INFINITY NATURAL RESOURCES, INC.

Newly-public Appalachian E&P with very strong operating cash conversion and a clean balance sheet but only mid-pack returns.

Strengths

• Top-decile operating cash flow margin (74.7%, 98.5th pct) and very low leverage (debt/equity ~0.0002)
• Healthy liquidity (current ratio 1.57, 78th pct) and net margin near median
• Accretive Antero Ohio asset acquisition expanding the production base

Risks

• Weak returns: ROE 4.5% (48th pct) and ROA 1.1% — no standout profitability
• Previously identified material weaknesses in internal controls
• Commodity-price, integration and sponsor-control (Series A preferred/TRA) risks

Notable findings

• Restatement• Our amended and restated certificate of incorporation, amended and restated bylaws and Certificate of Designation (as defined herein), as well as Delaware law, contains provisions that could discour 8-K ↗
• Exec changeRecent 8-K item 5.02 8-K ↗
• Material weakness• We previously identified material weaknesses in our internal control over financial reporting and may identify additional material weaknesses in the future which, if not corrected, could affect the