Vistra : 2026 First Quarter Presentation

Published: 2026-05-07 07:16:22 ET VST

Published on 05/07/2026 at 07:16 am EDT

May 7, 2026

Welcome and Safe Harbor

Eric Micek, Vice President of Investor Relations

Q1 2026 Highlights

Jim Burke, President & Chief Executive Officer

Q1 2026 Finance Update

Kris Moldovan, Executive Vice President & Chief Financial Officer

Q1 2026 Investor Presentation

President C Chief Executive Officer

Q1 2026 Investor Presentation

DELIVERED

~$1.5B

Q1 2026 Adj. EBITDA1

Resilient earnings delivered despite weather backdrop

Strong performance during winter storm events demonstrates resiliency of the fleet

REAFFIRMED

~$6.8-$7.6B

2026 Adj. EBITDA guidance range1,2

2026 Adj. FCFbG1,2 guidance range of

$3.925-$4.725 billion

2027 Adj. EBITDA Midpoint Opportunity3 of $7.4-$7.8 billion

RETURNED

~$600M

Through dividends and share repurchase4

Flexible share repurchase program adjusts daily repurchase target depending on share price

10b5-1 structure enables market participation at all times

"Adj. EBITDA" is a reference to Ongoing Operations Adjusted EBITDA; "Adj. FCFbG" is a reference to Ongoing Operations Adjusted Free Cash Flow before Growth; Adj. EBITDA and Adj. FCFbG are non-GAAP financial measures. 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 ranges for 2026 based on market curves as of Oct. 31, 2025 and exclude the potential contribution from the Cogentrix acquisition. Vistra believes the nuclear production tax credit (PTC) should provide downside Ongoing Operations Adjusted EBITDA support.

Ongoing Operations Adjusted EBITDA midpoint opportunity for 2027 based on market curves as of Oct. 31, 2025. Midpoint opportunities are not intended to be guidance and represent only our estimate of potential opportunities for Adjusted EBITDA in 2027. 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 2027 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. Excludes any potential contribution from the Cogentrix acquisition and the announced long-term power purchase agreements with Meta.

Represents dividends paid and shares repurchased between Dec. 31, 2025 and May 1, 2026.

Q1 2026 At-A-Glance

PJM and ERCOT Load Growth

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

5.2%

5.1%

3.2%

3.1%

2.1%

6.2%

2023 2024 2025 YTD 2026

Source: PJM and ERCOT load data, weather adjusted.

Activity remains strong in our end markets

Expect annual load growth of 5-6% in ERCOT and 2-3% in PJM

Expect peak load growth to be slightly lower than overall load growth

Load growth is key to lower customer bills

Research suggests load growth is positive for affordability; system costs can be spread across more customers

Flexibility and backup generation can help address system peaks

Tailwinds driving more opportunities for Vistra

Existing fleet has potential for higher utilization

Cogentrix acquisition and Permian gas units to drive near-term growth

Meta and AWS PPAs to drive near-term and long-term growth

Additional contracting opportunities with existing and new assets

Structural Tailwinds in Power Markets

Load growth remains consistent across our primary markets

Vistra Development Pipeline

Projects under development by fuel type (capacity in MW)

Additional opportunities for capacity expansions

~1,600

~400

~4,500

~1,200

~200

~800

Nuclear uprates at Comanche Peak

~300 MW of uprates at our PJM gas sites

Multiple gigawatts of development opportunities at our existing gas and coal plant sites

New natural gas and renewable capacity backed

by Power Purchase Agreements

2025 2026 2027 2028 2026= Current Projects

~4.5 GW of highly economic capacity additions recently completed or already in process

Leading Development Capabilities

Our large, diversified fleet with ~70 sites and 100,000s of acres of land provides significant optionality

Executive Vice President C Chief Financial Officer

8 Q1 2026 Investor Presentation

Q1 2026 Financial Results

Adjusted EBITDA1,2 ($ in millions)

(28)

838

184

1,426

1,056

1,240

1,4 4

Key Drivers

Strong generation revenue driven by higher capacity revenue and higher realized prices driven by our comprehensive hedging program

Contribution from the Lotus assets

810

Strong counts and margins in the retail business, offset by mild weather in ERCOT

Q1 2024 Q1 2025 Q1 2026

"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 $(20) million, $(24) million, and $(19) million in each of Q1 2024, Q1 2025, and Q1 2026, respectively.

