Slide 1: Second Quarter 2026 Earnings Conference Call
ibdroot\projects\IBD-NY\xeric2025\944088_1\02. Presentation\04. NDR\XPLR_Credit NDR_DRAFT_v43.pptx Second Quarter 2026 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 continues to execute across key priorities
3 XPLR Infrastructure continues to execute across key priorities Business Highlights Financial • Adjusted EBITDA of ~$523 MM and FCFBG of ~$257 MM for Q2 2026 Performance Capital Structure • Completed the first minimum buyout for CEPF 5 for ~$150 MM Simplification • Fully repaid outstanding $500 MM
Slide 4: XPLR Infrastructure's portfolio delivered solid financial results in Q2 2026
4 XPLR Infrastructure’s portfolio delivered solid financial results in Q2 2026 XPLR Infrastructure – Second Quarter 2026 Results and Drivers $557 $1 $523 ($6) ($29) Adjusted EBITDA ($ MM) Q1 2025 Existing Asset Other Q1 2026 Adjusted EBITDA Projects Dispositions FCFBG $27 $261 $257 FCFBG ($21) ($10)
Slide 5: Portfolio expected to produce substantial Free Cash Flow Before Growth
5 XPLR Infrastructure’s portfolio is expected to produce substantial Free Cash Flow Before Growth in line with its full-year financial expectations XPLR Infrastructure’s Financial Expectations ($ MM) $1,750–$1,950 ($650–$700) $600–$700 ($490–$510) ($10–$40) 2026E Tax Debt Capital Maintenance 2026E A
Slide 6: Q&A Session
Q&A Session
Slide 7: Appendix
Appendix
Slide 8: XPLR Infrastructure Wind Production Index
8 XPLR Infrastructure Wind Production Index1 2025 2026 Q2 Q3 Q4 Q1 Q2 Location MW Jan Feb Mar QTR MW QTR MW QTR YE MW QTR MW Apr May Jun QTR YTD Midwest 1,970 104% 94% 93% 97% 1,970 82% 1,970 100% 98% 1,970 98% 1,970 107% 101% 107% 105% 101% West 2,038 94% 101% 100% 98% 2,033 96% 2,033 89% 95% 2,033
Slide 9: Reconciliation of Net Income to Adjusted EBITDA and FCFBG
9 Reconciliation of Net Income to Adjusted EBITDA and Free Cash Flow Before Growth (FCFBG) ($ MM) Q2 2026 Q2 2025 Net Income $13 $36 Add back: Depreciation and amortization 143 141 Interest expense 92 114 Income tax benefit (11) (38) Tax credits – gross 278 257 Amortization of intangible assets/liab
Slide 10: XPLR Infrastructure Interest Payment Timing
10 XPLR Infrastructure Interest Payment Timing Interest Principal Outstanding Maturity Frequency of Rate1 ($ MM)2 Year Interest Payments Unsecured Note 3.88% 33 2026 Semi-Annually (Q2, Q4) Unsecured Note 4.50% 550 2027 Semi-Annually (Q1, Q3) Corporate Unsecured Note 7.25% 750 2029 Semi-Annually (Q1,
Slide 11: XPLR Infrastructure Operating Assets (Wind)
11 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 12: XPLR Infrastructure Operating Assets (Solar & Storage)
12 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 13: Definitional Information
13 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 14: Cautionary Statement and Risk Factors That May Affect Future Results
14 Cautionary Statement and Risk Factors That May Affect Future Results This presentation contains “forward-looking following: XPLR's business and results of adversely affected by international, national, (U.S.) Bureau of Land Management suspends its statements within the meaning of the federal oper
Slide 15: Cautionary Statement and Risk Factors That May Affect Future Results (Cont.)
15 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 16: Cautionary Statement and Risk Factors That May Affect Future Results (Cont.)
16 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’