NextDecade's stock rose 8.8% following the earnings update, driven by progress ahead of schedule and on budget at the Rio Grande LNG facility, along with early sales that reduce near-term exposure to volatile LNG market margins.

• Construction on Trains 1 and 2 is over two-thirds complete, with Phase 1 tracking ahead of guaranteed EPC completion dates.
• Early electrical commissioning of Train 1 is underway, supporting first gas expected in H2 2026 and first LNG production in H1 2027.
• Early LNG cargo marketing reduced exposure to market price fluctuations by 33%, with over 175 TBtu sold on FOB basis at margins above $3/MMBtu.
• Preparations for operations continue with over 400 employees hired and enterprise digital systems going live to support scaling and governance.
• Development and permitting for Trains 6 through 8 are progressing, with formal FERC application for Train 6 expected this quarter, in response to sustained long-term demand.