#1NEXTDECADE 13 Corporate Presentation September 2023 NASDAQ: NEXT זיד Accelerating the Path to a Net-Zero Future#2Disclaimer Statement This Presentation contains certain statements that are, or may be deemed to be, "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this presentation, including statements regarding the future results of operations and financial position of NextDecade Corporation and its subsidiaries (collectively, the "Company"), its strategy and plans, its expectations for future operations and transactions, environmental, regulatory and legislative matters and future demand and supply affecting liquefied natural gas ("LNG") and general energy markets, are forward-looking statements. The words "anticipate," "assume," "budget," "contemplate," "estimate," "expect," "forecast," "project," "potential," "plan," "initial," "intend," "believe," "may," "might," "will," "would," "could," "should," "can have," "likely," "continue," "design" and other words and terms of similar expressions, are intended to identify forward-looking statements. The Company has based these forward-looking statements largely on its current expectations and projections about future events and trends that it believes may affect its financial condition, results of operations, strategy, short-term and long-term business operations, and objectives and financial needs. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, actual results could differ from those expressed in its forward-looking statements. The Company's future financial position and results of operations as well as any forward-looking statements are subject to change and inherent risks and uncertainties. You should consider the Company's forward-looking statements in light of a number of factors that may cause actual results to vary from its forward-looking statements regarding general business activities or its LNG and carbon capture and storage ("CCS") business lines including, but not limited to: the Company's progress in the development of its LNG liquefaction and export projects and CCS projects and the timing of that progress; the timing and cost of the development, construction and operation of the first three liquefaction trains and related common facilities ("Phase 1") of the multi-plant integrated natural gas and liquefaction and LNG export terminal facility to be located at the Port of Brownsville in southern Texas (the "Terminal"); the availability and frequency of cash distributions available to the Company from its joint venture owning Phase 1 of the Terminal; the timing and cost of the development of Trains 4 and 5 at the Terminal; the ability to generate sufficient cash flow to satisfy significant debt service obligations of Rio Grande LNG, LLC ("RGLNG"), the entity owning Phase 1 of the Terminal, or to refinance such obligations ahead of their maturity; restrictions imposed by Rio Grande's debt agreements that limit flexibility in operating its business; increases in interest rates governing RGLNG's variable rate indebtedness increasing the cost of servicing RGLNG's substantial indebtedness; reliance on third-party contractors to successfully complete the Terminal, the pipeline to supply gas to the Terminal and any CCS projects; ability to develop NEXT Carbon Solutions' business though implementation of CCS projects; ability to comply with the terms of the debt and commercial agreements related to the Terminal; ability to secure additional debt and equity financing in the future on commercially acceptable terms; accuracy of estimated costs for the Terminal and CCS projects; ability to achieve operational characteristics of the Terminal and CCS projects, when completed, including liquefaction capacities and amount of CO2 captured and stored, and any differences in such operational characteristics from expectations; development risks, operational hazards and regulatory approvals applicable to the Company's development, construction and operation activities and those of its third- party contractors and counterparties; technological innovation which may lessen the Company's anticipated competitive advantage or demand for its offerings; global demand for and price of LNG; availability of LNG vessels worldwide; changes in legislation and regulations relating to the LNG and CCS industries, including environmental laws and regulations that impose significant compliance costs and liabilities; scope of implementation of carbon pricing regimes aimed at reducing greenhouse gas emissions; global development and maturation of emissions reduction credit markets; adverse changes to existing or proposed carbon tax incentive regimes; global pandemics, including the 2019 novel coronavirus pandemic, the Russia-Ukraine conflict, other sources of volatility in the energy markets and their impact on the Company's business and operating results, including any disruptions in its operations or development of the Terminal and the health and safety of its employees, and on its customers, the global economy and the demand for LNG; risks related to doing business in and having counterparties in foreign countries; the Company's ability to maintain the listing of our securities on the Nasdaq Capital Market or another securities exchange or quotation medium; changes adversely affecting the businesses in which the Company is engaged; management of growth; general economic conditions; ability to generate