Hallador Energy Company · NASDAQ:HNRG
Hallador Energy — Investor Presentation (November 2025)
17 slides from Hallador Energy's investor presentation, November 2025
Slide 1: Always On: Power When You Need It
Always On Power When You Need It HNRG November 2025
Slide 2: Disclaimer
Disclaimer FORWARD LOOKING STATEMENTS NON-GAAP FINANCIAL MEASURES This presentation contains forward-looking statements within the meaning of Section This presentation includes references to Adjusted EBITDA, which is a financial 27A of the Securities Act of 1933, as amended (the “Securities Act”), an
Slide 3: Hallador Energy Company (Nasdaq: HNRG)
Hallador Energy Company (Nasdaq: HNRG) Hallador is advancing its products up the value chain to drive even greater margin expansion Hallador Power Company (HPC) Sunrise Coal, LLC • In 2022, we acquired our One-Gigawatt Merom power plant as • Sunrise is the primary supplier of fuel to our Merom power
Slide 4: Unlocking ~50% Capacity Growth Through MISO's ERAS Program
Unlocking ~50% Capacity Growth Through MISO’s ERAS Program Hallador submitted an Expedited Resource Addition Study (ERAS) application in November 2025 for 515 MW natural gas expansion at Merom, providing fuel and technology diversification Why ERAS Matters Accelerated Path to High-Demand Market Stru
Slide 5: Hallador has a ~$1.3 billion forward contracted sales book
Hallador has a rich 70-year history in large part due to its Investment Grade Customers Hallador has a ~$1.3 billion forward contracted sales book* *As of September 30, 2025 5
Slide 6: Investment Highlights
Investment Highlights High barriers to entry in a supply constrained market – Hallador owns 100% of its generator interconnection, creating an investment platform for decades to come Forward sales are now at higher average MWh prices – lower priced contracts utilized to facilitate the Merom acquisit
Slide 7: The Changing Energy Landscape
The Changing Energy Landscape 1990-2020 2021-Present • Low power demand growth • High power demand growth • Existing generating fleet comprised of • Existing fleet comprised of 80% >98% of base load (coal, gas, nuclear) baseload and 20% renewable • High reserve margins (excess capacity) • Excess cap
Slide 8: Current State of the Energy Market: High Demand and Lack of Reliable Supply
Current State of the Energy Market: The Intersection of High Demand and Lack of Reliable Supply Rising demand for capacity and electrons U.S. Electricity Grid U.S. Electricity Demand (TWh) Building of datacenters, electric vehicles, and onshoring Mix Percentages Data centers, EVs, and onshoring are
Slide 9: Growing Demand and Grid Changes are Leading to Energy Instability in MISO Areas
Growing Demand and Grid Changes are Leading to Energy Instability in MISO Areas NERC rates the MISO area as having an “Elevated Risk”: Shortfalls expected under extreme weather conditions“(1) Capacity Shortfalls MISO projects an average 4.7 GW deficiency in generation resources during summer seasons
Slide 10: Hallador Has Extensive Open Energy Sales Positions
Hallador Has Extensive Open Energy Sales Positions to Capitalize on the Growing Demand and Market Price Increases Hallador Power's Open Energy Sales Positions* (as of September 30, 2025) 33% 61% 82% 95% 100% 100% 100% 100% 100% 67% 39% 18% 2026 2027 2028 2029 2030 2031 2032 2033 2034 Open Hedged Sou
Slide 11: Hallador's Vertical Integration Maximizes Margins on Elevating Price Curve
Hallador’s Vertical Integration Maximizes Margins on Elevating Price Multi-Year Runway for Significant Ramp in Margin and Cash Flow Resulting from Contracted Forward Curve Given Cost Controls Sales & Forward Energy Curve* (USD/MWh) 60 Variable Cost to Produce – Highly Controllable 50 • Hallador owns
Slide 12: Hallador Energy Capital Stack
Hallador Energy ($ Millions) Capital Stack 250 200 $19 $11 150 $19 $25 $16 $25 100 $146 50 $104 0 Dec 31, 2024 Sept 30, 2025* Stockholder's Equity Convertible Notes Revolver Balance Lease Finance Term Debt *$19 million of term debt scheduled for amortization in Q1 2026 is cash-collateralized. 12
Slide 13: Investor Relations Contact
Investor Relations Contact Sean Mansouri, CFA HNRG@elevate-ir.com (720) 330-2829
Slide 14: Our Management Team is in Place to Deliver Long-Term Investor Value
Our Management Team is in Place to Deliver Long-Term Investor Value and Drive Results • 20 years with Hallador • 30 years in the power sector • 25 years of experience in the mining industry • Previous Roles: Director of Hallador, • Previous Roles: CFO of Tri-State Founding Member and President of Ge
Slide 15: Capability to Convert Merom Plant from Coal to Gas to Renewables
Capability to Convert Merom Plant from Coal (high carbon) to Gas (medium carbon) to Renewables (no carbon) Dual Fuel Possibilities Long Life Asset Solar & Battery Opportunities Studies to Dual Fuel the plant with Gas are Previously announced and under review by the Hallador Energy owns 100% of the P
Slide 16: Balance Sheet
Balance Sheet $ in Thousands USD Sept 30, 2025 Dec 31, 2024 Assets Cash, Cash Equivalents & Restricted At September 30, 2025, total bank debt $35,482 $12,153 Cash was $44.0 million, compared to $45.0 Accounts Receivable $24,763 $15,438 million at Jun 30, 2025, and $44.0 million at Dec 31, 2024 Inven
Slide 17: Key Stats (November 17, 2025)
Key Stats (November 17, 2025) Revenue (Q3’25) Adj. EBITDA (Q3’25) Operating Cash Flow (Q3’25) Forward Sales (through 2029) $146.8M $24.9M $23.2M $1.3B Stock Price Market Cap Enterprise Value EV/Revenue (TTM Q3’25) $20.25 $887.5M $894.7M 1.9x 17 Source: Capital IQ
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