HASI (HASI1) Q3 2026 Earnings Report
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MX:HASI1 Q3 2026 EPS Results
- Actual EPS
- MXN 15.36
- Consensus EPS
- MXN 13.76
- Beat/Miss
- Beat by +MXN 1.59
- One Year Ago EPS
- MXN 14.98
MX:HASI1 Q3 2026 Revenue Results
- Actual Revenue
- MXN 2.14B
- Expected Revenue
- MXN 2.07B
- Beat/Miss
- Beat by +MXN 69.66M
- YoY Revenue Growth
- +11.06%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/05/2026
- Time
- After Close
- Conference Call
- Thursday, November 5, 2026
MX:HASI1 Upcoming Earnings
HASI's next earnings date is estimated for February 18, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:HASI1 Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. HASI reported substantial growth in earnings, recurring net investment income, managed assets, investment volume, fee income, and portfolio yields; maintained liquidity and leverage within targets; and reaffirmed its medium-term guidance. The main challenges were higher interest rates, a $21 million charge and capital-recovery risk related to an RNG asset, and the movement of approximately 1% of the portfolio into category three. These issues were acknowledged and addressed with remediation plans, while management continued to describe the broader pipeline, demand environment, and outlook as strong.
Company Guidance
HASI reaffirmed 2028 guidance for adjusted EPS in a range of $3.55-$3.65, adjusted ROE of at least 17%, and payout ratio, and expects 2026 adjusted EPS to be in line with its long-term adjusted EPS growth target of 10%; for 2026, new balance sheet or CCH1 transactions are guided to $2 billion-$3 billion, with the company expecting to be at the higher end of the range for the full year, while gain on sale is expected to be between $50 million and $60 million for the remainder of the year, minimal ATM share issuance is expected in 2026, the RNG plant is expected to come online in the first half of 2027 with a potential sale to be completed before the end of 2027, and CCH2 is likely to embark early next year.
- Strong Third-Quarter and Year-to-Date EarningsAdjusted earnings per share was $0.82 in the third quarter, while year-to-date adjusted EPS grew 15% versus 2025. For the first nine months, adjusted EPS reached $2.34 and adjusted earnings increased 21% to $309 million.
- Improved Return on EquityYear-to-date adjusted return on equity increased from 13.4% to 15.6%, reflecting transaction closings, maintained investment margins, higher asset management fees, and equity capital efficiency.
- Recurring Net Investment Income and Managed Assets GrowthAdjusted recurring net investment income grew 23% year over year to $330 million through the first three quarters of 2026. Managed assets increased 26% year over year to $19 billion, nearly doubling since 2022.
- 2028 Guidance ReaffirmedHASI reaffirmed its 2028 guidance for adjusted EPS of $3.55-$3.65 and adjusted ROE of at least 17%. Management also said it has not changed its business outlook as a result of the election outcome.
- Robust Investment Activity and Attractive YieldsThe company closed more than $1 billion of transactions in the third quarter and $2.8 billion during the first nine months, including $2.5 billion to be held on the balance sheet or at CCH1. Year-to-date weighted average yields for balance sheet investments were greater than 11%, and new investments averaged greater than 11%.
- Portfolio Yield and Funding ResiliencePortfolio yield increased by more than 70 basis points during the year. Interest expense was up only modestly in 2026, short-term funding costs declined year over year, and more than 90% of debt was fixed-rate or hedged on average over the last two years, while only around 5% of the investment portfolio was in floating-rate receivables.
- Renewables Demand Remains StrongManagement stated that renewables remain the least expensive and fastest-to-market source of power, that it is not seeing reduced client activity related to renewable development, and that higher PPA prices reflect continued strong demand.
- Large Invenergy Portfolio InvestmentHASI closed a common-equity investment in 10 utility-scale solar-plus-storage and wind projects totaling 2.7 GW across seven states. The transaction significantly expanded a partnership with Invenergy that began more than 10 years ago, and management said the expected IRR is consistent with recent grid-connected investments.
- Large and Diversified Investment PipelineAfter closing more than $1 billion of new transactions, HASI replenished its pipeline to more than $6.5 billion at quarter end. The pipeline is diversified across the company’s three largest end markets and more than 10 asset classes, with opportunities in renewable energy, water infrastructure, sustainable agriculture, carbon removal, residential and community solar and storage, and renewable natural gas.
