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New Fortress Energy Is Expanding in Brazil — But Can CELBA & PortoCem Turn Take-or-Pay Contracts Into Durable Earnings Visibility?

New Fortress Energy (NFE) reported its first quarter 2025 financial results, maintaining a strong focus on core earnings and asset optimization. The company’s performance was characterized by consistent core earnings in line with expectations, reporting $110 million, $177 million, $109 million, and $116 million over the past few quarters. Despite the absence of notable one-off gains this quarter, NFE remains optimistic about achieving its EBITDA target of $1.25 billion to $1.5 billion for the year, driven by strategic asset sales and increasing contributions from new projects in Brazil. A significant highlight was the completion of the Jamaica asset sale to Excelerate, finalized at $1.055 billion, resulting in approximately $800 million in net proceeds and a $430 million gain. This transaction represents a critical step in the company’s strategy to streamline its balance sheet, reduce debt, and enhance liquidity.