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1 Third Quarter 2025 Results November 6, 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 uncertainties, which are difficult to predict and are not guarantees of future performance, tha t could significantly affect the financial 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 or operational projections including financial condition and cash flows, projected synergy, net debt targets, 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, market and industry developments and the growth of our businesses and op erations, including potential transactions with large load facilities at our nuclear and natural gas plants (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 forward -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 forward -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 coul d cause results to differ materially from those 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 cond itions 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; (iii) actions by credit ratings agencies; (iv) the severity, magnitude and duration of extreme weather events, contingencies and uncertainti es relating thereto, most of which are difficult to predict and many of which are beyond our control, and the resulting effects on our results of operations, fi nancial 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 discussed 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, 2024 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), “Ongoing Operations Adjusted Free Cash Flow before Growth” or “Ongoing Operations Adjusted FCFbG” (and its per share equ ivalent) (adjusted free cash flow before growth less cash flow from operating 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 amount s so as to be different than the most directly comparable measure 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 performance, and believes it is a useful metric to assess current performance in the period and that analysis of capital available to allocate for debt service, growth, and return of capital to stockholders is supported by dis closure 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 Ongoi ng Operations Adjusted EBITDA as a measure of performance and Ongoing Operations Adjusted Free Cash Flow before Growth as a meas ure of liquidity and performance, and Vistra’s management and board of directors have found it informative to view the Asset Closure segment as se parate and distinct from Vistra’s ongoing operations. The schedules attached to this earnings release reconcile the non -GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP. Q3 2025 Investor Presentation
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3 3 Agenda Welcome and Safe Harbor Eric Micek, Vice President of Investor Relations Q3 2025 Highlights Jim Burke, President & Chief Executive Officer Q3 2025 Finance Update Kris Moldovan, Executive Vice President & Chief Financial Officer Q3 2025 Investor Presentation
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44 Jim Burke President & Chief Executive Officer Q3 2025 Highlights Q3 2025 Investor Presentation
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5 Q3 2025 At-A-Glance $6.8-7.6B INITIATING 2026 Adj. EBITDA guidance range1,2 CONTRACTED 1,200 MW at Comanche Peak Nuclear Power Plant site $5.7-5.9B NARROWING 2025 Adj. FCFbG1,2 guidance midpoint raised; updated and narrowed range to $3.3-3.5 billion Expect to be above the guidance midpoint for 4th consecutive year 2025 Adj. EBITDA guidance range1,2 1) “Adj. EBITDA” is a reference to Ongoing Operations Adjusted EBITDA; “Adj. FCFbG” is a reference to Ongoing Operations Adjuste d Free Cash Flow before Growth; Adj. EBITDA and Adj. FCFbG are non -GAAP financial measures. See the “Non -GAAP Reconciliation” tables at the end of this presentation for further details. 