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Q2 2026 EARNINGS NRG ENERGY , INC . SECOND QUARTER 2026 EARNINGS AUGUST 4 , 2026 PRESENTATION nrg .
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2NRG 2Q26 Earnings SAFE HARBOR Forward-Looking Statements In addition to historical information, the information presented in this presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks and uncertainties and can typically be identified by terminology such as “may,” “should,” “could,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “expect,” “intend,” “seek,” “plan,” “think,” “anticipate,” “estimate,” “predict,” “target,” “potential” or “continue” or the negative of these terms or other comparable terminology. Such forward-looking statements include, but are not limited to, statements about the Company’s future revenues, income, indebtedness, capital structure, plans, expectations, objectives, projected financial performance and/or business results and other future events, and views of economic and market conditions. Although NRG believes that its expectations are reasonable, it can give no assurance that these expectations will prove to be correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated herein include, among others, general economic conditions, the imposition of tariffs, the escalation of international trade disputes, and the occurrence or re-escalation of geopolitical conflicts (including the hostilities with Iran and the conflicts in the Middle East) and inflationary impacts resulting therefrom, risks associated with the integration of the portfolio of assets acquired from LS Power, including potential disruption to ongoing operations and other transition difficulties, the inability of the combined company to realize expected synergies and benefits of integration (or that it takes longer than expected) which may result in the combined company not operating as effectively as expected, the emergence of hazards customary in the power industry, weather conditions and extreme weather events, competition in wholesale power, gas and smart home markets, the volatility of energy and fuel prices, the volatility in demand for power and gas, customer affordability concerns that may constrain the pricing of NRG’s products and services and limit its ability to recover costs, the failure of customers or counterparties to perform under contracts, changes in the wholesale power and gas markets, the failure of NRG’s expectations regarding load growth to materialize, changes in government or market regulations, the condition of capital markets generally and NRG’s ability to access capital markets, NRG’s ability to execute its supply strategy, risks related to data privacy, cyberterrorism and inadequate cybersecurity, the loss of data, unanticipated outages at NRG’s generation facilities, operational and reputational risks related to the use of artificial intelligence and the adherence to developing laws and regulations related to the use thereof, NRG’s ability to achieve its net debt targets, adverse results in current and future litigation, complaints, product liability claims and/or adverse publicity, failure to identify, execute or successfully implement acquisitions or asset sales, risks of the smart home and security industry, including risks of and publicity surrounding the sales, customer origination and retention process, the impact of changes in consumer spending patterns, consumer preferences, geopolitical tensions, demographic trends, supply chain disruptions, NRG’s ability to implement value enhancing improvements to plant operations and company-wide processes, NRG’s ability to achieve or maintain investment grade credit metrics, NRG’s ability to execute definitive agreements for, and proceed with or complete, proposed projects (including the proposed data center project) on the contemplated terms, timeline, and budget, the inability to maintain or create successful partnering relationships, NRG’s ability to operate its business efficiently, NRG’s ability to retain customers, the ability to successfully integrate businesses of acquired assets or companies, including the portfolio acquisition from LS Power, NRG’s ability to realize anticipated benefits of transactions (including expected cost savings and other synergies) or the risk that anticipated benefits may take longer to realize than expected, NRG’s ability to execute its capital allocation plan, and the other risks and uncertainties discussed in this release and in our Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC. Achieving investment grade credit metrics is not an indication of or guarantee that the Company will receive investment grade credit ratings. Debt and share repurchases may be made from time to time subject to market conditions and other factors, including as permitted by United States securities laws. Furthermore, any common stock dividend is subject to available capital and market conditions. NRG undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. The adjusted EBITDA, free cash flow before growth investments, adjusted net income, adjusted earnings per share, and adjusted cash provided by operating activities guidance are estimates as of August 4, 2026. These estimates are based on assumptions NRG believed to be reasonable as of that date. NRG disclaims any current intention to update such guidance, except as required by law. The foregoing review of factors that could cause NRG’s actual results to differ materially from those contemplated in the forward-looking statements included in this presentation should be considered in connection with information regarding risks and uncertainties that may affect NRG's future results included in NRG's filings with the Securities and Exchange Commission at www.sec.gov. For a more detailed discussion of these factors, see the information under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in NRG’s most recent Annual Report on Form 10-K, and in subsequent SEC filings. NRG’s forward-looking statements speak only as of the date of this communication or as of the date they are made. Non-GAAP Measures In addition to financial measures in accordance with U.S. GAAP, this presentation includes references to non-GAAP financial measures, including adjusted EBITDA, free cash flow before growth investments, adjusted net income, adjusted earnings per share, and adjusted cash provided / (used) by operating activities. NRG believes that these non-GAAP financial measures are useful to investors and other users of NRG's financial statements in evaluating NRG’s operating performance and growth, as well as the impact of NRG’s capital allocation program. They provide an additional tool to compare business performance across periods and adjust for items that management does not consider indicative of NRG’s future operating performance. These non-GAAP financial measures are not recognized in accordance with GAAP and should not be viewed in isolation or as an alternative to GAAP measures of performance. In addition, other companies may calculate non-GAAP financial measures differently than NRG does, limiting their usefulness as a comparative measure. Reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures can be found on our website at https://investors.nrg.com/nrg-presentations-and-webcasts and in our earnings press release. 2026 NRG Energy, Inc. All rights reserved.
