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1. Like an oil refinery, but exclusively focused on turning natural gas into exportable liquefied natural gas (LNG).

2. Like a massive industrial chemical plant, but its sole purpose is to convert natural gas into super-cooled liquid for global energy markets.

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• Natural Gas Liquefaction Services: NextDecade provides the industrial process and infrastructure to cool and convert natural gas into liquefied natural gas (LNG) at its export terminals.
• LNG Export and Terminal Services: NextDecade offers the logistical support, storage, and loading facilities necessary for the efficient export of liquefied natural gas to international markets via dedicated LNG carriers.

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NextDecade (NEXT) primarily sells Liquefied Natural Gas (LNG) to other companies through long-term Sale and Purchase Agreements (SPAs). Its major customers are global energy companies, utilities, and gas distributors that require LNG for their energy needs or distribution networks.

Major Customers of NextDecade (NEXT):

• TotalEnergies SE (NYSE: TTE)
• ExxonMobil (NYSE: XOM)
• ENGIE S.A. (Euronext Paris: ENGI; also traded OTC: ENGIY)
• EnBW Energie Baden-Württemberg AG (A major German utility; not publicly traded on major international exchanges with a common stock symbol)
• Shenergy Group Company Limited (A Chinese state-owned enterprise; its subsidiary Shenergy Co., Ltd. is listed on the Shanghai Stock Exchange: 600642.SS)
• China Gas Holdings Limited (HKEX: 00038.HK)

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• Bechtel
• Air Products & Chemicals, Inc. (NYSE: APD)
• Siemens Energy AG (XTRA: ENR)
• Enbridge Inc. (NYSE: ENB)

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Matthew Schatzman, Chairman & Chief Executive Officer

Matthew Schatzman has served as Chief Executive Officer of NextDecade Corporation since 2018 and was elected Chairman of the Board of Directors in 2019. He joined the company as President and a member of the Board of Directors in 2017. Mr. Schatzman has over three decades of experience in the energy industry. His previous roles include Executive Vice President Global Energy Marketing and Shipping and a member of the Group Executive Committee at BG Group, where he was responsible for the company's global marketing, trading, and shipping activities for LNG, crude oil, and natural gas. During his time at BG Group, he was instrumental in transforming its LNG business into a global leader in flexible LNG supply and trading. Mr. Schatzman also held senior executive roles at Dynegy and began his career at Transco Pipeline, a subsidiary of Williams. Prior to joining NextDecade, he was President of MKS Energy, LLC, where he provided energy advisory and consulting services.

Mike Mott, Interim Chief Financial Officer

Mike Mott was appointed Interim Chief Financial Officer effective October 20, 2025. He previously served as Senior Vice President Enterprise Transformation, and also led NextDecade's Carbon Solutions and corporate strategy groups. Before joining NextDecade, Mr. Mott was the Chief Financial Officer of LNG Limited from 2014 to 2020. He also held various senior finance, strategy, and operations positions at BG Group.

Ivan Van der Walt, Chief Operating Officer

Ivan Van der Walt was appointed Chief Operating Officer effective July 1, 2021, and joined NextDecade in July 2018 as Senior Vice President, Engineering and Construction. He possesses nearly 30 years of experience in the global energy industry. His prior experience includes senior roles with Chicago Bridge & Iron Company (now McDermott) and Chevron. Mr. Van der Walt also served as chief executive of the Australasian division of the KNM Group and has management experience on multiple LNG projects such as Darwin LNG, Woodside LNG Train 5, Pluto LNG, Gorgon LNG, and Cameron LNG.

James MacTaggart, Chief Marketing Officer

James MacTaggart serves as Chief Marketing Officer at NextDecade. He brings over 25 years of experience in delivering large and complex deals within the LNG and natural gas industry across Asia, Europe, the Middle East, and the United States. He has successfully executed long-term LNG sale and purchase agreements that supported positive final investment decisions on five greenfield LNG projects. Before joining NextDecade, Mr. MacTaggart spent more than 20 years with Shell in various marketing and trading roles, including General Manager of Shell's Gas and LNG Markets business in Asia, India, and the Middle East, where he also established Shell's gas trading business in India.

Vera De Brito de Gyarfas, General Counsel & Corporate Secretary

Vera De Brito de Gyarfas was appointed General Counsel and Corporate Secretary effective July 12, 2021. She has nearly 30 years of legal experience in the global energy industry. Ms. De Brito de Gyarfas was previously a partner in Mayer Brown's Houston office and a member of the firm's Oil & Gas industry group. Her extensive LNG industry experience includes representing Anadarko as the operator of the Area 1 Block and developer of an LNG project in Mozambique, as well as structuring and negotiating investment agreements, commercial contracts, and LNG Sale and Purchase Agreements.

