Ha Sustainable Infrastructure Capital, Inc. · NYSE:HASI
Ha Sustainable Infrastructure Capital — Q3 2025 Earnings Presentation
33 slides from Ha Sustainable Infrastructure Capital's earnings presentation, Nov 6, 2025
Slide 1: Earnings Presentation Third Quarter 2025
Earnings Presentation Third Quarter 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: Q3 2025 Highlights
Q3 2025 Highlights $0.80 $269m 13.4% Adjusted Adj. Recurring Net Investment Adjusted ROE EPS1 Income YTD3 (+27% Y/Y) YTD5 $0.61 $15b 10% Y/Y GAAP Managed Assets4 Adjusted EPS growth EPS2 (+15% Y/Y) expected in 2025 Reaffirming guidance for Adjusted EPS CAGR of 8-10% into 20276 1. See Appendix for an
Slide 4: Solid Execution in the Three Key Areas of Value Creation
Solid Execution in the Three Key Areas of Value Creation Closing New Investments Optimizing Assets Minimizing Cost of Capital • $1.5b in new transactions • Refinancing of SunStrong ABS • Minor increase in our cost of YTD1 and on pace for in Q3 generated incremental debt following recent debt >$3.0b
Slide 5: $1.2b Investment in 2.6 GW Utility-Scale Renewable Project
$1.2b Investment in 2.6 GW Utility-Scale Renewable Project Contracted high-quality off-takers include utilities, energy majors, community electricity providers, and universities Asset yield consistent with our recent portfolio investments in Grid-Connected asset classes Funding of our structured equ
Slide 6: Pipeline of >$6b Remains Healthy and Diversified
Pipeline of >$6b Remains Healthy and Diversified Behind-the-Meter: Energy efficiency demand remains robust, while the resi solar lease market is expected to gain share with the end of the 25D credit at 2025YE Behind-the-Meter Grid-Connected 43% 29% BTM Solar 18% Grid-Connected: Third-party forecasts
Slide 7: Q3 2025 Profitability Metrics
Q3 2025 Profitability Metrics Adjusted Recurring Net Q3 Q3 2024 2025 Investment Income grew Y/Y 2024 2025 YTD YTD by 42% in Q3 and 27% YTD GAAP Diluted EPS ($0.17) $0.61 $1.09 $1.79 GAAP Net Income (Loss) Attrib. Q3 Adjusted EPS was the highest ($19.6m) $83.3m $129.9m $238.3m to Controlling Sharehol
Slide 8: New Transaction Volumes and New Asset Yields
New Transaction Volumes and New Asset Yields Closed Transaction Volumes1 New Asset Yields2 >10.5% >10.5% >9.0% >7.5% 2022 2023 2024 2025 YTD 1 $1.5b $1.2b Closed Transactions by Asset Class YTD1 Resi Solar & Storage Leases 37% 1Q-3Q 1Q-3Q Fuel, Transport, & Nature 27% 2024 2025 Grid-Connected Solar
Slide 9: Managed Assets Up 15% Y/Y to $15.0 Billion
Managed Assets Up 15% Y/Y to $15.0 Billion 2 Managed Assets1 Portfolio2 By Investment Type $15.0 Equity Investments 25% $13.7 GC Solar $12.3 & Storage 21% $9.8 Resi Solar $8.8 & Storage Receivables 31% $7.2 75% Portfolio: Onshore By Asset Class $7.5b Wind GC Solar 16% $7.5 Resi Solar 26% Community $
Slide 10: Adjusted Recurring Net Investment Income of $269m YTD
Adjusted Recurring Net Investment Income of $269m YTD $289 Management Adjusted $269 Adjusted Net Fees and Recurring Investment + Retained = Net Investment +32% $237 Income Interest Income1 Income2 CAGR $211 $198 CCH1 Interest Income + Recurring income management fees Adj. Income from from Managed $1
Slide 11: Managing our Access to and Cost of Capital
Managing our Access to and Cost of Capital New Delayed Draw Term Loan Prudent Hedging Activity • $250m of new hedges executed in September Provides further liquidity and flexibility to support new investments and to address maturity of 3.375% • A total of $1.4b hedges now in place to help senior uns
Slide 12: Improving ROE and Equity Efficiency Across Our Business
Improving ROE and Equity Efficiency Across Our Business 25% 19.6% 20% 16.3% 15% 13.5% 13.4% 12.5% 11.8% 10% 5% 0% 2023 2024 2025 YTD Adjusted ROE1 Incremental Adjusted ROE2 1. See Appendix for an explanation of Adjusted ROE (p. 32) and reconciliation to the relevant GAAP measure (p. 27) 2. Increment
Slide 13: 3Q25 Sustainability and Impact Highlights
3Q25 Sustainability and Impact Highlights Ranked in the top decile of diversified Joined >52k organizations in a letter HASI Foundation provided a new grant financials in S&P’s 2025 Corporate urging the Greenhouse Gas Protocol to to the Clean Power Institute to train Sustainability Assessment adopt
Slide 14: Strong Business Momentum Supports Our 2027 Guidance
