Phase 1 Holdings, Train 4 Holdings, Train 5 Holdings, and their wholly owned subsidiaries were established to construct and operate Phase 1, Train 4, and Train 5 of the Rio Grande LNG Facility, respectively. The Company is not obligated to fund their losses.

The equity investors at risk, as a group, lack the characteristics of a controlling financial interest. Additionally, through agreements with NextDecade LLC, the Company holds decision-making rights over construction and key operational aspects of Phase 1 LLC, Train 4 LLC, and Train 5 LLC, which agreements can only be terminated by equity holders for cause. Based on these factors, the

Company holds a variable interest in Phase 1 Holdings, Train 4 Holdings, and Train 5 Holdings, and is their primary beneficiary, resulting in the consolidation of these entities in these Consolidated Financial Statements.

The following table presents the summarized combined assets and liabilities (in thousands) of Phase 1 Holdings, Train 4 Holdings, and Train 5 Holdings, which are included in the Company’s Consolidated Balance Sheets. The assets in the table below may only be used to settle the obligations of Phase 1 Holdings, Train 4 Holdings, and Train 5 Holdings, respectively. In addition, there is no recourse to NextDecade for the consolidated VIE’s liabilities. The assets and liabilities in the table below include only the assets and liabilities of Phase 1 Holdings, Train 4 Holdings, Train 5 Holdings, and their respective subsidiaries and exclude intercompany balances between Phase 1 Holdings, Train 4 Holdings, and Train 5 Holdings and NextDecade, which are eliminated in the Consolidated Financial Statements of NextDecade.


	June 30, 2026		December 31, 2025
Assets
Current assets:
Restricted cash	$	360,356	$	486,221
Derivatives	12,102		—
Prepaid expenses and other current assets	115,851		7,219
Total current assets	488,309		493,440
Property, plant and equipment, net	13,431,598		10,563,022
Operating lease right-of-use assets	122,895		150,210
Deferred financing fees	324,517		367,022
Derivatives	478,104		532,245
Other non-current assets	52,872		21,496
Total assets	$	14,898,295	$	12,127,435

Liabilities
Current liabilities:
Accounts payable	$	323,047	$	438,498
Operating leases	305		2,747
Accrued and other current liabilities	1,311,348		829,340
Total current liabilities	1,634,700		1,270,585
Debt, net	7,944,903		7,135,483
Operating leases	102,097		126,506
Derivatives	85,664		84,606
Total liabilities	$	9,767,364	$	8,617,180

TotalEnergies SE and its subsidiaries (together, “TotalEnergies”) are related parties under Accounting Standards Codification 850, Related Party Disclosures, due to TotalEnergies’s ownership of more than 10% of the Company’s common stock. The Company entered into commercial and financing arrangements with TotalEnergies as part of the final investment decisions for Phase 1 and Train 4, including long-term LNG sale and purchase agreements for Phase 1 and Train 4 and equity commitments to Phase 1 Holdings and Train 4 Holdings. TotalEnergies also provides contingent credit support for the TCF Credit Agreement.

For the three and six months ended June 30, 2026, TotalEnergies contributed approximately $329.1 million and $377.5 million under its equity commitments to Phase 1 Holdings, respectively.