HA Sustainable Infrastructure Capital (HASI) Q3 2026 earnings summary

Executive summary

• 9M adjusted recurring net investment income rose 23% YoY to $329.5M; adjusted earnings increased 21% to $308.6M, with adjusted EPS up 15% to $2.34.

• Managed Assets reached $19.0B and the pipeline exceeded $6.5B; transaction volume totaled $1.1B in Q3 and $2.8B YTD.

• Reaffirmed 2028 adjusted EPS guidance of $3.55–$3.65 and adjusted ROE above 17%.

Financial highlights

• Q3 revenue was $114.5M, up 11% YoY; 9M revenue was $359.5M, up 26%.

• Q3 adjusted earnings were $108.1M, or $0.82/share, versus $102.5M, or $0.80; 9M adjusted earnings were $308.6M, or $2.34/share, versus $255.6M, or $2.04.

• Q3 adjusted recurring net investment income was $121.3M versus $105.1M; 9M was $329.5M versus $268.7M.

• GAAP net income was $142.2M in Q3 versus $84.9M; 9M net income was $200.3M versus $242.9M, reflecting lower equity-method income and higher expenses.

• 9M gain on sale was $46M versus $51M; origination fee and other income rose to $27M.

Outlook and guidance

• Reaffirmed 2028 adjusted EPS guidance of $3.55–$3.65, adjusted ROE above 17%, and payout-ratio targets below 50% by 2028 and below 40% by 2030.

• 2026 adjusted EPS is expected to grow ~10% YoY; balance-sheet and CCH1 transactions are tracking toward the high end of the $2B–$3B target.

• Minimal ATM share issuance is expected in 2026; dividends remain subject to quarterly Board approval.

• Declared a $0.425/share quarterly dividend payable January 8, 2027, to holders of record December 29, 2026.