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3NRG 2Q26 Earnings • Data Center Update • Business Results & Financial Highlights • Closing Remarks • Q&A A G E N D A Bruce Chung Executive Vice President & CFO Robert Gaudette President & CEO
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K E Y M E S S A G E S 4 Providing an Update on Data Center Strategy and Progress Advancing Significant Contracted Free Cash Flow Potential Through First Bring Your Own Power (BYOP) Opportunity Solid 2Q Results; Reaffirming 2026 Financial Guidance NRG 2Q26 Earnings
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1 FCFbG run-rate assumes a 75% conversion of expected Adjusted EBITDA run-rate, based on a combined 25% assumption for cash taxes and maintenance capex; 2 Final investment decision subject to customary conditions, including required internal approvals BYOP FRAMEWORK ADVANCES HYPERSCALER DISCUSSIONS 5Data Center Update | Business Results & Financial Highlights | Closing Remarks | Appendix Purpose-Built New Generation Creates Long-Term Value for Shareholders, Communities and the Texas Grid 1.2 GW BYOP Highlights1.2 GW CCGT Project Potential expansion to 2.4 GW 15 years of contracted earnings visibility Investment grade hyperscaler supports high-quality growth Long-term value for local communities New investment, jobs, and durable local economic benefits New generation supporting Texas growth Purpose-built investment that strengthens grid reliability WHY THIS PROJECT MATTERS CUSTOMER Leading global cloud and AI hyperscaler Investment grade counterparty SCALE 1.2 GW initial capacity Potential expansion to 2.4 GW total in Texas TERM 15-year minimum term Potential extension options ECONOMICS (run-rate) $500 MM Adj. EBITDA I $375 MM FCFbG1 Expected annual contribution at full operation EXECUTION Late 2029 expected COD I $3.2 Bn project cost ~6.4x build multiple, below NRG’s trading multiple; Returns firmly within NRG’s 12-15% target range STATUS Commercial Terms Aligned Final documentation and land-related matters progressing in parallel2 NRG 2Q26 Earnings
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FOUNDATION FOR DELIVERY ✓ Proven execution 1.5 GW TEF Portfolio on track; T.H. Wharton delivered on-time and on budget ~25 GW operating fleet ✓ Scaled commercial platform Serves >100 TWh of annual load and structures complex agreements at scale ✓ Integrated power and gas optimization Fuel procurement, plant dispatch and commercial execution ✓ Secured turbine and EPC capacity GE Vernova H-Class turbine slots and Kiewit capacity support credible delivery REPEATABLE COMMERCIAL MODEL SUPPORTS TARGETED RETURNS 6NRG 2Q26 EarningsData Center Update | Business Results & Financial Highlights | Closing Remarks | Appendix Integrated Capabilities Support Execution at Scale COMMERCIAL STRUCTURE Capacity Payment Project investment recovery + NRG’s targeted return Operating Payment Natural gas + plant operating cost recovery ~95% of project FCF supported by capacity payments, not customer utilization At least 15-year term from CCGT COD | Customer parent guarantee
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Load2 Supply RBP Retirements 1 ERCOT December 2025 Capacity, Demand, and Reserves Report. Demand reflects total incremental seasonal load at peak load hour; supply reflects total incremental capacity at peak load hour; 2 PJM 2026 Load Report. Incremental load reflects RTO summer coincident peak load relative to 2026 levels; incremental supply based on assets under construction in the interconnection queue, targeted ~7 GW Reliability Backstop Procurement (RBP), and anticipated retirements due to environmental requirements POWER MARKET UPDATE 7NRG 2Q26 Earnings PJM Peak Load ERCOT Load Growth Demand Growth Continues to Exceed Available Supply (10) - 10 20 30 40 2026 2027 2028 2029 2030 2031 GW Constructive Regulatory Backdrop • Regulatory momentum increasingly supportive of customer-backed generation solutions • Emerging BYOP frameworks reinforce NRG’s strategy and long-term growth runway Strategic Development Partner • Large load customers need proven operators capable of delivering power solutions at scale • NRG’s integrated platform, development capabilities and commercial reach creates a distinct competitive advantage Long-Standing Community Presence • Decades of owning and operating generation in the communities we serve • Proven track record of responsible operations, local investment and long- term partnership Power Markets Are Evolving Toward Pairing New Demand with New Supply - 10 20 30 40 50 2026 2027 2028 2029 2030 GW Supply Load¹ Data Center Update | Business Results & Financial Highlights | Closing Remarks | Appendix
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8NRG 2Q26 Earnings Contracted Large Load and Capacity-Based FCF Opportunity Illustrative Capacity Auction FCF at Current Auction Prices1 Previously Announced Data Center Agreements (445 MW) 1.2 GW Lead BYOP Opportunity Illustrative 2030 Contracted FCF Opportunity Remaining New Builds and PJM Uprates Illustrative 2033 Contracted FCF Opportunity ~$1.2 Bn ~$2.9 Bn~40% 2026 FCFbG midpoint ~95% 2026 FCFbG midpoint 1 Capacity auction FCF illustrated using PJM 2028/2029 auction results Successful Execution Could Create a Contracted Cash Flow Base Greater Than Current Annual FCF 5.4 GW New Build Development Capacity Turbine and EPC access support runway through 2032E 1.2 GW 1.2 GW 1.2 GW 1.8 GW 2029E 2030E 2031E 2032E Lead Opportunity Remaining Additional Pathways to Serve Large Load Growth PJM Uprates ~2 GW Opportunity Incremental capacity at existing gas sites Grid Served 445 MW Signed Previously announced; no new generation required Platform Expansion Beyond 5.4 GW Capacity to be secured as contracting scales Data Center Update | Business Results & Financial Highlights | Closing Remarks | Appendix LEAD BYOP FRAMEWORK DEMONSTRATES A MUCH LARGER OPPORTUNITY
