.7% • Train 1 electrical, mechanical, an
Slide 6: Meaningful Regulatory Progress During 3Q 2026
Meaningful Regulatory Progress During 3Q 2026 Trains 1-5 • FERC approved uprate for Trains 1 through 5, increasing authorized liquefaction capacity to 30.15 MTPA, in line with expected production Train 6 • FERC released schedule of environmental review for Train 6 in July 2026, final Environmental I
Slide 7: Continuing to Execute Project-Level Balance Sheet Strategy
Continuing to Execute Project-Level Balance Sheet Strategy • Strong progress on project-level balance sheet strategy of terming out bank facilities via debt capital markets transactions • Robust demand and attractive pricing across transactions • Over 60% of initial capacity under Phase 1 bank facil
Slide 8: NextDecade Level Debt Target Update
NextDecade Level Debt Target Update • NextDecade level debt target ~$2.0–$2.25B NextDecade Consolidated Financial Statements at beginning of five-train steady state operations based on base case guidance NextDecade NextDecade Corporation level debt • Unchanged target leverage supported by cash flows
Slide 9: NextDecade Investment Highlights
NextDecade Investment Highlights 8
Slide 10: Providing the World Access to Lower-Carbon Energy
Providing the World Access to Lower-Carbon Energy Maximizing shareholder value by safely and efficiently delivering lower-carbon energy through LNG infrastructure Rio Grande LNG Facility NextDecade is developing and constructing the Rio Grande LNG Facility, a natural gas liquefaction and export faci
Slide 11: NextDecade Key Investor Highlights
NextDecade Key Investor Highlights 1 Strong Asset Development Platform at Rio Grande LNG Site 2 Valuable Relationships with High-Quality Counterparties Across the Value Chain 3 Growth Momentum Supported by Robust Market Fundamentals 4 Strong Commitment to Sustainability and Social Responsibility 10
Slide 12: Strong Organic Growth Platform at Site
NextDecade Key Investor Highlights Construction of Trains 1-5 progressing safely and on budget, Phase 1 tracking ahead of guaranteed schedule 1 First LNG from Train 1 expected 2Q 2027, Trains 1-3 each expected to achieve Substantial Completion approximately one quarter ahead of guaranteed schedule S
Slide 13: Valuable Relationships with High-Quality Counterparties
NextDecade Key Investor Highlights EPC partner has unmatched track record of liquefaction project deliverability on time and on budget 2 Commercial offtake agreements (LNG SPAs) with creditworthy, leading players in the global LNG market Valuable Relationships with Project design utilizes establish
Slide 14: Growth Momentum Supported by Robust Market Fundamentals
NextDecade Key Investor Highlights Demand for incremental LNG expected to continue to grow in coming years due to strong global growth in total gas demand, combined with constraints in natural gas and LNG 3 production and transportation in various parts of the world Since Iran conflict began Februar
Slide 15: Strong Commitment to Sustainability and Social Responsibility
NextDecade Key Investor Highlights NextDecade seeks to deliver secure, affordable, and cleaner energy through the safe and efficient development and operation of liquefaction capacity at Rio Grande LNG 4 LNG displaces coal and other solid fuels in developing Strong Commitment countries, providing en
Slide 16: 2026 Priorities
2026 Priorities 15
Slide 17: Progress on Key 2026 Priorities
Progress on Key 2026 Priorities NextDecade 2026 Priorities Year-to-Date Progress Phase 1 continues to progress ahead of guaranteed Progress construction of Trains 1-5 safely, on schedule, within budget, and safely budget, and ahead of schedule Commissioning activities for Train 1 and across site
Slide 18: LNG Market Dynamics
LNG Market Dynamics 17
Slide 19: Robust Global Gas Demand Growth Calls for Incremental LNG Supply
Robust Global Gas Demand Growth Calls for Incremental LNG Supply bcm 6,000 • Expect growth in global gas demand to LNG Pipeline Gas remain strong into 2030s and beyond 5,000 - Economic growth and electrification driving demand in developing countries 4,000 - Increased focus on energy security across
Slide 20: Middle East Conflict Has Dramatically Altered “Third Wave” Dynamic
Middle East Conflict Has Dramatically Altered “Third Wave” Dynamic Uncertain timing of return of existing Middle East LNG supply and delays to expansion projects have removed material amounts of LNG supply from the global market through 2030+ (MTPA) Historical and Projected LNG Supply Prior to Middl
