Solaris Energy Infrastructure : April 2026 Investor Presentation Presentation
SEI
Published on 04/27/2026 at 09:24 pm EDT
Investor Presentation
April 27, 2026
Solaris Energy Infrastructure
Solaris Energy Infrastructure, Inc.
Business Overview
Delivers power generation and distribution solutions, and logistics equipment and services, serving clients in the data center, energy, and other commercial and industrial sectors.
Our Locations
3.1 GW
Delivered by end of 2029; includes 2.1 GW currently under long-term contracts
>20% Insider Ownership
~$5.3 Billion
Market Capitalization
Founder-led with significant insider ownership that drives strong shareholder alignment
>40%+
Adjusted EBITDA
Adj. EBITDA Contribution(1,2)
Growth CAGR expected 2025 -Full Deployment in 2029 (3)
<10%
Logistics Solutions
>90%
Power Solutions
Business Segments & End Markets
Power Solutions
Logistics Solutions
Non-GAAP financial metric. Due to forward-looking nature, we cannot provide a reconciliation to the nearest GAAP metric without unreasonable effort.
Illustrative contribution assuming $90 million run rate for Logistics Solutions and potential contribution from current capacity plus scheduled deliveries through 2029 to reach 3.1 GW operated in Power Solutions.
Calculated based on growth rate between 2025 Adjusted EBITDA and illustrative Pro Forma Adjusted EBITDA at full 3.1
GW capacity deployment in 2029.
Hyperscalers/ Data Centers
Energy - Upstream
solaris-energy.com 2
Solaris Energy Infrastructure
Recent Updates and
Secured Third Long-Term Power Contract with a New Global Technology Customer
New commercial contract for >600 MW + balance of plant for a minimum term of 10 years (plus a 5-year option) to support data center compute needs beginning in late 2026 and scaling through 2028
Q1 2026 Highlights Acquired Additional Generation Capacity; Pro Forma Fleet Now 3,100 MW
Through the acquisition of a distributed energy company and equipment delivery slots, we will grow generation capacity by 40% over the next 3 years and could drive earnings power of > $1 Billion Adjusted EBITDA (2)
Q1 2026 Results Outperformed
Reported Q1 2026 Adjusted EBITDA(1) of approximately $84 million, which was 14% above the Street
New Guidance
Raised Q2 2026 guidance for Adjusted EBITDA(2) 10% to $83-93 million from
$76-84 million previously; established Q3 2026 Adjusted EBITDA(2) guidance of
$80-95 million
Strengthened Balance Sheet to Support Growth
Upsized the previously announced $300 million credit facility to allow for up to
$500 million to continue to fund growth initiatives. Continuing to evaluate additional financing or refinancing options to support more permanent capital structure
solaris-energy.com
Non-GAAP financial metric. Please see Appendix for reconciliation to the nearest GAAP metric.
3
Non-GAAP financial metric. Due to the forward-looking nature, we cannot provide a reconciliation to the nearest GAAP metric without unreasonable effort.
3
Solaris Earnings Have Transformed
Driven by entry into power solutions, associated growth capital plans, and successful commercial contracting
Illustrative Future (1)
2029+
Logistics Solutions
<10%
~$875-925
Million Adj. EBITDA (4)
Power Solutions
>90%
Legacy Business
2022-2024
Logistics Solutions 100%
Current
Q1 2026 Annualized
Logistics Solutions 25%
~$80-100
Million Annual Adj. EBITDA (2)
~$336
Million Adj. EBITDA (3)
Power Solutions 75%
Maintained Leading Market Share in Oilfield Logistics by Innovating All-Electric, High-Efficiency Sand Handling Equipment
Rapid Growth of Power Solutions for Data Centers and Gas Infrastructure
Positioning for Further Organic and Inorganic Growth in and Adjacent to Power Solutions Offering
Illustrative contribution assuming approximately $90 million contribution from Logistics Solutions and potential contribution from current capacity plus scheduled deliveries through 2029 to reach 3.1 GW operated (2.65 GW Net Owned) in Power Solutions.
Non-GAAP Financial Metric. See Appendix for reconciliation to nearest GAAP metric.