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

Q1 2026 Results

Strong start to 2026 despite mild weather in ERCOT

Vistra Earnings Outlook

Adjusted EBITDA1,2,3 ($ in millions)

6,800-

7,600

7,400-

7,800

Key Drivers of Outlook

Hedge percentages of ~98%, ~89%, and ~65% for 2026, 2027, and 2028, respectively

Expected to convert 60%+ of Adj. EBITDA to Adj. FCFbG over the medium term1

5, 12

3,5 2

3, 25-

4,725

Upside Drivers for Future Consideration

Recently announced Cogentrix acquisition

Power Purchase Agreements ("PPAs") with Meta at our PJM nuclear sites and AWS at Comanche Peak leading to nearly 50% of EBITDA from Retail and contracted revenue sources

2025A 2026E

Guidance

Range

Adj. EBITDA Adj. FCFbG

2027E

Midpoint

Opportunity

Future PPAs and continued improvement in power market fundamentals

this presentation for further details.

Near-Term Outlook

Reaffirming 2026 guidance and maintaining range for 2027 midpoint opportunity

Expected cumulative cash to allocate

in 2026 - 20271

>$10B

Expected cumulative cash uses, including

~$3.0B for share repurchases, and common and preferred dividends3; and

~$4.0B for growth (incl. Cogentrix, Permian gas units and PJM nuclear uprates)

~$7B

Projected cash still available for allocation

Through YE 2027

~$3B

Return of Capital to Shareholders

~$1.5 billion remaining under existing share repurchase authorizations expected to be utilized through year-end 20272

Targeting at least ~$1 billion in share repurchases and ~$300 million in common dividends annually3

Resilient Balance Sheet

Maintain investment grade credit ratings

Projected cash available for allocation of ~$3 billion assumes net debt / Adj. EBITDA of ~2.3x at YE 20274

Strategic Investments

Target mid-teens or higher levered returns on growth investments

Expect to close Cogentrix in 2H 2026 and Permian Peakers expected to be online by 2Q 2028

Oak Hill Phase 2 to begin construction in 2026

Includes contribution from Meta PPAs and assumes Cogentrix closes Jul. 1, 2026. All remaining figures represent potential cumulative cash flows for the period Dec. 31, 2025 to Dec. 31, 2027. Assumes 2027 Adj. EBITDA midpoint opportunity range of $7.4 to $7.8 billion and 60% conversion ratio to Adj. FCFbG. Growth and development capex shown net of expected financing. Includes PTC and assumes an interpretation of the definition of "gross receipts" which excludes hedges pending U.S. Treasury and Internal Revenue Service guidance. From Mar. 31, 2026 to May 1, 2026, we repurchased approximately 913,000 shares of common stock at an average price of $157.30 for total consideration of approximately $144 million.

As of May 1,2026.

Subject to board approval.

Leverage based on 2027 Adj. EBITDA midpoint opportunity range of $7.4 to $7.8 billion plus the expected contribution from the Meta PPAs and Cogentrix assuming a Jul. 1, 2026 close. Adjusted EBITDA is a reference to Ongoing Operations Adjusted EBITDA, which is a non-GAAP financial measure. For illustrative purposes only. Excludes all non-recourse financings.

Disciplined Capital Allocation

Incremental free cash flow for allocation to drive additional value for shareholders

12 Q1 2026 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

Industry leading energy plans and services designed to help customers

control usage and bill size

Generation

One of the largest competitive power generators in the U.S.

~44,000 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.

1 1

Note: As of May 1, 2026.

1) Based on actual production; includes full-year of assets acquired from Lotus.

Integrated Business Model

Commercial availability consistently above 90%

Best in-class retail business with consistent operating results

Disciplined Capital Allocation

Repurchased ~30% of outstanding shares

since Nov. 2021

Opportunistic, value enhancing growth investments

Resilient Balance Sheet

Leverage approaching low-to-mid 2x

Achieved investment grade credit ratings at

SCP and Fitch

Strategic Energy Transition

Executing on our organic growth pipeline, including Vistra Zero

Nuclear PPAs enhance financial stability and operating capabilities while adding capacity

2023

Energy Harbor Acquisition

2024

Texas Gas Augmentations

Coleto Creek

Conversion

Oak Hill and Pulaski PPAs

2025

Lotus Acquisition

AWS / Comanche Peak PPA

Permian Gas Units Miami Fort Conversion

YTD 2026

Additional

growth opportunities for

new and existing assets

Cogentrix Acquisition Meta / PJM Nuclear PPAs Oak Hill Solar 2

Delivering Against our Strategic Priorities

Sound operational and financial execution to achieve disciplined growth and enhanced earnings power

Portfolio Transformation

Vistra zero-carbon capacity (MW) and generation carbon emissions intensity (Scope 1 mt CO2e/MWh)

8,281

Transforming our portfolio

Generation carbon emission intensity has fallen 25% since 2021

Capacity increases since 2021 have included nuclear, solar, battery, and natural gas