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9 BUSINESS RESULTS & FINANCIAL HIGHLIGHTS NRG 2Q26 Earnings
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Reaffirming 2026 Guidance Ranges 10 2Q26 FINANCIAL RESULTS NRG 2Q26 EarningsData Center Update | Business Results & Financial Highlights | Closing Remarks | Appendix ($ millions, except per share amounts) Three Months Ended Six Months Ended 6/30/2026 6/30/2025 6/30/2026 6/30/2025 Adjusted EBITDA $1,217 $909 $2,297 $2,035 Adjusted Net Income $315 $339 $623 $870 Adjusted EPS1 $1.49 $1.73 $2.98 $4.42 Free Cash Flow Before Growth (FCFbG) $1,025 $914 $959 $1,207 Q2 Highlights • Texas earnings impacted by continued mild weather and low load, low price environment • East results include uplift from the LS Power portfolio acquisition • West includes impact of facility lease termination in May 2025 • Smart Home growth driven by increase in ending customer counts and higher monthly recurring service margin per customer • Adjusted EPS reflects incremental interest expense and depreciation and amortization from the LS Power portfolio acquisition • FCFbG results driven by higher Adjusted EBITDA partly offset by higher interest payments related to the LS Power portfolio acquisition GAAP to non-GAAP reconciliations can be found on our website at https://investors.nrg.com; 1 Based on weighted average number of common shares outstanding - basic of 211 MM and 196 MM for the three months ended June 30, 2026, and 2025, respectively, and 209 MM and 197 MM for the six months ended June 30, 2026, and 2025, respectively
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2026 CAPITAL ALLOCATION 11 123 721 $950 LS Power (midpoint) $2,100 Legacy FCFbG (midpoint) 2026 Excess Cash1 Liability Management & Pref. Divs. Integration Costs Share Repurchases Common Dividends4 Data Center New Build Investment5 Plant & Other Investments $3,050 416 1,113 407 $270 Liability Management/Other2 1,030 Reduced Liability Management for Data Center Investment (681) Preferred Dividends 67 Share Repurchases 1,000 Other Related Activities3 113 1 Excludes Minimum Cash reserved for liquidity purposes; 2 Comprised of $960 MM in debt payments and $70 MM Finance Fees/Other; 3 Other Related Activities includes: 1% ‘Federal Excise Tax’ on share repurchases executed in prior year (~$13 MM) and shares repurchased in lieu of tax withholdings where the company in lieu of issuing shares related to certain stock-based compensation settles employee tax obligations in cash (~$100 MM); 4 Assumes average shares of ~214 MM and $1.90 dividend per share; 5 Includes ~$40 MM reservation payments that was previously in Plant and Consumer Growth Initiatives; 6 Includes Texas new build expected TEF and incremental debt of $650 MM primarily offset by ~$620 MM in Texas new build capex, ~$15 MM for plant enhancement, and $220 MM Consumer Growth Initiatives Data Center Update | Business Results & Financial Highlights | Closing Remarks | Appendix NRG 2Q26 Earnings Updating 2026 Capital Allocation to Reflect Data Center New Build Investments No Change from Previously Disclosed Indicates Change from Previously Disclosed Plant and Consumer Growth Initiatives6 205 Other Growth Initiatives 65 ($ millions)
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Funding Funded from operating cash flow and balance sheet Leverage Maintain investment grade target Ratings No expected ratings impact Share Buyback At least $1 Bn in annual buyback (no change to previously announced buyback program) Tax Benefits Meaningful cash tax benefits beginning at COD 12 DISCIPLINED CAPITAL ALLOCATION SUPPORTS COMPELLING RETURNS AND 2029 COD NRG 2Q26 EarningsData Center Update | Business Results & Financial Highlights | Closing Remarks | Appendix Adjusted EBITDA $0.5 Bn Expected Annual Run-Rate Returns 12-15% Project IRR FCFbG 12%1 Accretion 1 Assumes incremental annual run-rate FCFbG contribution of approximately $375 MM at full operation, representing approximately 12% accretion relative to the midpoint of 2026 FCFbG guidance of $3.05 Bn Investment Creates Meaningful Earnings Growth While Preserving NRG’s Capital Allocation Commitments
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13 PHASED CAPITAL INVESTMENT PRESERVES FINANCIAL FLEXIBILITY NRG 2Q26 EarningsData Center Update | Business Results & Financial Highlights | Closing Remarks | Appendix 1 End of year 2029; 2 Cumulative investment through 2026 includes approximately $0.1 Bn reservation agreement payments made prior to 2026 in support of the project; 2026 capital deployment is approximately $700 MM Category $ Bn % EPC ~$1.9 ~60% Turbine & Other ~$1.3 ~40% Total $3.2 100% Project Highlights Investment Profile $0.8 $1.0 $1.1 2026 2027 2028 $0.3 2029 $3.2 Total ($ billions) Steady Capital Deployment Supports Disciplined Capital Allocation Program $3.2 Bn Total capital investment 1.2 GW Capacity 2029 Targeted COD1 $2,700/kW Build cost 2
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14 CLOSING REMARKS NRG 2Q26 Earnings