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The public company NextDecade (symbol: NEXT) faces several key risks, primarily centered around the successful execution of its large-scale energy projects and the volatile nature of the energy market.

1. Project Completion and Financing Risk: NextDecade's business success is highly dependent on the timely and on-budget completion of its Rio Grande LNG Facility and associated Carbon Capture and Storage (CCS) projects. As the company is currently in development and construction phases and lacks significant revenue streams, it requires substantial additional debt and equity financing to execute its business plan. Delays in construction, cost overruns, or an inability to secure future financing on acceptable terms could materially and adversely affect the company's financial condition and operational results.
2. Regulatory and Environmental Risk: The development and operation of LNG and CCS projects are subject to rigorous governmental approvals, environmental assessments, and regulatory oversight. Any changes in environmental laws, increased regulatory scrutiny, or challenges in obtaining and maintaining necessary permits and authorizations could lead to significant delays, increased costs, or even the cancellation of projects, impacting NextDecade's operational plans and financial projections. This also includes risks related to the viability of all federally permitted infrastructure projects due to potential legal precedents.
3. Market Volatility and Competition: NextDecade operates within the highly volatile energy sector, where commodity prices are influenced by geopolitical events, shifts in global supply and demand, and regulatory changes. The company faces intense competition in all aspects of its business, particularly in the global LNG market. General economic conditions, including inflation and rising interest rates, also pose financial risks and can impact the company's ability to generate cash.

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Accelerating global energy transition and decarbonization efforts, which could diminish long-term demand for natural gas and LNG as countries and corporations prioritize renewable energy and alternative fuels, potentially leading to reduced future profitability or stranded assets.

Increasing competition and potential market oversupply in the global LNG market, driven by numerous new LNG export projects, particularly from the US and Qatar, which could exert downward pressure on LNG prices and make securing attractive long-term offtake agreements more challenging for NextDecade.

Adverse regulatory and policy shifts impacting fossil fuel infrastructure and exports, exemplified by recent actions such as the US administration's pause on approvals for new LNG export terminals, which creates uncertainty for future expansion plans and signals a potentially more challenging operating environment for the LNG industry.

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NextDecade (symbol: NEXT) primarily operates in two addressable markets: Liquefied Natural Gas (LNG) production and export, and Carbon Capture and Storage (CCS) solutions.

Liquefied Natural Gas (LNG)

• Global Market: The global liquefied natural gas market was valued at approximately USD 122.60 billion in 2024 and is projected to reach USD 226.97 billion by 2030, growing at a compound annual growth rate (CAGR) of 11.6% from 2025 to 2030. Another estimate indicates the global LNG market was valued at USD 128.44 billion in 2024 and is projected to reach USD 1,088.33 billion by 2033, with a CAGR of 26.8% from 2025–2033. In terms of capacity, global LNG production capacity was 474 million tonnes per annum (MTPA) in 2024 and is forecast to reach 763 MTPA by 2030.
• North American Market: The North American LNG market is anticipated to reach USD 44,208.1 million by 2033, growing at a CAGR of 5.8% from USD 26,615.3 million in 2024. The market size for North America stood at USD 54.44 billion in 2024. North America's LNG export capacity is projected to increase from 11.4 billion cubic feet per day (Bcf/d) at the beginning of 2024 to 28.7 Bcf/d in 2029. This is roughly equivalent to an increase from 85 MTPA to 181.00 MTPA over the next several years.

Carbon Capture and Storage (CCS)

• Global Market: The global carbon capture and storage market was valued at USD 8.6 billion in 2024 and is estimated to grow at a CAGR of 16% from 2025 to 2034. Other reports value the global CCS market at approximately USD 3.68 billion in 2024, with a projection to reach USD 6.72 billion by 2033, growing at a CAGR of 7.0% from 2025 to 2033. Another source estimates the global CCS market size to be USD 8.92 billion in 2025, forecasted to reach around USD 50.70 billion by 2034, accelerating at a CAGR of 21.37% from 2025 to 2034.
• U.S. / North American Market: The U.S. carbon capture and storage market was valued at USD 3.16 billion in 2024 and is likely to exceed USD 11 billion by 2034. North America held the largest share of 36.83% of the global market in 2024. The North America carbon capture and storage market size surpassed USD 2.70 billion in 2024 and is expanding at a CAGR of 21.40% during the forecast period. The U.S. market alone was estimated at USD 1.87 billion in 2024 and is predicted to reach approximately USD 13.83 billion by 2034, with a CAGR of 22.15% from 2025 to 2034. The U.S. accounts for 82.2% of the market share in North America.

