HA Sustainable Infrastructure Capital, Inc. · NYSE:HASI
HA Sustainable Infrastructure Capital — Q3 2026 Earnings Presentation
36 slides from HA Sustainable Infrastructure Capital's earnings presentation, November 2026
Slide 1: Earnings Presentation Third Quarter 2026
Earnings Presentation Third Quarter 2026
Slide 2: Forward Looking Statements
Forward Looking Statements Some of the information contained herein are 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. When used herein, words such as "believe," "expect," "an
Slide 3: Solid Asset and Income Growth in Q3
Solid Asset and Income Growth in Q3 $0.82 15.6% Adjusted EPS1 Adjusted ROE1 Q3 2026 Q3 2026 YTD +23% $19b Adjusted Recurring Net Investment Managed Assets2 Income Y/Y growth Q3 2026 YTD1 Up 26% Y/Y Reaffirming guidance for Adjusted EPS in a range of $3.55 - $3.65 in 2028 1. See Appendix for an expla
Slide 4: Q3 Results Underscore Our Resilience to Higher Rates
Q3 Results Underscore Our Resilience to Higher Rates Even as interest rates have risen YTD in 2026, HASI continues to execute 3.1% Closed >$1b in total 2.7% new transactions in Q3 9.2% 8.5% 6.1% 5.8% New asset yields 2025 Q3 2026 YTD >11.0% YTD Portfolio Interest Expense as % Net Investment Yield of
Slide 5: How HASI Minimizes Its Interest Rate Impact
How HASI Minimizes Its Interest Rate Impact Management of net interest rate spreads • Assets and debt are typically priced at a target spread over base rates • Our IG rating has minimized the volatility of our debt spreads Hedging supports duration matching • Forward-starting swaps are structured to
Slide 6: Even with Higher Rates, Renewables Offer the Lowest LCOE
Even with Higher Rates, Renewables Offer the Lowest LCOE Sensitivity of the Levelized Cost of Energy to the Cost of Debt1 6% 8% 10% $291 $215 $ / MWh $153 $103 $90 $81 $83 $78 $68 $69 $57 $57 Wind Power Solar Power Gas-Fired Generation (CCGT) Nuclear Power Renewable energy remains the lowest leveliz
Slide 7: Significant Expansion of Invenergy Partnership
Significant Expansion of Invenergy Partnership 2.7 GW utility-scale 10 projects across HASI’s Grid-Connected Closed Transactions solar, solar-plus seven states spanning storage, and wind AZ, AR, IN, NM, OH, $2,099m energy portfolio TX, and NY $946m Backed by long-term 850 MW in operation $576m PPA a
Slide 8: Deep Pipeline Remains Highly Diversified
Deep Pipeline Remains Highly Diversified Behind-the-Meter: • The U.S. residential solar market is expected to rebound next year with growth of ~8% to 4 GW forecast for 2027 with batteries Behind-the-Meter Grid-Connected expanding the market opportunity further2 44% 30% • After surpassing 10 GW cumul
Slide 9: SunStrong Management: Transformation from Asset Vehicle to Operating Business
SunStrong Management: The Transformation from an Asset Vehicle to a Profitable Operating Business After SunStrong Capital Holdings (“SSCH”) was established in 2018 with HASI’s initial $10m investment, SunStrong Management (“SSM”) was subsequently formed to service SunPower’s residential solar assets
Slide 10: Our Stake in SunStrong Management Now Valued at $41m
Our Stake in SunStrong Management Now Valued at $41m >5 GW ~450k Book Value of HASI’s Equity Stake in SunStrong solar energy capacity and solar energy >160 EV charging systems customers, up >4x $41m under management since Q4 2024 $108m >40% 1 $6m of revenue revenue growth Q4 Q3 2024 2026 in 2025 exp
Slide 11: Continued Growth in Adjusted EPS and Adjusted ROE
Continued Growth in Adjusted EPS and Adjusted ROE Adjusted EPS1 Adjusted Earnings1 Adjusted ROE1 + 15% Y/Y + 21% Y/Y + 220 bps Y/Y $2.34 $309m 15.6% $2.04 $256m 13.4% Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 YTD YTD YTD YTD YTD YTD No share issuances through our ATM 2026 YTD Adjusted EPS on t
Slide 12: Solid Growth in Recurring Investment Income and Fees
Solid Growth in Recurring Investment Income and Fees Adjusted Recurring Net Investment Income1 + 23% Y/Y $330m $269m Q3 2025 Q3 2026 YTD YTD Origination Fee Gain on Sale and Other Income2 (10%) Y/Y + 284% Y/Y $51m $46m $27m $7m Q3 2025 Q3 2026 Q3 2025 Q3 2026 YTD YTD YTD YTD 1. See Appendix for an e
Slide 13: Balance Sheet/CCH1 Transactions Grew 146% Y/Y
Balance Sheet/CCH1 Transactions Grew 146% Y/Y Closed Transactions Closed Transactions ($b)1 New Asset Yields3 by Asset Class2 $2.8b GC Solar & Storage 34% $0.3 >11.0% >10.5% >10.5% Resi Solar & Storage 26% $1.7b RNG 24% >9.0% $1.5b $0.4 $1.2b $0.5 $2.5 Public Sector 6% >7.5% $0.6 $1.4 Other Sustaina
Slide 14: Managed Assets Up 26% Y/Y to $19 Billion
Managed Assets Up 26% Y/Y to $19 Billion 2 Managed Assets1 Portfolio2 $19.0 By Investment Type $16.1 Receivables 28% GC Solar $13.7 & Storage $12.3 16% Resi Solar Equity & Storage $9.8 Investments 33% $8.8 72% Portfolio: Onshore Wind $9.1b 17% By Asset Class GC Solar & Storage $9.1 15% $7.6 $6.2 $6.
