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Solaris Energy Infrastructure , Inc. Q2 2026 Earnings Supplement August 5 , 2026 171 SEI LISTED NYSE
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solaris-energy.com Solaris Energy Infrastructure Recent Updates 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. Invested in and Collaborating with Deployable Energy, a Small Modular Reactor Developer - Equity investment provides early exposure to next-generation nuclear and a path to commercialization alongside our generation fleet Acquired Global Energy Services Alliance, a Full-Cycle Power Generation Services Provider - Brings additionally installation, commissioning, repair, maintenance and aftermarket services in-house across a broad range of generation technology 2 Expanded Three Long-Term Contracts, Adding >$100 Million of Incremental Annual Adjusted EBITDA - Hatchbo contract expanded to full operating agreement with enhanced scope and extended potential tenor to up to 18 years (10 base + 8 option) from up to 15 years (10 base + 5 option) - Expansions of scope, size and tenor on two other contracts Raised 2026 Adjusted EBITDA Guidance - Q3 raised to $90-105 million from $80-95 million - Q4 established at $100-120 million Q2 Consolidated Adjusted EBITDA of $108 Million, Up 30% Sequentially Strengthened Balance Sheet to Support Growth - Inaugural $1.3 billion senior unsecured notes offering - Credit ratings assigned by S&P (BB-), Moody’s (Ba3) and Fitch (BB) - New 5-year $650 million revolving credit facility
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Solaris Energy Infrastructure solaris-energy.com Consolidated Financial Results Summary Total Revenue Dollars in millions 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 $84 $108 1Q26 2Q26 $0.44 $0.39 1Q26 2Q26 $149 $219 2Q25 2Q26 $61 $108 2Q25 2Q26 $0.34 $0.39 2Q25 2Q26 Pro Forma Adjusted EPS (1) YoY QoQ YoY QoQ YoY QoQ $196 $219 1Q26 2Q26
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Solaris Energy Infrastructure solaris-energy.com 1.85 GW Long-term Contracted Power Annual EBITDA (net to SEI) Acquired SPS Businesses Solaris Logisitics Solutions Unallocated Corporate/G&A Total Contracted + Run Rate EBITDA Potential Contracts on Open 800-900 MW Total Contracted + Run Rate + Open Capacity EBITDA Contracted Growth Drives Multi-Year Earnings Visibility New Power Contracts Lift Visible Annual EBITDA with Further Upside Potential Contracted EBITDA at Full Deployment + Illustrative Potential Annual Adjusted EBITDA (1,2,3) ($ millions) ~$900+ Net SEI ~$1,285-1,385+ Note: 1) Non-GAAP financial metric. Due to forward-looking nature, we cannot provide a reconciliation to the nearest GAAP metric without unreasonable effort. 2) Acquired SPS Businesses and Solaris Logistics Solutions assumed to be run-rate flat at current Adjusted EBITDA levels. 3) Acquired SPS Businesses include the impacts of HVMVLV and GESA acquisitions. Non-Owned JV Interest 4 +$260-360 ~$1,160 – 1,260+ Net SEI Upside Potential + Further Growth Potential: • Aftermarket Services • Third Party O&M • Third Party Equipment Sales • Solaris Power Distribution Services • Additional Power Capacity • Further Scope Enhancement • Solaris Logistics Solutions • M&A ~$1,025+ Non-Owned JV Interest
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Solaris Energy Infrastructure solaris-energy.com $965 $350 $150 2027 2028 2029 Current Capital Plan: Growth to 3,200 MW and Contracted Enhanced Scope Remaining Consolidated and Net Capex (1) (2) ($ millions) 5 1) Inclusive of enhanced scope under contract, which includes distribution-related balance of plant, battery energy storage systems, and capitalized engineering and construction. 2) Excludes capitalized interest which could be up to $35 million per quarter during project buildout phase. 3) Consolidated Capex includes the 49.9% of Stateline JV’s capital needs expected to be funded by the JV partner. 4) 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. 5 $256 $393 $460 $435 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Consolidated Capex (3) $343 $492 $510 $485 (-) Total JV Capex (4) ($87) ($99) ($50) ($50) $985 ($20) Actual Q2 2026 Forecast Q3 2026 Forecast Q4 2026 Forecast 2027 = Solaris Funded Capex Remaining capex spend reflects standalone SEI needs as JV has its own third-party financing $350 Forecast 2028 - $150 Forecast 2029 - Actual Q1 2026 Non-JV Power Growth Power Maintenance Logistics
