HA Sustainable Infrastructure Capital, Inc.

Adjusted EPS was $0.77 versus $0.64 in the same period last year. Adjusted earnings increased 31% year over year to $102 million. Adjusted recurring net investment income rose 29% year over year to $101 million, and adjusted ROE was 15.7% versus 12.8% last year. Managed assets reached $16.4 billion, up 13% year over year, and portfolio yield rose 90 basis points year over year to 9.2%. The company closed $637 million of investment volume in the quarter, including $462 million to be held by CCH1 and on balance sheet, and it reiterated 2028 guidance of $3.50 to $3.60 adjusted EPS and 17% adjusted ROE. Management also said 2026 investment volume is expected to be $2 billion to $3 billion, and no ATM shares were issued in Q1.

Jeff Lipson framed the quarter as a strong start to 2026 despite a volatile macro backdrop, arguing that renewable infrastructure and HASI’s project-level capital model are well suited to the environment. He emphasized resilience, attractive risk-adjusted returns, and the company’s ability to grow without heavy equity issuance, while reaffirming long-term targets. He also highlighted the Ameresco Neogenyx JV as a new biofuels opportunity that fits HASI’s partnership model and offers higher upside than typical project-level deals.

Chuck Melko pointed to the main financial drivers: adjusted EPS of $0.77, adjusted earnings of $102 million, and adjusted recurring net investment income of just over $100 million, all supported by growth in CCH1 and the portfolio. He noted the GAAP results included an HLBV loss tied to timing of tax credit sale proceeds, which he expects to fully reverse next quarter. On funding, he said HASI issued $1 billion of bonds at 6% and 7.125%, used proceeds to retire $450 million of 2027 bonds at 8%, extended weighted average corporate debt maturity from 7.9 years to 12.8 years, and had $2.3 billion of available liquidity. He also said no ATM shares were issued in the quarter and the company is on track to issue a minimum amount in 2026 based on current funding expectations.

Analysts focused on the new Ameresco Neogenyx JV, asking about returns, initial cash flow, and whether it could become a consolidation or public-market vehicle; management said the priority is organic growth, with consolidation only a possibility over time and any IPO or exit too early to discuss. Management said the initial $400 million investment includes roughly $100 million tied to operating projects and the rest to be funded as new projects develop, but it would not disclose expected cash flow. Questions also centered on portfolio stress in residential solar and category 2 receivables; management said residential loans are all performing and any uptick in delinquencies remains within underwriting expectations, while the category 2 move related to a project with technical equipment issues that they expect to work through. Analysts also asked whether tax equity tightness was affecting HASI’s pace, and management said it was not materially affecting the pipeline or investment activity.