Ha Sustainable Infrastructure Capital, Inc. · NYSE:HASI
Ha Sustainable Infrastructure Capital — Q4 2025 Earnings Presentation
34 slides from Ha Sustainable Infrastructure Capital's earnings presentation, Feb 12, 2026
Slide 1: Earnings Presentation Fourth Quarter and Full Year 2025
Earnings Presentation Fourth Quarter and Full Year 2025
Slide 2: Forward Looking Statements
Forward Looking Statements Some of the information contained herein are 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. When used herein, words such as "believe," "expect," "an
Slide 3: Broad-Based Momentum Across the Business
Broad-Based Momentum Across the Business Volume Profitability Capital Efficiency $4.3B transactions closed in New investment yields2 >10.5% CCH1 2025 HASI bond yields3 <6.25% + IG ratings Pipeline1 > $6.5B + hybrid Adjusted EPS4 +10% Higher profits on Y/Y to $2.70 new shares issued With Incremental
Slide 4: Strong Demand Driving Higher Volumes
Strong Demand Driving Higher Volumes A Significant Increase in Closed Transactions in 2025, as New Asset Yields Held in Double-Digits Closed Transactions ($b) 1 New Asset Yields2 $4.3 $0.8 >10.5% >10.5% $2.3 $2.3 >9.0% $1.7 $1.8 $0.5 >7.5% $0.8 $3.6 $0.4 >7.0% $0.8 $1.4 $1.8 $1.5 $0.9 2021 2022 2023
Slide 5: Market Fundamentals Remain Highly Attractive
Market Fundamentals Remain Highly Attractive BTM: • Resi solar lease/PPA market projected to grow >20% Y/Y in 20262 • Higher battery attach rates of >40% increase addressable market3 Behind-the-Meter Grid-Connected • Improving customer value proposition with electric utility rate growth of 15- 35% 3
Slide 6: New Investments Remain Highly Diversified
New Investments Remain Highly Diversified Volume Growth Spans Multiple Asset Classes $4.3 $2.3b $2.3b $1.7b $1.8b 2021 2022 2023 2024 2025 GC Solar Community Solar C&I Public Sector Energy Efficiency RNG Resi Solar Onshore Wind Transportation Other 6
Slide 7: Consistent Adjusted EPS Growth of ~10% per Year
Consistent Adjusted EPS1 Growth of ~10% per Year Resilient Profitability Through Changes in the Economic, Political and Interest Rate Environment +10% CAGR $2.70 $2.45 $2.08 $2.23 $1.88 2021 2022 2023 2024 2025 1. See Appendix for an explanation of Adjusted EPS (p. 32) and reconciliation to the rele
Slide 8: Adjusted ROE is on the Rise
Adjusted ROE is on the Rise Increase in Incremental Adjusted ROE over the Last Few Years Indicates Continued Growth in Adjusted ROE 25% 20% 19.2% 16.3% 15% 13.5% 13.4% 12.7% 12.1% 10% 5% 0% 2023 2024 2025 Adjusted ROE1 Incremental Adjusted ROE2 1. See Appendix for an explanation of Adjusted ROE (p.
