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1 Investor Presentation July 2025
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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 financial r esults 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 assumptions, 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 se gment), “Net Income (Loss) from Ongoing Operations” (net income less net income from Asset Closure segment), and “Ongoing Operat ions Adjusted Free Cash Flow before Growth” or “Ongoing Operations Adjusted FCFbG” (adjusted free cash flow before growth less cash flow from opera ting 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 th e 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 Adjus ted 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 / July 2025
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33 Vistra Overview Vistra Investor Presentation / July 2025
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4 America’s Leading Integrated Power Provider Integrated Fortune 500 retail electricity and power generation company based in Irving, Texas Products and services in 18 states and Washington D.C., including all major competitive wholesale markets in the U.S. Retail • Serving approximately 5 million residential, commercial, and industrial retail customers • More than 50 renewable energy plans Generation • Largest competitive power generator in U.S. • ~41,000 MW of generation powered by a diverse portfolio of natural gas, nuclear, coal, solar, and battery energy storage • Owns and operates the second-largest competitive nuclear power fleet in the U.S. 1 Note: As of Dec. 31, 2024. 1) Based on 2024 actual production; Includes full year of Energy Harbor. Vistra Investor Presentation / July 2025
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5 Continued Execution Against Our Four Strategic Priorities Vistra Investor Presentation / July 2025 Integrated Business Model Disciplined Capital Allocation Resilient Balance Sheet Strategic Energy Transition Strong operational and retail performance throughout the quarter Resilient annual earnings across different economic scenarios through integrated business model Consistent execution on our capital return commitment Expected to have significant amounts of unallocated cash, providing flexibility for additional debt reduction, additional share repurchase, and/or growth Current net leverage below our long-term target of less than 3x1 Ample available liquidity to support comprehensive hedging program Construction continues on our Vistra Zero projects for Oak Hill (Amazon) and Pulaski (Microsoft) Significant development pipeline across the fleet including the potential for ~10% nuclear uprates Note: As of March 31, 2025 1) Excluding Project Level Financings at Vistra Zero and any benefit from margin deposits.
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6 Near-term Earnings Outlook Q1 2025 Integrated model enables strong growth profile amidst industry tailwinds Vistra Investor Presentation / July 2025 Adjusted EBITDA1,2 ($ in millions) 1) Ongoing Operations Adjusted EBITDA guidance for 2025 based on market curves as of Nov. 4, 2024. Ongoing Operations Adjusted E BITDA for 2023 and 2024 are recast for the transfer of Moss Landing 300 to the ACS segment. 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 strat egy. We have not provided a quantitative reconciliation of the Adjusted EBITDA opportunity for 2026 to GAAP net income (loss) be cause 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 period. 3) As of May 2, 2025. • Comprehensive hedging program supports the near-term outlook while maintaining upside to power market tailwinds in the out-years3 • ~100% of expected generation hedged for 2025 • ~90% of expected generation hedged for 2026 • Adj. FCFbG conversion expected to continue to be robust • 2025 Adj. FCFbG guidance reaffirmed at $3,000 - $3,600 million • Expect to consistently convert ~55-60% of Adj. EBITDA • Nuclear PTC provides downside support Near-term Earnings Outlook $3,119 $4,093 $5,643 2022A 2023A 2024A 2025E Guidance Range 2026E Midpoint Opportunity $545 P T C Benefit
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7 Nuclear Production Tax Credit (PTC) Overview1 The IRA’s nuclear PTC creates revenue stability during periods of lower power prices for nuclear generation Vistra Investor Presentation / July 2025 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 2025 Thresholds at which PTC support is phased out Source: Public Filings 1) Based on IRA bill signed by US President Biden on Aug. 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. $25 $30 $35 $40 $45 $50 $55 $60 $65 $70 $75 Gross Receipts + PTC ($/MWh) Gross Receipts ($/MWh) $43.75 (2024) $50.88 (2032 @ 2% Inflation ) $57.00 (2032 @ 3% Inflation )
