XPLR Infrastructure, LP reports fourth-quarter and full-year 2025 financial results (Form 8-K)

XPLR Infrastructure, LP reports fourth-quarter and full-year 2025 financial results

•Delivered solid full-year 2025 operational and financial results

•Completed two-year financing plan ahead of schedule, including corporate and project financing

•Expands its current repowering plan to approximately 2.1 gigawatts through 2030

•Announces agreement with NextEra Energy Resources, LLC to sell interconnection assets and rights and will have the ability to use the proceeds to co-invest in approximately 400 megawatts of battery storage projects for zero net corporate capital

•Reaffirms 2026 financial expectations and continued focus on capital structure simplification

JUNO BEACH, Fla. - XPLR Infrastructure, LP (NYSE: XIFR) today reported fourth-quarter 2025 net income attributable to XPLR Infrastructure of $29 million. XPLR Infrastructure also reported fourth-quarter 2025 adjusted EBITDA of $396 million, and free cash flow before growth (FCFBG) for the fourth quarter of 2025 was $111 million.

For the full year 2025, XPLR Infrastructure reported net loss attributable to XPLR Infrastructure of $28 million. XPLR Infrastructure also reported full-year 2025 adjusted EBITDA of $1.878 billion, and FCFBG for the full year 2025 was $746 million.

"As XPLR Infrastructure transitioned to a capital allocation business model in 2025, our strategy prioritized enhancing our financial and strategic flexibility," said Alan Liu, chief executive officer. "During the year, we delivered solid operational and financial results, completed selected asset sales, addressed near-term corporate maturities and completed the financing plan we laid out for 2025 and 2026. We advanced our capital structure simplification strategy and made strong progress on our repowering program, with projects executed on time and on budget. Looking ahead, we remain focused on maintaining balance sheet strength and disciplined capital allocation as we continue to execute on capital structure simplification and selected investments enabled by our existing portfolio to drive long-term value for unitholders."

Repowering plan update

Through 2025, XPLR Infrastructure has completed approximately 1.3 gigawatts (GW) of its previously announced 1.6 GW repowering plan. XPLR Infrastructure is increasing its repowering plan to approximately 2.1 GW of planned repowerings through 2030. The incremental repowerings are expected to deliver strong equity returns and enhance the value of XPLR Infrastructure's portfolio.

Battery storage agreement with NextEra Energy Resources

Today, XPLR Infrastructure is announcing an interconnection sale and battery storage co-investment agreement with NextEra Energy Resources, LLC. Through this agreement, XPLR Infrastructure will have the ability to co-invest alongside NextEra Energy Resources in four new battery storage projects co-located on existing XPLR Infrastructure sites: Carousel Wind, LLC; Mammoth Plains Wind, LLC; Roswell Solar, LLC; and Chaves County Solar, LLC / Chaves Solar II. These four co-located battery storage projects, which total approximately 400

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megawatts (MW) of capacity, have long-dated capacity agreements with investment-grade off-takers and are expected to reach commercial operations by the end of 2027.

XPLR Infrastructure has the right to invest up to a 49% ownership stake in each of the four projects. XPLR Infrastructure has agreed to sell certain interconnection assets and rights to the four co-located battery storage projects for $31 million. XPLR Infrastructure will also sell additional interconnection assets and rights to a subsidiary of NextEra Energy Resources to enable a 150-MW project co-located with XPLR Infrastructure's Palo Duro Wind, LLC site for $14 million. If XPLR Infrastructure exercises its co-investment rights in the four co-located battery storage projects, proceeds from these sales will partially fund XPLR Infrastructure's net equity contributions, which are expected to be $80 million after receipt of asset-level financing proceeds. To fund the balance of expected net equity contributions, XPLR Infrastructure intends to sell to a subsidiary of NextEra Energy Resources interconnection assets and rights to enable up to 500 MW of future battery storage projects on different XPLR Infrastructure sites for cash without a co-investment option in those future projects. As a result of the transactions contemplated in the agreement with NextEra Energy Resources, the net corporate capital required from XPLR Infrastructure to add up to approximately 200 net MW of long-term contracted battery storage capacity is expected to be zero. XPLR Infrastructure expects to generate strong equity returns on this attractive investment opportunity. As part of the agreement, NextEra Energy Resources will provide development, engineering and construction services, as well as equipment, to the projects and fund the balance of total project costs not invested by XPLR Infrastructure. This co-investment structure, which is subject to customary conditions, is expected to allow XPLR Infrastructure to accelerate the timeline for bringing high-quality battery storage projects online and reduce overall execution risk while generating new cash flows for XPLR Infrastructure.

Financial expectations

For calendar year 2026, XPLR Infrastructure continues to expect adjusted EBITDA of $1.75 billion to $1.95 billion and FCFBG of $600 million to $700 million.

Conference call information

As previously announced, XPLR Infrastructure's fourth-quarter and full-year 2025 financial results conference call is scheduled for 9 a.m. ET today. The listen-only webcast will be available on XPLR Infrastructure's website by accessing the following link: www.XPLRInfrastructure.com. The financial results news release and the slides accompanying the presentation may be downloaded at www.XPLRInfrastructure.com, beginning at 7:30 a.m. ET today. A replay will be available for 90 days by accessing the same link as listed above.

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; the sale or transfer of the assets underlying XPLR Renewables III (CEPF 3) and the transactions

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contemplated through the sale and co-investment agreement with NextEra Energy Resources, LLC. 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.