Solaris Energy Infrastructure, Inc. · NYSE:SEI
Solaris Energy Infrastructure — Q4 2025 Earnings Presentation
27 slides from Solaris Energy Infrastructure's earnings presentation, Feb 25, 2026
Slide 1: Solaris Energy Infrastructure, Inc. Investor Presentation
Solaris Energy Infrastructure, Inc. Investor Presentation March 2, 2026
Slide 2: Business Overview
Solaris Energy Infrastructure Solaris Energy Infrastructure, Inc. Business Overview Delivers power generation and distribution solutions, and logistics equipment and services, serving clients in the data center, energy, and other commercial and industrial sectors. Our Locations 2.2 GW ~27% Insider C
Slide 3: Recent Updates and Q4 2025 Highlights
Solaris Energy Infrastructure Establishing Long-term Partnership with a New Key Customer Recent Updates and New commercial contract for >500 MW for a minimum term of 10 Q4 2025 Highlights years (plus a 5-year option) to support data center compute needs beginning in January 2027 Strong Q4 2025 Resul
Slide 4: Earnings Have Transformed
Solaris Energy Infrastructure Solaris Earnings Have Transformed Driven by entry into power solutions, associated growth capital plans, and successful commercial contracting Legacy Business Current Illustrative Future (1) 2022-2024 Q4 2025 Annualized 2028+ Logistics Logistics Logistics Solutions Solu
Slide 5: Rapid Growth as a Premier Power Solutions Company
Solaris Energy Infrastructure Rapid Growth as a Premier Power Solutions Company Early Mover Advantage in Addressing Nascent and Rapidly Expanding Market Opportunity Expected Power Capacity Growth Pro Forma Capacity Potential Impact on Total Adjusted EBITDA (4) (MW) ($ millions) Future Potential Futu
Slide 6: Power Solutions: New Strategic Long-Term Customer
Solaris Energy Infrastructure Solaris Power Solutions: New Strategic Long-Term Customer 500+ MW Multi-Year Partnership with Global Technology Leader Evolution of Solaris’ Average Power Contract Tenor On February 12, 2026, SEI entered this new long-term contract to 10 to 15 provide power to support o
Slide 7: Evolution of Data Center Demand Driving Need for Co-Located Primary + Backup Power Solutions
Solaris Energy Infrastructure Evolution of Data Center Demand Driving Need for Co-Located Primary + Backup Power Solutions Power Density of Next-generation GPUs Necessitates Custom Power Solutions Cloud Data Center Transitional AI Data Center “AI Factory” Data Center Future Data Center (CPUs) (GPUs)
Slide 8: Generation Stack Required to Support Modern Industrial Loads
Solaris Energy Infrastructure Generation Stack Required to Support Modern Industrial Loads Larger, Complex Power Needs Drive a Need for a Generation Stack with Multiple Sources of Generation / Redundancy Generation Stack Then (40-50 MW) Generation Stack Now/Future (1+ GW) Microgrid w/ Integrated Pri
Slide 9: Fully Integrated Model Enables Differentiated, Turnkey Power Solution
Solaris Energy Infrastructure Fully Integrated Model Enables Differentiated, Turnkey Power Solution Provide turnkey power solutions tailored to customer’s needs Custom Microgrids ‘Balance of plant’ offering, enhanced SCR emissions control Expertise in Design, Engineering, and by recent HVMVLV acquis
Slide 10: Integrated Power Service Business Model Comparison
Solaris Energy Infrastructure Integrated Power Service Business Model Comparison Solaris receives fixed + variable monthly payments to provide co-located, behind-the-meter, turnkey service which includes the integrated provision of generation (turbines) and distribution (transformers, switchgear, an
Slide 11: Solaris Voltage Services Enhances Turnkey Power Offering
Solaris Energy Infrastructure Solaris Voltage Services Enhances Turnkey Power Offering Solaris also provides complex electrical control and distribution equipment and associated engineering and technical design services via its HVMVLV acquisition in August 2025, which is now part of Solaris Power So
Slide 12: Solaris' Track Record and Framework for Generating Sustainable Returns
Solaris Energy Infrastructure Solaris' Track Record and Framework for Generating Sustainable Returns Experienced Management Team Returns Framework Management team has successfully addressed equipment-based bottlenecks and built differentiated Identify the Invest in the Right businesses in: Challenge
Slide 13: Significant Shareholder Alignment Supported by a Flexible Balance Sheet