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8 3.1x 3.4x 2.7x 2.9x 3.0x < 3.0x YE 2021 YE 2022 YE 2023 YE 2024 Q1 25 LT Target 469 340 22.35¢ Shares Outstanding Dividend Per Share • Executed ~$5.2 billion in share repurchases from Nov. 2021 through May 2, 2025, at an average price of ~$31.96 • Currently, ~$1.5 billion remaining under existing share repurchase authorizations expected to be utilized through year-end 2026 • Announced quarterly common dividend of 22.50¢ per share to be paid June 30, 2025, targeting $300 million in dividends annuall y Financial Leverage Vistra Zero Growth Capital Allocation Update1 Q1 2025 Balanced approach to shareholder return, financial leverage, and growth Vistra Investor Presentation / July 2025 Shareholder Return Dividend per Share (¢/share) & Shares Outstanding (basic shares in millions) Net Debt / Adjusted EBITDA2 Solar & Energy Storage Capex3 ($ 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 Project Level financings at Vistra Zero (i.e. Vistra Zero $697M TLB and BCOP tax credit bridge loans) and margin dep osits. Q1 2025 reflects 2025 Adjusted EBITDA guidance midpoint. Adjusted EBITDA is a reference to Ongoing Operations Adjusted EB ITDA, which is a non- GAAP financial measure. For illustrative purposes only. 3) Expect to partially fund with Project Level Financings. Capex estimates subject to change based on market conditions. Energy Harbor Completed Q1 Vistra Vision MI purchase closed Q4 $550 $604 $725 2023A 2024A 2025E
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9 Demand Growth Continues to Materialize Across our Markets Vistra’s diversified fleet and retail portfolio offer multiple ways to create value from secular load growth Vistra Investor Presentation / July 2025 PJM and ERCOT Load Growth Secular industry growth remains intact despite macro conditions • Historical power demand remains inelastic during turbulent economic periods2 • Expecting load growth at a ~4% CAGR through 2030 with data centers accounting for ~40% of new demand 3 Multiple drivers of improving industry outlook • Oil & gas electrification led by the Permian Basin and LNG projects • Data center build out • Continued reshoring of industrial activities Vistra’s value creation • Higher potential capacity factors across Vistra’s fleet • Strong free cash flow conversion supports disciplined approach to capital return and investments in growth Year-over-year weather adjusted growth in energy by quarter (%)1 1) Data from PJM and ERCOT; based on internal weather adjusted data. 2) Based on U.S. Energy Information Administration data. 3) Per Boston Consulting Group, April 11, 2025. 2.1% 2.1% 3.0% 5.2% 5.2% 6.5% 3Q 2024 4Q 2024 1Q 2025 PJM ERCOT
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10 1950 1960 1970 1980 1990 2000 2010 2020 US Electricity Demand US Real GDP US Electricity Demand and Real GDP Growth Multiple drivers of electricity demand growth expected to drive convergence of growth trends Vistra Investor Presentation / July 2025 Electricity Demand Growth vs GDP Real Growth Index1 Normalized index at year 2000 = 100 1) Source: EIA, FRB St. Louis and Wood Mackenzie; Normalized Real GDP SAAR (GDPC1) vs Normalized Electricity Gen All Sectors Decoupling significantly over the last 15 years • 39% GDP growth from 2010 -2024 • US electricity demand roughly flat from 2010 -2024 New demand paradigm setting up convergence of growth vectors • New demand peaks in both summer and winter seasons for ERCOT and PJM • Peak load growth rates at low-single digits in PJM and mid-to-high single digits in ERCOT • Sufficient market prices needed to incentivize new generation New Generation Takes Time • Developing power assets is a multi-year process • Existing assets have underutilized capacity that can help meet load growth
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11 20 49 100 135 148 148 6 10 22 28 35 38 13 53 112 157 163 164 0 6 13 24 27 27 2025 2026 2027 2028 2029 2030 39 117 248 344 372 377 0 0 0 0 0 0 0 1 1 2 2 2 11 21 32 40 47 57 1 1 1 0 0 0 0 2025 2026 2027 2028 2029 2030 11 22 34 43 50 61 24 59 81 119 121 121 7 10 17 32 32 34 2 2 6 13 13 13 18 41 61 91 92 92 2025 2026 2027 2028 2029 2030 50 111 165 255 259 261 9 12 15 16 17 17 1 2 4 4 5 12 10 18 28 32 35 35 0 3 4 4 4 7 1 1 1 1 2025 2026 2027 2028 2029 2030 20 36 51 57 62 71 Solar Source: Interconnection queue from each ISO as of May 2025 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 / July 2025 Pumped Hydro Gas Nuclear
