XPLR Infrastructure

Ladies and gentlemen, thank you for standing by. Hello, and welcome to Explore Infrastructure First Quarter 2026 Earnings Conference Call. At this time, all lines have been placed on mute to prevent any background noise. Thank you. I would now like to turn the conference over to Kanghee Jeon, Director of Investor Relations. Please, go ahead.

Thank you, Dustin. Good morning, everyone, and thank you for joining our first quarter 2026 financial results conference call for Explore Infrastructure. With me this morning are Alan Liu, President and Chief Executive Officer of Explore Infrastructure, and Jessica Jeffrey, Chief Financial Officer of Explore Infrastructure. Alan will walk through our business highlights, and Jessica will provide an overview of our financial results. After that, our executive team will be available to answer your questions. On this call, we'll be making forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties. Actual results could differ materially from our forward-looking statements if any of our key assumptions are incorrect or because of other factors discussed in today's earnings news release, in the comments made during this conference call, in the risk factors section of the accompanying presentation, or in our latest reports and filings with the Securities and Exchange Commission, each of which can be found on our website, www.xplrinfrastructure.com. We do not undertake any duty to update any forward-looking statements. Today's presentation also includes references to non-GAAP financial measures. You should refer to the information contained in the slides accompanying today's presentation for the definitional information and reconciliations of historical non-GAAP measures to the closest GAAP financial measure. With that, I'll turn the call over to Alan.

Thank you, Conhee. Good morning, everyone. We delivered a solid start to 2026. Performance across the business was consistent with our expectations as we continue to advance our strategy to simplify our capital structure and maximize the value of our portfolio. The portfolio continues to deliver steady performance, and the team continues to execute in a disciplined manner with progress across our key focus areas. Our repowering program continues to progress well. To date, we have completed approximately 30% of the repowering projects planned for 2026. The remaining projects are on track and are expected to enhance output and longevity of Explorer's fleet and support overall portfolio performance over time, while positioning Explore for the future in this growing power demand environment. We also completed the final expected draw from our project financing commitments secured in 2025, successfully funding certain of our repowering investments with long-term and low-cost asset-level financing. With the successful execution of plan refinancing and recapitalization activities in 2025, we have a relatively modest financing plan ahead of us. with the next major corporate refinancing activity not expected until 2027. With respect to the previously announced interconnection sale and battery storage co-investment agreement with NextEra Energy Resources, Explore completed its evaluation and exercised its options to co-invest in the storage projects. Explore will participate with a 49% expected interest in each of the four projects which are expected to add approximately 200 net megawatts of battery storage capacity to our portfolio by year-end 2027. As a reminder, after asset-level financing proceeds, the net equity required for Explore is expected to be approximately $80 million, which Explore plans to fund through the sale of certain interconnection assets and rights to next-gen energy resources and to the four to-be-formed joint ventures. We believe that the structure for the joint ventures represents a disciplined and capital efficient way to add incremental growth, leveraging our existing platform while maintaining a focus on balance sheet strength. Lastly, we continue to see improving power market fundamentals that we believe are supportive of the value and the optionality of our assets. And those favorable market dynamics are starting to translate into tangible opportunities. We recently recontracted roughly 90 megawatts at an existing wind site at a rate that is roughly $25 per megawatt hour higher than realized pricing on that project's generation over the past year. It's a small project, but the revenue uplift is meaningful on a percentage basis. And more importantly, we are optimistic that this is an early example of a broader opportunity set as legacy contracts expire. Our team is pursuing additional opportunities to recontract and optimize existing contracts across multiple markets where there is strong demand growth. With that, let me turn it over to Jessica, who will review our first quarter of 2026 results in more detail.