Slides
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February 24, 2026 Solaris Energy Infrastructure, Inc. Q4 and Full Year 2025 Earnings Supplement
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Solaris Energy Infrastructure solaris-energy.com 2solaris-energy.com Solaris Energy Infrastructure Recent Updates and Q4 2025 Highlights Establishing Long-term Partnership with a New Key Customer New commercial contract for >500 MW for a minimum term of 10 years (plus a 5-year option) to support data center compute needs beginning in January 2027 Strong Q4 2025 Results Reported Q4 2025 performance with Adjusted EBITDA(1) of approximately $69 million New Guidance Raised Q1 2026 guidance for Adjusted EBITDA(2) slightly to $72-77 million from $70-75 million previously; Established Q2 2026 Adjusted EBITDA(2) guidance of $76-84 million Strengthened Balance Sheet Completed a $748 million 0.25% Convertible Bond issuance and used proceeds to retire obligations under its Term Loan B, which frees up secured borrowing capacity, and fully funds current planned capital expenditures through 2028 1) Non-GAAP financial metric. Please see Appendix for reconciliation to the nearest GAAP metric. 2) Non-GAAP financial metric. Due to the forward-looking nature, we cannot provide a reconciliation to the nearest GAAP metric without unreasonable effort.
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Solaris Energy Infrastructure solaris-energy.com Year-over-Year Consolidated Financial Results Summary Q4 2025 Total Revenue Dollars in millions Q4 2025 Total Adjusted EBITDA (1) Dollars in millions 1) Non-GAAP financial metric. Please see the Appendix for a reconciliation to the nearest GAAP metric. 3 $96 $180 4Q24 4Q25 $37 $69 4Q24 4Q25 $0.12 $0.35 4Q24 4Q25 $313 $622 FY24 FY25 $103 $244 FY24 FY25 $0.50 $1.25 FY24 FY25 FY 2025 Total Adjusted EBITDA (1) Dollars in millions Q4 2025 Pro Forma Adjusted Earnings per Share (1) FY 2025 Total Revenue Dollars in millions FY 2025 Pro Forma Adjusted Earnings per Share (1)
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Solaris Energy Infrastructure solaris-energy.com Year-over-Year Financial Results by Segment Q4 2025 Segment Results Highlights Solaris Power Solutions • 125% year-over-year Adjusted EBITDA(1) growth in Q4 2025 • Power contributed nearly 60% of revenue and 70% of segment-level EBITDA(1) in Fourth Quarter 2025 • Power is expected to be the dominant segment on a revenue and earnings basis going forward as equipment and services are deployed to service 2 long- term data center contracts. Solaris Logistics Solutions • Logistics results for Revenue and Adjusted EBITDA(1) improved over 20% in Q4 2025 year over year. $34 $104$62 $76 4Q24 4Q25 Solaris Power Solutions Solaris Logistics Solutions 1) Non-GAAP financial metric. Please see the Appendix for a reconciliation to the nearest GAAP metric. $39 $334$274 $289 FY24 FY25 Solaris Power Solutions Solaris Logistics Solutions $24 $53$19 $23 4Q24 4Q25 Solaris Power Solutions Solaris Logistics Solutions $27 $189$98 $89 FY24 FY25 Solaris Power Solutions Solaris Logistics Solutions 54% Segment Revenue % Contribution from Power: 58% % Contribution from Power: 54% % Contribution from Power: 70% % Contribution from Power: 68% Segment Adjusted EBITDA (1) 4
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Solaris Energy Infrastructure solaris-energy.com Solaris Power Solutions: New Strategic Long-Term Customer 500+ MW Multi-Year Partnership with Global Technology Leader On February 12, 2026, SEI entered this new long-term contract to provide power to support our customer data center compute needs. Blue-Chip Partner Investment-grade, global technology company and industry leader in AI Initial Scale >500 MW generation to support massive power demand for Al computing Scope Expansion PPA additional scope could include balance of plant, batteries, facilities, O&M, engineering, and site preparation Long-term Tenor 10 year minimum with option to extend 5 years. Start date: January 1, 2027 Path to Turnkey PPA Framework established to convert rental into a long-term Power Purchase Agreement (PPA) (1) Other Growth Catalysts Other power needs for the customer or even potential upsizing of the project Strategic EvolutionTier-1 Partnership 1H 2024 2H 2024 2025 Current Avg. Tenor Current Leading Edge Evolution of Solaris’ Average Power Contract Tenor <1 year 2 to 4 years 5 to 6 years 7 to 8 years 10 to 15 years ▪ Critical "Behind-the-Meter" Infrastructure: Provides immediate power solutions independent of grid availability or interconnection ▪ Durable Cash Flow Visibility: Contract tenor and credit protections provide long-term revenue stability while supporting expansion ▪ High-Touch Operational Edge: Skilled in managing complex, variable Al loads and multiple voltage requirements through integrated power offering Solaris Value Added 5 1) Solaris will not take fuel risk under the agreement.
