Xplr Infrastructure, Lp · NYSE:XIFR
Xplr Infrastructure, Lp — Q1 2025 Earnings Presentation
33 slides from Xplr Infrastructure, Lp's earnings presentation, 2025
Slide 1: XPLR Infrastructure, LP First Quarter 2025 Presentation
ibdroot\projects\IBD-NY\xeric2025\944088_1\02. Presentation\04. NDR\XPLR_Credit NDR_DRAFT_v43.pptx XPLR Infrastructure, LP First 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 in the U.S.
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 31 U.S. states Net Owned Capacity1 ~10 GW 2024A Net Generation ~31,080 GWh Net Asset Book Value3 ~$20 B Enterprise V
Slide 5: Portfolio is 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 94 Projects Battery Storage Various 3% 1% ERCOT 10% Solar 18% West Midwest 33% 16% Northeast 2% Wind 79% South 38% 1. Represents XPLR OpCo’s net owner
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 ~13 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 BBB+ ~$4 B Inte
Slide 7: Relationship with sponsor NextEra Energy and its operational expertise
7 XPLR Infrastructure benefits from its relationship with industry leading sponsor, 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 • Ass
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 (NPV1 Contribution) Low-risk projects leveraging existing sites for brownfield development Incremental cash flows from existing assets Att
Slide 10: Long-term value creation and growing U.S. power sector
10 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 XPLR Por tfolio Has ~22 Year Remaining Useful Life 1 U.S. Power Demand2 >30 Years <15 Years 8% 6% +55% 15-19 6.0 Years 14% 25-29 Years 28% 5.0 +
Slide 11: First Quarter 2025 Highlights
2 First Quarter 2025 Highlights
Slide 12: Progress on key initiatives and focus on execution in 2025
12 XPLR Infrastructure has made progress on key initiatives and remains focused on execution in 2025, including capital structure simplification and refinancing 1 Capital Structure 2 Investing to Enhance 3 Simplification Value of Portfolio Financing ✓ • Completed ~$930 MM buyout ✓ • Repowering progr
Slide 13: Solid Q1 2025 results driven by strong net generation
13 XPLR Infrastructure delivered solid Q1 2025 results, with adj. EBITDA driven by strong net generation partially offset by the absence of interest income on asset sale proceeds and FCFBG further impacted by timing of interest payments XPLR Infrastructure – First Quarter Drivers Adjusted EBITDA FCF
Slide 14: Reaffirming financial expectations for 2025 and 2026
14 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 – $700 MM 1. The decline in adjusted EBITDA expectat
Slide 15: Financial Highlights
3 Financial Highlights
Slide 16: Financial strategy focused on prudently funding capital allocation priorities
16 XPLR Infrastructure’s financial strategy is focused on prudently funding capital allocation priorities while maintaining balance sheet strength Financial Strategy Summary of XPLR’s Expected 2025 – 2026 Financial Plan ($ B) $4.00 ~$3.1 – $3.4 $3.50 Simplify business model and capital Tax Equity ~$
Slide 17: Addressing legacy CEPF financings to simplify capital structure
17 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 18: Portfolio expected to produce substantial Free Cash Flow Before Growth
18 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 19: Strong existing portfolio cash flows and investor value proposition
19 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 20: Appendix
Appendix
Slide 21: Potential drivers of variability to Adjusted EBITDA
21 Potential drivers of variability to XPLR Infrastructure’s Adjusted EBITDA1 XPLR Infrastructure 2025 Wind resource2 (± 1% deviation) ± $13 MM – $15 MM 1. These are not the only drivers of potential variability and actual impacts could fall outside the ranges shown 2. Per 1% deviation in the wind p
Slide 22: 2025 - 2026 Financing Plan
22 XPLR Infrastructure 2025 - 2026 Financing Plan Gross Additions Repayments Net Change ($ B) 2025 2026 Total 2025 2026 Total 2025 2026 Total Total Project-level ~$1.1 – $1.2 ~$0.5 ~$1.6 – $1.7 ~$(0.3)1 ~$(0.6) ~$(0.9) ~$0.8 – $0.9 ~$(0.1) ~$0.7 – $0.8 Financing Revolving Credit Facility - - - ✓$(0.