cash; and the result of future financing efforts and applications for customary tax incentives. Additional factors that you should consider are set forth in detail in the "Risk Factors" section of the Company's most recent Annual Report on Form 10-K as well as other filings the Company has made and will make with the Securities and Exchange Commission which, after their filing, can be found on the Company's website, www.next-decade.com. Financial forecasts, estimates, or other forward-looking financial information included in this presentation is meant for illustrative purposes only and does not purport to show estimates of actual future financial performance over any particular period. The information on such slides has not been reviewed by the Company's independent auditor and the Company's independent auditor expresses no opinion with respect to such information. The information on such slides assumes the completion of certain commercial, financing, and other transactions. Such transactions may not be completed on the terms we assume or at all. Actual commodity prices and the terms of commercial and financing arrangements may vary materially from those assumed for the purposes of the illustrative financial performance information. Should one or more of the foregoing risks or uncertainties materialize in a way that negatively impacts the Company, or should its underlying assumptions prove incorrect, its actual results may vary materially from those anticipated in its forward-looking statements and, its business, financial condition and results of operations could be materially and adversely affected. You should not rely upon forward-looking statements as predictions of future events. In addition, neither the Company nor any other person assumes responsibility for the accuracy and completeness of any of these forward- looking statements. The Company cautions readers that the information contained in this presentation is only current as of the date of this presentation and, therefore, except as required by applicable law, the Company does not undertake any obligation to publicly correct or update any forward-looking statement. This Presentation contains forecasts of Distributable Cash Flow, which is a non-GAAP measure. Due to the high variability and difficulty in making accurate forecasts and projections of Distributable Cash Flow, together with some of the excluded information not being ascertainable or accessible, the Company is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measure without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP measure is included, and no reconciliation of the forward-looking non- GAAP financial measure is included. This presentation is not an offer to purchase or sell, or a solicitation of an offer to purchase or sell, any securities. NASDAQ: NEXT NEXT DECADE NextDecade Corporation 1000 Louisiana Street, Suite 3900 Houston, Texas 77002 USA NEXT DECADE 1#3Company Overview and Recent Highlights 2#4Providing the World Access to Lower Carbon Intensive Energy Delivering more sustainable energy solutions by reducing the carbon intensity of liquified natural gas and accelerating the path to a net-zero future NEXT DECADE Rio Grande LNG Developing more sustainable LNG with lower emissions through project design, responsibly sourced gas, net-zero power, and planned carbon capture and storage, to meet growing global demand for cleaner natural gas NEXT CARBON SOLUTIONS Providing end-to-end carbon capture and storage solutions focused on post-combustion carbon capture (PCC) to decarbonize Rio Grande LNG and other industrial facilities, making measurable contributions toward a net zero future NEXT DECADE 3#5Phase 1 (Trains 1-3) of Rio Grande LNG Now Under Construction Positive Final Investment Decision (FID) achieved July 12, 2023 Closed $18.4 billion in project financing, the largest greenfield energy project financing in US history $6.1 billion¹ total equity commitments primarily via joint ventures with high quality partners Global Infrastructure Partners (GIP), GIC, Mubadala Investment Company, and TotalEnergies NextDecade equity commitment ~$283 million, including $125 million of pre-FID investments completed $12.3 billion project debt financing including $11.1 billion construction term loan facilities, $500 million working capital facility, and $700 million private placement notes Issued notice to proceed (NTP) to Engineering, Procurement, and Construction (EPC) partner Bechtel Mobilization and construction begun Focus on completing project safely, on time, and on budget Phase I supported by fixed-price long-term LNG Sales and Purchase Agreements (SPAs) with high caliber offtakers SPA volumes total >90% of nameplate production capacity NextDecade Phase 1 expected economic interest up to 20.8% NEXT DECADE Phase 1 FID achieved amid challenging macro environment of cost inflation and rising rates Execution highlights critical role for LNG in global energy transition Artist rendering of Rio Grande LNG NEXT NEXT NEXT wwwww NEXT 1 Total equity commitments shown net of NextDecade's $125 million of pre-FID capital investments into Phase 1 of which ~$120 million is attributable to limited notice to proceed work under the EPC contracts with Bechtel. 