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ibdroot\projects\IBD-NY\xeric2025\944088_1\02. Presentation\04. NDR\XPLR_Credit NDR_DRAFT_v43.pptx XPLR Infrastructure, LP Third Quarter 2025 Presentation
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ibdroot\projects\IBD-NY\xeric2025\944088_1\02. Presentation\04. NDR\XPLR_Credit NDR_DRAFT_v43.pptx 2 Cautionary Statements and Risk Factors That May Affect Future Results This presentation includes forward-looking statements within the meaning of the federal securities laws. Actual results could differ materially from such forward-looking statements. Factors that could cause actual results to differ are discussed in the Appendix herein and in XPLR Infrastructure’s SEC filings. Non-GAAP Financial Information This presentation refers to certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles. Reconciliations of those non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the Appendix herein. Other See Appendix for definitions of Adjusted EBITDA and Free Cash Flow Before Growth expectations.
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Company Overview 1
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4 XPLR Infrastructure is one of the largest, most diversified independent power producers in the U.S. focused on clean energy ~10 GW of Operating Assets1 Located Across 28 U.S. states Key Statistics 3rd Largest Producer of Wind and Solar Energy in the U.S.2 1. Represents XPLR OpCo’s net ownership as of September 30, 2025 2. Based on the latest annual generation data published by S&P Global 3. Balance sheet total assets less cash as of September 30, 2025 4. Includes market cap based on ~192.8 MM XPLR OpCo units outstanding, net debt and noncontrolling interest balances related to convertible equity portfolio financing (CEPF) and tax equity investors as of September 30, 2025 5. Trailing 12 months as of September 30, 2025 Net Owned Capacity1 ~10 GW 2024A Net Generation ~31,080 GWh Net Asset Book Value3 ~$18 B Enterprise Value4 ~$14 B TTM Adj. EBITDA5 ~$2 B TTM Free Cash Flow Before Growth (FCFBG)5 ~$0.8 B ~8.0 GW of wind ~1.7 GW of solar ~0.2 GW of storage
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Diversified by Technology XPLR Infrastructure’s portfolio1 is diversified across technologies, U.S. regions and projects 5 Diversified by U.S. Region Diversified Across 94 Projects 1. Represents XPLR OpCo’s net ownership in projects as of September 30, 2025; Percentages shown on net capacity basis Wind 80% Solar 17% Battery Storage 3% ERCOT 10% Midwest 16% Northeast 2% South 39% West 33%
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XPLR Infrastructure’s portfolio of projects produces stable, long-term contracted cash flows Long-Term O&M Agreements Weighted Average PPA Life1 Cash Flows Denominated in USD Stable, Long-term Contracted Cash Flows from Projects ~12 years 6 Unique Customers2 Average Customer Credit Rating3 100% Interest Rate Hedges4~$3.0 B 80+ BBB+ 1. As of September 30, 2025; based on forecasted contributions to earnings 2. As of September 30, 2025 3. As of September 30, 2025; based on forecasted contributions to earnings; reflects S&P customer credit ratings 4. As of September 30, 2025; net notional amount, including ~$1.2 B of hedges on existing debt and ~$1.8 B of forward starting hedges to derisk future planned issuances
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XPLR Infrastructure benefits from its relationship with industry leader, NextEra Energy, and the operational expertise it provides 7 Economies of scale advantage Engineering & construction expertise O&M expertise Strong industry relationships Supply chain advantages Data analytics • Management services agreement • Asset-level O&M service agreements • Administrative services agreements Relationship With NextEra Energy Benefits for XPLR Infrastructure NextEra Energy Provides Services to XPLR Under Long-Term Agreements 1. Public float consists of ~94.0 MM common units (XPLR Infrastructure, LP, NYSE: XIFR), including ~2.3 MM common units owned by NextEra Energy as of September 30, 2025 2. XPLR Infrastructure consolidates XPLR OpCo and its subsidiaries through its controlling interest in the general partner of XPLR OpCo 3. As of September 30, 2025 Public Unitholders1 XPLR Infrastructure Operating Partners (XPLR OpCo) ~10 GW Portfolio of Clean Energy Infrastructure Assets XPLR Infrastructure (XIFR) ~98.8 MM Units3 ~94.0 MM Units3 2
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XPLR Infrastructure’s capital allocation strategy focuses on four key priorities to generate attractive returns for unitholders 8 Simplify capital structure through buyout of selected CEPFs Invest in existing portfolio of high-quality assets Investments in clean energy assets Return of capital to unitholders, including common unit buybacks Allocating capital to the first three priorities will be evaluated against the value of returning capital to common unitholders over time
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9 XPLR Infrastructure’s investments in wind repowering are expected to generate attractive returns and extend asset life Repower Value Drivers (NPV1 Contribution) Rationale for XPLR Infrastructure Low-risk projects leveraging existing sites for brownfield development Incremental cash flows from existing assets Attractive risk-adjusted returns Extend life and performance of existing assets Revenue Net Cost Savings Other PTCs2 Total NPV (incl. AEP3 uplift) 1. Net Present Value 2. Production Tax Credits 3. Annual Energy Production (incl. Useful Life Extension)