Slide 9: Ongoing Improvements to the Efficiency of Our Equity Capital
Ongoing Improvements to the Efficiency of Our Equity Capital Capital Efficiency Improvements Support Continued Increases in Adjusted ROE $1,350 per $100 of HASI Equity Total Investment Capital $450 CCH1 Debt $900 $300 $600 $450 KKR Equity $300 $300 $300 $250 HASI Sr. Debt $200 $200 $200 $100 HASI Jr
Slide 10: Landmark Investments with Sunrun & Pattern Closed in Q4
Landmark Investments with Sunrun & Pattern Closed in Q4 $500 Million $1.2 Billion >300 MW 2.6 GW home power TWh annual >40k plants ~10 generation Image Credit: Sunrun Image Credit: GE Vernova 10
Slide 11: Introducing New Guidance Framework for 2028
Introducing New Guidance Framework for 2028 The use of Absolute EPS rather than a CAGR enables management to provide guidance updates 2028 Adjusted EPS1: with more precision during interim periods $3.50 - $3.60 We continue to expect long-term annual growth in Adjusted EPS1 of ~10% on average 2028 Ad
Slide 12: New Highs in Adjusted EPS and Adjusted ROE in 2025
New Highs in Adjusted EPS and Adjusted ROE in 2025 2024 2025 GAAP Diluted EPS $1.62 $1.41 Adjusted Recurring Investment Income has GAAP Net Income Attributable to Controlling Shareholders $200m $185m grown at a 26% CAGR since 2021 to $362m GAAP-Based Net Investment Income $50m $28m GAAP ROE 8.9% 7.3
Slide 13: Managed Assets Up 18% Y/Y to $16.1 Billion
Managed Assets Up 18% Y/Y to $16.1 Billion 2 Managed Assets1 Portfolio2 $16.1 By Investment Type2 $13.7 Receivables 25% $12.3 GC Solar & Storage 17% $9.8 Resi Solar $8.8 & Storage 32% $7.2 Portfolio: Onshore Equity Investments Wind 75% $7.6b 17% $7.6 By Asset Class2 GC Solar $6.2 $6.6 $4.3 Community
Slide 14: Recurring Income Is the Primary Driver of Our EPS Growth
Recurring Income Is the Primary Driver of Our EPS Growth $2.86 $2.42 $2.22 $2.27 $1.70 $0.81 $0.64 $0.66 $0.68 $0.51 2021 2022 2023 2024 2025 Adjusted Recurring Net Investment Income per Share 1 Gain on Sale Revenue per Share 1 Since 2021, Adjusted Recurring Net Investment Income has grown by $1.16
Slide 15: Building a Broader, More Resilient Funding Platform
Building a Broader, More Resilient Funding Platform • Improvement in equity efficiency demonstrated with new equity issuances of $237m to support a $1b increase in our Equity Portfolio in 2025, compared to new equity issuances of $204m for a $400m increase in our Portfolio in 2024 Converts • Refinan
Slide 16: 4Q25 Sustainability and Impact Highlights
4Q25 Sustainability and Impact Highlights Named to CDP A-List 1.7 Million MT CO2 Avoided from >$1 Million Granted by HASI for 4th Consecutive Year New Transactions Closed in 2025 Foundation in 2025 Carbon Emissions1 CarbonCount: 0.49 (4Q25) Water Savings2 WaterCount: 40 (4Q25) Cumulative Metric Tons
Slide 17: Well-Positioned for Continued Growth and Higher Returns
Well-Positioned for Continued Growth and Higher Returns New Investments Closed balance sheet/CCH1 transactions expected to total $2.0 – $3.0b in 2026 Return on Equity Adjusted ROE expected to grow from 13.4% in 2025 to at least 17% in 2028 Access to Capital $1.8b of liquidity and IG ratings sufficie
Slide 18: Appendix
Appendix 18
Slide 19: Portfolio and Related Debt Metrics
Portfolio and Related Debt Metrics 2021 2022 2023 2024 2025 Adjusted ROE1 11.5% 11.5% 12.1% 12.7% 13.4% New Asset Yields2 >7.0% >7.5% >9.0% >10.5% >10.5% Portfolio Yield3 7.5% 7.5% 7.9% 8.3% 8.8% Interest Expense / 4.6% 4.3% 5.0% 5.6% 5.8% Avg. Debt Balance4 Portfolio Bridge: Q3 2025 to Q4 2025 $ mi
Slide 20: Adjusted Cash Flow from Operations Plus Other Portfolio Collections
Adjusted Cash Flow from Operations Plus Other Portfolio Collections1 $ millions2 2025 2024 2023 Cash collected from our Portfolio $1,200 $891 $442 Cash collected from sale of assets3 $33 $325 $34 Cash used for compensation and benefits and G&A expenses ($89) ($86) ($79) Interest paid4 ($228) ($173)
Slide 21: Strong Portfolio with Positive Credit Attributes
Strong Portfolio with Positive Credit Attributes Recent Portfolio Performance Positive Credit Attributes Rating Description Performance Metric Asset Class Portfolio(%)5 Structural Seniority Obligor Credit Subordinated Debt >415k consumers WAVG 1 Performing1 ~99% Residential 32% or Structured Equity
Slide 22: Summary of Total Debt and Hedge Portfolio
