XPLR Infrastructure Narrows 2026 Outlook and Introduces 2027

The Tip Desk · November 10, 2026 · 2 min read

The partnership now expects full-year adjusted EBITDA in the lower half of its prior $1.75 billion to $1.95 billion range after third-quarter adjusted EBITDA of $471 million.

XPLR Infrastructure, LP (XIFR) reported third-quarter 2026 net income attributable to the partnership of $51 million, up from $38 million in the second quarter, as it completed about 85% of its planned 2026 repowerings, sold roughly 400 megawatts of interconnection assets and rights to NextEra Energy Resources, and retired the remaining balance of its 2026 unsecured notes.

The clean-energy infrastructure limited partnership also said it now expects calendar-year 2026 adjusted EBITDA to finish in the lower half of the prior $1.75 billion to $1.95 billion range and free cash flow before growth (FCFBG) at or near the low end of the prior $600 million to $700 million range, after reaffirming those ranges in July.

For the three months ended September 30, 2026, operating revenues were $332 million, compared with $315 million a year earlier. Adjusted EBITDA was $471 million, versus $455 million in the year-ago quarter. Operating income was $83 million, versus $5 million a year earlier, and included $33 million of net gains on disposal of businesses and assets, compared with a $2 million loss a year earlier. Operations and maintenance expense was $119 million. Interest expense was $22 million, versus $94 million a year earlier.

Free cash flow before growth was $164 million in the third quarter, versus $179 million a year earlier. Cash interest paid was $147 million. FCFBG had been $257 million in the second quarter.

President and chief executive officer Alan Liu said the partnership delivered solid financial results while continuing to make progress across its key priorities, including the repowering program and the additional interconnection sales to NextEra Energy Resources, which he said demonstrated optionality in the portfolio and the ability to redeploy capital.

Cash and cash equivalents were $505 million at September 30, 2026, versus $960 million at December 31, 2025. Long-term debt was $5.426 billion at quarter-end. Weighted-average common units outstanding were 94.3 million in the third quarter.

The partnership is introducing 2027 financial expectations of adjusted EBITDA of $1.56 billion to $1.70 billion and FCFBG of $525 million to $600 million. Based on the current outlook, it expects FCFBG in 2028 to be in line with 2027. Those forward-looking statements assume, among other things, completion of certain repowerings, the sale or transfer of the assets underlying XPLR Renewables III (CEPF 3), and the transactions contemplated through the sale and co-investment agreement with NextEra Energy Resources, LLC.

Liu said the partnership remains focused on strong execution, maintaining financial flexibility through disciplined capital allocation, and pursuing opportunities that can enhance the long-term value of the portfolio.