2) Ongoing Operations Adjusted EBITDA and Ongoing Operations Adjusted FCFbG guidance ranges for 2025 and 2026 based on market cu rves as of Oct. 31, 2025 and include the contribution from assets acquired from Lotus Infrastructure Partners. Vistra believes the nuclear production tax credit (PTC) should provide downside Ongoing Operations Adjusted EBITDA support. 3) Ongoing Operations Adjusted EBITDA midpoint opportunity for 2027 based on market curves as of Oct. 31, 2025. Midpoint opportu nities are not intended to be guidance and represent only our estimate of potential opportunities for Adjusted EBITDA in 2027. A ctual 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 2027 to GAAP net income (loss) because we cannot, without unreasonable effort, calculate certain reconciling items with confidence due to the variability, complexity, and limited visi bility of the adjusting items that would be excluded from Adjusted EBITDA in such out-year period. 2026 Adj. FCFbG1,2 guidance range of $3.925-4.725 billion 2027 Adj. EBITDA Midpoint Opportunity3 of $7.4-7.8 billion 20-year PPA underwrites plant operations through middle of the century Energization expected Q4 2027 Q3 2025 Investor Presentation
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6 Continued Execution Against Our Four Strategic Priorities Integrated Business Model Disciplined Capital Allocation Resilient Balance Sheet Strategic Energy Transition Diversified generation portfolio well-positioned to create value in growing demand environment Strong commercial skills to deliver near and long-term value Customer-centric retail business providing innovative solutions Board authorization of $1 billion incremental share repurchases expected to be utilized through YE 2027 Natural gas expansion including 860 MW build in West Texas and 2,600 MW acquisition from Lotus Net leverage1 of ~2.6x pro forma for transactions closed in Q4 2025 and based on midpoint of 2026 Adj. EBITDA2 guidance range Refinanced $1 billion of debt maturing in 2026 at lower interest rate 200-MW Oak Hill Solar Facility in ERCOT reached commercial operations in October Feasibility studies on potential nuclear uprates expected to be completed by year-end 1) Excludes Vistra Zero non-recourse financings (i.e., Vistra Zero $697 million TLB and BCOP Borrower LLC “BCOP” credit facility lo ans) and margin deposits. Represents Q3 2025 net debt adjusted for (a) the $1.9 billion acquisition from Lotus Infrastructure Partners, funded with cash and assumption of $803 million of existing indebtedness of the acquired companies, excluding other purchase price adjustments , (b) the $2.0 billion senior secured notes issuances, and (c) $1.0 billion senior unsecured note redemptions in October 2025. 2) “Adj. EBITDA” is a reference to Ongoing Operations Adjusted EBITDA; Adjusted EBITDA is a non-GAAP financial measure. See the “No n-GAAP Reconciliation” tables at the end of this presentation for further details. Q3 2025 Investor Presentation
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7 . . . . . 6. TD P ERCOT Structural Tailwinds in Power Markets Sustained load growth in our markets is already driving higher financial and operational performance levels Our primary markets continue to outperform • Continued support for annual peak load growth forecast of at least 3-5% in ERCOT and low-single digits in PJM through 2030 • Growth in energy expected to outpace growth in peak demand Customer signals remain strong • Hyperscaler capex budgets continue to increase • Key markets such as PJM and ERCOT attracting a growing share of the load growth Tailwinds driving more opportunities for Vistra • Assets will economically be called to run more as demand grows • 22 GW modern combined cycle gas fleet utilization of 58%, with potential to achieve up to 85%+ with minimal incremental expense Q3 2025 Investor Presentation PJM and ERCOT Load Growth Year-over-year weather adjusted growth in load (MWh) by quarter (%)1 1) Source: PJM and ERCOT load data, weather adjusted.