Summary of Total Debt and Hedge Portfolio Debt Facility Debt Amount (millions) 1 Effective Interest Rate2 Maturity Year Corporate Senior Unsecured Notes $600 3.38% 2026 Corporate Senior Unsecured Notes $450 7.75% 2027 Term Loan A $234 5.76% 2027 Commercial Paper Notes3 $226 4.47% 2028 Convertible No
Slide 23: Income Statement
Income Statement HA SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (@OLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) Years Ended December 31, 2025 2024 2023 Revenue Interest and rental income S 286,363 S$ 265,887 $ 229,045 Gain on sale of assets 65,089 80,341 68,637 Manag
Slide 24: Balance Sheet
Balance Sheet HA SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. CONSOLIDATED BALANCE SHEETS (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) December 31, December 31, 2025 Assets: Cash and cash equivalents S O28 $129,758 Equity method investments 4,115,909 3,612,394 Receivables, net of allowance of $62 milli
Slide 25: Statement of Cashflows
Statement of Cashflows HA SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (DOLLARS IN THOUSANDS) Years Ended December 31, Years Ended December 31, 2025, 2024 2023 20s, ane ae CAT Meese ener Cash flows from financing activities ‘Net income (loss) $ 188,236 $ 203.628 $ 1
Slide 26: Cash Available for Reinvestment
Cash Available for Reinvestment (1) Represents return of capital distributions from our equity method investments included in cash provided by (used in) investing activities section of our statement of cash flows which is incremental to any equity method investment distributions found in net cash pr
Slide 27: Reconciliation of GAAP Net Income to Adjusted Earnings
Reconciliation of GAAP Net Income to Adjusted Earnings (1) The per share data reflects the GAAP diluted earnings per share which is the most comparable GAAP measure to our Adjusted Earnings per Share. (2) This is a non-GAAP adjustment to reflect the return on capital of our equity method investments
Slide 28: Reconciliation of GAAP Net Income to Adjusted ROE
Reconciliation of GAAP Net Income to Adjusted ROE (1) For 2025, we changed the methodology for our calculation of Average Stockholders’ Equity to be calculated as the average of the Stockholders’ Equity at the end of the preceding year and as of the end each of the year’s four quarters. We have reca
Slide 29: Reconciliation of GAAP-based Net Investment Income to Adjusted Recurring Net Investment Income
Reconciliation of GAAP-based Net Investment Income to Adjusted Recurring Net Investment Income (1) GAAP-based net investment income (loss) as reported in previous periods was not defined to include Management fees and retained interest income. It has been included here in comparative periods to refl
Slide 30: Reconciliation of GAAP-Based Portfolio to Managed Assets
Reconciliation of GAAP-Based Portfolio to Managed Assets (1) Represents assets in our co-investment structures which are attributable to our co-investors and on which we earn an asset management fee. Total assets in co-investment structures are $1.9 billion and $0.6 billion as of December 31, 2025 a
Slide 31: Explanatory Notes
Explanatory Notes Guidance The Company expects Adjusted Earnings per Share to range between $3.50 and $3.60 in 2028. The Company also expects Adjusted ROE to be more than 17% in 2028. In addition, the payout ratio of distributions of annual dividends per share as a percentage of annual Adjusted Earn
Slide 32: Supplemental Financial Data
Supplemental Financial Data Adjusted Earnings and Earnings on Equity Method Investments We calculate Adjusted Earnings as GAAP net income (loss) excluding equity-based expenses, provisions for loss on receivables, amortization of intangibles, losses or (gains) from modification or extinguishment of
Slide 33: Supplemental Financial Data
Supplemental Financial Data Managed Assets We consolidate assets on our balance sheet, securitize assets off-balance sheet, and manage assets in which we co-invest with other parties via equity method investments. Therefore, certain receivables and other assets are not reflected on our balance sheet
Slide 34: Visit our website at www.hasi.com
Visit our website at www.hasi.com Listen to the HASI Climate Positive podcast Securities are offered by HASI Securities, LLC, a registered broker dealer, member FINRA and SIPC and subsidiary of HA Sustainable Infrastructure Capital, Inc.
HA Sustainable Infrastructure Capital — Q4 2025 Earnings Presentation on 6ix