HA Sustainable Infrastructure Capital (HASI) Investor presentation summary

Strategic positioning and market opportunity

• Manages $15 billion in assets, focusing on sustainable infrastructure with predictable, long-term cash flows and a 14% annual shareholder return since IPO.

• Targets the $4 trillion U.S. sustainable infrastructure investment opportunity through 2050, driven by rising power demand, electrification, and supportive policy.

• Diversifies across grid-connected renewables, behind-the-meter solar/storage, and fuels/transport/nature, with over 1,250 investments and 100+ client relationships.

• Maintains resilient margins and consistent EPS growth through economic and interest rate cycles, with a 10% adjusted EPS CAGR since 2014.

• Strategic partnerships with leading developers and programmatic clients drive repeat business and access to new asset classes.

Investment strategy and portfolio performance

• Focuses on high-quality, cash-generating assets with positive environmental impact, long asset lives, and recurring cash flows.

• Portfolio yields on new investments have risen to 10.5% in 2025, with diversification across solar, wind, RNG, and energy efficiency.

• Managed assets have more than doubled since 2020, reaching $15 billion at Q3 2025.

• Annual investment originations grew over 75% from 2019 to 2024, with increasing diversification by asset class.

• Maintains strong credit performance, with average annual realized losses on managed assets below 0.1%.

Financial performance and funding

• Adjusted recurring net investment income reached $289 million in 2024, growing at a 32% CAGR since 2020.

• Adjusted EPS grew at a 12% CAGR since 2020, reaching $2.45 in 2024, with a 13.4% adjusted ROE YTD 2025.

• Maintains ample liquidity with $1.4 billion available and a diversified funding platform, including co-investment vehicles and investment-grade debt.

• Investment grade status has reduced debt costs by ~100 bps and enabled longer maturities.

• Guidance targets 8–10% adjusted EPS CAGR through 2027 and a 50–60% dividend payout ratio.