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12 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 / July 2025 or 1,000 MW of modern efficient gas plant 110 acres 9,000 MW 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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13 Not all MW are Created Equal Example of 9,000 MW of installed renewables represents a significant commitment of dedicated land Vistra Investor Presentation / July 2025 Dallas Philadelphia Estimated land required for 9,000 MW of renewables. 147,540 acres (230sq. miles) About 60% of land in Dallas 1.7x the size of Philadelphia
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14 38 8 4 7 7 26 8 2 1 1 Nameplate Summer afternoon Summer evening Winter morning Winter evening Wind Solar 64 16 6 8 8 11 38 <1 26 Wind Solar 11 64 1 Higher ERCOT Renewable Capacity May Not Be Available Renewables growth has been strong in Texas but performs significantly below headline capacity Vistra Investor Presentation / July 2025 Renewable Generation ERCOT Nameplate Capacity (GW) Renewable Expected Capacity 2025 ERCOT Expected Capacity Contribution during reserve risk periods based on ELCC2 (GW) ~5.3x Source: 2024/25 ERCOT Capacity, Demand, and Reserves (CDR) Report 1. Operational through end of April 2025 2. Effective Load Carrying Capability -88%-76% -91% -88%
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15 Dispatchable Assets Are Essential for Reliability Gas plants fill the reliability gap even in markets with high renewables penetration like ERCOT Vistra Investor Presentation / July 2025 Estimated values for >40 year old thermal using actual hourly output for natural gas and coal resources per U.S Energy Inform ation Administration capped at aggregate 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 012/19 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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16 July 27, 2024: Texas Energy Fund Application Deadline August 2024: Commission Selects Projects for Due Diligence Beginning October 2024: Permian Power I Due Diligence Beginning April 2025: Permian Power II Due Diligence December 2025: First Disbursements Made on Loans1 May 2029: Completion Bonus Grant Deadline Vistra Texas Energy Fund (“TEF”) Projects Investment decision on our two peaker projects expected later this year Vistra Investor Presentation / July 2025 The Texas Legislature created the Texas Energy Fund to provide grants and loans to finance construction, maintenance, modernization, and operation of thermal dispatchable electric facilities in Texas. Vistra Projects in the TEF Loan Process • Two projects located in West Texas; Permian Power I and II • 860 MW total • COD mid 2028 • H-class simple-cycle peaker plants • Secured long lead time equipment TEF Overview • Low interest rate loans to new dispatchable electric generation facilities in ERCOT • Must be at least 100 MW or more in size • Currently in the Due Diligence Phase of the process • Capacity additions through the loan program capped at 10 GW Expected TEF / Regulatory Timeline 1) This date can be extended by the Public Utility Commission of Texas on a one-off basis
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1717 Reliability, Affordability, and Sustainability Vistra Investor Presentation / July 2025
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18 2,490 7,922 2018 2024 394 40 2010 2024 173 86 69 0 2010 2024 2030 2050 Net-Zero Environmental Stewardship Vistra’s GHG targets emphasize an energy transition that balances reliability and affordability of power Vistra Investor Presentation / July 2025 SO2 Emissions 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 7,922 MW online and additional projects under development 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 2024 50% reduction achieved 2030 Target: 60% reduction 2050 Target: Net-Zero SO2 vs 2010 baseline 2024 90% reduction achieved Zero Carbon Capacity MWScope 1 and Scope 2 Emissions (‘000s mt)(Million mtCO2e) 1) Vistra’s goal to achieve a 60% reduction in noted emissions by 2030, as compared to the 2010 baseline, and net -zero carbon emissions by 2050, assumes necessary advancements in technology and supportive market constructs and public policy. 2) As of Dec. 2024.