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Repowering Case Study Palo Duro and Mammoth Plains, our largest repower projects to date, highlight execution strengths and value of our investments 10 Mammoth PlainsPalo Duro Projects were successfully completed in June 2025, with expanded capacities to ~263 MW (Palo Duro) and ~209 MW (Mammoth Plains) Expanded Capacity Annual Energy Production (AEP) uplift and O&M savings anticipated from upgraded turbine and equipment performance Qualified for new 10-year PTCs plus domestic content and energy community kickers 1 Both repowering projects are expected to deliver double digit project-level FCFBG yields2 Extended asset life enhances project value and future optionality Improved Operations PTC Reset Cash Flow Uplift Extended Asset Life 1. Palo Duro qualifies for Domestic Content & Energy Community kickers; Mammoth Plains qualifies for Domestic Content Kicker 2. Defined as free cash flow before growth divided by capex on a 5-year average annual basis States where XPLR projects are located
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11 XPLR Infrastructure is focused on long-term value creation and is positioning itself to benefit from future opportunities in a growing U.S. power sector Expected Long Term Demand Growth 1,2,3 1. Source: ISO/RTO Forecasts, NERC ES&D, Utility IRPs, ICF 2. Historical demand represents data from NERC ES&D from 2000 to 2023, 2024 represents forecast from NERC ES&D 3. Represents ICF’s demand projections from 2025 to 2050 as of Q2 2025 4. Average as of September 30, 2025; based on net capacity; useful life estimates based on Lazard and Roland Berger (TWh) 3,000 4,000 5,000 6,000 7,000 8,000 2000 2010 2020 2030 2040 2050 Remaining Useful Life4 of the Portfolio Existing assets have ~23 years of remaining asset lifeHistorical electricity demand Forecasted electricity demand Embedded Value of the Portfolio Legacy power purchase agreements reflect historical market conditions, with opportunity to recontract Inherent optionality through excess interconnection capacity: — Potential for co-located storage or incremental generation — Multiple ways to monetize through new projects or via asset sales •1 •1 <15 Years 5% 15-19 Years 13% 20-24 Years 41% 25-29 Years 27% >30 Years 14%
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12 Potential recontracting at higher rates as legacy contracts expire over time could allow XPLR Infrastructure to realize increased revenue Potential Recontracting Opportunity ~10 GW 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Expected PPA Expiry Schedule1 (2025–2040) Contracted Stable and predictable cash flows backed by long-term contracts Merchant / Recontracting Opportunity Open MW offer upside potential from favorable market pricing and recontracting optionality 1. Reflects existing portfolio as of September 30, 2025; total capacity held constant throughout the period 2. Existing PPA based on internal data and market price based on Hitachi spring 2025 power reference curve; illustrative comparison of weighted-average prices based on forecasted generation Existing PPA vs. Market Price2 SPP ERCOT Existing PPA Market Price of PPAs expire by 2040 80% of generation is currently sold under PPAs below forecasted market price ~ or higher forecasted market prices compared to existing PPAs in SPP and ERCOT regionsGW 7.5~ 2x~
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Third Quarter 2025 Highlights 2
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Portfolio Optimization 14 Capital Structure Simplification Project Financing 1 2 4 Completed the buyout of CEPF 1 in April 2025 Expect to repay the remaining 2025 convertible notes with cash-on-hand• Completed ~960 MW1 to date toward the ~1.6 GW announced repowering program, with all necessary permits in hand Net proceeds of ~$160 MM generated from the sale of distributed generation assets and the Meade pipeline investment are expected to be used to reduce funding needs Category Year-to-date Progress 1. Includes ~85 MW completed in October 2. To date, ~$770 MM has been borrowed in total, of which a total of ~$360 was borrowed in October and November; additional draws subject to meeting specified conditions HoldCo Financing3 Secured commitment of over $1 B2, achieving our goal of low-cost permanent financing against certain repowered and existing assets Reduced planned 2025–2026 HoldCo debt issuance by $250 MM Raised ~$1.75 B in March 2025 XPLR Infrastructure is executing on its investment and financing plans Repaid ~$820 MM of project debt with proceeds from the Meade pipeline investment sale Addressed CEPF 2 with proceeds from the Meade pipeline investment sale
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Q3 2024 Adj. EBITDA Existing Projects Other Q3 2025 Adj. EBITDA XPLR Infrastructure delivered solid Q3 2025 results: Adj. EBITDA roughly flat and FCFBG down 5% versus the prior year comparable quarter 15 Adjusted EBITDA ($ MM) FCFBG ($ MM) $453 $455 ($3) $5 • Existing Projects: lower year-over-year wind resource1, partially offset by generation uplift from repowered assets; higher cash generation driven by timing of tax credit monetization • Other: lower FCFBG reflecting higher HoldCo interest expense associated with XPLR Infrastructure’s refinancing activities XPLR Infrastructure – Third Quarter Financial Results Drivers Q3 2024 FCFBG Existing Projects Other Q3 2025 FCFBG $189 $179$17 ($27) Note: Totals may not foot due to rounding 1. Wind resource for Q3 2025 was 90% of the long-term average vs. 93% in Q3 2024
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XPLR Infrastructure’s Financial Expectations XPLR Infrastructure is reaffirming its financial expectations for 2025 and 2026 16 1. The decline in adjusted EBITDA expectations between 2025 and 2026 is primarily due to the absence of contributions from XPLR OpCo’s Meade pipeline investment, which was sold in September 2025 Calendar Year 2025 Calendar Year 2026 Adjusted EBITDA1 $1,750 – $1,950 MM FCFBG $600 – $700 MM Adjusted EBITDA $1,850 – $2,050 MM
