HA Sustainable Infrastructure Capital (HASI) Q2 2026 earnings summary

Executive summary

• Adjusted EPS for Q2 2026 rose 25% year-over-year to $0.75, with Adjusted ROE at 15.3% and Managed Assets up 20% to $17.6 billion as of June 30, 2026.

• Minimal equity issuance and robust liquidity position, with $2.2 billion in total liquidity at quarter end.

• Closed over $1.4 billion in new transactions year-to-date, with a pipeline above $6.5 billion.

• Increased 2028 Adjusted EPS guidance to $3.55–$3.65 and affirmed Adjusted ROE guidance of greater than 17%.

• Transition agreement executed for Marc T. Pangburn, moving from Senior Managing Director & Chief Revenue and Strategy Officer to Strategic Advisor effective May 11, 2026.

Financial highlights

• Adjusted Recurring Net Investment Income for 1H 2026 was $208 million, up 27% year-over-year.

• Adjusted EPS for the first half was $1.52; Adjusted Earnings increased 31% to $200 million.

• Portfolio yield in Q2 2026 was 9.2%, with new asset yields above 11% year-to-date.

• Net income attributable to controlling stockholders for Q2 2026 was $129 million, with diluted EPS of $1.00.

• Gain on sale revenue reached $39 million; origination fees and other income grew to $17 million.

Outlook and guidance

• Raised 2028 Adjusted EPS guidance to $3.55–$3.65, up from $3.50–$3.60.

• Affirmed Adjusted ROE guidance of greater than 17% for 2028.

• Expects annual dividend distributions to decline to less than 50% of Adjusted EPS by 2028 and less than 40% by 2030.

• Pipeline remains robust, supported by macro tailwinds and strong demand for renewables.

• Minimal ATM share issuances expected in 2026.