XPLR Infrastructure
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XPLR Infrastructure (XIFR) investor relations material

XPLR Infrastructure Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary10 Feb, 2026

Executive summary

  • Transitioned to a capital allocation business model, simplifying capital structure and executing selective investments in energy infrastructure assets, including a co-investment agreement for up to 400 MW of battery storage with NextEra Energy Resources.

  • Achieved 2025 adjusted EBITDA of $1.88 billion and Free Cash Flow Before Growth (FCFBG) of $746 million, reflecting solid operational performance.

  • Completed major asset sales, including Meade pipeline and distributed generation assets, generating $160 million in net proceeds and monetized surplus interconnection capacity.

  • Reduced convertible equity portfolio financings by over $1.1 billion and convertible debt by $600 million, pre-funding 2026 maturities and extending debt maturity profile.

  • Expanded wind repowering plan to 2.1 GW through 2030.

Financial highlights

  • Full-year 2025 adjusted EBITDA reached $1.88 billion; FCFBG was $746 million; net loss attributable was $28 million.

  • Asset sales generated $160 million in net proceeds, supporting a $250 million reduction in planned corporate debt issuance.

  • Raised $1.6 billion in project financing commitments at a weighted average interest cost of 5.45%.

  • 2025 results impacted by the absence of a $40 million one-time settlement from 2024 and asset dispositions, partially offset by improved pricing and lower costs.

  • Cash and cash equivalents at year-end 2025: $960 million; total assets: $19.6 billion; total liabilities: $8.7 billion; total equity: $10.9 billion.

Outlook and guidance

  • 2026 adjusted EBITDA expected between $1.75 billion and $1.95 billion; FCFBG projected at $600 million–$700 million.

  • Plan to complete 350 MW of incremental repowerings and add 200 net MW of battery storage by 2027.

  • Updated repowering plan increased from 1.6 GW to 2.1 GW through 2030, with growth capex of $2.0–$2.2 billion funded mainly by retained cash flows.

  • Focus remains on disciplined capital allocation, balance sheet strength, and capital structure simplification.

Drivers for expanded repowering plan returns
Strategic benefits of NextEra battery storage deal
Impact of 2025 financing on capital structure
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Frequently asked questions

NextEra Energy Partners, LP is a renewable energy company that acquires, owns, and manages clean energy projects. The company's portfolio includes wind and solar power generation facilities, as well as natural gas infrastructure assets. NextEra Energy Partners focuses on providing sustainable energy solutions to support the transition to a lower-carbon economy, serving utilities and other customers across North America. The company is headquartered in Juno Beach, Florida, and its shares are listed on the NYSE.

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