HA Sustainable Infrastructure Capital (NYSE:HASI) Posts Earnings Results, Meets Expectations

HA Sustainable Infrastructure Capital (NYSE:HASI) announced its quarterly earnings data on Thursday. The real estate investment trust reported $0.67 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.67, FiscalAI reports. The company had revenue of $198.28 million during the quarter, compared to analysts’ expectations of $28.74 million. HA Sustainable Infrastructure Capital had a net margin of 46.08% and a return on equity of 12.15%. HA Sustainable Infrastructure Capital updated its FY 2028 guidance to 3.500-3.600 EPS.

Here are the key takeaways from HA Sustainable Infrastructure Capital’s conference call:

• HASI reported a record 2025, closing $4.3 billion in new transactions (up 87% YoY), growing its pipeline to over $6.5 billion, with yield on new investments above 10.5% and Adjusted EPS up 10.2% to $2.70.
• Management highlighted meaningful capital-efficiency gains—issuance of inaugural junior subordinated hybrid notes and an upsized CCH1 with KKR (equity commitments now $3 billion)—driving incremental ROE above 19% and higher profitability per share.
• The company provided three-year nominal guidance to 2028 of Adjusted EPS of $3.50–$3.60 and targets adjusted ROE >17% by 2028 while lowering the dividend payout ratio (below 50% by 2028 and 40% by 2030) to recycle capital into growth.
• Management cautioned about near-term predictability due to GAAP volatility from HLBV accounting, the lumpiness of gain-on-sale activity, and ongoing tax-equity/policy uncertainty (FIOC guidance), which can cause quarter-to-quarter swings despite strong underlying fundamentals.

HA Sustainable Infrastructure Capital Stock Performance

Shares of HASI opened at $39.64 on Friday. The company has a 50-day simple moving average of $33.85 and a two-hundred day simple moving average of $30.99. The company has a debt-to-equity ratio of 1.93, a current ratio of 11.03 and a quick ratio of 11.03. The firm has a market capitalization of $5.02 billion, a PE ratio of 29.15, a price-to-earnings-growth ratio of 1.24 and a beta of 1.45. HA Sustainable Infrastructure Capital has a one year low of $21.98 and a one year high of $39.80.

HA Sustainable Infrastructure Capital Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 17th. Shareholders of record on Thursday, April 2nd will be issued a $0.425 dividend. This represents a $1.70 annualized dividend and a yield of 4.3%. This is a boost from HA Sustainable Infrastructure Capital’s previous quarterly dividend of $0.42. The ex-dividend date is Thursday, April 2nd. HA Sustainable Infrastructure Capital’s dividend payout ratio (DPR) is 123.53%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Weiss Ratings reissued a “hold (c+)” rating on shares of HA Sustainable Infrastructure Capital in a research note on Monday, December 29th. UBS Group increased their price objective on HA Sustainable Infrastructure Capital from $39.00 to $40.00 and gave the company a “buy” rating in a research note on Monday, November 10th. Oppenheimer restated an “outperform” rating on shares of HA Sustainable Infrastructure Capital in a report on Tuesday, December 16th. Royal Bank Of Canada reiterated an “outperform” rating on shares of HA Sustainable Infrastructure Capital in a report on Wednesday, December 17th. Finally, Wells Fargo & Company increased their price target on shares of HA Sustainable Infrastructure Capital from $33.00 to $37.00 and gave the company an “overweight” rating in a research report on Friday, December 19th. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, HA Sustainable Infrastructure Capital has a consensus rating of “Moderate Buy” and a consensus price target of $40.00.

Key HA Sustainable Infrastructure Capital News

Here are the key news stories impacting HA Sustainable Infrastructure Capital this week:

• Positive Sentiment: Reported record new investments of $4.3B in 2025, up 87% year-over-year, with new-portfolio yields above 10.5% and adjusted EPS/ROE improvements cited by management — a clear driver of investor optimism. Business Wire: Q4 & FY2025 Results
• Positive Sentiment: Company raised FY2028 EPS guidance to $3.50–$3.60, above the consensus (~$3.18), which suggests stronger future earnings and likely helped lift the stock. Seeking Alpha: Q4 Results & Presentation
• Positive Sentiment: Board approved a small increase in the quarterly dividend to $0.425 (annualized yield ~4.3%), a sign of distribution stability that is supportive for REIT investor demand.
• Neutral Sentiment: Reported revenue of ~$114.8M (well above one cited analyst figure) and provided slide deck/transcript access for the earnings call — helpful for analysts but a mixed read until guidance and portfolio performance are modeled. Slide Deck / Press Release
• Negative Sentiment: Reported GAAP EPS of $0.63 for the quarter, missing consensus by ~$0.04 — a modest miss that may temper some investor enthusiasm despite strong underlying metrics. MarketBeat: Earnings Summary & Call

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Smartleaf Asset Management LLC raised its holdings in HA Sustainable Infrastructure Capital by 14.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,653 shares of the real estate investment trust’s stock worth $85,000 after purchasing an additional 336 shares in the last quarter. Stifel Financial Corp grew its position in shares of HA Sustainable Infrastructure Capital by 0.9% in the 4th quarter. Stifel Financial Corp now owns 55,133 shares of the real estate investment trust’s stock worth $1,733,000 after buying an additional 485 shares during the period. California State Teachers Retirement System grew its position in shares of HA Sustainable Infrastructure Capital by 0.6% in the 2nd quarter. California State Teachers Retirement System now owns 108,266 shares of the real estate investment trust’s stock worth $2,908,000 after buying an additional 687 shares during the period. iSAM Funds UK Ltd bought a new position in shares of HA Sustainable Infrastructure Capital in the 3rd quarter worth about $27,000. Finally, Triumph Capital Management purchased a new position in HA Sustainable Infrastructure Capital during the 4th quarter valued at about $29,000. Hedge funds and other institutional investors own 96.14% of the company’s stock.

About HA Sustainable Infrastructure Capital

Hannon Armstrong Sustainable Infrastructure Capital, Inc (NYSE: HASI) is a publicly traded real estate investment trust specializing in financing and investing in climate change solutions. Founded in 1988 and headquartered in Annapolis, Maryland, the company provides debt and equity capital to sustainable infrastructure projects across North America. Its mission is to support energy efficiency, renewable energy generation and resilient infrastructure, helping public and private sector clients reduce carbon emissions and achieve long-term environmental goals.

Hannon Armstrong’s core business activities include originating and structuring loans, acquiring debt and equity interests, and managing a diversified portfolio of projects in sectors such as solar energy, wind power, energy storage, green buildings, and sustainable agriculture.