UAB “Atsinaujinančios energetikos investicijos” (the Company) publishes its unaudited interim condensed consolidated and separate financial statements for the 12-month period of 2025. Financial results As at 31 December 2025, the Company's investment assets, valued at fair value through profit or loss, totalled EUR 165 020 thousand. This represents an increase of EUR 5 118 thousand, or 3.20%, compared to 31 December 2024. The change was primarily driven by additional investments made throughout 2025 and t ...

Company Overview - HA Sustainable Infrastructure Capital (HASI) focuses on yield-oriented sustainable infrastructure investments, capitalizing on the shift towards renewable energy through long-term contracts that generate repeatable revenues [1]. Investment Focus - The company originates and structures investments in various sectors, including solar, wind, storage, and natural gas, aligning with the growing demand for sustainable energy solutions [1].

Financial Data and Key Metrics Changes - In 2025, the company closed $4.3 billion in new transactions, an increase of 87% compared to 2024, with a growing pipeline exceeding $6.5 billion by year-end [6][10] - Adjusted EPS grew by 10.2% in 2025, reaching $2.70 per share, supported by increased investment volumes and profitability [7][17] - Adjusted ROE rose to 13.4%, reflecting a 70 basis point increase from 2024, driven by higher yields and growth in fees from managed assets [18] Business Line Data and Key Metrics Changes - The company reported a 25% increase in adjusted recurring net investment income, totaling $362 million in 2025 [17] - The securitization business contributed $65 million to adjusted earnings, indicating strong performance in this area [18] - The portfolio yield improved to 8.8%, with managed assets growing 18% to $16.1 billion by the end of 2025 [19] Market Data and Key Metrics Changes - The renewables pipeline is projected to exceed $230 billion, with renewables accounting for 99% of projected capacity additions in 2026 [11] - The demand for project-level capital remains strong, with significant growth in the renewables sector, particularly in solar and storage [10][11] Company Strategy and Development Direction - The company aims to maintain a payout ratio below 50% by 2028, focusing on capital recycling to enhance growth and profitability [16][84] - The strategy includes expanding equity commitments in the CCH1 vehicle, which has been upsized by $1 billion in Q4 2025 [8][20] - The company is committed to sustainability, with a record of avoiding 1.7 million metric tons of CO2 emissions from new investments in 2025 [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving profitability objectives, with a three-year guidance extending to 2028, expecting adjusted EPS in the range of $3.50-$3.60 [15][29] - The company noted that the underlying demand for power and the cost-effectiveness of its asset classes create an attractive investing environment [10] - Management acknowledged challenges such as policy changes and market dynamics but emphasized the resilience of the business model [12] Other Important Information - The company has made significant investments in talent and technology to support future growth, exceeding $16 billion in managed assets [25] - The introduction of junior subordinated hybrid notes is expected to enhance profitability and reduce reliance on new equity issuance [7][23] Q&A Session Summary Question: 2028 outlook and growth above 10% CAGR - Management highlighted pathways to exceed guidance through increased volume, better yields, and lower debt costs [28][29] Question: 2026 outlook - Management indicated that while they do not provide specific guidance for 2026, they expect to maintain higher transaction closings than historical levels [32] Question: Change in guidance strategy - The switch to nominal EPS guidance allows for more precise adjustments in future quarters, reflecting increased confidence in business performance [39] Question: Large deals in the pipeline - Management confirmed no structural change in the business, with project sizes increasing due to market demand [42] Question: Market share and pipeline growth - Management believes they have increased market share, absorbing demand from competitors, although precise data is lacking [49][50] Question: Data center financing opportunities - Management is evaluating potential roles in the data center ecosystem but has no direct investments to report at this time [82] Question: Impact of PPA renegotiations on earnings - Positive renegotiations of PPAs are expected to enhance long-term cash flows and portfolio yield [73][76]

Core Viewpoint - SOLOWIN HOLDINGS (NASDAQ: AXG) has announced a strategic partnership with Quantum and Time Group (QTG) to focus on the tokenization of revenue rights from QTG's new energy projects in Malaysia, aiming to integrate green assets with digital finance and support the energy transition in the ASEAN region [1][2][4] Company Overview - SOLOWIN HOLDINGS is a financial technology firm specializing in bridging traditional and digital assets, with a focus on digital currency payments and asset tokenization [8] - The company operates through its subsidiary AlloyX, which is involved in the partnership with QTG [1][8] Partnership Details - The collaboration will leverage Malaysia's regulatory framework for asset tokenization to develop a benchmark project that combines green assets with digital finance [2][4] - QTG's strengths include ownership of tangible assets and stable cash flows from its solar and green power projects, which align with Malaysia's goal of achieving 70% renewable energy generation by 2050 [3][4] Market Context - The partnership coincides with a critical phase in Malaysia's real-world asset market, driven by regulatory clarity and compliance priorities [4] - The initiative aims to transform sustainable green energy assets into transparent digital financial products, providing liquidity and regulatory compliance for global investors [4] Strategic Goals - The collaboration seeks to attract long-term, sustainable capital to support the energy transition and development of a low-carbon economy in the ASEAN region [5] - AXG aims to establish a benchmark for collaboration between Chinese and Malaysian enterprises in green finance and the digital economy [5]

