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1 Investor Presentation December 2024
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2 2 Safe Harbor Statements Cautionary Note Regarding Forward-Looking Statements The information presented herein includes forward -looking statements within the meaning of the Private Securities Litigation Ref orm Act of 1995. These forward-looking statements, which are based on current expectations, estimates and projections about the industry and markets in which Vistra Corp. (“Vistra”) operates and beliefs of and assumptions made by Vistra’s management, involve risks and uncertai nties, which are difficult to predict and are not guarantees of future performance, that could significantly affect the financia l results of Vistra. All statements, other than statements of historical facts, that are presented herein, or in response to questions or otherwise, that address activities, events or developments that may occur in the future, including such matters as activities related to our financial o r operational projections including potential nuclear production tax credits, financial condition and cash flows, projected synergy, value lever and net debt tar gets, capital allocation, capital expenditures, liquidity, projected Adjusted EBITDA to free cash flow conversion rate, dividend policy, business strategy, competitive strengths, goals, future acquisitions or dispositions, development or operation of power generation assets, marke t and industry developments and the growth of our businesses and operations, including potential large load center opportunities (often, but not always, through the use of words or phrases, or the negative variations of those words or other comparable words of a future or forwa rd-looking nature, including, but not limited to: “intends,” “plans,” “will likely,” “unlikely,” “believe,” “confident”, “expect,” “seek,” “anticipate,” “estimate,” “continue,” “will,” “shall,” “should,” “could,” “may,” “might,” “predict,” “project,” “forecast,” “target,” “potential,” “goal,”“objective,” “guidance” and “outlook”), are forward-looking statements. Readers are cautioned not to place undue reliance on fo rward-looking statements. Although Vistra believes that in making any such forward-looking statement, Vistra’s expectations are based on reasonable assump tions, any such forward-looking statement involves uncertainties and risks that could cause results to differ materially from th ose projected in or implied by any such forward-looking statement, including, but not limited to: (i) adverse changes in general economic or market conditions (including changes in interest rates) or changes in political conditions or federal or state laws and regulations; (ii) the ability of Vistra to execute upon its contemplated strategic, capital allocation, performance, and cost -saving initiatives and to successfully integrate acquired businesses, including Energy Harbor; (iii) actions by credit ratings agencies; (iv) the severity, magnitude and duration of extreme weather events, contingencies and uncertainties relating thereto, most of which are difficult to predict and many of which are beyond our con trol, and the resulting effects on our results of operations, financial condition and cash flows; and (v) those additional risks and factors discussed in reports filed with the Securities and Exchange Commission by Vistra from time to time, including the uncertainties and risks discusse d in the sections entitled “Risk Factors” and “Forward-Looking Statements” in Vistra’s annual report on Form 10 -K for the year ended December 31, 2023 and subsequently filed quarterly reports on Form 10-Q. Any forward-looking statement speaks only at the date on which it is made, and except as may be required by law, Vistra will not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible to predict all of them; nor can Vistra assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Disclaimer Regarding Industry and Market Data Certain industry and market data used in this presentation is based on independent industry publications, government publicat ions, reports by market research firms or other published independent sources. We did not commission any of these publications, reports or other sources. Some data is also based on good faith estimates, which are derived from our review of internal surveys, as well as the indepe ndent sources listed above. Industry publications, reports and other sources generally state that they have obtained information from sources believed to be reliable, but do not guarantee the accuracy and completeness of such information. While we believe that each of these public ations, reports and other sources is reliable, we have not independently investigated or verified the information contained or r eferred to therein and make no representation as to the accuracy or completeness of such information. Forecasts are particularly likely to be inaccurate, es pecially over long periods of time, and we often do not know what assumptions were used in preparing such forecasts. Statements regarding industry and market data used in this presentation involve risks and uncertainties and are subject to change based on various factors, inc luding those discussed above under the heading “Cautionary Note Regarding Forward -Looking Statements”. About Non-GAAP Financial Measures and Items Affecting Comparability “Adjusted EBITDA” (EBITDA as adjusted for unrealized gains or losses from hedging activities, tax receivable agreement impact s, reorganization items, and certain other items described from time to time in Vistra’s earnings releases), “Adjusted Free Cash Flow before Growth” (or “Adjusted FCFbG”) (cash from operating activities excluding changes in margin deposits and working capital and adjusted for capital expenditures (including capital expenditures for growth investments), other net investment activities, and other items de scribed from time to time in Vistra’s earnings releases), “Ongoing Operations Adjusted EBITDA” (adjusted EBITDA less adjusted EBITDA from Asset Closure segment), “Net Income (Loss) from Ongoing Operations” (net income less net income from Asset Closure segment), and “Ongoing Operations Adjusted Free Cash Flow before Growth” or “Ongoing Operations Adjusted FCFbG” (adjusted free cash flow before growth less cash flow from op erating activities from Asset Closure segment before growth) are “non -GAAP financial measures.” A non-GAAP financial measure is a numerical measure of financial performance that excludes or includes amounts so as to be different than the most directly comparable me asure calculated and presented in accordance with GAAP in Vistra’s consolidated statements of operations, comprehensive income, changes in stockholders’ equity and cash flows. Non-GAAP financial measures should not be considered in isolation or as a substitute for the most directly comparable GAAP measures. Vistra’s non -GAAP financial measures may be different from non -GAAP financial measures used by other companies. Vistra uses Adjusted EBITDA as a measure of performance and believes that analysis of its business by external users is enhan ced by visibility to both Net Income prepared in accordance with GAAP and Adjusted EBITDA. Vistra uses Adjusted Free Cash Flow be fore Growth as a measure of liquidity, and believes that analysis of capital available to allocate for debt service, growth, and return of cap ital to stockholders is supported by disclosure of both cash provided by (used in) operating activities prepared in accordance with GAAP as well as Adjusted Free Cash Flow before Growth. Vistra uses Ongoing Operations Adjusted EBITDA as a measure of performance and Ongoing Operations Ad justed Free Cash Flow before Growth as a measure of liquidity, and Vistra’s management and board of directors have found it info rmative to view the Asset Closure segment as separate and distinct from Vistra’s ongoing operations. Vistra uses Net Income (Loss) from Ongoing O perations as a non-GAAP measure that is most comparable to the GAAP measure Net Income in order to illustrate the company’s Net Inc ome excluding the effects of the Asset Closure segment, as well as a measure to compare to Ongoing Operations Adjusted EBITDA. The schedules at tached to this earnings release reconcile the non -GAAP financial measures to the most directly comparable financial measures calcul ated and presented in accordance with U.S. GAAP. Vistra Investor Presentation / December 2024
