Executive Summary

Q1 2025 delivered mixed results: operating revenues rose to $0.282B and cash operating expenses declined sequentially, but GAAP EPS of $(1.05) was driven by a non‑cash $253M goodwill impairment; adjusted EBITDA was $0.471B (+~2% YoY) and FCFBG was $0.194B (flat YoY) .
The company executed a key financing milestone, pricing $1.75B of senior unsecured notes (8.375% due 2031; 8.625% due 2033) to fund repowerings, repay/retire debt, and support buyouts of certain noncontrolling interests .
Management reaffirmed 2025 adjusted EBITDA guidance of $1.85B–$2.05B and 2026 guidance of $1.75B–$1.95B; no 2025 FCFBG guidance given due to transition-year factors, with 2026 FCFBG maintained at $0.6B–$0.7B .
Estimate context: Q1 revenue missed consensus ($0.282B vs $0.307B estimate*), and EPS was far below consensus ($-1.05 vs $0.25 estimate*), largely due to the impairment; expect near‑term estimate revisions and focus on non‑GAAP cash metrics (Adjusted EBITDA/FCFBG) moving the stock . Values retrieved from S&P Global*.

What Went Well and What Went Wrong

What Went Well

Adjusted EBITDA grew ~2% YoY to $0.471B, driven by higher net generation; FCFBG held at $0.194B (flat YoY) despite timing impacts on debt service .
Balance sheet/liquidity actions: priced $1.75B senior notes to fund repowerings, repay 2025 converts/revolver, and buy out certain noncontrolling interests; net proceeds estimated at ~$1.724B .
CEO tone constructive on repositioning: “We remain focused on strengthening our balance sheet… With the buyout of the third‑party ownership interests in our approximately 1.1‑GW XPLR Renewables II portfolio and our repowering investments, we are delivering on our plan to allocate capital for the benefit of unitholders.” .

What Went Wrong

GAAP loss due to non‑cash goodwill impairment: $253M impairment resulted in net loss attributable of $98M and EPS of $(1.05), overshadowing operating improvements .
Revenue and EPS missed consensus*, with revenue at $0.282B below the $0.307B estimate* and EPS at $(1.05) far below the $0.25 estimate*; the absence of interest income post Texas pipeline sale contributed to the variance . Values retrieved from S&P Global*.
Interest expense jumped to $159M (vs $13M YoY), reflecting higher holdco/project debt service that weighed on GAAP profitability and cash flows timing .

Financial Results

Metric	Q1 2024	Q4 2024	Q1 2025
Operating Revenues ($USD Billions)	$0.257	—	$0.282
Operating Loss ($USD Billions)	$(0.021)	—	$(0.233)
Net Income (Loss) Attributable ($USD Billions)	$0.070	$(0.101)	$(0.098)
Diluted EPS ($USD)	$0.75	—	$(1.05)
Adjusted EBITDA ($USD Billions)	$0.462	$0.483	$0.471
Free Cash Flow Before Growth (FCFBG) ($USD Billions)	$0.195	—	$0.194

Notes:

YoY: Adjusted EBITDA +$0.009B and FCFBG roughly flat; operating revenues +$0.025B .
Sequential: Adjusted EBITDA down vs Q4’s $0.483B; GAAP EPS turned negative due to goodwill impairment .

KPIs and Drivers (Q1 2025 vs Q1 2024 presentation detail):

KPI	Q1 2024	Q1 2025	Driver Commentary
Adjusted EBITDA ($USD Billions)	$0.462	$0.471	Existing projects +$0.020B; Other −$0.012B (absence of interest income post Texas pipeline sale)
FCFBG ($USD Billions)	$0.195	$0.194	Existing projects +$0.027B; Other −$0.028B (semi‑annual interest timing; no payment in Q1’24 vs payment in Q1’25)
Net Income Margin (%)	27.2%*	—	−34.8%*
Values retrieved from S&P Global*.

Estimate Comparison (Q1 2025):

Metric	Consensus Estimate	Actual	Beat/Miss
Revenue ($USD Billions)	$0.307*	$0.282	Miss*
Primary EPS ($USD)	$0.25*	$(1.05)	Miss*
Values retrieved from S&P Global*.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Adjusted EBITDA ($USD Billions)	CY 2025	$1.85–$2.05	$1.85–$2.05	Maintained
Adjusted EBITDA ($USD Billions)	CY 2026	$1.75–$1.95	$1.75–$1.95	Maintained
FCFBG ($USD Billions)	CY 2026	$0.60–$0.70	$0.60–$0.70	Maintained
FCFBG ($USD Billions)	CY 2025	Not provided (transition year)	Not provided (transition year)	Maintained

Rationale: 2026 decline vs 2025 reflects removal of Meade pipeline contribution post expected sale; 2025 is a transition year with ~$0.93B of partial impacts from CEPF buyouts, potential Meade sale, and other financings .