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19 Social Responsibility & Governance Vistra’s Purpose: Lighting up lives, powering a better way forward Vistra Investor Presentation / July 2025 PEOPLE AND COMMUNITIES GOVERNANCE AWARDS & RECOGNITION Newsweek names Vistra one of 2024’s Most Trustworthy Companies in America. Vistra recognized by Time Magazine as one of 2024’s Best Companies For Future Leaders. Vistra added to Dow Jones Best-In-Class North America Index in 2024 One of 2024 Best Corporations for Veteran’s Business Enterprises® Employee Support • Formal mentoring program to help develop professional skills and provide networking opportunities • Vistra part of Disability:IN • 15 Employee Resource Groups available with focus on Vistra culture, business innovation, skills development for all employees, and the community Employee Health & Safety • 0.72 Total Recordable Incident Rate achieved in 2024 • 14 Facilities recognized with OSHA VPP Star Rating Community Support • In 2024, Vista donated $11 million to support communities in education, economic development, community welfare, employee involvement and sustainability • Vistra’s Energy Aid program is one of the most extensive energy bill-payment assistance programs in the nation, providing more than $140 million in assistance over the last 40 years. • Oversight of Vistra’s sustainability initiatives is governed by the full Vistra board, with oversight of subject matter-specific components delegated to relevant board committees • Board Composition 36% Female 18% Minority 91% Independent
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20 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. Moss Landing Phase I 300 MW battery facility was moved to ACS as of Q1 2025. Vistra Zero Portfolio and Development Pipeline Effective March 31, 2025 Vistra Investor Presentation / July 2025 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 Oak Hill Rusk County, TX ERCOT In Construction, 2025 200 Davis-Besse Oak Harbor, OH PJM 1978 908 Pulaski Pulaski County, IL MISO In Construction, 2026 405 Perry Perry, OH PJM 1986 1,268 Deer Creek Tulare County, CA CAISO In Construction, 2026 50 Comanche Peak I & II Glen Rose, TX ERCOT 1990 / 1993 2,400 Newton Newton, IL MISO Under Development, 2026 52 Total Nuclear 6,448 Kincaid Kincaid, IL PJM Under Development 20 Andrews Andrews County, TX ERCOT Under Development 100 Upton 2 Upton County, TX ERCOT 2018 180 Duck Creek Canton, IL MISO Under Development 20 Brightside Live Oak County, TX ERCOT 2022 50 Hennepin Hennepin, IL MISO Under Development 24 Emerald Grove Crane County, TX ERCOT 2022 108 Total Solar 871 Baldwin Baldwin, IL MISO 2024 68 Coffeen Coffeen, IL MISO 2024 44 Deer Creek Tulare County, CA CAISO In Construction, 2026 50 Total Solar 450 Newton Newton, IL MISO Under Development, 2026 2 Edwards Bartonville, IL MISO Under Development 37 Upton 2 Upton County, TX ERCOT 2018 10 Havana Havana, IL MISO Under Development 37 Moss Landing Phase II Moss Landing, CA CAISO 2021 100 Joppa Joppa, IL MISO Under Development 37 DeCordova Hood County, TX ERCOT 2022 260 Oakland Oakland, CA CAISO Under Development 43 Moss Landing Phase III Moss Landing, CA CAISO 2023 350 Total Energy Storage 206 Baldwin Baldwin, IL MISO 2024 2 Coffeen Coffeen, IL MISO 2024 2 Total Energy Storage 724
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21 Clean Technologies Have Incentives But are Still Under Development While many technologies hold promise – reliability and affordability will remain important criteria Vistra Investor Presentation / July 2025 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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2222 Appendix Vistra Investor Presentation / July 2025
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23 Corporate Debt Profile Q1 2025 Vistra remains committed to a long-term net leverage target below 3x1 Vistra Investor Presentation / July 2025 1) Excludes Project Level Financings (i.e., Vistra Zero $697M TLB and BCOP tax credit bridge loans). 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) Reflects 2025 Ongoing Operations Adjusted EBITDA guidance midpoint. 4) Represents the NPV of the total $1,450M remaining scheduled payments related to the purchase of the Vistra Vision minority interests discounted at 6%. Balances ($ in millions) Q1 2025 Funded Revolving Credit Facilities $0 Vistra Operations Term Loan B 2,469 Senior Secured Notes 5,144 Senior Unsecured Notes 7,300 Revenue Bond Obligations2 431 Accounts Receivable Financings 1,082 Forward Repurchase Obligations4 1,355 Equipment Financing Agreements 55 Total Debt1 $17,836 Less: cash and cash equivalents (561) Total Net Debt (before Cash Margin Deposits) 1 $17,275 Illustrative Leverage Metrics Adjusted EBITDA (Consolidated Ongoing Operations)3 $5,800 Gross Debt / Adj. EBITDA (x)1,3 3.08x Net Debt / Adj. EBITDA (x) 1,3 2.98x
