Hallador Energy Company (HNRG) Investor presentation summary

Strategic positioning and growth initiatives

• Operates a 1 GW power plant with 100% owned interconnection, ensuring high barriers to entry and future renewable integration potential.

• Owns Sunrise Coal, producing 3.6 million tons annually, providing a strategic fuel advantage and cost control.

• $2.4 billion forward contracted sales book and active negotiations for multi-year PPAs with utilities and data center developers.

• MISO ERAS application accepted for natural gas expansion, targeting a 40% capacity increase and accelerated diversification.

• Board and executive team with deep industry experience and strong shareholder alignment, with insiders owning ~17%.

Financial performance and capital structure

• Reported $452.5M TTM revenue and $35.9M TTM Adjusted EBITDA as of June 30, 2026.

• $84.2M in total liquidity and $45M in bank debt as of June 30, 2026.

• Over $250M reinvested in the business since 2022, supporting strategic expansion.

• Market capitalization of $748.6M and enterprise value of $766.7M as of August 10, 2026.

• Capex of $26.3M in Q2 2026, mainly for reliability upgrades and the Turtle Creek project.

Contracted revenue and market outlook

• Secured two multi-year PPAs totaling ~$1.1B in contracted capacity revenue through mid-2040, with 14 years sold forward.

• Recent agreements lock in capacity pricing at 2x historical levels, with one-third of capacity available for future sales.

• Long-term capacity agreements provide earnings visibility while retaining merchant energy upside.

• MISO region faces elevated to high reliability risk, with data center demand and AI-driven growth accelerating power needs.

• Amazon's $15B investment in Indiana data centers highlights regional demand surge.