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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.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.
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