Solar generation exceeded 1 TWh for first time in 2025

Total zero-carbon generation represented

25% of generation volumes in 2025

0.72

7,922

7,722

0.57

0.55

0.5

0.43

3,758

3,408

2,880

2,300

20 0 202 2022 2023 2024 2025 2026E

Environmental Stewardship

Sustainably growing our portfolio while balancing reliability and affordability of power

STAKEHOLDER ENGAGEMENT AWARDS s RECOGNITION

Employee Support

Launched an employee stock purchase program, supporting employee

participation in Vistra's long-term financial success

Introduction of a student loan debt match, enabling Vistra employees to contribute to student loan debt while still receiving a 401(k) company match

15 Employee Resource Groups open to all employees with focus on Vistra culture, business innovation, skills development, and the community

Newsweek 2025 Most Trustworthy

Companies in America

U.S. News s World Report Best Companies to Work For 2025-2026

Employee Health s Safety

0.52 Total Recordable Incident Rate achieved in 2025

14 Facilities recognized with OSHA VPP Star Rating

Community Support

Contributed $150,000 for the 2025 annual Beat the Heat campaign, which included more than 30 events with local non-profit social service agencies to distribute A/C units and box fans to families in need

In 2025, Vista donated more than

$12 million to support communities in education, economic development, community welfare, employee involvement, and

Forbes

Net-Zero Leaders 2025

Best Corporations for Veteran's Business Enterprises®

REPORTING

Forbes Most Trusted Companies in America 2025

Disability:IN - Best Place to Work for Disability and Inclusion

sustainability

2024 Sustainability Report (GRI C SASB) 2023 Climate Report (TCFD)

2025 CDP questionnaire response Green Finance Framework

Supporting Employees and Our Communities

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

1177

Q1 2026 Investor Presentation

Vision • Tradition

Highlights

Grew our residential customer counts

Grew revenues 2% compared to Q1 2025 despite mild weather impacts

Strong operational results; continue to be the top-rated large retailer in the Texas PUC ratings

Rolled out multiple new products that expand flexible, customer-focused savings opportunities

Retail Volumes

(in TWh)

13 .1

Energy Degree Days

(Dallas-Fort Worth Area)

Second warmest Q1 since

0.3

3.1

8.1

7.4

77.6

63.7

33.3

30.1

10-yr Avg.

133.4

1,000

800

600

400

200

1650 in ERCOT

2018 201 2020 2021 2022 2023 2024 2025 Q1 '25 Q1 '26 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Retail Overview

Strong operational and financial results excluding mild weather impacts

Balances ($ in millions)1

Q1 2026

Funded Revolving Credit Facilities

Vistra Operations Term Loan B

2,444

Senior Unsecured Notes

14,950

Revenue Bond Obligations2

431

Accounts Receivable Financings

750

Forward Repurchase Obligations4

641

Equipment Financing Agreements

Total Debt1

$1G,262

Less: cash and cash equivalents

(634)

Total Net Debt (before Cash Margin Deposits)1

$18,628

Less: Net Cash Margin Deposits

(1,059)

Total Net Debt (after Cash Margin Deposits)1

$17,56G

Illustrative Leverage Metrics

Adjusted EBITDA (Consolidated Ongoing Operations)3 $7,200

Gross Debt / Adj. EBITDA (x)1,3 2.7x

Net Debt / Adj. EBITDA (x)1,3 2.6x

Net Debt / Adj. EBITDA (x) after Cash Margin Deposits1,3 2.4x

Note: Balances reflected pro forma to reflect the release of collateral securing outstanding senior secured notes on April 2, 2026. Excludes issuance of $500 million 4.550% Senior Notes due 2028, $1.0 billion 5.000% Senior Notes due 2031, $1 billion 5.250% Senior Notes due 2033, and

$1.5 billion 5.550% Senior Notes due 2036 completed on April 22, 2206. Proceeds from the notes were used to repay the $1.3 billion 5.625% Senior Notes due 2027 and the $2.444 billion in outstanding borrowings under the Term Loan B-3 facility.

Excludes Project Level Financings (i.e., Vistra Zero $697M TLB and BCOP credit facility 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 2026 Ongoing Operations Adjusted EBITDA guidance midpoint.

Represents the NPV of the total $669M scheduled payments on the remaining repurchase obligation discounted at 6%.

