Ha Sustainable Infrastructure Capital, Inc. · NYSE:HASI
Ha Sustainable Infrastructure Capital — Q1 2026 Earnings Presentation
32 slides from Ha Sustainable Infrastructure Capital's earnings presentation, May 7, 2026
Slide 1: Earnings Presentation First Quarter 2026
Earnings Presentation First Quarter 2026
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: Strong Start to 2026 Across Our Key Financial Metrics
Strong Start to 2026 Across Our Key Financial Metrics $0.77 15.7% Adjusted EPS1 Adjusted ROE2 Up 20% Y/Y $101m $16.4b Adjusted Recurring Managed Assets4 Net Investment Income3 Up 13% Y/Y Up 29% Y/Y Reaffirming guidance for Adjusted EPS of $3.50 - $3.60 and Adjusted ROE of >17% in 2028 1. See Appendi
Slide 4: Firm Fundamentals Amidst an Unsteady Macro Backdrop
Firm Fundamentals Amidst an Unsteady Macro Backdrop Recent Changes in the The Value Proposition of Macroeconomic Landscape Renewable Energy • Bolsters energy independence and security Geopolitical conflict • Reduces ongoing operating cost and exposure to commodity fuel inputs • Improves energy cost
Slide 5: Solid Execution Across the Business in Q1 2026
Solid Execution Across the Business in Q1 2026 Compounding Asset Growth Generating High Returns Optimizing the Balance Sheet • Closed >$460m in • New asset yields • Issued $400m in sr. balance sheet/CCH1 >10.5%2 unsecured notes and transactions $600m in jr. sub notes at • Portfolio yield1 up ~90 ~6.
Slide 6: Q1 Transaction Volumes Leave Us on Track with Guidance
Q1 Transaction Volumes Leave Us on Track with Guidance Closed Transactions Closed Transactions ($m) 1 New Asset Yields3 by Asset Class2 $706 $637 $562 RNG 43% $253 >10.5% >10.5% >10.5% $175 $389 Grid-Connected $307 17% >9.0% Solar & Storage $200 >7.5% $453 $462 Resi Solar & Storage 17% $255 $189 Com
Slide 7: $400m Investment in Ameresco's Biofuels Business Spin-Off
$400m Investment in Ameresco’s Biofuels Business Spin-Off Newly formed joint venture 70% owned by Ameresco and 30% by HASI in Q2 2026 Business includes Ameresco’s operating biogas facilities, its identified project pipeline, and biofuel O&M contracts Premier developer, owner, Risk managed through pr
Slide 8: Pipeline Underpinned by Strong Tailwinds Across Our Diversifying End Markets
Pipeline Underpinned by Strong Tailwinds Across Our Diversifying End Markets BTM: • Growing investment opportunities as industry consolidation is leading to greater transaction activity Behind-the-Meter Grid-Connected • Distributed solar/storage and energy efficiency outlook underpinned 34% 47% by f
Slide 9: Adjusted EPS of $0.77 and Adjusted ROE of 15.7% in Q1
Adjusted EPS of $0.77 and Adjusted ROE of 15.7% in Q1 Adjusted EPS1 Adjusted Earnings1 Adjusted ROE2 + 20% Y/Y + 31% Y/Y + 290 bps Y/Y $0.77 $102m 15.7% $0.64 $78m 12.8% Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Adjusted EPS was higher than GAAP EPS in Q1 2026, as the GAAP EPS loss reflected t
Slide 10: Adjusted Recurring Net Investment Income Grew 29% Y/Y to $101m in Q1
Adjusted Recurring Net Investment Income Grew 29% Y/Y to $101m in Q1 Adjusted Recurring Net Investment Income1 + 29% Y/Y $101m $78m Q1 2025 Q1 2026 Origination Fee Gain on Sale and Other Income2 + 21% Y/Y + 89% Y/Y $23m $19m $9m $5m Q1 2025 Q1 2026 Q1 2025 Q1 2026 1. See Appendix for an explanation
Slide 11: Managed Assets Up 13% Y/Y to $16.4 Billion
Managed Assets Up 13% Y/Y to $16.4 Billion 2 Managed Assets1 Portfolio2 By Investment Type $16.1 $16.4 Receivables GC Solar 28% $13.7 & Storage $12.3 17% Resi Solar & Storage Equity $9.8 33% Investments $8.8 Portfolio: Onshore 72% Wind $7.6b 17% By Asset Class GC Solar & Storage 14% $7.6 $7.6 Commun
Slide 12: Improving Our Debt Spreads and Maturity Profile
Improving Our Debt Spreads and Maturity Profile Spreads of Our 10-Year Sr. Subordination Premium of Our Weighted Average Maturity Unsecured Notes at Issuance Jr. Subordinated Notes at of Term Debt Outstanding Issuance Spread vs. HASI 10-Year Bonds Spread vs. 10-Year Treasury Yield Average Years Unti
Slide 13: Leveraging the Strength and Flexibility of our Capital Platform in 2026
Leveraging the Strength and Flexibility of our Capital Platform in 2026 Strong liquidity Near-term debt Enhanced equity position maturities addressed efficiency Following zero ATM share Positioned to meet the issuances in Q1, we are on $2.3b of liquidity with no maturity of the remaining track for m
Slide 14: 1Q26 Sustainability and Impact Highlights
1Q26 Sustainability and Impact Highlights >250k MT CO2 avoided from new >100m gallons of water savings HASI Foundation grant to Clean investments originated in Q1 from new investments in Q1 Power Institute for public education campaign Carbon Emissions1 CarbonCount: 0.29 (1Q26) Water Savings2 WaterC
