Hallador Energy Company · NASDAQ:HNRG
Hallador Energy — Q2 2026 Earnings Presentation
15 slides from Hallador Energy's earnings presentation, Aug 10, 2026
Slide 1: Investor Presentation | June 2026 - Power When You Need It
INVESTOR PRESENTATION | June 2026 Power When You Need It HNRG
Slide 2: Disclaimer
Disclaimer FORWARD LOOKING STATEMENTS NON-GAAP FINANCIAL MEASURES This presentation contains forward-looking statements within the meaning of Section This presentation includes references to Adjusted EBITDA, which is a financial 27A of the Securities Act of 1933, as amended (the “Securities Act”), an
Slide 3: Company Overview
Company Overview Vertically integrated independent power producer delivering reliable baseload power to the MISO region At a Glance Longstanding Customer Relationships • Flagship Asset: 1 GW Merom Power Plant on ~691 acres in Sullivan, Indiana with 100% owned interconnection, creating high barriers
Slide 4: Investment Highlights
Investment Highlights Structural Reliability Crisis and Growing Demand Drive Multi-Year Pricing Tailwind MISO faces 4.7 GW summer shortfalls beginning in 2026 through 2031 while data center demand surges, driving price escalation and long-term need for baseload power(1) Secured Multi-Year PPAs, Supp
Slide 5: Transformational Capacity Agreements Lock In Long-Term Value
Transformational Capacity Agreements Lock In Long-Term Value Load serving counterparties increasingly prioritize long-term dispatchable capacity as tightening MISO markets drive structural repricing 3-Year PPA Signed Mar-26 12-Year PPA Signed May-26 ✓ Long-term earnings and cash flow visibility • Su
Slide 6: Hallador Expanding Strategic Value of the Merom Platform
Hallador Expanding Strategic Value of the Merom Platform Existing infrastructure and interconnection position Merom as a scalable platform for future dispatchable generation growth POWER PLATFORM EVOLUTION Before Today FUTURE ERAS GROWTH INITIATIVE POWER & INFRASTRUCTURE LEADERSHIP ADDED TO BOARD Lo
Slide 7: Natural Gas Generation Project Update: Hallador Secures Siemens Turbines
Natural Gas Generation Project Update: Hallador Secures Siemens Turbines Acquired 460 MW of Siemens turbines at ~$760/kW, securing critical long-lead equipment for targeted late 2028 to mid-2029 in-service TRANSACTION OVERVIEW PATH FORWARD WHY THIS MATTERS Secure Turbine Equipment — Seller: Energy W
Slide 8: Structural Supply Deficit + Growing Demand = Multi-Year Pricing Tailwind
Structural Supply Deficit + Growing Demand = Multi-Year Pricing Tailwind MISO faces a shortfall while data center demand surges, driving price escalation and long-term need for baseload power Reliability Crisis NERC rates MISO as “Elevated Risk” in 2027 and “High Risk” in 2028; with shortfalls expec
Slide 9: Long-Term Revenue Visibility with Retained Merchant Energy Upside
Long-Term Revenue Visibility with Retained Merchant Energy Upside Long-term capacity agreements improve earnings visibility while preserving exposure to tightening MISO energy markets Contracted Revenue Mix (1) Contracted Forward Sales & Forward Energy Curve (2) $375 ($ in millions) $50 ($/MW) $300
Slide 10: Financial Foundation for the Future
Financial Foundation for the Future Over $240 million re-invested in the business since 2022, while reducing debt Hallador Capital Expenditures(1) Hallador Consolidated Debt $900 $120 ($ in millions) ($ in millions) $832 $800 $100 $734 ~$99 million $700 reduction in $80 $600 debt $488 $500 $60 $400
Slide 11: Our Management Team is in Place to Deliver Long-Term Investor Value
Our Management Team is in Place to Deliver Long-Term Investor Value and Drive Results • 21 years with Hallador Energy • 4 years with Hallador Energy • 9 years with Hallador Energy • Previous Roles: Director of Hallador, • 25 years in the mining industry Founding Member and President of • Previous Ro
Slide 12: World-Class Board with Strong Shareholder Alignment
World-Class Board with Strong Shareholder Alignment Collectively Own ~17% of Common Shares Outstanding Brent Bilsland • 21 years with Hallador Energy Zarrell Gray • Chair of the Nominations Committee. Daniel Hudson • Previous Roles: Chairman & CEO, Chairman of the Board, Director Director Woodlands
Slide 13: Investor Relations Contact
Investor Relations Contact Sean Mansouri, CFA HNRG@elevate-ir.com (720) 330-2829
Slide 14: Balance Sheet
Balance Sheet $ in Thousands USD Mar 31, 2026 Dec 31, 2025 Assets Cash, Cash Equivalents & Restricted Cash $43,363 $15,372 At Mar 31, 2026, Hallador had no outstanding bank debt, compared to Accounts Receivable $9,152 $13,989 $29.7 million at Dec 31, 2025 and $23.0 Inventory, Parts & Supplies $95,05
Slide 15: Key Stats (May 7, 2026)
Key Stats (May 7, 2026) Revenue (Q1’26) Adj. EBITDA (Q1’26) Operating Cash Flow (Q1’26) Forward Sales (through 2029)(1) $101.8M $5.5M $20.5M $1.2B Stock Price Market Cap Enterprise Value EV/Revenue (TTM) $18.87 $889M $854M 1.9x Source: Capital IQ 1. Forward contracted revenue positions as of March 3
Hallador Energy Company — Q2 2026 Earnings Presentation on 6ix