Solaris Energy Infrastructure Significant Shareholder Alignment Supported by a Flexible Balance Sheet Capital Structure Priorities and Positioning Insider Ownership Consecutive Historical Quarterly Dividends Dividend Raises • Ownership mentality: Every employee is a 27% (1) 30 Three shareholder • Co
Slide 14: A Unique Way to Invest in Electrification – High Growth Trading at a Discount
Solaris Energy Infrastructure A Unique Way to Invest in Electrification – High Growth Trading at a Discount Bloomberg Three-Year (2025-2028) Consensus EBITDA CAGR Bloomberg EV / 2028 Adjusted EBITDA Multiple (As of 2/27/2026) (As of 2/27/2026) 92% 28x SEI trades at one of the lowest multiples of pee
Slide 15: Key Takeaways
Solaris Energy Infrastructure Key Takeaways Provides Critical, Behind-the- Contract Coverage at Longer- Aligned, Founder-Led Meter Power Infrastructure term Tenors Significantly Management Team with Which Remains in Short Supply Derisks Cash Flows and Significant Insider Ownership and is Deployed Wi
Slide 16: Appendix
Solaris Energy Infrastructure Appendix solaris-energy.com
Slide 17: Company Values
Solaris Energy Infrastructure Company Values solaris-energy.com 17
Slide 18: Team Track Record: Built and Sustained a Leading Market Position in Logistics Solutions
Solaris Energy Infrastructure Team Track Record: Built and Sustained a Leading Market Position in Logistics Solutions Cost Effective and Reliable Services Drive Sustained Market Position Thru-Cycle Leading Market Position 50% Early Stage/ New Rapid Maturation + SEI <1% Product Adoption New Product/A
Slide 19: Logistics Solutions: Continue to Innovate and Drive Earnings Power
Solaris Energy Infrastructure Logistics Solutions: Continue to Innovate and Drive Earnings Power Evolution of Solaris Logistics Product and Service Offering Impact of Adding New Product Adjacencies More than doubled earnings Top Fill System 120% power per location serviced $1.9 $2.0 (added in 2022)
Slide 20: Behind-the-Meter Power Accelerating due to Growing Market Demand and Grid Access Challenges
Solaris Energy Infrastructure Behind-the-Meter Power Accelerating due to Growing Market Demand and Grid Access Challenges Reliance on Grid Alone Presents Challenges; High Disruption/Delay Risk Grid Interconnectivity Queues from Request to Completion 70% of transmission 80 25th-75th percentile Wait t
Slide 21: Current Capital Plan: Growth to 2,200 MW Operated Fleet by Early 2028
Solaris Energy Infrastructure Current Capital Plan: Growth to 2,200 MW Operated Fleet by Early 2028 Expected Remaining Consolidated Capex ($ millions) Actual Forecast Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 2025 2026 2027 2028 Consolidated Capex (1) $255 $285 $265 $150 $70 $647 $770 $230 $150 (-) To
Slide 22: Financial Guidance: Q1 and Q2 2026
Solaris Energy Infrastructure Financial Guidance: Q1 and Q2 2026 ($ and shares in millions) Q4 2025 Actual Q1 2026 Guidance (Increased) Q2 2026 Guidance (Introduced) Power Solutions Adjusted EBITDA $53 $63-67 Logistics Solutions Adjusted EBITDA $23 $22-24 Corporate and Other Expense ($7) ($13-14) ($
Slide 23: Debt Capitalization Summary: Current and Fully Deployed JV Capacity
Solaris Energy Infrastructure Debt Capitalization Summary: Current and Fully Deployed JV Capacity ($ in millions) Annual Pro Forma Potential w/Fully Interest Rate Notional Balance at 12/31/25 Deployed JV Capacity Convertible Notes due 2030 ($26.39 conversion price) 4.75% $155 $155 Convertible Notes
Slide 24: Capitalization Options for Valuation Purposes
Solaris Energy Infrastructure Capitalization Options for Valuation Purposes Option 1: Treat Convertible Option 2: Treat Convertible ($ and shares in millions) Notes as Debt Notes as Shares Debt Convertible Notes due 2030 ($26.39 conversion price) $155 - Convertible Notes due 2031 ($57.20 conversion
Slide 25: EBITDA and Adjusted EBITDA Reconciliation
Solaris Energy Infrastructure EBITDA and Adjusted EBITDA Reconciliation Three months ended, Twelve months ended December 31, ($ in 000s) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 2025 2024 2023 Net income ($3,509) $24,814 $24,129 $12,968 $58,402 $28,918 $38,775 Depreciation a
Slide 26: Disclaimer
Solaris Energy Infrastructure Disclaimer Forward-Looking Statements This presentation contains 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. Examples of forward-looking state
Slide 27: solaris-energy.com
Solaris Energy Infrastructure solaris-energy.com Follow us on LinkedIn Solaris Energy Infrastructure Follow us on LinkedIn 9651 Katy Freeway, Suite 300 Houston, Texas 77024 solaris-energy.com
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