4#6. Focused on Expanding LNG Platform and Increasing Shareholder Value Rio Grande LNG Train 4 and Train 5 brownfield expansions economically advantaged and de-risked by Phase 1 agreements and commercial momentum Equity Funding Options in Place for Expansions Significant Commercial Options and Momentum Advantaged Construction Expansions Expected to Achieve Attractive Returns NEXT DECADE Equity partner options' identify potential source of 60% of equity financing required for Train 4 and Train 5 Arrangements signal partners' confidence in Rio Grande LNG's position in the LNG market Options in place can help accelerate FID timeline for expansion Trains • . Total Energies LNG SPA options for ~32% of minimum expected contracted volume for Train 4 and Train 5 Only ~3 million tonnes per annum (mtpa) of additional contracted volume needed for each expansion Train • NextDecade has significant commercial momentum - > 14 mtpa of LNG contracted since 1Q 2022 - and market remains strong with a need for additional LNG capacity Phase 1 EPC contract includes full site preparation for all 5 Trains and construction of a significant. portion of common facilities for 5 Trains • Targeting FID of Train 4 and Train 5 on timeline to benefit from Phase 1 resources already being mobilized Bechtel's track record of successful LNG completions significantly de-risks execution NextDecade has preserved 60% equity ownership of Train 4 and Train 5 under existing partner arrangements¹ Expected cost advantages combined with strong LNG market dynamics combine to create attractive projected returns 1 GIP, GIC, and Mubadala Investment Company each hold options to participate in Trains 4 and 5 equity that will adjust from a total of 50% down to a total of 30% based on achieving certain returns on their investments in Trains 4 and 5. Total Energies' equity option is fixed at 10% and is conditioned on exercising its SPA option in the respective train. | 2 Total Energies holds options for 1.5 mtpa in each of Trains 4 and 5 for 20-year FOB LNG SPAs indexed to Henry Hub. 5#7NextDecade Key Investor Highlights Strong Asset Development Platform at Rio Grande LNG 1 • Trains 1-3 (Phase 1) under construction • Trains 4 and 5 FERC approved, cost-advantaged and de-risked by Bechtel's track record and common facilities to be built in Phase 1 Room to expand development beyond the 5 Trains currently permitted Location benefits from ample available gas supply and limited vessel congestion Valuable Relationships with High-Quality Partners 2 • • Equity partners aligned for full 5 Train project development and confident in Rio Grande LNG's market position Commercial offtake agreements (SPAs) with creditworthy, leading players in the global LNG market 3 4 • • EPC partner has an unmatched track record of LNG project deliverability on time and on budget Established, reliable partners for gas transportation, technology/equipment, and other services Growth Momentum Supported by Strong Underlying Market Fundamentals • Equity partner options¹ identify potential source of 60% of equity financing required for Train 4 and Train 5 Total Energies' SPA options² for ~32% of minimum expected contracted volume for Train 4 and Train 5, expect ~3 mtpa additional contracted volume needed for each of Train 4 and Train 5 LNG demand expected to continue to grow through coming years due to global growth in total demand for natural gas, coupled with replacement of Russian gas sources, particularly in Europe³ Strong Commitment to Sustainability and Social Responsibility Significant GHG emission reduction investments needed to achieve Paris Agreement targets and move toward a net-zero future, driving an expected increase in demand for cleaner natural gas as well as carbon capture and storage (CCS) solutions³ By combining emissions reduction associated with our planned carbon capture and storage project, responsibly sourced gas, and our pledge to use net-zero electricity, Rio Grande LNG is expected to produce a lower carbon intensive LNG for the world Next Carbon Solutions expanding upon GHG emission reduction processes developed for Rio Grande LNG to create end-to-end solutions for third-party industrial applications 1 GIP, GIC, and Mubadala Investment Company each hold options to participate in Trains 4 and 5 equity that will adjust from a total of 50% down to a total of 30% based on achieving certain returns on their investments in Trains 4 and 5. Total Energies' equity option is fixed at 10% and is conditioned on exercising its SPA option in the respective train. | 2 Total Energies' holds options for 1.5 mtpa in each of Trains 4 and 5 for 20-year FOB LNG SPAS indexed to Henry Hub. | 3 Based on management analysis. NEXT DECADE 6#8Rio Grande LNG#9Rio Grande LNG Project Overview 5-Trains totaling 27 mtpa of LNG capacity are FERC Approved Trains 1-3 (Phase 1) under construction, FID achieved July 2023 Trains 4-5 in development A More Sustainable LNG By combining expected emissions reduction associated with a planned carbon capture and storage project, responsibly sourced gas, and net-zero electricity, NextDecade expects Rio Grande LNG to produce a lower carbon intensive LNG and provide a more sustainable LNG project to customers around the world. - Brownfield cost advantages - Aligned with partners for expansion Strong commercial momentum, including SPA purchase options Potential for additional expansion beyond Trains 1-5 Rio Grande LNG Artist rendering of Rio Grande LNG RIO GRANDE LNG 8#10Rio Grande LNG Site Map World class site in Brownsville, Texas Material offloading