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Financial Highlights 3
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~$1.7 - $1.9 ~$1.3 ~$0.6 ~$0.1 – 0.2 ~$0.8 – $0.9 A B Cash Flow + Asset Sale Proceeds XPLR Infrastructure’s financial strategy is focused on prudently funding capital allocation priorities while maintaining balance sheet strength 18 Summary of XPLR’s Expected 2025 – 2026 Financial Plan ($ B)2Financial Strategy Simplify business model and capital structure to focus on economic allocation of cash flows 1 Enhance long-term value of existing asset base: 2 — Invest in selected CEPF buyouts — Wind repowerings — Selected asset sales Incremental HoldCo Debt Renewables Project-Level Financing Capex (including Repowers) Buyout Selected CEPFs 3 Tax Equity Buyout / Other 1. Reaffirmed January 28, 2025; S&P, Moody’s and Fitch, respectively 2. As of November 4, 2025 3. Includes complete buyouts of CEPF 1, CEPF 2, and partial buyout of CEPF 5; See Appendix for CEPF naming convention 4. See Appendix for more details 2025–2026 Financing Plan4 Maintain balance sheet strength3 — Credit ratings1: BB / Ba1 / BB+ Investments into Asset Base to Enhance Long-Term Value ~$1.4 – $1.5 ~$3.1 – $3.4
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Plan for XPLR Infrastructure’s Convertible Equity Portfolio Financings (CEPFs) XPLR Infrastructure is addressing legacy CEPF financings to simplify the capital structure and enhance long-term financing and strategic flexibility 19 We do not expect to issue new equity to support CEPF buyouts 1. Assumes XPLR elects option to extend CEPF 5 buyout schedule CEPF 1 CEPF 2 CEPF 3 CEPF 4 CEPF 5 2026, 2027, 2030 – 203412029 – 2032202720252025 Completed Completed Sale of underlying assets Use cash flow to address minimum & final buyouts Use cash flow to address minimum & final buyouts
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2026E Adjusted EBITDA to 2026E Free Cash Flow Before Growth Walk ($ MM) XPLR Infrastructure’s portfolio is expected to produce substantial Free Cash Flow Before Growth 20 2026E Adjusted EBITDA Tax Credits Debt Service Maint. Capital and Environmental Exp. Other 2026E Free Cash Flow Before Growth $1,750 – $1,950 $600 – $700 ($655 – $755) ($10 – $30) ($0 – $10) 1 2 ($450 – $500) 1. Tax credits include the removal of the pre-tax allocation of production and investment tax credits to tax equity investors less proceeds from tax equity investors, the pre-tax adjustment for production and investment tax credits earned by XPLR Infrastructure and amortization of CITC 2. Debt service includes cash interest paid on third party debt, distributions to tax equity investors, investors’ expected share of distributable cash flow from convertible equity portfolio financings; excludes principal payments
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We believe that XPLR Infrastructure has strong existing portfolio cash flows and represents a compelling investor value proposition 21 2026E XPLR Infrastructure Unit Price vs. FCFBG Yield4 $10 $15 $20 $25 $30 $35 $40 20% 19% 18% 17% 16% 15% 14% 13% 12% 11% 10% XPLR 2026 FCFBG Expectations Range XPLR Infrastructure’s Value Proposition ~10 GW1 3rd Largest2 ~12 Years3 Leading Sponsor Wind, solar and storage in operations across 28 states Producer of wind and solar energy in the U.S. Weighted average remaining contract life with 80+ customers Focused on value creation ~1.6 GW Previously announced wind repowering opportunities 1. As of September 30, 2025 2. Based on the latest annual generation data published by S&P Global 3. As of September 30, 2025; based on forecasted contributions to earnings 4. Example based on XPLR’s 2026 FCFBG expectations range of $600 MM (bottom curve) to $700 MM (top curve) and ~192.8 MM XPLR OpCo units outstanding 2026E FCFBG Expectation $600 MM – $700 MM
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Appendix
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23 XPLR Infrastructure Wind Production Index1,2 1% Deviation in Wind Production Equates to ± $4-$6 MM of Adjusted EBITDA for Balance of 20253 1. Represents a measure of the actual wind speeds available for energy production for the stated period relative to long-term average wind speeds. The numerator is calculated from the actual wind speeds observed at each wind facility applied to turbine-specific power curves to produce the estimated MWh production for the stated period. The denominator is the estimated long-term average wind speeds at each wind facility applied to the same turbine-specific power curves to produce the long-term average MWh production 2. Includes new wind investments one year after project COD/acquisition date 3. These are not the only drivers of potential variability and actual impacts could fall outside the ranges shown 2024 2025 Q3 Q4 Q1 Q2 Q3 Location MW Jul Aug Sep QTR MW QTR YE MW QTR MW QTR MW Jul Aug Sep QTR YTD Midwest 1,970 77% 99% 99% 92% 1,970 96% 98% 1,970 107% 1,970 97% 1,970 86% 90% 73% 82% 97% West 2,038 91% 99% 104% 98% 2,038 95% 98% 2,038 96% 2,038 98% 2,033 103% 100% 84% 96% 97% Texas 1,684 96% 91% 88% 92% 1,684 101% 99% 1,769 103% 1,782 103% 1,782 108% 90% 88% 96% 101% Other South 2,119 97% 97% 84% 92% 2,119 100% 98% 2,119 103% 2,129 91% 2,129 98% 90% 78% 89% 94% Northeast 153 81% 87% 89% 86% 153 103% 97% 151 118% 151 120% 151 101% 79% 53% 74% 107% Total 7,965 91% 96% 93% 93% 7,965 98% 98% 8,047 103% 8,070 97% 8,065 99% 92% 80% 90% 97%