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33 Vistra Overview Vistra Investor Presentation / December 2024
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4 America’s Leading Integrated Energy Company Products and services in 18 states and Washington D.C. covering all major competitive markets in the U.S. Vistra Investor Presentation / December 2024 • Largest competitive power generator in the U.S. at ~41,000 MW • Second largest competitive nuclear power fleet in the U.S. • Owns and operates one of the largest battery storage facilities in the world Generation Mix by Type and RTO % of Installed capacity, ~41,000 MW Retail Generation • Serving ~5 million residential, commercial, and industrial retail customers • More than 50 renewable energy plans
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5 Our Four Strategic Priorities Guide Execution Balancing operational and financial risk with capital return and sustainable energy transition Vistra Investor Presentation / December 2024 Integrated Business Model Disciplined Capital Allocation Resilient Balance Sheet Strategic Energy Transition Strong operating performance in Q3 2024: commercial availability of ~96% for fossil generation and capacity factor of ~98% for nuclear Strong residential and business results in both Texas and Midwest/Northeast markets Expect to execute at least $3.25 billion of share repurchases for 2024-2026 Project at least $1.5 billion of incremental capital available for allocation through 2026 Net leverage of ~2.7x1, meeting long-term target of less than 3x1 Total available liquidity of ~$4 billion2 as of quarter end to facilitate comprehensive hedging program Agreed to acquire Vistra Vision Minority Interest for ~$3.1 billion3, increasing ownership interest by: ~970 MW of carbon-free nuclear ~200 MW of energy storage and solar 1) As of Sept. 30, 2024. Excludes any non-recourse debt at Vistra Zero and any benefit from margin deposits. 2) As of Sept. 30, 2024. 3) Net present value cash purchase price calculated as of Dec. 31, 2024, utilizing a 6% discount rate.
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6 ,11 ,1 0 ,000 , 00 , 00 ,100 ,000 0 A 0 A 0 E Guidance Range 0 E Guidance Range 0 E idpoint Opportunity Long-term Earnings Outlook Integrated model driving increasing visibility and profitability in out years Vistra Investor Presentation / December 2024 Adjusted EBITDA1,2 ($ in millions) 1) Ongoing Operations Adjusted EBITDA guidance for 2024 and 2025 based on market curves as of Nov. 4, 2024. 2024 and 2025 Guidan ce exclude any potential benefit from nuclear production tax credit (“PTC”). Assuming an interpretation of the definition of "gr oss receipts" which excludes hedges pending U.S. Treasury and Internal Revenue Service guidance, as of Nov 4., 2024, Vistra believes the nuclear PTC could add approximately $500 million of Ongoing Operations Adjusted EBITDA to 2024 results and should provide downside Ongoin g Operations Adjusted EBITDA support in 2025. 2) Ongoing Operations Adjusted EBITDA midpoint opportunity for 2026 based on market curves as of Nov. 4, 2024. Midpoint opportun ities are not intended to be guidance and represent only our estimate of potential opportunities for Adjusted EBITDA in 2026. Ac tual 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 qua ntitative 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 visi bility of the adjusting items that would be excluded from Adjusted EBITDA in such out-year periods. 3) As of Sept. 30, 2024. 4) Asset Closure Segment. • Comprehensive hedging program provides increased visibility3 • ~100% hedged for remainder of 2024 • ~96% hedged for 2025 • ~64% hedged for 2026 • Adj. FCFbG conversion expected to improve over time • 2024 Adj. FCFbG guidance upgraded to $2,650 - $2,850 million • 2025 Adj. FCFbG guidance initiated at $3,000 - $3,600 million • Long-term conversion expectation of 55 - 60% of Adj. EBITDA • 2025 ACS4 Adj. EBITDA and Adj. FCFbG headwinds expected to be ~$(90) million and ~$(190) million, respectively • Nuclear PTC expected to provide downside support Long-term Earnings Outlook
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7 Nuclear Production Tax Credit (PTC) Overview1 ’ v i i y d i g p i d f p p i f g i Vistra Investor Presentation / December 2024 Illustrative Revenue Support PTC Mechanism2 • 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 from 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 late 2024 or early 2025 Thresholds at which PTC support is phased out Source: Public Filings 1) Based on IRA bill signed by US President Biden on August 16, 2022. 2) Calculations assume Vistra receives the 5x bonus adder to the nuclear PTC for meeting the prevailing wage requirements on all applicable contracts. ip ip i i
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8 .1x . x . x . x .0x .0x E 0 1 E 0 E 0 0 E 0 E LT Target 1 1. Shares Outstanding Dividend Per Share • Executed ~$4.6 billion in share repurchases from Nov. 2021 through Nov. 4, 2024 at an average price below $29/share • On Oct. 30, 2024, the board authorized an additional $1 billion for share repurchases through 2026 • Announced quarterly common dividend of 22.15¢ per share to be paid Dec. 31, 2024, targeting $300 million in dividends annuall y • Vistra Vision Minority Interest repurchase for ~$3.1 billion expected to close Dec. 31, 2024 – Projected remaining payments of ~$1.9 billion to be reflected as debt in our financials at year end4 Financial Leverage Vistra Zero Growth Balanced Approach to Capital Allocation1 Third quarter update reveals balanced approach to shareholder return, financial leverage, and growth Vistra Investor Presentation / December 2024 Shareholder Return Dividend per Share (¢/share) & Shares Outstanding (basic shares in millions) Net Debt / Adjusted EBITDA2 Solar & Energy Storage Capex3 ($ in millions) 1) Capital Allocation plan as announced in Nov. 2021; quarterly dividends and additional share repurchases beyond current author ized amounts are based on management’s recommendations and subject to the Board’s approval at the applicable time. 2) Excludes non-recourse debt at Vistra Zero (i.e., Vistra Zero $697M TLB) and margin deposits. Q3 2024 and YE 2024E reflects upgra ded 2024 Adjusted EBITDA guidance midpoint. Estimates based on market curves as of Nov. 4, 2024. Adjusted EBITDA is a referen ce to Ongoing Operations Adjusted EBITDA, which is a non-GAAP financial measure. For illustrative purposes only. 3) Expect to partially fund with non-recourse project financing. Capex estimates subject to change based on market conditions. 4) Net present value cash purchase price and net present value remaining payments calculated as of Dec. 31, 2024, utilizing a 6% discount rate. Energy Harbor Completed Q1 Vistra Vision MI purchase closes Q4 0 0 0 A 0 E 0 E
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9 New Demand Paradigm in Power Markets Multiple demand drivers for accelerating load growth projections in the geographic regions we serve Vistra Investor Presentation / December 2024 U.S. Data Centers1 Permian Electrification2 Actual and Projected Peak Demand3 +55 GW +20 GW 0.9% CAGR ~1.8% CAGR 1.5% CAGR 7.7% CAGR ~1.5 - 5% CAGR PJM 2024 (1.8%) PJM 2023 (0.9%) ERCOT July. 2024 (50% Realization) ERCOT Jan. 2024 Demand (GW) Demand (GW) Demand (GW) 1) Based on September 2024 estimate of U.S. Data Center demand capacity by McKinsey & Company. 2) Represents expected load growth in West Texas per ERCOT Permian Basin Reliability Plan Study dated June 28, 2024. 3) ERCOT projections per ERCOT 2024 Load Forecast dated July 18, 2024 reduced by 50%, and ERCOT 2024 Load Forecast dated Jan. 18, 2024. PJM projections per January 2023 and 2024 PJM Long -Term Load Forecast.