facility and laydown site during Phase 1 construction Proven technology PRODUC露心 AIR Baker Hughes > ABB Levee surrounding the entire site FERC approved for up to 5 LNG trains (27 mtpa) ISBL expansion potential זי Totally enclosed ground flares for the LNG tanks and marine facilities (T4) T3 Trains 4 & 5 total 11.74 mtpa nameplate capacity 00 Texas State Highway 48 T2 3 Train Phase 1 has combined nameplate capacity of 17.61 mtpa T1 Two jetty berthing structures CENBRIDGE™ Rio Bravo Pipeline & Valley Crossing Pipeline Warehouses, administrative, operations control room and maintenance buildings 2x180,000m³ full containment LNG storage tanks Deepwater port access and supporting marine infrastructure PORT OF BROWNSVILLE the port that works UNITED STATES CORPS OF SARMY NGINEERS RIO GRANDE LNG 9#11Rio Grande LNG Phase 1 Site Mobilization and Construction Underway Working with EPC partner Bechtel to construct Phase I facilities safely, on time, and on budget RIO GRANDE LNG 10#12Valuable Relationships with High-Quality Partners Across All Project Areas S Technology LNG Customers TotalEnergies ENN 新奥 ENGIE CHINAGAS 中國燃氣 GUANGDONG ENERGY GROUP CO., LTD. Shell ExxonMobil galp energia /༠ག ITOCHU EPC Equity Partners GLOBAL INFRASTRUCTURE PARTNERS TotalEnergies GIC MUBADALA Pipeline PRODUCTS A Baker Hughes > ABB BECHTEL Rio Bravo & Valley Crossing Pipelines CENBRIDGE RIO GRANDE LNG 11#13Partnership with Preeminent Global LNG EPC Contractor Bechtel Rio Grande LNG one of the lowest EPC cost per tonne greenfield LNG projects on the U.S. Gulf Coast Lump-sum, turnkey EPC contracts de-risk the project BECHTEL Bechtel Energy Inc. is a leading, well established, and reputable LNG engineering and construction firm with an unparalleled track record with LNG projects. It has built about 30% of the world's LNG capacity and has completed nine liquefaction trains along the U.S. Gulf Coast over the past 10 years, all on time and on budget. Nameplate Capacity¹ Up to 17.61 mtpa (5.87 mtpa per train) Phase 1 EPC Cost per EPC Cost Tonne 2 $12 billion (at NTP) $681 Phase 1 Project Scope 3 liquefaction trains • 2 x 180,000m³ LNG storage tanks • 2 loading jetties Phase 1 EPC Contracts Common facilities construction to de-risk construction for Trains 4 and 5 Full site preparation Significant portion of common facilities for 5 liquefaction trains • Phase 1 EPC Contracts Provide Strong Coverage for NextDecade EPC Contracts are fully-wrapped, date-certain, lump-sum, and turnkey (the wrap is extensive and includes civil works) Bechtel is responsible for the engineering, procurement, construction, commissioning, and startup of the LNG trains and associated infrastructure Guarantee standards cover production, ship loading, power consumption, air emissions, and additional matters including noise pollution 1 Capacity amount is prior to potential de-bottlenecking expected to be instituted across Rio Grande LNG. RIO GRANDE LNG 12#14• Train 1 Train 2 Train 3 Expected Phase 1 Completion Timeline 2023 2024 2025 2026 2027 2028 2029 Expected Construction Timeline Expected Substantial Completion Date Benefits of Bechtel 60+ years of LNG engineering, procurement, and construction (EPC), commissioning, and start-up experience Constructed 30% of global LNG production totaling 140 mtpa of liquefaction capacity completed Eleven global projects completed totaling 26 liquefaction trains • Substantial recent experience with Air Products AP- C3MR liquefaction technology, which will be used at Rio Grande LNG ⚫ Nine trains constructed on US Gulf Coast over last 10 years All within budget All on schedule or early All capable of producing above original nameplate capacity RIO GRANDE LNG 13#15Reynosa Enbridge Providing Transportation Services on Rio Bravo and Valley Crossing Pipelines to Rio Grande LNG These pipelines de-risk the project by providing gas transportation redundancy and access to prolific natural gas resources in the Permian and Eagle Ford basins Brooks INILO VIT Kleberg Kenedy Compressor Station 1 • • CENBRIDGE Enbridge, Inc. ("Enbridge") is an energy infrastructure company NYSE & TSX listed as "ENB" Baa1/BBB+ whose network of natural gas pipelines moves about 20% of all gas consumed in the U.S., covering about 73,796 miles in 30 U.S. states, five Canadian provinces, and offshore in the Gulf of Mexico. Rio Bravo Pipeline (RBPL) Transportation capacity on RBPL is dedicated to Rio Grande LNG on a firm basis RBPL provides access to abundant low-cost natural gas production from the Permian Basin, Eagle Ford Shale, and other producing areas RIO GRANDE LNG Hidalgo Edinburg McAllen Rio Bravo Willacy Rio Bravo Pipeline Valley Crossing Pipeline • Gulf of Mexico Harlingen Rio Grande LNG Cameron Ramirez • Enbridge will build, own and operate RBPL • United States • Mexico Enbridge has responsibility for ensuring that RBPL is permitted, completed and performing with comprehensive protections for Rio Grande LNG Valley Crossing Pipeline (VCP) VCP will provide interruptible transportation to Rio Grande LNG providing redundancy during commissioning and the potential for optimization opportunities during operations The VCP, owned by Enbridge, is a Texas intrastate pipeline designed to export gas to Mexico that is currently in-service The VCP pipeline system has capacity of 2.6 bcfd and currently is only 50% utilized • The Rio Grande LNG facility will be directly connected to the VCP in addition to RBPL 