Ha Sustainable Infrastructure Capital, Inc. · NYSE:HASI
Ha Sustainable Infrastructure Capital — Investor Presentation (August 2025)
68 slides from Ha Sustainable Infrastructure Capital's investor presentation, August 2025
Slide 1: Investor Presentation August 2025
Investor Presentation August 2025
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: Pioneer Public Investor in Sustainable Infrastructure Assets
Pioneer Public Investor in Sustainable Infrastructure Assets Stock Profile Equity Market Capitalization ($b)1 >$3b We provide investors, stable, predictable earnings growth and Dividend Yield1 ~6% dividend income GAAP EPS / Adjusted EPS (2024) $1.62 / $2.45 Annual Shareholder Return since 2013 IPO1
Slide 4: Why Invest in HASI
Why Invest in HASI We earn superior risk-adjusted returns by investing in sustainable infrastructure assets Large Multi-Decade Diversified and differentiated exposure to the $4 trillion U.S. sustainable 1 Opportunity infrastructure investment forecast between 2025 and 20501 Long-Term Investments $14
Slide 5: Investing in Real Assets Across Three Primary End Markets
Investing in Real Assets Across Three Primary End Markets Behind-the-Meter Grid-Connected Fuels, Transport & Nature “BTM” “GC” “FTN” Energy Efficiency Utility-Scale Solar Power, Clean Fuels (RNG) Community and C&I Solar/Storage Wind Power, and Fleet Decarbonization Residential Solar/Storage Energy S
Slide 6: Investment Criteria
Our Investment Strategy is Focused on High-Quality, Cash-Generating Sustainable Infrastructure Assets Our Vision Every investment improves our climate future Our Purpose Make climate positive investments with superior risk-adjusted returns Positive environmental or emissions impact Long-lived infras
Slide 7: Long-Term Programmatic Partnerships
Long-Term Programmatic Partnerships >80 >70% 9 repeat clients1 to date of closed transaction volumes in clients have partnered with HASI (including >15 for 5+ years)2 2024 were with repeat clients1 on 2 or more asset classes2 1. “Repeat clients” defined as clients who have historically closed at lea
Slide 8: Illustrative Investments
Illustrative Investments Grid-Connected Behind-the-Meter Fuels, Transport & Nature Grid-Connected Renewable Energy Residential Solar Renewable Natural Gas Solar Land >1.3 GW >$200 million >$125 million >$100 million Minority investment in a portfolio of Investment in a portfolio of residential Senio
Slide 9: Investment Opportunity
Investment Opportunity
Slide 10: $4 Trillion of Sustainable Infrastructure Investment by 2050
$4 Trillion of Sustainable Infrastructure Investment by 2050 Power Higher Renewable Demand Growth Electricity Prices Energy Economics • Accelerating demand from • U.S. wholesale prices • Lowest cost ~$4 data centers, onshoring, up >85% since 20203 Trillion and electrification • Fastest to market • U
Slide 11: A New Era of Growth for the U.S. Power Market
A New Era of Growth for the U.S. Power Market 1960-20001 2000-20231 2024-2040E2 +4.1%/yr +0.4%/yr +3.4%/yr By 20353 8,000 +~400 TWh U.S. Electricity Generation (TWh) Data Centers 6,000 +>300 TWh Electric Vehicles 4,000 Increased use of air conditioning, refrigeration, electric heating, etc. Improved
Slide 12: Power Prices Have Already Risen Substantially since 2020
Power Prices Have Already Risen Substantially since 2020 Wholesale forward power prices have doubled Avg. retail electricity rates rose 38% over the last five years in ERCOT and PJM1 from 2020 to 2025 across U.S. cities2 $60 $0.20 Forward Power Price Curves Avg. Electricity Price in U.S. Cities $50
Slide 13: Solar and Wind Offer the Lowest Cost and Fastest-to-Market Solutions
Solar and Wind Offer the Lowest Cost and Fastest-to- Market Solutions Unsubsidized solar and wind provide Solar, wind and battery storage are the only sources the lowest levelized cost of electricity today1 of new electric capacity that can be built in <2 years2 $300 10+ Yrs Levelized Cost of Energy
Slide 14: The Growing Financial Cost of Higher Emissions
The Growing Financial Cost of Higher Emissions Instances of climate-related disasters1 The cost of U.S. billion-dollar have risen along with global temperatures2 climate-related disasters since 19801 30 1.4 $400 # of U.S. Billion-Dollar Environmental 1.2 $3,000 Temperature Anomaly (C) 25 Cumulative