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XPLR Infrastructure 2025 - 2026 Financing Plan1 24 Completed ($ B) Gross Additions Repayments Net Change 2025 2026 Total 2025 2026 Total 2025 2026 Total Total Project-level Financing2 ~$0.9 – $1.03 ~$0.5 ~$1.4 – $1.5 ~$(0.3)4 ~$(0.3) ~$(0.6) ~$0.6 – $0.7 ~$0.2 ~$0.8 – $0.9 Revolving Credit Facility – – – ~$(0.3) – ~$(0.3) ~$(0.3) – ~$(0.3) Other HoldCo Level Debt ~$1.7 ~$0.8 ~$2.5 ~$(0.6)5 ~$(1.0) ~$(1.6) ~$1.1 ~$(0.2) ~$0.9 Total HoldCo-level Debt ~$1.7 ~$0.8 ~$2.5 ~$(0.9) ~$(1.0) ~$(1.9) ~$0.8 ~$(0.2) ~$0.6 Total Financing Plan ~$2.6 – $2.7 ~$1.3 ~$3.9 – $4.0 ~$(1.2) ~$(1.3) ~$(2.5) ~$1.4 – $1.5 – ~$1.4 – $1.5 1. Based on market conditions, XPLR may opportunistically accelerate timing 2. Includes normal principal payments 3. Reflects range of expected draw amounts under secured commitments totaling over $1 B; to date, ~$770 MM has been borrowed in total, of which a total of ~$360 was borrowed in October and November; additional draws subject to meeting specified conditions 4. To date, ~$290 MM has been paid in total; excludes ~$820 MM of debt associated with XPLR OpCo’s Meade pipeline investment, which was sold in September 2025 5. Completed repurchase of ~$182 MM as of September 30, 2025; remaining balance expected to be paid with cash on hand by November 15, 2025
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25 Overview of XPLR Infrastructure’s Debt Capitalization As of September 30, 2025 | ($ in MM) 3 3 3 Note: TTM = trailing 12 months 1. HoldCo Cash Available for Debt Service; See Appendix for reconciliation of Non-GAAP measures 2. Excludes unamortized debt expense and unamortized discount x HoldCo CADS1 Coupon Maturity 30-Sep-25 TTM as of 30-Sep-25 Cash and Cash Equivalents $711 Convertible Unsecured Notes 0.00% Nov-25 418 Convertible Unsecured Notes 2.50% Jun-26 500 Unsecured Notes 3.88% Oct-26 500 Unsecured Notes 4.50% Sep-27 550 Unsecured Notes 7.25% Jan-29 750 Unsecured Notes 8.38% Jan-31 825 Unsecured Notes 8.63% Mar-33 925 Total Corporate / HoldCo Debt $4,468 5.4x Net Corporate / HoldCo Debt $3,757 4.5x Renewables Project Debt 1,458 Total Consolidated Debt2 $5,926 Net Consolidated Debt $5,215 TTM HoldCo Cash Available for Debt Service ("CADS") as of September 30, 2025 $830
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26 Summary of Convertible Equity Portfolio Financings (CEPFs)1 Net Generating Capacity of underlying projects2 Date of Sale Cash Allocation to CEPF Investors: Pre-Flip / Post-Flip Standard Pre-Flip Period (with Minimum Buyouts) Underlying Projects 1. Refer to XPLR Infrastructure’s 2024 Form 10-K for additional information; CEPF 1 (XPLR Renewables II) buyout was completed in April 2025 and CEPF 2 (XPLR Pipelines) was addressed with proceeds from the Meade pipeline investment sale in September 2025 2. Excludes storage capacity CEPF Investors Target Pre-Tax IRR CEPF 3 (XPLR Renewables III) Borderlands Wind Cool Springs Solar Cool Springs Storage Dodge Flat Solar Elora Solar Ensign Wind Fish Springs Ranch Solar Hubbard Wind Irish Creek Wind Little Blue Wind Minco Wind III Quinebaug Solar Quitman Solar II White Mesa Wind ~1,260 MW Dec 28, 2021 65% / 99% 10 yrs 5.63% CEPF 4 (XPLR Renewables IV) Alta Wind VIII Appaloosa Run Wind Brady Wind Brady Wind II Eight Point Wind Elk City Wind II Golden West Wind Great Prairie Wind Oliver Wind III Osborn Wind Sac County Wind Sholes Wind Yellow Pine Solar Yellow Pine Solar Storage ~2,046 MW Dec 15, 2022 17% / 99% 10 yrs 6.93% CEPF 5 (Genesis Holdings) Baldwin Wind Blue Summit Wind III Elk City Wind Genesis Solar Harmony Solar Northern Colorado Ponderosa Wind Saint Solar Sanford Airport Solar Soldier Creek Wind Taylor Creek Solar Wilmot Energy Storage Wilmot Solar ~1,124 MW Dec 18, 2020 25% / 80% 10 yrs 6.76%
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27 XPLR Infrastructure Operating Assets1,2 (Wind) Wind Projects In-Service Gross Capacity (MW) Percent Ownership Net Capacity (MW) Offtaker Rating Alta Wind VIII 2012 150.0 100% 150.0 BBB- Appaloosa Run Wind 2022 171.8 49% 84.2 BBB+ Ashtabula Wind II 2009 120.0 100% 120.0 Various Baldwin Wind 2010 102.4 100% 102.4 A Blue Summit Wind III 2019 200.2 40% 80.1 BBB Bluff Point Wind 2017 119.7 100% 119.7 BBB+ Borderlands Wind 2021 100.1 50% 50.1 A- Brady Wind 2016 149.7 100% 149.7 A Brady Wind II 2016 149.0 100% 149.0 A Breckinridge Wind 2015 98.1 100% 98.1 NR Carousel Wind 2015 149.6 100% 149.6 BBB Casa Mesa Wind 2018 50.9 100% 50.9 BBB Cedar Bluff 2015 198.7 100% 198.7 BBB+ Coram Wind 2001 13.5 100% 13.5 Various Coram Wind II 2012 102.0 100% 102.0 BB Cottonwood Wind 2017 89.7 100% 89.7 Various Eight Point Wind 2023 105.8 49% 51.8 NR Elk City Wind 2009 98.9 100% 98.9 BBB+ Elk City Wind II 2010 106.9 100% 106.9 NR Ensign Wind 2012 98.9 50% 49.5 BBB+ Golden Hills North 2017 46.0 100% 46.0 NR Golden Hills Wind 2015 85.9 100% 85.9 AA+ Golden West Wind 2015 249.4 100% 249.4 BBB+ Granite Wind 2012 99.0 100% 99.0 Various Great Prairie Wind 2022 1,029.3 49% 504.4 AA High Winds Energy 2003 160.2 100% 160.2 BBB+ Hubbard Wind 2021 300.1 50% 150.1 Various Irish Creek Wind 2021 300.4 50% 150.2 AA Javelina Wind 2015 249.7 100% 249.7 Various Javelina Wind II 2016 200.0 100% 200.0 Various Wind Projects In-Service Gross Capacity (MW) Percent Ownership Net Capacity (MW) Offtaker Rating Kingman Wind I 2016 103.3 100% 103.3 BBB+ Kingman Wind II 2016 103.3 100% 103.3 BBB+ Langdon Wind 2007 118.5 100% 118.5 Various Langdon Wind II 2008 40.5 100% 40.5 BBB+ Little Blue Wind 2021 249.6 50% 124.8 AA Mammoth Plains 2014 209.4 100% 209.4 BBB Minco Wind III 2012 106.5 50% 53.3 A Montezuma Wind II 2012 78.2 100% 78.2 BB New Mexico Wind 2003 204.0 100% 204.0 BBB Ninnescah Wind 2016 208.3 100% 208.3 BBB+ Northern Colorado 2009 174.3 100% 174.3 BBB+ Oliver Wind III 2017 99.3 100% 99.3 BBB+ Osborn Wind 2016 200.1 100% 200.1 Various Palo Duro Wind 2014 263.1 100% 263.1 BBB Perrin Ranch 2012 99.2 100% 99.2 BBB+ Ponderosa Wind 2020 200.0 40% 80.0 Various Rush Springs Wind 2016 249.9 100% 249.9 Various Sac County Wind 2021 80.3 95% 76.2 BBB+ Seiling Wind 2014 198.9 100% 198.9 BBB+ Seiling Wind II 2014 100.3 100% 100.3 A Sholes Wind 2019 160.0 100% 160.0 NR Soldier Creek Wind 2020 301.0 40% 120.4 BBB+ Stateline II 2001, 2002 299.6 100% 299.6 A- Story County Wind II 2009 150.0 100% 150.0 Various Tuscola Bay 2012 120.0 100% 120.0 A- White Mesa Wind 2021 500.6 50% 250.3 Various White Oak Wind 2011 150.0 100% 150.0 AA+ Windstar Wind 2012 120.0 100% 120.0 BBB- Total 9,984.1 8,064.7 1. MW reflects XPLR OpCo’s net ownership as of September 30, 2025 2. Please refer to the XPLR Generation Portfolio as of September 30, 2025 on our website (www.investor.xplrinfrastructure.com) for additional asset-level information including financing type
