HA Sustainable Infrastructure Capital (HASI) investor relations material

Executive summary

• Adjusted EPS grew 20% year-over-year to $0.77, with record Adjusted ROE of 15.7% and managed assets up 13% to $16.4 billion as of March 31, 2026.

• Adjusted Recurring Net Investment Income rose 29% year-over-year to $101 million.

• Over $600 million in new transactions closed in Q1 2026, with new asset yields above 10.5%.

• No new shares were issued via ATM in Q1 2026, supporting higher ROE and EPS.

• Reaffirmed 2028 guidance for Adjusted EPS of $3.50–$3.60 and Adjusted ROE of at least 17%.

Financial highlights

• Adjusted EPS increased to $0.77 from $0.64 year-over-year; Adjusted earnings up to $102 million.

• Portfolio yield rose 90 bps year-over-year to 9.2%; new asset yields remained above 10.5%.

• Managed assets reached $16.4 billion, up 13% year-over-year.

• Fee-generating assets grew 130% year-over-year to $1.1 billion.

• GAAP net loss of $73.7 million in Q1 2026, primarily due to a $167 million decrease in equity method investment income.

Outlook and guidance

• 2028 guidance reaffirmed: Adjusted EPS of $3.50–$3.60 and Adjusted ROE of at least 17%.

• On track for $2–$3 billion in new transactions in 2026.

• Pipeline exceeds $6.5 billion as of March 31, 2026, with strong activity in grid-connected and programmatic assets.

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

• Quarterly dividend of $0.425 per share declared for Q1 2026.