HASI Announces Third Quarter 2025 Results with Record Adjusted EPS of $0.80 and a New $1.2b Investment

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 third quarter of 2025.","length":299,"tagName":"p"},{"type":"text","content":" Key Highlights ","length":14,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"GAAP EPS of $0.61, compared with $(0.17) in Q3 2024, and Adjusted EPS of $0.80, compared to $0.52 in Q3 2024.","length":109,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"GAAP-based Net Investment Income (Loss) was $6 million in Q3 2025, and Adjusted Recurring Net Investment Income totaled $105 million in Q3 2025, up 42% year-over-year.","length":167,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Adjusted ROE increased to 13.4% year-to-date through Q3 2025.","length":61,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Managed Assets grew 15% year-over-year to $15.0 billion as of September 30, 2025.","length":81,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Closed approximately $1.5 billion in transactions through the first three quarters of 2025 with new asset yields on Portfolio investments >10.5%.","length":148,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"New $1.2 billion investment in a 2.6 GW utility-scale renewable project closed in October.","length":90,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Adjusted EPS growth in 2025 expected to be ~10% and guidance reaffirmed for compound annual growth in Adjusted EPS of 8-10% through 2027 relative to the 2023 baseline.","length":167,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":823,"olType":false},{"type":"text","content":""We are pleased to deliver an exceptional Q3 report with strong results in every one of our key metrics including new investment volumes and yields, Managed Assets, Adjusted Recurring Net Investment Income and Adjusted EPS," said HASI President and Chief Executive Officer Jeffrey A. 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"In addition, we are on pace to close more than $3 billion in new transactions in 2025 and the outlook for our business remains particularly robust."","length":461,"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:48%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:1%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"6","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid black 1.0pt;padding-left:0.0px;","val":[{"type":"text","content":" For the Three Months Ended September 30, ","length":40,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid 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With improvements in our equity efficiency and earnings growth, we are realizing a higher incremental ROE that will accelerate the trajectory of shareholder returns," said HASI Chief Financial Officer, Chuck Melko.","length":432,"tagName":"p"},{"type":"readMore"},{"type":"text","content":" GAAP Earnings and EPS ","length":21,"tagName":"p"},{"type":"text","content":"GAAP net income (loss) to controlling stockholders was $83 million in Q3 2025, compared to $(20) million in Q3 2024. GAAP diluted earnings (loss) per share was $0.61 in Q3 2025, compared to $(0.17) in Q3 2024. GAAP income in the current period was driven by total revenue of $103 million and income from equity method investments of $125 million, which were offset by total expenses of $108 million and income tax expense of $34 million.","length":437,"tagName":"p"},{"type":"text","content":" Adjusted Earnings and EPS ","length":25,"tagName":"p"},{"type":"text","content":"Adjusted earnings were $103 million in Q3 2025, driven by Adjusted Recurring Net Investment Income of $105 million, Gain on Sale of Assets of $25 million, and Origination Fee and Other Income of $1 million, while Compensation and Benefits and General & Administrative expenses (excluding Equity-Based Compensation) were approximately $28 million.","length":350,"tagName":"p"},{"type":"text","content":"Adjusted Earnings in Q3 2025 increased $40 million compared to Q3 2024, due to a $31 million increase in Adjusted Recurring Net Investment Income driven by a larger Portfolio and project refinancing proceeds, and a $17 million increase in Gain on Sale of Assets. 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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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Approximately 75% of the assets in CCH1 were receivables or debt securities, and 25% were equity method investments as of September 30, 2025.","length":472,"tagName":"p","attribs":{}},{"type":"text","content":"Adjusted Income from Equity Method Investments 1 was $100 million in Q3 2025, an increase of 68% compared to $59 million in Q3 2024, driven by both growth in Equity Method Investments and higher yields, as well as the impact of project refinancing proceeds received in Q3 2025.","length":276,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":" Management Fees and Retained Interest Income ","length":44,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":44,"olType":false},{"type":"text","content":"As of September 30, 2025, assets held by our partners in our co-investment vehicles were $592 million, compared to $74 million as of September 30, 2024. In addition, our Retained Interests in Securitization Trusts, Net of Allowance, were $278 million, an increase of 8% from $258 million as of September 30, 2024.","length":313,"tagName":"p","attribs":{}},{"type":"text","content":"Management Fees and Retained Interest Income Revenue was $8 million in Q3 2025, compared to $9 million in Q3 2024, due to the timing of servicing fees recognized from securitized assets.","length":186,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":" Interest Expense ","length":16,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":16,"olType":false},{"type":"text","content":"As of September 30, 2025, our total debt outstanding was $5.2 billion, as compared to $4.1 billion as of September 30, 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 5.9% in Q3 2025, compared to 5.6% in Q3 2024.","length":348,"tagName":"p","attribs":{}},{"type":"text","content":"Interest expense was $71 million in Q3 2025, an increase of $12 million compared to $59 million in Q3 2024.","length":107,"tagName":"p","attribs":{}},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:top;padding-left:0.0px;","val":[{"type":"text","content":"_________________________________","length":33,"tagName":"p","attribs":{}},{"type":"text","content":" 1 Adjusted Income from Equity Method Investments is calculated using our underwritten project cash flows discounted back to the net present value, based on a target investment rate, with the cash flows to be received in the future reflecting both a return on the capital (based upon the underwritten investment rate) and a return of the capital we have committed to our equity method investments, as adjusted to reflect the performance of the project and the cash distributed.","length":476,"tagName":"p","attribs":{}}]}]}],"length":509},{"type":"text","content":" Managed Assets and New Investment Activity ","length":42,"tagName":"p"},{"type":"text","content":"As of September 30, 2025, our Managed Assets totaled $15.0 billion, up 15% from September 30, 2024, and consisted of (1) our Portfolio, (2) our partners’ portion of our co-investment vehicle CCH1, and (3) assets we have securitized. 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