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Solaris Energy Infrastructure solaris-energy.com ($ and shares in millions) Q2 2026 Actual Q3 2026 Guidance Q4 2026 Guidance Power Solutions Adjusted EBITDA $96 $80-94 Logistics Solutions Adjusted EBITDA $25 $23-25 Corporate and Other Expense ($13) ($13-14) ($14-15) Total Adjusted EBITDA $108 (1) $90-105 (2) $100-120 (2) Adjusted EBITDA attributable to Solaris $111 (1) Selected Non-operational Guidance: Net Interest Expense $11 $30-35 (3) $30-35 (3) Depreciation & Amortization Expense $40 $45-50 $50-55 Weighted Average Total Shares Outstanding (Class A + Class B + Restricted Stock + 2030 Convert + 2031 Convert) 94 96 96 Effective Tax Rate on Pro Forma Pre-tax Income (%) 25% 26% 26% 6 Financial Guidance: Q3 and Q4 2026 Note: Totals may not foot due to rounding. 1) Non-GAAP financial metric. Please see the Appendix for a reconciliation to the nearest GAAP metric. 2) Non-GAAP financial metric. Due to the forward-looking nature, we cannot provide a reconciliation to the nearest GAAP metric without unreasonable effort. 3) Includes total interest expense, including amounts that could be capitalized; excludes interest income. 6
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Solaris Energy Infrastructure solaris-energy.com ($ in millions) Annual Interest Rate Notional Balance at 6/30/26 Pro Forma Potential w/Fully Deployed JV Capacity (1) 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 Senior Unsecured Notes due 2031 6.375% $1,300 $1,300 Revolving Credit Facility due 2031 SOFR + 350 bps - - Stateline JV Term Loan Floating to Fixed (~10%) $340 ~$500 Total Consolidated Debt $2,543 ~$2,703 Less: Non-controlling Interest in Stateline JV Term Loan ($170) ~($250) Net to SEI Debt (Convertible Notes considered as Debt) $2,373 ~$2,453 Net to SEI Debt (Convertible Notes considered as Shares) $1,470 ~$1,550 Available Cash Balance as of 6/30/26, Excluding Stateline JV and Restricted Cash $811 7 Debt Capitalization Summary: Current and Fully Deployed JV Capacity Note: Debt amounts shown gross and do not match the balance sheet presentation, which is shown net of discounts and fees. 1) Reflects illustrative full deployment of the Stateline JV term loan facility.
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Solaris Energy Infrastructure solaris-energy.com 8 Capitalization Options for Valuation Purposes ($ 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 - Senior Unsecured Notes due 2031 $1,300 $1,300 Revolving Credit Facility due 2031 - - Stateline JV Term Loan (Fully Deployed) ~$500 ~$500 Total Consolidated Debt ~$2,703 ~$1,800 Less: Non-controlling Interest in Stateline JV Term Loan ~($250) ~($250) Net to SEI Debt ~$2,453 ~$1,550 Shares Outstanding Shares Outstanding (A + B + Restricted Stock) 77 77 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 for Valuation Calculation 77 ~92 Total Potential Dilutive Shares for Earnings Per Share Calculation (1) 96 96 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. 8
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Solaris Energy Infrastructure solaris-energy.com Solaris Energy Infrastructure solaris-energy.com Appendix 9
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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, HVMVLV, LLC, Genco, GESA and other acquisition opportunities. 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 the second quarter of 2026 relates to unamortized debt issuance costs and prepayment penalties related to the term loan and other loans entered into concurrently with the acquisition of Focus Genco Cayman Ltd. (“Genco”) in the first quarter of 2026, which were extinguished following the issuance of the new senior notes and revolving credit facility entered into in the second quarter of 2026. Loss in the first quarter of 2026 relates to unamortized debt issuance costs of the revolving credit facility which was extinguished following the new term loan entered into in the first quarter of 2026. Loss in the fourth quarter of 2025 relates to prepayment penalty and unamortized debt issuance costs of the then existing term loan, which was extinguished in the fourth quarter of 2025 following the issuance of convertible notes. 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 or recoveries, 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. 