Infinity Natural Resources — Second Quarter 2026 Earnings Summary

Financial Performance

• Reported net income of $108.0 million ($0.88 per diluted share) for Q2 2026, compared to $1.18 per diluted share in Q2 2025.
• Reported Adjusted EBITDAX of $114.7 million for Q2 2026, a 131% increase from Q2 2025, with an Adjusted EBITDAX Margin of $3.62 per Mcfe.
• Generated net cash provided by operating activities of $137.9 million for the three months ended June 30, 2026, a 136% increase compared to Q1 2026.
• Total net debt was approximately $524.1 million as of June 30, 2026.
• Total liquidity was $900.9 million as of June 30, 2026, consisting of $25.9 million in cash and $875.0 million in available borrowing capacity under the revolving credit facility.
• Incurred $129.1 million in development capital expenditures during the quarter.
• Total revenues were $171.0 million for Q2 2026, compared to $74.5 million in Q2 2025.
• Total operating expenses were $100.5 million for Q2 2026, compared to $52.8 million in Q2 2025.
• Operating income was $70.5 million for Q2 2026, compared to $21.7 million in Q2 2025.
• Net cash used in investing activities was $877.6 million for the six months ended June 30, 2026, primarily driven by the Antero Acquisition ($622.7 million) and additions to oil and gas properties ($241.1 million).
• Net cash provided by financing activities was $704.4 million for the six months ended June 30, 2026, driven by proceeds from the issuance of Notes ($550 million) and Series A Preferred Stock ($350 million).

Guidance and Future Outlook

• Maintained 2026 capital & production guidance.
• 2026 capital budget is set at $450 million to $500 million for development activities, including drilling, completions, and midstream.
• 2026 net production is expected to be between 345 and 375 MMcfe/d.
• 2026 natural gas production is expected to be between 235 and 255 MMcfe/d.
• 2026 oil and liquids production is expected to be between 18 and 20 Mbbls/d.
• Strategy remains focused on disciplined capital allocation, capital-efficient production growth, and execution of the development program.

Business Segments and Product Lines

• Delivered 75% growth in net daily production to 348.5 MMcfe/d in Q2 2026 compared to Q2 2025.
• Natural gas net production increased 73% to 216.8 MMcf/d in Q2 2026.
• Oil net production increased 102% to 12.4 Mbbls/d in Q2 2026.
• Turned in sales 10 wells in the Ohio Utica Shale (7 oil-weighted, 3 rich gas) from recently acquired acreage four months after closing.
• Spudded 9 wells, including 4 volatile oil wells in Ohio, 2 rich gas wells in Ohio, 2 dry gas Marcellus wells, and 1 deep dry gas Utica well.
• Completed 10 wells, including 7 volatile oil wells in Ohio and 3 dry gas Marcellus wells in Pennsylvania.
• Drilled the first deep dry gas Utica vertical pilot well and a 9,500-foot lateral in Pennsylvania.
• Approximately 70% of gross natural gas production flows through Company-owned midstream assets.
• Acquired approximately 1,100 net horizon acres during the quarter.
• Average wellhead realized prices (after derivatives) for Q2 2026 were $68.31/Bbl for oil, $3.08/Mcf for natural gas, and $30.28/Bbl for NGLs.
• Total controllable cash costs were $1.58 per Mcfe for Q2 2026, compared to $1.47 per Mcfe in Q2 2025.

Market and Competitive Landscape

• The company's Adjusted EBITDAX Margin of $3.62 per Mcfe is stated to be the best among Appalachian Basin peers.
• Operations are focused on the Utica Shale in eastern Ohio and stacked dry gas assets in the Marcellus and Utica Shales in southwestern Pennsylvania.
• The integrated upstream and midstream platform provides operating leverage through greater utilization and lower controllable costs per unit.

Risks and Challenges

• Forward-looking statements are subject to risks including commodity price volatility, inflation, supply chain disruptions, project construction delays, and environmental risks.
• Risks include lack of availability or capacity of midstream infrastructure, regulatory changes, and uncertainty in estimating reserves and projecting future production rates.
• Potential financial losses or earnings reductions may result from the Company's commodity price risk management program.
• Risks related to the Company's ability to service indebtedness, geopolitical events, and evolving cybersecurity risks are noted.
• Concentration of operations in the Appalachian Basin is a specific risk factor.

Management Commentary and Tone

• President and CEO Zack Arnold stated results reflect "continued strong execution" of the strategic plan, delivering strong production growth and advancing development across Utica and Marcellus positions.
• Management highlighted the ability to "rapidly incorporate new assets into our development program" following the Antero acquisition.
• Arnold noted the integrated platform differentiates Infinity, with owned infrastructure enhancing market access and lowering costs.
• Management expressed confidence in the quality and depth of inventory, specifically citing strong performance from volatile oil wells.
• The tone emphasizes disciplined capital allocation and the belief that the company is well-positioned to create long-term shareholder value.

Other Key Points

• Repurchased 109,579 shares of Class A common stock at an average price of $13.72 per share during Q2 2026.
• As of June 30, 2026, $72.3 million remained under the $75.0 million share repurchase program authorized in November 2025.
• The Antero Acquisition involved fees and expenses of $16.5 million included in non-recurring transaction expenses for the six months ended June 30, 2026.
• Issued $550 million in 7.625% senior notes due 2031 during the six months ended June 30, 2026.
• Issued Series A Preferred Stock with 350,000 shares outstanding as of June 30, 2026.
• General and administrative expense for the six months ended June 30, 2025, included a one-time share-based compensation expense of $126.1 million related to the IPO.
• Conference call scheduled for August 11, 2026, at 10:00 a.m. ET.