Vistra : 2025 First Quarter Presentation

Published: 2025-05-07 07:06:18 ET VST

Published on 05/07/2025 at 07:06

May 7, 2025

Welcome and Safe Harbor

Eric Micek, Vice President of Investor Relations

Q1 2025 Highlights

Jim Burke, President & Chief Executive Officer

Q1 2025 Finance Update

Kris Moldovan, Executive Vice President & Chief Financial Officer

3 Q1 2025 Investor Presentation

President C Chief Executive Officer

Q1 2025 Investor Presentation

DELIVERED

$1,240M

Q1 2025 Adj. EBITDA1

Resilient earnings delivered through forward hedging,

a flexible asset base,

and strong retail performance

REAFFIRMED

$5.5-$6.1B

2025 Adj. EBITDA guidance range1,2

2025 Adj. FCFbG1,2

guidance range of

$3.0-$3.6 billion

2026 Adj. EBITDA

Midpoint Opportunity3 of $6B+

HEDGED

~G5%

Expected Generation for 2025-264

Comprehensive hedging program provides earnings visibility while maintaining upside to power market tailwinds in the out-years

"Adjusted EBITDA" is a reference to Ongoing Operations Adjusted EBITDA; "Adjusted FCFbG" is a reference to Ongoing Operations Adjusted Free Cash Flow before Growth; Adjusted EBITDA and Adjusted FCFbG are non-GAAP financial neasures. See the "Non-GAAP Reconciliation"

tables at the end of this presentation for further details.

Ongoing Operations Adjusted EBITDA and Ongoing Operations Adjusted FCFbG guidance for 2025 based on market curves as of Nov. 4, 2024. Vistra believes the nuclear PTC should provide downside Ongoing Operations Adjusted EBITDA support in 2025.

Ongoing Operations Adjusted EBITDA midpoint opportunity for 2026 based on market curves as of Nov. 4, 2024. Midpoint opportunities are not intended to be guidance and represent only our estimate of potential opportunities for Adjusted EBITDA in 2026. Actual results could vary and are subject to a number of risks, uncertainties and factors, including power price market movements and our hedging strategy. We have not provided a quantitative reconciliation of the Adjusted EBITDA opportunity for 2026 to GAAP net income (loss) because we cannot, without unreasonable effort, calculate certain reconciling items with confidence due to the variability, complexity, and limited visibility of the adjusting items that would be excluded from Adjusted EBITDA in such out-year period.

As of May 2, 2025.

Q1 2025 At-A-Glance

Integrated Business Model

Disciplined Capital Allocation

Resilient Balance Sheet

Strategic Energy Transition

Strong operational and retail performance throughout the quarter

Resilient annual earnings across different economic scenarios through integrated business model

Consistent execution on our capital return commitment

Expected to have significant amounts of unallocated cash, providing flexibility for additional debt reduction, additional share repurchase, and/or growth

Current net leverage below our long-term target of less than 3x1

Ample available liquidity to support comprehensive hedging program

Construction continues on our Vistra Zero projects for Oak Hill (Amazon) and Pulaski (Microsoft)

Significant development pipeline across the fleet including the potential for ~10% nuclear uprates

Excluding Project Level Financings at Vistra Zero and any benefit from margin deposits.

Continued Execution Against Our Four Strategic Priorities

PJM and ERCOT Load Growth Secular industry growth remains intact despite macro conditions

Year-over-year weather adjusted growth in energy by quarter (%)1

6.5%

3Q 2024 4Q 2024 1Q 2025

Historical power demand remains inelastic during turbulent economic periods2

5.2%

3.0%

2.1%

Expecting load growth at a ~4% CAGR through 2030 with data centers accounting for ~40% of new demand3

Multiple drivers of improving industry outlook

Oil C gas electrification led by the Permian Basin and LNG projects

Data center build out

Continued reshoring of industrial activities

Vistra's value creation

Higher potential capacity factors across Vistra's fleet

Strong free cash flow conversion supports disciplined approach to capital return and investments in growth

Data from PJM and ERCOT; based on internal weather adjusted data.

Based on U.S. Energy Information Administration data.

Per Boston Consulting Group, April 11, 2025.