Slide 15: Renewables Poised to Play a Prominent Role in the All-of-the-Above Strategy
Renewables Poised to Play a Prominent Role in the “All-of- the-Above” Strategy Needed to Supply U.S. Power Demand 600 • Renewables and battery storage account for 89% of the interconnection U.S. Electric Generating Capacity1 500 queue as of August 2025.2 400 • New gas-fired generating capacity is no
Slide 16: Grid-Connected: >$500b of Investment in U.S. Utility-Scale Renewables/Storage
Grid-Connected (GC): >$500b of Investment in U.S. Utility-Scale Renewables/Storage Forecast through 2035 Utility-scale renewables/storage offer the lowest cost and fastest to 1,000 market solution to supply the Cumulative Installed U.S. Capacity unprecedented demand for 800 electricity over the next
Slide 17: Behind-the-Meter: >$200b of Investment in U.S. Distributed Renewables/Storage
Behind-the-Meter (BTM): >$200b of Investment in U.S. Distributed Renewables/Storage Forecast through 2035 Rising retail electricity rates and 400 the declining costs of battery and solar continue to improve the Cumulative Installed U.S. Capacity value proposition of distributed energy resources 300
Slide 18: Behind-the-Meter: >$150b Investment Opportunity from Energy Efficiency
Behind-the-Meter (BTM): of >$150b Investment Opportunity from Energy Efficiency through 2035 Breakdown of U.S. commercial The North American market for energy efficiency buildings' energy usage savings performance contractsore4 $25 Office Equipment Other 1% Space $20 16% Computing Heating $ Billions
Slide 19: Fuel, Transport & Nature is Centered on RNG and Decarbonization of Transportation
Fuel, Transport & Nature (FTN) is Centered on RNG and the Decarbonization of Transportation Fuels Transport Nature Clean fuels—renewable natural gas Transportation accounts for almost 30% Climate change is also driving greater Landscape (“RNG”), biofuels, etc.—decarbonize of U.S. GHG emissions, and
Slide 20: The Continuing Evolution of Our Investment Strategy
The Continuing Evolution of Our Investment Strategy The Next Frontier Building Electrification CHP Data Centers Fuel Cell Next-Gen Geothermal Hydrogen Hydropower Manufacturing Natural Gas w/CCUS Advanced Nuclear Other Clean Fuels Resiliency & Adaptation Sustainable Agriculture Sustainable Aviation F
Slide 21: Insulated and Diversified Pipeline
Insulated and Diversified Pipeline BTM: Higher retail utility rates improve the value proposition for both rooftop solar and energy efficiency Behind-the-Meter Grid-Connected 43% 27% BTM Solar 21% GC: EIA continues to forecast U.S. utility-scale solar capacity to grow by >60 GW and wind capacity by
Slide 22: Our Positioning in the Project Lifecycle Minimizes Our Risk
Our Positioning in the Project Lifecycle Minimizes Our Risk Range of Investment Timing for a Typical Utility-Scale Project Pipeline Commitment Funding Regulatory Permits Interconnection Parts PPA Start of Commercial & Approvals Agreement Procurement Signing Construction Operation HASI typically fund
Slide 23: Investments, Assets, Returns & Funding
Investments, Assets, Returns & Funding
Slide 24: Annual Investment Originations Have Grown >75% from 2019 to 2024
Annual Investment Originations Have Grown >75% from 2019 to 2024 While Becoming More Diversified Top two asset classes of new investments change each year $2.3b $2.3b Community $1.9b Solar: $1.8b 18% $1.7b Resi $1.3b Solar: 26% Public Public Sector: Sector: FTN: Resi Solar: Onshore 42% 27% 21% 21% W
Slide 25: Our Managed Assets Have Grown by >90% Since 2020 to $14.6 Billion
Our Managed Assets Have Grown by >90% Since 2020 to $14.6 Billion at the end of Q2 2025 $13.7 $14.6 $12.3 $9.8 $8.8 $7.2 $6.6 $7.2 $6.2 $3.6 $4.3 $2.9 2020 2021 2022 2023 2024 Q2 2025 Managed Assets1 Portfolio1 “Managed Assets” represents our Portfolio of on-balance sheet investments, as well as our
Slide 26: New Portfolio Asset Yields Have Risen to >10.5%
