XPLR Infrastructure sees 2025 adjusted EBITDA flat year-over-year

XPLR Infrastructure (NEP) expects to complete its 1.6-GW repowering program by mid-2026. For 2025, assuming normal weather and operating conditions among other caveats, XPLR Infrastructure expects adjusted EBITDA to be roughly flat year-over-year, although results may be impacted by the timing of the expected sale of the Meade pipeline investment that is currently expected in Q4 2025. For 2026, XPLR Infrastructure expects the portfolio to deliver adjusted EBITDA of $1.75B-$1.95B. The decline in adjusted EBITDA of approximately $105M is due to the expected sale of the Meade pipeline investment in Q4 2025. With the repositioning, XPLR Infrastructure is changing its cash flow expectations metric to free cash flow before growth. Cash available for distribution is no longer meaningful for an entity suspending its distribution indefinitely. Given that 2025 is a transition year which will have partial impacts of approximately $945M for convertible equity portfolio financing buyouts, the potential Meade pipeline investment sale and other holdco financings, XPLR Infrastructure believes 2026 represents an appropriate baseline for its free cash flow before growth metric.