Solaris Energy Infrastructure, Inc. · NYSE:SEI
Solaris Energy Infrastructure — Investor Presentation (May 2025)
28 slides from Solaris Energy Infrastructure's investor presentation, May 2025
Slide 1: Solaris Energy Infrastructure, Inc. Investor Presentation
Solaris Energy Infrastructure, Inc. Investor Presentation May 2025
Slide 2: Solaris Energy Infrastructure, Inc.
Solaris Energy Infrastructure Solaris Energy Infrastructure, Inc. NYSE: SEI; ~$1.5 Billion Market Capitalization, ~$2.0 Billion Enterprise Value (1) Provides power-as-a-service to multiple end markets with scalable equipment-based solutions for behind-the-meter generation; also provides raw material
Slide 3: Recent Business Updates
Solaris Energy Infrastructure Recent Business Updates Reported In-line Q1 2025 Results, Maintained Q2 Adjusted EBITDA Guidance, Initiated Q3 Guidance Above Street (1) Upsized and Signed Joint Venture (“JV”) with a Key Customer: • Established JV with a key data center customer to own 50.1% of approxi
Slide 4: Earnings Undergoing a Significant Transformation
Solaris Energy Infrastructure Solaris Earnings Undergoing a Significant Transformation Driven by recent power solutions acquisition and associated growth capital plans Illustrative Annual Adjusted EBITDA Contribution Pro Forma for Power Fleet Equipment Deliveries ($ Millions) Pre-Transaction Illustr
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 Fleet and Contract Growth Based on Current Order Book (MW) Pro Forma Fleet 2027+ (Current + On Order) 1,700 MW Potential for m
Slide 6: Value Proposition of Off-Grid, Behind-the-Meter Power Solutions
Solaris Energy Infrastructure Value Proposition of Off-Grid, Behind-the-Meter Power Solutions Rapid Time to Power Resiliency and Reliability “Island” Mode Grid Reliability Challenges. Large, volatile loads (like those seen from modern data centers) may Lack of grid interconnection avoids be unlikely
Slide 7: Power-as-a-Service Business Model Comparison
Solaris Energy Infrastructure Power-as-a-Service Business Model Comparison Solaris receives fixed monthly payments to provide co-located, behind-the-meter, turnkey service which includes the integrated provision of generation (turbines) and distribution (transformers, switchgear, and other ancillary
Slide 8: Power Solutions Fleet is Highly Contracted
Solaris Energy Infrastructure Solaris Power Solutions Fleet is Highly Contracted Customer End Market Exposure of Expected Total Operated Evolution of Average Contract Tenor Over the Last Year 1,700 MW Fleet in 1H 2027 Drivers of Tenor Extension: - Grid power interconnection queue is extending - Long
Slide 9: 'Balance of Plant,' Or Distribution Services, Increasingly Critical to Power-as-a-Service Model
Solaris Energy Infrastructure ‘Balance of Plant,’ Or Distribution Services, Increasingly Critical to Power-as-a-Service Model Balance of Plant Design is Customized to Each Customer’s Location and Application ‘Balance of plant’ offering SCR emissions control provides enhanced earnings equipment enabl
Slide 10: Modular Fleet Design Allows us to be Nimble and Optimize Power Density Footprint
Solaris Energy Infrastructure Modular Fleet Design Allows us to be Nimble and Optimize Power Density Footprint Size Distribution of Pro Forma 1,700 MW Fleet (1) Illustrative Benefit of a Range of Larger Unit Sizes <6 MW Units 8% >35 MW Units 37% 16.5 MW Units 55% Larger Turbines Well-Suited for Modu
Slide 11: Building a Competitive Advantage Through Scale, Breadth, Expertise and Service
Solaris Energy Infrastructure Building a Competitive Advantage Through Scale, Breadth, Expertise and Service Reliability Speed to Market Environmental Advantage High uptime performance, with Rapid deployment, including Best-in-class emissions profile using natural proven track record in multiple ind
Slide 12: 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 SEI <1% Rapid Maturation + Product Adoption New Product/A
Slide 13: Logistics Solutions: Continued to Innovate and Drive Earnings Power
Solaris Energy Infrastructure Logistics Solutions: Continued to Innovate and Drive Earnings Power Evolution of Solaris Logistics Product and Service Offering Impact of Adding New Product Adjacencies 100% $2.0 Top Fill System More than doubled earnings $1.8 (added in 2022) 90% power per location serv
