2Q 2026 Earnings Recap: XPLR Infrastructure, LP | North America

Research evidence excerpt

2Q 2026 Earnings Recap: XPLR Infrastructure, LP | North America

Update

July 28, 2026 02:12 PM GMT

Morgan Stanley & Co. LLCMXPLR Infrastructure, LP | North America Robert S Kad

Equity Analyst

2Q 2026 Earnings Recap Robert.Kad@morganstanley.comVictoria Xiong, CFA +1 212 761-0065

Research Associate

Victoria.Xiong@morganstanley.com +1 212 761-0228

AlphaSignals Earnings Reaction Joy Golub

Unchanged Modest upside Largely unchanged Joy.Golub@morganstanley.com +1 212 761-4924

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

XPLR Infrastructure, LP (XIFR.N, XIFR US)

Source: Company data, Morgan Stanley Research

Renewable Energy Infrastructure | United States of

America

Key Takeaways Stock Rating Underweight

Industry View Attractive

Adjusted EBITDA: $523mm (cons: $504mm / MS: $501mm), +4% vs. consensus. Price target $12.00

Shr price, close (Jul 27, 2026) $12.61

FCFbG: $257mm (MS: $219mm). Mkt cap, curr (mm) $1,185

52-Week Range $13.24-8.68

2026 guidance reiterated. XIFR reported strong 2Q26 EBITDA of $523mm, driven

by strong wind production in the quarter. EBITDA declined -6% y/y while FCFbG of

$257mm fell -2% y/y, partly due to Meade asset dispositions. For 2026, XIFR

reaffirmed Adjusted EBITDA guidance of $1.750-1.950bn (cons: $1.838bn/MS:

$1.805bn) and FCF before growth of $600-700mm. The company has completed

50% of planned 2026 powerings and formed the Mammoth Plains Energy Storage

and Carousel Energy Storage JVs with NEER. In 2Q26, XIFR used available cash to

fully retire its $500mm of outstanding convertible notes and completed the initial

minimum buyout of CEPF 5 for approximately $150mm.

Exhibit 1: 2Q26 vs. Estimates

Consolidated Key Metrics 2Q26 2Q26 Actual v. 2Q26 Actual v.