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Solaris Energy Infrastructure solaris-energy.com Current Post Q4 Debt Pro Forma Adjusted Debt (2.2+ GW) Q4 2025 Pro Forma Adjusted EBITDA (1.8 GW, … Q4 2025 (Annualized) Pro Forma Adjusted EBITDA (1.8 GW, … 6 Illustrative Pro Forma Adjusted EBITDA (1) and Balance Sheet at Full Fleet Deployment $275 Net SEI $700-750 Consolidated SEI Q4 2025 Adjusted EBITDA (1) Annualized Run Rate Pro Forma Adjusted EBITDA (2) at 2,200 MW Operated Non-Controlling Interest Related to 49.9% of ~900 MW JV Owned by Customer $575-625 Net SEI Non-Owned JV Interest Q4 2025 Average MW Earning Revenue Pro Forma Fleet 780 MW Net SEI 2,200 MW Consolidated SEI Non-Owned JV Interest 1,750 MW Net SEI $1,089 Consolidated Debt (3) Pro Forma Potential Debt Balance to Fund 2,200 MW Fleet $1,153 Net SEI $996 Net SEI $250 Partner Portion of JV Debt 1) Non-GAAP financial metric. Please see the Appendix for a reconciliation to the nearest GAAP metric. Reflects Q3 2025 Adjusted EBITDA of $68 million multiplied by four. 2) Non-GAAP financial metric. Due to the forward-looking nature, we cannot provide a reconciliation to the nearest GAAP metric without unreasonable effort. 3) Reflects gross debt before debt issuance costs or discounts ($186 million current Stateline JV debt balance + $748 million Convertible Notes due 2031 + $155 million Convertible Notes due 2030). 4) Assumes $500 million of gross Stateline JV debt + $748 million Convertible Notes due 2031 + $155 million Convertible Notes due 2030. Q4 2025 Debt Balance 6 $93 Partner Portion Pro Forma Expected Fleet (MW) Pro Forma Potential Adjusted EBITDA ($ millions) Pro Forma Potential Gross Debt ($ millions) $1,403 Consolidated Debt (3)(4)
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Solaris Energy Infrastructure solaris-energy.com $135 $115 $160 $125 $45 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Non-JV Power Growth Power Maintenance Logistics Current Capital Plan: Growth to 2,200 MW Operated Fleet by Early 2028 Expected Remaining Consolidated Capex ($ millions) $327 $445 $210 $150 2025 2026 2027 2028 Consolidated Capex (1) $255 $285 $265 $150 $70 $647 $770 (-) Total JV Capex (2) ($120) ($170) ($105) ($25) ($25) ($320) ($325) $230 ($20) Actual Q4 2025 Forecast Q1 2026 Q2 2026 Q3 2026 Q4 2026 2025 2026 2027 = Solaris Funded Capex 7 Note: Totals may not foot due to rounding. 1) Consolidated Capex includes the 49.9% of Stateline JV’s capital needs expected to be funded by the JV partner. 2) JV Capex expected to be funded by debt financing facility of up to $550 million based on 80% loan-to-value of the total Stateline JV capital expenditures. Remaining capex spend reflects standalone SEI needs as JV has its own third-party financing 7 $150 2028 -
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Solaris Energy Infrastructure solaris-energy.com ($ and shares in millions) Q4 2025 Actual Q1 2026 Guidance (Increased) Q2 2026 Guidance (Introduced) Power Solutions Adjusted EBITDA $53 $63-67 Logistics Solutions Adjusted EBITDA $23 $22-24 Corporate and Other Expense ($7) ($13-14) ($10-11) Total Adjusted EBITDA $69 (1) $72-77 (2) $76-84 (2) Adjusted EBITDA attributable to Solaris $71 (1) Selected Non-operational Guidance: Net Interest Expense $1 $4-7 (3) $5-8 (3) Depreciation & Amortization Expense $23 $26-29 $32-35 Weighted Average Total Shares Outstanding (Class A + Class B + Restricted Stock + 2030 Convert + 2031 Convert) 88 88 88 Effective Tax Rate on Pro Forma Pre-tax Income (%) 25% 26% 26% 8 Financial Guidance: Q1 and Q2 2026 Note: Totals may not foot due to rounding. 1) Non-GAAP financial metric. Please see the Appendix for a reconciliation to the nearest GAAP metric. 2) Non-GAAP financial metric. Due to the forward-looking nature, we cannot provide a reconciliation to the nearest GAAP metric without unreasonable effort. 3) Excludes estimated capitalized interest. 8
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Solaris Energy Infrastructure solaris-energy.com ($ in millions) Annual Interest Rate Notional Balance at 12/31/25 Pro Forma Potential w/Fully Deployed JV Capacity Convertible Notes due 2030 ($26.39 conversion price) 4.75% $155 $155 Convertible Notes due 2031 ($57.20 conversion price with capped call up to $88.00 per share) 0.25% $748 $748 Stateline JV Term Loan Floating to Fixed (~10%) $186 ~$500 Total Consolidated Debt $1,089 ~$1,403 Less: Non-controlling Interest in Stateline JV Term Loan ($93) ~($250) Net to SEI Debt (Convertible Notes considered as Debt) $996 ~$1,153 Net to SEI Debt (Convertible Notes considered as Shares) $93 ~$250 Cash Balance as of 12/31/25, Excluding Cash Attributable to Non-Controlling Interest $339 9 Debt Capitalization Summary: Current and Fully Deployed JV Capacity 9
