Spruce Power Holding Corporation · NYSE:SPRU
Spruce Power — Q1 2026 Earnings Presentation
21 slides from Spruce Power's earnings presentation, May 13, 2026
Slide 1: Investor Presentation
Investor Presentation March 2026
Slide 2: Disclaimer
Disclaimer Use of Forward-Looking Statements Certain statements in this presentation may constitute “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,”
Slide 3: Investment Proposition
Investment Proposition Long-Term Investments Significant Long-Term Differentiated Competitive Generating Recurring Cash Opportunity Positioning Flow Spruce maximizes value of existing solar Spruce provides management services Currently, there are >6mm solar assets through operational efficiencies, f
Slide 4: Overview
Overview Leading third-party owner (TPO) and operator of U.S. residential rooftop solar systems Rooftop Solar Portfolio Spruce PRO Servicing Residential Power Markets Spruce owns the cash flows from ~84,000 Spruce provides management services to its Spruce has dedicated M&A and home solar assets and
Slide 5: Model and Key Metrics
Model and Key Metrics Realizing Ownership & Acquisition Synergies ~84K Home Solar Assets & Contracts(1) ✓ Growing customer base by acquiring portfolios of Distributed Generation (DG) Solar assets and customers, primarily residential solar leases and PPAs, generating stable recurring cash flows 10 Ye
Slide 6: Significant Growth in U.S. Power Demand
Significant Growth in U.S. Power Demand Solar Offers Fast to Market New Electric Capacity Solar is a Rapidly Deployable Source of New Electric Capacity(1) Wind ~1 Yr Key Highlights ✓ While recent policy changes will impact Battery Storage ~1.25 Yrs elements of the residential solar industry, as a th
Slide 7: Substantial Addressable Market
Substantial Addressable Market Driven by Growth & Disruption in U.S. Residential Solar Annual Additions – U.S. Residential Solar (GWs) (1) Key Highlights ✓ New residential solar installations have 8.7 8.6 slowed in 2024 and 2025 due to policy 7.7 shifts in CA and the expiration of federal 7.5 tax cr
Slide 8: Proven Execution of Acquisition Strategy
Proven Execution of Acquisition Strategy With Visibility to Continued Step-Change Growth Spruce Solar Assets & Contracts (‘000s) ✓ Acquired contracts related to 67,000+ home solar systems in 14 separate transactions 85 84 since commencing M&A growth strategy in 75 4Q’18 ✓ Strong track record of gene
Slide 9: M&A Transaction Summary
M&A Transaction Summary Solar assets and contracts expanded by nearly 35,000 over past three years Spruce Power 4 Portfolio Acquisition Tredegar Acquisition Spruce Power 5 Portfolio Acquisition ✓ Spruce closed on the acquisition of SS Holdings, ✓ Spruce closed the Tredegar Acquisition in ✓ Spruce cl
Slide 10: Extending Spruce’s Customer Acquisition Strategy
Extending Spruce’s Customer Acquisition Strategy Programmatic offtake has high potential as a de -risked revenue driver Key Highlights ✓ Programmatic is an origination model • Spruce is seeking to acquire and/or service newly installed systems based on a complementary partnership on an ongoing basis
Slide 11: Spruce PRO Servicing is Best-in-Class
Spruce PRO Servicing is Best-in-Class Additional Servicing Contracts Create Economies of Scale & Highlight Spruce’s Strengths Spruce PRO, Spruce’s dedicated servicing arm, is a leading residential energy services solution provider for the DG solar sector, Spruce’s in-house capabilities… providing se
Slide 12: O&M Cost Reduction
O&M Cost Reduction Vertical Integration, Cost Containment, Lead to Reduced O&M Costs • Spruce has achieved meaningful reductions in O&M costs Key Highlights over the past year, and we expect to see the company’s cost structure align with its current scale of operations ✓ Expanding in-house servicing
Slide 13: Financials and Key Operating Metrics
Financials and Key Operating Metrics (Unaudited) Three Months Ended Twelve Months Ended Highlights $ in millions, unless specified December 31, December 31, A. Revenue up (Q4 19% and FY 36%) primarily Financials 2025 2024 2025 2024 driven by the acquisition of NJR installations and A Revenue 24.0 20
Slide 14: Summary of Current Debt
Summary of Current Debt Long-Term Debt Composition Financing Highlights $ in millions, unless specified ✓ Residential solar assets support elevated debt levels due to long-term, contracted cash flows from customer Credit contracts SP1 SP2 SP3 SP4 SP5 Mezzanine -- Facility1 ✓ SPRU’s 14 portfolio acqu
Slide 15: Measuring Customer Value
Measuring Customer Value ✓ Our cash flows are backed by long-term, subscription-based $ in millions, unless specified 4Q25 3Q25 4Q24 contracts, with ~84,000 home solar assets and contracts at the Contracted Portfolio Value $729 $753 $797 end of 4Q25. Lease and PPA contract structures allow for Renew
Slide 16: Appendix
Appendix CONFIDENTIAL 16
Slide 17: Non-GAAP Financial Measures & Reconciliations
Non-GAAP Financial Measures & Reconciliations Reconciliation of Net Income (Loss) to EBITDA, Adjusted EBITDA and Operating EBITDA Three Months Ended Three Months Ended Three Months Ended Twelve Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, $ in th
Slide 18: Non-GAAP Financial Measures & Reconciliations
Non-GAAP Financial Measures & Reconciliations Reconciliation of Income (Loss) from Operations to Adjusted Income (Loss) from Operations Three Months Ended Three Months Ended Three Months Ended Twelve Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, $
Slide 19: Non-GAAP Financial Measures & Reconciliations
Non-GAAP Financial Measures & Reconciliations Adjusted Cash Flow from Operations Three Months Ended Three Months Ended Twelve Months Ended Twelve Months Ended December 31, December 31, December 31, December 31, $ in thousands, unless specified 2025 2024 2025 2024 Net Cash Provided by/(used) in Opera
Slide 20: Definitions
Definitions Adjusted Free Cash Flow: We define Adjusted Free Cash Flow as Operating EBITDA less Project Finance Debt Service, Platform Capital Expenditures, and Other non-cash items. Project Finance Debt Service represents principal and interest payments, including sweeps where applicable, on Spruce
Slide 21: Definitions
Definitions Certain Additional Matters: Depending on the context, references to “Spruce” or "Spruce Power" may also include the historical business of Spruce Holding Company 1 LLC, Spruce Holding Company 2 LLC, Spruce Holding Company 3 LLC, and Spruce Manager LLC prior to their acquisition on Septem