HA Sustainable Infrastructure Capital (HASI) investor relations material

Executive summary

• Managed assets reached $14.6 billion as of June 30, 2025, up 13% year-over-year, with a diversified portfolio and pipeline exceeding $6 billion focused on energy transition assets.

• Adjusted EPS for Q2 2025 was $0.60, with GAAP EPS at $0.74, and Adjusted Recurring Net Investment Income up 25% year-over-year to $85 million.

• $1 billion in new term debt was issued, $900 million in debt refinanced, and $700 million in bonds repurchased, extending maturities through 2035.

• S&P upgrade provided a third investment grade rating, supporting lower cost of debt.

• Portfolio consists of over 600 assets diversified by project type, operator, technology, and geography.

Financial highlights

• Q2 2025 GAAP net income attributable to controlling stockholders was $98.4 million, up from $27 million in Q2 2024.

• Total revenue for Q2 2025 was $85.7 million, with interest and rental income at $67.4 million, and income from equity method investments at $158 million.

• Portfolio yield stood at 8.3% in Q2 2025, with new asset yields above 10.5%.

• Adjusted recurring net investment income reached $85.3 million in Q2 2025, up from $67.7 million in Q2 2024.

• Average annual realized loss on managed assets remained below 10 basis points.

Outlook and guidance

• Guidance for compound annual growth in Adjusted EPS of 8–10% through 2027, using 2023 as the base year, was reaffirmed.

• Dividend payout ratio expected to decline to 55–60% by 2027, with quarterly dividend of $0.42 per share declared.

• Transaction volumes and managed assets are expected to continue growing year-over-year.

• New asset yields are expected to remain above 10.5%.

• Focus remains on investments with long-term recurring cash flows and attractive risk-adjusted returns.