Demand Growth Continues to Materialize Across our Markets

Vistra's diversified fleet and retail portfolio offer multiple ways to create value from secular load growth

Executive Vice President C Chief Financial Officer

Q1 2025 Investor Presentation

Q1 2025 Financial Results Generation2

544

(2 )

573

(28)

838

1,056

184

Adjusted EBITDA1,2 ($ in millions)

810

1,240

Q1 2025 was $218 million favorable as compared to Q1 2024,

primarily driven by:

Strong fleet commercial availability

Higher wholesale prices through our comprehensive hedging program

Inclusion of two additional nonths of Energy Harbor's generation

results

Retail

Q1 2025 was $212 million favorable as compared to Q1 2024, primarily driven by:

Strong customer counts and margins combined with supply management

Q1 2023 Q1 2024 Q1 2025

Favorable weather in January and February in our Texas and Midwest and Northeast markets

Inclusion of two additional nonths of Energy Harbor's retail

results

"Adjusted EBITDA" is a reference to Ongoing Operations Adjusted EBITDA; Adjusted EBITDA is a non-GAAP financial measure. See the "Non-GAAP Reconciliation" tables at the end of this presentation for further details. Ongoing Operations Adjusted EBITDA excludes results from Asset Closure segment of $(31) million, $(20) million, and $(24) million in each of Q1 2023, Q1 2024, and Q1 2025, respectively.

Generation includes Texas, East, West, and Corp./Other.

Q1 2025 Results

Favorable weather and commercial operations drive strong start to 2025

Near-term Earnings Outlook

Adjusted EBITDA1,2 ($ in millions)

5,500-

PTC

Benefit

6,100

6,000+

Comprehensive hedging program supports the near-term outlook while maintaining upside to power market tailwinds in the out-years3

~100% of expected generation hedged for 2025

~90% of expected generation hedged for 2026

3,11

4,0 3

5,643

545

Adj. FCFbG conversion expected to continue to be robust

2025 Adj. FCFbG guidance reaffirmed at $3,000 - $3,600 million

Expect to consistently convert ~55-60% of Adj. EBITDA

5,0 8

2022A 2023A 2024A 2025E

Guidance

Range

2026E

Midpoint

Opportunity

Nuclear PTC provides downside support

Ongoing Operations Adjusted EBITDA guidance for 2025 based on market curves as of Nov. 4, 2024. Ongoing Operations Adjusted EBITDA for 2023 and 2024 are recast for the transfer of Moss Landing 300 to the ACS segment.

As of May 2, 2025.

Near-term Earnings Outlook

Integrated model enables strong growth profile amidst industry tailwinds

Executed ~$5.2 billion in share repurchases from Nov. 2021 through May 2, 2025, at an average price of ~$31.96

Currently, ~$1.5 billion remaining under existing share repurchase authorizations expected to be utilized through year-end 2026

Announced quarterly common dividend of 22.50¢ per share to be paid June 30, 2025, targeting $300 million in dividends annually

Shareholder Return

Dividend per Share (¢/share) C

Financial Leverage Vistra Zero Growth

Net Debt / Adjusted EBITDA2 Solar C Energy Storage Capex3 ($ in millions)

550

604

Shares Outstanding (basic shares in millions)

22.35

340

3.1x

2. x

3.0x " 3.0x

2.7x

3.4x

Vistra Vision MI purchase closed Q4

725

YE 2021 YE 2022 YE 2023 YE 2024 Q1 25 LT

Target

2023A 2024A 2025E

Energy Harbor Completed Q1

Capital Allocation plan as announced in Nov. 2021; quarterly dividends and additional share repurchases beyond current authorized anounts are based on nanagenent's reconnendations and subject to the Board's approval at the applicable tine.

Excludes Project Level financings at Vistra Zero (i.e. Vistra Zero $697M TLB and BCOP tax credit bridge loans) and margin deposits. Q1 2025 reflects 2025 Adjusted EBITDA guidance midpoint. Adjusted EBITDA is a reference to Ongoing Operations Adjusted EBITDA, which is a non-GAAP financial measure. For illustrative purposes only.

Expect to partially fund with Project Level Financings. Capex estimates subject to change based on market conditions.

Capital Allocation Update1

Balanced approach to shareholder return, financial leverage, and growth

Q1 2025 Investor Presentation

America's Leading Integrated Power Provider

Integrated Fortune 500 retail electricity and power generation company based in Irving, Texas

Products and services in 18 states and Washington D.C.,

including all major competitive wholesale markets in the U.S.

Retail

Serving approximately 5 million residential, commercial, and industrial retail customers

More than 50 renewable energy plans

Generation

Largest competitive power generator in U.S.

