Hallador Energy Company · NASDAQ:HNRG
Hallador Energy — Q4 2025 Earnings Presentation
13 slides from Hallador Energy's earnings presentation, Mar 12, 2026
Slide 1: Investor Presentation March 2026: Power When You Need It
INVESTOR PRESENTATION | March 2026 Power When You Need It HNRG
Slide 2: Disclaimer
Disclaimer FORWARD LOOKING STATEMENTS NON-GAAP FINANCIAL MEASURES This presentation contains forward-looking statements within the meaning of Section This presentation includes references to Adjusted EBITDA, which is a financial 27A of the Securities Act of 1933, as amended (the “Securities Act”), an
Slide 3: Company Overview
Company Overview Vertically integrated independent power producer delivering reliable baseload power to the MISO region At a Glance Longstanding Customer Relationships • Flagship Asset: 1 GW Merom Power Plant on ~691 acres in Sullivan, Indiana with 100% owned interconnection, creating high barriers
Slide 4: Investment Highlights
Investment Highlights Structural Reliability Crisis and Growing Demand Drive Multi-Year Pricing Tailwind MISO faces 4.7 GW summer shortfalls beginning in 2026 through 2031 while data center demand surges, driving price escalation and long-term need for baseload power(1) Robust Interest for Long-Term
Slide 5: Merom's Strong Forward Pricing and Cost Control Drive Margin Opportunity
Merom’s Strong Forward Pricing and Cost Control Drive Margin Opportunity Market-based repricing and favorable forward curves provide a multi-year runway for margin expansion Hallador Power’s Estimated Open Energy Sales Positions (1) Contracted Forward Sales & Forward Energy Curve (2) (USD/MW) $50 26
Slide 6: Structural Supply Deficit + Growing Demand = Multi-Year Pricing Tailwind
Structural Supply Deficit + Growing Demand = Multi-Year Pricing Tailwind MISO faces a shortfall while data center demand surges, driving price escalation and long-term need for baseload power Reliability Crisis NERC rates MISO as “Elevated Risk” in 2027 and “High Risk” in 2028; with shortfalls expec
Slide 7: Long-Term PPA Negotiations Strengthen Commercial Position
Long-Term PPA Negotiations Strengthen Commercial Position Active negotiations are underway with investment-grade utilities and data center developers Hallador has a ~$1.3 • Multiple counterparties in advanced discussions Current billion forward Status • Targeting multi-year agreements with investmen
Slide 8: MISO ERAS Program Supports ~50% Capacity Expansion
MISO ERAS Program Supports ~50% Capacity Expansion December 2025: MISO accepted Hallador’s final ERAS application for the 515 MW natural gas expansion at Merom (1) Attractive Opportunity Accelerated Timeline 515 MW Natural Gas Expansion ✓ Positions Hallador to capture rising utility and data center
Slide 9: Financial Foundation for the Future
Financial Foundation for the Future Over $230 million re-invested in the business since 2022, while reducing debt Hallador Capital Expenditures(1) Hallador Consolidated Debt $250 $238 $120 ($ in millions) ($ in millions) $183 $100 $200 ~$65 million reduction in $80 debt $150 $129 $60 $100 $40 $54 $5
Slide 10: Our Management Team is in Place to Deliver Long-Term Investor Value and Drive Results
Our Management Team is in Place to Deliver Long-Term Investor Value and Drive Results • 2 years with Hallador Energy • 21 years with Hallador Energy • Joined Halldor Energy in June 2025 • 20 years in the wholesale power market • Previous Roles: Director of Hallador, • 30 years in the power & finance
Slide 11: Investor Relations Contact
Investor Relations Contact Sean Mansouri, CFA HNRG@elevate-ir.com (720) 330-2829
Slide 12: Balance Sheet
Balance Sheet $ in Thousands USD Dec 31, 2025 Dec 31, 2024 Assets Cash, Cash Equivalents & Restricted Cash $15,372 $12,153 At Dec 31, 2025, total bank debt was Accounts Receivable $13,989 $15,438 $30.0 million, compared to $44.0 million at both Sep 30, 2025 and Dec 31, 2024 Inventory, Parts & Suppli
Slide 13: Key Stats (March 13, 2026)
Key Stats (March 13, 2026) Revenue (FY’25) Adj. EBITDA (FY’25) Operating Cash Flow (FY’25) Forward Sales (through 2029) $469.5M $56.0M $81.1M $1.3B Stock Price Market Cap Enterprise Value EV/Revenue (FY’25) $17.10 $802.3M $831.3M 1.8x 13 Source: Capital IQ
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