XPLR Infrastructure, LP reports third-quarter 2025 financial results (Form 8-K)

XPLR Infrastructure, LP reports third-quarter 2025 financial results

•Delivered solid third-quarter performance

•Closed the sale of the Meade pipeline investment and used sales proceeds to address related project-level debt and convertible equity portfolio financing

•Completed approximately 960 megawatts of repowering projects to date toward the previously announced 1.6-gigawatt repowering program

•Reduced planned 2025-2026 HoldCo debt issuance by $250 million

•Reaffirms expectations for 2025 and 2026

JUNO BEACH, Fla. - XPLR Infrastructure, LP (NYSE: XIFR) today reported third-quarter 2025 net loss attributable to XPLR Infrastructure of $37 million. XPLR Infrastructure also reported third-quarter 2025 adjusted EBITDA of $455 million, in line with the comparable prior-year period. Free cash flow before growth (FCFBG) for the third quarter of 2025 was $179 million, down 5% from the comparable prior-year period, primarily driven by higher HoldCo interest expense associated with XPLR Infrastructure's refinancing activities.

"We remain committed to executing the plan we laid out in January and continue to make meaningful progress toward simplifying our capital structure, investing in our existing high-quality assets and optimizing the portfolio," said Alan Liu, chief executive officer. "The milestones we've achieved so far this year-such as closing the sales of our investments in the Meade pipeline and distributed generation assets, addressing two out of the five convertible equity financings, completing approximately 960 megawatts of our announced repowering program and reducing our planned holding company debt financing by $250 million-reflect that commitment. Executing our plan supports our broader goal of positioning XPLR Infrastructure to create long-term value and benefit from future opportunities in the growing U.S. power sector."

Expectations

XPLR Infrastructure's expectations remain unchanged. For 2025, XPLR Infrastructure continues to expect adjusted EBITDA of $1.85 billion to $2.05 billion. For calendar year 2026, XPLR Infrastructure continues to expect the portfolio to deliver adjusted EBITDA of $1.75 billion to $1.95 billion and FCFBG to be in the range of $600 million to $700 million. The decline in adjusted EBITDA expectations between 2025 and 2026 is primarily due to the absence of contributions from the Meade pipeline investment, the sale of which closed in September 2025.

XPLR Infrastructure, LP

XPLR Infrastructure, LP (NYSE: XIFR) is a limited partnership that has an ownership interest in a clean energy infrastructure portfolio with long-term, stable cash flows. XPLR Infrastructure is focused on delivering long-term value to its common unitholders through disciplined capital allocation of the cash flows generated by its assets and is positioning itself to benefit from the expected growth in the U.S. power sector. Headquartered in Juno Beach, Florida, XPLR Infrastructure's portfolio of contracted clean energy assets is diversified across generation technologies, including wind, solar and battery storage projects in the U.S. For more information, please visit: www.XPLRInfrastructure.com.

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XPLR Infrastructure's management uses adjusted EBITDA and FCFBG, which are non-GAAP financial measures, internally for financial planning, analysis of performance and reporting of results to the board of directors. XPLR Infrastructure also uses these measures when communicating its financial results and earnings outlook to analysts and investors. XPLR Infrastructure's management believes that adjusted EBITDA and FCFBG provide a more meaningful representation of XPLR Infrastructure's cash available for capital allocation. The attachments to this news release include a reconciliation of historical adjusted EBITDA and FCFBG to net income (loss), which is the most directly comparable GAAP measure.

XPLR Infrastructure does not provide a quantitative reconciliation of forward-looking adjusted EBITDA to GAAP net income, the most directly comparable GAAP financial measure, because certain information needed to reconcile this measure is not available without unreasonable efforts due to the inherent difficulty in forecasting and quantifying this measure. These items include, but are not limited to, unrealized gains and losses related to derivative transactions, which could significantly impact GAAP net income. Adjusted EBITDA and FCFBG expectations and other forward-looking statements assume, among other things, normal weather and operating conditions; positive macroeconomic conditions in the U.S.; public policy support for wind, solar and storage development and construction; market demand and transmission expansion support for wind, solar and storage development; access to capital at reasonable cost and terms; no changes to governmental policies or incentives; completion of certain repowerings; and the sale of the assets underlying XPLR Renewables III (CEPF 3). Please see the accompanying cautionary statements for a list of the risk factors that may affect future results. Adjusted EBITDA and FCFBG do not represent substitutes for net income, as prepared in accordance with GAAP.

This news release should be read in conjunction with the attached unaudited financial information.