14#16Phase 1 LNG Sales and Purchase Agreements (SPAs) Overview Diverse mix of high-quality customers, including supermajors, utilities, distributors, and end-users Counterparty ENN CHINAGAS 新奥 ENGIE 中國燃氣 ExxonMobil galp 6 ༡་བ། ITOCHU TotalEnergies re Combined SPA Type FOB DES FOB FOB FOB FOB FOB FOB FOB 93% FOB Term 20 20 20 15 20 20 20 15 20 19.2 Index HH / Brent HH HH HH HH HH HH HH HH 91% HH SPA volume (mtpa)¹ 0.54 / 1.50 1.00 2.00 1.75 1.00 1.00 1.00 1.00 5.40 16.2 Train(s) 1 1 1, 2, 3 1 & 2 2 1 & 2 2 & 3 2 & 3 2 & 3 1-3 % mtpa Contracted 13% 7%2 12% 11% 6% 6% 6% 6% 33% 92%3 1 SPA volumes are rounded. | 2 Percentage based on volume loaded on to ship. | 3 Percentage is 16.2 mtpa of contracted volume divided by current 17.61 mtpa of nameplate capacity. RIO GRANDE LNG 15#17Rio Grande LNG Phase 1 Project Financing and Sources and Uses of Funds Project Debt Financing $12.3 billion project debt financing Credit Facilities - $11.1 billion 7-year mini-perm Construction Term Loan Facilities (Term Loans) - $500 million working capital facility (WCF) – $700 million 10-year private placement notes (Notes) - Term Loans, WCF and Notes are senior secured, pari passu and non-recourse Lender group includes many of the world's leading banks Sources and Uses of Funds Sources: Project Equity Construction Term Loans Senior Secured Notes Total Sources Uses: EPC Contracts 1 Owner's Costs and Contingency 2 $ Billions $ 6.1 11.1 0.7 $ 17.9 $ 11.9 2.3 Dredging, Utility Installations and Other 2 IDCs and Other Financing Costs 2 0.6 3.1 Total Uses $ 17.9 Rio Grande LNG Phase 1 is the largest greenfield energy project financing in U.S. history 1 Project Equity sources and the EPC Contracts uses are both net of NextDecade's ~$125 million of pre-FID capital investments into Phase 1 of which ~$120 million is attributable to limited notice to proceed work under the EPC Contracts. | 2 Owner's costs, contingency, dredging, utility installations and other and IDCs are expected amounts, which may ultimately vary from actual. RIO GRANDE LNG 16#18Rio Grande LNG Phase 1 Equity Joint Venture Partners Project Sponsor NEXTDECADE Financial Investors GLOBAL INFRASTRUCTURE PARTNERS Strategic Investor GIC Te TotalEnergies • ~$283 Million Commitment Up to 20.8% Economic Interest ~ Includes $125 million of pre-FID capital investments into Phase 1 Remaining $158 million has been funded from cash received from Total Energies' stock purchases MUBADALA ~$4.8 Billion Commitment Min. 62.5% Economic Interest Global Infrastructure Partners (GIP) ~$3.5 billion commitment Leading global independent infrastructure fund manager with ~$100 billion AUM GIC $750 million commitment Singaporean sovereign investor Mubadala Investment Company $500 million commitment Abu Dhabi sovereign investor • ~$1.1 Billion Commitment 16.7% Economic Interest French multinational integrated energy company Top 2 global LNG player Managed 48 mtpa of LNG volumes in 2022 RIO GRANDE LNG 17#19Partner Joint Venture is Much More than Just Rio Grande Phase 1 Equity Partners aligned for Phase 1 and expansions, with options in place that may accelerate the FID timeline for Train 4 and Train 5 Partners Phase 1 Expected Economic Interest¹ Percentage of Phase 1 Contracted Volume² SPA Options in Train 43 SPA Options in Train 53 Potential Long-Term Participation in Trains 4 & 5 LNG Project Equity4 Option to Participate in Rio Grande LNG's CCS Project Equity5 NextDecade Common Stock Ownership Rio Grande LNG 5 Train LNG Export Project CCS Project NEXT GLOBAL INFRASTRUCTURE 46.1% 22.1% PARTNERS TotalEnergies 16.7% 33% ~32% ~32% 10.0% ✓ 17.5% GIC 9.9% 4.7% MUBADALA 6.5% 3.2% 5.4% Totals 79.2% 33% ~32% ~32% 40.0% 22.9% 1 GIP, GIC and Mubadala hold combined equity interests that entitle them to an aggregate minimum of 62.5% of the cash flows generated by Phase 1 during operations. | 2 Total Energies purchased 5.4 million tonnes per annum (mtpa) of a total 16.2 mtpa contracted to third parties in Phase 1. | 3 TotalEnergies holds options for 1.5 mtpa in each of Trains 4 and 5 for 20-year FOB SPAs indexed to Henry Hub. Total Energies' SPA options represent approximately 32% of management's estimate of minimum contracted volume required to arrange optimal debt financing for Trains 4 and 5 FID based on internal observations and analysis of financial markets. | 4 GIP, GIC, and Mubadala each hold options to participate in Trains 4 and 5 equity that will adjust from a total of 50% down to a total of 30% based on achieving certain returns on their investments in Trains 4 and 5. The percentages reflected in the table represent the economic interests GIP, GIC and Mubadala would hold after such adjustment. Total Energies' equity option is fixed at 10% and is conditioned on exercising its SPA option for the respective train. | 5 The percentage interest associated with the options held by each party to participate in the equity of the planned Rio Grande LNG CCS Project will be determined based on equity ownership held by each party in each associated liquefaction train as of declaration of FID on each train's CCS project. | 6 Ownership percentages are based on public filings and give effect to closing of third tranche of common stock sale to Total Energies on September 8, 2023. RIO GRANDE LNG 18#20Projected Distributable Cash Flow from LNG Rio Grande LNG Export Project Trains 1 - 3 Combined: Projected Distributable Cash Flow² - Trains 4 5 Combined: