Xplr Infrastructure, Lp · NYSE:XIFR
Xplr Infrastructure, Lp — Q4 2025 Earnings Presentation
23 slides from Xplr Infrastructure, Lp's earnings presentation, Feb 10, 2026
Slide 1: Fourth Quarter and Full Year 2025 Earnings Conference Call
ibdroot\projects\IBD-NY\xeric2025\944088_1\02. Presentation\04. NDR\XPLR_Credit NDR_DRAFT_v43.pptx Fourth Quarter and Full Year 2025 Earnings Conference Call XPLR Infrastructure, LP
Slide 2: Cautionary Statements and Risk Factors That May Affect Future Results
ibdroot\projects\IBD-NY\xeric2025\944088_1\02. Presentation\04. NDR\XPLR_Credit NDR_DRAFT_v43.pptx 2 Cautionary Statements and Risk Factors That May Affect Future Results This presentation includes forward-looking statements within the meaning of the federal securities laws. Actual results could dif
Slide 3: XPLR Infrastructure is delivering on its commitments to simplify its capital structure
3 XPLR Infrastructure is delivering on its commitments to simplify its capital structure and enhance financial and strategic flexibility 2025 Business Highlights 2025 Financial Results ✓✓ 2025 Adjusted EBITDA of ~$1.88 B and FCFBG of ~$746 MM Capital Structure ✓✓ Addressed two convertible equity por
Slide 4: XPLR Infrastructure Key Investment Highlights
4 XPLR Infrastructure is a contracted clean energy platform with multiple levers to drive value creation over time XPLR Infrastructure Key Investment Highlights 1 Large, diversified portfolio of clean energy infrastructure with footprint in multiple high-growth markets 2 Portfolio generates strong c
Slide 5: Agreement with NextEra Energy Resources provides pathway for ~200 net MW battery storage
5 Agreement with NextEra Energy Resources provides pathway for XPLR to add ~200 net MW of battery storage capacity without need for corporate capital Battery Storage Agreement with NextEra Energy Resources (NEER) – Transaction Summary Overview Key Investment Attributes Announcing an interconnection
Slide 6: Monetization of existing surplus interconnection assets and rights
6 XPLR Infrastructure is unlocking value through monetization of existing surplus interconnection assets and rights via direct sales and co-investment options Battery Storage Agreement with NEER – Transaction Structure Co-Investment Joint Ventures (JVs) Co-Located Monetization of XPLR Battery Storag
Slide 7: Expanding planned wind repowering program with ~500 MW additional projects through 2030
7 XPLR Infrastructure is expanding its planned wind repowering program with ~500 MW of additional projects through 2030 Repowering Highlights (Cumulative GW) Cumulative Repowering Program (2025A–2030E)1 Key Highlights 2.5 • As of year-end 2025, roughly 1.3 GW ~2.1 GW are completed out of previously
Slide 8: Existing assets present meaningful recontracting opportunities as below market PPAs expire
8 XPLR Infrastructure's existing assets present meaningful recontracting opportunities as existing below market PPAs expire Potential Recontracting Opportunity Expected PPA Expiry Schedule1 (2025A–2040E) ~10 GW ~8 GW ~80% of generation currently of existing PPAs expire by sold under below market Con
Slide 9: XPLR Infrastructure's portfolio delivered solid financial results in 2025
9 XPLR Infrastructure’s portfolio delivered solid financial results in 2025 XPLR Infrastructure – 2025 Financial Results $1,959 $1,878 ($39) ($29) ($13) Adjusted EBITDA ($ MM) Includes impact of absence of ~$40 MM one-time settlement payment FY 2024 Existing Asset IncludesOther corporate FY 2025 Adj
Slide 10: Portfolio expected to produce substantial Free Cash Flow Before Growth
10 XPLR Infrastructure’s portfolio is expected to produce substantial Free Cash Flow Before Growth XPLR Infrastructure’s Financial Expectations ($ MM) $1,750–$1,950 ($650–$700) $600–$700 ($490–$510) ($10–$40) 2026E Tax Debt Capital Maintenance 2026E Adjusted Credits1 Service2 and Other Free Cash Flo
Slide 11: Near-term strategy centered on balance sheet simplification and liability management
11 XPLR Infrastructure’s near-term strategy is centered around balance sheet simplification and prudent liability management Current Plan for Addressing CEPFs1 Capital Structure Overview (2025A & 2030E, $ B) Financing Option Dates Current Plan CEPF 1 2025 ✓ Completed ~$3.4 ~$2.2 B net reduction in C
