HASI Announces Fourth Quarter and Full Year 2025 Results with New Investments up 87% Y/Y to a Record $4.3b, Adjusted ROE up 70 bps to 13.4% and Adjusted EPS up 10% to $2.70

About this update from Ha Sustainable Infrastructure Capital, Inc.

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("HASI," "we," "our" or the "Company") (NYSE: HASI), a leading investor in sustainable infrastructure assets, today reported results for the fourth quarter and full year of 2025.","length":314,"tagName":"p"},{"type":"text","content":" Key Highlights ","length":14,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Closed a record $4.3 billion of new investments in 2025, up 87% year-over-year with new portfolio asset yields above 10.5% for the second year in a row in 2025, as our pipeline increased to more than $6.5 billion at the end of 2025.","length":232,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Managed Assets grew 18% year-over-year to $16.1 billion in 2025, as our Portfolio grew 15% to $7.6 billion, and fee-generating assets at our co-investment structures rose to $1.0 billion.","length":187,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"GAAP EPS of $1.41 on a fully diluted basis in 2025, compared with $1.62 in 2024, and Adjusted EPS of $2.70 on a fully diluted basis in 2025, up 10% compared to $2.45 in 2024.","length":174,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"GAAP-based Net Investment Income was $28 million in 2025, compared to $50 million in 2024, and Adjusted Recurring Net Investment Income was $362 million in 2025, up 25% compared to $289 million in 2024.","length":202,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Adjusted ROE increased to 13.4% in 2025 from 12.7% in 2024.","length":59,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Inaugural issuance of $500 million principal amount of junior subordinated notes continued to broaden our capital funding platform while further improving our equity efficiency.","length":177,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Introducing 2028 guidance for Adjusted EPS of $3.50 to $3.60 and Adjusted ROE of more than 17%.","length":95,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Announcing an increase in our dividend to $0.425 per share for the first quarter of 2026, with our payout ratio now expected to be below 50% by 2028 and below 40% by 2030.","length":171,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":1297,"olType":false},{"type":"text","content":""Our resilient business achieved extraordinary outcomes in 2025 including a significant increase in new investments to a record $4.3 billion, a pipeline of greater than $6.5 billion, and growth in Adjusted Recurring Net Investment Income of 25%," said Jeffrey A. 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GAAP Net Income and Adjusted Earnings ","length":37,"tagName":"p"},{"type":"text","content":""The returns we are generating in our business continue to grow through our increased investment activity, with our Adjusted ROE increasing to 13.4% and our incremental Adjusted ROE rising to 19% in 2025," said HASI Chief Financial Officer, Chuck Melko. "The expansion of our finance platform including both an increase in our revolver capacity to more than $1.8 billion and our inaugural issuance of junior subordinated notes will contribute to supporting our growth and increasing the efficiency with which we use equity capital."","length":552,"tagName":"p"},{"type":"readMore"},{"type":"text","content":" GAAP Earnings and EPS ","length":21,"tagName":"p"},{"type":"text","content":"GAAP net income to controlling stockholders was $185 million for the year ended December 31, 2025, compared to $200 million for the year ended December 31, 2024. GAAP diluted earnings per share was $1.41 for the year ended December 31, 2025, compared to $1.62 for the year ended December 31, 2024. GAAP income in the current period was driven by total revenue of $401 million and income from equity method investments of $301 million, which were offset by total expenses of $428 million and income tax expense of $85 million.","length":525,"tagName":"p"},{"type":"text","content":" Adjusted Earnings and EPS ","length":25,"tagName":"p"},{"type":"text","content":"Adjusted Earnings were $342 million in 2025, driven by Adjusted Recurring Net Investment Income of $362 million, Gain on Sale of Assets of $65 million, and Origination Fee and Other Income of $15 million, while Compensation and Benefits and General & Administrative expenses (excluding Equity-Based Compensation) were approximately $93 million.","length":348,"tagName":"p"},{"type":"text","content":"Adjusted Earnings in 2025 increased $52 million compared to 2024, due to a $73 million increase in Adjusted Recurring Net Investment Income driven by a larger Portfolio and project refinancing proceeds. 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HASI generates recurring income from each of these components: (1) income generated from our Portfolio, including both our debt investments ("Receivables" and "Real Estate and Debt Securities"), and our equity investments ("Equity Method Investments"), (2) management fee income from our securitization trusts and our partner’s share of our co-investment structures, and (3) income from our retained interests in our securitized assets. Adjusted Recurring Net Investment Income measures the recurring income we generate from these three sources, net of interest expense.","length":731,"tagName":"p"},{"type":"text","content":"GAAP-based net investment income captures Interest and Rental Income revenue as well as Management Fees and Retained Interest Income, less interest expense. However, it does not include the income generated from our Equity Method Investments (as defined below), and thus fails to capture all of the economic returns earned by our Portfolio. 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It has been included here in comparative periods to reflect the new definition.","length":224,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;padding-right:0.0px;padding-bottom:4.0px;vertical-align:top;","val":[{"type":"text","content":"(2)","length":3,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:top;padding-left:5.0px;","val":[{"type":"text","content":"This is a non-GAAP adjustment to reflect the return on capital of our equity method investments.","length":96,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;padding-right:0.0px;padding-bottom:4.0px;vertical-align:top;","val":[{"type":"text","content":"(3)","length":3,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:top;padding-left:5.0px;","val":[{"type":"text","content":"GAAP net income includes an elimination of the intercompany portion of ongoing asset management fees received from co-investment structures in the Equity method income line item. Since GAAP Equity method income is not a component of this metric, we include the elimination of the management fee through this adjustment.","length":319,"tagName":"p","attribs":{}}]}]}],"length":648},{"type":"text","content":"Adjusted Recurring Net Investment Income represents the sum of (1) Interest and Rental Income Revenue, (2) Adjusted Income from Equity Method Investments, and (3) Management Fees and Retained Interest Income, net of (4) Interest Expense and (5) the elimination of our proportionate share of fees earned from co-investment structures. 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","length":434,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":434,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":" Adjusted Income from Equity Method Investments As of December 31, 2025, our Equity Method Investments were $4.1 billion, an increase of 14% from $3.6 billion as of December 31, 2024. Equity Method Investments includes our proportionate share of our co-investment vehicle CCH1, which was $638 million as of December 31, 2025, compared to $309 million as of December 31, 2024. Approximately 25% of the assets in CCH1 were receivables or debt securities, and 75% were equity method investments as of December 31, 2025. Adjusted Income from Equity Method Investments 1 was $327 million in 2025, an increase of 37% compared to $239 million in 2024, driven by both growth in Equity Method Investments and higher yields, as well as the impact of project refinancing proceeds received in 2025. 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","length":529,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":529,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":" Interest Expense As of December 31, 2025, our total debt outstanding was $5.1 billion, as compared to $4.4 billion as of December 31, 2024, and our weighted-average interest cost, as measured by GAAP interest expense as adjusted for loss on debt modification or extinguishment divided by average debt outstanding, was 5.8% in 2025, compared to 5.6% in 2024. 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