Projected Distributable Cash Flow³ Trains 1 - 5 Combined: Projected Distributable Cash Flow 20-Year Average¹ ($ in Billions per Year) $ 0.3 - $ 0.2 $ 1.0 - $ 0.7 $ 1.3 $ 0.9 1 Assumed liquefaction capacity per train is nameplate and does not include potential de-bottlenecking expected to be instituted across the Rio Grande LNG facility. The Projected Distributable Cash Flow presented are the average annual estimated cash flows of the first 20 years of full commercial operations for Trains 1 - 3 Combined and Trains 4 - 5 Combined, respectively. Commodity prices used to generate the Projected Distributable Cash Flow are based on a range of prices derived from analysis of historical and forward market observations for global LNG, Henry Hub, Brent and gas supply in South Texas and are held flat. Estimated operating costs and SPA inflation escalators are inflated annually at an assumed CPI from 2022. 2 Projected Distributable Cash Flow reflects NextDecade's expected economic interest in Trains 1 - 3. Under terms of the RGLNG Phase 1 joint venture agreement, NextDecade is entitled to receive up to approximately 20.8% of distributions of available cash during operations; provided that a majority of the distributions to which NextDecade is otherwise entitled will be paid for any distribution period only after the Financial Investors reach an agreed distribution threshold in respect of such distribution period and certain other deficit payments from prior distribution periods, if any, are made. Any such shortfall in distributions that NextDecade would otherwise have been entitled to will accrue as an arrearage to be paid out in future periods until the applicable target distribution threshold for the Financial Investors has been achieved. Projected Distributable Cash Flow is based on actual SPA terms and pricing on the 16.2 mtpa of contracted volumes, actual project costs at NTP, financing costs resulting from transactions closed at FID, and estimated costs associated with refinancing project debt from construction to term loan facilities based on analysis of historical and forward market observations. 3 Projected Distributable Cash Flow reflects a range of contracted LNG volumes, and estimated project and financing costs based on analysis of historical and forward market observations. Train 4 and Train 5 EPC costs have been estimated based on the current market prices plus inflation and will not be finalized until FID of each Train. The Financial Investors hold options to participate in Trains 4 and 5 equity that will adjust from a total of 50% down to a total of 30% based on achieving certain returns on their investments in Trains 4 and 5. Total Energies holds options to participate in 10% of Trains 4 and 5 equity conditioned on exercising its SPA options in the respective trains. Projected Distributable Cash Flow assumes Financial Investors and TotalEnergies exercise 100% of their participation options in Trains 4 and 5 equity. Projected Distributable Cash Flow is presented without any adjustment for the cost of the capital to be contributed by NextDecade for Trains 4 and 5. Projected Distributable Cash Flow is a non-GAAP measure defined as the operating income of RGLNG, less project-level interest expense and debt amortization and is presented based on NextDecade's expected economic interests in each train less estimated corporate general and administrative expense necessary to operate NextDecade Corporation and oversee its investment in RGLNG. The estimated corporate general and administrative expense included represents an estimated run-rate once RGLNG is fully operational and does not include estimated expenses for future development activities prior to full RGLNG operations. The Projected Distributable Cash Flow does not include any expected NEXT Carbon Solutions' cash flow from operations. Management believes that Projected Distributable Cash Flow will be meaningful to investors as it provides an estimate of NextDecade's expected interest in the cash flows generated by its stand-alone LNG business. The estimated values set forth herein have been based on internal estimates of projected cash flow developed by management of the Company and assume that the Company will achieve its financial projections in all material respects. Such financial projections reflect the Company's best currently available estimates and reflect its good faith judgments and assumptions it considers reasonable. Events and conditions subsequent to this date as well as other factors could have a substantial effect upon the estimated values. The Company gives no assurance that the estimated values will prove to be correct and does not undertake any duty to update them. Please refer to the slide titled "Disclaimer Statements" for further information. RIO GRANDE LNG 19#21LNG Our Commitments to the Rio Grande Valley Community RIO GRANDE Work with leading producers to acquire responsibly sourced gas Invest significantly in the Rio Grande Valley's future and be part of the community for the long term Governance Pledging use of net-zero power for Rio Grande LNG's electricity needs CO₂ Environmental ੩॥ Educate current and future generations 000 Mitigate impacts to wetlands and wildlife Social 7 Reduction of Rio Grande LNG CO₂ emissions through planned carbon capture and storage (CCS) project Reduce visual impacts of Rio Grande LNG by optimizing plant design, muting color schemes, and more Collaborate with local, state, and federal authorities and industry partners during planning to ensure public safety 20 20#22NEXT CARBON SOLUTIONS#23Global Greenhouse Gas Emissions Rising and Expected to Continue to Rise without Meaningful Action Emissions have rebounded sharply after a pandemic-induced decrease in 2020 IEA anticipating record emissions in 2023 and further increases in ensuing years NEXT CARBON SOLUTIONS GLOBAL GHG EMISSIONS FROM FUEL CONSUMPTION1 Gt GHG Emissions 40 30 20 10 Forecast 0 1990 1995 2000 2005 2010 2015 2020 2023E Coal and Coal Related ■ Oil Natural Gas Biofuels and Waste 58.3 BILLION MTA OF GLOBAL GHG EMISSIONS² Energy 20.9 Billion mta Buildings 3.1 Billion mta 1 International Energy Agency IEA (https://www.iea.org/data-and-statistics/data-tools/greenhouse-gas-emissions-from-energy-data-explorer) as of 2021 (latest data available). 2 Projected tons of emissions in 2023 per the World Data Lab's World Emissions Clock (https://worldemissions.io/) Transportation 8.4 Billion mta Industrial 13.8 Billion mta Agriculture, Forestry, and Land Use 12.1 Billion mta 22 22#24Large Addressable Market for Meaningful CO2 Emissions Capture and Storage Projects in the US Over 600 Facilities with emissions >1 million mta, totaling ~1.3 billion mta of CO2 emissions ~1.3 BILLION MTA CO₂ EMISSIONS NEXT CARBON SOLUTIONS > 600 U.S. FACILITIES REPORTING >1 MILLION MTA OF CO2 EMISSIONS (# of Facilities) (MTA) 900 865 450 434 800 400 60 60 50 50 40 40 30 57 50 36 200 160 153 120 80 60 106 79 12 20 20 15 00 8 40 40 10 5 44 37 11 0 0 Gas-Fired Refining Power Generation Steel and PetChem LNG Ammonia Ethanol Other Industrial Gas-Fired Power Generation Refining Steel and PetChem Other Industrial LNG Ammonia Ethanol Source: US Environmental Protection Agency's Greenhouse Gas Reporting Program (2021 - most recent reporting year). 23#25NEXT Carbon Solutions Strategy NEXT Carbon Solutions seeks to develop end-to-end carbon capture and storage (CCS) project solutions through its products and processes, which address two key global issues: emissions abatement and freshwater scarcity NEXT CARBON SOLUTIONS Lower Global CO2 Emissions We are committed to lowering global CO2 emissions and creating sustainable solutions utilizing carbon capture and storage (CCS) Provide end-to-end solutions for reducing CO₂ at industrial facilities $ Reduce Cost of Utilizing CCS Our proprietary processes enable cost-effective deployment of CCS at industrial facilities around the world Utilize our engineering and project management expertise to lower the capital and operating costs of carbon capture and sequestration at industrial facilities Partner with industrial facilities to invest in the deployment of carbon capture and sequestration at the source Accelerate Path to Net-Zero Future Implementation of CCS is a critical component of achieving global climate goals and accelerating the path to a net-zero future Increase the value of the industrial facilities by integrating the carbon capture and sequestration project into the industrial facilities' operations Share in the value created via commercial agreements and by investment Providing end-to-end carbon capture and storage solutions that reduce emissions and water usage, and focusing on post- combustion carbon capture (PCC) to lower GHG emissions at Rio Grande LNG and other industrial facilities, making measurable contributions toward a net zero future 24 24#26Planned Carbon Capture and Storage Expected to Result in Rio Grande Producing Lowest GHG Intensive LNG in North America Planned CCS expected to sharply reduce carbon intensity of Rio Grande LNG from already leading position North American LNG Project GHG Intensities (Metric tonnes per annum of CO₂e per mtpa of LNG produced) NEXT CARBON SOLUTIONS 500,000 250,000 0 14,316 Rio Grande LNG w/ CCS1 138,092 390,634 339,353 345,180 353,215 361,512 371,414 316,671 237,978 245,604 252,829 !!!!!!!!!!! BC Canada Project² Rio Grande TX GC Project A³ TX GC Project B TX GC Project C LA GC Project D TX GC Project D East Coast Project LA GC Project B LNG LA GC Project A LA GC Project C • • Capture FEED completed Rio Grande LNG CCS Project Highlights Up to 5 million mta of CO2 capture planned, expected to be one of the largest US CCS projects Both pre-treatment and post-combustion CO2 capture NEXT Carbon Solutions to perform full end-to-end services, including transportation and storage (T&S) • Final design progressing In permitting process Sources: Company and Regulatory Filings, Next Decade Research, as independently validated by SLR Consulting. Note: TCEQ permit expressed in short tonnes; train capacity expressed in metric tonnes. 1 Rio Grande LNG estimated CO₂e emissions on a full 5 Train configuration after applying NextDecade's planned carbon capture and storage (CCS) project at Rio Grande LNG. | 2 Approximately 95 percent of British Columbia's electricity is generated from renewable sources. | 3 TX GC Project A features electric drives (not gas-driven turbines) and requires a total power load of 920 MW. The CO2e values in Freeport LNG's air permit do not reflect Scope 2 emissions. If TX GC Project A were to purchase 100 percent of its power needs from renewable sources (rather than a mix consistent with Texas averages), its CO₂e figure would be reduced from 5,231,372 TPA to 2,029,129 TPA (95,264 TPA CO₂e per mtpa LNG). 