New Portfolio Asset Yields Have Risen to >10.5% Diversification across asset classes Yield on new investments3 >10.5% >10.5% GC Solar & Storage 20% Resi Solar >9.0% & Storage 31% Portfolio: Onshore >7.5% $7.2b1 Wind 17% Community Solar 8% C&I FTN 6% 14%2 Public Other Sector 1% 2022 2023 2024 1H 2025
Slide 27: Portfolio Growth Enabled by Diverse and Expanding Funding Platform
Portfolio Growth Enabled by Diverse and Expanding Funding Platform Co-Investment Vehicles2 $10 Funding of New Balance Sheet Investments1 Convertible Debt $8 Unsecured Notes $6 Green CP2 ($b) Term Loan Facilities Revolving Credit2 $4 Non-Recourse Debt $2 Equity $0 2013 2014 2015 2016 2017 2018 2019 2
Slide 28: Ample Liquidity and Laddered Debt Maturities
Ample Liquidity and Laddered Debt Maturities Revolver largely undrawn Long-term Debt maturities extend out to 20353 $1,000 Cash CP Gross Liquidity $1.7b $500 >$1.4b - RLOC capacity reserved $0.3 liquidity for stand-alone CP facility2 sources1 Available Liquidity $1.4b $0 2025 2026 2027 2028 2029 203
Slide 29: CCH1 Co-Investment Vehicle Program Adds a New Dimension to Our Business
CCH1 Co-Investment Vehicle Program Adds a New Dimension to Our Business 50% 50% of investment of investment • Access to new pool of private capital • Lower reliance on capital markets Upfront Annual Origination Management Fees Fees • No change in origination (1%) (0.5-1.0%) strategy, investment crit
Slide 30: Effectively Navigating a Higher Interest Rate Environment
Effectively Navigating a Higher Interest Rate Environment 12.5% 12.3% 11.8% 11.2% 11.4% 11.1% 10.5% 10.7% 8.3% 8.3% 7.9% 7.6% 7.6% 7.5% 7.5% 6.8% 5.6% 5.7% 5.4% 4.9% 5.1% 5.0% 4.6% 4.3% 2018 2019 2020 2021 2022 2023 2024 1H 2025 1 2 3 Adjusted ROE Portfolio Yield Interest Expense / Avg Debt Balance
Slide 31: Investment Grade Status Lowers Debt Costs by ~100 Bps
Investment Grade Status Lowers Debt Costs by ~100 Bps BB minus BBB Spreads: ~120 bps average since 20141 Lower 400 debt costs 300 200 Longer maturities 100 Jul-14 Jul-15 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24 Jul-25 Fewer market HASI’s Spreads Non-IG: 339 bps First IG: 225 bp
Slide 32: Resilient Margins in all Interest Rate Environments
Resilient Margins in all Interest Rate Environments 2020 2021 2022 2023 2024 3.9% 2.8% 3.3% 2.7% 3.7% 10.5% 9.1% 7.5% 7.1% 7.6% 6.3% 6.6% 4.2% 4.9% 3.4% New Asset Yields1 New Debt Issued2 Net Spread Adjusted EPS Y/Y Growth Adjusted EPS 11% 21% 11% 7% 10% Y/Y Growth 5% 10-Year Treasury Yield 4% 3% 2%
Slide 33: Our Business Has Not Historically Been Impacted by Economic Cyclicality
Our Business Has Not Historically Been Impacted by Economic Cyclicality New U.S. generation capacity vs. GDP growth HASI Adjusted EPS vs. GDP growth 2001-02 2007-09 2020 “Tech” Recession “GFC” Recession “Covid” Recession $3.00 6% New U.S. Electric Generation Capacity (GW)1 80 6% U.S. Real GDP Growth
Slide 34: Differentiated Investment Platform
Differentiated Investment Platform
Slide 35: Deep and Dedicated Team with Extensive Energy Finance Expertise
Deep and Dedicated Team with Extensive Energy Finance Expertise and Experience Jeffrey A. Lipson Charles W. Melko Marc T. Pangburn President & Chief EVP, Chief Financial EVP, Chief Revenue Executive Officer Officer and Treasurer & Strategy Officer Key Executives Nitya Gopalakrishnan Susan D. Nickey
Slide 36: Long-Term Thinking Underpins Long-Term Investments
Long-Term Thinking Underpins Long-Term Investments Preferred Choice by Focused, Disciplined, Programmatic Clients & Efficient Origination Versatility across the Capital Robust, Active Structure and Transaction Sizes Risk Management 36
Slide 37: The Preferred Choice for our Programmatic Clients
The Preferred Choice for our Programmatic Clients Trust Flexibility Efficiency Expertise Creativity in finding Programmatic Decades of market, Strategic value-add solutions to clients’ relationships minimize policy, technology, partner, not just a problems friction costs tax, and finance financial i
Slide 38: Versatility across the Capital Structure and Transaction Sizes
Versatility across the Capital Structure and Transaction Sizes Common Equity Capital Structure Positioning Infrastructure Funds Structured Equity Private Credit Subordinated Debt Senior Debt Banks / Insurance Transaction size $10M $100M $500M $1B+ Preferred Choice Versatility across the Capital Focu
