Xplr Infrastructure, Lp · NYSE:XIFR
Xplr Infrastructure, Lp — Q3 2025 Earnings Presentation
35 slides from Xplr Infrastructure, Lp's earnings presentation, 2025
Slide 1: XPLR Infrastructure, LP Third Quarter 2025 Presentation
ibdroot\projects\IBD-NY\xeric2025\944088_1\02. Presentation\04. NDR\XPLR_Credit NDR_DRAFT_v43.pptx XPLR Infrastructure, LP Third Quarter 2025 Presentation
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: Company Overview
1 Company Overview
Slide 4: XPLR Infrastructure is one of the largest, most diversified independent power producers
4 XPLR Infrastructure is one of the largest, most diversified independent power producers in the U.S. focused on clean energy ~10 GW of Operating Assets1 Key Statistics Located Across 28 U.S. states Net Owned Capacity1 ~10 GW 2024A Net Generation ~31,080 GWh Net Asset Book Value3 ~$18 B Enterprise V
Slide 5: Portfolio diversified across technologies, U.S. regions and projects
5 XPLR Infrastructure’s portfolio1 is diversified across technologies, U.S. regions and projects Diversified by Technology Diversified by U.S. Region Diversified Across 94 Projects Battery Storage 3% ERCOT 10% Solar 17% West Midwest 33% 16% Northeast Wind 2% 80% South 39% 1. Represents XPLR OpCo’s n
Slide 6: Portfolio produces stable, long-term contracted cash flows
6 XPLR Infrastructure’s portfolio of projects produces stable, long-term contracted cash flows Weighted Average ~12 Long-Term O&M PPA Life1 years Agreements Stable, Long-term Cash Flows Unique Customers2 80+ Contracted Cash 100% Denominated in USD Flows from Projects Average Customer Credit Rating3
Slide 7: Benefits from relationship with NextEra Energy
7 XPLR Infrastructure benefits from its relationship with industry leader, NextEra Energy, and the operational expertise it provides Relationship With NextEra Energy NextEra Energy Provides Services to XPLR Under Long-Term Agreements • Management services agreement Public Unitholders1 • Asset-level
Slide 8: Capital allocation strategy focuses on four key priorities
8 XPLR Infrastructure’s capital allocation strategy focuses on four key priorities to generate attractive returns for unitholders Simplify capital Invest in Investments Return of capital structure existing in clean to unitholders, through buyout portfolio of energy assets including of selected high-
Slide 9: Investments in wind repowering expected to generate attractive returns
9 XPLR Infrastructure’s investments in wind repowering are expected to generate attractive returns and extend asset life Repower Value Drivers Rationale for XPLR Infrastructure (NPV1 Contribution) Low-risk projects leveraging existing sites for brownfield development Incremental cash flows from exis
Slide 10: Palo Duro and Mammoth Plains repower projects highlight execution strengths
10 Palo Duro and Mammoth Plains, our largest repower projects to date, highlight execution strengths and value of our investments Repowering Case Study Projects were successfully completed in June 2025, Expanded with expanded capacities to ~263 MW (Palo Duro) Capacity Palo Duro Mammoth Plains and
Slide 11: Positioned to benefit from future opportunities in a growing U.S. power sector
11 XPLR Infrastructure is focused on long-term value creation and is positioning itself to benefit from future opportunities in a growing U.S. power sector Expected Long Term Demand Growth 1,2,3 Remaining Useful Life4 of the Portfolio Embedded Value of the Portfolio (TWh) >30 Years <15 Years 8,000 1