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10 0 0 0 0 100 110 1 0 1 0 0 Required Supply Expected Demand Growth by 0 0 Expected Retirements by 0 0 110 1 0 1 0 1 0 1 0 1 0 1 0 1 0 0 Required Supply Expected Demand Growth by 0 0 Expected Retirements by 0 0 Retirements of Thermal Generation Driving Larger Supply Gaps Policy-driven retirements coupled with demand will highlight the value of dispatchable assets Vistra Investor Presentation / December 2024 PJM Supply / Demand 2024-20301 ERCOT Supply / Demand 2024-20302 Peak Load (GW) Peak Load (GW) ~40 GW Potential Supply Gap3 ~40 GW Potential Supply Gap3 Note: required supply based on amounts necessary to maintain current reserve margins. 1) PJM supply and growth projections per Jan. 2024 PJM Long-Term Load Forecast. PJM retirements per Energy Transition in PJM: Resou rce Retirements, Replacements & Risks dated Feb. 24, 2023. 2) ERCOT supply and growth projections per ERCOT 2024 Load Forecast dated Jan. 18, 2024 and ERCOT Board of Directors Update related to transmission planning dated Apr. 23, 2024 reduced by 50%. Retirements per May 2024 ERCOT CDR and include assets that may covert to gas upon retirement. 3) Excludes any contribution from potential renewable new build projects. PJM excludes any contribution from the Lordstown II 850 MW plant currently under construction. ERCOT excludes any potential new build of up to 10 GW under the Texas Energy Fu nd loan program.
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11 Austin, Sept. 26, 2024 – The Public Utility Commission of Texas (PUCT) today unanimously approved a transmission plan to meet the future electricity needs of the Permian Basin Region…. necessary to support the on- going expansion and electrification of Texas’ oil and gas industry in West Texas… Load Growth Expectations are Materializing Industrial and manufacturing activity are key drivers of year-to-date growth in our core markets Vistra Investor Presentation / December 2024 PJM / ERCOT Actual and Projected Demand Peak Load (GW)1 Actual 2024 Growth in line with accelerating growth trend Oil and Gas2 April 15, 2024 – …The U.S. Department of Commerce and Samsung Electronics have signed a non-binding preliminary memorandum of terms to provide up to $6.4 billion in direct funding under the CHIPS and Science Act…Samsung is expected to invest more than $40 billion… Midlothian, Aug. 15, 2024 – Google announced plans Thursday to invest more than $1 billion in Texas this year to support its cloud and data center infrastructure…Today’s announcement brings Google’s total investment in Texas to more than $2.7 billion, the company said… San Antonio, June 21, 2024 – Toyota Texas is expanding its footprint with a $531 million investment bringing more than 400 new, high-quality jobs to San Antonio. The new on-site 500,000- square-foot facility will be dedicated to drivetrain parts production… Semiconductor3 Industrial4 Data Center5 1) Source: PJM and ERCOT. PJM forecast based on 2024 PJM Long -Term Load Forecast. ERCOT forecast based on 2024 ERCOT System Plannin g Long-Term Hourly Peak Demand and Energy Forecast Mid -Year Update dated July 18, 2024 reduced by 50%. 2024 PJM and ERCOT actual peak demand based on internal weather adjusted data. 2) Public Utility Commission of Texas press release (Sept. 26, 2024). Public Utility Commission of Texas Approves Reliability Plan for the Permian Basin Region . 3) US Department of Commerce press release (April 15, 2024). Biden-Harris Administration Announces Preliminary Terms with Samsung Electronics to Establish Leading -Edge Semiconductor Ecosystem in Central Texas . 4) Toyota press release (June 21, 2024). Toyota Texas to Expand and Add More Than 400 New Jobs . 5) Dallas Innovates.com article (Aug. 15, 2024). Google To Invest More than $1B in Texas This Year To Support Its Cloud & Data Center Infrastructure .
