Solaris Energy Infrastructure, Inc. · NYSE:SEI
Solaris Energy Infrastructure — Q4 2025 Earnings Presentation
14 slides from Solaris Energy Infrastructure's earnings presentation, Feb 24, 2026
Slide 1: Q4 and Full Year 2025 Earnings Supplement
Solaris Energy Infrastructure, Inc. Q4 and Full Year 2025 Earnings Supplement February 24, 2026
Slide 2: 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 3: Year-over-Year Consolidated Financial Results Summary
Solaris Energy Infrastructure Year-over-Year Consolidated Financial Results Summary Q4 2025 Total Revenue Q4 2025 Total Adjusted EBITDA (1) Q4 2025 Pro Forma Adjusted Dollars in millions Dollars in millions Earnings per Share (1) $180 $69 $0.35 $96 $37 $0.12 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 FY 2025 Tot
Slide 4: Year-over-Year Financial Results by Segment
Solaris Energy Infrastructure Year-over-Year Financial Results by Segment Segment Revenue Segment Adjusted EBITDA (1) Q4 2025 Segment Results Highlights % Contribution % Contribution from Power: from Power: Solaris Power Solutions 58% 70% • 125% year-over-year Adjusted EBITDA(1) $76 $23 growth in Q4
Slide 5: Solaris Power Solutions: New Strategic Long-Term Customer
Solaris Energy Infrastructure Solaris Power Solutions: New Strategic Long-Term Customer 500+ MW Multi-Year Partnership with Global Technology Leader Evolution of Solaris’ Average Power Contract Tenor On February 12, 2026, SEI entered this new long-term contract to 10 to 15 provide power to support o
Slide 6: Illustrative Pro Forma Adjusted EBITDA and Balance Sheet at Full Fleet Deployment
Solaris Energy Infrastructure (1) Illustrative Pro Forma Adjusted EBITDA and Balance Sheet at Full Fleet Deployment Pro Forma Expected Fleet Pro Forma Potential Adjusted EBITDA Pro Forma Potential Gross Debt (MW) ($ millions) ($ millions) $1,403 2,200 MW $700-750 Consolidated Debt (3)(4) Consolidate
Slide 7: Current Capital Plan: Growth to 2,200 MW Operated Fleet by Early 2028
Solaris Energy Infrastructure Current Capital Plan: Growth to 2,200 MW Operated Fleet by Early 2028 Expected Remaining Consolidated Capex ($ 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 $150 (-) To
Slide 8: Financial Guidance: Q1 and Q2 2026
Solaris Energy Infrastructure Financial Guidance: Q1 and Q2 2026 ($ 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 9: 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 $155 Convertible Notes
Slide 10: Capitalization Options for Valuation Purposes
Solaris Energy Infrastructure Capitalization Options for Valuation Purposes Option 1: Treat Convertible Option 2: Treat Convertible ($ and shares in millions) Notes as Debt Notes as Shares Debt Convertible Notes due 2030 ($26.39 conversion price) $155 - Convertible Notes due 2031 ($57.20 conversion
Slide 11: Appendix
Solaris Energy Infrastructure Appendix solaris-energy.com 11
Slide 12: EBITDA and Adjusted EBITDA Reconciliation
Solaris Energy Infrastructure EBITDA and Adjusted EBITDA Reconciliation Three months ended, Twelve months ended December 31, ($ 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 13: 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 14: 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 14
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