Corporate Debt Profile

Vistra remains committed to maintaining investment grade credit ratings

2026 2027

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 Market ($M) Premium/Discount vs Hub Price2 ($M) Total Difference ($M)

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

37 41

100% 98%

:18 :2

(:5) :0

99%

:20

(:5)

46 51

100% 68%

:12 :43

:0 (:34)

83%

:55

(:34)

38 3 55

100% 100% 99%

:0 :0 :1

:0 :0 (:0)

100%

50 4 67

59% 56% 90%

:21 :2 :7

(:21) (:2) (:c)

121

76%

:30

(:28)

5 2 -1

:1 :1 (:0)

(:1) (:1) 0

(:2)

-56 1 -107

(:14) :0 (:27)

:14 (:0) :27

-161

(:40)

:40

GG%

88%

($29) $45 ($620)

$624 $52 $226

($604)

$902

($32) $12 ($216)

$1,067 $89 $228

($236)

$1,384

$5G5 $G7 ($3G4)

$43.05 $37.54 $52.06

$7.91 $32.57 ($4.08)

$2G8

$47.93

$1.71

$1,035 $101 $11

$48.36 $46.27 $56.12

$10.68 $27.07 $0.10

$1,147

$52.51

$5.24

Total Realized Price ($/MWh)

$50.G6 $70.11 $47.G7 $4G.64

$5G.04 $73.33 $56.22 $57.76

Note: Amounts may not sum due to rounding. Hedge and market value represents generation only (excludes retail). Excludes any potential impacts from the acquisition of Cogentrix.

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.

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

TEXAS: 90% North Hub, 10% West Hub; EAST: 15% Mass Hub, 50% AD Hub, 10% Ni Hub, 10% Western Hub, 5% NY Zone A, 10% Indiana Hub.

Comprehensive Hedging Program Overview

Effective March 31, 2026

2026

2027

2028

2026

2027

2028

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

ERCOT North Hub

$42.94

$48.11

$51.10

ERCOT West Hub

$43.99

$50.59

$53.88

Texas

cont.

PJM AD Hub

$50.97

$52.55

$52.20

ERCOT North Hub-Houston Ship Channel

S0%

$19.50

$21.16

$23.07

PJM Ni Hub

$41.80

$40.71

$40.41

ERCOT West Hub-Permian Basin

10%

$44.67 $29.39 $32.69

PJM Western Hub

$57.90

$62.52

$61.25

Texas Weighted Average

$22.02

$21.G8

$24.03

MISO Indiana Hub

$47.49

$50.27

$53.14

ISONE Mass Hub

$61.53

$76.17

$67.76

East

cont.

New York Zone A

$52.51

$61.42

$54.55

PJM AD Hub-Dominion South

15%

$31.23

$28.81

$28.41

CAISO NP15

$37.54

$46.27

$51.02

PJM AD Hub-Tetco ELA

15%

$25.60

$23.83

$23.43

Texas Weighted Average1

$43.05

$48.36

$51.38

PJM Ni Hub-Chicago Citygate

15%

$17.59

$11.83

$11.30

East Weighted Average1

$53.G6

$60.24

$56.6G

PJM Western Hub-Tetco M3

15%

$34.89

$28.83

$28.42

ISONE Mass Hub-Algonquin Citygate

30%

$25.81

$21.20

$20.82

Gas ($/MMBtu)

New York Zone A-Dominion South

10%

$32.78

$37.68

$30.76

NYMEX

$3.37

$3.77

East Weighted Average

$27.42

$24.12

$23.06

Houston Ship Channel

$2.91

$3.40

$3.55

Permian Basin

-$0.44

$2.60

West

Dominion South

$2.39

$2.95

$2.96

CAISO NP15-PGsE Citygate

$15.66

$17.33

$21.06

Tetco ELA

$3.18

$3.64

$3.65

Chicago Citygate

$3.02

$3.66

$3.70

Tetco M3

$2.85

$4.33

$4.21

Algonquin Citygate

$4.61

$7.29

$6.17

PGCE Citygate

$2.69

$3.67

$3.81

Note: Contribution to segment spark spreads are approximate.

Texas weighted average based on 90% ERCOT North Hub, 10% ERCOT West Hub. East weighted average based on 50% AD Hub, 15% Mass Hub, 10% Ni Hub, 10% Western Hub, 10% Indiana Hub, and 5% New York Zone A.