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8 Multi-Year Execution Creating Value in Evolving Power Markets Delivering on multiple opportunities while positioning for future growth Delivering growth through consistent execution ✓ Integrated model in strengthening power markets ✓ Capacity growth through gas augmentations and Vistra Zero ✓ Acquired over 6 GW through Energy Harbor and Lotus transactions Additional opportunities for value creation + Coal-to-gas conversions, nuclear uprates, new build, etc. + Ramp of Comanche Peak PPA to 1200MW + Future long-term PPAs at existing nuclear and gas sites + New gas and renewables development opportunities Q3 2025 Investor Presentation 1) “Adj. EBITDA” is a reference to Ongoing Operations Adjusted EBITDA. "Adj. FCFbG” is a reference to Ongoing Operations Adjuste d Free Cash Flow before Growth. Adj. EBITDA and Adj. FCFbG are non -GAAP financial measures. See the “Non -GAAP Reconciliation” tables at the end of this presentation for further details. 2) Ongoing Operations Adjusted EBITDA guidance for 2025 and 2026 based on market curves as of Oct. 31, 2025. Vistra believes the nuclear production tax credit (PTC) should provide downside Ongoing Operations Adjusted EBITDA support. 3) Ongoing Operations Adjusted EBITDA midpoint opportunity for 2027 based on market curves as of Oct. 31, 2025. Midpoint opportu nities are not intended to be guidance and represent only our estimate of potential opportunities for Adjusted EBITDA in 2027. A ctual results could vary and are subject to risks, uncertainties and factors, including power price market movements and our hedging strategy. We have not provided a quantitative reconciliation of the Adjusted EBITDA opportunity for 2027 to GAAP net income (loss) because we can not, 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. Adj. EBITDA and Adj. FCFbG1,2,3 ($ in millions) Profitability and Cash Generation $ , 9 $ ,6 $ ,7 $ ,9 $6, $7,6 $7, $7, $ , $ , 7 $ , $ , $ ,9 $ ,7 A A E Guidance Range 6E Guidance Range 7E idpoint Opportunity Adj. EBITDA Adj. FCFbG
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99 Kris Moldovan Executive Vice President & Chief Financial Officer Q3 2025 Finance Update Q3 2025 Investor Presentation
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10 Q3 2025 Financial Results Generation2 Retail Q3 2025 and YTD 2025 favorable as compared to comparable 2024 periods, primarily driven by: • Higher realized wholesale prices and capacity revenues and the recognition of expected nuclear PTCs, partially offset by extended outages at Martin Lake Unit 1 and Moss Landing battery facilities; and • With respect to YTD results only, additional two months of legacy Energy Harbor results Q3 2025 unfavorable as compared to Q3 2024, primarily due to: • Weather-driven gains in summer 2024 not repeated in 2025; and • Expected intra-year timing impacts of supply costs YTD 2025 favorable as compared to YTD 2024, primarily driven by: • Strong residential customer counts and margin performance, including year- over-year favorability in supply costs Q3 2025 Results Resilient quarterly performance in milder weather environment 1) “Adjusted EBITDA” is a reference to Ongoing Operations Adjusted EBITDA; Adjusted EBITDA is a non -GAAP financial measure. See the “Non-GAAP Reconciliation” tables at the end of this presentation for further details. Ongoing Operations Adjusted EBITDA exclud es results from Asset Closure segment of $(12) million, $(11) million, and $(17) million in each of Q3 2023, Q3 2024, and Q3 2025, respective ly, and $36 million, $(55) million and $(58) million in each of YTD 2023, YTD 2024, and YTD 2025, respectively. 2) Generation includes Texas, East, West, and Corp./Other. Adjusted EBITDA1,2 ($ in millions) Q3 2025 Investor Presentation , 7 , 6 , , 9 ,797 , 9 7 7 6 6 977 $ ,6 $ , $ , $ , $ ,66 $ , 7 TD TD TD Generation Retail
