Hallador Energy Company · NASDAQ:HNRG
Hallador Energy — Investor Presentation (August 2026)
15 slides from Hallador Energy's investor presentation, August 2026
Slide 1: Investor Presentation | August 2026
INVESTOR PRESENTATION | August 2026 Power When You Need It HNRG
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: Company Overview
Company Overview Vertically integrated independent power producer delivering reliable baseload power to the MISO region At a Glance Longstanding Customer Relationships • Flagship Asset: 1 GW Merom Power Plant on ~691 acres in Sullivan, Indiana with 100% owned interconnection, creating high barriers
Slide 4: Investment Highlights
Investment Highlights Structural Reliability Crisis and Growing Demand Drive Multi-Year Pricing Tailwind Accelerating MISO load growth and rising reliability risk are increasing the strategic value of existing dispatchable capacity.1) Secured Multi-Year PPAs, Supporting Data Center Development in th
Slide 5: Transformational Capacity Agreements Lock In Long-Term Value
Transformational Capacity Agreements Lock In Long-Term Value Load serving counterparties increasingly prioritize long-term dispatchable capacity as tightening MISO markets drive structural repricing 3-Year PPA Signed Mar-26 12-Year PPA Signed May-26 ✓ Long-term earnings and cash flow visibility • Su
Slide 6: Hallador Expanding Strategic Value of the Merom Platform
Hallador Expanding Strategic Value of the Merom Platform Existing infrastructure and interconnection position Merom as a scalable platform for future dispatchable generation growth POWER PLATFORM EVOLUTION Before Today FUTURE ERAS GROWTH INITIATIVE POWER & INFRASTRUCTURE LEADERSHIP ADDED TO BOARD IN
Slide 7: Turtle Creek Update: Natural Gas Project COD Moved Forward to Late 2028
Turtle Creek Update: Natural Gas Project COD Moved Forward to Late 2028 Hallador lowers natural gas generation project budget to below $800M, or ~$1,700/kW, a cost advantage relative to competing new-build capacity, with targeted commercial operation moved forward to late 2028 DEVELOPMENT OVERVIEW P
Slide 8: Structural Supply Deficit + Growing Demand = Multi-Year Pricing Tailwind
Structural Supply Deficit + Growing Demand = Multi-Year Pricing Tailwind MISO faces shortfall risk while data center demand surges, driving price escalation and long-term need for baseload power Reliability Crisis NERC rates MISO as “Elevated Risk” in 2027 and “High Risk” in 2028; with shortfalls ex
Slide 9: Long-Term Revenue Visibility with Retained Merchant Energy Upside
Long-Term Revenue Visibility with Retained Merchant Energy Upside Long-term capacity agreements improve earnings visibility while preserving exposure to tightening MISO energy markets Contracted Revenue Mix (1) Contracted Forward Sales & Forward Energy Curve (2) $375 ($ in millions) $50 ($/MW) $300
Slide 10: Financial Foundation for the Future
Financial Foundation for the Future $250+ million re-invested in the business since 2022 Hallador Capital Expenditures(1) Capital Structure Positioned to Support Growth $800 $120 ($ in millions) ($ in millions) $734 $749 $700 $100 Financial capacity created to $600 support strategic expansion $80 $4
Slide 11: 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 • 21 years with Hallador Energy • 4 years with Hallador Energy • 9 years with Hallador Energy • Previous Roles: Director of Hallador, • 25 years in the mining industry Founding Member and President of • Previous Ro
Slide 12: World-Class Board with Strong Shareholder Alignment
World-Class Board with Strong Shareholder Alignment Collectively Own ~17% of Common Shares Outstanding Brent Bilsland • 21 years with Hallador Energy Zarrell Gray • Chair of the Nominations Committee. Daniel Hudson • Previous Roles: Chairman & CEO, Chairman of the Board, Director Director and Chair
Slide 13: Investor Relations Contact
Investor Relations Contact Sean Mansouri, CFA HNRG@elevate-ir.com (720) 330-2829
Slide 14: Balance Sheet
Balance Sheet $ in Thousands USD June 30, 2026 Dec 31, 2025 Assets Cash, Cash Equivalents & Restricted Cash $34,929 $15,372 At June 30, 2026, bank debt was $45.0 million, compared to no outstanding Accounts Receivable $14,396 $13,989 bank debt at March 31, 2026 and $30.0 Inventory, Parts & Supplies
Slide 15: Key Stats (August 10, 2026)
Key Stats (August 10, 2026) Revenue (Q2’26) Adj. EBITDA (Q2’26) Operating Cash Flow (Q2’26) Forward Sales (through 2029)(1) $101.5M $(2.9)M $(23.9)M $1.3B Stock Price Market Cap Enterprise Value EV/Revenue (TTM) $15.88 $748.6M $766.7M 1.7x Source: Capital IQ 1. Forward contracted revenue positions a
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