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12 22 47 83 105 145 146 147 6 12 15 21 38 39 40 16 36 58 79 110 111 111 0 1 2 6 12 13 14 2024 2025 2026 2027 2028 2029 2030 43 96 158 212 306 308 312 0 0 0 1 1 1 1 0 1 1 1 3 3 4 5 19 28 39 44 51 62 1 1 1 0 0 0 0 0 0 0 2024 2025 2026 2027 2028 2029 2030 6 20 29 41 49 55 68 19 36 44 47 50 50 50 1 3 4 8 8 11 17 15 31 42 52 57 58 58 0 2 5 5 6 6 6 2024 2025 2026 2027 2028 2029 2030 36 73 96 113 121 125 131 14 42 87 124 135 140 140 5 9 14 20 23 27 29 6 37 90 127 136 138 138 1 1 3 8 13 16 16 16 2024 2025 2026 2027 2028 2029 2030 27 91 200 284 310 320 324 Solar Source: Interconnection queue from each ISO as of September 2024 Data in GW 1) Includes solar + battery, wind + battery projects Battery / Hydro1Wind Large Interconnection Queues Across all ISOs Current interconnect queues dominated by intermittent resources Vistra Investor Presentation / December 2024 Pumped Hydro Gas
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13 Not all MW are Created Equal To power 200,000 homes reliably significant trade-offs exist when comparing renewables to gas generation Vistra Investor Presentation / December 2024 or 1,000 MW of modern efficient gas plant 110 acres 9,000MW of renewable energy (Wind + Solar + Battery1) 147,540 acres (~1,300x) Wind Solar Battery Source: National Renewable Energy Lab (NREL) Annual Technology Baseline (ATB) to calculate cost of both technology scenarios 1) 4.5 GW wind, 2.5 GW solar, and 2 GW batteries (1-hour duration) based on the ERCOT grid 2) 1GW of CCGT @ Capital cost of $968/kW ($1.0B); 9GW of Wind + Solar + Battery ($10.3B): 4.5GW wind @ $1,307/kW, 2.5GW solar @ $1,120/kW, 2GW 1-hr batteries @ $807/kW • To power 200,000 homes reliably would require either: • 1,000 MW modern gas plant • 9,000 MW of renewables • 9x the installed capacity • 1,300x required land • 10x the investment level2 • Does not contemplate incremental transmission required
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14 Not all MW are Created Equal Example of 9,000 MW of installed renewables represents a significant commitment of dedicated land Vistra Investor Presentation / December 2024 Dallas Philadelphia Estimated land required for 9,000MW of renewables. 147,540 acres (230sq. miles) About 60% of land in Dallas 1.7x the size of Philadelphia
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15 p p i g i i d i d Higher ERCOT Renewable Capacity May Not Be Available Renewables growth has been strong in Texas but performs significantly below headline capacity Vistra Investor Presentation / December 2024 ~4.5x -55% -79% Source: 2022/2023 ERCOT Seasonal Assessment of Resource Adequacy (SARA), S&P CapIQ Renewable Generation ERCOT Nameplate Capacity (GW) Renewable Capacity Factors by Season ERCOT Effective Capacity (GW)
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16 Dispatchable Assets Are Essential for Reliability Gas plants fill the reliability gap even in markets with high renewables penetration like ERCOT Vistra Investor Presentation / December 2024 Estimated values for >40 year old thermal using actual hourly output for natural gas and coal resources per U.S Energy Information Administration capped at agg regate capacity of each resource type <40 years old per ERCOT SARA reports ERCOT generation during Winter Storm Elliott ERCOT generation during Winter Storm Mara 10,000 70,000 60,000 50,000 40,000 30,000 20,000 MWh per hour 0 10,000 70,000 60,000 50,000 40,000 30,000 20,000 MWh per hour 0 12/19 2022 12/21 12/23 12/25 12/27 2022 1/29 2023 1/31 2/2 2/4 2/6 2023 Hydro Coal (<40 yrs) Natural Gas (<40 yrs) Other Wind Thermal (>40 yrs) Nuclear Solar
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1717 Reliability, Affordability, and Sustainability Vistra Investor Presentation / December 2024
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18 010 0 SO2 Emissions , 0 , 0 01 0 1 0 010 0 0 0 0 0 Net ero Environmental Stewardship Vistra’s GHG targets emphasize an energy transition that balances reliability and affordability of power Vistra Investor Presentation / December 2024 EMISSIONS REDUCTIONS1 PORTFOLIO TRANSFORMATION2 REPORTING ~15,150 MW 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 7,806 MW currently online and additional projects under development for 2024 Disciplined Zero-Carbon generation/storage growth over time 2023 Sustainability Report (GRI & SASB) 2023 Climate Report (TCFD) 2024 CDP questionnaire Green Finance Framework GHG Reduction vs 2010 baseline 2023 50% reduction achieved 2030 Target: 60% reduction 2050 Target: Net-Zero SO2 vs 2010 baseline 2023 ~89% reduction achieved Zero Carbon Capacity MWScope 1 and Scope 2 Emissions (‘000s mt)(Million mtCO2e) 1) Vistra’s goal to achieve a 0% reduction in noted emissions by 0 0, as compared to the 010 baseline, and net -zero carbon emissions by 2050, assumes necessary advancements in technology and supportive market constructs and public policy. 2) As of June 2024.
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19 • Oversight of Vistra’s ESG initiatives is governed by the full Vistra board, with oversight of subject matter-specific components delegated to relevant board committees • Board Composition Vistra Investor Presentation / December 2024 PEOPLE AND COMMUNITIES Diversity, Equity, and Inclusion • Vistra part of Disability:IN to further advance inclusion and equality • Dedicated employee-led Diversity, Equity, and Inclusion Advisory Council and 15 Employee Resource Groups available with focus on Vistra culture and the community Employee Health & Safety • 0.54 Total Recordable Incident Rate achieved in 2023 • 14 Facilities recognized with OSHA VPP Star Rating Community Support • In 2023, Vista donated $2 million as part of our continued $10 million commitment (over 5 years) to support the advancement of business and education in diverse communities. • Vistra’s Energy Aid program is one of the most extensive energy bill-payment assistance programs in the nation, providing more than $135 million in assistance over the last 40 years. In 2023, Vistra was proud to expand the program into Pennsylvania and Ohio to support customers in need. GOVERNANCE AWARDS 40% Female 20% Minority 90% Independent National Mining Association's Sentinels of Safety award for Kosse Mine One of 2023 Best Corporations for Veteran’s Business Enterprises® One of 0 America’s Top Corporations for Women’s Business Enterprises National Council Social Responsibility & Governance Vistra’s Purpose: Lighting up lives, powering a better way forward
