“We are pleased to announce today that we have made a positive FID on Train 4 and issued full notice to proceed to Bechtel,” said Matt Schatzman, NextDecade’s Chairman and Chief Executive Officer. “The global call for additional natural gas infrastructure continues to be strong, and we are well positioned to meet this growing demand for cleaner energy, with approximately 24 million tonnes per annum (MTPA) of expected LNG production capacity currently under construction, Train 5 nearing a positive FID, and significant additional expansion capacity under development at the Rio Grande LNG site. I’d like to thank the NextDecade team, our equity partners, our Train 4 LNG customers, Bechtel, our financing partners, and our local stakeholders for their ongoing support and contributions toward the continued success and growth of Rio Grande LNG.”

Positive FID Achieved on Train 4

On September 9, 2025, NextDecade made a positive FID and issued full notice to proceed to Bechtel under the Company’s lump-sum, turnkey engineering, procurement, and construction (EPC) contract for Train 4 and related infrastructure. Train 4 has expected LNG production capacity of approximately 6 MTPA, bringing the total expected LNG production capacity under construction at Rio Grande LNG to approximately 24 MTPA.

Train 4 is commercially supported by 4.6 MTPA of 20-year LNG Sale and Purchase Agreements (SPAs) with ADNOC, TotalEnergies, and Aramco. The guaranteed substantial completion date for Train 4, as well as the date of first commercial delivery (DFCD) under the Train 4 LNG SPAs, is anticipated in the second half of 2030.

Project costs for Train 4 and related infrastructure are expected to total approximately $6.7 billion, including EPC costs, owner’s costs, contingencies, financing fees and interest during construction, and other costs.

Courtesy of NextDecade

Committed Financing (≈ $6.7 billion)

• $3.85 billion term loan facility at Rio Grande LNG Train 4, LLC;
• $1.13 billion in equity commitments from NextDecade;
• $1.70 billion in equity commitments from partners Global Infrastructure Partners (part of BlackRock), GIC, and Mubadala Investment Company, and TotalEnergies.

NextDecade received $98 million at financial close from Rio Grande LNG Train 4, LLC for development costs and management services, and an additional $50 million will be received on September 9, 2026.

NextDecade has an initial economic interest of 40% in Train 4, which will increase to 60% after the Financial Investors achieve certain returns on their investments in Train 4.

NextDecade Train 4 Equity Commitment Financed with No Impact to Common Shares Outstanding

NextDecade entered into a total of $1.33 billion in term loans to finance its portion of Train 4 equity funding commitments without any impact to NextDecade common shares outstanding.

Key loan features

• FinCo Loan: $734 million delayed draw bank facility; interest at SOFR + 350 bps. Company mitigated interest risk via hedging at a SOFR rate of 4.12%. Commitments are cancellable and prepayable without penalty.
• SuperFinCo Loan: $600 million term loan with net proceeds disbursed at financial close; bears interest at 13% (interest payable in kind until one year after Train 4 completion); callable after five years at par.

Positive FID on Train 5 Expected in Fourth Quarter 2025

Train 5 commercialization is complete and is commercially supported by 4.5 MTPA of 20-year LNG SPAs with JERA, EQT Corporation, and ConocoPhillips.

In June 2025, the Company entered into a lump-sum, turnkey EPC contract with Bechtel for Train 5; in September 2025 the Company extended the pricing validity period under the Train 5 EPC contract through November 15, 2025 to accommodate the current expected timeline for achieving a positive FID on Train 5.

Project costs for Train 5 and related infrastructure are currently estimated at approximately $6.7 billion. The Company expects to finance construction of Train 5 using approximately 60% debt / 40% equity at the project level, and expects to enter bank facilities at Rio Grande LNG Train 5, LLC for the debt portion. Financial Investors have options to invest in Train 5 equity which, if exercised, would provide 50% of the equity funding required for Train 5. Inclusive of these options, NextDecade currently expects to fund the remaining 50% of the equity commitments for Train 5 and to have an initial economic interest of 50% in Train 5, which will increase to 70% after the Financial Investors achieve certain returns.

The Company expects to achieve a positive FID on Train 5 and related infrastructure, subject to obtaining adequate financing, in the fourth quarter of 2025. The guaranteed substantial completion date for Train 5, as well as DFCD under the Train 5 SPAs, is anticipated in the first half of 2031.

About NextDecade Corporation

NextDecade is committed to providing the world access to reliable, lower carbon energy. We are focused on delivering secure, low-cost, and sustainable energy solutions through the safe and efficient development and operation of natural gas liquefaction and carbon capture and storage infrastructure. Through our subsidiaries, we are developing and constructing the Rio Grande LNG natural gas liquefaction and export facility near Brownsville, Texas, with approximately 48 MTPA of potential liquefaction capacity currently under construction or in development. We are also developing a potential carbon capture and storage project at the facility to support a lower carbon future. NextDecade’s common stock is listed on the Nasdaq Stock Market under the symbol “NEXT.” NextDecade is headquartered in Houston, Texas. For more information, please visit www.next-decade.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words “anticipate,” “contemplate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “might,” “will,” “would,” “could,” “should,” “can have,” “likely,” “continue,” “design,” “assume,” “budget,” “guidance,” “forecast,” and “target,” and other words and terms of similar expressions are intended to identify forward-looking statements, and these statements may relate to the business of NextDecade and its subsidiaries. These statements have been based on assumptions and analysis made by NextDecade in light of current expectations and involve known and unknown risks that may cause actual results to differ materially. NextDecade’s actual results could differ materially from those anticipated because of a variety of factors described in NextDecade’s filings with the Securities and Exchange Commission. The forward-looking statements in this press release speak as of the date of this release. NextDecade may from time to time voluntarily update its prior forward-looking statements, but disclaims any commitment to do so except as required by securities laws.