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11 Disciplined Capital Allocation Incremental free cash flow to drive additional value for shareholders Q3 2025 Investor Presentation 1) As of Oct. 31, 2025 and includes the impact from assets acquired from Lotus Infrastructure Partners . 2) Leverage based on 2027 Adj. EBITDA midpoint opportunity of $7.6 billion. Adjusted EBITDA is a reference to Ongoing Operations Adjusted EBITDA, which is a non-GAAP financial measure. For illustrative purposes only. 3) Excludes cash balance at Sept. 30, 2025. All remaining figures represent potential cumulative cash flows for the period Sept. 30, 2025 to Dec. 31, 2027. Assumes $7.6 billion of Adj. EBITDA in 2027 and 60% conversion ratio to Adj. FCFbG. Growth and development capex shown net of expected non-recourse financing (60% of growth and development capex financed). PTC calculated as of Oct. 31, 2025 and assumes an interpretation of the definition of "gross receipts" which excludes hedges pending U.S. Treasury and Internal Revenue Service guidance. From Sept. 30, 2025 to Oct. 31, 2025, we repurchased approximately 0.37 million shares of common stock at an average price of $199.20 for total c onsideration of approximately $74 million. 4) Subject to board approval. Earnings Visibility Driving Higher Available Capital • Comprehensive hedging program and nuclear PTC provide cash flow visibility with expected generation hedge percentages of ~98%, ~96%, and ~70% for 2025, 2026, and 2027, respectively1 • Expect to consistently convert 60%+ of Adj. EBITDA to Adj. FCFbG over the medium term Delivering Shareholder Return • Currently, ~$2.2 billion remaining under existing share repurchase authorizations expected to be utilized through year- end 20271 • Targeting at least ~$1 billion in share repurchases and ~$300 million in common dividends annually4 Maintaining a Resilient Balance Sheet • Expect to reduce leverage through the repayment of the Vistra Vision repurchase obligations • Targeting investment grade credit ratings; projected additional capital available for allocation assumes net debt / Adj. EBITDA of ~2.3x at YE 20272 Strategic Investment to Drive Accretive Growth • Target mid-teens or higher levered returns on growth investments, including the announced Permian gas units • Acquisition from Lotus closed in Q4; expect to continue to pursue opportunistic M&A ~$6B Expected cumulative cash uses of: ~$3.4B for share repurchases, and common and preferred dividends4; and ~$2.6B for growth (incl. Lotus) ~$10B Expected cumulative cash to allocate Q4 2025 – YE 20273 ~$4B Projected cash still available for allocation Q4 2025 – YE 2027
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12 Delivering Long-term Shareholder Value We believe growing free cash flow per share is the primary driver of long-term value for our shareholders Meaningful potential upside not included in current outlook Q3 2025 Investor Presentation Adj. Free Cash Flow before Growth ($ per share)1,2 Vistra Cash Generation Outlook • Continued share repurchases • Comanche Peak PPA expected to contribute after 2027 • Additional long-term contracts at nuclear and gas- fired generation sites • Capacity expansions, including our Permian gas units • Improving forward price outlook, potentially leading to higher realized prices and higher capacity factors 1) “Adjusted Free Cash Flow before Growth” is a reference to Ongoing Operations Adjusted Free Cash Flow before Growth (FCFbG). A djusted FCFbG is a non-GAAP financial measure. See the “Non -GAAP Reconciliation” tables at the end of this presentation for further details. 2) 2023 and 2024 actuals based on weighted average diluted share count. 2025 based on 9 -months weighted average diluted share count as of Sept. 30, 2025. 2026 assumes flat diluted share count as of Sep. 30, 2025. Based on market curves as of Oct. 31, 2025. >50% growth
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1313 About Vistra Q3 2025 Investor Presentation
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14 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. • ~44,000 MW of generation powered by a diverse portfolio of natural gas, nuclear, coal, solar, and battery energy storage • Owns and operates the second-largest competitive nuclear power fleet in the U.S. 1 Note: As of Dec. 31, 2024. Shown pro-forma for the acquisition from Lotus. 1) Based on 2024 actual production; Includes full year of Energy Harbor and excludes plants acquired from Lotus. Q3 2025 Investor Presentation