~41,000 MW of generation powered by a diverse portfolio of natural gas,

nuclear, coal, solar, and battery energy storage

Owns and operates the second-largest competitive nuclear power fleet in the U.S.

Note: As of Dec. 31, 2024.

1) Based on 2024 actual production; Includes full year of Energy Harbor.

EMISSIONS REDUCTIONS1 PORTFOLIO TRANSFORMATION2

Scope 1 and Scope 2 Emissions

SO2Emissions

~15,150 MW

Zero Carbon Capacity MW

Net-Zero

173

(Million mtCO2e)

('000s nt)

3 4

fossil generation retired since 2010,

~10,400 MW retired since 2018

and on track for ~20,000 MW total retired by 2027

(from 2010 baseline)

200%+ growth

in zero-carbon generation since 2018 with 7,922 MW online and additional projects under development

Disciplined Zero-Carbon

7, 22

2,4 0

2010 2024 2030 2050

GHG Reduction vs 2010 baseline

2010 2024

SO2vs 2010 baseline

generation/storage growth over time

REPORTING

2018 2024

2024 50% reduction achieved

2030 Target: 60% reduction

2050 Target: Net-Zero

2024 G0% reduction achieved

2023 Sustainability Report (GRI C SASB) 2023 Climate Report (TCFD) 2024 CDP questionnaire Green Finance Framework

Vistra's goal to achieve a 60% reduction in noted enissions by 2030, as conpared to the 2010 baseline, and net-zero carbon emissions by 2050, assumes necessary advancements in technology and supportive market constructs and public policy.

As of Dec. 2024.

Environmental Stewardship

Vistra's GHG targets emphasize an energy transition that balances reliability and affordability of power

Employee Support

PEOPLE AND COMMUNITIES GOVERNANCE

Oversight of Vistra's sustainability initiatives is governed by the full Vistra board, with

Formal mentoring program to help develop professional skills and provide networking opportunities

Vistra part of Disability:IN

15 Employee Resource Groups available with focus on Vistra culture, business

innovation, skills development for all employees, and the community

Employee Health s Safety

0.72 Total Recordable Incident Rate achieved in 2024

14 Facilities recognized with OSHA VPP Star Rating

Community Support

In 2024, Vista donated $11 million to support communities in education, economic development, community welfare, employee involvement and sustainability

Vistra's Energy Aid progran is one of the nost extensive energy bill-payment assistance programs in the nation, providing more than $140 million in assistance over the last 40 years.

oversight of subject matter-specific components delegated to relevant board committees

Board Composition

36%

Female

18%

Minority

91%

Independent

AWARDS s RECOGNITION

Newsweek nanes Vistra one of 2024's Most Trustworthy Companies in America.

Vistra recognized by Tine Magazine as one of 2024's Best Companies For Future Leaders.

Vistra added to Dow Jones Best-In-Class North America Index

in 2024

One of 2024 Best Corporations for Veteran's Business

Enterprises®

Social Responsibility s Governance

Vistra's Purpose: Lighting up lives, powering a better way forward

16 Q1 2025 Investor Presentation

Illustrative Revenue Support PTC Mechanism2

Thresholds at which PTC support is phased out

(2024)

43.75

50.88 (2032 @

2% Inflation)

57.00 (2032 @

3% Inflation)

Gross Receipts= PTC ( /MWh)

Source: Public Filings

Gross Receipts ( /MWh)

The nuclear PTC is a tax credit of up to $15/MWh

When gross receipts exceed $25/MWh, the PTC amount is reduced by 80% of gross receipts exceeding $25/MWh

When gross receipts exceed $43.75/MWh (2024 base year), the PTC amount is reduced to zero

The PTC can be credited against taxes or monetized through a sale and will be recognized as revenue for accounting purposes

The maximum PTC and gross receipts threshold are subject to inflation adjustments based on the GDP price deflator for the preceding calendar year

Maximum PTC is rounded to the nearest $2.50/MWh

Gross receipts threshold rounded to nearest $1.00/MWh

Vistra Vision positioned to benefit directly fron the IRA's nuclear PTC given

its applicability to production from its ~6,400 MWs of Nuclear capacity

Further clarity from the IRS in interpreting the nuclear PTC expected in 2025

Based on IRA bill signed by US President Biden on Aug. 16, 2022.