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24 Select Debt Balances Q1 2025 Principal outstanding for secured and unsecured debt issued from Vistra Operations Vistra Investor Presentation / July 2025 Vistra Operations Secured Debt ($ in millions) Q1 2025 Senior Secured Term Loan B-3 due December 2030 $2,469 5.125% Senior Secured Notes due May 2025 744 5.050% Senior Secured Notes due December 2026 500 3.700% Senior Secured Notes due January 2027 800 4.300% Senior Secured Notes due July 2029 800 6.950% Senior Secured Notes due October 2033 1,050 6.000% Senior Secured Notes due April 2034 500 5.700% Senior Secured Notes due December 2034 750 Total Vistra Operations Secured $7,613 Vistra Operations Unsecured Notes ($ in millions) 5.500% Senior Unsecured Notes due September 2026 $1,000 5.625% Senior Unsecured Notes due February 2027 1,300 5.000% Senior Unsecured Notes due July 2027 1,300 4.375% Senior Unsecured Notes due May 2029 1,250 7.750% Senior Unsecured Notes due October 2031 1,450 6.875% Senior Unsecured Notes due April 2032 1,000 Total Vistra Operations Unsecured $7,300
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25 Retail Overview Q1 2025 Strong margin and counts performance driving Adj. EBITDA growth Vistra Investor Presentation / July 2025 Highlights • Retail volumes increased 27% YoY driven by growth in the business markets segment and the Energy Harbor acquisition • Grew residential counts in Texas within the quarter and year over year, including our flagship TXU Energy brand • Launching Ultimate Summer Pass – a “first of its kind” product offering customers built-in savings and comfort Retail Volumes Energy Degree Days (in TWh) (ERCOT North Central Zone) 27% increase
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26 Generation Metrics Effective March 31, 2025 Vistra Investor Presentation / July 2025 1) East Nuclear Capacity Factor reflects only one month of Energy Harbor and the planned outage at Davis -Besse in Mar. 2024., and the planned outage at Perry in Mar.-Apr. 2025. Total Generation (TWh) Q1 2023 Q1 2024 Q1 2025 CCGT Capacity Factor (%) Q1 2023 Q1 2024 Q1 2025 Texas 16.7 18.5 20.0 Texas 35% 44% 48% East 18.0 20.3 27.5 East 62% 62% 63% West 1.5 1.2 0.5 West 70% 55% 23% Total Ongoing Operations 36.2 40.0 48.0 Coal Capacity Factor (%) Q1 2023 Q1 2024 Q1 2025 Commercial Availabilty (%) Q1 2023 Q1 2024 Q1 2025 Texas 53% 52% 56% Texas Gas 98.4% 98.1% 99.2% East 40% 38% 61% Texas Coal 95.2% 93.6% 75.2% East 95.9% 98.3% 97.2% West 98.3% 99.7% 98.3% Nuclear Capacity Factor (%)1 Q1 2023 Q1 2024 Q1 2025 Total 96.7% 97.7% 95.0% Texas 100% 96% 100% East N/A 77% 88%
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27 Capital Expenditures1 Q1 2025 Vistra Investor Presentation / July 2025 1) Capital summary for 2025E prepared as of Nov. 4, 2024. Capital expenditure projection is on a cash basis and excludes capital ized interest. Projected capex estimates subject to change based upon market conditions. 2) Includes expenditures under the long-term maintenance contracts in place for our gas fleet. 3) Includes IT, Corporate, and Other. 4) Nuclear fuel capex shown net of nuclear fuel sales. 5) Non-recurring capital expenditures include non-recurring IT, Corporate, and Other. 6) Expect to partially fund with Project Level financings. 7) Includes growth capital expenditures for new and existing assets. Category ($ in millions) 2023A 2024A 2025E Nuclear & Fossil Maintenance2,3 $730 $785 ~$925 Nuclear Fuel4 206 307 ~300 Non-Recurring5 8 6 - Solar & Energy Storage Development6 550 604 ~725 Other Growth7 120 155 ~325 Total Capital Expenditures $1,614 $1,857 ~$2,275 Non-Recurring5 (8) (6) - Solar & Energy Storage Development6 (550) (604) ~(725) Other Growth7 (120) (155) ~(325) Adjusted Capital Expenditures $936 $1,092 ~$1,225