25 25#27Leveraging Extensive Expertise to Develop Third-Party CCS Solutions Utilizing team's CCS expertise, broad FEED design experience, and learnings from designing Rio Grande LNG's planned CCS solution and working with owners of other emission source facilities across multiple industries to create economic end-to-end industrial CCS solutions Full Suite CCS Offering Origination/Development Design/Pre-FEED / FEED Next Carbon Solutions Intellectual Property • Flue gas cooling for post-combustion carbon capture (PCC) Condensation use in PCC Industrial CO2 Emitters 4 LNG Power SS Ammonia NEXT CARBON SOLUTIONS Commercial Structuring Land/Subsurface Regulatory/Permitting EPCM Commissioning • Heat & steam use in PCC Industry-specific PCC designs • Process-specific PCC designs ✓ Refining PetChem Cement Emissions Capture Solutions Delivered Air & closed-loop water cooling . Zero external water requirement Hydrogen Other Steel . Optimized heat & energy use ✓ • Tailored integration with host Capture Operations Maintenance • Compression / Transportation ✓ capture rate • Permanent Storage Solutions for large emitters (>1MM mta) Maximized CO2 capture with up to 95% CO2 Mitigation of host asset disruption risk Carbon Credit Marketing Financing Support and Structuring . Full lifecycle low-cost PCC . Smaller PCC site footprint • • California Resources Corporation Project Highlights Gas-fired power station CCS FEED completed Estimated 1.5MM mta of CO2 capture planned Post-combustion CO2 capture Planned use of 3rd party T&S asset (Terravault) Commercial discussions ongoing 26 46#28NEXT Carbon Solutions Post-Combustion Carbon Capture Process NEXT Carbon Solutions process pairs with highly efficient third-party CO₂ removal technology for an effective, economic end-to-end CCS solution NEXT CARBON SOLUTIONS Inlet Fuel Cooling Medium Cooled Post-Combustion Flue Gas Pipe Gas Pre-Treatment or Pure Stream Capture to CO₂ Compression Absorber Column CO₂ Lean Sorbent (Amine) Solution CO2 Rich Sorbent (Amine) Solution Regeneration Column Compression Compressed CO₂ Injection Well Caprock Stored CO₂ Monitoring Well INLET GAS PRE- TREATMENT Captures and Stores any Pre-Treatment CO2 FLUE GAS PRE- CONDITIONING Proprietary Processes¹ No External Water Use Differentiating Environmental Advantage CO₂ REMOVAL TECHNOLOGY Best Available Technology Targets 95% CO2 Removal HEAT AND MATERIAL OPTIMIZATION Proprietary Processes¹ Lowers Cost of Capture Optimization COMPRESSION PIPELINE (TRANSPORT) SEQUESTRATION (STORAGE) Best Available Technology | Full End-to-End Solution Capability Dehydration and Compression In-House Sub-Surface Expertise Pipeline Design and Permitting Capabilities I Tailored to Host Asset's Flue Gas Attributes | Heat and Material Balance I I Capture components subject to process patents and patents pending 1 Patents and patents pending 27 27#29End-to-End CCS Project Solutions for Third-Party Facilities Leveraging end-to-end expertise to originate, develop, construct, and operate projects with accretive returns NEXT CARBON SOLUTIONS Emitter Host Flue Gas • • • • NEXT Carbon Solutions End-to-End Project Development NEXT CARBON SOLUTIONS Post-Combustion Carbon Capture Processes I CO₂ Capture CO₂ Sequestration Government incentives (e.g., 45Q) Premium quality, low-cost carbon credits Blue product marketing / ESG premiums Lower dispatch costs/improved utilization $ CCS Design, Permitting, Construction & Operation (including T&S) Financial Engineering, Structuring, & Project Finance Planning & Support Tax Credits, Carbon Credits, & Commercial Offtake NEXT Carbon Solutions expects to lead these activities through a joint development agreement with the Emitter Host owner and potentially with other partners 28#30︽སྐ﹀ NEXT DECADE Appendix#31NextDecade Senior Leadership Industry leading executives and an experienced multi-disciplinary team Matt Schatzman Brent Wahl Chairman and Chief Executive Officer Chief Financial Officer Alex Thompson Senior Vice President, Engineering & Construction Paul Bruner Senior Vice President, Operations Vera de Gyarfas General Counsel and Corporate Secretary James MacTaggart Chief Marketing Officer Mike Mott Senior Vice President, Carbon Solutions Ariel Handler Senior Vice President, Commercial Operations Raquel Couri Senior Vice President, Human Resources and Administration David Keane Senior Vice President, Policy & Corporate Affairs Graham McArthur Senior Vice President, Treasurer Please refer to www.next-decade.com/about-us/senior-leadership/ for full biographies Eric Garcia Senior Vice President, Chief Accounting Officer 悲 NEXT DECADE 30#32. Defined Terms NEXT DECADE Brent - global standard internationally referenced oil price Bcfd-billion cubic feet per day CCS-carbon capture and storage DES-delivered ex-ship EPC - engineering, procurement and construction EPCM - engineering, procurement and construction management FERC - Federal Energy Regulatory Commission FID final investment decision - FOB - free on board GHG-greenhouse gas HH - Henry Hub natural gas index ISBL - inside battery limits LNG - liquified natural gas mta - metric tonnes per annum mtpa - million tonnes per annum NTP - notice to proceed PCC - post-combustion carbon capture SPA - LNG sales and purchase agreement T&S - transportation and sequestration 31#33NextDecade is accelerating the path to a net-zero future www.next-decade.com Investor Relations Contact: Megan Light [email protected] 832-981-6583