Calculations assume Vistra receives the 5x bonus adder to the nuclear PTC for meeting the prevailing wage requirements on all applicable contracts.

17 Q1 2025 Investor Presentation

Nuclear Production Tax Credit (PTC) Overview1

The IRA's nuclear PTC creates revenue stability during periods of lower power prices for nuclear generation

Highlights

Retail volumes increased 27% YoY driven by growth in the business markets segment and the Energy Harbor acquisition

Grew residential counts in Texas within the quarter and year over year, including our flagship TXU Energy brand

Launching Ultimate Summer Pass - a "first of its kind" product offering custoners built-in savings and comfort

Retail Volumes Energy Degree Days

(in TWh) (ERCOT North Central Zone)

27%

increase

18 Q1 2025 Investor Presentation

Retail Overview

Strong margin and counts performance driving Adj. EBITDA growth

Balances ($ in millions)

Q1 2025

Funded Revolving Credit Facilities

Vistra Operations Term Loan B

2,469

Senior Secured Notes

5,144

Senior Unsecured Notes

7,300

Revenue Bond Obligations2

431

Accounts Receivable Financings

1,082

Forward Repurchase Obligations4

1,355

Equipment Financing Agreements

Total Debt1

$17,836

Less: cash and cash equivalents

(561)

Total Net Debt (before Cash Margin Deposits)1

$17,275

Illustrative Leverage Metrics

Adjusted EBITDA (Consolidated Ongoing Operations)3 $5,800

Gross Debt / Adj. EBITDA (x)1,3 3.08x

Net Debt / Adj. EBITDA (x)1,3 2.G8x

Excludes Project Level Financings (i.e., Vistra Zero $697M TLB and BCOP tax credit bridge loans).

Reflects Energy Harbor loan obligations associated with various revenue bonds issued by Ohio and Pennsylvania governmental entities. These loan obligations are indirectly secured by a pledge of mortgage bonds issued by certain Energy Harbor entities.

Reflects 2025 Ongoing Operations Adjusted EBITDA guidance midpoint.

Represents the NPV of the total $1,450M remaining scheduled payments related to the purchase of the Vistra Vision minority interests discounted at 6%.

Corporate Debt Profile

Vistra remains committed to a long-term net leverage target below 3x1

Vistra Operations Secured Debt ($ in millions)

Q1 2025

Senior Secured Term Loan B-3 due December 2030

$2,469

5.125% Senior Secured Notes due May 2025

744

5.050% Senior Secured Notes due December 2026

500

3.700% Senior Secured Notes due January 2027

800

4.300% Senior Secured Notes due July 2029

800

6.950% Senior Secured Notes due October 2033

1,050

6.000% Senior Secured Notes due April 2034

500

5.700% Senior Secured Notes due December 2034

750

Total Vistra Operations Secured

$7,613

Vistra Operations Unsecured Notes ($ in millions)

5.500% Senior Unsecured Notes due September 2026

$1,000

5.625% Senior Unsecured Notes due February 2027

1,300

5.000% Senior Unsecured Notes due July 2027

1,300

4.375% Senior Unsecured Notes due May 2029

1,250

7.750% Senior Unsecured Notes due October 2031

1,450

6.875% Senior Unsecured Notes due April 2032

1,000

Total Vistra Operations Unsecured

$7,300

Select Debt Balances

Principal outstanding for secured and unsecured debt issued from Vistra Operations

2025 2026

Texas West East Total

Nuclear/Renewable/Coal Gen Position

Expected Generation (TWh)

% Hedged

Sensitivity to Power Price: + :2.50/mwh (:M)

- :2.50/mwh (:M)

Gas Gen Position

Expected Generation (TWh)

% Hedged

Sensitivity to Spark Spread 1: + :1.00/mwh (:M)

- :1.00/mwh (:M)

Natural Gas Position

Net Position (Bcf)

Sensitivity to Natural Gas Price: + :0.25/mmbtu (:M)

- :0.25/mmbtu (:M)

Total % Hedged Realized Price Summary

Hedge Value vs Market2 ($M)

Premium/Discount vs Hub Price3 ($M)

Total Difference vs Market ($M)

Around-the-Clock (ATC) Hub Price4 ($/MWh) Premium/Discount vs Hub Price3 ($/MWh)

39 43

100% 97%

:7 :4

(:2) :0

98%

:11

(:2)

51 55

100% 65%

:c 51

:0 (:3S)