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20 Vistra Zero Portfolio and Development Pipeline Effective September 30, 2024 Vistra Investor Presentation / December 2024 DeCordova Energy Storage Facility 260 MW/260 MWh Battery + CT Hybrid Moss Landing Energy Storage Facility 750 MW/3,000 MWh 350 MW/1,400 MWh expansion came online in June 2023
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21 Note: Estimated in service years for development pipeline subject to change. Capacity shown on a 100% ownership basis. Approx imate net generation capacity, actual net generation capacity may vary based on a number of factors including ambient temperatur e. Vistra Zero Portfolio and Development Pipeline Effective September 30, 2024 Vistra Investor Presentation / December 2024 Online Assets Location ISO In-Service Year Net Capacity (MW) Development Pipeline Location ISO Status, In-Service Year Net Capacity (MW) Beaver Valley I & II Shippingport, PA PJM 1976 / 1987 1,872 Baldwin Baldwin, IL MISO In Construction, 2024 68 Davis-Besse Oak Harbor, OH PJM 1978 908 Coffeen Coffeen, IL MISO In Construction, 2024 44 Perry Perry, OH PJM 1986 1,268 Oak Hill Rusk County, TX ERCOT In Construction, 2025 200 Comanche Peak I & II Glen Rose, TX ERCOT 1990 / 1993 2,400 Pulaski Pulaski County, IL MISO In Construction, 2026 405 Total Nuclear 6,448 Newton Newton, IL MISO Under Development 52 Deer Creek Tulare County, CA CAISO Under Development 50 Upton 2 Upton County, TX ERCOT 2018 180 Kincaid Kincaid, IL PJM Under Development 20 Brightside Live Oak County, TX ERCOT 2022 50 Andrews Andrews County, TX ERCOT Under Development 100 Emerald Grove Crane County, TX ERCOT 2022 108 Angus Bosque County, TX ERCOT Under Development 110 Total Solar 338 Duck Creek Canton, IL MISO Under Development 20 Hennepin Hennepin, IL MISO Under Development 24 Upton 2 Upton County, TX ERCOT 2018 10 Total Solar 1,093 Moss Landing Phase I Moss Landing, CA CAISO 2021 300 Moss Landing Phase II Moss Landing, CA CAISO 2021 100 Baldwin Baldwin, IL MISO In Construction, 2024 2 DeCordova Hood County, TX ERCOT 2022 260 Coffeen Coffeen, IL MISO In Construction, 2024 2 Moss Landing Phase III Moss Landing, CA CAISO 2023 350 Newton Newton, IL MISO Under Development 2 Total Energy Storage 1,020 Deer Creek Tulare County, CA CAISO Under Development 50 Edwards Bartonville, IL MISO Under Development 37 Havana Havana, IL MISO Under Development 37 Joppa Joppa, IL MISO Under Development 37 Oakland Oakland, CA CAISO Under Development 43 Total Energy Storage 210
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22 Clean Technologies Have Incentives But are Still Under Development While many technologies hold promise – reliability and affordability will remain important criteria Vistra Investor Presentation / December 2024 SMR Nuclear Technology Design flexibility and modularity enables scalability, many pilots planned Hydrogen Could be a form of energy storage and enable deep, economy wide decarbonization Long Duration Energy Storage Can help shape the renewable output, while providing grid services
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2323 Appendix Vistra Investor Presentation / December 2024
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24 Balances ($ in millions) Q3 2024 Funded Revolving Credit Facilities $0 Vistra Operations Term Loan B 2,481 Senior Secured Notes 3,894 Senior Unsecured Notes 7,300 Revenue Bond Obligations2 431 Accounts Receivable Financings 750 Equipment Financing Agreements 67 Total Debt1 $14,924 Less: cash and cash equivalents (905) Total Net Debt (before Cash Margin Deposits) 1 $14,019 Less: Net Cash Margin Deposits (344) Total Net Debt (after Cash Margin Deposits) 1 $13,675 Illustrative Leverage Metrics Adjusted EBITDA (Consolidated Ongoing Operations)3 $5,100 Gross Debt / Adj. EBITDA (x)1,3 2.9x Net Debt / Adj. EBITDA (x) before Cash Margin Deposits 1,3 2.7x Net Debt / Adj. EBITDA (x) after Cash Margin Deposits 1,3 2.7x Corporate Debt Profile Q3 2024 Vistra remains committed to a long-term net leverage target below 3x1 Vistra Investor Presentation / December 2024 1) Excludes non-recourse debt at Vistra Zero (i.e., Vistra Zero $697M TLB). Table may not foot due to rounding. 2) Reflects Energy Harbor loan obligations associated with various revenue bonds issued by Ohio and Pennsylvania governmental en tities. These loan obligations are indirectly secured by a pledge of mortgage bonds issued by certain Energy Harbor entities. 3) Based on 2024 Adjusted EBITDA (Ongoing Operations) guidance midpoint. For illustrative purposes only.
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25 Select Debt Balances Q3 2024 Principal outstanding for secured and unsecured debt issued from Vistra Operations Vistra Investor Presentation / December 2024 Vistra Operations Secured Debt ($ in millions) Q3 2024 Senior Secured Term Loan B-3 due December 2030 $2,481 5.125% Senior Secured Notes due May 2025 744 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 Total Vistra Operations Secured $6,375 Vistra Operations Unsecured Notes ($ 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