Slide 12: Potential recontracting at higher rates as legacy contracts expire
12 Potential recontracting at higher rates as legacy contracts expire over time could allow XPLR Infrastructure to realize increased revenue Potential Recontracting Opportunity Expected PPA Expiry Schedule1 (2025–2040) Existing PPA vs. Market Price2 ~10 GW Existing PPA Market Price Contracted Stable
Slide 13: Third Quarter 2025 Highlights
2 Third Quarter 2025 Highlights
Slide 14: Executing on its investment and financing plans
14 XPLR Infrastructure is executing on its investment and financing plans Category Year-to-date Progress Completed the buyout of CEPF 1 in April 2025 Capital Structure 1 Simplification Addressed CEPF 2 with proceeds from the Meade pipeline investment sale • Expect to repay the remaining 2025 con
Slide 15: Q3 2025 results: Adj. EBITDA roughly flat and FCFBG down 5%
15 XPLR Infrastructure delivered solid Q3 2025 results: Adj. EBITDA roughly flat and FCFBG down 5% versus the prior year comparable quarter XPLR Infrastructure – Third Quarter Financial Results Drivers $453 $5 $455 ($3) Adjusted EBITDA ($ MM) • Existing Projects: lower year-over-year wind resource1,
Slide 16: Reaffirming financial expectations for 2025 and 2026
16 XPLR Infrastructure is reaffirming its financial expectations for 2025 and 2026 XPLR Infrastructure’s Financial Expectations Calendar Year 2025 Calendar Year 2026 Adjusted EBITDA $1,850 – $2,050 MM Adjusted EBITDA1 $1,750 – $1,950 MM FCFBG $600 – $700 MM 1. The decline in adjusted EBITDA expectat
Slide 17: Financial Highlights
3 Financial Highlights
Slide 18: Financial strategy focused on funding capital allocation priorities
18 XPLR Infrastructure’s financial strategy is focused on prudently funding capital allocation priorities while maintaining balance sheet strength Financial Strategy Summary of XPLR’s Expected 2025 – 2026 Financial Plan ($ B)2 1 Simplify business model and capital ~$3.1 – $3.4 structure to focus on
Slide 19: Addressing legacy CEPF financings to simplify capital structure
19 XPLR Infrastructure is addressing legacy CEPF financings to simplify the capital structure and enhance long-term financing and strategic flexibility Plan for XPLR Infrastructure’s Convertible Equity Portfolio Financings (CEPFs) CEPF 1 CEPF 2 CEPF 3 CEPF 4 CEPF 5 2026, 2027, 2025 2025 2027 2029 –
Slide 20: Portfolio expected to produce substantial Free Cash Flow Before Growth
20 XPLR Infrastructure’s portfolio is expected to produce substantial Free Cash Flow Before Growth 2026E Adjusted EBITDA to 2026E Free Cash Flow Before Growth Walk ($ MM) $1,750 – $1,950 ($655 – $755) ($450 – $500) $600 – ($10 – $30) ($0 – $10) $700 2026E Tax Debt Maint. Capital and Other 2026E Adju
Slide 21: Strong existing portfolio cash flows and investor value proposition
21 We believe that XPLR Infrastructure has strong existing portfolio cash flows and represents a compelling investor value proposition XPLR Infrastructure’s Value Proposition 2026E XPLR Infrastructure Unit Price vs. FCFBG Yield4 ~10 3rd ~1.6 $40 GW1 Largest2 GW $35 2026E FCFBG Expectation $600 MM –
Slide 22: Appendix
Appendix
Slide 23: XPLR Infrastructure Wind Production Index
23 XPLR Infrastructure Wind Production Index1,2 2024 2025 Q3 Q4 Q1 Q2 Q3 Location MW Jul Aug Sep QTR MW QTR YE MW QTR MW QTR MW Jul Aug Sep QTR YTD Midwest 1,970 77% 99% 99% 92% 1,970 96% 98% 1,970 107% 1,970 97% 1,970 86% 90% 73% 82% 97% West 2,038 91% 99% 104% 98% 2,038 95% 98% 2,038 96% 2,038 98%
Slide 24: 2025 - 2026 Financing Plan
