HASI Announces Second Quarter 2025 Results

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 second quarter of 2025.","length":298,"tagName":"p"},{"type":"text","content":" Key Highlights ","length":14,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"GAAP EPS of $0.74, compared with $0.23 in Q2 2024, and Adjusted EPS of $0.60, compared to $0.63 in Q2 2024.","length":107,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"GAAP-based Net Investment Income (Loss) was $(3) million in Q2 (as it excludes Income from Equity Method Investments), and Adjusted Recurring Net Investment Income totaled $85 million in Q2, up 25% year-over-year.","length":213,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Closed approximately $894 million in transactions YTD with new asset yields on Portfolio investments >10.5%.","length":111,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Managed Assets grew 13% year-over-year to $14.6 billion as of June 30, 2025, and we increased our pipeline to more than $6 billion.","length":131,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Upgraded by S&P, our third investment grade rating, issued $1 billion of senior unsecured notes at a blended effective yield of 6.3%, and repurchased $700 million of bonds due in 2026 and 2027 and repaid our $200 million convertible notes due in 2025.","length":255,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Reaffirmed guidance for compound annual growth in Adjusted EPS of 8-10% through 2027 relative to the 2023 baseline, and declared quarterly dividend of $0.42 per share.","length":167,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":984,"olType":false},{"type":"text","content":""Our business continues to make strong progress, with closed transactions growing 9% year-over-year in the first half of 2025 and double-digit yields on new Portfolio investments supporting strong margins," said HASI President and Chief Executive Officer Jeffrey A. 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"Now, with an increased pipeline of more than $6 billion, in part due to a broadening of our focus into new asset classes, we remain on track to achieve our guidance for growing Adjusted EPS at a compound rate of 8-10% into 2027."","length":524,"tagName":"p"},{"type":"text","content":"A summary of our financial results is detailed in the table below:","length":66,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:49%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"4","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid black 1.0pt;padding-left:0.0px;text-align:center;list-style-position:inside;","val":[{"type":"text","content":" For the Three Months Ended June 30, ","length":35,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid black 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GAAP Net Income and Adjusted Earnings ","length":37,"tagName":"p"},{"type":"text","content":""We executed on another quarter, demonstrating the strength and quality of our business, which generated meaningful growth in high-quality recurring investment income totaling more than $160 million through the first half of the year," said HASI Chief Financial Officer, Chuck Melko. "The strength of our business model has been further validated by S&P’s recent upgrade, giving us our third investment grade rating, and we demonstrated our capabilities in managing our capital structure through the refinancing of $900 million of our debt, extending our maturities into 2035."","length":601,"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 $98 million in Q2 2025, compared to $27 million in Q2 2024. GAAP diluted earnings per share was $0.74 in Q2 2025, compared to $0.23 in Q2 2024. GAAP income in the current period was driven by total revenue of $86 million, total expenses of $105 million (which is inclusive of $11 million of debt extinguishment costs), income from equity method investments of $158 million, and income tax expense of $38 million. GAAP net income increased primarily due to larger income from equity method investments driven by higher allocations in the current period of income related to tax credits allocated to tax equity investors in solar projects. As tax equity investors receive the benefit of tax credits, their ongoing claim on the project’s net assets is reduced. This results in income under GAAP for the other investors in the project.","length":879,"tagName":"p"},{"type":"text","content":" Adjusted Earnings and EPS ","length":25,"tagName":"p"},{"type":"text","content":"Adjusted earnings were $75 million in Q2 2025, driven by Adjusted Recurring Net Investment Income of $85 million, Gain on Sale of Assets of $8 million, and Origination Fee and Other Income of $1 million, while Compensation and Benefits and General & Administrative expenses (excluding Equity-Based Compensation) were approximately $19 million.","length":347,"tagName":"p"},{"type":"text","content":"Adjusted Earnings in Q2 2025 increased $1 million compared to Q2 2024, due to an $18 million increase in Adjusted Recurring Net Investment Income driven by a larger Portfolio and a $1 million increase in Origination Fee and Other Revenue, offset by an $18 million decrease in Gain on Sale of Assets due to the timing of closed transactions.","length":340,"tagName":"p"},{"type":"text","content":"Adjusted EPS was $0.60 in Q2 2025, compared to $0.63 in Q2 2024, due to higher shares outstanding.","length":98,"tagName":"p"},{"type":"text","content":"An explanation and reconciliation of GAAP Earnings and EPS to Adjusted Earnings and EPS can be found at the end of this release.","length":128,"tagName":"p"},{"type":"text","content":" Adjusted Recurring Net Investment Income ","length":40,"tagName":"p"},{"type":"text","content":"HASI’s Managed Assets consists of three major components: our Portfolio, our co-investment structures, and our securitized assets. 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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