HA Sustainable Infrastructure Capital (HASI) Q4 2025 earnings summary

Executive summary

• Achieved record $4.3 billion in new transactions in 2025, up 87% year-over-year, with portfolio yields above 10.5% for the second consecutive year and a pipeline exceeding $6.5 billion.

• Managed assets grew 18% to $16.1 billion, with portfolio yield at 8.8%.

• Adjusted EPS rose 10.2% to $2.70, while Adjusted ROE increased 70 basis points to 13.4% in 2025.

• Major investments included $1.2 billion in SunZia and $500 million in Sunrun, supporting over 2.6 GW of renewable generation.

• Platform investments in talent and technology position the business for further scale and growth.

Financial highlights

• Adjusted recurring net investment income rose 25% to $362 million; fees from asset management increased 32% to $49 million.

• GAAP net income attributable to controlling shareholders was $185 million in 2025, down from $200 million in 2024.

• Adjusted earnings reached $342 million, up from $291 million in 2024.

• Securitization gain on sale contributed $65 million to adjusted earnings.

• Cash available for reinvestment was $749 million in 2025.

Outlook and guidance

• Extended guidance to 2028, targeting adjusted EPS of $3.50–$3.60 and adjusted ROE above 17%.

• Payout ratio expected to fall below 50% by 2028 and below 40% by 2030.

• Guidance reflects expectations for portfolio yields, transaction volume, funding costs, and market conditions.

• No specific 2026 outlook provided due to gain on sale lumpiness, but no negative trends anticipated.

• Closed balance sheet/CCH1 transactions expected to total $2.0–$3.0 billion in 2026.