10 Three months ended, Twelve months ended December 31, ($ in 000s) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 2025 2024 2023 Net income (loss) $25,232 $32,055 ($3,509) $24,814 $58,402 $28,918 $38,775 Depreciation and amortization 39,518 24,758 23,489 22,355 84,285 47,218 36,185 Interest expense, net 11,465 2,020 1,164 9,038 20,855 11,808 3,307 Provision for income taxes (1) 4,990 15,226 743 4,061 14,678 8,005 7,820 EBITDA $81,205 $74,059 $21,887 $60,268 $178,220 $95,949 $86,087 Stock-based compensation expense (2) 11,772 6,713 5,896 5,278 19,658 10,592 7,732 Transaction and Acquisition-related costs (3) 1,627 411 45 278 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) 14,826 1,258 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) (1,151) 1,143 149 (887) 344 1,454 1,451 Adjusted EBITDA $108,279 $83,584 $68,765 $67,961 $244,214 $103,102 $96,693 Adjusted EBITDA attributable to Stateline non-controlling interest (11) 2,534 2,506 2,515 2,439 6,584 - - Adjusted EBITDA attributable to Solaris $110,813 $86,090 $71,280 $70,400 $250,798 $103,102 $96,693
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Solaris Energy Infrastructure solaris-energy.com Adjusted Pro Forma Net Income and Adjusted Pro Forma EPS Reconciliation 1) Assumes the exchange of all outstanding Solaris LLC Units for shares of Class A common stock at the beginning of the relevant reporting period, resulting in the elimination of the non-controlling interest and recognition of the net income attributable to non- controlling interests. 2) Loss in the second quarter of 2026 relates to unamortized debt issuance costs and prepayment penalties related to the term loan and other loans entered into concurrently with the acquisition of Genco in the first quarter of 2026, which were extinguished following the issuance of the new senior notes and revolving credit facility entered into in the second quarter of 2026. Loss in the first quarter of 2026 relates to unamortized debt issuance costs of the revolving credit facility which was extinguished following the new term loan entered into in the first quarter of 2026. Loss in the fourth quarter of 2025 relates to prepayment penalty and unamortized debt issuance costs of the then existing term loan, which was extinguished in the fourth quarter of 2025 following the issuance of convertible notes. 3) 2026 costs primarily related to acquisition costs to effect the acquisition of Genco and GESA and other acquisition opportunities. 2025 costs primarily related to costs incurred to establish the Stateline JV, including legal fees related to debt amendments to incorporate provisions for the joint venture. 4) Other primarily consists of credit losses, the net effect of loss/gain on disposal of assets and lease terminations, transaction costs, and inventory write-offs. 5) Represents the 49.9% non-controlling interest share of Stateline’s net loss attributable to the Company’s partner. 6) Represents the weighted-average potentially dilutive effect, as applicable for each period presented, of Class B common stock, unvested restricted stock awards, unvested performance-based restricted stock units, outstanding stock options, and shares issuable upon conversion of the convertible notes. 11 Three Months Ended ($ in 000s) June 30, 2026 March 31, 2026 June 30, 2025 Numerator: Net income attributable to Solaris $20,486 $21,438 $11,955 Adjustments: Reallocation of net income attributable to non-controlling interests from the assumed exchange of LLC Interests (1) 5,316 10,550 12,174 Loss on extinguishment of debt (2) 14,826 1,258 - Transaction and acquisition-related costs (3) 1,627 411 1,268 Other (4) (1,151) 1,143 186 Net loss attributable to Stateline non-controlling interest (5) 2,634 2,496 1,479 Incremental income tax expense (7,192) 2,096 (2,428) Adjusted pro forma net income $36,546 $39,392 $24,634 Denominator: Diluted weighted average shares of Class A common stock outstanding 78,979 71,709 37,818 Adjustments: Potentially dilutive shares (6) 14,788 17,269 34,188 Adjusted pro forma fully weighted average shares of Class A common stock outstanding - diluted 93,767 88,978 72,006 Adjusted pro forma earnings per share - diluted $0.39 $0.44 $0.34
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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, 2025 filed with the U.S. Securities Exchange Commission (the “SEC”) on February 27, 2026, Part II, Item 1A. “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 filed with the SEC on May 1, 2026 and Part II, Item 1A. “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 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 (income) 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. 12
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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 13