Non-GAAP financial metric. See Appendix for reconciliation to nearest GAAP metric; reflects Q1 2026 Adjusted EBITDA net to SEI of $84million multiplied by four.
Non-GAAP financial metric. Due to forward-looking nature, we cannot provide a reconciliation to the nearest GAAP metric without unreasonable effort.
Rapid Growth as a Premier Power Solutions Company
Early Mover Advantage in Addressing Nascent and Rapidly Expanding Market Opportunity
2,650
MW
Net SEI
910
MW
150 MW
(MW)
Future Potential
Potential for multi-year, unprecedented power demand growth
3,100 MW opportunity
Consolidated
~450 MW
Owned by 49.9% JV Partner
Global power demand growing 50% faster than average increase over the past decade (3)
More than 56 GW of onsite power capacity are now planned or under development globally(2)
Energy consumption of data centers could be the fifth largest energy consumer in the world, between Japan and Russia(1)
Expected Power Capacity Growth
Illustrative Adjusted EBITDA Pro Forma Potential (4)
~$1,000-1,050
Consolidated
Non-Owned JV Interest
Future Potential
Potential for multi-year, unprecedented power demand growth opportunity
~$875-925
Net SEI
Organic and inorganic opportunities to continue growing generation, distribution, services capacity and scope
($ millions)
$103
$336
Net SEI
2024 Q1 2026 Q4 2029 2029+
2024
Q1 2026
Annualized (5)
Pro Forma Adj.
EBITDA (6) at 3,100 MW
2029+
Note: Q1 2026 Capacity includes third-party leased equipment; 2029 capacity estimate assumes only owned and operated units
Brookings Report "Global energy demands within the AI regulatory landscape" dated April 10, 2026.
Utility Dive's "Redefining data center power strategies in the AI era" published March 30, 2026.
IEA Electricity 2026 Analysis and Forecast dated February 6, 2026.
Non-GAAP financial metric. See Appendix for reconciliation to nearest GAAP metric.
Non-GAAP financial metric. See Appendix for reconciliation to nearest GAAP metric; reflects Q4 2025 Adjusted EBITDA multiplied by four.
Non-GAAP financial metric. Due to forward-looking nature, we cannot provide a reconciliation to the nearest GAAP metric without unreasonable effort. Illustrative contribution assuming approximately $90 million contribution from Logistics Solutions and potential contribution from current capacity plus scheduled deliveries through 2029 to reach 3.1 GW operated (2.65 GW Net Owned) in Power Solutions.
Solaris is a BTM Partner of Choice for Global Technology Leaders
2,000+ MW Multi-Year Partnerships with Global Technology Leaders
10 to 15 years
8 to 9 years
7 to 8 years
5 to 6 years
+ Customer C
(Investment Grade)
>600 MW for 10
years + 5 year option
2 to 4 years
+ Hatchbo
(Investment Grade)
>500 MW for 10
years + 5 year option
<1 year
+ Initial Data
Center 150 MW
+ Initial Data
Center Grows to 250 MW for 2 years
+ Stateline JV
(Not rated) 900 MW for 7 years (inside a 15+ year JV)
+ Energy/
Industrial
<100 MW
+ Energy/
Industrial/ Utility Growth to 100-200 MW
1H 2024
2H 2024
2025
1Q 2026
Current
Avg. Tenor
Current
Leading Edge
On April 24, 2026, SEI entered into a new long-term contract to provide power to support our customer data center compute needs.
Contract A
Stateline Power
7-Year Term
~900 MW
50.1% Solaris / 49.9% JV Partner
Contract B
Hatchbo
10-Year Term + 5-Year Extension
>500 MW
100% Solaris
Contract C
Customer C
10-Year Term + 5-Year Extension
>600 MW
100% Solaris
The Case for Longer-Term, Modular, Simple-Cycle Behind the Meter Power
Q: Is this Bridge or Permanent Power? Primary or Backup? A: All of the above, but Evolving Towards Greater Permanence
1.
2.
3.
4.
5.