Forward Market Pricing

Effective March 31, 2026

Tenor

Zone

Position (MW)

Average Price ($/MW-day)

Tenor

Zone

Position (MW)

Avg. Price ($/KW-mo)

East

2025/2026

PJM - RTO

4,093

$269.92

Summer 2025

NYISO

996

$4.70

2025/2026

PJM - ATSI

2,044

$269.92

2025/2026

ISO-NE

3,466

$2.59

2025/2026

PJM - COMED

2,113

$269.92

2025/2026

MISO

1,710

$4.63

2025/2026

PJM - DEOK

946

$269.92

Winter 25/26

NYISO

1,317

$2.71

2025/2026

PJM - DOM

211

$444.26

2026/2027

ISO-NE

3,511

$2.59

2025/2026

PJM - EMAAC

1,317

$269.92

2027/2028

ISO-NE

3,750

$3.58

2025/2026

PJM - MAAC

534

$269.92

2026/2027

PJM - RTO

4,047

$329.17

West

2026/2027

PJM - ATSI

2,048

$329.17

2026

CAISO

1,415

2026/2027

PJM - COMED

2,091

$329.17

2027

CAISO

1,265

2026/2027

PJM - DEOK

923

$329.17

2026/2027

PJM - DOM

212

$329.17

2026/2027

PJM - EMAAC

1,783

$329.17

2026/2027

PJM - MAAC

575

$329.17

2027/2028

PJM - RTO

3,976

$333.44

2027/2028

PJM - ATSI

2,036

$333.44

2027/2028

PJM - COMED

1,124

$333.44

2027/2028

PJM - DEOK

939

$333.44

2027/2028

PJM - DOM

213

$333.44

2027/2028

PJM - EMAAC

1,718

$333.44

2027/2028

PJM - MAAC

561

$333.44

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 does not include Moss 100 or 300 as they were moved to ACS. West prices based on proprietary contracts and are not disclosed. Prices reflect cleared auction values.

Capacity Positions

Effective March 31, 2026

Total Generation (TWh)

Q1 2024

Q1 2025

Q1 2026

CCGT Capacity Factor (%)

Q1 2024

Q1 2025

Q1 2026

Texas

18.5

20.0

20.1

Texas

44%

48%

50%

East

20.3

27.5

30.0

East

62%

63%

62%

West

1.2

0.5

0.4

West

55%

23%

17%

Total Ongoing Operations

40.0

48.0

50.5

Commercial Availabilty (%)

Q1 2024

Q1 2025

Q1 20261

Coal Capacity Factor (%)

Q1 2024

Q1 2025

Q1 2026

Texas Gas

98.1%

99.2%

98.7%

Texas

52%

56%

52%

Texas Coal

95.7%

75.2%

80.4%

East

38%

61%

52%

East Gas

98.9%

89.9%

96.3%

East Coal

93.6%

89.9%

80.2%

Nuclear Capacity Factor (%)2

Q1 2024

Q1 2025

Q1 2026

West

99.7%

99.3%

87.3%

Texas

96%

100%

Total

G7.7%

G5.0%

G2.7%

East

77%

88%

92%

Total Commercial Availability excluding impact of Martin Lake Unit 1 would have been approximately 94%.

Q1 2024 includes planned outages at Davis-Besse in Mar. 2024. Q1 2025 includes planned outages at Perry in Mar.-Apr. 2025. Q1 2026 includes planned outages at Davis-Besse in Mar. 2026.

Generation Metrics

Effective March 31, 2026

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

1,122

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

362

Morgan Creek

Colorado City, TX

ERCOT

Gas

446

Permian Basin

Monahans, TX

ERCOT

Gas

404

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

2,455

Oak Grove

Franklin, TX

ERCOT

Coal

1,710

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

Oak Hill

Rusk County, TX

ERCOT

Solar

200

Upton 2

Upton County, TX

ERCOT

Solar/Battery

190

DeCordova

Granbury, TX

ERCOT

Battery

260

Total Texas

1G,858

Note: Approximate net generation capacity, actual net generation capacity may vary based on a number of factors including ambient temperature. Capacity based on winter rating.

Asset Fleet Details

Effective March 31, 2026

Asset

Location

ISO

Technology

Primary Fuel

Net Capacity (MW)

Moss Landing I C II

Moss Landing, CA

CAISO

CCGT

Gas

1,020

Moss Landing

Moss Landing, CA

CAISO

Battery

350

Oakland

Oakland, CA

CAISO

Oil

110

Greenleaf

Yuba City, CA

CAISO

Gas

Total West

1,52G

Beaver Falls

Beaver Falls, NY

NYISO

CCGT

Gas

108

Independence

Oswego, NY

NYISO

CCGT

Gas

1,212

Syracuse

Solvay, NY

NYISO

CCGT

Gas

103

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

Manchester

Providence, RI

ISO-NE

CCGT

Gas

510

MASSPOWER

Indian Orchard, MA

ISO-NE

CCGT

Gas

281

Milford

Milford, CT

ISO-NE

CCGT

Gas

600

Fairless

Fairless Hills, PA

PJM

CCGT

Gas

1,320

Fayette

Masontown, PA

PJM

CCGT

Gas

726

Garrison

Dover, DE

PJM

CCGT

Gas

309

Hanging Rock

Ironton, OH

PJM

CCGT

Gas

1,430

Hopewell

Hopewell, VA

PJM

CCGT

Gas

370

(continued on next page)

Note: Approximate net generation capacity, actual net generation capacity may vary based on a number of factors including ambient temperature. Capacity based on winter rating. Moss Landing 100 and 300 MW battery facilities were moved from the West segment to ACS in Q4 2025 and Q1 2025, respectively.