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2026 PRIORITIES 15NRG 2Q26 Earnings ❑ Deliver Financial, Operational, Safety, and Business Objectives ❑ Deliver on Growth Initiatives Deliver 2026 organic growth in line with 2025-2029 $750 MM growth plan Close LS Power portfolio acquisition Complete construction of T.H. Wharton in May 2026 Contract at least 1 GW of data center opportunities supporting BYOP energy solutions – On Track Execute toward 1 GW of Texas residential VPP by 2035 Continue to optimize maintenance spend to maintain cycle-appropriate In-the-Money Fleet Availability Optimize business / portfolio ❑ Disciplined Capital Allocation Plan Return $1.4 Bn of capital to shareholders Grow 7-9% annual dividend per share; +8% to $1.90/share (7th consecutive annual increase) Maintain strong balance sheet Data Center Update | Business Results & Financial Highlights | Closing Remarks | Appendix
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16 APPENDIX: UPSIDE OPPORTUNITIES NRG 2Q26 Earnings
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TEXAS GENERATION FLEET SIGNIFICANT UPSIDE OPPORTUNITY FROM RISING POWER PRICES 17 Gross Margin: Illustrative Mark-to-Market for Texas Generation-Only Portfolio ($ millions) Case 1 2 3 Open +$0.25 -$0.25 % Hedge1 95-100% ~50% <25% 0% ATC Power Price in ’26 Guidance $52/MWh $52/MWh Implied GM @ ATC Price $45/MWh ($150) ($320) ($380) ($460) ($30) $40 $50/MWh ($60) ($120) ($150) ($180) ($40) $50 2026 Base Assumption - $52/MWh $0 $0 $0 $0 ($50) $50 $60/MWh $160 $290 $360 $430 ($60) $70 $65/MWh $290 $520 $640 $760 ($70) $70 $75/MWh $580 $990 $1,210 $1,430 ($80) $80 $85/MWh $870 $1,480 $1,800 $2,120 ($90) $90 $100/MWh $1,350 $2,240 $2,710 $3,180 ($100) $100 Gas Sensitivity Forward Curves Do Not Reflect Demand Outlook Guidance Date 12/31/25 Current 7/10/26 Texas Around-the-Clock $40 2026 $58 $46 2027 $59 $50 2028 $59 $52 2029 $59 $54 2030 -23% -21% -15% -12% -8% Texas On-Peak $58 $43 2026 $64 $49 2027 $64 $53 2028 $64 $55 2029 $64 $57 2030 -26% -23% -17% -14% -11% NYMEX Gas $3.72 $3.66 2026 $3.88 $3.46 2027 $3.71 $3.67 2028 $3.61 $3.63 2029 $3.61 $3.54 2030 -2% -11% -1% 1% -2% Texas Off-Peak $46 $37 2026 $53 $43 2027 $54 $47 2028 $54 $50 2029 $55 $51 2030 -20% -19% -13% -7% -7% $52 Base Earnings Assumptions: • Current Fleet: 45 TWh Economic; 40 TWh Uneconomic • Power Prices: Around-the-Clock Blend of Houston and North • Natural Gas Prices: • Henry Hub: $3.75/MMBtu • Houston Ship Channel: $3.25/MMBtu • Weather-normal, among other simplifying assumptions • Includes T.H. Wharton, Rockland and LS Power assets 1 Represents residential load expected to be served by owned generation NRG 2Q26 EarningsData Center Update | Business Results & Financial Highlights | Closing Remarks | Appendix
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PJM GENERATION FLEET SIGNIFICANT UPSIDE OPPORTUNITY FROM RISING POWER PRICES Gross Margin: Illustrative Mark-to-Market for PJM Generation-Only Portfolio Case 1 2 3 Open +$0.25 -$0.25 % Hedge1 50% 25% 10% 0% ATC Power Price in ’26 Guidance $53/MWh $53/MWh Implied GM @ ATC Price $45/MWh ($140) ($190) ($220) ($240) ($30) $40 $50/MWh ($80) ($100) ($110) ($120) ($50) $50 2026 Base Assumption - $53/MWh $0 $0 $0 $0 ($50) $60 $60/MWh $150 $190 $220 $230 ($70) $80 $65/MWh $240 $320 $360 $390 ($70) $80 $75/MWh $440 $580 $660 $710 ($70) $80 $85/MWh $630 $830 $950 $1,030 ($70) $80 $100/MWh $930 $1,220 $1,400 $1,510 ($70) $80 Gas Sensitivity Forward Curves Do Not Reflect Demand Outlook Guidance Date 12/31/25 Current 7/10/26 18 PJM Around-the-Clock $67 2026 $57 $62 2027 $55 $62 2028 $55 $61 2029 $56 $60 2030 26% 9% 13% 11% 7% PJM On-Peak $63 $81 2026 $67 $74 2027 $65 $74 2028 $65 $72 2029 $66 $71 2030 29% 10% 14% 11% 8% PJM Off-Peak $45 $55 2026 $48 $51 2027 $47 $51 2028 $46 $51 2029 $47 $50 2030 22% 6% 9% 11% 6% $53 NYMEX Gas $3.72 $3.66 2026 $3.88 $3.46 2027 $3.71 $3.67 2028 $3.61 $3.63 2029 $3.61 $3.54 2030 -2% -11% -1% 1% -2% Base Earnings Assumptions: • Current Fleet: 25 TWh Economic; 15 TWh Uneconomic • Power Prices: Around-the-Clock Blend of PJM East and West • Natural Gas Prices: • Henry Hub: $3.75/MMBtu • TETCO M3: $3.60/MMBtu • Weather-normal, among other simplifying assumptions • Includes LS Power assets 1 Represents residential load expected to be served by owned generation NRG 2Q26 EarningsData Center Update | Business Results & Financial Highlights | Closing Remarks | Appendix ($ millions)
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POWERING THE FUTURE OF DATA CENTERS POSITIONED TO LEAD LARGE LOAD GROWTH 19NRG 2Q26 Earnings ✓ 5.4 GW of turbine capacity under agreement with GEV and Kiewit-TIC ✓ First units could be operational as early as 2029 2029E 2030E 2031E 2032E Illustrative & subject to change 1.2 GW 1.2 GW 1.2 GW 1.8 GW ✓ Permitting, interconnection, and site development on track ✓ Evaluating capacity upgrades across LS Power assets • ~1-2 GW from CT to CCGT conversions and traditional uprates Turbines and EPC Secured for 5.4 GW of New Build Opportunities Critical Equipment & Bridge Power Secured for Initial Buildout Sites Advancing and Incremental Capacity Upside ✓ Multiple GW of key electrical equipment secured; procurement underway for remaining ✓ Several hundred MW of bridge power available beginning in 2028 to support early customer load Data Center Update | Business Results & Financial Highlights | Closing Remarks | Appendix Lead Opportunity