Core Insights - Taaleri SolarWind III Fund has successfully closed with commitments totaling €630 million ($736.28 million), including €74 million in co-investments, marking a significant achievement for Taaleri Energia's sixth renewable energy fund [1] - The fund aims to invest in utility-scale onshore wind projects, solar parks, and battery energy storage systems (BESS), following a comprehensive value-add strategy throughout the project lifecycle [1] Investment Focus - The primary target markets for the fund include the Nordics, Poland, the Baltics, southeast Europe, and Spain, with additional investments planned for Texas [2] - To date, the fund has committed €360 million to 50 projects, which collectively have a capacity of 7GW [2] Project Developments - Key ongoing projects include a 36 MWh operational BESS in Finland, a 200 MWh BESS under construction in Texas, a 154 MW wind farm in Serbia, a 129 MW solar plant in Finland, a 112 MW wind project in Latvia, and a combined 45 MW wind and 36 MWh BESS facility in Lithuania [3] Investor Interest - The fund has attracted significant interest from a diverse range of institutional investors, nearly doubling the size of its predecessor, with new investors from various European countries [4] - Notable investors include Erste Group Bank, the European Bank for Reconstruction and Development, and several Finnish pension funds and family offices [5] Regulatory and Financial Support - Taaleri SolarWind III Fund is classified as an Article 9 fund under the Sustainable Finance Disclosure Regulation and receives support from the EU through the InvestEU Fund [5]

Financial Results - As of 30 September 2025, the Company's total assets amounted to EUR 181,505 thousand, total equity was EUR 94,379 thousand, and total liabilities were EUR 87,126 thousand [4] - The Company's investment assets at fair value through profit or loss were EUR 168,860 thousand, reflecting an increase of EUR 8,958 thousand or 5.60% compared to 31 December 2024 [4] - For the period from January to September 2025, the Company reported a comprehensive loss of EUR 6,171 thousand, primarily due to its income structure relying on changes in the fair value of its investment portfolio [4] - The valuation of the Company's investment portfolio is conducted annually by an independent appraiser, with the next assessment scheduled for 31 October 2025 [4] - During the January to September 2025 period, the Company incurred expenses related to development projects, operational activities, and cost of debt [4]

Core Insights - HA Sustainable Infrastructure Capital (HASI) reported Q3 CY2025 results that exceeded Wall Street's revenue expectations, with sales increasing by 51.5% year-on-year to $139.2 million and a non-GAAP profit of $0.80 per share, which was 16.1% above analysts' consensus estimates [1][6]. Financial Performance - Revenue reached $139.2 million, surpassing analyst estimates of $87.86 million, reflecting a 51.5% year-on-year growth and a 58.5% beat [6]. - Adjusted EPS was $0.80 compared to analyst estimates of $0.69, marking a 16.1% beat [6]. - Adjusted EBITDA stood at $105.1 million, exceeding analyst estimates of $76.86 million, with a margin of 75.5%, representing a 36.8% beat [6]. - The operating margin was -3.7%, consistent with the same quarter last year [6]. - Market capitalization was reported at $3.54 billion [6]. Investment Activity - Management closed over $650 million in new transactions during the quarter, projecting to close more than $3 billion for the full year 2025, indicating a more than 30% year-over-year increase [7]. - The refinancing of asset-backed securities within the SunStrong residential solar lease portfolio generated significant cash distribution, contributing to earnings for the quarter [7]. - A notable $1.2 billion structured equity investment was completed in the SunZia wind project, showcasing the company's ability to engage in larger transactions due to enhanced access to capital [7]. Future Outlook - Management anticipates investment volumes to exceed last year's by over 30%, supported by a pipeline exceeding $6 billion [4]. - The company aims for 8–10% annual EPS growth through 2027 while managing interest rate risks [4]. - New asset yields have remained above 10.5% for six consecutive quarters, with a diversified pipeline across various renewable sectors [8]. Risk and Capital Management - HASI maintained a low realized loss rate of under 10 basis points annually and stabilized its cost of debt despite refinancing activities [8]. - The company added $250 million in hedges to mitigate future interest rate exposure and reported $1.1 billion in liquidity at the end of the quarter [8].

Group 1 - The company, UTIB UAB Atsinaujinančios energetikos investicijos, is hosting an investor webinar on 21 October 2025 to discuss bond issuance details [1][2] - The bond issue has a total program size of up to EUR 50 million, with the first series and tranche amounting to up to EUR 25 million [4] - The coupon rate for the bonds is set at 8.5%, with a maturity period of 13 months and semi-annual coupon payments [4] Group 2 - Existing bondholders can exchange their current bonds maturing on 14 December 2025 for newly issued bonds through the Nasdaq CSD securities exchange offer [3] - The subscription period for the new bonds is from 15 to 31 October 2025, with a minimum investment amount of EUR 1,000 [4] - Proceeds from the bond issuance will be used for refinancing existing bonds and financing projects in renewable solar and wind energy, as well as related infrastructure [4]

Financial Results - As of June 30, 2025, the Company's total assets amounted to EUR 181,756 thousand, total equity was EUR 96,478 thousand, and total liabilities were EUR 85,278 thousand [4] - The Company's investment assets at fair value through profit or loss were EUR 165,151 thousand, reflecting an increase of EUR 5,249 thousand or 3.30% compared to December 31, 2024 [4] - For the period from January to June 2025, the Company reported a comprehensive loss of EUR 3,998 thousand, primarily due to its income structure relying on changes in the fair value of its investment portfolio [4] - The valuation of the Company's investment portfolio is conducted annually by an independent appraiser, with the next assessment scheduled for October 31, 2025 [4] - During the first half of 2025, the Company incurred expenses related to development projects, operational activities, and the cost of debt [4]

Group 1 - The Bank of Lithuania approved the first supplement of the base prospectus for a EUR 100,000,000 Unsecured Fixed Rate Note Programme by UAB "Atsinaujinančios energetikos investicijos" [1] - The decision allows for the admission of the Notes to trading on the bond list of the regulated market AB Nasdaq Vilnius [1] Group 2 - The contact person for further information regarding the investment company is Mantas Auruškevičius, Manager of the Investment Company [2]