Slide 23: Overview of debt capitalization
23 Overview of XPLR Infrastructure’s debt capitalization As of March 31, 2025 | ($ in MM) x HoldCo CADS1 Coupon Maturity 31-Mar-25 TTM as of 31-Mar25 Cash and Cash Equivalents $1,5302 Convertible Unsecured Notes 0.000% Nov-2025 $418 Convertible Unsecured Notes 2.500% Jun-2026 500 Unsecured Notes 3.8
Slide 24: Summary of Convertible Equity Portfolio Financings (CEPFs)
24 Summary of Convertible Equity Portfolio Financings (CEPFs)1 CEPF 1 CEPF 2 CEPF 3 CEPF 4 CEPF 5 (XPLR Renewables II) (XPLR Pipelines) (XPLR Renewables III) (XPLR Renewables IV) (Genesis Holdings) Date of Sale Jun 11, 2019 Nov 13, 2019 Dec 28, 2021 Dec 15, 2022 Dec 18, 2020 Cash Allocation to CEPF
Slide 25: Operating Assets (Wind)
25 XPLR Infrastructure Operating Assets1 (Wind) Wind Wind Gross Capacity Percent Net Capacity Offtaker Gross Capacity Percent Offtaker Projects In-Service (MW) Ownership (MW) Rating Projects In-Service (MW) Ownership Net Capacity (MW) Rating Alta Wind VIII 2012 150.0 100% 150.0 BBB Kingman Wind I 20
Slide 26: Operating Assets (Solar & Storage)
26 XPLR Infrastructure Operating Assets1 (Solar & Storage) Solar Storage Gross Capacity Percent Net Capacity Offtaker Gross Capacity Percent Net Capacity Offtaker Projects In-Service (MW) Ownership (MW) Rating Projects In-Service (MW) Ownership (MW) Rating Marshall Solar 2017 62.3 50% 31.2 A- Cool S
Slide 27: Reconciliation of Net Income (Loss) to Adjusted EBITDA and FCFBG
27 Reconciliation of Net Income (Loss) to Adjusted EBITDA and Free cash Flow Before Growth (FCFBG) ($ MM) 2025 Q1 2024 Q1 Net Income (Loss) $ (328) $ 35 Add back: Depreciation and amortization 136 136 Interest expense 159 13 Income taxes (45) (13) Goodwill impairment charge 253 - Tax credits – gross
Slide 28: Reconciliation of Net Income (Loss) to Adjusted EBITDA and FCFBG (TTM)
28 Reconciliation of Net Income (Loss) to Adjusted EBITDA and Free cash Flow Before Growth (FCFBG) ($ MM) TTM as of Q1 2025 Net Income (Loss) $ (773) Add back: Depreciation and amortization 551 Interest expense 316 Income taxes (79) Goodwill impairment charge 828 Tax credits – gross 1,006 Amortizati
Slide 29: Reconciliation of Net Income (Loss) to Adjusted EBITDA and FCFBG (2024)
29 Reconciliation of Net Income (Loss) to Adjusted EBITDA and Free cash Flow Before Growth (FCFBG) ($ MM) 2024 Net Income (Loss) $ (411) Add back: Depreciation and amortization 550 Interest expense 170 Income taxes (46) Goodwill impairment charge 575 Tax credits – gross 1,019 Amortization of intangi
Slide 30: Definitional Information
30 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 31: Cautionary statement and risk factors that may affect future results
31 Cautionary statement and risk factors that may affect future results This presentation contains “forward-looking or implied in the forward-looking statements. adversely affect XPLR’s business, financial rights holders that have rights that are superior statements” within the meaning of the federa
Slide 32: Cautionary statement and risk factors (cont.)
32 Cautionary statement and risk factors that may affect future results (cont.) XPLR's ability to develop and/or acquire assets political, regulatory, operational and economic influence over XPLR; under the Cash Sweep and Infrastructure Operating Partners GP, LLC under involves risks; reductions in
Slide 33: Cautionary statement and risk factors (cont.)
33 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’