HA Sustainable Infrastructure Capital (HASI) investor relations material

Strategic positioning and market opportunity

• Focuses on sustainable infrastructure assets with over $16 billion managed, targeting predictable, long-term cash flows and positive environmental impact.

• Diversified exposure across grid-connected renewables, behind-the-meter solar/storage, and fuels, transport & nature sectors.

• U.S. sustainable infrastructure investment is forecast to reach $4 trillion by 2050, driven by rising power demand, higher electricity prices, and favorable policy tailwinds.

• Partnerships with leading developers and programmatic clients underpin a robust pipeline and recurring business.

Financial performance and growth

• Managed assets more than doubled since 2020, reaching $16.1 billion by end of 2025.

• Adjusted recurring net investment income grew at a 31% CAGR from 2020 to 2025, reaching $362 million in 2025.

• Adjusted EPS CAGR of 10% since 2014, with 2025 adjusted EPS at $2.70 and adjusted ROE at 13.4%.

• Annual investment originations grew over 150% since 2021, remaining highly diversified across asset classes.

• 2028 guidance targets adjusted EPS of $3.50–$3.60 and payout ratio below 50%.

Investment strategy and risk management

• Investments focus on high-quality, cash-generating assets with established technologies and programmatic clients.

• Risk minimized by funding projects post-construction start and maintaining a diversified portfolio.

• Average annual realized loss on managed assets is just 0.08%, reflecting strong credit discipline.

• Investment grade status has reduced debt costs by over 130 bps, supporting longer maturities and fewer market dislocations.

• Ample liquidity with $2.0 billion in sources and a laddered debt maturity profile extending to 2056.