Slide 21: Recent Events Underscore Attractiveness of Long-Term U.S. LNG Supplies
Recent Events Underscore Attractiveness of Long-Term U.S. LNG Supplies Short-Term LNG Market Price vs. Estimated U.S. LNG SPA Delivered Price to Asia1 2021 – Present Stable Henry-Hub linked $30 pricing serves as buffer Average Average against market price shocks 2021-Present 2023-Present and tight m
Slide 22: Low Storage Levels and Elevated Prices Leave Europe’s Gas Market Exposed
Low Storage Levels and Elevated Prices Leave Europe’s Gas Market Exposed TTF and Henry Hub Calendar Pricing 2027-2030 Europe natural gas storage (% full) 100% $/MMBtu 90% $30 80% $25 TTF 70% Henry Hub 60% $20 50% $15 40% $10 30% 20% $5 10% 2026 2022 2021 5-year average 5-year range $- 0% 2027 2028 2
Slide 23: Rio Grande LNG Facility
Rio Grande LNG Facility 22
Slide 24: Site in Great Location for Liquefaction Development
Rio Grande LNG Site in Great Location for Liquefaction Development Access to uncongested port Strong geotechnical conditions and waterway requiring less piling Area historically subject to Proximity to prolific natural fewer named storms than gas resources in Permian and other areas of U.S. Gulf Coa
Slide 25: Developing and Advancing Trains 6-8 on the Path to Doubling Capacity
Developing and Advancing Trains 6-8 on the Path to Doubling Capacity Train 6 • Submitted formal FERC application for Train 6 and a third berth in 2Q 2026 • FERC issued schedule of environmental review in July, final Environmental Impact Statement expected in June 2027 • Progressing discussions with
Slide 26: Potential to Be One of World’s Largest LNG Production and Export Sites
Potential to Be One of World’s Largest LNG Production and Export Sites MTPA 12 MTPA 60 MTPA 60 50 18 MTPA 40 30 MTPA 30 ~48 MTPA 20 currently under construction or 10 in development 0 Trains 1-5 under Trains 6-8 in Potential incremental LNG Total potential LNG construction development production cap
Slide 27: Trains 1–5 Facility Site Plan
Trains 1–5 Rio Grande LNG Facility Site Plan World class ~1,000-acre site in south Texas with 15,000 feet of frontage on the Brownsville Ship Channel, advantaged by proximity to abundant Permian and Eagle Ford gas resources and uncongested port Texas State Pipeline Highway 48 interconnects Material
Slide 28: Valuable Relationships with High-Quality Counterparties Across Value Chain
Valuable Relationships with High-Quality Counterparties Across Value Chain LNG Customers Equity Partners Technology EPC Pipeline 27
Slide 29: Partnering with Preeminent Global LNG EPC Contractor Bechtel
Partnering with Preeminent Global LNG EPC Contractor Bechtel Construction of the Rio Grande LNG Facility is de-risked by Bechtel’s track record of successful LNG completions and by fully-wrapped, lump-sum, turnkey EPC contracts Project Scope Trains 1-5 • 5 liquefaction trains with expected productio
Slide 30: Facility Construction Schedule
Rio Grande LNG Facility PhaseGuaranteed Construction 1 Construction Schedule Progress Update 2023 2024 2025 2026 2027 2028 2029 2030 2031 Train 1 3Q 2027 4Q 2027 Train 2 2Q 2028 3Q 2028 Train 3 4Q 2028 1Q 2029 Train 4 3Q 2030 Train 5 2Q 2031 Guaranteed Construction Timeline Guaranteed Substantial Co
Slide 31: Phase 1 Construction Progress Update: Trains 1-3
Rio Grande LNG Facility PhaseConstruction 1 Construction Progress Progress Update Train 1, September 2026 Train 2, September 2026 Train 3, September 2026 30
Slide 32: Construction Progress Update: Trains 4 and 5
Rio Grande LNG Facility PhaseConstruction 1 Construction Progress Progress Update Train 4, September 2026 Train 5, September 2026 31
Slide 33: Feed Gas Sourcing and Transportation Strategy
Rio Grande LNG Facility Feed Gas Sourcing and Transportation Strategy Executing a diversified gas sourcing and transportation strategy to capitalize on proximity to sources that are expected to produce significant quantities of low-cost natural gas for decades • Diversified sourcing across suppliers
Slide 34: Long-Term LNG Sale and Purchase Agreements Overview
Long-Term LNG Sale and Purchase Agreements Overview Phase 1 Train 4 Train 5 Counterparties 93% FOB SPA Type 100% FOB 100% FOB 7% DES Average Term 19.2 years 20 years 20 years 91% HH Index 100% HH 100% HH 9% Brent SPA volume (MTPA)1 16.2 4.6 4.5 % Capacity Contracted ~90%2 ~77% ~75% ~85% of five-trai