Economics are
Converging
Enhanced
Reliability
Long-term
Planning Flexibility
Increasing Federal and Local Pressure
to Stay off the Grid Stickiness of Infrastructure
BTM simple cycle costs are converging with grid costs and remain below CCGT costs
Modular BTM can be more capital efficient by avoiding large-scale investment in transformers/substations or backup
Grid access is interruptible
Grid access presents single source of failure
Grid access needs to be complemented with backup or primary + backup
Can optimize modular generation across a portfolio of data center power over time
SB6 "Bring your own power" Law in ERCOT requires large loads to have co-located backup power
White House Rate Payer Pledge: "They can build their own power plants…"
BTM could enhance grid reliability by contributing power to the grid if interconnected
Benefit to utilizing sunk cost infrastructure
BTM power infrastructure would be costly to remove and replace
Air permits harder to get and easier to maintain
Announced CCGT vs Simple Cycle Project Costs by Completion Date ($ Millions/MW)
2032
2031
2030
2029
2028
2027
2026
2025
$1.2$1.2
$1.3
$1.1
$1.0
$0.9
$1.4 $1.5
$1.4 $1.3
$2.1
$2.1
$2.4
Avg SCGT Cost/MW
Avg CCGT Cost/MW
Source: JP Morgan, Company estimates
Evolution of Data Center Demand Driving Need for Co-Located Primary + Backup Power Solutions
Power Density of Next-generation GPUs Necessitates Custom Power Solutions
Cloud Data Center
(CPUs)
Transitional AI Data Center
(GPUs)
"AI Factory" Data Center
(GPUs)
Future Data Center
(GPUs)
Energy Use per Token
Total Compute
= Overall Power Use
Average Power Use per Rack
5-15 kW
130-200 KW
500+ kW
1-2 MW
Average Data Center Power Demand
40-50 MW
50-100 MW 1+ GW
Multiple GW Campuses
"In 2027, AI server racks will require 50x more power than cloud equivalents five years ago… Public industry roadmaps from leading technology companies already target 1MW per rack" - Goldman Sachs Research
Source: Nvidia 2025 GTC Keynote Presentation, Goldman Sachs report "Powering the AI Era" dated June 27, 2025, Company estimates.
Generation Stack Required to Support Modern Industrial Loads
Larger, Complex Power Needs Drive a Need for a Generation Stack with Multiple Sources of Generation / Redundancy
Generation Stack Then (40-50 MW)
Primary Power
Backup
Diesel Generators (Reciprocating Engines)
Data Center
40-50 MW
Grid
Generation Stack Now/Future (1+ GW)
Microgrid w/ Integrated Primary Power, Inertia and Storage/Backup Power
Grid
Renewables
Large
Co-Located Power Generation
Data Center
Campus
1+ GW
Power
Control and Distribution Equipment (Balance of Plant)
Modular
Generation with Inertia (i.e. Turbines)
Modular
Generation -Other (e.g. recip engines, fuel cells)
Energy Storage/
Management System
(e.g. BESS)
As part of the generation stack, Solaris' turnkey power solutions can provide longer-term primary plus back up power beyond initial bridge power needs.
Fully Integrated Model Enables Differentiated, Turnkey Power Solution
Grid connection possible, but fastest 'time to power' achieved by starting off-grid-with added reliability from redundancy.