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Solaris Energy Infrastructure solaris-energy.com 10 Capitalization Options for Valuation Purposes ($ and shares in millions) Option 1: Treat Convertible Notes as Debt Option 2: Treat Convertible Notes as Shares Debt Convertible Notes due 2030 ($26.39 conversion price) $155 - Convertible Notes due 2031 ($57.20 conversion price with capped call up to $88.00 per share) $748 - Stateline JV Term Loan (Fully Deployed) ~$500 ~$500 Total Consolidated Debt ~$1,403 ~$500 Less: Non-controlling Interest in Stateline JV Term Loan ~($250) ~($250) Net to SEI Debt ~$1,153 ~$250 Shares Outstanding Shares Outstanding (A + B + Restricted Stock) 69 69 Convertible Notes due 2030 ($155 million / $26.39 conversion price) - 6 Convertible Notes due 2031 ($748 million / $57.20 conversion price) - 13 Less: Potential Offset from Capped Call (($88.00 - $57.20) / share price) - (Up to 4.5) Total Potential Dilutive Shares Outstanding 69 ~84 Total Potential Dilutive Shares for Earnings Per Share Calculation (1) 88 88 Note: Debt amounts shown gross and do not match the balance sheet presentation which is shown net of discounts and fees. 1) Fully diluted, pro forma share count for Earnings Per Share calculation will likely count all potential dilution from the convertible notes outstanding and will ignore the economic benefit of the capped call. 10
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Solaris Energy Infrastructure solaris-energy.com Solaris Energy Infrastructure solaris-energy.com Appendix 11
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Solaris Energy Infrastructure solaris-energy.com EBITDA and Adjusted EBITDA Reconciliation 1) United States federal and state income taxes. 2) Represents stock-based compensation expense related to restricted stock awards and performance-based restricted stock units. 3) Represents transaction costs incurred to establish Stateline and acquisition costs to affect the acquisitions of Mobile Energy Rentals LLC and HVMVLV, LLC. 4) Represents gain recognized on the sale of a 300-acre transload facility located in Kingfisher, Oklahoma and termination of associated lease. All assets had zero net carrying value at the time of sale. 5) Represents reversal of a portion of previously recognized property tax contingency following a settlement agreement with Brown County Appraisal District. 6) Represents reversal of previously recognized accrued property tax expenses following a settlement agreement with Brown County Appraisal District, included in cost of services in the condensed consolidated statements of operations. 7) Loss in 2025 relates to prepayment penalty and unamortized debt issuance costs of the Term Loan, which was extinguished in the fourth quarter of 2025 following the issuance of convertible notes. Loss in 2024 primarily consists of the write-off of the unamortized portion of debt financing costs associated with securing a bridge financing facility, which had not been utilized and was subsequently extinguished upon obtaining alternative financing for the MER Acquisition. 8) Impairment recorded on certain fixed assets classified as assets held for sale during the twelve months ended December 31, 2023. 9) Change in liability due to state tax rate change. 10) Other primarily consists of credit losses, the net effect of loss/gain on disposal of assets and lease terminations, and inventory write-offs. 11) Represents the 49.9% non-controlling interest share of Stateline’s Adjusted EBITDA loss attributable to our partner in the Stateline JV. 12 Three months ended, Twelve months ended December 31, ($ in 000s) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 2025 2024 2023 Net income ($3,509) $24,814 $24,129 $12,968 $58,402 $28,918 $38,775 Depreciation and amortization 23,489 22,355 18,377 20,064 84,285 47,218 36,185 Interest expense, net 1,164 9,038 5,482 5,171 20,855 11,808 3,307 Provision for income taxes (1) 743 4,061 5,958 3,916 14,678 8,005 7,820 EBITDA $21,887 $60,268 $53,946 $42,119 $178,220 $95,949 $86,087 Stock-based compensation expense (2) 5,896 5,278 5,207 3,277 19,658 10,592 7,732 Transaction and Acquistion-related costs (3) 45 278 1,323 534 