Slide 1: First Quarter 2026 Earnings Conference Call
ibdroot\projects\IBD-NY\xeric2025\944088_1\02. Presentation\04. NDR\XPLR_Credit NDR_DRAFT_v43.pptx First Quarter 2026 Earnings Conference Call XPLR Infrastructure, LP
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: XPLR Infrastructure delivers a solid start to 2026 with continued execution across key priorities
3 XPLR Infrastructure delivers a solid start to 2026 with continued execution across key priorities Business Highlights Financial Performance • Adjusted EBITDA of ~$435 MM and FCFBG of ~$89 MM, in line with expectations • Repowering program progressing, with ~30% of the planned 2026 projects complet
Slide 4: XPLR Infrastructure's portfolio delivered solid financial results in Q1 2026
4 XPLR Infrastructure’s portfolio delivered solid financial results in Q1 2026 XPLR Infrastructure – First Quarter 2026 Results and Drivers $471 $435 ($5) ($29) ($3) Adjusted EBITDA ($ MM) Q1 2025 Existing Asset Other Q1 2026 Includes the first Q1 Adjusted EBITDA Projects Dispositions payment relate
Slide 5: Expected substantial Free Cash Flow Before Growth in line with full-year financial expectations
5 XPLR Infrastructure’s portfolio is expected to produce substantial Free Cash Flow Before Growth in line with its full-year financial expectations XPLR Infrastructure’s Financial Expectations ($ MM) $1,750–$1,950 ($650–$700) $600–$700 ($490–$510) ($10–$40) 2026E Tax Debt Capital Maintenance 2026E A
Slide 6: Contracted clean energy platform with multiple levers to drive value creation
6 XPLR Infrastructure is a contracted clean energy platform with multiple levers to drive value creation over time XPLR Infrastructure Key Investment Highlights 1 Large, diversified portfolio of clean energy infrastructure with footprint in multiple high-growth markets 2 Portfolio generates stable c
Slide 7: Q&A Session
Q&A Session
Slide 8: Appendix
Appendix
Slide 9: XPLR Infrastructure Wind Production Index
9 XPLR Infrastructure Wind Production Index1 2025 2026 Q1 Q2 Q3 Q4 Q1 Location MW Jan Feb Mar QTR MW QTR MW QTR MW QTR YE MW Jan Feb Mar QTR Midwest 1,970 110% 104% 107% 107% 1,970 97% 1,970 82% 1,970 100% 98% 1,970 95% 94% 105% 98% West 2,038 89% 91% 107% 96% 2,038 98% 2,033 96% 2,033 89% 95% 2,033
Slide 10: Reconciliation of Net Loss to Adjusted EBITDA and Free Cash Flow Before Growth (FCFBG)
10 Reconciliation of Net Loss to Adjusted EBITDA and Free Cash Flow Before Growth (FCFBG) ($ MM) Q1 2026 Q1 2025 Net Loss ($48) ($328) Add back: Depreciation and amortization 140 136 Interest expense 102 135 Income tax benefit (51) (42) Goodwill impairment charge — 253 Tax credits – gross 275 251 Am
Slide 11: XPLR Infrastructure Interest Payment Timing
11 XPLR Infrastructure Interest Payment Timing Interest Principal Outstanding Maturity Frequency of Rate1 ($ MM)2 Year Interest Payments Convertible Unsecured Notes 2.50% 500 2026 Semi-Annually (Q2, Q4) Unsecured Note 3.88% 33 2026 Semi-Annually (Q2, Q4) Unsecured Note 4.50% 550 2027 Semi-Annually (
Slide 12: XPLR Infrastructure Operating Assets (Wind)
12 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 13: XPLR Infrastructure Operating Assets (Solar & Storage)
13 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 14: Definitional Information
14 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 15: Cautionary Statement and Risk Factors That May Affect Future Results
15 Cautionary Statement and Risk Factors That May Affect Future Results This presentation contains “forward-looking include, but are not limited to, the following: available insurance coverage could be materially XPLR's rights or the United States of America statements within the meaning of the fede
Slide 16: Cautionary Statement and Risk Factors That May Affect Future Results (Cont.)
16 Cautionary Statement and Risk Factors That May Affect Future Results (Cont.) XPLR's ability to develop and/or acquire assets restrictions in XPLR and its subsidiaries' their obligations under credit support potential liability, and XPLR has agreed to involves risks; government laws, regulations a
Slide 17: Cautionary Statement and Risk Factors That May Affect Future Results (Cont.)
17 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’