SCR emissions control equipment enables generation to stay on location for multiple years
Customized balance of plant offering enhances customer partnership (i.e., higher switching costs)
'Balance of plant' offering, provides enhanced earnings and return opportunity per deployment
Provide turnkey power solutions tailored to customer's needs
Custom Microgrids
Expertise in Design, Engineering, and Construction of Complete Microgrids
Comprehensive
Turnkey service includes Commissioning, Operations & Maintenance, & Balance of Plant
Reliable
Operational track record of delivering AI compatible 99.9%+ uptime
Scalable
Modular capacity design with an average 20 MW per generating unit
Speed to Market
>450 MW single-site deployment in <1 year
Technical Expertise
Skilled in managing variable loads, multiple voltage requirements, and complex operations
Solaris' Track Record and Framework for Generating Sustainable Returns
Experienced Management Team
•
Management team has successfully addressed equipment-based bottlenecks and built differentiated businesses in:
Returns Framework
Identify the Challenge
•
Invest in the Right Equipment
Power Markets - Solaris Power team has a long
track record of developing distributed power solutions
Sand Handling and Trucking - Legacy Solaris Logistics business and follow on top-fill product
Water Handling and Recycling - SEI Founder and Co-CEO also founded Aris Water Solutions (NYSE: ARIS), which was recently acquired by Western Midstream Partners (NYSE: WES)
•
Iterate to Enhance
and Find New
Solutions
Build the Right Team and Culture
Significant Shareholder Alignment Supported by a Flexible Balance Sheet
Capital Structure Priorities and Positioning
Insider Ownership
>20%(1)
Consecutive Quarterly Dividends
31
Historical Dividend Raises
Three
Ownership mentality: Every employee is a shareholder
Leverage
1.5x(2)
Consistent dividend history: Serial distributor of cash returns with history of acceleration
Net Cash Funded from Credit Facility
$295 mm(3)
Conversative debt capitalization: Modest funded debt
Ability to fund additional growth: Growing long-term contracts enables access to capital markets
Based on 73 million pro forma shares outstanding with equity issued in relation with the Genco acquisition which included Class A shares, Class B shares and Restricted Stock and excludes any potential share impact from the outstanding convertible notes. Inside ownership would be closer to 22% if both Solaris convertible notes converted to equity. Insider holdings include Class A & Class B shares owned by Solaris Employees and Directors, Yorktown Partners, KTR Turbines, and J Turbines.
See slide 23 for Total pro forma debt amounts; Adjusted EBITDA is a non-GAAP financial metric. Due to forward-looking nature, we cannot provide a reconciliation to the nearest GAAP metric without unreasonable effort. Illustrative contribution assuming approximately $90 million contribution from Logistics Solutions and potential contribution from current capacity plus scheduled deliveries through 2029 to reach 3.1 GW operated (2.65 GW Net Owned) in Power Solutions.
$295 million net proceeds, net of offering expenses
A Unique Way to Invest in Electrification - High Growth Trading at a Discount
Bloomberg Four-Year (2025-2029) Consensus EBITDA CAGR
(As of 4/24/2026)
Bloomberg EV / 2028 Adjusted EBITDA Multiple
(As of 4/24/2026)
SEI trades at one of the lowest multiples of peers with similar end market exposures
Nat Gas
Power
Utility
Electric
Residential
Gas
Fuel Cell
Compression
Gen/IPP
Services
Equipment
Generators
Turbine
OEM
OEMs
OEM
Nat Gas
Power
Residential
Utility
Electric
Gas
Fuel Cell
Compression
Gen/IPP
Generators
Services
Equipment
Turbine
OEM
OEMs
OEM
Industry Constituents:
Fuel Cell OEM: BE
Electric Equipment OEMs: POWL, ITRI, VRT Power Gen/IPP: CEG, NRG, TLN, VST, CPX.CN
Source for both charts: Bloomberg
Utility Services: PWR, MTZ, DY, PRIM, MYRG Natural Gas Compression: AROC, KGS, NGS, USAC Residential Generators: GNRC
Gas Turbine OEM: GEV
Note: Solaris Adjusted EBITDA assumes midpoint of illustrative full 2.65 GW net deployment of $930-1,090mm Adjusted EBITDA contribution, 73mm shares outstanding and pro forma debt of ~$1.5bn ($903mm converts + $300mm credit facility + ~$250mm estimated 50.1% portion of JV debt facility).
