XPLR Infrastructure: In-line 2Q26 Results; Progressing on Capital-Structure Simplification and Wind Repowerings

Research evidence excerpt

XPLR Infrastructure: In-line 2Q26 Results; Progressing on Capital-Structure Simplification and Wind Repowerings

J P M O R G A N North America Credit Research

28 July 2026

Neutral

XPLR Infrastructure NEP

In-line 2Q26 Results; Progressing on Capital-Structure Moody's:S&P: Ba1BB Outlook:Outlook: STABLESTABLE

The above agency ratings are at the corporate levelSimplification and Wind Repowerings

North America Corporate Credit -

RESULTS: Electric Utilities

• Reported adj. EBITDA : $523 million Kevin L Kwan AC

(1-212) 270-9455

• Consensus EBITDA median: $511 million kevin.l.kwan@jpmorgan.com

• Conference call today at 9AM ET Erin Daugherty

(1-212) 834-6990

SUMMARY: erin.daugherty@jpmchase.com

J.P. Morgan Securities LLC

• Broadly in-line 2Q26 results; FY26 guidance reaffirmed. XIFR reported

2Q26 adjusted EBITDA of $523 million, which was slightly above Bloomberg

consensus median of $511 million and down from 2Q25 EBITDA of $557

million. The modest y/y decline was driven primarily by asset dispositions,

partially offset by a stronger wind resource (102% of long-term average in

2Q26 vs. 97% in 2Q25). XFN reaffirmed its FY26 adjusted EBITDA guidance

of $1.75-1.95 billion. During the quarter, the company completed the first

minimum buyout of CEPF 5 for about $150 million and fully repaid $500

million of outstanding convertible notes with available cash. XIFR reported

50% of its 2026 repowering program complete YTD and advanced its

previously announced battery storage co-investment with NextEra Energy

Resources.

POSITIVES:

• Capital structure simplification advancing. XIFR completed the first

minimum buyout of CEPF 5 for ~$150 million and fully repaid the outstanding

$500 million of convertible notes with available cash, reducing near-term