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28 XPLR Infrastructure Operating Assets1,2 (Solar & Storage) Solar Projects In-Service Gross Capacity (MW) Percent Ownership Net Capacity (MW) Offtaker Rating Marshall Solar 2017 62.3 50% 31.2 A- Nutmeg Solar 2020 19.6 33% 6.5 Various Quinebaug Solar 2021 49.4 50% 24.7 Various Sanford Airport Solar 2020 49.4 40% 19.8 Various Chaves County Solar 2016 70.0 100% 70.0 BBB Cool Springs Solar 2021 213.0 50% 106.5 A Elora Solar 2022 150.0 50% 75.0 AA+ Harmony Solar 2020 74.5 40% 29.8 Various Quitman Solar II 2021 150.0 50% 75.0 A Live Oak Solar 2016 51.0 100% 51.0 A River Bend Solar 2016 75.0 100% 75.0 AA+ Roswell Solar 2016 70.0 50% 35.0 BBB Shaw Creek Solar 2019 74.9 33% 24.9 BBB+ Taylor Creek Solar 2020 74.5 40% 29.8 NR Desert Sunlight 250 2013, 2014 250.0 50% 125.0 BBB Desert Sunlight 300 2013 300.0 50% 150.0 BB Dodge Flat Solar 2022 200.0 50% 100.0 A- Fish Springs Ranch Solar 2022 100.0 50% 50.0 A- Hatch Solar 2011 5.0 100% 5.0 NR Mountain View Solar 2014 20.0 100% 20.0 A- Saint Solar 2020 100.0 40% 40.0 NR Shafter Solar 2015 20.0 100% 20.0 BB Silver State South Solar 2015, 2016 250.0 50% 125.0 BBB- Genesis Solar 2013, 2014 250.0 100% 250.0 BB Westside Solar 2017 20.0 33% 6.7 BB Whitney Point Solar 2017 20.0 33% 6.7 Various Wilmot Solar 2021 100.0 100% 100.0 A- Yellow Pine Solar 2023 125.0 49% 61.3 Various Distributed Generation 2017 13.2 33% 4.4 Various Total 2,956.8 1,718.1 Storage Projects In-Service Gross Capacity (MW) Percent Ownership Net Capacity (MW) Offtaker Rating Cool Springs Storage 2021 40.0 50% 20.0 A Dodge Flat Storage 2022 50.0 50% 25.0 A- Fish Springs Ranch Storage 2022 25.0 50% 12.5 A- Wilmot Energy Storage 2021 30.0 100% 30.0 A- Desert Sunlight Storage 2022 230.0 67% 153.3 BBB- Yellow Pine Solar Storage 2023 65.0 49% 31.9 Various Casa Mesa Energy Storage 2018 1.0 100% 1.0 BBB Total 441.0 273.7 1. MW reflects XPLR OpCo’s net ownership as of September 30, 2025 2. Please refer to the XPLR Generation Portfolio as of September 30, 2025 on our website (www.investor.xplrinfrastructure.com) for additional asset-level information including financing type
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Reconciliation of Net Loss to Adjusted EBITDA and Free Cash Flow Before Growth (FCFBG) – Q3 2025 and Q3 2024 29 Note: Q3 2025 HoldCo Cash Available for Debt Service is $252 MM, which is free cash flow before growth of $179 MM plus HoldCo debt interest expense of $100 MM less normal principal payments of $27 MM 1. Related to Meade pipeline investment, which was sold in September 2025 2. Includes the removal of the pre-tax allocation of production and investment tax credits to tax equity investors less proceeds from tax equity investors, the pre-tax adjustment for production and investment tax credits earned by XPLR Infrastructure and amortization of CITC 3. In Q3 2025 and Q3 2024, excludes $(27) MM and $(16) MM of tax equity buyouts, respectively ($ MM) Q3 2025 Q3 2024 Net Loss $(64) $(83) Add back: Depreciation and amortization 142 138 Interest expense 94 124 Income taxes 43 34 Tax credits – gross 219 222 Amortization of intangible assets/liabilities – PPAs – net 21 21 Non-controlling interest in Silver State, Star Moon Holdings, Emerald Breeze and Sunlight Renewable Holdings (31) (30) Losses (gains) on disposal of businesses / assets – net 2 (14) Equity in losses (earnings) of non-economic ownership interests – (11) Depreciation and interest expense included within equity in earnings of equity method investees 8 16 Discontinued Operations1 27 46 Other (6) (10) Adjusted EBITDA $455 $453 Tax credits2 (103) (127) Cash interest paid (128) (92) Payments to Class B noncontrolling investors (31) (33) Payments to tax equity investors3 (5) (9) Capital maintenance and environmental expenditures (6) (3) Other – net (3) – Free cash flow before growth $179 $189
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30 Note: Amounts may not foot due to rounding Q3 TTM (trailing 12-month) 2025 HoldCo Cash Available for Debt Service is $830 MM, which is free cash flow before growth of $786 MM plus HoldCo debt interest expense of $166 MM less normal principal payments of $122 MM 1. Related to Meade pipeline investment, which was sold in September 2025 2. Includes the removal of the pre-tax allocation of production and investment tax credits to tax equity investors less proceeds from tax equity investors, the pre-tax adjustment for production and investment tax credits earned by XPLR Infrastructure and amortization of CITC 3. Excludes $(16) MM, $(16) MM, $(75) MM, $(75) MM of tax equity buyouts, respectively ($ MM) YTD as of Q3 2024 YE 2024 YTD as of Q3 2025 TTM as of Q3 2025 Net Income (Loss) $9 $(411) $(355) $(776) Add back: Depreciation and amortization 412 550 419 558 Interest expense 190 145 344 299 Income tax expense (benefit) 39 (42) (36) (118) Goodwill impairment charge – 575 253 828 Tax credits – gross 765 1,019 726 980 Amortization of intangible assets/liabilities – PPAs – net 62 83 62 82 Non-controlling interest in Silver State, Star Moon Holdings, Emerald Breeze and Sunlight Renewable Holdings (55) (60) (71) (78) Gains on disposal of businesses/assets – net (13) (13) (9) (10) Equity in losses (earnings) of non-economic ownership interests (16) (18) 3 – Depreciation and interest expense included within equity in earnings of equity method investees 29 35 25 29 Discontinued Operations1 68 105 115 152 Other (14) (9) 6 19 Adjusted EBITDA $1,476 $1,959 $1,482 $1,965 Tax credits2 (576) (817) (517) (758) Cash interest paid (172) (217) (218) (264) Payments to Class B noncontrolling investors (66) (92) (69) (95) Payments to tax equity investors3 (25) (41) (27) (44) Capital maintenance and environmental expenditures (8) (10) (11) (14) Other – net 2 – (6) (4) Free cash flow before growth $631 $782 $634 $786 Reconciliation of Net Income (Loss) to Adjusted EBITDA and Free Cash Flow Before Growth (FCFBG)
