Ha Sustainable Infrastructure Capital, Inc. · NYSE:HASI
Ha Sustainable Infrastructure Capital — Investor Presentation (May 2026)
69 slides from Ha Sustainable Infrastructure Capital's investor presentation, May 2026
Slide 1: Investor Presentation May 2026
Investor Presentation May 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: Pioneer Public Investor in Sustainable Infrastructure Assets
Pioneer Public Investor in Sustainable Infrastructure Assets Stock Profile Equity Market Capitalization ($b)1 ~$5b We provide investors, stable, predictable earnings growth and Dividend Yield1 ~4% dividend income GAAP EPS / Adjusted EPS (2025) $1.91 / $2.70 Annual Total Shareholder Return since IPO1
Slide 4: Why Invest in HASI
Why Invest in HASI We earn superior risk-adjusted returns by investing in sustainable infrastructure assets Large Multi-Decade Diversified and differentiated exposure to the $4 trillion U.S. sustainable 1 Opportunity infrastructure investment forecast between 2025 and 20501 Long-Term Investments >$1
Slide 5: Investing in Real Assets Across Three Primary End Markets
Investing in Real Assets Across Three Primary End Markets Behind-the-Meter “BTM” Our Vision Energy Efficiency Community and C&I Solar/Storage Every investment improves Residential Solar/Storage our climate future Grid-Connected “GC” Key Operating Metrics of our Managed Assets1: Utility-Scale Solar P
Slide 6: Our Investment Strategy is Focused on High-Quality, Cash-Generating Sustainable Infrastructure Assets
Our Investment Strategy is Focused on High-Quality, Cash-Generating Sustainable Infrastructure Assets HASI’s Core Investment Criteria Positive environmental Long-lived 1 or emissions impact 2 infrastructure assets Our Purpose Predictable, recurring 3 cash flows 4 Programmatic clients Make climate po
Slide 7: Long-Term Programmatic Partnerships
Long-Term Programmatic Partnerships >1,300 >150 >90 >80% 10 Investments Closed1 Client Relationships1 repeat clients2 (including of closed transaction clients have partnered with >20 for 5+ years)1 volumes were with repeat HASI on 2 or more asset clients in 2024-252 classes1 1. As of 12/31/25 2. “Re
Slide 8: Illustrative Investments
Illustrative Investments Grid-Connected Behind-the-Meter Fuels, Transport & Nature Grid-Connected Renewable Energy Residential Solar Renewable Natural Gas Renewable Energy $1.2 billion $500 million >$125 million >1.3 GW Structured equity investment in a 2.6 Structured equity joint venture with Senio
Slide 9: Investment Opportunity
Investment Opportunity 9
Slide 10: $4 Trillion of Sustainable Infrastructure Investment by 2050
$4 Trillion of Sustainable Infrastructure Investment by 2050 Power Higher Renewable Demand Growth Electricity Prices Energy Economics • Accelerating demand from • U.S. wholesale prices • Lowest cost ~$4 data centers, onshoring, up >85% since 20203 Trillion and electrification • Fastest to market • U
Slide 11: A New Era of Growth for the U.S. Power Market
A New Era of Growth for the U.S. Power Market 1960-20001 2000-20231 2024-2040E2 +4.1%/yr +0.4%/yr +3.4%/yr By 20353 8,000 +~400 TWh U.S. Electricity Generation (TWh) Data Centers 6,000 +>300 TWh Electric Vehicles 4,000 Increased use of air conditioning, refrigeration, electric heating, etc. Improved
Slide 12: Power Prices Have Already Risen Substantially Since 2020
Power Prices Have Already Risen Substantially Since 2020 Wholesale forward power prices have increased >90% Avg. retail electricity rates have risen ~40% over the last five years in ERCOT and PJM1 over the last five years across U.S. cities2 $0.20 Avg. Electricity Price in U.S. Cities $60 Forward Po
Slide 13: Solar and Wind Offer the Lowest Cost and Fastest-to-Market Solutions
Solar and Wind Offer the Lowest Cost and Fastest-to- Market Solutions Unsubsidized solar and wind provide Solar, wind and battery storage are the only sources the lowest levelized cost of electricity today1 of new electric capacity that can be built in <2 years2 $300 10+ Yrs Levelized Cost of Energy
Slide 14: The Growing Financial Cost of Higher Emissions
