Solaris Energy Infrastructure (SEI) investor relations material

Executive summary

• Integrated power infrastructure strategy drove record Q3 results; Adjusted EBITDA more than doubled YoY, with 2027 expected to exceed 2026 by more than 2x.

• Signed a 900 MW, 15-year power contract with an investment-grade customer, including balance-of-plant equipment and O&M; an additional 200 MW of generation capacity was secured for 2027 deployment.

• Expanded services across site preparation, engineering, installation, commissioning, O&M and mobile power; owned capacity totals 1 GW, with 3 GW operated for third parties globally.

Financial highlights

• Q3 revenue was $341.1 million, up 55% QoQ; Adjusted EBITDA was $136.1 million, up 26% QoQ.

• Q3 net income was $39.3 million; adjusted pro forma net income was $43.0 million, or $0.45 per diluted share.

• Nine-month revenue was $756.7 million and net income was $96.6 million; nine-month operating cash flow was $478.0 million.

• Q3 capital expenditures were $547.2 million, below guidance due to payment timing; nine-month capital expenditures totaled $1.382 billion, with delayed payments expected in Q4.

Outlook and guidance

• Q4 2026 Adjusted EBITDA guidance increased to $165–185 million from $145–180 million; Q1 2027 guidance increased to $220–260 million from $200–240 million.

• Contracted backlog exceeds $16 billion of revenue, with 3.2 GW of long-term power contracts and an 11-year weighted-average term.

• Contracted and scheduled capacity is planned to reach ~3.5 GW by 2029; full-deployment annual run-rate Adjusted EBITDA is expected to exceed $1.6 billion.

• The 900 MW contract is expected to begin deployment in H1 2027 and ramp through 2028; a third project is expected to begin earning revenue in Q1 2027.

• Services growth is expected to continue, but visibility does not yet support specific guidance beyond Q1 2027; Logistics Solutions is expected to increase slightly in Q4.