Slide 15: On Track for Our 2026 Investment Outlook and 2028 Guidance
On Track for Our 2026 Investment Outlook and 2028 Guidance Adjusted EPS Reaffirming guidance for $3.50 - $3.60 in 2028 Return on Equity Reaffirming guidance for Adjusted ROE of >17% in 2028 Payout Ratio On track for reduction to <50% by 2028 and <40% by 2030 New Investments Continue to expect new ba
Slide 16: Appendix
Appendix 16
Slide 17: Portfolio and Related Debt Metrics
Portfolio and Related Debt Metrics 2021 2022 2023 2024 2025 Q1 2026 Adjusted ROE1 11.5% 11.5% 12.1% 12.7% 13.4% 15.7% New Asset Yields2 >7.0% >7.5% >9.0% >10.5% >10.5% >10.5% Portfolio Yield3 7.5% 7.5% 7.9% 8.3% 8.8% 9.2% Interest Expense / 4.6% 4.3% 5.0% 5.6% 5.8% 6.1% Avg. Debt Balance4 Portfolio
Slide 18: Adjusted Cash Flow from Operations Plus Other Portfolio Collections
Adjusted Cash Flow from Operations Plus Other Portfolio Collections1 $ millions2 Q1 2026 (TTM) 2025 2024 Cash collected from our Portfolio $1,457 $1,200 $891 Cash collected from sale of assets3 $17 $33 $325 Cash used for compensation and benefits and G&A expenses ($97) ($89) ($86) Interest paid4 ($2
Slide 19: 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 >443k consumers WAVG 1 Performing1 ~98% Residential 33% or Structured Equity
Slide 20: 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 Term Loan A $231 5.76% 2027 Commercial Paper Notes3 $- N/A 2028 Convertible Notes $403 3.75% 2028 Revolving Line of Credit $- N/A 2
Slide 21: Income Statement
Income Statement HA SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (@OLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) For the Three Months Ended March 31, 2026 2025 Revenue Interest and rental income ($12 million and $19 million from equity method investees, re
Slide 22: Balance Sheet
Balance Sheet HA SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. CONSOLIDATED BALANCE SHEETS (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) ‘Assets Cash and cash equivalents Equity method investments Receivables, net of allowance of $67 million and $62 million, respectively ($550 million and $62
Slide 23: Statement of Cashflows
Statement of Cashflows HA SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS. (@OLLARS IN THOUSANDS) (UNAUDITED) Three Months Ended ‘Three Months Ended mo 31, = March 31, serena a —2s___2ms__ Cash flows from operating activities (Cash flows from financing activities ‘Net
Slide 24: Cash Available for Reinvestment
Cash Available for Reinvestment (1) Represents return of capital distributions from our equity method investments included in cash provided by (used in) investing activities section of our statement of cash flows which is incremental to any equity method investment distributions found in net cash pr
Slide 25: 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, which 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 investment
Slide 26: Reconciliation of GAAP Net Income to Adjusted ROE
Reconciliation of GAAP Net Income to Adjusted ROE (1) Average Stockholders’ Equity is calculated as the average of the Stockholders’ Equity at the beginning and end of each quarterly period. 26
Slide 27: Reconciliation of GAAP-based Net Investment Income to Adjusted Recurring Net Investment Income
Reconciliation of GAAP-based Net Investment Income 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 comparative periods to refl
Slide 28: Reconciliation of GAAP-Based Portfolio to Managed Assets
Reconciliation of GAAP-Based Portfolio to Managed Assets (1) Represents assets in our co-investment structures which are attributable to our co-investors and on which we earn an asset management fee. Total assets in co-investment structures are $2.3 billion and $1.9 billion as of March 31, 2026, and
Slide 29: Explanatory Notes
Explanatory Notes Guidance The Company expects Adjusted Earnings per Share to range between $3.50 and $3.60 in 2028. The Company also expects Adjusted ROE to be more than 17% in 2028. In addition, the payout ratio of distributions of annual dividends per share as a percentage of annual Adjusted Earn
Slide 30: Supplemental Financial Data
Supplemental Financial Data Adjusted Earnings and Earnings on Equity Method Investments We calculate Adjusted Earnings as GAAP net income (loss) excluding equity-based expenses, provisions for loss on receivables, amortization of intangibles, losses or (gains) from modification or extinguishment of
Slide 31: 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 32: Visit our website at www.hasi.com
Visit our website at www.hasi.com Listen to the HASI Climate Positive podcast Securities are offered by HASI Securities, LLC, a registered broker dealer, member FINRA and SIPC and subsidiary of HA Sustainable Infrastructure Capital, Inc.
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