Xplr Infrastructure, Lp · NYSE:XIFR
Xplr Infrastructure, Lp — Q2 2025 Earnings Presentation
36 slides from Xplr Infrastructure, Lp's earnings presentation, 2025
Slide 1: XPLR Infrastructure, LP Second Quarter 2025 Presentation
ibdroot\projects\IBD-NY\xeric2025\944088_1\02. Presentation\04. NDR\XPLR_Credit NDR_DRAFT_v43.pptx XPLR Infrastructure, LP Second Quarter 2025 Presentation
Slide 2: Cautionary Statements and Risk Factors That May Affect Future Results
ibdroot\projects\IBD-NY\xeric2025\944088_1\02. Presentation\04. NDR\XPLR_Credit NDR_DRAFT_v43.pptx 2 Cautionary Statements and Risk Factors That May Affect Future Results This presentation includes forward-looking statements within the meaning of the federal securities laws. Actual results could dif
Slide 3: Company Overview
1 Company Overview
Slide 4: XPLR Infrastructure is one of the largest, most diversified independent power producers in the U.S.
4 XPLR Infrastructure is one of the largest, most diversified independent power producers in the U.S. focused on clean energy ~10 GW of Operating Assets1 Key Statistics Located Across 31 U.S. states Net Owned Capacity1 ~10 GW 2024A Net Generation ~31,080 GWh Net Asset Book Value3 ~$20 B Enterprise V
Slide 5: Portfolio is diversified across technologies, U.S. regions and projects
5 XPLR Infrastructure’s portfolio1 is diversified across technologies, U.S. regions and projects Diversified by Technology Diversified by U.S. Region Diversified Across 94 Projects Battery Storage Various 3% 1% ERCOT 10% Solar 18% West 33% Midwest 16% Northeast 2% Wind 79% South 39% 1. Represents XP
Slide 6: Portfolio produces stable, long-term contracted cash flows
6 XPLR Infrastructure’s portfolio of projects produces stable, long-term contracted cash flows Weighted Average ~12 Long-Term O&M PPA Life1 years Agreements Stable, Long-term Cash Flows Unique Customers2 80+ Contracted Cash 100% Denominated in USD Flows from Projects Average Customer BBB+ ~$3.8 B In
Slide 7: Relationship with NextEra Energy and its operational expertise
7 XPLR Infrastructure benefits from its relationship with industry leader, NextEra Energy, and the operational expertise it provides Relationship With NextEra Energy NextEra Energy Provides Services to XPLR Under Long-Term Agreements • Management services agreement Public Unitholders1 • Asset-level
Slide 8: Capital allocation strategy focuses on four key priorities
8 XPLR Infrastructure’s capital allocation strategy focuses on four key priorities to generate attractive returns for unitholders Simplify capital Invest in Investments Return of capital structure existing in clean to unitholders, through buyout portfolio of energy assets including of selected high-
Slide 9: Investments in wind repowering expected to generate attractive returns and extend asset life
9 XPLR Infrastructure’s investments in wind repowering are expected to generate attractive returns and extend asset life Repower Value Drivers Rationale for XPLR (NPV1 Contribution) Low-risk projects leveraging existing sites for brownfield development Incremental cash flows from existing assets Att
Slide 10: Palo Duro and Mammoth Plains repower projects highlight execution strengths
10 Palo Duro and Mammoth Plains, our largest repower projects to date, highlight execution strengths and value of our investments Repowering Highlights Projects were successfully completed in June, ✓ Expanded with expanded capacities to ~263 MW (Palo Duro) Capacity Palo Duro Mammoth Plains and ~209
Slide 11: Focused on long-term value creation in a growing U.S. power sector
11 XPLR Infrastructure is focused on long-term value creation and is positioning itself to benefit from future opportunities in a growing U.S. power sector Expected Long Term Demand Growth 1,2,3 Remaining Useful Life4 of the Portfolio Embedded Value of the Portfolio (TWh) Legacy power purchase agree
Slide 12: Second Quarter 2025 Highlights
2 Second Quarter 2025 Highlights
Slide 13: Solid Q2 2025 results: Adj. EBITDA roughly flat and FCFBG up 6%
