Ha Sustainable Infrastructure Capital, Inc. · NYSE:HASI
Ha Sustainable Infrastructure Capital — Q2 2026 Earnings Presentation
35 slides from Ha Sustainable Infrastructure Capital's earnings presentation, Aug 6, 2026
Slide 1: Earnings Presentation Second Quarter 2026
Earnings Presentation Second Quarter 2026
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: Raising Guidance Following Solid Results
Raising Guidance Following Solid Results $0.75 15.3% Q2 2026 Adjusted EPS1 Adjusted ROE2 Up 25% Y/Y 1H 2026 +27% $17.6b Adjusted Recurring Net Investment Managed Assets4 Income Y/Y growth in 1H 20263 Up 20% Y/Y Increasing guidance for Adjusted EPS to $3.55 - $3.65 in 2028, up from $3.50 - $3.60 1. S
Slide 4: Strong Results & Outlook Bolstered by Three Catalysts
Strong Results & Outlook Bolstered by Three Catalysts Robust Investment Activity Deep Access to Capital Lower Cost of Capital Heightened demand for Spread improvement to new electricity generation Co-investment vehicles +170 bps in June bond capacity issuance Interest rate hedging Expanding investme
Slide 5: Growth in Renewable Energy Underpinned by Cost and Speed to Market Advantage
Growth in Renewable Energy Underpinned by Cost and Speed to Market Advantage U.S. solar energy generation surpassed coal New solar and wind installations are forecast to far exceed generation for the first month ever in May 20261 new gas-fired generation capacity even after 20302 80 U.S. Generation
Slide 6: SunZia & Solar Are Transforming California's Electric Grid
SunZia & Solar Are Transforming California’s Electric Grid SunZia drove CAISO’s peak wind generation Solar and wind generation accounted for 44% of CA’s to a new record after coming online in Q2 2026 electricity generation in 1H26, up from 26% in 20232 SunZia 44% Annual Electricity Generation 8 Sola
Slide 7: Increased Investment Margins Despite Higher Interest Rates
Increased Investment Margins Despite Higher Interest Rates 2021 2026 New Asset Yield: 10.5% New Asset Yield: 7.5% New Debt > 4.0% 6.0% Cost: <6.5% New Debt Cost: ~4.9%1 2.6% < 2.0% 6.0% 3.4% 4.5% 4.5% 1.5% 1.5% Asset Spread Debt Spread Base Rates Net Investment Spreads Improving our debt spreads whi
Slide 8: Broad Opportunity Set Continues to Replenish Our Pipeline
Broad Opportunity Set Continues to Replenish Our Pipeline Behind-the-Meter: • U.S. utilities filed for $18.6b in rate increases across 56m customers in Behind-the-Meter Grid-Connected 1H 2026, further enhancing BTM’s value proposition2 35% 51% • Expanding market from residential battery installation
Slide 9: Investments Continue to Expand into New Asset Classes
Investments Continue to Expand into New Asset Classes Transportation First investment closed in Q3 2022 Cumulative investments of >$325m through 6/30/26 To date, centered on electric commercial vehicle fleets Water Infrastructure Core Investment Attributes Sustainable Agriculture Positive environmen
Slide 10: Sound Execution Across the Business
Sound Execution Across the Business Managed Asset Attractive Capital Platform Growth Returns Optimization • Closed $975m in balance • New asset yields >11% • No ATM share issuances sheet/CCH1 transactions YTD3 during 1H 2026 in Q2 • Portfolio Yield in Q2 of • Issued $1b in senior • Total Managed Ass
Slide 11: Solid Growth in Adjusted EPS and Adjusted ROE
Solid Growth in Adjusted EPS and Adjusted ROE Adjusted EPS1 Adjusted Earnings1 Adjusted ROE1 + 24% Y/Y + 31% Y/Y + 300 bps Y/Y $200m $153m 15.3% $1.52 $1.23 12.3% 1H 2025 1H 2026 1H 2025 1H 2026 1H 2025 1H 2026 No share issuance through our ATM 2026 YTD 1. See Appendix for an explanation of Adjusted
Slide 12: Continued Growth in Recurring Investment Income and Fees
Continued Growth in Recurring Investment Income and Fees Adjusted Recurring Net Investment Income1 + 27% Y/Y $208m $164m 1H 2025 1H 2026 Origination Fee Gain on Sale and Other Income2 + 50% Y/Y + 183% Y/Y $39m $26m $17m $6m 1H 2025 1H 2026 1H 2025 1H 2026 1. See Appendix for an explanation of Adjust
Slide 13: Balance Sheet/CCH Transactions Grew 140% Y/Y
Balance Sheet/CCH1 Transactions Grew 140% Y/Y Closed Transactions Closed Transactions ($m)1 New Asset Yields3 by Asset Class2 $1,697 RNG 40% >11.0% $260 >10.5% >10.5% Residential Solar 30% & Storage >9.0% $823 $897 $815 Grid-Connected $296 $1,437 19% >7.5% $339 Solar & Storage $538 $598 Public Secto
Slide 14: Managed Assets Up 20% Y/Y to $17.6 Billion
Managed Assets Up 20% Y/Y to $17.6 Billion 2 Managed Assets1 Portfolio2 $17.6 By Investment Type $16.1 Receivables 29% GC Solar $13.7 & Storage $12.3 16% Resi Solar Equity & Storage $9.8 Investments 35% $8.8 71% Portfolio: Onshore Wind $8.2b 16% By Asset Class GC Solar & Storage $8.2 19% $7.6 $6.2 $