- SunStrong Management ProgressSunStrong Management services more than 5 GW of solar capacity, more than 160 EV charging systems, and approximately 450,000 solar customers. Revenue exceeded $100 million in 2025, grew significantly in 2026, and the company is now EBITDA positive. Based on an independent third-party valuation, HASI increased the book value of its SSM investment to $41 million and recognized a meaningful fair-value gain in the quarter.
- Gain on Sale and Fee Income OutlookGain on sale was $46 million through the first nine months, compared with $51 million in the same period last year, and management expects full-year gain on sale of $50 million to $60 million. Origination fees and other income increased almost four times from the same period last year to $27 million, driven by CCH1 origination fees and other one-time fees.
- Portfolio and CCH1 ExpansionThe portfolio grew 20% from the end of last year to more than $9 billion. Assets held at CCH1 increased more than 230% from the same time last year to nearly $4 billion, with half of those assets generating fees. CCH1 funding increased by approximately $1 billion during the quarter, including KKR funding, debt funding, and HASI equity commitment funding.
- CCH1 and 2026 Transaction Volume ProgressNew balance-sheet and CCH1 transactions were already at the midpoint of the $2 billion-$3 billion target, with management expecting to reach the higher end of the range for the full year. Management said the fourth-quarter pipeline remains good and that there was nothing indicating that fourth-quarter activity would be slow.
- Successful Capital Markets ActivityCCH1 priced a $400 million offering of 20-year fixed-rate amortizing notes due in 2046 at a 195-basis-point spread, consistent with the May issuance despite higher market spreads and volatility. A new secured term loan facility achieved a spread to SOFR that was 100 basis points lower than the facility it replaced.
- Liquidity and Leverage Remain Within TargetsHASI ended the quarter with $2 billion of liquidity and an adjusted leverage ratio of 1.8x debt to equity, within its 1.5x to 2.0x target. The company had another quarter with no ATM usage and continues to expect minimal ATM share issuance in 2026.
- Improved Credit Spreads and Commercial Paper CostsA previously issued 10-year note was trading 15-25 basis points lower in spread than at pricing. The commercial paper program experienced an 80-basis-point reduction in cost over the past year, and management cited a positive outlook recently announced by Moody’s.
- CCH2 Development ProgressManagement remains very confident that CCH2 will be established, likely early next year. HASI is discussing participation with additional parties, and the structure is expected to be broadly similar to CCH1. HASI’s ownership percentage could be lower than its 50% ownership in CCH1, which management described as a balance-sheet efficiency opportunity.
- Expansion Into Carbon Removal and Water InfrastructureHASI closed a transaction with Terradot involving carbon removal and enhanced rock weathering and said carbon removal is an area where it may become active over time. Management also described its wastewater treatment investment as attractive and said it is spending significant time evaluating additional opportunities in the water infrastructure market.
- Sustainability Recognition and Water SavingsHASI improved its S&P Corporate Sustainability Assessment, was named one of America’s Greenest Companies by Newsweek for the third consecutive year, and was recognized as a Low Carbon Leader by Morningstar Sustainalytics. Water savings increased by 900 million gallons year to date, driven in large part by the recent wastewater treatment infrastructure investment.
- 2026 Earnings Growth Target MaintainedManagement expects 2026 adjusted EPS to remain in line with its long-term adjusted EPS growth target of 10%, supported by growth in adjusted recurring net investment income.
MX:HASI1 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 18, 2027 | 2026 (Q4) | 14.29- | 12.55 | ― | ― |
| Nov 05, 2026 | 2026 (Q3) | 13.7615.36 | 14.98 | 2.50% (+0.37) | |
| Aug 06, 2026 | 2026 (Q2) | 13.6914.04 | 11.24 | 25.00% (+2.81) | |
| May 07, 2026 | 2026 (Q1) | 12.9014.42 | 11.99 | 20.31% (+2.43) | |
| Feb 12, 2026 | 2025 (Q4) | 12.3412.55 | 11.61 | 8.06% (+0.94) | |
| Nov 06, 2025 | 2025 (Q3) | 12.8814.98 | 9.74 | 53.85% (+5.24) | |
| Aug 07, 2025 | 2025 (Q2) | 11.7211.24 | 11.8 | -4.76% (-0.56) | |
| May 07, 2025 | 2025 (Q1) | 11.8411.99 | 12.73 | -5.88% (-0.75) | |
| Feb 13, 2025 | 2024 (Q4) | 10.9011.61 | 9.93 | 16.98% (+1.69) | |
| Nov 07, 2024 | 2024 (Q3) | 10.399.74 | 11.61 | -16.13% (-1.87) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