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NRG, GE VERNOVA & KIEWIT VENTURE POWERING THE FUTURE OF DATA CENTERS 20NRG 2Q26 Earnings U.S.-Based Fully Integrated Venture Signed Project Development Agreement GE Vernova, Kiewit-TIC, NRG: Developer, Operator, OEM and EPC Venture Status ✓ 1.2 GW CCGTs in-service by 2029 ✓ 1.2 GW CCGTs in-service by 2030 ✓ Additional 3.0 GW CCGTs coming online 2030-2032 ✓ Development activities in progress across all sites Benefits ✓ Coordinated development, power equipment and EPC delivery ✓ GEV - #1 Power OEM Globally ✓ Kiewit - Most experienced EPC for GE-H class projects ✓ NRG - Leading gas and power platform for large energy customers Improving Speed-to-Market Data Center Update | Business Results & Financial Highlights | Closing Remarks | Appendix
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21 APPENDIX: OPERATIONS NRG 2Q26 Earnings
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80 120 160 200 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun GW 5 Year Range 2025 2026 ENERGY & SMART HOME PERFORMANCE 2Q26 REVIEW 22NRG 2Q26 Earnings Texas Continues to Realize Load Growth Business & Operation Highlights Hit 4 New Record Peaks in Last 12 Months ERCOT Peak Demand Sustained Smart Home Growth +16% Customers Monthly Recurring Service Margin per Customer1 2Q24 2Q25 2Q26 2Q24 2Q25 2Q26 1 See slide 36 for Smart Home performance metrics definitions PJM Demand Growth Accelerates +10% • Top decile safety performance • Strong operational performance driven by resilient plant operations • Spring maintenance successfully complete Hit 5 New Record Peaks in Last 12 Months PJM Peak Demand Strategic Execution Driving Strength Across All Businesses 40 50 60 70 80 90 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun GW 5 Year Range 2025 2026 Data Center Update | Business Results & Financial Highlights | Closing Remarks | Appendix
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ISO Planning Year Average Price ($/MW-Day) Cleared Position (MW)2 PJM 2025 - 2026 $298 5,770 PJM 2026 - 2027 $329 6,028 PJM 2027 - 2028 $333 6,015 PJM 2028 - 2029 $325 6,839 23NRG 2Q26 Earnings CAPACITY CLEARS Capacity Revenue by Calendar Year1 2026 2027 2028 PJM $644 $729 $781 1 Includes 11 months of LS Power assets ownership in 2026; Revenue is calculated based on cleared megawatts multiplied by the average price and the number of days in the calendar period; 2 Capacity results include volumes cleared in Base Residual Auction announced on July 14, 2026 and Forward Capacity Auction through March 31, 2026 and excludes incremental auctions, bilateral transactions and demand response ($ millions, unless otherwise stated) ISO Planning Year Average Price ($/kW-Month) Cleared Position (MW)2 ISO-NE 2025 - 2026 $3.15 940 ISO-NE 2026 - 2027 $3.18 940 ISO-NE 2027 - 2028 $3.89 951 Capacity Revenue by Calendar Year1 2026 2027 ISO-NE $33 $41 Data Center Update | Business Results & Financial Highlights | Closing Remarks | Appendix
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T.H. Wharton Cedar Bayou 5 Greens Bayou 6 Technology Simple Cycle Peaking Unit Siemens SGT6-5000F Combined Cycle Mitsubishi M501JAC Simple Cycle Peaking Unit GE 7HA.03 Capacity (MW) 1 415 689 443 Target COD May 2026 Mid-2028 Mid-2028 Construction Status Fully Operational On Track On Track TEXAS ENERGY FUND DEVELOPMENT PORTFOLIO 24NRG 2Q26 Earnings 1 Nameplate capacity of 456 MW for T.H. Wharton, 721 MW for Cedar Bayou 5 and 455 MW for Greens Bayou 6; 2 Over 10-years; 3 Starting in 3Q27, over 10-years Portfolio Highlights $1.15 Bn Texas Energy Fund financing at 3%; completed for all 3 projects $66 MM2 property tax abatements approved Qualified for up to $55 MM3 completion bonus for T.H. Wharton 1.5 GW of New Dispatchable Generation in ERCOT, Enough to Power >1 Million Texas Homes Annually Data Center Update | Business Results & Financial Highlights | Closing Remarks | Appendix
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Supply 89% Load HOME INTEGRATED RETAIL SUPPLY PROCUREMENT 25NRG 2Q26 Earnings 1 Portfolio positions as of June 30, 2026, inclusive of energy-only component; 2 Total Expected Load is a forecast of total fixed price load at delivery; 3 Existing load is signed contracts and expected renewals with pricing flexibility Supply Position Highlights ✓ Balance net generation and market purchases against priced load ✓ Manage current financial exposure while planning for physical delivery ✓ Maintains flexibility to adjust portfolio as priced load volumes increase ✓ Provides optionality to hedge commercial & industrial load with market purchases at execution or via owned assets Existing Load Includes Month- to-Month Customers that Have Not Yet Been Priced East/Other 94% Load Supply Total Expected Load2 (normal weather) ERCOT 2026 Net Home Position1 (Avg. On-Peak MWh) Economic Generation Market Purchases Out-of-the-Money Generation Existing Load3New Load Data Center Update | Business Results & Financial Highlights | Closing Remarks | Appendix
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1 See NRG asset list on slide 27 and LS Power asset list on slide 28; 2 Includes dual fuel assets Operating Assets1 Capacity, GW Operating Assets1 Geography, GW LS Power Portfolio Natural Gas2 Coal & Other PJMISO-NE ERCOT NYISO NRG GENERATION FLEET 26NRG 2Q26 Earnings LS Power Portfolio 48%52% 12.9 GW 100% 12.9 GW 24% 76% 25.8 GW 84% 16% 12.9 GW 16% 7% 16% 61% 12.9 GW 50% 8% 39% 3% 25.8 GW Doubles Generation Fleet with Modern, Flexible Natural Gas Assets Data Center Update | Business Results & Financial Highlights | Closing Remarks | Appendix
