Solaris Energy Infrastructure : Q1 2026 Earnings Conference Call Q1 2026 Earnings Supplement Slides

Published: 2026-04-27 17:11:10 ET SEI

Published on 04/27/2026 at 05:11 pm EDT

Q1 2026

Earnings Supplement

April 27, 2026

‌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) 13% 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

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Non-GAAP financial metric. Please see Appendix for 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.

Solaris Energy Infrastructure

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‌Solaris Energy Infrastructure

Consolidated Financial Results Summary

Total Revenue

Dollars in millions

YoY

$196

$126

1Q25

1Q26

QoQ

$196

$180

4Q25

1Q26

Total Adjusted EBITDA (1)

Dollars in millions

YoY

$84

$47

1Q25

1Q26

QoQ

$84

$69

4Q25

1Q26

Pro Forma Adjusted EPS (1)

YoY

$0.44

$0.20

1Q25

1Q26

QoQ

$0.44

$0.35

4Q25

1Q26

Non-GAAP financial metric. Please see the Appendix for a reconciliation to the nearest GAAP metric.

‌Solaris Energy Infrastructure

Solaris is a BTM Partner of Choice for 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

‌Solaris Energy Infrastructure

Rapid Growth as a Premier Power Solutions Company

Early Mover Advantage in Addressing Nascent and Rapidly Expanding Market Opportunity

2,650

Net SEI

910

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 Energy Infrastructure

Recent Contracts Highlight Balance of Plant Opportunity

Turnkey Power Model Drives Higher Capital Investment and Return Opportunity at Extended Tenor

Example Invested Capital Ranges

($ millions)

~$5,000

Illustrative Annual Adjusted EBITDA (3)

($ millions)

~$1,075-1,125

Net SEI

Non-Owned JV

Interest

+$200

+$1,000

~$1,200-1,250

$4,500

Net SEI

Non-Owned JV

Interest

~$3,500

~$875-925

Invested Capital for 3.1 GW -Basic Scope (1)

+ Additional Scope Investment Potential

Invested Capital for 3.1 GW -Enhanced Scope (2)

Pro Forma Adj EBITDA at 3.1 GW

+ Potential Returns on Added Scope

Potential Adj

EBITDA at 3.1

GW - Enhanced Scope

Includes 3/31/26 Power PPE balance of $1.4 billion + $1.9 billion guidance of remaining capital expenditures to reach 3.1 GW of generation capacity; "Basic Scope" includes generation, emissions control, basic balance of plant

"Enhanced Scope" examples include additional balance of plant such as transformers, switchgear, and batteries, and potentially natural gas infrastructure or civil work

Non-GAAP financial metric. Due to forward-looking nature, we cannot provide a reconciliation to the nearest GAAP metric without unreasonable effort.

‌Solaris Energy Infrastructure

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

$1,037

$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

Q1 2026

Q2 2026

Q3 2026

Q4 2026

2026

2027

2028

2029

$343

$490

$315

$115

$1,236

$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.

‌Solaris Energy Infrastructure

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)

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

$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

+ 2031 Convert)

Effective Tax Rate on

Pro Forma Pre-tax Income (%)

31%

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.

‌Solaris Energy Infrastructure

Debt Capitalization Summary: Current and Fully Deployed JV Capacity

($ in millions) Annual

Interest Rate

Convertible Notes due 2030 ($26.39 conversion price) 4.75%

Convertible Notes due 2031 ($57.20 conversion price with capped 0.25%

call up to $88.00 per share)

Credit Facility due 2027 (2) SOFR + 300 bps

Assumed Genco Debt 11.00%

Stateline JV Term Loan Floating to Fixed (~10%)

Total Consolidated Debt

Less: Non-controlling Interest in Stateline JV Term Loan

Net to SEI Debt (Convertible Notes considered as Debt) Net to SEI Debt (Convertible Notes considered as Shares)

Cash Balance as of 3/31/2026, Excluding Cash Attributable to Stateline Non-Controlling Interest

Pro Forma Potential w/Fully

Notional Balance at 3/31/26

Deployed JV Capacity (1)

$155

$748

$300

$165

$260

~$500

$1,628

~$1,868

($130)

~($250)

$1,498

~$1,618

$594

~$715

$338

Note: Debt amounts shown gross and do not match the balance sheet presentation, which is shown net of discounts and fees.

Reflects illustrative full deployment of the Stateline JV term loan facility.

On April 8, 2026, the credit facility was upsized by $200 million, and the upsized amount is currently undrawn.