The Growing Financial Cost of Higher Emissions Instances of climate-related disasters1 The cost of U.S. billion-dollar have risen along with global temperatures2 climate-related disasters since 19801 30 1.4 $400 # of U.S. Billion-Dollar Environmental 1.2 $3,000 Temperature Anomaly (C) 25 Cumulative
Slide 15: Renewables Poised to Play a Prominent Role in the All-of-the-Above Strategy
Renewables Poised to Play a Prominent Role in the “All-of- the-Above” Strategy Needed to Supply U.S. Power Demand 700 • Renewables and battery storage account for ~85% of the interconnection U.S. Electric Generating Capacity1 600 queue as of May 2026.2 500 • New gas-fired generating capacity is not
Slide 16: Grid-Connected: >$450b of Investment in U.S. Utility-Scale Renewables/Storage
Grid-Connected (GC): >$450b of Investment in U.S. Utility-Scale Renewables/Storage Forecast through 2035 Utility-scale renewables/storage offer the lowest cost and fastest to 1,000 market solution to supply the Cumulative Installed U.S. Capacity unprecedented demand for 800 electricity over the next
Slide 17: Behind-the-Meter: >$200b of Investment in U.S. Distributed Renewables/Storage
Behind-the-Meter (BTM): >$200b of Investment in U.S. Distributed Renewables/Storage Forecast through 2035 Rising retail electricity rates and 400 the declining costs of battery and solar continue to improve the Cumulative Installed U.S. Capacity value proposition of distributed energy resources 300
Slide 18: Behind-the-Meter: >$150b Investment Opportunity from Energy Efficiency
Behind-the-Meter (BTM): of >$150b Investment Opportunity from Energy Efficiency through 2035 Breakdown of U.S. commercial The North American market for energy efficiency buildings' energy usage savings performance contractsore4 $25 Office Equipment Other 1% Space $20 16% Computing Heating $ Billions
Slide 19: Fuel, Transport & Nature is Centered on RNG and Decarbonization of Transportation
Fuel, Transport & Nature (FTN) is Centered on RNG and the Decarbonization of Transportation Fuels Transport Nature Clean fuels—renewable natural gas Transportation accounts for almost 30% Climate change is also driving greater Landscape (“RNG”), biofuels, etc.—decarbonize of U.S. GHG emissions, and
Slide 20: Diversified Pipeline Supported by Breadth of Tailwinds
Diversified Pipeline Supported by Breadth of Tailwinds BTM: • Resi solar lease/PPA market projected to grow >20% Y/Y in 20262 • Higher battery attach rates of >40% increase addressable market3 Behind-the-Meter Grid-Connected • Improving customer value proposition with electric utility rate growth of
Slide 21: Our Positioning in the Project Lifecycle Minimizes Our Risk
Our Positioning in the Project Lifecycle Minimizes Our Risk Range of Investment Timing for a Typical Utility-Scale Project Pipeline Commitment Funding Regulatory Permits Interconnection Parts PPA Start of Commercial & Approvals Agreement Procurement Signing Construction Operation HASI typically fund
Slide 22: Our Business Has Not Historically Been Impacted by Economic Cyclicality
Our Business Has Not Historically Been Impacted by Economic Cyclicality New U.S. generation capacity vs. GDP growth HASI Adjusted EPS vs. GDP growth 2001-02 2007-09 2020 “Tech” Recession “GFC” Recession “Covid” Recession $3.00 6% New U.S. Electric Generation Capacity (GW)1 80 6% U.S. Real GDP Growth
Slide 23: Investments, Assets, Returns & Funding
Investments, Assets, Returns & Funding 23
Slide 24: Annual Investment Originations Have Grown >150% Since 2021
Annual Investment Originations Have Grown >150% Since 2021 While Remaining Highly Diversified $4.3 $2.3b $2.3b $1.7b $1.8b 2021 2022 2023 2024 2025 GC Solar Community Solar C&I Public Sector Energy Efficiency RNG Resi Solar Onshore Wind Transportation Other 24
Slide 25: Our Managed Assets Have More than Doubled Since 2020 to >$16 Billion
Our Managed Assets Have More than Doubled Since 2020 to >$16 Billion at the End of Q1 2026 $16.1 $16.4 $13.7 $12.3 $9.8 $8.8 $7.2 $7.6 $7.6 $6.2 $6.6 $3.6 $4.3 $2.9 2020 2021 2022 2023 2024 2025 Q1 2026 Managed Assets1 Portfolio1 “Managed Assets” represents our Portfolio of on-balance sheet investme
Slide 26: New Portfolio Asset Yields Have Risen to >10.5%