Slide 39: Focused, Disciplined, and Efficient Origination
Focused, Disciplined, and Efficient Origination Sourcing Structuring Underwriting Well-known participant in Thorough diligence spanning Flexibility within the capital the market as a “one stop multiple teams, independent structure enabled by use of shop” across multiple engineers, advisors and perma
Slide 40: Robust and Active Risk Management
Robust and Active Risk Management Focus on non-cyclical assets with long-term cash flows under contract with Credit Risk high-quality, incentivized off-takers Substantial investment in information systems provides for efficient data Operational Risk analysis on key portfolio asset performance metric
Slide 41: Our Clients Embrace our Expertise, Flexibility, Shared Values and Long-Term Relationships
Our Clients Embrace our Expertise, Flexibility, Shared Values and Long-Term Relationships “What sets HASI apart is that they have a “We find a common ground, a common trust. team of professionals that get in there. When And that has allowed us to be much more the times are challenging they bring the
Slide 42: Financial Performance & Targets
Financial Performance & Targets
Slide 43: New Investments Lead to Multiple Revenue/Income Streams
New Investments Lead to Multiple Revenue/Income Streams Transaction Closed Managed Asset Not Securitized Securitized Portfolio Co-Investment Vehicles Receivables Equity Method Investments (Debt) (Equity) Management Fees and Interest Income and Income from Equity Gain on Sale of Retained Interest Inc
Slide 44: Adjusted Recurring Net Investment Income of $164m YTD
Adjusted Recurring Net Investment Income of $164m YTD Management Fees Adjusted Recurring Adjusted Net $289 Net Investment Investment Income + and Retained = Income2 (prior definition) Interest Income1 (new definition) $237 $198 Interest Income + CCH1 management Recurring income Adjusted Income from
Slide 45: Gain on Sale Revenue is Generated Predominantly from Securitization of Assets
Gain on Sale Revenue is Generated Predominantly from the Securitization of Assets not Retained on Balance Sheet $1,152m $878m Securitized assets primarily include our energy efficiency and real $ in millions $628m estate investments $557m $342m These assets generally offer lower credit risk but also
Slide 46: Steady, Consistent Growth in Adjusted EPS
Steady, Consistent Growth in Adjusted EPS Adjusted EPS1 2023 2024 CAGR: 12% $2.45 $2.08 $2.23 GAAP Diluted EPS $1.42 $1.62 $1.88 $1.55 Adjusted EPS1 $2.23 $2.45 2020 2021 2022 2023 2024 GAAP-Based Net $58m $24m Investment Income Adjusted Recurring Upfront Capital Light Income Adjusted Recurring Net
Slide 47: Adjusted Cash Flow from Operations Plus Other Portfolio Collections
Adjusted Cash Flow from Operations Plus Other Portfolio Collections1 $ millions2 2Q25 (TTM) 2024 2023 Cash collected from our Portfolio $659 $891 $442 Cash collected from sale of assets3 $122 $325 $34 Cash used for compensation and benefits and G&A expenses ($89) ($86) ($79) Interest paid4 ($211) ($
Slide 48: 2027 Guidance Bridge to Long-Term Business Model
2027 Guidance Bridge to Long-Term Business Model Adjusted EPS1 Dividend Long-Term Business Model 10% CAGR 50% payout ratio2 (Realized 2014-2024 CAGR of 10%) 2027 Guidance 8-10% CAGR3 55-60% payout ratio2 $3.26 $3.03 2023 2024 2025 2026 2027 1. See Appendix for an explanation of Adjusted Earnings, in
Slide 49: Sustainability & Impact Leadership
Sustainability & Impact Leadership
Slide 50: Stellar Sustainability Results and Recognition
Stellar Sustainability Results and Recognition Key Sustainability Metrics for 20241 100% ~400k >35 hrs. of energy consumption procured Quality jobs created by our average training from renewable energy sources investments across the U.S. per employee 96% 41% ~$4m retention of our racial/ethnic minor
Slide 51: A Long Legacy of Sustainability Excellence
A Long Legacy of Sustainability Excellence 2013 2014 2015 2016 2017 First U.S. public company solely- Published first Issued first rated HASI Recognized by Climate One of the first U.S. public focused on climate investments Sustainability Sustainable Yield Bond Bonds Initiative as a companies to com
