HA Sustainable Infrastructure Capital, Inc. reported strong full-year 2025 results, driven by record new investment activity and growth in managed assets. The company demonstrated increased profitability and a strengthened capital platform, positioning it for continued growth through 2028.
Closed a record $4.3 billion of new investments in 2025, up 87% year-over-year.
positiveManaged Assets grew 18% year-over-year to $16.1 billion in 2025.
positiveAdjusted EPS increased 10% to $2.70 in 2025 compared to $2.45 in 2024.
positiveAdjusted Recurring Net Investment Income increased 25% to $362 million in 2025.
positiveAdjusted ROE increased to 13.4% in 2025 from 12.7% in 2024.
positiveAnnounced an increase in quarterly dividend to $0.425 per share for Q1 2026.
positiveGAAP Net Income attributable to controlling stockholders decreased to $185 million in 2025 from $200 million in 2024.
negativeGAAP Diluted earnings per share decreased to $1.41 in 2025 from $1.62 in 2024.
negativeGAAP-based Net Investment Income decreased to $28 million in 2025 from $50 million in 2024.
negativeInterest expense increased by $50 million to $292 million in 2025 compared to $242 million in 2024.
negativeQ4 2025 GAAP Net Income (Loss) was $(53.8) million, a significant decrease from $70.1 million in Q4 2024.
negativeQ4 2025 GAAP Diluted earnings (loss) per share was $(0.43), a significant decrease from $0.54 in Q4 2024.
negativeMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Our resilient business achieved extraordinary outcomes in 2025 including a significant increase in new investments to a record $4.3 billion, a pipeline of greater than $6.5 billion, and growth in Adjusted Recurring Net Investment Income of 25%.
At the same time, Adjusted EPS grew more than 10% in 2025 for compound annual growth of 10% over the last 10 years, and our guidance points to similar ongoing growth through 2028.
The returns we are generating in our business continue to grow through our increased investment activity, with our Adjusted ROE increasing to 13.4% and our incremental Adjusted ROE rising to 19% in 2025.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.