Slide 15: Minimizing Debt Costs Despite Rising Interest Rates
Minimizing Debt Costs Despite Rising Interest Rates 0.24% 0.25% 0.46% 6.0% 6.3% 5.6% Cost of 10-yr. Increase in base Implied cost of Improvement Hedging Effective cost of bond issued in rates from 7-yr. bond with in HASI's benefits debt issued in Feb. 2026 Feb to June higher base rates debt spreads
Slide 16: Continuing to Fortify Our Balance Sheet and Liquidity
Continuing to Fortify Our Balance Sheet and Liquidity Lengthened and laddered maturities New upsized 5-year revolver4 $1,200 Capacity increased to $2.25b from $1.825b with all 18 relationship banks recommitting Debt Maturities ($m)1 $1,000 $800 Maturity extended to 2031 from 2028 $600 Reduced spread
Slide 17: 2Q26 Sustainability and Impact Highlights
2Q26 Sustainability and Impact Highlights Published 9th Annual >280k MT CO2 avoided from new >100m gallons of water savings Sustainability & Impact Report investments originated in Q2 from new investments in Q2 Carbon Emissions1 CarbonCount: 0.23 (2Q26) Water Savings2 WaterCount: 100 (2Q26) Cumulati
Slide 18: Raising Guidance for Adjusted EPS in 2028
Raising Guidance for Adjusted EPS in 2028 Adjusted EPS Raising guidance to $3.55 - $3.65 in 2028 Return on Equity Reaffirming guidance for Adjusted ROE of >17.0% in 2028 Payout Ratio Reaffirming guidance for reduction to <50% by 2028 and <40% by 2030 New Investments On track for $2-3b of new balance
Slide 19: Appendix
Appendix 19
Slide 20: Portfolio and Related Debt Metrics
Portfolio and Related Debt Metrics 2021 2022 2023 2024 2025 Q1 2026 Q2 2026 Adjusted ROE1 11.5% 11.5% 12.1% 12.7% 13.4% 15.7% 15.2% New Asset Yields2 >7.0% >7.5% >9.0% >10.5% >10.5% >10.5% >11.0% Portfolio Yield3 7.6% 7.5% 7.5% 8.0% 8.5% 9.1% 9.2% Interest Expense / Avg. Debt Balance4 4.6% 4.3% 5.0%
Slide 21: Adjusted Cash Flow from Operations Plus Other Portfolio Collections
Adjusted Cash Flow from Operations Plus Other Portfolio Collections1 $ millions2 Q2 2026 (TTM) 2025 2024 Cash collected from our Portfolio $1,419 $1,200 $891 Cash collected from sale of assets3 $31 $33 $325 Cash used for compensation and benefits and G&A expenses ($103) ($89) ($86) Interest paid4 ($
Slide 22: 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 >523k consumers WAVG 1 Performing1 ~98% Residential 35% or Structured Equity
Slide 23: 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 Term Loan A $228 5.74% 2027 Commercial Paper Notes3 $- N/A 2028 Convertible Notes $403 3.75% 2028 Revolving Line of Credit $- N/A 2028 Delayed-Draw Term Loan $250 5.30% 2028 Corpor
Slide 24: Income Statement
Income Statement HA SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (@OLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) For the Three Months For the Six Months Ended June 30, Ended June 30, 2026 2025 2026 2025 Revenue Interest and rental income ($23 million and $
Slide 25: Balance Sheet
Balance Sheet HA SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. CONSOLIDATED BALANCE SHEETS (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) (ORAUDIREDY Fume 30, 2026 (unaudited) December 31, 2025 Assets Cash and cash equivalents s 249,921 $ 110,218 Equity method investments 4,782,318 4,115,909 Receivables,
Slide 26: Statement of Cashflows
Statement of Cashflows HA SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS. Cash flows from operating activities ‘Net income (loss) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Provision for loss on receivables and retained in
Slide 27: 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 28: 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 investment
Slide 29: Reconciliation of GAAP Net Income to Adjusted ROE
Reconciliation of GAAP Net Income to Adjusted ROE (1) Average Stockholders’ Equity is calculated as the average of the Stockholders’ Equity at the beginning and end of each quarterly period. 29
Slide 30: 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 31: Reconciliation of GAAP-Based Portfolio to Managed Assets
Reconciliation of GAAP-Based Portfolio to Managed Assets (1) In the quarter ended June 30, 2026, we exercised certain of our protective rights under a loan agreement to a project company, which caused us to obtain the ability to direct the significant activities related to the projects, and accordin
Slide 32: Explanatory Notes
Explanatory Notes Guidance The Company expects Adjusted Earnings per Share to range between $3.55 and $3.65 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 33: 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 34: 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 35: 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 — Q2 2026 Earnings Presentation on 6ix