13 XPLR Infrastructure delivered solid Q2 2025 results: Adj. EBITDA roughly flat and FCFBG up 6% versus the prior year comparable quarter XPLR Infrastructure – Second Quarter Financial Results Drivers $560 $8 ($11) $557 Adjusted EBITDA ($ MM) • Existing Projects: primarily driven by lower net operat
Slide 14: Executing on investment and refinancing plans
14 XPLR Infrastructure is executing on its investment and refinancing plans Category Year-to-date Progress 1 Capital Structure ✓ Bought out CEPF 1 for ~$931 MM in April 2025 Simplification ✓ Announced sale of Meade pipeline investment to address CEPF 2 and project-level debt ✓ All necessary permits
Slide 15: Definitive agreement to sell Meade pipeline investment
15 XPLR Infrastructure has signed a definitive agreement to sell Meade pipeline investment for ~$1,078 MM1, with the transaction expected to close by the end of the third quarter of 20252 Meade Sale Overview • XPLR Infrastructure signed a definitive Summary of Proceeds $ MM agreement to sell Meade p
Slide 16: Reaffirming financial expectations for 2025 and 2026
16 XPLR Infrastructure is reaffirming its financial expectations for 2025 and 2026 XPLR Infrastructure’s Financial Expectations Calendar Year 2025 Calendar Year 2026 Adjusted EBITDA $1,850 – $2,050 MM Adjusted EBITDA1 $1,750 – $1,950 MM FCFBG $600 – $700 MM 1. The decline in adjusted EBITDA expectat
Slide 17: Financial Highlights
3 Financial Highlights
Slide 18: Financial strategy focused on prudently funding capital allocation priorities
18 XPLR Infrastructure’s financial strategy is focused on prudently funding capital allocation priorities while maintaining balance sheet strength Financial Strategy Summary of XPLR’s Expected 2025 – 2026 Financial Plan ($ B) $4.00 ~$3.1 – $3.4 $3.50 Simplify business model and capital Tax Equity ~$
Slide 19: Addressing legacy CEPF financings to simplify the capital structure
19 XPLR Infrastructure is addressing legacy CEPF financings to simplify the capital structure and enhance long-term financing and strategic flexibility Plan for XPLR Infrastructure’s Convertible Equity Portfolio Financings (CEPFs) CEPF 1 CEPF 2 CEPF 3 CEPF 4 CEPF 5 2026, 2027, 2025 2025 2027 2029 –
Slide 20: Portfolio expected to produce substantial Free Cash Flow Before Growth
20 XPLR Infrastructure’s portfolio is expected to produce substantial Free Cash Flow Before Growth 2026E Adjusted EBITDA to 2026E Free Cash Flow Before Growth Walk ($ MM) $1,750 – $1,950 ($655 – $755) ($450 – $500) $600 – ($10 – $30) ($0 – $10) $700 2026E Tax Debt Maint. Capital and Other 2026E Adju
Slide 21: Strong existing portfolio cash flows and investor value proposition
21 We believe that XPLR Infrastructure has strong existing portfolio cash flows and represents a compelling investor value proposition XPLR Infrastructure’s Value Proposition 2026E XPLR Infrastructure Unit Price vs. FCFBG Yield4 ~10 3rd ~1.6 $40 GW1 Largest2 GW $35 2026E FCFBG Expectation $600 MM –
Slide 22: Appendix
Appendix
Slide 23: XPLR Wind Production Index
23 XPLR Wind Production Index1,2 2024 2025 Q2 Q3 Q4 Q1 Q2 Location MW Apr May Jun QTR MW QTR MW QTR YE MW QTR MW Apr May Jun QTR YTD Midwest 1,970 115% 92% 112% 106% 1,970 92% 1,970 96% 98% 1,970 107% 1,970 104% 94% 93% 97% 102% West 2,038 100% 115% 103% 106% 2,038 98% 2,038 95% 98% 2,038 96% 2,038
Slide 24: 2025 - 2026 Financing Plan
24 XPLR Infrastructure 2025 - 2026 Financing Plan Gross Additions Repayments Net Change ($ B) 2025 2026 Total 2025 2026 Total 2025 2026 Total Total Project-level Financing1 ~$1.1 – $1.22 ~$0.2 ~$1.3 – $1.4 ~$(0.3)3 ~$(0.3) ~$(0.6) ~$0.8 – $0.9 ~$(0.1) ~$0.7 – $0.8 Revolving Credit Facility - - - ✓ $
Slide 25: Overview of Debt Capitalization
25 Overview of XPLR Infrastructure’s Debt Capitalization As of June 30, 2025 | ($ in MM) x HoldCo CADS1 Coupon Maturity 30-Jun-25 TTM as of 30-Jun-25 Cash and Cash Equivalents $880 Convertible Unsecured Notes 0.000% Nov-2025 $418 Convertible Unsecured Notes 2.500% Jun-2026 500 Unsecured Notes 3.875%