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Tax Credit Breakdown (Non-GAAP) – YE 2024 Example 31 ($ MM) 2024 Net Income (Loss) $(411) Add back: Depreciation and amortization 550 Interest expense 145 Income taxes (42) Goodwill impairment charge 575 Tax credits – gross 1,019 Amortization of intangible assets/liabilities - PPAs - net 83 Non-controlling interest in Silver State, Star Moon Holdings, Emerald Breeze and Sunlight Renewable Holdings (60) Gains on disposal of businesses/assets - net (13) Equity in earnings of non-economic ownership interests (18) Depreciation and interest expense included within equity in earnings of equity method investees 35 Discontinued Operations 105 Other (9) Adjusted EBITDA $1,959 Tax credits1 (817) Cash interest paid (217) Payments to Class B noncontrolling investors (92) Payments to tax equity investors (41) Capital maintenance and environmental expenditures (10) Other – net – Free cash flow before growth $782 1. Includes the removal of the pre-tax allocation of production and investment tax credits to tax equity investors less proceeds from tax equity investors, the pre-tax adjustment for production and investment tax credits earned by XPLR Infrastructure and amortization of CITC 2. Convertible Investment Tax Credits (CITC) are amortized over the corresponding asset’s useful life Includes grossed-up tax credits generated during the period to reflect the profitability and cash flow generation of the enterprise. EBITDA is a pre-tax, unlevered financial metric, that inherently excludes NCI Tax Credits inside Adj. EBITDA (pre-tax) $ MM Tax credits allocated to TE investors 889 Tax credits retained by XPLR 88 Amortization of CITC2 42 Total 1,019 Adjusts out non-cash tax credits and pre-tax items included in EBITDA, and includes ongoing PAYGO payments to reconcile to free cash flow before growth metrics that reflect the cash flow generation of the enterprise Tax Credits (adjustments to FCFBG) $ MM Tax credits allocated to TE investors (889) Tax credits retained by XPLR (including pre-tax adjustment) (28) Amortization of CITC2 (42) Proceeds from TE investors (PAYGO) 142 Total (817) Non-GAAP reconciliation reflects XPLR OpCo’s economic ownership, while the GAAP view represents 100% of the consolidated results where XPLR OpCo holds a controlling interest. Under GAAP , tax credits retained by XPLR OpCo are reflected in the income tax line and the credits allocated to tax equity investors are reflected in noncontrolling interest (NCI).
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Definitional Information 32 XPLR Infrastructure, LP . Adjusted EBITDA and FCFBG Expectations This presentation refers to adjusted EBITDA and FCFBG. Adjusted EBITDA and FCFBG expectations and other forward-looking statements assume, among other things, normal weather and operating conditions; positive macroeconomic conditions in the U.S.; public policy support for wind, solar and storage development and construction; market demand and transmission expansion support for wind, solar and storage development; access to capital at reasonable cost and terms; no changes to governmental policies or incentives; completion of certain repowerings; and sale of the assets underlying CEPF 3. XPLR Infrastructure’s adjusted EBITDA expectations represent projected (a) revenue less (b) project operating expenses, less (c) corporate G&A, plus (d) other income less (e) other deductions. Projected revenue as used in the calculations of projected EBITDA represents the sum of projected (a) operating revenues plus (b) a pre-tax allocation of production tax credits, plus (c) a pre-tax allocation of investment tax credits and plus (d) earnings impact from convertible investment tax credits (CITC). FCFBG is defined as free cash flow before growth and represents adjusted EBITDA less (1) tax credits which include (a) a pre-tax allocation of production and investment tax credits to tax equity investors less proceeds from tax equity investors, (b) the pre-tax adjustment for production and investment tax credits earned by XPLR Infrastructure, and (c) amortization of CITC; less (2) debt service which includes (a) cash interest paid on third party debt, (b) distributions to tax equity investors, (c) investors’ expected share of distributable cash flow from convertible equity portfolio financings and excludes (d) principal payments; less (3) capital maintenance and environmental expenditures; less (4) income tax payments; less (5) other noncash items included in adjusted EBITDA, if any. XPLR Infrastructure does not provide a quantitative reconciliation of forward- looking adjusted EBITDA and FCFBG expectations to GAAP net income, the most directly comparable GAAP financial measure, because certain information needed to reconcile this measure is not available without unreasonable efforts due to the inherent difficulty in forecasting and quantifying this measure. These items include, but are not limited to, unrealized gains and losses related to derivative transactions, which could significantly impact GAAP net income.