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NRG ASSETS & DEVELOPMENT PROJECTS 27NRG 2Q26 Earnings Plant Name MW Fuel Tech ISO LDA Texas Cedar Bayou 1,495 Natural Gas ST ERCOT Houston Cedar Bayou 4 252 Natural Gas CCGT ERCOT Houston Chamon 92 Natural Gas CT ERCOT Houston Greens Bayou 327 Natural Gas CT ERCOT Houston Limestone 1,688 Coal ST ERCOT Houston Port Comfort 84 Natural Gas CT ERCOT South San Jacinto 160 Natural Gas CT ERCOT Houston SJRR 90 Natural Gas CT ERCOT Houston Texas Gulf Sulphur (Wharton) 75 Natural Gas CT ERCOT South T.H. Wharton 1,002 Natural Gas CCGT/CT ERCOT Houston Victoria 288 Natural Gas CCGT ERCOT South Victoria Port II 86 Natural Gas CT ERCOT South W.A. Parish 2,514 Coal ST ERCOT Houston W.A. Parish 1,118 Natural Gas ST ERCOT Houston Total Texas 9,271 Plant Name MW Fuel Tech ISO LDA State East Chalk Point 80 Natural Gas/Oil CT PJM PEPCO MD Fisk 171 Oil CT PJM ComEd IL Indian River 16 Oil CT PJM DPL DE Powerton 1,538 Coal ST PJM ComEd IL Vienna 167 Oil ST PJM DPL MD Waukegan 101 Oil CT PJM ComEd IL Total East 2,073 TEF Development Projects T.H. Wharton2 415 Natural Gas ST ERCOT Houston TX Cedar Bayou 53 689 Natural Gas CCGT ERCOT Houston TX Greens Bayou 63 443 Natural Gas ST ERCOT Houston TX Total TEF Development Projects 1,547 Total Capacity¹ 12,891 1 PJM reliability exceptions have extended the retirement dates for Illinois assets; 2 T.H. Wharton fully operational in May 2026; 3 Target COD – Cedar Bayou 5 and Greens Bayou 6 mid-2028 Data Center Update | Business Results & Financial Highlights | Closing Remarks | Appendix
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LS POWER ASSETS 28NRG 2Q26 Earnings Plant Name MW Fuel Tech ISO LDA State East Armstrong 780 Natural Gas/Oil CT PJM RTO PA Aurora 1,050 Natural Gas CT PJM ComEd IL Chambersburg 100 Natural Gas CT PJM RTO PA Doswell 710 Natural Gas/Oil CCGT PJM RTO VA Doswell CT 500 Natural Gas/Oil CT PJM RTO VA Gans 96 Natural Gas CT PJM RTO PA Ironwood 760 Natural Gas CCGT PJM MAAC PA Riverside 950 Natural Gas CT PJM RTO KY Rockford 550 Natural Gas CT PJM ComEd IL Springdale 600 Natural Gas CCGT PJM RTO PA Springdale CT 100 Natural Gas CT PJM RTO PA Troy 780 Natural Gas/Oil CT PJM ATSI OH U. Park North 580 Natural Gas CT PJM ComEd IL U. Park South 330 Natural Gas CT PJM ComEd IL Total East 7,886 1 PJM reliability exceptions have extended the retirement dates for Illinois assets; 2 Total capacity at announcement; ratings subject to change upon full integration of LS Power portfolio Plant Name MW Fuel Tech ISO LDA State East Ocean State 600 Natural Gas/Oil CCGT ISO-NE SENE RI Ravenswood CC 250 Natural Gas/Oil CCGT NYISO Zone J NY Ravenswood ST 1,752 Natural Gas/Oil ST NYISO Zone J NY Wallingford 340 Natural Gas CT ISO-NE ROP CT Total East 2,942 Texas Jack County 1,252 Natural Gas CCGT ERCOT North TX Johnson County 267 Natural Gas/Oil CCGT ERCOT North TX R.W. Miller 538 Natural Gas/Oil ST/CT ERCOT North TX Total Texas 2,057 Total Capacity¹ 12,8852 Data Center Update | Business Results & Financial Highlights | Closing Remarks | Appendix
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29 APPENDIX: FINANCE NRG 2Q26 Earnings
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2026 Assumptions 2027-2030 Pro Forma Outlook Assumptions1 Power Price - ERCOT ATC ($/MWh) $52 $52 flat, see sensitivity table (slide 17) Power Price - PJM ATC ($/MWh) $53 $53 flat, see sensitivity table (slide 18) PJM Capacity Prices ($/MW-Day) Cleared Auction Prices Assumes 27/28 cleared price for all periods Effective Tax Rate for Adj EPS ~19% ~19% Dividends Per Share $1.90 7-9% increase annually Share Price for Share Repurchases2 ~$170 10% increase annually KEY ASSUMPTIONS FOR OUTLOOK 30NRG 2Q26 Earnings 1 See 4Q25 earnings presentation for long-term earnings growth outlook; 2 Assumed average share price used for share repurchases Data Center Update | Business Results & Financial Highlights | Closing Remarks | Appendix
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31 DEBT MATURITY SCHEDULE BALANCE AS OF 7/31/2026 1 Recourse Debt ($ millions) Principal 5.750% Senior Notes, due 2028 $821 5.250% Senior Notes, due 2029 733 3.375% Senior Notes, due 2029 500 5.750% Senior Notes, due 2029 798 3.625% Senior Notes, due 2031 1,030 3.875% Senior Notes, due 2032 480 6.000% Senior Notes, due 2033 925 6.250% Senior Notes, due 2034 950 5.750% Senior Notes due 2034 1,250 5.875% Senior Notes due 2034 1,050 6.000% Senior Notes due 2036 2,400 6.125% Senior Notes due 2036 1,050 2.450% Senior Secured First Lien Notes, due 2027 900 4.450% Senior Secured First Lien Notes, due 2029 500 4.734% Senior Secured First Lien Notes, due 2030 625 4.955% Senior Secured First Lien Notes, due 2031 500 7.000% Senior Secured First Lien Notes, due 2033 740 5.407% Senior Secured First Lien Notes, due 2035 625 Term Loan B, due 2031 2,287 Term Loan B, due 2033 898 Revolver Borrowing 469 AR Securitization Borrowing 700 Texas Energy Fund Loans 735 Tax-Exempt Bonds 466 Total Recourse Debt $21,432 Non-recourse Debt ($ millions) Principal Lightning Term Loan B, due 2031 $1,719 Total Non-recourse Debt $1,719 NRG 2Q26 Earnings 1 Does not include $44 MM finance leases Data Center Update | Business Results & Financial Highlights | Closing Remarks | Appendix