Solaris Energy Infrastructure
Solaris Energy Infrastructure
Key Takeaways
Provides Critical, Behind-the-
Meter Power Infrastructure Which Remains in Short Supply and is Deployed With Customers that are Growing
Contract Coverage at Longer-
term Tenors Significantly Derisks Cash Flows and Supports Future Growth
Aligned, Founder-Led
Management Team with
Significant Insider Ownership
Logistics Solutions Generates
Cash That is Funding High-Return Opportunity to Grow Power Solutions
Compelling Valuation with
Attractive Returns Expected on Equipment On-Order
Committed to Growth and
Returns While Maintaining the Dividend and a Conservative Financial Profile
Solaris Energy Infrastructure
solaris-energy.com
Company Values
Integrated Power Service Business Model Comparison
Solaris receives fixed + variable monthly payments to provide co-located, behind-the-meter, turnkey service which includes the integrated provision of generation (turbines) and distribution (transformers, switchgear, and other ancillary equipment); Customer procures and pays for fuel
Expertise in AI Load Matching
Industrial Rental Companies
Independent Power Producers
Regulated Utilities
Rapid Time to Power (<12 months)
Ability to Scale for 1GW Data Center
Asset Mobility
Electricity Value Chain
Stable
Generation & Distribution
Generation
Generation
Generation, Transmission & Distribution
Cash Flows
Fixed + Variable Monthly
Fixed Monthly
Spark Spread * kWhs Allowed Return
Solaris Power Distribution Services Enhances Turnkey Power Offering
Solaris also provides complex electrical control and distribution equipment and associated engineering and technical design services via its HVMVLV acquisition in August 2025, which is now part of Solaris Power Solutions. The additional voltage/distribution capability expands Solaris' service offering, positions Solaris further upstream in power project planning, and enables differentiated full lifecycle technical support.
Distribution
Generation
Front End Engineering & Design
Commissioning
Utility Scale Power Equipment
Front End
Engineering & Design
Commissioning
Equipment
Customized Engineering and Remanufacturing
Combined
Broadens End Markets
Data centers
Renewables
Energy & Utilities
Healthcare
Hospitality
Industrials
In-Houses Critical Supply and Technical Expertise
Proven partnership with HVMVLV team
Deepens Solaris' internal technical design and engineering expertise
Accelerates Commercial Opportunity Set
Balance-of-plant required for all electricity use cases
Entrenches Solaris' commercial
partnership at project inception
Current Capital Plan: Growth to 3,100 MW Operated Fleet by 2029
Expected Remaining Consolidated Capex
Consolidated Capex (1)
(-) Total JV Capex (2)
($87)
($100)
($20)
($25)
($232)
($20)
-
-
= Solaris Funded Capex
$1,031
$390
Remaining capex spend
reflects standalone SEI needs as JV has its own third-party financing
$295
$256
Active pipeline of ~$800-1,000M+ in incremental
balance-of-plant orders, representing ~$160-200M of potential run-rate EBITDA
$90
$405
$300
$240
($ millions)
Actual
Forecast
Forecast
Q1 2026
Q2 2026
Q3 2026
Q4 2026
2026
2027
2028
2029
$343
$490
$315
$115
$1,263
$425
$300
$240
Q1 2026 Q2 2026 Q3 2026 Q4 2026
2026 2027 2028 2029
Note: Totals may not foot due to rounding.
Consolidated Capex includes the 49.9% of Stateline JV's capital needs expected to be funded by the JV partner.
JV Capex expected to be funded by debt financing facility of up to $550 million based on 80% loan-to-value of the total Stateline JV capital expenditures.
Financial Guidance: Q2 and Q3 2026
($ and shares in millions)
Q1 2026 Actual
Q2 2026 Guidance
Q3 2026 Guidance
Power Solutions Adjusted EBITDA
$72
$72-81
Logistics Solutions Adjusted EBITDA
$23
$22-24
Corporate and Other Expense
($11)
($12-13)
($12-13)
Total Adjusted EBITDA
$84 (1)
$83-93 (2)
$80-95 (2)
Adjusted EBITDA attributable to Solaris
$86 (1)
Selected Non-operational Guidance:
Net Interest Expense
$2
$5-8 (3)
$12-15 (3)
Depreciation & Amortization Expense
$25
$32-35
$35-38
Weighted Average Total Shares Outstanding
(Class A + Class B + Restricted Stock + 2030 Convert
89
92
92
+ 2031 Convert)
Effective Tax Rate on
Pro Forma Pre-tax Income (%)
31%
26%
26%
Note: Totals may not foot due to rounding.
Non-GAAP financial metric. Please see the Appendix for a reconciliation to the nearest GAAP metric.
Non-GAAP financial metric. Due to the forward-looking nature, we cannot provide a reconciliation to the nearest GAAP metric without unreasonable effort.
Excludes estimated capitalized interest.
Disclaimer
Solaris Oilfield Infrastructure Inc. published this content on April 28, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 28, 2026 at 01:23 UTC.