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NextDecade (NEXT) is poised for significant future revenue growth over the next 2-3 years, driven by several key developments related to its Rio Grande LNG facility and associated projects.

1. Commencement of Commercial Operations and LNG Sales from Rio Grande LNG Phase 1 (Trains 1-3): Construction of the first three trains at the Rio Grande LNG facility is underway, with operations anticipated to begin by late 2027. These trains are expected to add 17.6 million tonnes per annum (Mt/y) of export capacity. Revenue will be generated through existing long-term Sale and Purchase Agreements (SPAs), totaling 16.15 MTPA for Phase 1, which represents over 90% of the nameplate capacity. These contracts, with an average term of 19.2 years, include a fixed fee per million British Thermal Units that escalates annually with inflation, along with a variable fee to offset natural gas feedstock and operational costs. Once operational, Trains 1-3 are projected to generate approximately $1.8 billion annually from fixed fees alone.
2. Advancement of Rio Grande LNG Phase 2 (Trains 4 & 5) towards Completion and Subsequent Revenue from Long-Term Sale and Purchase Agreements: NextDecade has recently made positive Final Investment Decisions (FIDs) for both Train 4 (September 2025) and Train 5 (October 2025) at its Rio Grande LNG project. Train 4 has an expected LNG production capacity of approximately 6 MTPA and is supported by 4.6 MTPA of 20-year LNG SPAs. Train 5 also has an expected LNG production capacity of approximately 6 MTPA and is commercially supported by 4.5 MTPA of 20-year LNG SPAs. While the guaranteed substantial completion and first commercial delivery for Trains 4 and 5 are anticipated in the second half of 2030 and first half of 2031, respectively, the FIDs and secured long-term SPAs are critical steps taken within the next 2-3 years that solidify future revenue streams and indicate continued growth.
3. Further Expansion of the Rio Grande LNG Facility with Additional Liquefaction Trains (e.g., Trains 6-8): NextDecade plans to expand the Rio Grande LNG facility further to include Trains 6 through 8, which could bring its total production capacity to 48 MTPA. The pre-filing for Train 6 with the Federal Energy Regulatory Commission (FERC) is anticipated within 2025, with a full application slated for early 2026. These ongoing expansion efforts, including securing additional SPAs and future FIDs, are expected to drive subsequent phases of revenue growth.
4. Development and Commercialization of Carbon Capture and Storage (CCS) Projects: NextDecade is actively exploring a carbon capture and storage project at the Rio Grande LNG site as part of its commitment to lower-carbon energy solutions. While the full revenue impact from CCS projects may extend beyond the immediate 2-3 year timeframe, initial development and potential commercial agreements for these solutions could establish a new revenue stream and diversify the company's offerings within this period.

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Share Repurchases

• NextDecade has repurchased shares related to share-based compensation, with dollar amounts such as $15,471 (in thousands) for the nine months ended September 30, 2025, and $3,272 (in thousands) for the year ended December 31, 2022.

Share Issuance

• On July 26, 2023, convertible preferred stock was converted into approximately 59.5 million shares of common stock.
• In February and March 2022, private placements of Series C Preferred Stock led to the issuance of 2,714,981 shares upon conversion, an estimated 271,383 shares from warrant exercises, and an estimated 275,621 shares from dividend payments.
• In conjunction with a Corporate Credit Agreement, NextDecade issued warrants exercisable for approximately 7.2 million shares of common stock to the lender.

Inbound Investments

• For Train 4 of the Rio Grande LNG project, NextDecade secured approximately $1.70 billion in equity commitments from a consortium of partners, including Global Infrastructure Partners, GIC, Mubadala Investment Company, and TotalEnergies. TotalEnergies committed about $300 million for a 10% stake, and Global Infrastructure Partners committed approximately $1.5 billion for a 50% stake.
• For Train 5, the project's financing package includes $2.6 billion in combined equity commitments from NextDecade and its partners: Global Infrastructure Partners (BlackRock), GIC, and Mubadala Investment Company.
• In July 2023, NextDecade closed a joint venture agreement for Phase 1 of the Rio Grande LNG project, which included approximately $5.9 billion in financing.

Capital Expenditures

• Total expected capital costs for Phase 1 (Trains 1-3) of the Rio Grande LNG Facility are estimated at approximately $18.0 billion, which includes EPC costs, owner's costs, contingencies, and financing costs. As of September 2025, Trains 1 and 2 and common facilities were 55.9% complete, and Train 3 was 33.4% complete.
• Total project costs for Train 4 and its related infrastructure are expected to be approximately $6.7 billion, with guaranteed substantial completion anticipated in the second half of 2030.
• Total project costs for Train 5 and its related infrastructure are also expected to be approximately $6.7 billion, with guaranteed substantial completion in the first half of 2031.