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15 0.72 0.55 0.51 0.43 0.41 2010 2022 2023 2024 2025E 102 55 45 2010 2024 2030E 7 6 69 Target Environmental Stewardship Pursuing a sustainable energy transition that balances reliability and affordability of power Q3 2025 Investor Presentation Methane Emissions EMISSIONS REDUCTIONS1 PORTFOLIO TRANSFORMATION Scope 1 and Scope 2 Emissions (Hundreds mt) (Million mt CO2e) 1) Vistra’s goal to achieve a 6 reduction in noted emissions by , as compared to the baseline, and net -zero carbon emissions by 2050, assumes necessary advancements in technology and supportive market constructs and public policy. Generation Carbon Emissions Intensity ( mt CO2e/MWh ) Transforming our portfolio Generation emission intensity has fallen more than 20% since 2022 Capacity increases since 2022 have included nuclear, solar, battery and natural gas GHG emissions are improving Scope 1 & 2 emissions have fallen 50% since 2010 through responsible retirement Methane emissions expected to show continued decline in the future
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16 Supporting Employees and Our Communities Vistra’s Purpose: Lighting up lives, powering a better way forward Q3 2025 Investor Presentation STAKEHOLDER ENGAGEMENT AWARDS & RECOGNITION Employee Support • Formal mentoring program to help develop professional skills and provide networking opportunities • Provided nearly $1M for employee education assistance in 2024 • 15 Employee Resource Groups available with focus on Vistra culture, business innovation, skills development for all employees, and the community 2024 Sustainability Report (GRI & SASB) 2023 Climate Report (TCFD) 2025 CDP questionnaire response Green Finance Framework REPORTING Newsweek 2025 Most Trustworthy Companies in America TIME Magazine Best Companies for Future Leaders 2024 Dow Jones Best-In-Class North America Index Forbes Net-Zero Leaders 2025 Disability:IN – Best Place to Work for Disability and Inclusion Best Corporations for Veteran’s Business Enterprises® Employee Health & Safety • 0.72 Total Recordable Incident Rate achieved in 2024 • 14 Facilities recognized with OSHA VPP Star Rating Forbes Most Trusted Companies in America 2025 U.S. News & World Report Best Companies to Work For 2025-2026 Fortune 500 Community Support • Contributed $150,000 for the 2025 annual Beat the Heat campaign, which included more than 30 events with local non-profit social service agencies to distribute box fans and A/C units to families in need • In 2024, Vista donated $11 million to support communities in education, economic development, community welfare, employee involvement and sustainability
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1717 Appendix Q3 2025 Investor Presentation
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18 r ss i ts r ss i ts Nuclear Production Tax Credit (PTC) Overview1 I A’s nu l ar r at s r v nu stability during ri ds f l w r w r ri s f r nu l ar g n rati n Q3 2025 Investor Presentation Illustrative Revenue Support PTC Mechanism2 • The nuclear PTC is a tax credit of up to $15/MWh • When gross receipts exceed $26/MWh, the PTC amount is reduced by 80% of gross receipts exceeding $26/MWh (2025) • When gross receipts exceed $44.75/MWh (2025), 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 Source: Public Filings 1) Based on IRA bill signed by U.S. President Biden on Aug. 16, 2022 and IRS Bulletin No. 2025-30. 2) Calculations assume Vistra receives the 5x bonus adder to the nuclear PTC for meeting the prevailing wage requirements on all applicable contracts.