Asset Fleet Details

Effective March 31, 2026

Asset

Location

ISO

Technology

Primary Fuel

Net Capacity (MW)

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

Hazleton

Pardeesville, PA

PJM

Gas

158

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

Newton

Newton, IL

MISO

Solar/Battery

Total East

22,308

Total Capacity

43,6G5

Note: Approximate net generation capacity, actual net generation capacity may vary based on a number of factors including ambient temperature. Capacity based on winter rating.

Asset Fleet Details

Effective March 31, 2026

Category ($ in millions)

2024A

2025A

2026E

Nuclear C Fossil Maintenance2,3

$793

$1,006

~$1,025

Nuclear Fuel4

345

305

~475

Non-Recurring5

(208)

~(175)

Solar C Energy Storage Development6

604

635

~300

Other Growth7

155

426

~900

Total Capital Expenditures

$1,G03

$2,164

~$2,525

Non-Recurring5

(6)

208

~175

Solar C Energy Storage Development6

(604)

(635)

~(300)

Other Growth7

(155)

(426)

~(900)

Adjusted Capital Expenditures

$1,138

$1,311

~$1,500

Capital summary for 2026E prepared as of Feb. 18, 2026. Capital expenditure projection is on a cash basis, excludes capitalized interest, and reflects LTSA payments on an accrual basis. Projected capex estimates subject to change based upon market conditions. Includes expected impacts related to Meta PPA uprates and excludes any potential impacts from Cogentrix.

Reflects expenditures under the long-term maintenance contracts in place for our gas fleet in the year installed (excludes prepayment changes under these long-term contracts of $(9)M in 2024A, $27M in 2025A, and $62M in 2026E).

Includes IT, Corporate, and Other.

Nuclear fuel capex shown net of nuclear fuel sales. 2024A and 2025A amounts exclude gains on nuclear fuel sales of $38M and $10M, respectively.

Non-recurring capital expenditures include non-recurring IT, Corporate, insurance proceeds, 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

Perry

Perry, OH

PJM

Under Development

213

Davis-Besse

Oak Harbor, OH

PJM

1978

908

Davis-Besse

Oak Harbor, OH

PJM

Under Development

Perry

Perry, OH

PJM

1986

1,268

Beaver Valley 2

Shippingport, PA

PJM

Under Development

Comanche Peak I C II

Glen Rose, TX

ERCOT

1990 / 1993

2,400

Beaver Valley 1

Shippingport, PA

PJM

Under Development

Total Nuclear

6,448

Total Nuclear

433

Upton 2

Upton County, TX

ERCOT

2018

180

Pulaski

Pulaski County, IL

MISO

In Construction, 2026

405

Brightside

Live Oak County, TX

ERCOT

2022

Deer Creek

Tulare County, CA

CAISO

In Construction, 2026

Emerald Grove

Crane County, TX

ERCOT

2022

108

Oak Hill 2

Rusk County, TX

ERCOT

In Construction, 2027

200

Baldwin

Baldwin, IL

MISO

2024

Kincaid

Kincaid, IL

PJM

Under Development

Coffeen

Coffeen, IL

MISO

2024

Total Solar

675

Oak Hill 1

Rusk County, TX

ERCOT

2025

200

Newton

Newton, IL

MISO

2026

Deer Creek

Tulare County, CA

CAISO

In Construction, 2026

Total Solar 702

Edwards

Bartonville, IL

MISO

Under Development

Joppa

Joppa, IL

MISO

Under Development

Upton 2

Upton County, TX

ERCOT

2018

Oakland

Oakland, CA

CAISO

Under Development

DeCordova

Hood County, TX

ERCOT

2022

260

Total Energy Storage

167

Moss Landing Phase III

Moss Landing, CA

CAISO

2023

350

Baldwin

Baldwin, IL

MISO

2024

Coffeen

Coffeen, IL

MISO

2024

Newton

Newton, IL

MISO

2026

Total Energy Storage

626

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 100 and 300 MW battery facilities were moved from the West segment to ACS in Q4 2025 and Q1 2025, respectively.