Slide 26: Summary of Convertible Equity Portfolio Financings (CEPFs)
26 Summary of Convertible Equity Portfolio Financings (CEPFs)1 CEPF 22 CEPF 3 CEPF 4 CEPF 5 (XPLR Pipelines) (XPLR Renewables III) (XPLR Renewables IV) (Genesis Holdings) Date of Sale Nov 13, 2019 Dec 28, 2021 Dec 15, 2022 Dec 18, 2020 Cash Allocation to CEPF Investors: 1% / 99% 65% / 99% 17% / 99%
Slide 27: Operating Assets (Wind)
27 XPLR Infrastructure Operating Assets1,2 (Wind) Wind Wind Gross Capacity Percent Net Capacity Offtaker Gross Capacity Percent Net Capacity Offtaker Projects In-Service (MW) Ownership (MW) Rating Projects In-Service (MW) Ownership (MW) Rating Alta Wind VIII 2012 150.0 100% 150.0 BBB Kingman Wind I
Slide 28: Operating Assets (Solar & Storage)
28 XPLR Infrastructure Operating Assets1,2 (Solar & Storage) Solar Storage Gross Capacity Percent Net Capacity Offtaker Gross Capacity Percent Net Capacity Offtaker Projects In-Service (MW) Ownership (MW) Rating Projects In-Service (MW) Ownership (MW) Rating Marshall Solar 2017 62.3 50% 31.2 A- Cool
Slide 29: Reconciliation of Net Income to Adjusted EBITDA and FCFBG – Q2 2025 and Q2 2024
29 Reconciliation of Net Income to Adjusted EBITDA and Free cash Flow Before Growth (FCFBG) – Q2 2025 and Q2 2024 ($ MM) 2025 Q2 2024 Q2 Net Income $ 36 $ 58 Add back: Depreciation and amortization 141 138 Interest expense 131 54 Income taxes (41) 21 Tax credits – gross 257 279 Amortization of intan
Slide 30: Reconciliation of Net Loss to Adjusted EBITDA and FCFBG – Trailing Twelve Months
30 Reconciliation of Net Loss to Adjusted EBITDA and Free cash Flow Before Growth (FCFBG) – Trailing Twelve Months ($ MM) TTM as of Q2 2025 Net Loss $ (795) Add back: Depreciation and amortization 554 Interest expense 393 Income taxes (141) Goodwill impairment charge 828 Tax credits – gross 983 Amor
Slide 31: Reconciliation of Net Loss to Adjusted EBITDA and FCFBG – 2024 YE
31 Reconciliation of Net Loss to Adjusted EBITDA and Free cash Flow Before Growth (FCFBG) – 2024 YE ($ MM) 2024 Net Loss $ (411) Add back: Depreciation and amortization 550 Interest expense 170 Income taxes (46) Goodwill impairment charge 575 Tax credits – gross 1,019 Amortization of intangible asse
Slide 32: Tax Credit Breakdown (Non-GAAP) – 2024 YE Example
32 Tax Credit Breakdown (Non-GAAP) – 2024 YE Example Non-GAAP reconciliation reflects XPLR OpCo’s economic ownership, while the GAAP view represents 100% of the consolidated results where XPLR OpCo holds a controlling interest. Under GAAP, tax credits retained by XPLR OpCo are reflected in the incom
Slide 33: Definitional Information
33 Definitional Information XPLR Infrastructure, LP. Adjusted EBITDA and FCFBG Expectations This presentation refers to adjusted XPLR Infrastructure’s adjusted EBITDA FCFBG is defined as free cash flow XPLR Infrastructure does not provide a EBITDA and FCFBG. Adjusted EBITDA expectations represent pr
Slide 34: Cautionary Statement and Risk Factors That May Affect Future Results
34 Cautionary Statement and Risk Factors That May Affect Future Results This presentation contains “forward-looking or implied in the forward-looking statements. adversely affect XPLR’s business, financial rights holders that have rights that are superior statements” within the meaning of the federa
Slide 35: Cautionary Statement and Risk Factors (Cont.)
35 Cautionary Statement and Risk Factors That May Affect Future Results (Cont.) XPLR's ability to develop and/or acquire assets political, regulatory, operational and economic influence over XPLR; under the Cash Sweep and Infrastructure Operating Partners GP, LLC under involves risks; reductions in
Slide 36: Cautionary Statement and Risk Factors (Cont.)
36 Cautionary Statement and Risk Factors That May Affect Future Results (Cont.) XPLR’s partnership agreement restricts the resale following conversion or settlement, may remedies available to holders of XPLR's common result in a decline in the market price for XPLR's units for actions taken by XPLR’