Slide 15: Continuing to Optimize Our Cost of Capital
Continuing to Optimize Our Cost of Capital Third CCH1 note issuance New secured loan facility No ATM equity issuances closed in October 2026 with improved terms 2026 YTD • Latest $400m issuance will • Closed a new $175m secured • No ATM share issuances bring cumulative CCH1 term loan facility in Sep
Slide 16: Base Rates Are Higher, but HASI's Spreads Trade Tighter
Base Rates Are Higher, but HASI’s Spreads Trade Tighter HASI’s Senior Unsecured Note Spreads in Secondary Market Trading 225 Spread Credit Spreads over Treasuries improvement from March to 200 October 175 (50 bps) (44 bps) 150 125 (63 bps) 100 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Oct-26
Slide 17: Q3 2026 Sustainability and Impact Highlights
Q3 2026 Sustainability and Impact Highlights 2026 S&P Global CSA rating Designated a Low-Carbon Named one of America’s improved to the 93rd percentile Leader by Morningstar greenest companies by Newsweek of the diversified financials sector Sustainalytics for the 3rd year in a row Carbon Emissions1
Slide 18: Reaffirming Guidance Following Excellent 2026 YTD Results
Reaffirming Guidance Following Excellent 2026 YTD Results Adjusted EPS Reaffirming guidance of $3.55 - $3.65 in 2028; expecting ~10% growth for 2026 Return on Equity Reaffirming guidance for Adjusted ROE of >17.0% in 2028 Payout Ratio Reaffirming guidance for reduction to <50% by 2028 and <40% by 20
Slide 19: Appendix
Appendix 19
Slide 20: Maturing CP Program Lowers Our Short-Term Funding Costs
Maturing CP Program Lowers Our Short-Term Funding Costs Our stand-alone commercial paper program is on average 85 bps cheaper than our revolver Q3 2026 YTD >$5.4b issued through Q3 2026 YTD3 at an average discount rate of ~4.25% Jan 25 Apr 25 Jul 25 Oct 25 Jan 26 Apr 26 Jul 26 9/30/26 All-in CP rate
Slide 21: Portfolio and Related Debt Metrics
Portfolio and Related Debt Metrics 2021 2022 2023 2024 2025 Q3 2026 YTD Adjusted ROE1 11.5% 11.5% 12.1% 12.7% 13.4% 15.6% New Asset Yields2 >7.0% >7.5% >9.0% >10.5% >10.5% >11.0% Portfolio Yield3 7.6% 7.5% 7.5% 8.0% 8.5% 9.2% Interest Expense / Avg. Debt Balance4 4.6% 4.3% 5.0% 5.6% 5.8% 6.1% $1,200
Slide 22: Adjusted Cash from Operations Plus Other Portfolio Collections
Adjusted Cash from Operations Plus Other Portfolio Collections1 $ millions2 Q3 2026 (TTM) 2025 2024 Cash collected from our Portfolio $1,374 $1,200 $891 Cash collected from sale of assets3 $100 $33 $325 Cash used for compensation and benefits and G&A expenses ($109) ($89) ($86) Interest paid4 ($263)
Slide 23: Strong Portfolio with Positive Credit Attributes
Strong Portfolio with Positive Credit Attributes Recent Portfolio Performance Positive Credit Attributes Portfolio Rating Description Performance Metric Asset Class Structural Seniority Obligor Credit (%)5 Subordinated Debt or >635k consumers WAVG 1 Performing1 ~98% Residential 33% Structured Equity
Slide 24: Summary of Total Debt and Hedge Portfolio
Summary of Total Debt and Hedge Portfolio Debt Facility Debt Amount (millions) 1 Effective Interest Rate2 Maturity Year Term Loan A $400 5.24% 2029 Secured Term Loan Facility $175 5.15% 2031 Commercial Paper Notes3 $475 4.44% 2031 Convertible Notes $403 3.75% 2028 Revolving Line of Credit $- N/A 203
Slide 25: Income Statement
Income Statement HA SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (@OLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) For the Three Months For the Nine Months Ended September 30, Ended September 30, 2026 2025 2026 2025 Revenue Interest and rental income ($23 mi
Slide 26: Balance Sheet