Vistra Zero Portfolio and Development Pipeline

Effective March 31, 2026

29 Q1 2026 Investor Presentation

Retail

Texas

East

West

Eliminations /

Corp and

Other

Ongoing

Operations Consolidated

Asset Closure

Vistra Corp. Consolidated

Net income (loss) $(724)

$2,0G1

$176

$34

$(528)

$1,04G

$(20)

$1,02G

Income tax expense

183

Interest expense and related charges (a)

(14)

(22)

(3)

289

263

Depreciation and amortization (b)

211

355

608

611

EBITDA before Adjustments

(701)

2,288

50G

(38)

2,103

(17)

2,086

Unrealized net (gain) loss resulting from hedging transactions

765

(1,722)

225

(723)

Purchase accounting impacts

(1)

Non-cash compensation expenses

Transition and merger expenses

(1)

Insurance income (c)

(6)

Decommissioning-related activities (d)

Other, net

(23)

Adjusted EBITDA

$68

$586

$801

$56

$(17)

$1,4G4

$(1G)

$1,475

Corporate and other includes $16 million of unrealized mark-to-market net gains on interest rate swaps.

Includes nuclear fuel amortization of $36 million and $90 million, respectively, in the Texas and East segments.

Includes revenues from Moss Landing Incident business interruption proceeds in the Asset Closure segment.

Includes NDT (income) loss of the PJM nuclear facilities, ARO and environmental remediation expenses, and other expenses associated with the Moss Landing Incident.

Non-GAAP Reconciliations

Three Months Ended March 31, 2026 (Unaudited, Millions of Dollars)

Eliminations / Ongoing

Corp and Operations Asset Vistra Corp.

Retail

Texas

East

West

Other

Consolidated

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

Corporate and other includes $48 million of unrealized mark-to-market net gains on interest rate swaps.

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

Includes NDT (income) loss of the PJM nuclear facilities, ARO and environmental remediation expenses, and other expenses associated with the Moss Landing Incident.

Non-GAAP Reconciliations

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

Eliminations / Ongoing

Corp and Operations Asset Vistra Corp.

Retail

Texas

East

West

Other

Consolidated

Closure

Consolidated

Net income (loss)

$561

$(336)

$(173)

$168

$(177)

$43

$(25)

$18

Income tax benefit

(20)

Interest expense and related charges (a)

(10)

172

169

170

Depreciation and amortization (b)

160

233

446

453

EBITDA before Adjustments

5G0

(186)

182

(G)

638

(17)

621

Unrealized net (gain) loss resulting from hedging transactions

(623)

604

328

(129)

180

(4)

176

Purchase accounting impacts

(2)

(14)

(18)

Impacts of Tax Receivable Agreement (c)

(5)

Non-cash compensation expenses

Transition and merger expenses

Decommissioning-related activities (d)

(25)

(19)

ERP system implementation expenses

Other, net

(41)

(26)

(25)

Adjusted EBITDA

$(28)

$42G

$367

$56

$(14)

$810

$(20)

$7G0

Includes $47 million of unrealized mark-to-market net gains on interest rate swaps.

Includes nuclear fuel amortization of $26 million and $23 million, respectively, in the Texas and East segments.

Includes $10 million gain recognized on the repurchase of TRA Rights.

Represents net of all NDT income (loss), ARO accretion expense for operating assets, and ARO remeasurement impacts for operating assets.

Non-GAAP Reconciliations

Three Months Ended March 31, 2024 (Unaudited, Millions of Dollars)

Retail

Texas

East

West

Eliminations /

Corp and

Other

Ongoing Operations

Consolidated

Asset Closure

Vistra Corp. Consolidated

Net income (loss) $1,2G0

$1,604

$(G1)

$54

$(1,634)

$1,223

$(27G)

$G44

Income tax expense

178

179

Interest expense and related charges (a)

(53)

(50)

(7)

1,218

1,175

1,179

Depreciation and amortization (b)

771

1,474

2,475

(2)

2,473

EBITDA before Adjustments

1,451

2,322

1,334

108

(163)

5,052

(277)

4,775

Unrealized net (gain) loss resulting from hedging transactions

148

(479)

1,013

128

810

(2)

808

Purchase accounting impacts

Non-cash compensation expenses

113

Transition and merger expenses

(1)

Impairment of long-lived and other assets

155

228

Insurance income (c)

(120)

(71)

(191)

Decommissioning-related activities (d)

(127)

(111)

116

ERP system implementation expenses

Other, net

(3)

(87)

(41)

(37)

Adjusted EBITDA

$1,622

$1,834

$2,282

$244

$(70)

$5,G12

$(74)

$5,838

Notes: Reflects the transfer of Moss Landing 100 MW battery facility to the Asset Closure Segment.

Corporate and other includes $67 million of unrealized mark-to-market net losses on interest rate swaps.

Includes nuclear fuel amortization of $133 million and $354 million, respectively, in the Texas and East segments.