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This presentation contains “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of XPLR Infrastructure, LP (together with its subsidiaries, XPLR) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of XPLR’s control. Forward-looking statements in this presentation include, among others, statements concerning adjusted EBITDA and free cash flow before growth (FCFBG), as well as statements concerning XPLR's future operating performance, potential sale of underlying assets in CEPF 3, equity issuance expectations, financing needs, interest rate risk management, return of capital to unitholders, buyouts of convertible equity portfolio financings, planned repowering of wind facilities, battery storage projects and other investment opportunities. In some cases, you can identify the forward-looking statements by words or phrases such as “will,” “may result,” “expect,” “anticipate,” “believe,” “intend,” “plan,” “seek,” “aim,” “potential,” “projection,” “forecast,” “predict,” “goals,” “target,” “outlook,” “should,” “would” or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of XPLR and its business and financial condition are subject to risks and uncertainties that could cause XPLR’s actual results to differ materially from those expressed or implied in the forward-looking statements. These risks and uncertainties could require XPLR to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: XPLR's business and results of operations are affected by the performance of its renewable energy projects which could be impacted by wind and solar conditions and in certain circumstances by market prices for power; operation and maintenance of renewable energy projects, battery storage projects and other facilities involve significant risks that could result in unplanned power outages, reduced output or capacity, property damage, environmental pollution, personal injury or loss of life; XPLR's business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions and related impacts, including, but not limited to, the impact of severe weather; XPLR depends on certain of the renewable energy projects in its portfolio for a substantial portion of its anticipated cash flows; developing and investing in power and related infrastructure, including repowering of XPLR's existing renewable energy projects, requires up-front capital and other expenditures and could expose XPLR to project development risks, as well as financing expense; threats of terrorism and catastrophic events that could result from geopolitical factors, terrorism, cyberattacks, or individuals and/or groups attempting to disrupt XPLR’s business, or the businesses of third parties, may materially adversely affect XPLR’s business, financial condition, results of operations, liquidity and ability to execute its business plan; the ability of XPLR to obtain insurance and the terms of any available insurance coverage could be materially adversely affected by international, national, state or local events and company-specific events at XPLR or NextEra Energy, Inc. (NEE), as well as the financial condition of insurers. XPLR's insurance coverage does not provide protection against all significant losses; XPLR relies on interconnection and transmission of third parties to deliver energy from certain of its projects. If these facilities become unavailable, XPLR's projects may not be able to operate or deliver energy; XPLR's business is subject to liabilities and operating restrictions arising from environmental, health and safety laws and regulations and other standards, compliance with which may require significant capital expenditures, increase XPLR’s cost of operations and affect or limit its business plans; XPLR's business, financial condition, results of operations, liquidity and ability to execute its business plan could be materially adversely affected by new or revised laws, regulations or executive orders, as well as by regulatory action or inaction; XPLR does not own all of the land on which the projects in its portfolio are located and its use and enjoyment of the property may be adversely affected to the extent that there are any lienholders or land rights holders that have rights that are superior to XPLR's rights or the United States of America (U.S.) Bureau of Land Management suspends its federal rights-of-way grants; XPLR is subject to risks associated with litigation or administrative proceedings, as well as negative publicity; XPLR is subject to risks associated with its ownership interests in projects that undergo development or construction, including for repowering, and other capital improvements to its clean energy or other projects, which could result in its inability to complete development and construction at those projects on time or at all, and make those projects too expensive to complete or cause the return on an investment to be less than expected; XPLR relies on a limited number of customers and vendors and is exposed to credit and performance risk in that they may be unwilling or unable to fulfill their contractual obligations to XPLR or that they otherwise terminate their agreements with XPLR; XPLR may not be able to extend, renew or replace expiring or terminated power purchase agreements (PPAs), lease agreement or other customer contracts at favorable rates or on a long-term basis and XPLR may not have the ability to amend existing PPAs for renewable energy repowering projects; if the energy production by or availability of XPLR's clean energy projects is less than expected, they may not be able to satisfy minimum production or availability obligations under their PPAs; Cautionary Statement and Risk Factors That May Affect Future Results 33
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XPLR's ability to develop and/or acquire assets involves risks; government laws, regulations and policies providing incentives and subsidies for clean energy could be changed, reduced or eliminated at any time and such changes may negatively impact XPLR and its ability to repower, acquire, develop or invest in clean energy and related projects; XPLR's ability to develop projects, including repowering renewable energy projects, faces risks related to project siting, financing, construction, permitting, the environment, governmental approvals and the negotiation of project development agreements; acquisitions of existing clean energy projects involve numerous risks; XPLR may develop or acquire assets that use other renewable energy technologies and may develop or acquire other types of assets. Any such development or acquisition may present unforeseen challenges and result in a competitive disadvantage relative to XPLR's more-established competitors; certain agreements which XPLR or its subsidiaries are parties to have provisions which may limit or preclude XPLR from engaging in specified change of control and similar transactions; XPLR faces substantial competition primarily from regulated utility holding companies, developers, independent power producers, pension funds and private equity funds for opportunities in the U.S.; regulatory decisions that are important to XPLR may be materially adversely affected by