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19 6 7 9 an Feb ar Apr ay un ul Aug Sep Oct Nov Dec yr Range yr Avg. 6 .7 77.6 9 . 9 . 9 . 97. . . 6.7 9 TD TD Retail Overview Strong margins driving Adj. EBITDA growth Q3 2025 Investor Presentation Highlights • Retail volumes increased 5% YoY driven by continued growth in the business markets segment • Grew residential counts in Texas within the quarter and year over year • Residential results and large business markets sales performance well ahead of expectations • Our TXU Energy brand held a 5-star PUCT rating Energy Degree Days (in TWh) (Dallas-Fort Worth Area) Retail Volumes
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20 Corporate Debt Profile Vistra remains committed to a long-term net leverage target below 3x1 Q3 2025 Investor Presentation 1) Excludes Vistra Zero Project Level Financings (i.e., Vistra Zero $697 million TLB and BCOP Borrower LLC “BCOP” Credit Facility 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 2026 Ongoing Operations Adjusted EBITDA guidance midpoint. 4) Represents the NPV of the total $1,370 million remaining scheduled payments related to the purchase of the Vistra Vision minority interests discounted at 6%. 5) Q3 2025 net debt adjusted for (a) the $1.9 billion acquisition from Lotus Infrastructure Partners, funded with cash and assum ption of $803 million of existing indebtedness of the acquired companies, excluding other purchase price adjustments, (b) the $2 .0 billion senior secured notes issuances, and (c) $1.0 billion senior unsecured note redemption in October 2025. Balances ($ in millions) Proforma5 Funded Revolving Credit Facilities $0 Vistra Operations Term Loan B 2,456 Lotus Transaction Assumed Term Loan 803 Senior Secured Notes 6,400 Senior Unsecured Notes 6,300 Revenue Bond Obligations2 431 Accounts Receivable Financings 1,225 Forward Repurchase Obligations4 1,314 Equipment Financing Agreements 55 Total Debt1 $18,984 Less: cash and cash equivalents (505) Total Net Debt (before Cash Margin Deposits)1 $18,479 Illustrative Leverage Metrics Adjusted EBITDA (Consolidated Ongoing Operations) 3 $7,200 Gross Debt / Adj. EBITDA (x) 1,3 2.6x Net Debt / Adj. EBITDA (x)1,3 2.6x
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21 Select Debt Balances Principal outstanding for secured and unsecured debt issued from Vistra Operations Q3 2025 Investor Presentation 1) Represents Q3 2025 adjusted for the $2.0 billion senior secured notes issuances and redemption in October 2025 of 5.5% Senior Unsecured Notes due September 2026. Vistra Operations Secured Debt ($ in millions) Proforma1 Senior Secured Term Loan B-3 due December 2030 $2,456 5.050% Senior Secured Notes due December 2026 500 3.700% Senior Secured Notes due January 2027 800 4.300% Senior Secured Notes due October 2028 750 4.300% Senior Secured Notes due July 2029 800 4.600% Senior Secured Notes due October 2030 500 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 5.250% Senior Secured Notes due October 2035 750 Total Vistra Operations Secured $8,856 Vistra Operations Unsecured Notes ($ in millions) 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 $6,300
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22 Comprehensive Hedging Program Overview Effective September 30, 2025 Q3 2025 Investor Presentation Note: amounts may not sum due to rounding. Hedge and market value represents generation only (excludes retail ). Excludes the impact from assets acquired from Lotus Infrastructure Partners . 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) 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. 3) TEXAS: 90% North Hub, 10% West Hub; EAST: 15% Mass Hub, 50% AD Hub, 10% Ni Hub, 10% Western Hub, 5% NY Zone A, 10% Indiana Hub. Balance of 2025 2026 Texas West East Total Texas West East Total Nuclear/Renewable/Coal Gen Position Expected Generation (TWh) 13 15 28 51 56 107 % Hedged 100% 98% 99% 100% 97% 98% Sensitivity to Power Price: + $2.50/mwh ($M) $10 $1 $11 $6 $6 $12 - $2.50/mwh ($M) ($6) $0 ($6) $0 $0 $0 Gas Gen Position Expected Generation (TWh) 12 1 17 30 52 4 56 112 % Hedged 100% 100% 98% 99% 88% 69% 100% 93% Sensitivity to Spark Spread 1 : + $1.00/mwh ($M) $0 $0 $1 $1 $7 $1 $1 $9 - $1.00/mwh ($M) $0 $0 $0 ($0) ($6) ($1) $0 ($7) Natural Gas Position Net