Slide 14: Track Record and Framework for Generating Sustainable Returns
Solaris Energy Infrastructure Solaris' Track Record and Framework for Generating Sustainable Returns Experienced Management Team Returns Framework Management team has successfully addressed equipment-based bottlenecks and built Identify the Invest in the Right differentiated businesses in: Challenge
Slide 15: A Unique Way to Invest in Electrification – High Growth Trading at a Discount
Solaris Energy Infrastructure A Unique Way to Invest in Electrification – High Growth Trading at a Discount Bloomberg Three-Year (2024-2027) EBITDA CAGR (As of 5/13/2025) Bloomberg EV / 2027 Adjusted EBITDA Multiple (As of 5/13/2025) SEI trades at the lowest multiple of peers with similar end 64% ma
Slide 16: Key Takeaways
Solaris Energy Infrastructure Key Takeaways Provides Critical, Behind-the- Contract Coverage at Longer- Aligned, Founder-Led Meter Power Infrastructure term Tenors Significantly Management Team with Which Remains in Short Supply Derisks Cash Flows and Material Ownership of and is Deployed With Suppo
Slide 17: Appendix
Solaris Energy Infrastructure Appendix solaris-energy.com 17
Slide 18: Illustrative Pro Forma Adjusted EBITDA Opportunity at Full Fleet Deployment
Solaris Energy Infrastructure Illustrative Pro Forma Adjusted EBITDA(1) Opportunity at Full Fleet Deployment Pro Forma Profitability of Owned and Operated Fleet Expected in 1H 2027 vs. Prior Order Book New ($ millions) $575-600 Prior Consolidated SEI Non-Controlling $475-500 Non-Owned Interest Relat
Slide 19: Updated Capital Plan: Growth to 1,700 MW Operated Fleet in 1H 2027
Solaris Energy Infrastructure Updated Capital Plan: Growth to 1,700 MW Operated Fleet in 1H 2027 Expected Remaining Consolidated Capex Driven by Power Solutions Order Book, Reduced by Funding from Partnership ($ millions) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q2-Q4 2025 2026 2027 C
Slide 20: Operational and Financial Guidance: Q2 2025 and Q3 2025
Solaris Energy Infrastructure Operational and Financial Guidance: Q2 2025 and Q3 2025 Q1 2025 Actual Q2 2025 Guidance (Unchanged) Q3 2025 Guidance (Introduced) Operational Average MWs on Revenue (Power Solutions) 390 MW 440 MW 520 MW Average Fully Utilized Systems (Logistics Solutions) 98 ~90-95 Pro
Slide 21: Selected Other Financial Guidance: Q2 2025 and Q3 2025
Solaris Energy Infrastructure Selected Other Financial Guidance: Q2 2025 and Q3 2025 Q1 2025 Actual Q2 2025 Guidance Q3 2025 Guidance Net Interest Expense (1) $5 million $6 million $6 million Depreciation & Amortization Expense $20 million ~$22-25 million $27-30 million Weighted Average Total Shares
Slide 22: EBITDA and Adjusted EBITDA Reconciliation
Solaris Energy Infrastructure EBITDA and Adjusted EBITDA Reconciliation Three months ended, Twelve months ended December 31, ($ in 000s) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 2024 2023 2022 Net income (loss) $17,481 $14,004 ($2,210) $9,824 $28,918 $38,775 $33,512 Deprecia
Slide 23: Company Values
Solaris Energy Infrastructure Company Values solaris-energy.com 23
Slide 24: 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 25: Pro Forma Fleet Consists of Units That Can Provide Quick Deployment and Are Configurable
Solaris Energy Infrastructure Pro Forma Fleet Consists of Units That Can Provide Quick Deployment and Are Configurable Configurable units allow for greater variety of applications Illustrative Scale of Power End Markets City of Houston 30,000 MW Data 100-1,000 MW Center Large Oilfield Microgrid 70 M
Slide 26: All-Electric, Integrated Offering Drives Efficiency in the Low-Pressure Completions Value Chain
Solaris Energy Infrastructure Solaris’ All-Electric, Integrated Offering Drives Efficiency in the Low-Pressure Completions Value Chain solaris-energy.com 26
Slide 27: Disclaimer
Solaris Energy Infrastructure Disclaimer Forward-Looking Statements The information in this presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as
Slide 28: Solaris Energy Infrastructure
Solaris Energy Infrastructure Solaris Energy Infrastructure 9651 Katy Freeway, Suite 300 Follow us on LinkedIn Houston, Texas 77024 solaris-energy.com 28
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