106

82%

:57 (:3S)

36 3 41

100% 100% 100%

:1 :0 :1

:1 :0 :0

100%

49 4 49

65% 39% 100%

:18 :3 :1

(:17) (:3) 1

103

81%

:22 (:1S)

29 -1 -23

:7 :0 (:c)

(:7) :0 :c

(:1)

21 0 -98

:5 :0 (:24)

(:5) :0 :24

-77

(:1S)

:1S

GG%

86%

($1,676) $57 ($355)

$965 $65 $16

($1,975)

$1,045

($1,070) $37 ($347)

$1,158 $90 $400

($1,380)

$1,647

($712) $122 ($33G)

$59.38 $46.75 $49.94

($9.58) $43.89 ($3.96)

($G2G)

$54.22 ($5.72)

$87 $126 $53

$57.14 $52.86 $52.15

$0.87 $30.08 $0.51

$267

$54.56

$1.28

Total Realized Price ($/MWh)

$4G.80 $G0.64 $45.G8 $48.50

$58.01 $82.G5 $52.65 $55.84

Note: amounts may not sum due to rounding.

This sensitivity assumes a 7.2 mmbtu/MWh Heat Rate, therefore the change in spark spread is equal to the change in power price minus 7.2 times the change in delivered gas price.

Hedge and market value as of March 31, 2025 and represents generation only (excludes retail).

The forecasted premium over the Hub Price includes shape impact for estimated dispatch generation as compared to running ATC, plant basis vs hubs, and estinated value fron projected future increnental power sales based on Vistra's fundanental point of view.

TEXAS: 90% North Hub, 10% West Hub; EAST: 15% Mass Hub, 55% AD Hub, 10% Ni Hub, 10% Western Hub, 5% NY Zone A, 5% Indiana Hub

Comprehensive Hedging Program Overview

Effective March 31, 2025

Tenor

Zone

Position (MW)

Average Price ($/MW-day)

Tenor

Zone

Position (MW)

Avg. Price ($/KW-mo)

East

2024/2025

PJM - RTO

5,170

$34.30

Winter 24/25

NYISO

1,099

$2.99

2024/2025

PJM - ComEd

2,333

$37.92

2024/2025

ISO-NE

3,347

$3.09

2024/2025

PJM - DEOK

1,084

$93.07

2024/2025

MISO

1,788

$3.01

2024/2025

PJM - MAAC

532

$48.96

Summer 2025

NYISO

620

$4.56

2024/2025

PJM - EMAAC

835

$54.47

2025/2026

ISO-NE

3,110

$2.72

2024/2025

PJM - ATSI

2,109

$28.92

2025/2026

MISO

1,370

$4.62

2025/2026

PJM - RTO

4,093

$253.82

Winter 25/26

NYISO

303

$4.02

2025/2026

PJM - ComEd

2,127

$269.19

2026/2027

ISO-NE

3,018

$2.60

2025/2026

PJM - DEOK

946

$269.92

2026/2027

MISO

665

$4.68

2025/2026

PJM - EMAAC

645

$269.08

2027/2028

ISO-NE

3,269

$3.59

2025/2026

PJM - MAAC

465

$269.21

2025/2026

PJM - ATSI

2,044

$269.92

West

2025/2026

PJM - DOM

211

$442.32

2025

CAISO

1,795

2026

CAISO

1,575

2027

CAISO

1,275

Note: PJM capacity positions represent volumes cleared and purchased in primary annual auctions, incremental auctions, and transitional auctions. Also includes bilateral transactions. ISO-NE represents capacity auction results, supplemental auctions, and bilateral capacity sales. NYISO represents capacity auction results and bilateral capacity sales; Winter period covers November through April and Summer period covers May through October. MISO positions represent volumes cleared and purchased in primary annual auctions, incremental auctions, and transitional auctions. West capacity position includes Moss Landing 300., West prices based on proprietary contracts and are not disclosed.

Capacity Positions

Effective March 31, 2025

Bal'2025

2026

2027

Bal'2025

2026

2027

Power (ATC, $/MWh) Spark Spreads (ATC, $/MWh)

ERCOT North Hub

$59.09

$56.76

$54.58

ERCOT West Hub

$61.99

$60.50

$58.49

Texas

cont.