Balance Sheet HA SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. CONSOLIDATED BALANCE SHEETS (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) September 30, 2026 (unaudited) December 31, 2025 Assets Cash and cash equivalents s 102.287 $ 110.218, Equity med imesiments (ncndes $58 milion an $28 milli
Slide 27: Statement of Cashflows
Statement of Cashflows HA SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS. (@OLLARS IN THOUSANDS) (UNAUDITED) Senne, NSepremter 30," 2026 8 2026 Cash flows from operating activities Cash flows from financing activities Net income (loss) $200,266 $ 242,886 Proceeds from
Slide 28: Cash Available for Reinvestment
Cash Available for Reinvestment (1) Represents return of capital distributions from our equity method investments included in cash provided by (used in) investing activities section of our statements of cash flows which is incremental to any equity method investment distributions found in net cash p
Slide 29: Reconciliation of GAAP Net Income to Adjusted Earnings
Reconciliation of GAAP Net Income to Adjusted Earnings (1) The per-share data reflects the GAAP diluted earnings per share, which is the most comparable GAAP measure to our Adjusted Earnings per Share. (2) This is a non-GAAP adjustment to reflect the return on capital of our equity method investment
Slide 30: Reconciliation of GAAP Net Income to Adjusted ROE
Reconciliation of GAAP Net Income to Adjusted ROE (1) Average Stockholders’ Equity is calculated as the average of the Stockholders’ Equity at the beginning and end of each quarterly period. Average Stockholders’ Equity for year-to-date periods is calculated as the average of the Stockholders’ Equit
Slide 31: Reconciliation of GAAP-based Net Investment Income to Adjusted Recurring Net Investment Income
Reconciliation of GAAP-based Net Investment Income to Adjusted Recurring Net Investment Income (1) GAAP-based net investment income (loss) as reported in previous periods was not defined to include Management fees and retained interest income. It has been included here in comparative periods to refl
Slide 32: Reconciliation of GAAP-Based Portfolio to Managed Assets
Reconciliation of GAAP-Based Portfolio to Managed Assets (1) In the quarter ended June 30, 2026, we exercised certain of our protective rights under a loan agreement to a project company, which caused us to obtain the ability to direct the significant activities related to the projects, and accordin
Slide 33: Explanatory Notes
Explanatory Notes Guidance The Company expects Adjusted Earnings per Share to range between $3.55 and $3.65 in 2028. The Company also expects Adjusted ROE to be more than 17% in 2028. In addition, the payout ratio of distributions of annual dividends per share as a percentage of annual Adjusted Earn
Slide 34: Supplemental Financial Data
Supplemental Financial Data Adjusted Earnings and Earnings on Equity Method Investments We calculate Adjusted Earnings as GAAP net income (loss) excluding equity-based expenses, provisions for loss on receivables, amortization of intangibles, losses or (gains) from modification or extinguishment of
Slide 35: Supplemental Financial Data
Supplemental Financial Data Managed Assets We consolidate assets on our balance sheet, securitize assets off-balance sheet, and manage assets in which we co-invest with other parties via equity method investments. Therefore, certain receivables and other assets are not reflected on our balance sheet
Slide 36: Visit our website at www.hasi.com
Visit our website at www.hasi.com Listen to the HASI Climate Positive podcast Securities are offered by HASI Securities, LLC, a registered broker dealer, member FINRA and SIPC and subsidiary of HA Sustainable Infrastructure Capital, Inc.
HA Sustainable Infrastructure Capital — Q3 2026 Earnings Presentation on 6ix