2,180 4,358 - Gain on sale of Kingfisher facility (4) - - - - - (7,461) - Property tax contingency (5) - - - - - (2,483) - Accrued property tax (6) - - - - - (1,794) - Loss on extinguishment of debt (7) 41,451 - - - 41,451 4,085 - Impairment on fixed assets (8) - - - - - - 1,423 Change in payables related to Tax Receivable Agreement (9) (663) 3,024 - - 2,361 (1,598) - Other (10) 149 (887) 131 951 344 1,454 1,451 Adjusted EBITDA $68,765 $67,961 $60,607 $46,881 $244,214 $103,102 $96,693 Adjusted EBITDA attributable to Stateline non-controlling interest (11) 2,513 2,439 1,630 - 6,584 - - Adjusted EBITDA attributable to Solaris $71,278 $70,400 $62,237 $46,881 $250,798 $103,102 $96,693
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Solaris Energy Infrastructure solaris-energy.com Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Examples of forward-looking statements include, but are not limited to, our business strategy, our industry, our future profitability, changes in tariffs, trade barriers, price and exchange controls and other regulatory requirements, and the impact of such policies on us, our customers and the global economic environment, the success of Stateline and associated transactions and its impact on the financial condition and results of operations of our Solaris Power Solutions segment, the anticipated growth of our power fleet and sources of financing thereafter, the volatility in global oil markets, expected capital expenditures and the impact of such expenditures on performance, management changes, current and potential future long-term contracts, our future business and financial performance and our results of operations, and the other risks discussed in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the U.S. Securities Exchange Commission (the “SEC”) on March 5, 2025, Part II, Item 1A. “Risk Factors” in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025 filed with the SEC on May 7, 2025, June 30, 2025 filed with the SEC on August 1, 2025 and September 30, 2025 filed with the SEC on November 6, 2025 and Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 to be filed with the SEC subsequent to the issuance of this communication. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statements include, but are not limited to the factors discussed or referenced in our filings made from time to time with the SEC. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. About Non-GAAP Measures In addition to financial results determined in accordance with generally accepted accounting principles in the United States (“GAAP”), this presentation presents non-GAAP financial measures. Management believes that Adjusted EBITDA provides useful information to investors regarding our financial condition and results of operations because it helps facilitate analysis of operating performance. In particular, we view Adjusted EBITDA as an important indicator of performance. We define EBITDA as net income, plus (i) depreciation and amortization expense, (ii) interest expense and (iii) income tax expense. We define Adjusted EBITDA as EBITDA plus (i) stock-based compensation expense and (ii) certain non-cash items and extraordinary, unusual or non-recurring gains, losses or expenses. Adjusted EBITDA attributable to Solaris excludes the 49.9% non-controlling interest share of Stateline JV's Adjusted EBITDA attributable to our partner in the Stateline JV. Although management believes the aforementioned non-GAAP financial measures are good tools for internal use and the investment community in evaluating our overall financial performance, the foregoing non-GAAP financial measures should not be considered as a substitute for or superior to other measures of financial performance prepared in accordance with GAAP. However, no reconciliations of these non-GAAP measure to their most directly comparable GAAP measures are available without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various reconciling items that would impact the most directly comparable forward-looking GAAP financial measures, that have not yet occurred, are out of our control and/or cannot be reasonably predicted given we have not completed any reporting processes for the periods presented. 13
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Solaris Energy Infrastructure solaris-energy.com solaris-energy.comSolaris Energy Infrastructure 9651 Katy Freeway, Suite 300 Houston, Texas 77024 Follow us on LinkedIn Follow us on LinkedIn 14