Includes involuntary conversion gain recognized from Martin Lake Incident property damage insurance in the Texas segment and revenues from Moss Landing Incident business interruption proceeds in the Asset Closure segment.

Represents net of all NDT (income) loss of the PJM nuclear facilities and all ARO and environmental remediation expenses and other expenses associated with the Moss Landing Incident.

Non-GAAP Reconciliations

Twelve Months Ended December 31, 2025 (Unaudited, Millions of Dollars)

Ongoing

Operations

Asset

Vistra

Closure Consolidated

Adjusted EBITDA

$5,G12

$(74)

$5,838

Interest paid, net (a)

(1,158)

Taxes paid

(89)

Change in working capital, margin deposits, and accrued environmental allowance obligations

(625)

(612)

Reclamation and remediation expenditures

(38)

(58)

(96)

ERP implementation expenditures

(42)

Transition and merger expenditures

(118)

Other changes in other operating assets and liabilities 306 41 347

Cash provided by (used in) operating activities

4,148

(78)

4,070

Capital expenditures for maintenance including net nuclear fuel purchases and LTSA prepayments (b)

(1,348)

Change in working capital, margin deposits, and accrued environmental allowance obligations

625

(13)

612

Transition and merger expenditures

118

Interest on noncontrolling interest repurchase obligation

105

ERP implementation expenditures

Other net investing activities (c) (98) 0 (98)

Adjusted free cash flow before growth $3,5G2 $(G1) $3,501

Net of interest received.

Excludes $1,126 million of capital expenditures related to growth and development and includes $111 million insurance recoveries related to property damage associated with the Martin Lake outage.

Includes net contributions to nuclear decommissioning trusts and other.

Non-GAAP Reconciliations - Adjusted FCFbG

Twelve Months Ended December 31, 2025 (Unaudited, Millions of Dollars)

Ongoing Operations Asset Closure Vistra Corp. Consolidated

Low

High

Low

High

Low

High

Net Income (loss)

$3,100

$3,730

$(G0)

$3,010

$3,640

Income tax expense

830

1,000

830

1,000

Interest expense and related charges (a)

1,200

Depreciation and amortization (b)

2,150

EBITDA before adjustments

$7,280

$8,080

$(G0)

$7,1G0

$7,GG0

Unrealized net (gain) loss resulting from hedging transactions

(728)

Fresh start/purchase accounting impacts

Non-cash compensation expenses

137

Transition and merger expenses

Decommissioning activities (c)

ERP system implementation expenses C other transformational initiatives

Other, net

(57)

(12)

(69)

Adjusted EBITDA guidance

$6,800

$7,600

$(80)

$6,720

$7,520

Regulation G Table for 2026 Guidance prepared as of Nov. 6, 2025, based on market curves as of Oct. 31, 2025. Guidance excludes any potential benefit from the nuclear production tax credit.

Includes $60 million interest related to noncontrolling interest repurchase.

Includes nuclear fuel amortization of $423 million.

Represents net of all NDT income (loss) of the PJM nuclear facilities, ARO accretion expense for operating assets and ARO remeasurement impacts for operating assets.

Non-GAAP Reconciliations - Guidance

2026 Guidance (Unaudited, Millions of Dollars)

Ongoing Operations Asset Closure Vistra Corp. Consolidated

Low

High

Low

High

Low

High

Adjusted EBITDA guidance $6,800

$7,600

$(80)

$6,720

$7,520

Interest paid, net (1,125)

(1,125)

Tax (paid) / received (111)

(111)

Working capital, margin deposits, and accrued environmental 640

640

Reclamation and remediation (78)

(78)

(80)

(158)

ERP system implementation expenses C other transformational (16)

(16)

Other changes in other operating assets and liabilities (112)

(112)

(5)

(117)

Cash provided by (used in) operating activities $5,GG8

$6,7G8

$(165)

$5,833

$6,633

Capital expenditures including nuclear fuel purchases and LTSA (1,536)

(1,536)

Other net investing activities (20)

(20)

Working capital, margin deposits and accrued environmental (640)

(640)

Transition and merger expenditures 41

Interest on noncontrolling interest repurchase obligation 60

ERP system implementation expenses C other transformational 22

Adjusted free cash flow before growth guidance $3,G25

$4,725

$(165)

$3,760

$4,560

allowances

initiatives

prepayments

allowances

initiatives

Regulation G Table for 2026 Guidance prepared as of Nov. 6, 2025, based on market curves as of Oct. 31, 2025.

Non-GAAP Reconciliations - Guidance

2026 Guidance (Unaudited, Millions of Dollars)

37 Q1 2026 Investor Presentation

Disclaimer

Vistra Corporation published this content on May 07, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 07, 2026 at 11:15 UTC.