‌Solaris Energy Infrastructure

Capitalization Options for Valuation Purposes

($ and shares in millions)

Option 1: Treat Convertible Notes as Debt

Option 2: Treat Convertible Notes as Shares

Debt

Convertible Notes due 2030 ($26.39 conversion price)

$155

Convertible Notes due 2031 ($57.20 conversion price with capped call up to $88.00 per share)

$748

Credit Facility due 2027

$300

Assumed Genco Debt

$165

Stateline JV Term Loan (Fully Deployed)

~$500

Total Consolidated Debt

~$1,868

~$965

Less: Non-controlling Interest in Stateline JV Term Loan

~($250)

Net to SEI Debt

~$1,618

~$715

Shares Outstanding

Shares Outstanding (A + B + Restricted Stock)

Convertible Notes due 2030 ($155 million / $26.39 conversion price)

Convertible Notes due 2031 ($748 million / $57.20 conversion price)

Less: Potential Offset from Capped Call (($88.00 - $57.20) / share price)

(Up to 4.5)

Total Potential Dilutive Shares Outstanding

~88

Total Potential Dilutive Shares for Earnings Per Share Calculation (1)

Note: Debt amounts shown gross and do not match the balance sheet presentation which is shown net of discounts and fees.

Fully diluted, pro forma share count for Earnings Per Share calculation will likely count all potential dilution from the convertible notes outstanding and will ignore the economic benefit of the capped call.

‌Solaris Energy Infrastructure

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‌Solaris Energy Infrastructure

EBITDA and Adjusted EBITDA Reconciliation

Three months ended, Twelve months ended December 31,

Net income

$32,055

($3,509)

$24,814

$24,129

Depreciation and amortization

24,758

23,489

22,355

18,377

Interest expense, net

2,020

1,164

9,038

5,482

Provision for income taxes (1)

15,226

743

4,061

5,958

EBITDA

$74,059

$21,887

$60,268

$53,946

Stock-based compensation expense (2)

6,713

5,896

5,278

5,207

Transaction and Acquistion-related costs (3)

411

278

1,323

Gain on sale of Kingfisher facility (4)

Property tax contingency (5)

Accrued property tax (6)

Loss on extinguishment of debt (7)

1,258

41,451

Impairment on fixed assets (8)

Change in payables related to Tax Receivable Agreement (9)

(663)

3,024

Other (10)

1,143

149

(887)

131

Adjusted EBITDA

$83,584

$68,765

$67,961

$60,607

Adjusted EBITDA attributable to Stateline non-controlling

interest (11)

2,506

2,515

2,439

1,630

Adjusted EBITDA attributable to Solaris

$86,090

$71,280

$70,400

$62,237

$58,402

$28,918

$38,775

84,285

47,218

36,185

20,855

11,808

3,307

14,678

8,005

7,820

$178,220

$95,949

$86,087

19,658

10,592

7,732

2,180

4,358

(7,461)

(2,483)

(1,794)

41,451

4,085

1,423

2,361

(1,598)

344

1,454

1,451

$244,214

$103,102

$96,693

6,584

$250,798

$103,102

$96,693

($ in 000s) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 2025 2024 2023

United States federal and state income taxes.

Represents stock-based compensation expense related to restricted stock awards and performance-based restricted stock units.

Represents transaction costs incurred to establish Stateline and acquisition costs to affect the acquisitions of Mobile Energy Rentals LLC and HVMVLV, LLC.

Represents gain recognized on the sale of a 300-acre transload facility located in Kingfisher, Oklahoma and termination of associated lease. All assets had zero net carrying value at the time of sale.

Represents reversal of a portion of previously recognized property tax contingency following a settlement agreement with Brown County Appraisal District.

Represents reversal of previously recognized accrued property tax expenses following a settlement agreement with Brown County Appraisal District, included in cost of services in the condensed consolidated statements of operations.

Loss in the first quarter of 2026 relates to unamortized debt issuance costs of the revolving credit facility which was extinguished following the new term loan entered into in the first quarter of 2026. Loss in the fourth quarter of 2025 relates to prepayment penalty and unamortized debt issuance costs of the then existing term loan, which was extinguished in the fourth quarter of 2025 following the issuance of convertible notes.

Impairment recorded on certain fixed assets classified as assets held for sale during the twelve months ended December 31, 2023.

Change in liability due to state tax rate change.

Other primarily consists of credit losses, the net effect of loss/gain on disposal of assets and lease terminations, and inventory write-offs.

Represents the 49.9% non-controlling interest share of Stateline's Adjusted EBITDA loss attributable to our partner in the Stateline JV.