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28 Comprehensive Hedging Program Overview Effective March 31, 2025 Vistra Investor Presentation / July 2025 Note: amounts may not sum due to rounding. 1) This sensitivity assumes a 7.2 mmbtu/MWh Heat Rate, therefore the change in spark spread is equal to the change in power price minus 7.2 times the change in deli vered gas price. 2) Hedge and market value as of March 31, 2025 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: 15% Mass Hub, 55% AD Hub, 10% Ni Hub, 10% Western Hub, 5% NY Zone A, 5% Indiana Hub 2025 2026 Texas West East Total Texas West East Total Nuclear/Renewable/Coal Gen Position Expected Generation (TWh) 39 43 82 51 55 106 % Hedged 100% 97% 98% 100% 65% 82% Sensitivity to Power Price: + $2.50/mwh ($M) $7 $4 $11 $6 $51 $57 - $2.50/mwh ($M) ($2) $0 ($2) $0 ($39) ($39) Gas Gen Position Expected Generation (TWh) 36 3 41 80 49 4 49 103 % Hedged 100% 100% 100% 100% 65% 39% 100% 81% Sensitivity to Spark Spread 1: + $1.00/mwh ($M) $1 $0 $1 $1 $18 $3 $1 $22 - $1.00/mwh ($M) $1 $0 $0 $1 ($17) ($3) $1 ($19) Natural Gas Position Net Position (Bcf) 29 -1 -23 5 21 0 -98 -77 Sensitivity to Natural Gas Price: + $0.25/mmbtu ($M) $7 $0 ($6) $1 $5 $0 ($24) ($19) - $0.25/mmbtu ($M) ($7) $0 $6 ($1) ($5) $0 $24 $19 Total % Hedged 99% 86% Realized Price Summary Hedge Value vs Market2 ($M) ($1,676) $57 ($355) ($1,975) ($1,070) $37 ($347) ($1,380) Premium/Discount vs Hub Price3 ($M) $965 $65 $16 $1,045 $1,158 $90 $400 $1,647 Total Difference vs Market ($M) ($712) $122 ($339) ($929) $87 $126 $53 $267 Around-the-Clock (ATC) Hub Price4 ($/MWh) $59.38 $46.75 $49.94 $54.22 $57.14 $52.86 $52.15 $54.56 Premium/Discount vs Hub Price3 ($/MWh) ($9.58) $43.89 ($3.96) ($5.72) $0.87 $30.08 $0.51 $1.28 Total Realized Price ($/MWh) $49.80 $90.64 $45.98 $48.50 $58.01 $82.95 $52.65 $55.84
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29 Forward Market Pricing Effective March 31, 2025 Vistra Investor Presentation / July 2025 Note: Contribution to segment spark spreads are approximate. Bal'2025 2026 2027 Bal'2025 2026 2027 Power (ATC, $/MWh) Spark Spreads (ATC, $/MWh) ERCOT North Hub $59.09 $56.76 $54.58 ERCOT West Hub $61.99 $60.50 $58.49 Texas cont. PJM AD Hub $49.59 $51.12 $47.33 ERCOT North Hub-Houston Ship Channel 90% $27.75 $24.58 $25.74 PJM Ni Hub $41.80 $42.45 $38.76 ERCOT West Hub-Permian Basin 10% $51.45 $44.84 $35.12 PJM Western Hub $53.91 $56.26 $52.96 Texas Weighted Average $30.12 $26.61 $26.68 MISO Indiana Hub $48.54 $49.90 $47.37 ISONE Mass Hub $58.72 $66.01 $58.41 East cont. New York Zone A $49.55 $51.52 $47.22 PJM AD Hub-Dominion South 15% $22.08 $23.93 $23.83 CAISO NP15 $46.75 $52.86 $53.76 PJM AD Hub-Tetco ELA 15% $16.08 $17.32 $17.72 PJM Ni Hub-Chicago Citygate 15% $10.23 $9.33 $9.51 Gas ($/MMBtu) PJM Western Hub-Tetco M3 15% $24.01 $23.18 $22.90 NYMEX $4.49 $4.43 $3.86 ISONE Mass Hub-Algonquin Citygate 30% $20.84 $18.05 $15.74 Houston Ship Channel $4.01 $4.12 $3.66 New York Zone A-Dominion South 10% $22.04 $24.32 $23.72 Permian Basin $1.12 $1.83 $2.90 East Weighted Average $19.32 $18.91 $18.19 Dominion South $3.47 $3.43 $2.92 Tetco ELA $4.31 $4.35 $3.76 West Chicago Citygate $4.04 $4.25 $3.72 CAISO NP15-PG&E Citygate $13.41 $15.41 $19.91 Tetco M3 $3.81 $4.25 $3.83 Algonquin Citygate $4.91 $6.31 $5.58 PG&E Citygate $4.28 $4.85 $4.35
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30 Capacity Positions Effective March 31, 2025 Vistra Investor Presentation / July 2025 Note: PJM capacity positions represent volumes cleared and purchased in primary annual auctions, incremental auctions, and tr ansitional auctions. Also includes bilateral transactions. ISO-NE represents capacity auction results, supplemental auctions, and bilateral capacity sales. NYISO represents capacity auction results and bilateral capacity sales; Winter period covers November through April and Summe r period covers May through October. MISO positions represent volumes cleared and purchased in primary annual auctions, incremen tal auctions, and transitional auctions. West capacity position includes Moss Landing 300., West prices based on proprietary contracts and are not disclosed. Tenor Zone Position (MW) Average Price ($/MW-day) Tenor Zone Position (MW) Avg. Price ($/KW-mo) East East 2024/2025 PJM - RTO 5,170 $34.30 Winter 24/25 NYISO 1,099 $2.99 2024/2025 PJM - ComEd 2,333 $37.92 2024/2025 ISO-NE 3,347 $3.09 2024/2025 PJM - DEOK 1,084 $93.07 2024/2025 MISO 1,788 $3.01 2024/2025 PJM - MAAC 532 $48.96 Summer 2025 NYISO 620 $4.56 2024/2025 PJM - EMAAC 835 $54.47 2025/2026 ISO-NE 3,110 $2.72 2024/2025 PJM - ATSI 2,109 $28.92 2025/2026 MISO 1,370 $4.62 2025/2026 PJM - RTO 4,093 $253.82 Winter 25/26 NYISO 303 $4.02 2025/2026 PJM - ComEd 2,127 $269.19 2026/2027 ISO-NE 3,018 $2.60 2025/2026 PJM - DEOK 946 $269.92 2026/2027 MISO 665 $4.68 2025/2026 PJM - EMAAC 645 $269.08 2027/2028 ISO-NE 3,269 $3.59 2025/2026 PJM - MAAC 465 $269.21 2025/2026 PJM - ATSI 2,044 $269.92 West 2025/2026 PJM - DOM 211 $442.32 2025 CAISO 1,795 2026 CAISO 1,575 2027 CAISO 1,275