PJM AD Hub

$49.59

$51.12

$47.33

ERCOT North Hub-Houston Ship Channel

S0%

$27.75

$24.58

$25.74

PJM Ni Hub

$41.80

$42.45

$38.76

ERCOT West Hub-Permian Basin

10%

$51.45 $44.84 $35.12

PJM Western Hub

$53.91

$56.26

$52.96

Texas Weighted Average

$30.12

$26.61

$26.68

MISO Indiana Hub

$48.54

$49.90

$47.37

ISONE Mass Hub

$58.72

$66.01

$58.41

East

cont.

New York Zone A

$49.55

$51.52

$47.22

PJM AD Hub-Dominion South

15%

$22.08

$23.93

$23.83

CAISO NP15

$46.75

$52.86

$53.76

PJM AD Hub-Tetco ELA

15%

$16.08

$17.32

$17.72

PJM Ni Hub-Chicago Citygate

15%

$10.23

$9.33

$9.51

Gas ($/MMBtu)

PJM Western Hub-Tetco M3

15%

$24.01

$23.18

$22.90

NYMEX

$4.49

$4.43

$3.86

ISONE Mass Hub-Algonquin Citygate

30%

$20.84

$18.05

$15.74

Houston Ship Channel

$4.01

$4.12

$3.66

New York Zone A-Dominion South

10%

$22.04

$24.32

$23.72

Permian Basin

$1.12

$1.83

$2.90

East Weighted Average

$1G.32

$18.G1

$18.1G

Dominion South

$3.47

$3.43

$2.92

Tetco ELA

$4.31

$4.35

$3.76

West

Chicago Citygate

$4.04

$4.25

$3.72

CAISO NP15-PGsE Citygate

$13.41

$15.41

$1G.G1

Tetco M3

$3.81

$4.25

$3.83

Algonquin Citygate

$4.91

$6.31

$5.58

PGCE Citygate

$4.28

$4.85

$4.35

Note: Contribution to segment spark spreads are approximate.

Forward Market Pricing

Effective March 31, 2025

Total Generation (TWh)

Q1 2023

Q1 2024

Q1 2025

CCGT Capacity Factor (%)

Q1 2023

Q1 2024

Q1 2025

Texas

16.7

18.5

20.0

Texas

35%

44%

48%

East

18.0

20.3

27.5

East

62%

63%

West

1.5

1.2

0.5

West

70%

55%

23%

Total Ongoing Operations

36.2

40.0

48.0

Coal Capacity Factor (%)

Q1 2023

Q1 2024

Q1 2025

Commercial Availabilty (%)

Q1 2023

Q1 2024

Q1 2025

Texas

53%

52%

56%

Texas Gas

98.4%

98.1%

99.2%

East

40%

38%

61%

Texas Coal

95.2%

93.6%

75.2%

East

95.9%

98.3%

97.2%

West

98.3%

99.7%

98.3%

Nuclear Capacity Factor (%)1

Q1 2023

Q1 2024

Q1 2025

Total

G6.7%

G7.7%

G5.0%

Texas

100%

96%

100%

East

N/A

77%

88%

East Nuclear Capacity Factor reflects only one month of Energy Harbor and the planned outage at Davis-Besse in Mar. 2024., and the planned outage at Perry in Mar.-Apr. 2025.

Generation Metrics

Effective March 31, 2025

Asset

Location

ISO

Technology

Primary Fuel

Net Capacity (MW)