Slide 12: Clear near-term priorities and capital plan through 2030
12 XPLR Infrastructure has clear near-term priorities and a capital plan through 2030 that is expected to be largely funded by retained cash flows 2026–2027 Business Priorities 2025A–2030E Net Sources and Uses ($ B)1 Execute updated capital plan: Asset Sale Storage — Increase existing asset ownershi
Slide 13: Appendix
Appendix
Slide 14: XPLR Infrastructure Wind Production Index
14 XPLR Infrastructure Wind Production Index1,2 2024 2025 Q4 Q1 Q2 Q3 Q4 Location MW Oct Nov Dec QTR YE MW QTR MW QTR MW QTR MW Oct Nov Dec QTR YE Midwest 1,970 100% 93% 95% 96% 98% 1,970 107% 1,970 97% 1,970 82% 1,970 101% 94% 104% 100% 98% West 2,038 102% 96% 86% 95% 98% 2,038 96% 2,038 98% 2,033
Slide 15: Reconciliation of Net Loss to Adjusted EBITDA and FCFBG
15 Reconciliation of Net Loss to Adjusted EBITDA and Free Cash Flow Before Growth (FCFBG) ($ MM) Q4 2024 Q4 2025 FY 2024 FY 2025 Net Loss ($420) ($81) ($411) ($436) Add back: Depreciation and amortization 139 145 550 564 Interest expense (45) 93 145 437 Income tax benefit (82) (42) (42) (78) Goodwil
Slide 16: Summary of Convertible Equity Portfolio Financings (CEPFs)
16 Summary of Convertible Equity Portfolio Financings (CEPFs)1 CEPF 3 CEPF 4 CEPF 5 (XPLR Renewables III) (XPLR Renewables IV) (Genesis Holdings) Date of Sale Dec 28, 2021 Dec 15, 2022 Dec 18, 2020 Cash Allocation to CEPF Investors: 65% / 99% 17% / 99% 25% / 99% Pre-Flip / Post-Flip Standard Pre-Fli
Slide 17: Current plan assumes buyout options exercised for CEPF 4 and CEPF 5
17 XPLR Infrastructure’s current plan assumes buyout options are exercised for both CEPF 4 and CEPF 5 Remaining CEPF Buyout Schedule1 ($MM) $440 $165 $180 $470 $510 $270 $290 $240 $210 $150 $190 2026 2027 2028 2029 2030 2031 2032 2033 2034 CEPF 4 CEPF 5 1. Buyout estimate as of 12/31/2025; figures s
Slide 18: XPLR Infrastructure Operating Assets (Wind)
18 XPLR Infrastructure Operating Assets1,2 (Wind) Wind Wind Gross Capacity Percent Net Capacity Offtaker Gross Capacity Percent Net Capacity Offtaker Projects In-Service (MW) Ownership (MW) Rating Projects In-Service (MW) Ownership (MW) Rating Alta Wind VIII 2012 150.0 100% 150.0 BBB- Kingman Wind I
Slide 19: XPLR Infrastructure Operating Assets (Solar & Storage)
19 XPLR Infrastructure Operating Assets1,2 (Solar & Storage) Solar Storage Gross Capacity Percent Net Capacity Offtaker Gross Capacity Percent Net Capacity Offtaker Projects In-Service (MW) Ownership (MW) Rating Projects In-Service (MW) Ownership (MW) Rating Marshall Solar 2017 62.3 50% 31.2 A- Cool
Slide 20: Definitional Information
20 Definitional Information XPLR Infrastructure, LP. Adjusted EBITDA and FCFBG Expectations This presentation refers to adjusted XPLR Infrastructure’s adjusted EBITDA FCFBG is defined as free cash flow XPLR Infrastructure does not provide a EBITDA and FCFBG. Adjusted EBITDA expectations represent pr
Slide 21: Cautionary Statement and Risk Factors That May Affect Future Results
21 Cautionary Statement and Risk Factors That May Affect Future Results This presentation contains “forward-looking materially from those expressed or implied in the adversely affect XPLR’s business, financial Management suspends its federal rights-of-way statements” within the meaning of the federa
Slide 22: Cautionary Statement and Risk Factors That May Affect Future Results (Cont.)
22 Cautionary Statement and Risk Factors That May Affect Future Results (Cont.) XPLR's ability to develop and/or acquire assets restrictions in XPLR and its subsidiaries' their obligations under credit support potential liability, and XPLR has agreed to involves risks; government laws, regulations a
Slide 23: Cautionary Statement and Risk Factors That May Affect Future Results (Cont.)
23 Cautionary Statement and Risk Factors That May Affect Future Results (Cont.) XPLR’s partnership agreement restricts the resale following conversion or settlement, may remedies available to holders of XPLR's common result in a decline in the market price for XPLR's units for actions taken by XPLR’