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26 . . 0. .1 .1 . . 101. 01 01 0 0 0 1 0 0 TD 0 TD 0 Retail Overview Q3 2024 Continued delivery of strong margin and count results driving consistent Adj. EBITDA performance Vistra Investor Presentation / December 2024 Highlights • Grew residential customer count organically in the quarter and year-over-year • Total residential count at quarter end increased 13% YoY driven by organic growth, the launch of the Lubbock, Texas market, and the integration of Energy Harbor • Continued strong financial performance in Texas and the Midwest / Northeast • Large business markets sales performance well ahead of expectations • Our TXU Energy brand held a 5-star PUCT rating for the 24th consecutive month Retail Consumption Volumes Energy Degree Days (in TWh) (ERCOT North Central Zone)
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27 Generation Metrics Effective September 30, 2024 Vistra Investor Presentation / December 2024 1) East Nuclear Capacity Factor reflects planned outages at Davis -Besse in March 2024 and one unit at Beaver Valley in April 2024. Total Generation (TWh) Q3 2023 Q3 2024 YTD 2023 YTD 2024 CCGT Capacity Factor (%) Q3 2023 Q3 2024 YTD 2023 YTD 2024 Texas 27.8 26.8 65.8 66.1 Texas 77% 78% 57% 61% East 17.0 25.8 45.5 62.7 East 69% 71% 63% 61% West 1.4 1.0 3.7 2.9 West 65% 44% 56% 44% Sunset 5.1 5.8 11.4 14.1 Total Ongoing Operations 51.3 59.4 126.4 145.8 Coal Capacity Factor (%) Q3 2023 Q3 2024 YTD 2023 YTD 2024 Texas 79% 72% 71% 62% Commercial Availabilty (%) Q3 2023 Q3 2024 YTD 2023 YTD 2024 Sunset 50% 58% 38% 47% Texas Gas 95.9% 98.8% 96.0% 98.2% Texas Coal 96.8% 92.4% 96.3% 90.5% East 98.5% 97.9% 98.2% 95.8% Nuclear Capacity Factor (%) Q3 2023 Q3 2024 YTD 2023 YTD 2024 West 100.0% 99.4% 99.1% 99.0% Texas 98% 99% 92% 97% Sunset 80.8% 87.2% 83.7% 90.7% East1 N/A 97% N/A 89% Total 95.6% 96.2% 95.7% 95.6%
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28 Capital Expenditures1 Q3 2024 Vistra Investor Presentation / December 2024 1) Capital summary for 2024E and 2025E prepared as of Nov. [4], 2024. Capital expenditure projection is on a cash basis, with th e exception of the expenditures noted in footnote 2 below. Projected capex estimates subject to change based upon market conditi ons. 2) Reflects expenditures under the long-term maintenance contracts in place for our gas fleet in the year installed (excludes prepa yment charges under these long-term contracts of $25 million, $48 million and $25 million in 2023A, 2024E and 2025E, respectivel y). 3) Includes Environmental and IT, Corporate, and Other. 4) Non-recurring capital expenditures include non-recurring IT, Corporate, plant winterization investment, and other capital expend itures. 5) Expect to partially fund with non-recourse project financing. 6) Includes growth capital expenditures for existing assets. Category ($ in millions) 2023A 2024E 2025E Nuclear & Fossil Maintenance2,3 $730 $808 ~$875 Nuclear Fuel 206 361 ~300 Non-Recurring4 8 13 - Solar & Energy Storage Development5 550 707 ~725 Other Growth6 120 164 ~325 Total Capital Expenditures $1,614 $2,053 ~$2,225 Non-Recurring4 (8) (13) - Solar & Energy Storage Development5 (550) (707) ~(725) Other Growth6 (120) (164) ~(325) Adjusted Capital Expenditures $936 $1,169 ~$1,175
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29 Comprehensive Hedging Program Overview Effective September 30, 2024 Vistra Investor Presentation / December 2024 1) This sensitivity assumes a 7.2 mmbtu/MWh Heat Rate, therefore the change in spark spread is equal to the change in power pric e minus 7.2 times the change in delivered gas price. 2) Hedge and market value as of September 30, 2024 and represents generation only (excludes retail). 3) 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 v iew. 4) TEXAS: 90% North Hub, 10% West Hub; EAST: 30% Mass Hub, 30% AD Hub, 15% Ni Hub, 15% Western Hub, 10% NY Zone A; SUNSET: 45% I ndiana Hub, 30% AD Hub, 15% Ni Hub, North Hub 10%. Balance of 2024 2025 Texas West East Sunset Total Texas West East Sunset Total Nuclear/Renewable/Coal Gen Position Expected Generation (TWh) 12 8 8 28 48 32 25 106 % Hedged 100% 100% 100% 100% 100% 66% 90% 88% Sensitivity to Power Price: + $2.50/mwh ($M) $8 $12 $0 $20 $12 $40 $6 $58 - $2.50/mwh ($M) ($0) $0 $0 ($0) $0 ($19) ($7) ($26) Gas Gen Position Expected Generation (TWh) 12 1 16 30 48 4 54 107 % Hedged 100% 100% 100% 100% 100% 99% 98% 99% Sensitivity to Spark Spread 1 : + $1.00/mwh ($M) $0 $0 $0 $0 $0 $0 $1 $1 - $1.00/mwh ($M) $0 $0 $0 $0 $0 ($0) ($1) ($1) Natural Gas Position Net Position (Bcf) -3 -2 -4 0 -9 49 -2 -78 -2 -34 Sensitivity to Natural Gas Price: + $0.25/mmbtu ($M) ($1) ($0) ($1) ($0) ($2) $12 ($1) ($20) ($1) ($8) - $0.25/mmbtu ($M) $1 $0 $1 $0 $2 ($12) $1 $20 $1 $8 Total % Hedged 100% 96% Realized Price Summary Hedge Value vs Market2 ($M) ($50) $6 ($67) $32 ($79) ($1,161) $49 ($90) $125 ($1,077) Premium/Discount vs Hub Price3 ($M) $147 $17 ($0) ($6) $158 $1,175 $89 $268 $81 $1,613 Total Difference vs Market ($M) $97 $23 ($67) $26 $79 $13 $138 $178 $206 $535 Around-the-Clock (ATC) Hub Price4 ($/MWh) $35.34 $59.01 $42.61 $38.19 $38.75 $48.71 $55.89 $46.91 $42.83 $46.50 Premium/Discount vs Hub Price ($/MWh) $4.04 $18.76 ($4.10) $3.19 $1.36 $0.14 $32.89 ($0.17) $8.12 $2.53 Total Realized Price ($/MWh) $39.39 $77.77 $38.51 $41.38 $40.11 $48.86 $88.77 $46.74 $50.95 $49.03