Ennis

Ennis, TX

ERCOT

CCGT

Gas

366

Forney

Forney, TX

ERCOT

CCGT

Gas

1,912

Hays

San Marcos, TX

ERCOT

CCGT

Gas

1,047

Lamar

Paris, TX

ERCOT

CCGT

Gas

1,180

Midlothian

Midlothian, TX

ERCOT

CCGT

Gas

1,596

Odessa

Odessa, TX

ERCOT

CCGT

Gas

1,180

Wise

Poolville, TX

ERCOT

CCGT

Gas

787

DeCordova

Granbury, TX

ERCOT

Gas

260

Morgan Creek

Colorado City, TX

ERCOT

Gas

390

Permian Basin

Monahans, TX

ERCOT

Gas

325

Graham

Graham, TX

ERCOT

Gas

630

Lake Hubbard

Dallas, TX

ERCOT

Gas

921

Stryker Creek

Rusk, TX

ERCOT

Gas

685

Trinidad

Trinidad, TX

ERCOT

Gas

244

Martin Lake

Tatum, TX

ERCOT

Coal

2,250

Oak Grove

Franklin, TX

ERCOT

Coal

1,600

Coleto Creek

Goliad, TX

ERCOT

Coal

650

Comanche Peak I C II

Glen Rose, TX

ERCOT

Nuclear

Uranium

2,400

Brightside

Live Oak County, TX

ERCOT

Solar

Emerald Grove

Crane County, TX

ERCOT

Solar

108

Upton 2

Upton County, TX

ERCOT

Solar/Battery

190

DeCordova

Total Texas

Granbury, TX

ERCOT

Battery

260

1G,031

Moss Landing I C II

Moss Landing, CA

CAISO

CCGT

Gas

1,020

Moss Landing

Moss Landing, CA

CAISO

Battery

450

Oakland

Oakland, CA

CAISO

Oil

110

Total West

1,580

Note: Capacity shown on a 100% ownership basis. Approximate net generation capacity, actual net generation capacity may vary based on a number of factors including ambient temperature. Excludes 500 MW of uprates available at our Texas gas assets in the summer. Moss Landing Phase I 300 MW battery facility was moved from the West segment to ACS as of Q1 2025.

Asset Fleet Details

Effective March 31, 2025

Asset

Location

ISO

Technology

Primary Fuel

Net Capacity (MW)

Independence

Oswego, NY

NYISO

CCGT

Gas

1,212

Bellingham

Bellingham, MA

ISO-NE

CCGT

Gas

566

Blackstone

Blackstone, MA

ISO-NE

CCGT

Gas

544

Casco Bay

Veazie, ME

ISO-NE

CCGT

Gas

543

Lake Road

Dayville, CT

ISO-NE

CCGT

Gas

827

MASSPOWER

Indian Orchard, MA

ISO-NE

CCGT

Gas

281

Milford

Milford, CT

ISO-NE

CCGT

Gas

600

Fayette

Masontown, PA

PJM

CCGT

Gas

726

Hanging Rock

Ironton, OH

PJM

CCGT

Gas

1,430

Hopewell

Hopewell, VA

PJM

CCGT

Gas

370

Kendall

Minooka, IL

PJM

CCGT

Gas

1,288

Liberty

Eddystone, PA

PJM

CCGT

Gas

607

Ontelaunee

Reading, PA

PJM

CCGT

Gas

600

Sayreville

Sayreville, NJ

PJM

CCGT

Gas

349

Washington

Beverly, OH

PJM

CCGT

Gas

711

Calumet

Chicago, IL

PJM

Gas

380

Dicks Creek

Monroe, OH

PJM

Gas

155

Pleasants

Saint Marys, WV

PJM

Gas

388

Miami Fort (CT)

North Bend, OH

PJM

Oil

Baldwin

Baldwin, IL

MISO

Coal

1,185

Newton

Newton, IL

MISO

Coal

615

Kincaid

Kincaid, IL

PJM

Coal

1,108

Miami Fort 7 C 8

North Bend, OH

PJM

Coal

1,020

Beaver Valley I C II

Shippingport, PA

PJM

Nuclear

Uranium

1,872

Perry

Perry, OH

PJM

Nuclear

Uranium

1,268

Davis-Besse

Oak Harbor, OH

PJM

Nuclear

Uranium

908

Baldwin

Baldwin, IL

MISO

Solar/Battery

Coffeen

Coffeen, IL

MISO

Solar/Battery

Total East

1G,746

Total Capacity

40,357

Note: Capacity shown on a 100% ownership basis. Approximate net generation capacity, actual net generation capacity may vary based on a number of factors including ambient temperature.

Asset Fleet Details

Effective March 31, 2025

Category ($ in millions)

2023A

2024A

2025E

Nuclear C Fossil Maintenance2,3

$730

$785

~$925

Nuclear Fuel4

206

307

~300

Non-Recurring5

Solar C Energy Storage Development6

550

604

~725

Other Growth7

120

155

~325

Total Capital Expenditures

$1,614

$1,857

~$2,275

Non-Recurring5

(8)

(6)

Solar C Energy Storage Development6

(550)

(604)

~(725)

Other Growth7

(120)

(155)

~(325)

Adjusted Capital Expenditures

$G36

$1,0G2

~$1,225

Capital summary for 2025E prepared as of Nov. 4, 2024. Capital expenditure projection is on a cash basis and excludes capitalized interest. Projected capex estimates subject to change based upon market conditions.

Includes expenditures under the long-term maintenance contracts in place for our gas fleet.

