Infinity Natural Resources — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported third quarter 2026 total revenues of $197.6 million, up from $79.7 million in the same period in 2025.
• Reported a net loss of $0.4 million for the quarter, inclusive of $63.2 million in mark-to-market hedge losses, compared to net income of $40.0 million in Q3 2025.
• Reported a net loss attributable to Infinity Natural Resources, Inc. of $0.1 million for the quarter, compared to net income of $10.4 million in Q3 2025.
• Generated record Adjusted EBITDAX of $137.7 million for the quarter, representing an Adjusted EBITDAX Margin of $3.47 per Mcfe, compared to $60.0 million in Q3 2025.
• Generated $137.2 million in net cash provided by operating activities for the quarter.
• Incurred $105.9 million in development capital expenditures for the quarter.
• Nine months ended September 30, 2026, total revenues were $523.5 million, compared to $239.4 million in the prior year period.
• Nine months ended September 30, 2026, net income was $101.3 million, compared to a net loss of $16.4 million in the prior year period.
• Nine months ended September 30, 2026, Adjusted EBITDAX was $350.0 million, compared to $166.8 million in the prior year period.
• Nine months ended September 30, 2026, net cash provided by operating activities was $333.5 million, compared to $186.7 million in the prior year period.
• As of September 30, 2026, total long-term debt was $550.0 million, compared to $150.9 million as of December 31, 2025.
• As of September 30, 2026, net debt was $523.8 million, compared to $148.0 million as of December 31, 2025.
• Recurring Cash G&A per Mcfe for the quarter was $0.18, down from $0.28 in Q3 2025.

Guidance and Future Outlook:

• Narrowed 2026 net capital expenditures related to development activities (including drilling, completions, and midstream) to a range of $450 million to $475 million.
• Updated 2026 net production guidance to a range of 355 to 375 MMcfe/d.
• Updated 2026 natural gas production guidance to a range of 235 to 245 MMcfe/d.
• Updated 2026 oil and liquids production guidance to a range of 20 to 22 Mbbls/d.
• On track to exceed $25 million in synergies during 2026 associated with the Antero acquisition.

Business Segments and Product Lines:

• Delivered record net daily production of 431.7 MMcfe/d in Q3 2026, a 100% increase compared to Q3 2025.
• Natural gas net production increased 104% to 282.6 MMcf/d in Q3 2026.
• Oil net production increased 79% to 14.0 Mbbls/d in Q3 2026.
• Completed the first deep dry gas Utica well, which remains on track to turn inline by year-end.
• Produced strong well performance from acquired Ohio Utica assets.
• Increased gathering utilization drove sequential declines in per-unit GP&T costs.
• Acquired REX Zone 3 capacity provided a competitive advantage for stronger pricing realizations in Ohio.

Market and Competitive Landscape:

• Operations are focused on the Utica Shale in eastern Ohio and the Marcellus and Utica Shales in southwestern Pennsylvania.
• Achieved stronger pricing realizations in Ohio during the period due to acquired REX Zone 3 capacity.
• Company maintains a strong balance sheet and integrated midstream infrastructure.
• Company has a deep inventory of development opportunities.

Risks and Challenges:

• Financial results were impacted by $63.2 million in mark-to-market hedge losses in Q3 2026.
• Forward-looking statements are subject to risks including commodity price volatility, inflation, supply chain disruptions, and project construction delays.
• Risks include environmental risks, drilling and completion risks, lack of midstream infrastructure capacity, and regulatory changes.
• Risks include the concentration of operations in the Appalachian Basin and potential financial losses from the commodity price risk management program.
• Risks include geopolitical events, cyber risks, and the ability to service indebtedness.

Management Commentary and Tone:

• President and CEO Zack Arnold stated results reflect a transition from integration to execution with record production and Adjusted EBITDAX.
• Management noted they delivered meaningful growth while funding nearly all of their capital program from operating cash flow.
• Management emphasized a focus on organic and strategic growth, operational efficiency, and maximizing asset value.
• Management expressed confidence in the company's ability to navigate market conditions and deliver sustainable long-term stockholder value.

Other Key Points:

• Infinity Natural Resources, Inc. (NYSE: INR) is a growth-oriented independent energy company.
• As of September 30, 2026, the company had no borrowings outstanding under its revolving credit facility.
• Liquidity as of September 30, 2026, was $901.2 million, including $26.2 million in cash and $875.0 million in available borrowing capacity.
• The company incurred $20.3 million in land and other activities capital expenditures in addition to $105.9 million in development activities for the quarter.
• Total capital expenditures for the quarter were $126.2 million.
• Nine months ended September 30, 2026, included $19.8 million in non-recurring transaction expenses, primarily related to the Antero Acquisition.
• Nine months ended September 30, 2025, included $126.1 million in one-time share-based compensation expense related to the IPO.
• The company issued $550.0 million in 7.625% senior notes due 2031 during the nine months ended September 30, 2026.
• The company issued $350.0 million in Series A Preferred Stock during the nine months ended September 30, 2026.
• The company paid $14.1 million in Series A Preferred Stock dividends during the nine months ended September 30, 2026.
• The company repurchased $1.5 million of Class A common stock during the nine months ended September 30, 2026.
• The Antero Acquisition cost $620.5 million in cash during the nine months ended September 30, 2026.