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30 Forward Market Pricing Effective September 30, 2024 Vistra Investor Presentation / December 2024 Note: 2024 represents balance of the year. Contribution to segment spark spreads are approximate. 2024 2025 2026 2024 2025 2026 Power (ATC, $/MWh) Spark Spreads (ATC, $/MWh) ERCOT North Hub $34.77 $48.39 $47.15 ERCOT West Hub $40.48 $51.65 $50.48 Texas cont. PJM AD Hub $39.69 $42.08 $44.10 ERCOT North Hub-Houston Ship Channel 90% $12.98 $23.77 $21.13 PJM Ni Hub $33.77 $37.32 $38.72 ERCOT West Hub-Permian Basin 10% $25.07 $31.84 $30.03 PJM Western Hub $42.81 $46.45 $49.05 Texas Weighted Average $14.19 $24.57 $22.02 MISO Indiana Hub $39.43 $43.93 $46.06 ISONE Mass Hub $51.82 $58.66 $59.27 East cont. New York Zone A $36.70 $41.24 $42.51 PJM AD Hub-Dominion South 15% $22.62 $21.47 $22.34 CAISO NP15 $59.01 $55.89 $61.77 PJM AD Hub-Tetco ELA 15% $17.00 $15.81 $15.09 PJM Ni Hub-Chicago Citygate 15% $10.51 $10.65 $10.25 Gas ($/MMBtu) PJM Western Hub-Tetco M3 15% $22.53 $21.32 $22.09 NYMEX $2.95 $3.39 $3.64 ISONE Mass Hub-Algonquin Citygate 30% $17.48 $18.67 $17.21 Houston Ship Channel $2.68 $3.07 $3.27 New York Zone A-Dominion South 10% $19.63 $20.63 $20.75 Permian Basin $1.79 $2.40 $2.49 East Weighted Average $18.10 $18.05 $17.70 Dominion South $2.02 $2.52 $2.67 Tetco ELA $2.80 $3.30 $3.68 West Chicago Citygate $2.88 $3.36 $3.61 CAISO NP15-PG&E Citygate $21.43 $19.64 $24.46 Tetco M3 $2.47 $3.14 $3.40 Algonquin Citygate $4.42 $5.21 $5.49 PG&E Citygate $4.87 $4.69 $4.83
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31 Capacity Positions Effective September 30, 2024 Vistra Investor Presentation / December 2024 Note: PJM capacity positions represent volumes cleared and purchased in primary annual auctions, incremental auctions, and tr ansitional auctions. Also includes bilateral transactions. ISO-NE represents capacity auction results, supplemental auctions, and b ilateral capacity sales. NYISO represents capacity auction results and bilateral capacity sales; Winter period covers November through April and Summe r period covers May through October. MISO positions represent volumes cleared and purchased in primary annual auctions, incremen tal auctions, and transitional auctions. Tenor Zone Position (MW) Average Price ($/MW-day) Tenor Zone Position (MW) Avg. Price ($/KW-mo) East East 2024/2025 PJM - RTO 5,170 $34.30 Summer 2024 NYISO 982 $3.90 2024/2025 PJM - ComEd 1,373 $32.45 Winter 24/25 NYISO 1,002 $3.07 2024/2025 PJM - DEOK 100 $85.31 2024/2025 ISO-NE 3,250 $3.10 2024/2025 PJM - MAAC 532 $48.96 Summer 2025 NYISO 580 $4.51 2024/2025 PJM - EMAAC 835 $54.47 2025/2026 ISO-NE 3,110 $2.72 2024/2025 PJM - ATSI 2,109 $28.92 Winter 25/26 NYISO 268 $4.10 2025/2026 PJM - RTO 4,105 $253.87 2026/2027 ISO-NE 3,018 $2.60 2025/2026 PJM - ComEd 1,189 $269.92 2027/2028 ISO-NE 3,269 $3.58 2025/2026 PJM - DEOK 111 $269.92 Sunset 2025/2026 PJM - EMAAC 656 $269.92 2024/2025 MISO 1,777 $3.02 2025/2026 PJM - MAAC 471 $269.92 2025/2026 MISO 666 $4.70 2025/2026 PJM - ATSI 2,044 $269.92 2026/2027 MISO 262 $4.38 2025/2026 PJM - DOM 208 $444.26 West Sunset 2024 CAISO 1,834 2024/2025 PJM - DEOK 984 $93.85 2025 CAISO 1,838 2024/2025 PJM - ComEd 960 $45.74 2026 CAISO 1,500 2025/2026 PJM - ComEd 967 $269.92 2027 CAISO 1,200 2025/2026 PJM - DEOK 835 $269.92
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32 Asset Fleet Details Effective September 30, 2024 Vistra Investor Presentation / December 2024 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 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 1,076 Midlothian Midlothian, TX ERCOT CCGT Gas 1,596 Odessa Odessa, TX ERCOT CCGT Gas 1,054 Wise Poolville, TX ERCOT CCGT Gas 787 DeCordova Granbury, TX ERCOT CT Gas 260 Morgan Creek Colorado City, TX ERCOT CT Gas 390 Permian Basin Monahans, TX ERCOT CT Gas 325 Graham Graham, TX ERCOT ST Gas 630 Lake Hubbard Dallas, TX ERCOT ST Gas 921 Stryker Creek Rusk, TX ERCOT ST Gas 685 Trinidad Trinidad, TX ERCOT ST Gas 244 Martin Lake Tatum, TX ERCOT ST Coal 2,250 Oak Grove Franklin, TX ERCOT ST Coal 1,600 Comanche Peak I & II Glen Rose, TX ERCOT Nuclear Nuclear 2,400 Brightside Live Oak County, TX ERCOT Solar Solar 50 Emerald Grove Crane County, TX ERCOT Solar Solar 108 Upton 2 Upton County, TX ERCOT Solar/Battery Solar/Battery 190 DeCordova Granbury, TX ERCOT Battery Battery 260 Total Texas 18,151 Baldwin Baldwin, IL MISO ST Coal 1,185 Newton Newton, IL MISO ST Coal 615 Kincaid Kincaid, IL PJM ST Coal 1,108 Miami Fort 7 & 8 North Bend, OH PJM ST Coal 1,020 Coleto Creek Goliad, TX ERCOT ST Coal 650 Total Sunset 4,578
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33 Asset Fleet Details Effective September 30, 2024 Vistra Investor Presentation / December 2024 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 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 CT Gas 380 Dicks Creek Monroe, OH PJM CT Gas 155 Pleasants Saint Marys, WV PJM CT Gas 388 Miami Fort (CT) North Bend, OH PJM CT Oil 77 Beaver Valley I & II Shippingport, PA PJM Nuclear Nuclear 1,872 Perry Perry, OH PJM Nuclear Nuclear 1,268 Davis-Besse Oak Harbor, OH PJM Nuclear Nuclear 908 Total East 15,702 Moss Landing I & II Moss Landing, CA CAISO CCGT Gas 1,020 Moss Landing Moss Landing, CA CAISO Battery Battery 750 Oakland Oakland, CA CAISO CT Oil 110 Total West 1,880 Total Capacity 40,311
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3434 Non-GAAP Reconciliations Vistra Investor Presentation / December 2024
