HA Sustainable Infrastructure Capital (NYSE:HASI) Issues Earnings Results

HA Sustainable Infrastructure Capital (NYSE:HASI) issued its quarterly earnings results on Thursday. The real estate investment trust reported $0.67 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.67, FiscalAI reports. The firm had revenue of $198.28 million for the quarter, compared to the consensus estimate of $28.74 million. HA Sustainable Infrastructure Capital had a net margin of 79.69% and a return on equity of 11.97%. 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 NYSE:HASI traded up $3.81 during midday trading on Friday, reaching $39.64. 4,046,747 shares of the company traded hands, compared to its average volume of 1,044,085. The firm’s fifty day moving average price is $33.73 and its two-hundred day moving average price is $30.91. The firm has a market capitalization of $5.02 billion, a price-to-earnings ratio of 17.01, a price-to-earnings-growth ratio of 1.29 and a beta of 1.45. The company has a quick ratio of 11.03, a current ratio of 11.03 and a debt-to-equity ratio of 1.93. HA Sustainable Infrastructure Capital has a 12 month low of $21.98 and a 12 month high of $39.80.

HA Sustainable Infrastructure Capital Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 17th. Shareholders of record on Thursday, April 2nd will be given a dividend of $0.425 per share. This is an increase from HA Sustainable Infrastructure Capital’s previous quarterly dividend of $0.42. This represents a $1.70 annualized dividend and a dividend yield of 4.3%. The ex-dividend date is Thursday, April 2nd. HA Sustainable Infrastructure Capital’s dividend payout ratio (DPR) is currently 72.10%.

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

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Wells Fargo & Company lifted their price objective on shares of HA Sustainable Infrastructure Capital from $33.00 to $37.00 and gave the company an “overweight” rating in a report on Friday, December 19th. Weiss Ratings reissued a “hold (c+)” rating on shares of HA Sustainable Infrastructure Capital in a research note on Monday, December 29th. UBS Group lifted their target price on HA Sustainable Infrastructure Capital from $39.00 to $40.00 and gave the company a “buy” rating in a research report on Monday, November 10th. Morgan Stanley raised their price objective on HA Sustainable Infrastructure Capital from $44.00 to $47.00 and gave the company an “overweight” rating in a research note on Tuesday, December 2nd. Finally, Oppenheimer reiterated an “outperform” rating on shares of HA Sustainable Infrastructure Capital in a research note on Tuesday, December 16th. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $40.00.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in HASI. iSAM Funds UK Ltd bought a new stake in HA Sustainable Infrastructure Capital in the 3rd quarter worth approximately $27,000. Triumph Capital Management bought a new position in shares of HA Sustainable Infrastructure Capital during the fourth quarter worth $29,000. Northwestern Mutual Wealth Management Co. raised its position in HA Sustainable Infrastructure Capital by 101.8% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,937 shares of the real estate investment trust’s stock valued at $61,000 after purchasing an additional 977 shares during the period. Quadrant Capital Group LLC purchased a new stake in shares of HA Sustainable Infrastructure Capital during the third quarter valued at $72,000. Finally, Smartleaf Asset Management LLC increased its position in HA Sustainable Infrastructure Capital by 14.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,653 shares of the real estate investment trust’s stock valued at $85,000 after purchasing an additional 336 shares during the period. 96.14% of the stock is owned by hedge funds and other institutional investors.

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.