‌Solaris Energy Infrastructure

Adjusted Pro Forma Net Income and Adjusted Pro Forma EPS Reconciliation

Three Months Ended

March 31, 2026 March 31, 2025 December 31, 2025

Numerator:

Net income (loss) attributable to Solaris

Adjustments:

$21,438

$5,320

($1,656)

Reallocation of net income (loss) attributable to non-controlling interests from the assumed exchange of LLC Interests (1)

10,550

7,648

(1,929)

Loss on extinguishment of debt (2)

1,258

41,451

Change in Tax Receivable Agreement liability (3)

(663)

Other (4)

1,554

1,485

194

Net loss attributable to Stateline non-controlling interest (5)

2,496

2,464

Incremental income tax expense

2,096

(611)

(9,408)

Adjusted pro forma net income

$39,392

$13,842

$30,453

Denominator:

Diluted weighted average shares of Class A common stock outstanding

71,709

36,176

49,503

Adjustments:

Potentially dilutive shares (6)

17,269

31,824

37,660

Adjusted pro forma fully weighted average shares of Class A

88,978

68,000

87,163

Adjusted pro forma earnings per share - diluted

$0.44

$0.20

$0.35

Assumes the exchange of all outstanding Solaris LLC Units for shares of Class A common stock at the beginning of the relevant reporting period, resulting in the elimination of the non-controlling interest and recognition of the net income attributable to non-

controlling interests.

Change in liability due to state tax rate change.

Other primarily consists of credit losses, the net effect of loss/gain on disposal of assets and lease terminations, transaction costs, and inventory write-offs.

Represents the 49.9% non-controlling interest share of Stateline's net loss attributable to the Company's partner.

Represents the weighted-average potentially dilutive effect, as applicable for each period presented, of Class B common stock, unvested restricted stock awards, unvested performance-based restricted stock units, outstanding stock options, and shares issuable upon conversion of the convertible notes.

‌Solaris Energy Infrastructure

Disclaimer

Forward-Looking Statements

This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Examples of forward-looking statements include, but are not limited to, our business strategy, our industry, our future profitability, changes in tariffs, trade barriers, price and exchange controls and other regulatory requirements, and the impact of such policies on us, our customers and the global economic environment, the success of Stateline and associated transactions and its impact on the financial condition and results of operations of our Solaris Power Solutions segment, the anticipated growth of our power fleet and sources of financing thereafter, the volatility in global oil markets, expected capital expenditures and the impact of such expenditures on performance, management changes, current and potential future long-term contracts, our future business and financial performance and our results of operations, and the other risks discussed in Part I, Item 1A. "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the U.S. Securities Exchange

Commission (the "SEC") on February 27, 2026 and Part II, Item 1A. "Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 to be filed with the SEC subsequent to the issuance of this communication. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statements include, but are not limited to, the factors discussed or referenced in our filings made from time to time with the SEC. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

About Non-GAAP Measures

In addition to financial results determined in accordance with generally accepted accounting principles in the United States ("GAAP"), this presentation presents non-GAAP financial measures. Management believes that Adjusted EBITDA provides useful information to investors regarding our financial condition and results of operations because it helps facilitate analysis of operating performance. In particular, we view Adjusted EBITDA as an important indicator of performance. We define EBITDA as net income, plus (i) depreciation and amortization expense, (ii) interest expense and

(iii) income tax expense. We define Adjusted EBITDA as EBITDA plus (i) stock-based compensation expense and (ii) certain non-cash items and extraordinary, unusual or non-recurring gains, losses or

expenses. Adjusted EBITDA attributable to Solaris excludes the 49.9% non-controlling interest share of Stateline JV's Adjusted EBITDA attributable to our partner in the Stateline JV.

Although management believes the aforementioned non-GAAP financial measures are good tools for internal use and the investment community in evaluating our overall financial performance, the foregoing non-GAAP financial measures should not be considered as a substitute for or superior to other measures of financial performance prepared in accordance with GAAP. However, no reconciliations of these non-GAAP measure to their most directly comparable GAAP measures are available without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various reconciling items that would impact the most directly comparable forward-looking GAAP financial measures, that have not yet occurred, are out of our control and/or cannot be reasonably predicted given we have not completed any reporting processes for the periods presented.

‌Solaris Energy Infrastructure 9651 Katy Freeway, Suite 300

Houston, Texas 77024

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Disclaimer

Solaris Oilfield Infrastructure Inc. published this content on April 27, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 27, 2026 at 21:10 UTC.