Strong Business Momentum Supports Our 2027 Guidance New On pace to exceed $3b in 2025 Investments 2025 Likely to be ~10% Adjusted EPS growth U.S. Supports multi-year growth in new capacity and capital requirements power demand Resilient Demonstrated success in changing policy and interest rate envir
Slide 15: Appendix
Appendix 15
Slide 16: Our Evolution to the "Next Frontier" of Asset Classes
Our Evolution to the “Next Frontier” of Asset Classes The Next Frontier Building Electrification CHP Data Centers Fuel Cell Next-Gen Geothermal Hydrogen Hydropower Manufacturing Natural Gas w/CCUS Advanced Nuclear Other Clean Fuels Resiliency & Adaptation Sustainable Agriculture Sustainable Aviation
Slide 17: Portfolio and Related Debt Metrics
Portfolio and Related Debt Metrics 2020 2021 2022 2023 2024 Q1 2025 Q2 2025 Q3 2025 Adjusted ROE1 10.7% 11.2% 11.4% 11.8% 12.5% 12.8% 11.9% 15.6% Portfolio Yield2 7.6% 7.5% 7.5% 7.9% 8.3% 8.3% 8.3% 8.6% Interest Expense / 5.1% 4.6% 4.3% 5.0% 5.6% 5.7% 5.8% 5.9% Avg. Debt Balance3 Portfolio Bridge: Q
Slide 18: Adjusted Cash Flow from Operations Plus Other Portfolio Collections
Adjusted Cash Flow from Operations Plus Other Portfolio Collections1 $ millions2 3Q25 (TTM) 2024 2023 Cash collected from our Portfolio $986 $891 $442 Cash collected from sale of assets3 $98 $325 $34 Cash used for compensation and benefits and G&A expenses ($95) ($86) ($79) Interest paid4 ($243) ($1
Slide 19: 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 > 420k consumers WAVG 1 Performing1 ~99% Residential 31% or Structured Equity
Slide 20: 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 $238 5.76% 2027 Commercial Paper Notes3 $577 4.98% 2028 Convertible No
Slide 21: 2024-27 Guidance Bridge to Long-Term Business Model
2024-27 Guidance Bridge to Long-Term Business Model Adjusted EPS1 Dividend 2027 Guidance3 8-10% CAGR4 55-60% payout ratio2 10% CAGR Long-Term Business Model 50% payout ratio2 (Realized 2014-2024 CAGR of 10%) $3.26 $3.03 2023 2024 2025 2026 2027 1. See Appendix for explanation of Adjusted Earnings/EP
Slide 22: Income Statement
Income Statement HA SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) For the Three Months For the Nine Months Ended September 30, Ended September 30, 2025 2024 2025 2024 Revenue Interest and rental inco
Slide 23: Balance Sheet
Balance Sheet HA SUSTAINABLE INFRASTRUCTURE CAPITAL, CONDENSED CONSOLIDATED BALANCE SHEETS (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) September 30, 2025 (unaudited) December 31,2024 Assets Cash and cash equivalents $ 301,824 $ 129,758 Equity method investments 4,135,445 3,612,394 Rece
Slide 24: Statement of Cashflows
Statement of Cashflows HA SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (DOLLARS IN THOUSANDS) (UNAUDITED) Nine Months Ended ‘Nine Months Ended September 30, September 30, 2005 2 7s Cash flows from operating activities Cash flows from financing activities ‘
Slide 25: Adjusted Cash Flow from Operations Plus Other Portfolio Collections
Adjusted Cash Flow from Operations Plus Other Portfolio Collections 25
Slide 26: 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 and 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 a
Slide 27: Reconciliation of GAAP Net Income to Adjusted ROE
Reconciliation of GAAP Net Income to Adjusted ROE 27
Slide 28: 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. Those amounts have been included here in comparative per
Slide 29: Reconciliation of GAAP-Based Portfolio to Managed Assets
Reconciliation of GAAP-Based Portfolio to Managed Assets (1) Total assets in co-investment structures are $1.2 billion as of September 30, 2025. 29
Slide 30: Explanatory Notes
Explanatory Notes Guidance The Company expects Adjusted Earnings per Share to increase approximately 10% year-over-year in 2025. In addition, the Company expects that annual Adjusted Earnings per Share will increase at a compounded annual rate of 8% to 10% from 2024 to 2027, relative to the 2023 bas
Slide 31: Supplemental Financial Data
Supplemental Financial Data Adjusted Earnings and Earnings on Equity Method Investments We calculate Adjusted Earnings as GAAP net income (loss) excluding non-cash equity expense, provisions for loss on receivables, amortization of intangibles, non-cash provision (benefit) for taxes, losses or (gain
Slide 32: 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 33: 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.
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