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ENERGY MODELING AID 2026 METRICS 32 2026E Texas East/West/ Other (EWO) Operational Statistics1 Retail Energy Sales: Home Power Expected Load (TWh) ~40 ~17 Business Power Expected Load (TWh) ~45 ~70 Total Power Expected Load (TWh) ~85 ~87 Total Natural Gas Expected Sales (MMDths) -- ~1,850 Generation Statistics2: Expected Owned Economic Generation Sales (TWh) ~45 ~30 Expected Owned Uneconomic Generation Open (TWh) ~40 ~25 Financial Summary Economic Gross Margin3 ($ MM) $4,300-$4,550 $3,840-$4,040 OPEX / Other ($ MM) ~$2,100 ~$1,815 Adjusted EBITDA ($ MM) $2,200-$2,450 $2,025-$2,225 Economic Gross Margin Mix4 Retail Energy ~50% ~50% Generation ~50% ~50% 1 Weather normalized volumes; 2 EWO generation statistics represent total East and West generation volumes and include ~25 TWh economic generation and ~15 TWh uneconomic generation contribution from PJM; 3 Economic Gross Margin is defined as the sum of retail revenue, energy revenue, capacity revenue and other revenue, less cost of fuels, purchased energy and other cost of sales; 4 Economic gross margin mix estimate based on 2026 Guidance NRG 2Q26 EarningsData Center Update | Business Results & Financial Highlights | Closing Remarks | Appendix
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33 2.83 2.82 2.82 2.85 1Q26 2Q26 5.65 5.67 EWO Texas Home Retail Energy Customers4 (in millions) 2Q26 Weather 568 326 1,102 534 308 1,073 East HDD East CDD Texas CDD 2Q25 2Q26 10-Year Avg Observed Degree Days5 -3% -6% ENERGY KPIs INDICATORS AND MODELING DATA1 Operational KPIs2 2Q26 2Q25 Change Texas EWO3 Texas EWO3 Texas EWO3 Home Power Load (TWh) 9 4 10 4 (1) 0 Business Power Load (TWh) 10 14 10 14 0 0 Total Power Load (TWh) 20 18 20 18 (1) 0 Total Natural Gas Sales (MMDths) -- 421 -- 364 -- 57 Total Owned Generation (TWh) 7 4 7 1 0 3 Economic Gross Margin Mix 2Q26 2Q25 Change Texas EWO3 Texas EWO3 Texas EWO3 Retail 65% 47% 56% 90% 9% (43%) Generation 35% 53% 44% 10% (9%) 43% 1 Items may not sum due to rounding; 2 Volumes not weather normalized; 3 EWO: East/West/Other; 4 Includes customers through municipal aggregations; 5 National Oceanic and Atmospheric Administration-Climate Prediction Center -6% NRG 2Q26 EarningsData Center Update | Business Results & Financial Highlights | Closing Remarks | Appendix
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SMART HOME KPIs AND MODELING DATA 34NRG 2Q26 Earnings 1 See slide 36 for Smart Home performance metric definitions; 2 Excludes 70,966 NRG Protection Plans that are reported in Vivint Smart Home segment; 3 As of the period ended June 30; 4 Includes 42,236 Vivint Home Essentials customers—excluding these customers, year-over-year growth was 7%; 5 Last twelve months as of period end; 6 Daily Active Users / Monthly Active Users Key Metrics1,2 2Q26 2Q25 Change Portfolio Customers (MM)3,4 2.45 2.27 +8% Customer Lifetime (years)3 ~9 ~9 -- Retention (%)5 89.1% 90.1% -1% Bad Debt as % of Revenue ~2% ~2% -- Per Customer Monthly Rec. Revenue per Customer $77.93 $75.25 +4% Monthly Rec. Service Revenue per Customer $53.32 $50.12 +6% Monthly Rec. Net Service Cost per Customer $9.09 $7.96 +14% Monthly Rec. Service Margin per Customer $44.23 $42.15 +5% Gross Acquisition Cost per New Customer5 $2,467 $2,418 +2% Net Acquisition Cost per New Customer5 $907 $842 +8% User Stickiness (DAU/MAU Ratio)6 70%+ 70%+ -- Data Center Update | Business Results & Financial Highlights | Closing Remarks | Appendix
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NON-GAAP FINANCIAL MEASURES DEFINITIONS 35NRG 2Q26 Earnings NRG reports its financial results in accordance with the accounting principles generally accepted in the United States (GAAP) and supplements with certain non-GAAP financial measures. These measures are not recognized in accordance with GAAP and should not be viewed in isolation as an alternative to GAAP measures of perfor mance. In addition, other companies may calculate non -GAAP financial measures differently than NRG does, limiting their usefulness as a comparative measure • Adjusted EBITDA: Defined as net income less interest, taxes, depreciation, and amortization, impact of asset retirement obligation expenses an d contract amortization (consisting of amortization of power and fuel contracts and amortization of emission allowances), and as further adjusted for stock -based compensation, impairment losses, deactivation costs, gains or losses on sales, dispositions or retirements of assets, any mark-to-market gains or losses from forward position of economic hedges, gains or losses on the repurchase, modification or extinguishment of debt, restructuring costs, and other non-recurring items plus adjustments to reflect the Adjusted EBITDA from our unconsolidated investments or non -controlling interests. Adjusted EBITDA is intended to facilitate period-to- period comparisons and is widely used by investors for performance assessment. • Adjusted Net Income: Defined as net income available to common shareholders excluding the impact of asset retirement obligation expenses, contract amortization consisting of amortization of power and fuel contracts and amortization of emission allowances, stock -based compensation, impairment losses, deactivation costs, gai ns or losses on sales, dispositions or retirements of assets, any mark-to-market gains or losses from forward position of economic hedges, gains or losses on the repurchase, modification or exti nguishment of debt, the impact of restructuring and any extraordinary, unusual or non-recurring items plus adjustments to reflect the Adjusted EBITDA from our unconsolidated investments and non -controlling interests. • Adjusted Earnings per Share (EPS): Defined as Adjusted Net Income, divided by the average basic common shares outstanding. • Adjusted