political, regulatory, operational and economic factors; XPLR may not be able to access sources of capital on commercially reasonable terms; restrictions in XPLR and its subsidiaries' financing agreements could adversely affect XPLR's business, financial condition, results of operations, liquidity and ability to execute its business plan; XPLR may be unable to maintain its current credit ratings; XPLR’s liquidity may be impaired if its credit providers are unable to fund their credit commitments to XPLR or to maintain their current credit ratings; as a result of restrictions on XPLR's subsidiaries’ cash distributions to XPLR and XPLR Infrastructure Operating Partners, LP (XPLR OpCo) under the terms of their indebtedness or other financing agreements, cash distributions received by XPLR and XPLR OpCo from their subsidiaries could be reduced or not received at all; XPLR's and its subsidiaries’ substantial amount of indebtedness, which may increase, may adversely affect XPLR's ability to operate its business, and its failure to comply with the terms of its subsidiaries' indebtedness or refinance, extend or repay the indebtedness could have a material adverse effect on XPLR's financial condition; XPLR is exposed to risks inherent in its use of interest rate swaps; widespread public health crises and epidemics or pandemics may have material adverse impacts on XPLR’s business, financial condition, results of operations, liquidity and ability to execute its business plan; NEE has influence over XPLR; under the Cash Sweep and Credit Support Agreement, XPLR receives credit support from NEE and its affiliates. XPLR's subsidiaries may default under contracts or become subject to cash sweeps if credit support is terminated, if NEE or its affiliates fail to honor their obligations under credit support arrangements, or if NEE or another credit support provider ceases to satisfy creditworthiness requirements, and XPLR will be required in certain circumstances to reimburse NEE for draws that are made on credit support; NextEra Energy Resources, LLC (NEER) and certain of its affiliates are permitted to borrow funds received by XPLR OpCo or its subsidiaries and is obligated to return these funds only as needed to cover project costs and distributions or as demanded by XPLR OpCo. XPLR's financial condition and ability to execute its business plan is highly dependent on NEER’s performance of its obligations to return all or a portion of these funds; NEER's right of first refusal may adversely affect XPLR's ability to consummate future sales or to obtain favorable sale terms; XPLR Infrastructure Partners GP, Inc. (XPLR GP) and its affiliates may have conflicts of interest with XPLR and have limited duties to XPLR and its unitholders; XPLR GP and its affiliates and the directors and officers of XPLR are not restricted in their ability to compete with XPLR, whose business is subject to certain restrictions; XPLR may only terminate the Management Services Agreement among XPLR, NextEra Energy Management Partners, LP (NEE Management), XPLR OpCo and XPLR Infrastructure Operating Partners GP, LLC under certain limited circumstances; if certain agreements with NEE Management or NEER are terminated, XPLR may be unable to contract with a substitute service provider on similar terms; XPLR's arrangements with NEE limit NEE’s potential liability, and XPLR has agreed to indemnify NEE against claims that it may face in connection with such arrangements, which may lead NEE to assume greater risks when making decisions relating to XPLR than it otherwise would if acting solely for its own account; disruptions, uncertainty or volatility in the credit and capital markets, and in XPLR's operations, business and financing strategies, may exert downward pressure on the market price of XPLR’s common units; XPLR may not make any distributions in the future to its unitholders as a result of the execution of its business plan; XPLR's ability to execute its business plan depends on the ability of XPLR OpCo's subsidiaries to make cash distributions to XPLR OpCo; holders of XPLR’s units may be subject to voting restrictions; XPLR’s partnership agreement replaces the fiduciary duties that XPLR GP and XPLR’s directors and officers might have to holders of its common units with contractual standards governing their duties and the New York Stock Exchange does not require a publicly traded limited partnership like XPLR to comply with certain of its corporate governance requirements; Cautionary Statement and Risk Factors That May Affect Future Results (Cont.) 34
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XPLR’s partnership agreement restricts the remedies available to holders of XPLR's common units for actions taken by XPLR’s directors or XPLR GP that might otherwise constitute breaches of fiduciary duties; certain of XPLR’s actions require the consent of XPLR GP; holders of XPLR's common units currently cannot remove XPLR GP without NEE’s consent and provisions in XPLR's partnership agreement may discourage or delay an acquisition of XPLR that XPLR unitholders may consider favorable; NEE’s interest in XPLR GP and the control of XPLR GP may be transferred to a third party without unitholder consent; reimbursements and fees owed to XPLR GP and its affiliates for services provided to XPLR or on XPLR's behalf will reduce cash distributions from XPLR OpCo and there are no limits on the amount that XPLR OpCo may be required to pay; the liability of holders of XPLR's units, which represent limited partnership interests in XPLR, may not be limited if a court finds that unitholder action constitutes control of XPLR's business; unitholders may have liability to repay distributions that were wrongfully distributed to them; the issuance of common units, or other limited partnership interests, or securities convertible into, or settleable with, common units, and any subsequent conversion or settlement, will dilute common unitholders’ ownership in XPLR, will impact the relative voting strength of outstanding XPLR common units and issuance of such securities, or the possibility of issuance of such securities, as well as the resale, or possible resale following conversion or settlement, may result in a decline in the market price for XPLR's common units; XPLR's future tax liability may be greater than expected if XPLR does not generate net operating losses (NOLs) sufficient to offset taxable income, if the tax law changes, or if tax authorities challenge certain of XPLR's tax positions; XPLR's ability to use NOLs to offset future income may be limited; XPLR will not have complete control over XPLR's tax decisions; and distributions to unitholders may be taxable as dividends. XPLR discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2024 and other Securities and Exchange Commission (SEC) filings, and this presentation should be read in conjunction with such SEC filings made through the date of this presentation. The forward-looking statements made in this presentation are made only as of the date of this presentation and XPLR undertakes no obligation to update any forward-looking statements. Cautionary Statement and Risk Factors That May Affect Future Results (Cont.) 35