Position (Bcf) 0 -2 1 0 10 2 -22 -10 Sensitivity to Natural Gas Price: + $0.25/mmbtu ($M) $0 ($1) $0 ($1) $3 $0 ($5) ($2) - $0.25/mmbtu ($M) $0 $0 $0 $0 ($3) ($1) $5 $1 Total % Hedged 99% 96% Realized Price Summary Hedge Value vs Market ($M) ($49) $19 ($76) ($106) ($1,061) $47 ($332) ($1,345) Premium/Discount vs Hub Price2 ($M) $132 $13 ($61) $84 $721 $81 $84 $886 Total Difference ($M) $83 $32 ($137) ($22) ($340) $128 ($248) ($460) Around-the-Clock (ATC) Hub Price3 ($/MWh) $36.90 $49.90 $46.37 $42.40 $55.54 $50.27 $51.00 $53.11 Total Difference ($/MWh) $3.35 $28.52 ($4.25) ($0.37) ($3.36) $32.55 ($2.22) ($2.12) Total Realized Price ($/MWh) $40.25 $78.42 $42.12 $42.03 $52.18 $82.82 $48.78 $50.99
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23 Forward Market Pricing Effective September 30, 2025 Q3 2025 Investor Presentation Note: Contribution to segment spark spreads are approximate. 1) Weightings are consistent with spark spread weightings Bal'2025 2026 2027 2028 Bal'2025 2026 2027 2028 Power (ATC, $/MWh) Spark Spreads (ATC, $/MWh) ERCOT North Hub $36.50 $55.11 $58.83 $58.88 ERCOT West Hub $40.50 $59.39 $63.83 $64.39 Texas cont. PJM AD Hub $44.44 $49.14 $49.93 $49.40 ERCOT North Hub-Houston Ship Channel 90% $10.98 $25.99 $29.09 $29.51 PJM Ni Hub $36.00 $41.08 $41.43 $40.65 ERCOT West Hub-Permian Basin 10% $38.57 $43.37 $37.25 $38.61 PJM Western Hub $47.62 $53.53 $54.72 $54.58 Texas Weighted Average $13.74 $27.73 $29.91 $30.42 MISO Indiana Hub $45.09 $49.88 $50.60 $51.15 ISONE Mass Hub $58.92 $64.86 $63.12 $59.97 East cont. New York Zone A $47.35 $51.44 $50.50 $47.53 PJM AD Hub-Dominion South 15% $24.15 $24.94 $25.30 $25.70 CAISO NP15 $49.90 $50.27 $55.36 $57.73 PJM AD Hub-Tetco ELA 15% $18.14 $19.63 $19.84 $20.33 Texas Weighted Average 1 $36.90 $55.54 $59.33 $59.43 PJM Ni Hub-Chicago Citygate 15% $9.59 $11.10 $10.98 $11.00 East Weighted Average 1 $48.29 $53.53 $53.39 $51.85 PJM Western Hub-Tetco M3 15% $22.63 $22.65 $23.06 $23.10 ISONE Mass Hub-Algonquin Citygate 30% $18.55 $19.18 $18.16 $19.07 Gas ($/MMBtu) New York Zone A-Dominion South 10% $27.07 $27.23 $25.86 $23.83 NYMEX $3.34 $3.90 $3.95 $3.81 East Weighted Average $19.45 $20.22 $19.91 $20.12 Houston Ship Channel $3.20 $3.70 $3.78 $3.73 Permian Basin -$0.08 $1.88 $3.34 $3.23 West Dominion South $2.47 $3.01 $3.07 $2.94 CAISO NP15-PG&E Citygate $17.89 $16.04 $20.14 $23.61 Tetco ELA $3.31 $3.75 $3.83 $3.69 Chicago Citygate $3.32 $3.82 $3.88 $3.77 Tetco M3 $3.12 $3.94 $4.05 $4.02 Algonquin Citygate $5.26 $6.00 $5.90 $5.33 PG&E Citygate $4.10 $4.41 $4.54 $4.39
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24 Capacity Positions Effective September 30, 2025 Q3 2025 Investor Presentation Note: PJM capacity positions represent volumes cleared and purchased in primary annual auctions, incremental auctions, and tr ansitional auctions. Also includes bilateral transactions. ISO-NE represents capacity auction results, supplemental auctions, and b ilateral capacity sales. NYISO represents capacity auction results and bilateral capacity sales; Winter period covers November through April and Summe r period covers May through October. MISO positions represent volumes cleared and purchased in primary annual auctions, incremen tal auctions, and transitional auctions. West capacity position includes Moss Landing 300. West prices based on proprietary contracts and are n ot disclosed. Tenor Zone Position (MW) Average Price ($/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 996 $4.85 2024/2025 PJM - EMAAC 835 $54.47 2025/2026 ISO-NE 3,170 $2.73 2024/2025 PJM - ATSI 2,109 $28.92 2025/2026 MISO 1,710 $5.43 2025/2026 PJM - RTO 4,093 $253.82 Winter 25/26 NYISO 534 $3.54 2025/2026 PJM - ComEd 2,113 $269.47 2026/2027 ISO-NE 3,018 $2.60 2025/2026 PJM - DEOK 946 $269.92 2026/2027 MISO 1,319 $6.58 2025/2026 PJM - EMAAC 645 $269.08 Summer 2026 NYISO 294 $3.91 2025/2026 PJM - MAAC 465 $269.21 2027/2028 ISO-NE 3,269 $3.59 2025/2026 PJM - ATSI 2,044 $269.92 2025/2026 PJM - DOM 211 $442.32 West 2026/2027 PJM - RTO 3,970 $329.17 2025 CAISO 1,795 2026/2027 PJM - ComEd 2,082 $329.17 2026 CAISO 1,803 2026/2027 PJM - DEOK 952 $329.17 2027 CAISO 1,665 2026/2027 PJM - EMAAC 615 $329.17 2026/2027 PJM - MAAC 445 $329.17 2026/2027 PJM - ATSI 2,048 $329.17 2026/2027 PJM - DOM 203 $329.17
