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% and a pipeline exceeding $6.5 billion.

• Adjusted EPS grew 10% to $2.70, and Adjusted ROE increased to 13.4% in 2025.

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

• 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 have positioned the company for further scale.

Financial highlights

• Adjusted earnings reached $342 million, up from $291 million in 2024, with Adjusted recurring net investment income at $362 million.

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

• Fees and income from asset management increased 32% to $49 million.

• Gain on sale from securitization contributed $65 million to adjusted earnings.

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

Outlook and guidance

• 2028 guidance projects Adjusted EPS of $3.50–$3.60 and Adjusted ROE above 17%.

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

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

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

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