XPLR Infrastructure (XIFR) investor relations material

Executive summary

• Q3 2026 Adjusted EBITDA was $471M and free cash flow before growth (FCFBG) was $164M; ~85% of planned 2026 repowerings were complete.

• Focus remained on disciplined capital allocation, financial flexibility, contract optimization and reinvesting proceeds to increase long-term portfolio value.

Financial highlights

• Q3 revenue was $332M versus $315M a year earlier; operating income was $83M versus $5M, and net income attributable to common unitholders was $51M versus a $37M loss.

• Q3 Adjusted EBITDA was $471M versus $455M, while FCFBG was $164M versus $179M; nine-month figures were $1.429B and $510M, respectively.

• Q3 O&M expense fell $32M; results also included $33M of asset-disposal gains and favorable interest-rate derivative marks.

• Nine-month operating cash flow was $407M versus $553M; investing cash use was $467M versus $897M of cash provided in 2025.

Outlook and guidance

• 2026 Adjusted EBITDA is expected in the lower half of the $1.75B–$1.95B range; FCFBG is expected at or near the low end of the $600M–$700M range.

• 2027 guidance is Adjusted EBITDA of $1.56B–$1.70B and FCFBG of $525M–$600M; 2028 FCFBG is expected to be in line with 2027.

• 2027 tax-credit roll-off is expected to reduce Adjusted EBITDA by ~$170M and FCFBG by ~$25M; net interest expense is expected to rise ~$20M YoY.

• 2026 outlook assumes ~3% lower Q4 wind resource from potential El Niño conditions; lower-end 2027 guidance reflects potential wind weakness, including ~5.8% lower resource concentrated in Q1.