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35 Non-GAAP Reconciliations 2024 Guidance (Unaudited, Millions of Dollars) Vistra Investor Presentation / December 2024 Regulation G Table for 2024 Guidance prepared as of Nov 7, 2024, based on market curves as of Nov. 4, 2024. Guidance excludes any potential benefit from the nuclear production tax credit. a) Includes unrealized (gain) / loss on interest rate swaps of $20 million. b) Includes nuclear fuel amortization of $368 million. c) Represents net of all NDT income (loss) of the PJM nuclear facilities, ARO accretion expense for operating assets and ARO rem easurement impacts for operating assets. Ongoing Operations Asset Closure Vistra Corp. Consolidated Low High Low High Low High Net Income (loss) $2,750 $2,910 $(80) $(80) $2,670 $2,830 Income tax expense 740 780 0 0 740 780 Interest expense and related charges (a) 980 980 0 0 980 980 Depreciation and amortization (b) 2,160 2,160 0 0 2,160 2,160 EBITDA before adjustments $6,630 $6,830 $(80) $(80) $6,550 $6,750 Unrealized net (gain) loss resulting from hedging transactions (1,663) (1,663) (9) (9) (1,672) (1,672) Fresh start/purchase accounting impacts (27) (27) 0 0 (27) (27) Non-cash compensation expenses 101 101 0 0 101 101 Transition and merger expenses 117 117 0 0 117 117 Decommissioning activities (c) (83) (83) 0 0 (83) (83) ERP system implementation expenses 31 31 0 0 31 31 Interest income (73) (73) 0 0 (73) (73) Other, net (33) (33) 4 4 (29) (29) Adjusted EBITDA guidance $5,000 $5,200 $(85) $(85) $4,915 $5,115
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36 Non-GAAP Reconciliations 2024 Guidance (Unaudited, Millions of Dollars) Vistra Investor Presentation / December 2024 Regulation G Table for 2024 Guidance prepared as of Nov 7, 2024, based on market curves as of Nov. 4, 2024. Guidance excludes any potential benefit from the nuclear production tax credit. Ongoing Operations Asset Closure Vistra Corp. Consolidated Low High Low High Low High Adjusted EBITDA guidance $5,000 $5,200 $(85) $(85) $4,915 $5,115 Interest paid, net (941) (941) 0 0 (941) (941) Tax (paid) / received (66) (66) 0 0 (66) (66) Working capital, margin deposits and accrued environmental allowances 835 835 0 0 835 835 Reclamation and remediation (41) (41) (58) (58) (99) (99) ERP system implementation expenditures (49) (49) 0 0 (49) (49) Other changes in other operating assets and liabilities (427) (427) (3) (3) (430) (430) Cash provided by (used in) operating activities $4,311 $4,511 $(146) $(146) $4,165 $4,365 Capital expenditures including nuclear fuel purchases and LTSA prepayments (1,206) (1,206) 0 0 (1,206) (1,206) Sale of transferrable tax credits 160 160 0 0 160 160 Other net investing activities (22) (22) 0 0 (22) (22) Working capital, margin deposits and accrued environmental allowances (835) (835) 0 0 (835) (835) Transition and merger expenses 193 193 1 1 194 194 Interest on noncontrolling interest repurchase obligation 0 0 0 0 0 0 ERP implementation expenditures 49 49 0 0 49 49 Adjusted free cash flow before growth guidance $2,650 $2,850 $(145) $(145) $2,505 $2,705
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37 Non-GAAP Reconciliations 2025 Guidance (Unaudited, Millions of Dollars) Vistra Investor Presentation / December 2024 Regulation G Table for 2025 Guidance prepared as of Nov 7, 2024, based on market curves as of Nov. 4, 2024. Guidance exclude s any potential benefit from the nuclear production tax credit. a) Includes $111 million interest on noncontrolling interest repurchase obligation b) Includes nuclear fuel amortization of $412 million c) Represents net of all NDT income (loss) of the PJM nuclear facilities, ARO accretion expense for operating assets and ARO rem easurement impacts for operating assets. Ongoing Operations Asset Closure Vistra Corp. Consolidated Low High Low High Low High Net Income (loss) $2,310 $2,780 $(90) $(90) $2,220 $2,690 Income tax expense 620 750 0 0 620 750 Interest expense and related charges (a) 1,070 1,070 0 0 1,070 1,070 Depreciation and amortization (b) 2,180 2,180 0 0 2,180 2,180 EBITDA before adjustments $6,180 $6,780 $(90) $(90) $6,090 $6,690 Unrealized net (gain) loss resulting from hedging transactions (872) (872) (2) (2) (874) (874) Fresh start/purchase accounting impacts (5) (5) 0 0 (5) (5) Non-cash compensation expenses 135 135 0 0 135 135 Transition and merger expenses 35 35 0 0 35 35 Decommissioning activities (c) 48 48 0 0 48 48 ERP system implementation expenses 11 11 0 0 11 11 Interest income (45) (45) 0 0 (45) (45) Other, net 13 13 2 2 15 15 Adjusted EBITDA guidance $5,500 $6,100 $(90) $(90) $5,410 $6,010
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38 Non-GAAP Reconciliations 2025 Guidance (Unaudited, Millions of Dollars) Vistra Investor Presentation / December 2024 Regulation G Table for 2025 Guidance prepared as of Nov 7, 2024, based on market curves as of Nov. 4, 2024. Guidance excludes any potential benefit from the nuclear production tax credit. Ongoing Operations Asset Closure Vistra Corp. Consolidated Low High Low High Low High Adjusted EBITDA guidance $5,500 $6,100 $(90) $(90) $5,410 $6,010 Interest paid, net (1,098) (1,098) 0 0 (1,098) (1,098) Tax (paid) / received (111) (111) 0 0 (111) (111) Working capital and margin deposits 74 74 0 0 74 74 Accrued environmental allowances 521 521 0 0 521 521 Reclamation and remediation (53) (53) (90) (90) (143) (143) ERP system implementation expenditures (39) (39) 0 0 (39) (39) Other changes in other operating assets and liabilities (164) (164) (10) (10) (174) (174) Cash provided by (used in) operating activities $4,630 $5,230 $(190) $(190) $4,440 $5,040 Capital expenditures including nuclear fuel purchases and LTSA prepayments (1,221) (1,221) 0 0 (1,221) (1,221) Other net investing activities (20) (20) 0 0 (20) (20) Working capital and margin deposits (74) (74) 0 0 (74) (74) Accrued environmental allowances (521) (521) 0 0 (521) (521) Transition and merger expenses 56 56 0 0 56 56 Interest on noncontrolling interest repurchase obligation 111 111 0 0 111 111 ERP implementation expenditures 39 39 0 0 39 39 Adjusted free cash flow before growth guidance $3,000 $3,600 $(190) $(190) $2,810 $3,410
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3939 Lighting up lives, powering a better way forward Vistra Investor Presentation / December 2024