Cash provided/(used) by operating activities: Defined as Cash provided/(used) by operating activities with the reclassification of net payments of derivative contracts acq uired in business combinations from financing to operating cash flow, as well as the add back of merger, integration, related restructuring cos ts, adjustment for change in collateral, and the impact of extraordinary, unusual or non-recurring items. • Free Cash Flow before Growth Investments: Defined as Adjusted Cash provided/(used) by operating activities less maintenance and environmental capital expenditures, net of funding and insurance recoveries related to property, plant and equipment, and adjustments to exclude cost of acquisition related to growth. Management believes these non-GAAP financial measures are useful to investors and other users of NRG's financial statements in e valuating the Company’s operating performance and growth, as well as the impact of the Company’s capital allocation program. They provide an additional tool to compare business performance acros s periods and adjust for items that management does not consider indicative of NRG’s future operating performance. Management uses these non -GAAP financial measures to assist in comparing finan cial performance from period to period on a consistent basis and to readily view operating trends, as a measure for planning and forecasting overall expectations, and for evaluating actual resu lts against such expectations, and in communications with NRG's Board of Directors, shareholders, creditors, analysts and investors concerning its financial performance. Reconciliation of these non -GAAP measures to their most directly comparable GAAP financial measures can be found on our website at https://investors.nrg.com/nrg-presentations-and-webcasts and in our earnings press release. Industry and Market Data In this presentation, NRG refers to certain industry and market data and statistics obtained from third -party sources. Such data is based on independent industry publications, government publications, reports by market research firms, or other published independent sources. While NRG believes such publications, reports, or o ther sources to be reliable, NRG has not independently investigated or verified the information contained or referred to therein and makes no representation as to the accuracy or completeness of such infor mation. Such industry and market data used in this presentation may be inaccurate, and statements that incorporate them involve risks and uncertainties, including those discussed above under the h eading “Forward-Looking Statements”. Data Center Update | Business Results & Financial Highlights | Closing Remarks | Appendix
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SMART HOME PERFORMANCE METRICS DEFINITIONS 36NRG 2Q26 Earnings • New Customers is the aggregate number of new smart home and security customers originated during a given period. This metric excludes new c ustomers acquired by the transfer of a service contract from one customer to another. • Customers is the aggregate number of smart home and security customers at the end of a given period. • Average Monthly Customers is the total ending customer count for each month of the period divided by the number of months in the period. • Customer Lifetime is 100% divided by our expected long-term annualized attrition rate • Retention Rate is 100% minus the aggregate number of canceled smart home and security customers during a given 12 -month period divided by the monthly weighted average number of total Customers in that 12-month period. • Monthly Recurring Revenue per Customer is the average monthly recurring smart home and security revenue recognized during the period divided by Average Monthly Customers during the same period. This excludes revenues that are non-recurring which are recognized at the time of sale. • Monthly Recurring Service Revenue per Customer is the recurring monthly service billings for smart home and security customers divided by Average Monthly Customers for the same period. • Monthly Recurring Net Service Cost per Customer is the average monthly service costs incurred during the period, including monitoring, customer service, field service, equipment, and other support costs, less any non-recurring services billings for the period net of associated financing fees, divided by Average Monthly Customers for the same period. • Monthly Recurring Service Margin per Customer is Monthly Recurring Service Revenue per Customer for the period less Monthly Recurring Net Service Cost per Customer for the same period. • Net Acquisition Cost per New Customer is the net cost to create new smart home and security customers during a given 12 -month period divided by New Customers for that same period. These costs include commissions, equipment, installation, marketing, sales support, allocated corporate costs, and financing fees, less proceeds related to equipment sales and install fees. • Gross Acquisition Cost per New Customer is Net Acquisition Cost per New Customer excluding proceeds related to equipment sales and install fees as well as associated financing fees. • User Stickiness is Daily Active Users (the number of unique users who engage with the app or panel on a given day) divided by Monthly Active Users (the number of unique users who engage with the app or panel at least once over a 30-day period). Data Center Update | Business Results & Financial Highlights | Closing Remarks | Appendix