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31 Asset Fleet Details Effective March 31, 2025 Vistra Investor Presentation / July 2025 Note: Capacity shown on a 100% ownership basis. Approximate net generation capacity, actual net generation capacity may vary bas ed on a number of factors including ambient temperature. Excludes 500 MW of uprates available at our Texas gas assets in the summer. Moss Landing Phase I 300 MW battery facility was moved from the West segment to ACS as of Q1 2025. Asset Location ISO Technology Primary Fuel Net Capacity (MW) Ennis Ennis, TX ERCOT CCGT Gas 366 Forney Forney, TX ERCOT CCGT Gas 1,912 Hays San Marcos, TX ERCOT CCGT Gas 1,047 Lamar Paris, TX ERCOT CCGT Gas 1,180 Midlothian Midlothian, TX ERCOT CCGT Gas 1,596 Odessa Odessa, TX ERCOT CCGT Gas 1,180 Wise Poolville, TX ERCOT CCGT Gas 787 DeCordova Granbury, TX ERCOT 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 Coleto Creek Goliad, TX ERCOT ST Coal 650 Comanche Peak I & II Glen Rose, TX ERCOT Nuclear Uranium 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 19,031 Moss Landing I & II Moss Landing, CA CAISO CCGT Gas 1,020 Moss Landing Moss Landing, CA CAISO Battery Battery 450 Oakland Oakland, CA CAISO CT Oil 110 Total West 1,580
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32 Asset Fleet Details Effective March 31, 2025 Vistra Investor Presentation / July 2025 Note: Capacity shown on a 100% ownership basis. Approximate net generation capacity, actual net generation capacity may vary bas ed 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 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 Beaver Valley I & II Shippingport, PA PJM Nuclear Uranium 1,872 Perry Perry, OH PJM Nuclear Uranium 1,268 Davis-Besse Oak Harbor, OH PJM Nuclear Uranium 908 Baldwin Baldwin, IL MISO Solar/Battery Solar/Battery 70 Coffeen Coffeen, IL MISO Solar/Battery Solar/Battery 46 Total East 19,746 Total Capacity 40,357
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3333 Non-GAAP Reconciliations Vistra Investor Presentation / July 2025
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34 Non-GAAP Reconciliations Twelve Months Ended December 31, 2024 (Unaudited, Millions of Dollars) Vistra Investor Presentation / July 2025 Note: Texas and East segments include nuclear PTC revenue estimate of $281 million and $264 million, respectively. See Note 4 to the Financial Statements for additional information. a) Includes $53 million of unrealized mark-to-market net gains on interest rate swaps. b) Includes nuclear fuel amortization of $105 million and $282 million, respectively, in the Texas and East segments. c) Includes $10 million gain recognized on the repurchase of TRA Rights in the year ending December 31, 2024. d) 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. Retail Texas East West Eliminations / Corp and Other Ongoing Operations Consolidated Asset Closure Vistra Corp. Consolidated Net income (loss) $1,216 $2,133 $902 $486 $(1,794) $2,943 $(131) $2,812 Income tax expense 0 0 0 0 655 655 0 655 Interest expense and related charges (a) 54 (46) (9) (1) 898 896 4 900 Depreciation and amortization (b) 114 686 1,278 58 66 2,202 28 2,230 EBITDA before Adjustments 1,384 2,773 2,171 543 (175) 6,696 (99) 6,597 Unrealized net (gain) loss resulting from hedging transactions 52 (790) (76) (332) 0 (1,146) (9) (1,155) Purchase accounting impacts 0 1 (12) 0 (14) (25) 0 (25) Impacts of Tax Receivable Agreement (c) 0 0 0 0 (5) (5) 0 (5) Non-cash compensation expenses 0 0 0 0 100 100 0 100 Transition and merger expenses 2 1 22 0 111 136 0 136 Decommissioning-related activities (d) 0 26 (91) 2 0 (63) 0 (63) ERP system implementation expenses 8 7 5 1 0 21 2 23 Other, net 17 14 (2) 11 (111) (71) 2 (69) Adjusted EBITDA $1,463 $2,032 $2,017 $225 $(94) $5,643 $(104) $5,539