Slide 52: CarbonCount: Our Proprietary Tool for Measuring Climate Impact
CarbonCount: Our Proprietary Tool for Measuring the Climate Impact of Every Investment Annual Energy Generation Locational Marginal Emissions Factor Avoided by Project (MWh) × (Metric Tons of CO2e / MWh)1 Metric Tons of CO2e Avoided Annually per $1,000 Invested = Total Capital Cost of the Project Tr
Slide 53: Avoidance of Material Carbon Emissions Through Investments and Operations
Avoidance of Material Carbon Emissions Through Both Our Investments and Operations 0 MT 856k 0 MT 382m 0.2k MT 2024 Highlights1 direct scope 1 MT of incremental annual indirect scope 2 gallons of indirect scope 3 CO2 emissions2 reductions in CO2 emissions CO2 emissions2 water saved from CO2 emission
Slide 54: Appendix
Appendix
Slide 55: Low P/E Multiple Relative to History and Peer Groups
Low P/E Multiple Relative to History and Peer Groups HASI’s 2000-2024 P/E Multiple Current 2026 P/E vs. Peer Groups 40x 22x 21x 20x 20 19x 35x 30x 15x 15 14x 5-Year Avg: P/E Multiple 25x 17x 20x 10x 10 15x 10x 5 5x 0 0x Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 IPPs Clean Energy Asset Clean Power Midcap Mi
Slide 56: 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 Corporate Senior Unsecured Notes $600 3.38% 2026 Corporate Senior Unsecured Notes $450 7.75% 2027 Term Loan A $241 5.76% 2027 Commercial Paper Notes3 $357 5.46% 2028 Convertible No
Slide 57: Strong Portfolio with Positive Credit Attributes
Strong Portfolio with Positive Credit Attributes Recent Portfolio Performance Positive Credit Attributes Rating Description Performance Metric Asset Class Portfolio(%)5 Structural Seniority Obligor Credit Subordinated Debt > 380k consumers WAVG 1 Performing1 ~99% Residential 31% or Structured Equity
Slide 58: Financial Statements
Financial Statements iT eed iI —_—————
Slide 59: Income Statement
Income Statement HA SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) For the Three Months For the Six Months Ended June 30, Ended June 30, 2025 2024 2025 2024 Revenue Interest and rental income S 67,441
Slide 60: Balance Sheet
Balance Sheet HA SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) Assets Cash and cash equivalents Equity method investments Receivables, net of allowance of $55 million and $50 million, respectively Receivables held-for-sal
Slide 61: Statement of Cashflows
Statement of Cashflows HA SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (DOLLARS IN THOUSANDS) (UNAUDITED) Six Months Ended June 30, ‘Six Months Ended June 30, as 20 aa ea Cash flows from operating activities Caner ane ‘Net income (loss) $ 157,980 $ 151,492
Slide 62: Cash Available for Reinvestment
Cash Available for Reinvestment 62
Slide 63: 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 and 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 investments a
Slide 64: Additional GAAP to Non-GAAP Reconciliations
Additional GAAP to Non-GAAP Reconciliations Reconciliation of GAAP-based NII 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 c
Slide 65: Explanatory Notes
Explanatory Notes Adjusted Cash Flow from Operations plus Other Portfolio Collections We operate our business in a manner that considers total cash collected from our portfolio reduced by operating and debt service payments to assess the amount of cash we have available to fund dividends and investm
Slide 66: Supplemental Financial Data
Supplemental Financial Data Adjusted Earnings and Earnings on Equity Method Investments We calculate adjusted earnings as GAAP net income (loss) excluding non-cash equity expense, provisions for loss on receivables, amortization of intangibles, non-cash provision (benefit) for taxes, losses or (gain
Slide 67: 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 68: Visit our website at www.hasi.com
Visit our website at www.hasi.com Listen to the HASI Climate Positive podcast Offered by HASI Securities, and a subsidiary of HA Sustainable Infrastructure Capital, Inc.
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