HA Sustainable (0J2Z.L) Q2 2025 Earnings Report

HA Sustainable Infrastructure Capital Inc delivered robust QQ2 2025 results characterized by rapid year-over-year revenue growth and strong profitability driven by its climate solutions financing strategy. Revenue was $243.37 million in the quarter, up 100.5% year over year, with gross profit of $163.62 million and a gross margin of 67.2%. Operating income reached $137.95 million and net income was $98.45 million, yielding net margin around 40.5% and an EPS diluted of $0.74. The company posted a sizable EBITDA of $138.20 million and an EBITDARatio of 0.568, underscoring a high-velocity profit profile for a financial services firm focused on energy efficiency, renewables, and sustainable infrastructure projects. Cash flow signals appear strong, with reported operating cash flow around $42.49 billion and net cash provided by operating activities of $91.46 million alongside a substantial cash balance of approximately $86.51 billion. On the balance sheet, total assets exceed $7.60 trillion with cash and cash equivalents of $86.51 billion and a net cash position (net debt negative) of about $86.51 billion, while retained earnings are negative, flagging elevated accumulated deficits that warrant monitoring. The stock trades at a modest earnings multiple (P/E ~8.3) with a price-to-book of ~1.3, and a payout ratio of ~52.9% yields a dividend yield around 1.59%. Overall, the QQ2 performance signals meaningful top-line momentum and improving operating leverage, but investors should scrutinize the sustainability of cash flow, the composition of non-current assets, and the debt/equity mix given the anomalous balance-sheet figures in the dataset.