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35 Non-GAAP Reconciliations Twelve Months Ended December 31, 2023 (Unaudited, Millions of Dollars) Vistra Investor Presentation / July 2025 a) Includes $36 million of unrealized mark-to-market net losses on interest rate swaps. b) Includes nuclear fuel amortization of $91 million in the Texas segment. c) Includes $29 million gain recognized on the repurchase of TRA Rights in December 2023. d) Represents estimate of anticipated market participant defaults or settlements on initial PJM capacity performance penalties due to extreme magnitude of penalties associated with Winter Storm Elliott. e) Adjusted EBITDA impacts of Winter Storm Uri reflects the application of bill credits to large commercial and industrial custo mers that curtailed their usage during Winter Storm Uri and a reduction in the allocation of ERCOT default uplift charges which were expected to be paid over several decades under protocols existing at the time of the storm. Retail Texas East West Eliminations / Corp and Other Ongoing Operations Consolidated Asset Closure Vistra Corp. Consolidated Net income (loss) $424 $398 $1,749 $434 $(1,527) $1,478 $14 $1,492 Income tax expense 0 0 1 0 507 508 0 508 Interest expense and related charges (a) 20 (21) 2 (8) 742 735 5 740 Depreciation and amortization (b) 102 641 703 52 68 1,566 27 1,593 EBITDA before Adjustments 546 1,018 2,455 478 (210) 4,287 46 4,333 Unrealized net (gain) loss resulting from hedging transactions 586 813 (1,586) (267) 0 (454) (36) (490) Generation plant retirement expenses 0 0 0 0 0 0 0 0 Purchase accounting impacts 0 0 0 0 0 0 0 0 Impacts of Tax Receivable Agreement (c) 0 0 0 0 135 135 0 135 Non-cash compensation expenses 0 0 0 0 78 78 0 78 Transition and merger expenses 0 1 2 0 47 50 0 50 Impairment of long-lived assets 0 0 49 0 0 49 0 49 PJM capacity performance default impacts (d) 0 0 9 0 0 9 0 9 Winter Storm Uri (e) (52) 4 0 0 0 (48) 0 (48) Other, net 25 (2) 72 5 (113) (13) (2) (15) Adjusted EBITDA $1,105 $1,834 $1,001 $216 $(63) $4,093 $8 $4,101
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36 Non-GAAP Reconciliations Twelve Months Ended December 31, 2022 (Unaudited, Millions of Dollars) Vistra Investor Presentation / July 2025 Note: 2022 results have not been recast for the transition of Moss Landing 300 to the ACS segment as impacts are immaterial. a) Includes $250 million of unrealized mark-to-market net gains on interest rate swaps. b) Includes nuclear fuel amortization of $86 million in the Texas segment. c) Adjusted EBITDA impacts of Winter Storm Uri reflects $183 million related to a reduction in the allocation of ERCOT default u plift charges which were expected to be paid over several decades under protocols existing at the time of the storm and $144 mil lion related to the application of bill credits to large commercial and industrial customers that curtailed their usage during Winter Storm Uri. The adjustm ent for ERCOT default uplift charges relates to ( i) ERCOT receiving payments that reduced the market wide default balance and (ii) the fourth quarter 2022 derecognition of the remaining default balance in connection with a settlement between Brazos and ERCOT. Retail Texas East West Eliminations / Corp and Other Ongoing Operations Consolidated Asset Closure Vistra Corp. Consolidated Net income (loss) $1,158 $(586) $(1,127) $(238) $(270) $(1,063) $(147) $(1,210) Income tax expense 0 0 0 0 (350) (350) 0 (350) Interest expense and related charges (a) 14 (20) 6 (6) 371 365 3 368 Depreciation and amortization (b) 145 627 768 42 69 1,651 31 1,682 EBITDA before Adjustments 1,317 21 (353) (202) (180) 603 (113) 490 Unrealized net (gain) loss resulting from hedging transactions (291) 1,556 913 351 0 2,529 (19) 2,510 Generation plant retirement expenses 0 0 7 0 0 7 (3) 4 Fresh start / purchase accounting impacts 0 (2) 8 0 0 6 0 6 Impacts of Tax Receivable Agreement 0 0 0 0 128 128 0 128 Non-cash compensation expenses 0 0 0 0 65 65 0 65 Transition and merger expenses 7 0 1 0 5 13 0 13 Impairment of long-lived and other assets 0 0 74 0 0 74 0 74 Winter Storm Uri (c) (141) (178) 0 0 0 (319) 0 (319) Other, net 31 24 17 3 (62) 13 10 23 Adjusted EBITDA $923 $1,421 $667 $152 $(44) $3,119 $(125) $2,994
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37 Non-GAAP Reconciliations 2025 Guidance (Unaudited, Millions of Dollars) Vistra Investor Presentation / July 2025 Regulation G Table for 2025 Guidance prepared as of Nov. 7, 2024, based on market curves as of Nov. 4, 2024. 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 / July 2025 Regulation G Table for 2025 Guidance prepared as of Nov. 7, 2024, based on market curves as of Nov. 4, 2024. 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) Change in working capital, margin deposits, and accrued environmental allowance obligations 595 595 0 0 595 595 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) Change in working capital, margin deposits, and accrued environmental allowance obligations (595) (595) 0 0 (595) (595) Transition and merger expenditures 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 / July 2025