24 XPLR Infrastructure 2025 - 2026 Financing Plan1 Gross Additions Repayments Net Change ($ B) 2025 2026 Total 2025 2026 Total 2025 2026 Total Total Project-level Financing2 ~$0.9 – $1.03 ~$0.5 ~$1.4 – $1.5 ~$(0.3)4 ~$(0.3) ~$(0.6) ~$0.6 – $0.7 ~$0.2 ~$0.8 – $0.9 Revolving Credit Facility – – – ~
Slide 25: Overview of Debt Capitalization
25 Overview of XPLR Infrastructure’s Debt Capitalization As of September 30, 2025 | ($ in MM) x HoldCo CADS1 Coupon Maturity 30-Sep-25 TTM as of 30-Sep-25 Cash and Cash Equivalents $711 Convertible Unsecured Notes 0.00% Nov-25 418 Convertible Unsecured Notes 2.50% Jun-26 500 Unsecured Notes 3.88% Oc
Slide 26: Summary of Convertible Equity Portfolio Financings (CEPFs)
26 Summary of Convertible Equity Portfolio Financings (CEPFs)1 CEPF 3 CEPF 4 CEPF 5 (XPLR Renewables III) (XPLR Renewables IV) (Genesis Holdings) Date of Sale Dec 28, 2021 Dec 15, 2022 Dec 18, 2020 Cash Allocation to CEPF Investors: 65% / 99% 17% / 99% 25% / 80% Pre-Flip / Post-Flip Standard Pre-Fli
Slide 27: Operating Assets (Wind)
27 XPLR Infrastructure Operating Assets1,2 (Wind) Wind Wind Gross Capacity Percent Net Capacity Offtaker Gross Capacity Percent Net Capacity Offtaker Projects In-Service (MW) Ownership (MW) Rating Projects In-Service (MW) Ownership (MW) Rating Alta Wind VIII 2012 150.0 100% 150.0 BBB- Kingman Wind I
Slide 28: Operating Assets (Solar & Storage)
28 XPLR Infrastructure Operating Assets1,2 (Solar & Storage) Solar Storage Gross Capacity Percent Net Capacity Offtaker Gross Capacity Percent Net Capacity Offtaker Projects In-Service (MW) Ownership (MW) Rating Projects In-Service (MW) Ownership (MW) Rating Marshall Solar 2017 62.3 50% 31.2 A- Cool
Slide 29: Reconciliation of Net Loss to Adjusted EBITDA and FCFBG – Q3 2025 and Q3 2024
29 Reconciliation of Net Loss to Adjusted EBITDA and Free Cash Flow Before Growth (FCFBG) – Q3 2025 and Q3 2024 ($ MM) Q3 2025 Q3 2024 Net Loss $(64) $(83) Add back: Depreciation and amortization 142 138 Interest expense 94 124 Income taxes 43 34 Tax credits – gross 219 222 Amortization of intangibl
Slide 30: Reconciliation of Net Income (Loss) to Adjusted EBITDA and FCFBG
30 Reconciliation of Net Income (Loss) to Adjusted EBITDA and Free Cash Flow Before Growth (FCFBG) YTD as of YE YTD as of TTM as of ($ MM) Q3 2024 2024 Q3 2025 Q3 2025 Net Income (Loss) $9 $(411) $(355) $(776) Add back: Depreciation and amortization 412 550 419 558 Interest expense 190 145 344 299 I
Slide 31: Tax Credit Breakdown (Non-GAAP) – YE 2024 Example
31 Tax Credit Breakdown (Non-GAAP) – YE 2024 Example Non-GAAP reconciliation reflects XPLR OpCo’s economic ownership, while the GAAP view represents 100% of the consolidated results where XPLR OpCo holds a controlling interest. Under GAAP, tax credits retained by XPLR OpCo are reflected in the incom
Slide 32: Definitional Information
32 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 33: Cautionary Statement and Risk Factors That May Affect Future Results
33 Cautionary Statement and Risk Factors That May Affect Future Results This presentation contains “forward-looking expressed or implied in the forward-looking adversely affect XPLR’s business, financial Management suspends its federal rights-of-way statements” within the meaning of the federal stat
Slide 34: Cautionary Statement and Risk Factors (Cont.)
34 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 35: Cautionary Statement and Risk Factors (Cont.)
35 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’