Spruce Power (SPRU) Investor presentation summary

Market opportunity and positioning

• Over 6 million U.S. solar installations, with less than 3% penetration for ownership and service, indicating significant growth potential.

• Focus on maximizing value from existing solar assets through operational efficiencies and asset management, not new installations.

• Provides management services for approximately 143,000 systems, generating predictable long-term revenue.

• Dedicated M&A and environmental commodities teams target high-quality acquisitions and clean power credits.

• Minimal reliance on new sales or external capital markets, maintaining low fixed costs.

Growth strategy and acquisitions

• Acquired contracts for over 67,000 home solar systems since 4Q'18, with a 21% CAGR in assets and contracts.

• Recent major acquisitions include the Spruce Power 4, Tredegar, and Spruce Power 5 portfolios, adding over 34,700 contracts and expanding geographic reach.

• Programmatic origination model partners with installers for ongoing acquisition and servicing of new systems.

• Pipeline includes thousands of systems in bilateral or marketed processes.

• Market disruption and non-strategic origination create unique acquisition and partnership opportunities.

Financial performance and metrics

• 2Q26 revenue was $30.3 million, with lease and PPA revenue flat year-over-year.

• Operating EBITDA for 2Q26 reached $26.5 million, up 7% YoY, and total cash stood at $82 million.

• Adjusted EBITDA margin improved to 57% in 2Q26, with SG&A declining 25% YoY due to cost reduction efforts.

• Non-recourse debt totaled $679.5 million, supported by long-term contracted cash flows.

• Net portfolio value at 2Q26 was $126 million, or $207 million including total cash.