New Portfolio Asset Yields Have Risen to >10.5% Diversification across asset classes Yield on new investments2 GC Solar & Storage >10.5% >10.5% >10.5% 17% Resi Solar & Storage 33% >9.0% Portfolio1: Onshore Wind >7.5% $7.6b 17% Community Solar 8% RNG C&I 13% 6% 2022 2023 2024 2025 Q1 2026 Public Tran
Slide 27: Resilient Margins in all Interest Rate Environments
Resilient Margins in all Interest Rate Environments 2020 2021 2022 2023 2024 2025 4.0% 4.0% 2.8% 3.3% 2.7% 3.7% 10.6% 10.8% 9.1% 7.5% 7.1% 7.6% 6.3% 6.6% 6.8% 4.2% 4.9% 3.4% New Asset Yields1 New Debt Issued2 Net Spread Adjusted EPS Y/Y Growth Adjusted EPS 11% 21% 11% 7% 10% Y/Y Growth 5% 10-Year Tr
Slide 28: Investment Grade Status Lowered Debt Costs by >130 Bps
Investment Grade Status Lowered Debt Costs by >130 Bps BB minus BBB Spreads: ~120 bps average since 20141 Lower 400 debt costs 300 200 Longer maturities 100 Jul-14 Jul-15 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24 Jul-25 Fewer market HASI’s Spreads Non-IG: 339 bps Feb. 2026 IG Is
Slide 29: Portfolio Growth Enabled by Diverse and Expanding Funding Platform
Portfolio Growth Enabled by Diverse and Expanding Funding Platform $15 Co-Investment Vehicles2 Funding of New Balance Sheet Investments1 Convertible Debt Jr. Subordinated Notes $10 Unsecured Notes ($b) Green CP2 Term Loan Facilities $5 Revolving Credit2 Non-Recourse Debt Equity $0 2013 2014 2015 201
Slide 30: CCH1 Co-Investment Vehicle Reduces Our Reliance on Capital Markets and Enhances ROE
CCH1 Co-Investment Vehicle Reduces Our Reliance on Capital Markets and Enhances ROE 50% 50% of investment of investment • Access to new pool of private capital • Lower reliance on capital markets Upfront Annual Origination Management Fees Fees • No change in origination (1%) (0.5-1.0%) strategy, inv
Slide 31: Ongoing Improvements to the Efficiency of Our Equity Capital
Ongoing Improvements to the Efficiency of Our Equity Capital Capital Efficiency Improvements Support Continued Increases in Adjusted ROE $1,350 per $100 of HASI Equity Total Investment Capital $450 CCH1 Debt $900 $300 $600 $450 KKR Equity $300 $300 $300 $250 HASI Sr. Debt $200 $200 $200 $100 HASI Jr
Slide 32: ROE Continues to be Enhanced by Our Capital Efficiency
ROE Continues to be Enhanced by Our Capital Efficiency Increase in Incremental Adjusted ROE over the Last Few Years Indicates Continued Growth in Adjusted ROE 25% 20% 19.2% 16.3% 15% 13.5% 13.4% 12.7% 12.1% 10% 5% 0% 2023 2024 2025 Adjusted ROE1 Incremental Adjusted ROE2 1. See Appendix for an expla
Slide 33: Ample Liquidity and Laddered Debt Maturities
Ample Liquidity and Laddered Debt Maturities Multiple Sources of Liquidity Long-term Debt maturities extend out to 20562 $1,000 Debt Maturities ($m) DDTL $800 Cash CP $600 $2.3b $400 liquidity Unsecured sources1 Revolver $200 $0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 … 2056 Senior Un
Slide 34: Differentiated Investment Platform
Differentiated Investment Platform 34
Slide 35: Deep and Dedicated Team with Extensive Energy Finance Expertise
Deep and Dedicated Team with Extensive Energy Finance Expertise and Experience Jeffrey A. Lipson Charles W. Melko President & Chief Chief Financial Officer Executive Officer and Treasurer Key Executives Nitya Gopalakrishnan Susan D. Nickey Viral Amin Chief Operating Chief Client Co-Chief Risk Office
Slide 36: Long-Term Thinking Underpins Long-Term Investments
Long-Term Thinking Underpins Long-Term Investments Preferred Choice by Focused, Disciplined, Programmatic Clients & Efficient Origination Versatility across the Capital Robust, Active Structure and Transaction Sizes Risk Management 36
Slide 37: The Preferred Choice for our Programmatic Clients
The Preferred Choice for our Programmatic Clients Trust Flexibility Efficiency Expertise Creativity in finding Programmatic Decades of market, Strategic value-add solutions to clients’ relationships minimize policy, technology, partner, not just a problems friction costs tax, and finance financial i
Slide 38: Versatility Across the Capital Structure and Transaction Sizes
Versatility Across the Capital Structure and Transaction Sizes Common Equity Capital Structure Positioning Infrastructure Funds Structured Equity Private Credit Subordinated Debt Senior Debt Banks / Insurance Transaction size $10M $100M $500M $1B+ Preferred Choice Versatility across the Capital Focu