Includes IT, Corporate, and Other.

Nuclear fuel capex shown net of nuclear fuel sales.

Non-recurring capital expenditures include non-recurring IT, Corporate, and Other.

Expect to partially fund with Project Level financings.

Includes growth capital expenditures for new and existing assets.

Capital Expenditures1

Online Assets

Location

ISO

In-Service Year

Net Capacity (MW)

Development Pipeline

Location

ISO

Status, In-Service Year

Net Capacity (MW)

Beaver Valley I C II

Shippingport, PA

PJM

1976 / 1987

1,872

Oak Hill

Rusk County, TX

ERCOT

In Construction, 2025

200

Davis-Besse

Oak Harbor, OH

PJM

1978

908

Pulaski

Pulaski County, IL

MISO

In Construction, 2026

405

Perry

Perry, OH

PJM

1986

1,268

Deer Creek

Tulare County, CA

CAISO

In Construction, 2026

Comanche Peak I C II

Glen Rose, TX

ERCOT

1990 / 1993

2,400

Newton

Newton, IL

MISO

Under Development, 2026

Total Nuclear 6,448

Kincaid

Kincaid, IL

PJM

Under Development

Andrews

Andrews County, TX

ERCOT

Under Development

100

Upton 2

Upton County, TX

ERCOT

2018

180

Duck Creek

Canton, IL

MISO

Under Development

Brightside

Live Oak County, TX

ERCOT

2022

Hennepin

Hennepin, IL

MISO

Under Development

Emerald Grove

Crane County, TX

ERCOT

2022

108

Total Solar

871

Baldwin

Baldwin, IL

MISO

2024

Coffeen

Coffeen, IL

MISO

2024

Deer Creek

Tulare County, CA

CAISO

In Construction, 2026

Total Solar 450

Newton

Newton, IL

MISO

Under Development, 2026

Edwards

Bartonville, IL

MISO

Under Development

Upton 2

Upton County, TX

ERCOT

2018

Havana

Havana, IL

MISO

Under Development

Moss Landing Phase II

Moss Landing, CA

CAISO

2021

100

Joppa

Joppa, IL

MISO

Under Development

DeCordova

Hood County, TX

ERCOT

2022

260

Oakland

Oakland, CA

CAISO

Under Development

Moss Landing Phase III

Moss Landing, CA

CAISO

2023

350

Total Energy Storage

206

Baldwin

Baldwin, IL

MISO

2024

Coffeen

Coffeen, IL

MISO

2024

Total Energy Storage

724

Note: Estimated in service years for development pipeline subject to change. Capacity shown on a 100% ownership basis. Approximate net generation capacity, actual net generation capacity may vary based on a number of factors including ambient temperature. Moss Landing Phase I 300 MW battery facility was moved to ACS as of Q1 2025.

Vistra Zero Portfolio and Development Pipeline

Effective March 31, 2025

Q1 2025 Investor Presentation

Eliminations / Ongoing

Corp and Operations Vistra Corp.

Retail

Texas

East

West

Other

Consolidated

Asset Closure

Consolidated

Net income (loss)

$1,132

$(720)

$(4G0)

$77

$(1GG)

$(200)

$(68)

$(268)

Income tax benefit

(176)

Interest expense and related charges (a)

(14)

(12)

(1)

327

318

319

Depreciation and amortization (b)

181

396

634

(1)

633

EBITDA before Adjustments

1,173

(553)

(106)

(2G)

576

(68)

508

Unrealized net (gain) loss resulting from hedging transactions

(997)

1,030

567

(32)

568

(1)

567

Purchase accounting impacts

Non-cash compensation expenses

Transition and merger expenses

Decommissioning-related activities (c)

Other, net

(19)

(1)

Adjusted EBITDA

$184

$4G0

$514

$62

$(10)

$1,240

$(24)

$1,216

Includes $48 million of unrealized mark-to-market net losses on interest rate swaps.

Includes nuclear fuel amortization of $31 million and $80 million, respectively, in the Texas and East segments.

Represents net of all NDT income (loss) of the PJM nuclear facilities and all ARO and environmental remediation expenses.

30 Q1 2025 Investor Presentation

Non-GAAP Reconciliations

Three Months Ended March 31, 2025 (Unaudited, Millions of Dollars)

Disclaimer

Vistra Corporation published this content on May 07, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 07, 2025 at 11:05 UTC.