Earnings Call Themes & Trends

Note: No Q1 2025 earnings call transcript was available via our document tools or IR site; themes below reflect prepared remarks and company materials.

Topic	Previous Mentions (Q4 2024)	Current Period (Q1 2025)	Trend
Capital structure & financing	Strategic repositioning; suspend distributions; fund CEPF buyouts from cash; target no equity issuance	Priced $1.75B senior notes to refinance/repower and address buyouts	Executing plan
Repowering execution	Announced program and 2025–2026 opportunity set	“On track” for previously announced repowering program; drivers support EBITDA/FCFBG	On track; progressing
Meade pipeline investment	Evaluated for potential sale; timing dependent	Still evaluating in Q1; proceeds expected to repay project debt and CEPF; removal from 2026 guidance	Advancing toward monetization
Tax credits & non‑GAAP metrics	Emphasis on Adjusted EBITDA/FCFBG and tax credit monetization	Continued centrality of tax credits in reconciliations; FCFBG stability YoY	Stable focus
Distribution policy	Suspension announced to support plan	Not revisited in Q1 materials; focus on balance sheet flexibility	Unchanged

Management Commentary

CEO perspective: “We remain focused on strengthening our balance sheet and investing in our existing high‑quality assets… We continue to believe that the plan we laid out earlier this year will help XPLR Infrastructure enhance financial flexibility and the long‑term value of our portfolio.” — Alan Liu, Chief Executive Officer .
Strategy reiterated: Allocation of capital to buy out third‑party ownership interests (approx. 1.1 GW Renewables II) and repowerings to drive cash generation and portfolio value; reaffirmation of 2025–2026 EBITDA outlook despite transition-year impacts .

Q&A Highlights

An earnings call transcript for Q1 2025 was not found in our document system or on the IR site; no Q&A highlights available. Prepared remarks and the investor presentation underpin the narrative here .

Estimates Context

Revenue: Actual $0.282B vs consensus $0.307B* → Miss* . Values retrieved from S&P Global*.
EPS: Actual $(1.05) vs consensus $0.25* → Miss*, driven primarily by a non‑cash $253M goodwill impairment . Values retrieved from S&P Global*.
Implication: Expect analysts to lower near‑term GAAP EPS while maintaining/reassessing Adjusted EBITDA/FCFBG trajectories given reaffirmed guidance and financing progress .

Key Takeaways for Investors

Transition-year optics: GAAP EPS volatility from non‑cash impairment masks improving operating revenue and stable FCFBG; focus on Adjusted EBITDA/FCFBG and repowering execution to gauge fundamental momentum .
Financing de‑risking: $1.75B senior notes pricing is a material step to address 2025 converts/revolver and fund project investments; watch debt service timing effects on FCFBG .
Guidance intact: Reaffirmed 2025–2026 Adjusted EBITDA ranges despite portfolio reshaping; the 2026 step-down reflects anticipated Meade sale removal, not core renewables weakness .
Near‑term catalysts: Execution on repowering milestones, CEPF buyouts, and clarity/timing on Meade sale should drive sentiment; Q2 disclosure already shows additional progress (definitive Meade sale agreement, 740 MW repowered) .
Estimate revisions likely: Given the Q1 EPS miss on impairment, expect shifts toward cash‑flow‑centric frameworks; monitor consensus on Adjusted EBITDA and FCFBG rather than GAAP EPS .
Focus areas: Wind resource variability, pricing tailwinds, interest expense trajectory, and tax credit monetization will be key drivers of quarterly Adjusted EBITDA/FCFBG .
Strategic narrative: Repositioning away from acquisition/distribution toward retained‑cash reinvestment and balance‑sheet strength remains central; distribution suspension continues to support the capital plan .

Additional Relevant Q1 2025 Press Releases:

Offering announcement: $1.4B aggregate principal amount of senior unsecured notes (2031/2033 tranches) .
Final pricing: $1.75B senior unsecured notes at 8.375% (2031) and 8.625% (2033); net proceeds ~$1.724B; use of proceeds includes repowerings, debt repayment, and buyouts .

S&P Global disclaimer: Consensus estimates and margin values marked with an asterisk (*) are values retrieved from S&P Global.

XPLR Infrastructure, LP (XIFR)·Q1 2025 Earnings Summary