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HASI Announces Fourth Quarter and Full Year 2025 Results with New Investments up 87% Y/Y to a Record $4.3b, Adjusted ROE up 70 bps to 13.4% and Adjusted EPS up 10% to $2.70

HASI
  • HA Sustainable Infrastructure Capital, Inc. reported 2025 full-year results, closing a record $4.3 billion in new investments, an 87% year-over-year increase.
  • The company's pipeline exceeded $6.5 billion at the end of 2025, with new portfolio asset yields remaining above 10.5% for the second consecutive year.
  • Managed Assets grew 18% year-over-year to $16.1 billion, driven by a 15% increase in the Portfolio to $7.6 billion & fee-generating co-investment assets reaching $1.0 billion.
  • GAAP diluted earnings per share (EPS) for 2025 were $1.41, down from $1.62 in 2024, while Adjusted EPS rose 10% to $2.70 from $2.45 in 2024.
  • Adjusted Recurring Net Investment Income increased 25% to $362 million in 2025 from $289 million in 2024, whereas GAAP-based Net Investment Income declined to $28 million from $50 million.
  • Adjusted Return on Equity (ROE) improved to 13.4% in 2025 from 12.7% in 2024, with incremental Adjusted ROE reaching 19%.
  • The company issued $500 million in junior subordinated notes & expanded its revolver capacity to over $1.8 billion to support growth & equity efficiency.
  • 2028 guidance was set for Adjusted EPS between $3.50 & $3.60 & Adjusted ROE exceeding 17%.
  • The quarterly dividend for Q1 2026 was increased to $0.425 per share, with a payout ratio target of below 50% by 2028 & below 40% by 2030.
  • Total debt outstanding reached $5.1 billion as of December 31, 2025, resulting in a debt-to-equity ratio of 1.7x within the company's target range.
  • Managed Assets are estimated to avoid 9.9 million metric tons of carbon emissions annually, with 2025 transactions alone avoiding 1.7 million metric tons.
  • The Portfolio remains well-diversified across Behind-the-Meter, Grid-Connected, Fuels, Transport, & Nature assets, with negligible losses reported.