Slide 39: Focused, Disciplined, and Efficient Origination
Focused, Disciplined, and Efficient Origination Sourcing Structuring Underwriting Well-known participant in Thorough diligence spanning Flexibility within the capital the market as a “one stop multiple teams, independent structure enabled by use of shop” across multiple engineers, advisors and perma
Slide 40: Robust and Active Risk Management
Robust and Active Risk Management Focus on non-cyclical assets with long-term cash flows under contract with Credit Risk high-quality, incentivized off-takers Substantial investment in information systems provides for efficient data Operational Risk analysis on key portfolio asset performance metric
Slide 41: Our Clients Embrace our Expertise, Flexibility, Shared Values and Long-Term Relationships
Our Clients Embrace our Expertise, Flexibility, Shared Values and Long-Term Relationships “What sets HASI apart is that they have a “We find a common ground, a common trust. team of professionals that get in there. When And that has allowed us to be much more the times are challenging they bring the
Slide 42: Financial Performance & Targets
Financial Performance & Targets 42
Slide 43: New Investments Lead to Multiple Revenue/Income Streams
New Investments Lead to Multiple Revenue/Income Streams Transaction Closed Managed Asset Not Securitized Securitized Portfolio Co-Investment Vehicles Receivables Equity Method Investments (Debt) (Equity) Management Fees and Interest Income and Income from Equity Gain on Sale of Retained Interest Inc
Slide 44: Adjusted Recurring Net Investment Income grew 25% Y/Y to $362m in 2025
Adjusted Recurring Net Investment Income grew 25% Y/Y to $362m in 2025 Management Adjusted $362 Adjusted Net Fees and Recurring Investment + Retained = Net Investment Income1 +31% Interest Income2 Income3 CAGR $289 $237 CCH1 Interest Income + Recurring income management fees $198 Adj. Income from fr
Slide 45: Gain on Sale Revenue is Generated Predominantly from Securitization of Assets
Gain on Sale Revenue is Generated Predominantly from the Securitization of Assets not Retained on Balance Sheet $1,152m $878m Securitized assets primarily include our energy efficiency and real $ in millions $699m $628m estate investments $557m These assets generally offer lower credit risk but also
Slide 46: Steady, Consistent Growth in Adjusted EPS
Steady, Consistent Growth in Adjusted EPS Adjusted EPS1 2024 2025 CAGR: 9.5% GAAP Diluted EPS $1.62 $1.41 $2.70 $2.45 GAAP Net Income Attributable to $2.08 $2.23 $200m $185m $1.88 Controlling Shareholders GAAP-Based Net Investment Income $50m $28m GAAP ROE 8.9% 7.3% 2021 2022 2023 2024 2025 Adjusted
Slide 47: Adjusted Cash Flow from Operations Plus Other Portfolio Collections
Adjusted Cash Flow from Operations Plus Other Portfolio Collections1 $ millions2 2025 2024 2023 Cash collected from our Portfolio $1,200 $891 $442 Cash collected from sale of assets3 $33 $325 $34 Cash used for compensation and benefits and G&A expenses ($89) ($86) ($79) Interest paid4 ($228) ($173)
Slide 48: 2028 Guidance and Long-Term Targets
2028 Guidance and Long-Term Targets Adjusted EPS1 Dividend 2028 Guidance3 $3.50 - $3.60 <50% payout ratio2 10% CAGR Long-Term Target <40% payout ratio by 20302 (Realized 2014-2025 CAGR of 10%) $3.60 $3.50 Adjusted EPS $2.70 $2.23 $2.45 2023 2024 2025 2026 2027 2028 Guidance Adjusted ROE is expected
Slide 49: Sustainability & Impact Leadership
Sustainability & Impact Leadership 49
Slide 50: Stellar Sustainability Results and Recognition
Stellar Sustainability Results and Recognition Key Sustainability Metrics1 100% ~400k >35 hrs of energy consumption procured quality jobs created by our average training from renewable energy sources investments across the U.S. per employee 96% 41% ~$4m retention of our racial/ethnic minority workfo
Slide 51: A Long Legacy of Sustainability Excellence
A Long Legacy of Sustainability Excellence 2013 2014 2015 2016 2017 First U.S. public company Published first Sustainability Issued first rated HASI Recognized by Climate Bonds One of the first U.S. solely-focused on climate Report Card Sustainable Yield Bond for Initiative as a Green Bonds public c