Slide 35: ~$32 billion of Fully Funded Liquefaction Infrastructure
Rio Grande LNG Trains 1-5 Funding Summary • Financed ~66% debt / ~34% equity at FID Phase 1 • $6.2 billion total equity commitments1 from NextDecade, Global Infrastructure Partners (GIP), GIC, $18.0 billion Mubadala, and TotalEnergies estimated total • $1.0 billion equity from RGLNG HoldCo Borrower2
Slide 36: Facility Equity Partners
Rio Grande LNG Facility Equity Partners Financial Investors Total Commitments $2.7 Billion Total Commitments $7.5 Billion Total Commitments $1.3 Billion • Phase 1 • Phase 1 • Phase 1 - ~$0.3 billion commitment completed - ~$4.8 billion total commitments - ~$1.0 billion commitment - Up to 20.8% econo
Slide 37: Train 4 and 5 Equity Commitments Fully Funded
NextDecade’s Train 4 and 5 Equity Commitments Fully Funded with No Material Impact to Equity Train 4 and 5 equity funding commitments of ~$2.4 billion fully funded utilizing approach with lowest estimated cost of capital and highest impact to cash flow per share ~$0.2 Billion Cash • Cash committed f
Slide 38: Capital Structure and Financial Guidance
Capital Structure and Financial Guidance 37
Slide 39: NextDecade Summary Capital Structure
NextDecade Summary Capital Structure NextDecade NextDecade consolidated NextDecade Corporation level debt financial (NASDAQ: NEXT) statements NextDecade LNG, LLC $175 million1 13.50% senior secured loans due 2030 $100 million1 8.00% senior secured exchangeable Rio Grande LNG Super loans due 2030 Hol
Slide 40: Guidance for Ramp-Up Period from Train 1 Start-Up to Train 5 Completion
Guidance for Ramp-Up Period from Train 1 Start-Up to Train 5 Completion Robust cash flow projected across range of market margins TBtu 5,000 Projected LNG Production Volumes for Ramp-Up Period Projected NextDecade Share of Rio TBtu Train 1 Start-Up to Train 5 DFCD1 (~2027 – 2Q 2031) Grande LNG Proje
Slide 41: Steady State Annual Financial Guidance Pricing Sensitivities
Steady State Annual Financial Guidance Pricing Sensitivities Robust cash flow projected across range of market margins Projected NextDecade Annual Steady State Distributable Cash Flow Additional Pricing Sensitivity Reaffirm Existing Guidance (Assumes ~2 MTPA additional SPAs and maximization of proje
Slide 42: NextDecade Capital Priorities
NextDecade Capital Priorities 1. Protect safe and reliable operations by maintaining high-integrity assets 2. Continue to opportunistically access the debt capital markets to term out Rio Grande LNG project-level debt while maintaining investment grade credit metrics 3. Refinance FinCo and Super Fin
Slide 43: Empowering the Rio Grande Valley Community
Empowering the Rio Grande Valley Community 42
Slide 44: NextDecade is Committed to the Rio Grande Valley Community
NextDecade is Committed to the Rio Grande Valley Community Fostering a long-lasting partnership with local stakeholders to create value, provide opportunities, and contribute to a thriving community for all • Continuous engagement with local stakeholders to: - Obtain a greater understanding of commu
Slide 45: NextDecade is Committed to the Rio Grande Valley Community
NextDecade is Committed to the Rio Grande Valley Community Fostering a long-lasting partnership with local stakeholders to create value, provide opportunities, and contribute to a thriving community for all • NextDecade’s community engagement is founded on four core values: “The Rio Grande LNG proje
Slide 46: Appendix
Appendix 45
Slide 47: Key Assumptions and Details
Key Assumptions and Details Steady state period refers to the period beginning when respective trains have been completed and placed in operation and deliveries under each train’s LNG SPAs have commenced. Projected guidance assumes SPA contract price for all contracted volumes and a $3.00/MMBtu or $
Slide 48: Non-GAAP Measures
Non-GAAP Measures Rio Grande LNG Project-Level Adjusted EBITDA, Rio Grande LNG Project-Level Distributable Cash Flow, NextDecade Share of Rio Grande LNG Project-Level Distributable Cash Flow, and NextDecade Distributable Cash Flow are non-GAAP financial measures that we use to assess operating perfo
Slide 49: Delivering energy for what’s NEXT
Investor Relations Contacts: Megan Light John Montano Vice President, Investor Relations Senior Analyst, Investor Relations [email protected] [email protected] 832-981-6583 832-397-6140 Delivering energy for what’s NEXT www.next-decade.com