Slide 52: CarbonCount: Our Proprietary Tool for Measuring the Climate Impact of Every Investment
CarbonCount: Our Proprietary Tool for Measuring the Climate Impact of Every Investment Annual Energy Generation Locational Marginal Emissions Factor Avoided by Project (MWh) × (Metric Tons of CO2e / MWh)1 Metric Tons of CO2e Avoided Annually per $1,000 Invested = Total Capital Cost of the Project Tr
Slide 53: Avoidance of Material Carbon Emissions Through Both Our Investments and Operations
Avoidance of Material Carbon Emissions Through Both Our Investments and Operations 0 MT 856k 0 MT 382m 0.2k MT 2024 Highlights1 direct scope 1 MT of incremental annual indirect scope 2 gallons of indirect scope 3 CO2 emissions2 reductions in CO2 emissions CO2 emissions2 water saved from CO2 emission
Slide 54: Appendix
Appendix 54
Slide 55: Low P/E Multiple Relative to History and Peer Groups
Low P/E Multiple Relative to History and Peer Groups HASI’s 2019-2025 P/E Multiple Current 2026 P/E vs. Peer Groups1 40x 30 29x 35x 30x 25 20x 19x P/E Multiple 7-Year Avg: 25x 16x 20 18x 18x 17x 20x 15 14x 15x 10 10x 5 5x 0x 0 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Clean Midcap Midcap Sola
Slide 56: 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 Term Loan A $231 5.76% 2027 Commercial Paper Notes3 $- N/A 2028 Convertible Notes $403 3.75% 2028 Revolving Line of Credit $- N/A 2
Slide 57: Strong Portfolio with Positive Credit Attributes
Strong Portfolio with Positive Credit Attributes Recent Portfolio Performance Positive Credit Attributes Rating Description Performance Metric Asset Class Portfolio(%)5 Structural Seniority Obligor Credit Subordinated Debt >443k consumers WAVG 1 Performing1 ~98% Residential 33% or Structured Equity
Slide 58: Financial Statements
Financial Statements iT eed iI —_—————
Slide 59: Income Statement
Income Statement HAST. HA SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (@OLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) Years Ended December 31, 2025 2024 2023 Revenue Interest and rental income S$ 286,363 $ 265,887 $ 229,045 Gain on sale of assets 65,089 80,341 68,637
Slide 60: Balance Sheet
Balance Sheet HA SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. CONSOLIDATED BALANCE SHEETS (@OLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) December 31, _ December 31, 2025 2024 Assets Cash and cash equivalents s HO218 $ 129,758 Equity method investments 4,115,909 3,612,394 Receivables, net of allowance of
Slide 61: Statement of Cashflows
Statement of Cashflows HA SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (@OLLARS IN THOUSANDS) ‘Years Ended December 31, Years Ended December 31,__ 2025 2024 2023 —2025___ 20242023 Cash flows from operating activities Cash flows from financing activities ‘Net income
Slide 62: 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 63: 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 investments
Slide 64: Reconciliation of GAAP Net Income to Adjusted ROE
Reconciliation of GAAP Net Income to Adjusted ROE (1) For 2025, we changed the methodology for our calculation of Average Stockholders’ Equity to be calculated as the average of the Stockholders’ Equity at the end of the preceding year and as of the end each of the year’s four quarters. We have reca
Slide 65: Additional GAAP to Non-GAAP Reconciliations
Additional GAAP to Non-GAAP Reconciliations Reconciliation of GAAP-based NII 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 c
Slide 66: Explanatory Notes
Explanatory Notes Guidance The Company expects Adjusted Earnings per Share to range between $3.50 and $3.60 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 67: 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 68: 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 69: Visit our website at www.hasi.com
Visit our website at www.hasi.com Listen to the HASI Climate Positive podcast Offered by HASI Securities, and a subsidiary of HA Sustainable Infrastructure Capital, Inc.
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