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25 Generation Metrics Effective September 30, 2025 Q3 2025 Investor Presentation 1) East Nuclear YTD capacity factor reflects 4 months of PJM nuclear generation. Includes planned outage at Davis -Besse in Mar. 2024, Beaver Valley Unit 1 in Apr.-May 2024, Perry in Mar.-Apr. 2025, Comanche Peak Unit 1 in Apr.-May 2025. Total Generation (TWh) Q3 2024 Q3 2025 YTD 2024 YTD 2025 CCGT Capacity Factor (%) Q3 2024 Q3 2025 YTD 2024 YTD 2025 Texas 27.6 26.9 68.1 67.7 Texas 78% 74% 61% 59% East 30.8 30.6 74.8 82.4 East 71% 70% 61% 61% West 1.0 0.6 2.9 1.6 West 44% 26% 44% 24% Total Ongoing Operations 59.4 58.1 145.8 151.7 Coal Capacity Factor (%) Q3 2024 Q3 2025 YTD 2024 YTD 2025 Commercial Availabilty (%) Q3 2024 Q3 2025 YTD 2024 YTD 2025 Texas 71% 59% 60% 52% Texas Gas 98.8% 99.4% 98.2% 98.6% East 58% 59% 47% 56% Texas Coal 91.4% 74.8% 90.1% 75.5% East Gas 97.9% 97.0% 95.8% 97.5% East Coal 87.6% 81.6% 91.2% 85.7% Nuclear Capacity Factor (%)1 Q3 2024 Q3 2025 YTD 2024 YTD 2025 West 99.4% 99.7% 99.0% 97.0% Texas 99% 95% 97% 94% Total 96.2% 92.7% 95.6% 93.3% East 97% 96% 89% 91%
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26 Asset Fleet Details Effective October 31, 2025 Q3 2025 Investor Presentation 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. Capacity based on winter rating. Asset Location ISO Technology Primary Fuel Net Capacity (MW) Ennis Ennis, TX ERCOT CCGT Gas 366 Forney Forney, TX ERCOT CCGT Gas 1,912 Hays San Marcos, TX ERCOT CCGT Gas 1,122 Lamar Paris, TX ERCOT CCGT Gas 1,180 Midlothian Midlothian, TX ERCOT CCGT Gas 1,596 Odessa Odessa, TX ERCOT CCGT Gas 1,180 Wise Poolville, TX ERCOT CCGT Gas 787 DeCordova Granbury, TX ERCOT CT Gas 362 Morgan Creek Colorado City, TX ERCOT CT Gas 446 Permian Basin Monahans, TX ERCOT CT Gas 404 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 2,455 Oak Grove Franklin, TX ERCOT ST Coal 1,710 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 Oak Hill Rusk County, TX ERCOT Solar Solar 200 Upton 2 Upton County, TX ERCOT Solar/Battery Solar/Battery 190 DeCordova Granbury, TX ERCOT Battery Battery 260 Total Texas 19,858
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27 Asset Fleet Details Effective October 31, 2025 Q3 2025 Investor Presentation Asset Location ISO Technology Primary Fuel Net Capacity (MW) 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 Greenleaf Yuba City, CA CAISO CT Gas 49 Total West 1,629 Beaver Falls Beaver Falls, NY NYISO CCGT Gas 108 Independence Oswego, NY NYISO CCGT Gas 1,212 Syracuse Solvay, NY NYISO CCGT Gas 103 Bellingham Bellingham, MA ISO-NE CCGT Gas 566 Blackstone Blackstone, MA ISO-NE CCGT Gas 544 Casco Bay Veazie, ME ISO-NE CCGT Gas 543 Lake Road Dayville, CT ISO-NE CCGT Gas 827 Manchester Providence, RI ISO-NE CCGT Gas 510 MASSPOWER Indian Orchard, MA ISO-NE CCGT Gas 281 Milford Milford, CT ISO-NE CCGT Gas 600 Fairless Fairless Hills, PA PJM CCGT Gas 1,320 Fayette Masontown, PA PJM CCGT Gas 726 Garrison Dover, DE PJM CCGT Gas 309 Hanging Rock Ironton, OH PJM CCGT Gas 1,430 Hopewell Hopewell, VA PJM CCGT Gas 370 (continued on next page) Note: 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. Capacity based on winter rating. Moss Landing Phase I 300 MW battery facility was moved from the West segment to ACS as of Q1 2025.
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28 Asset Fleet Details Effective October 31, 2025 Q3 2025 Investor Presentation 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. Capacity based on winter rating. (continued from prior page) Asset Location ISO Technology Primary Fuel Net Capacity (MW) Kendall Minooka, IL PJM CCGT Gas 1,288 Liberty Eddystone, PA PJM CCGT Gas 607 Ontelaunee Reading, PA PJM CCGT Gas 600 Sayreville Sayreville, NJ PJM CCGT Gas 349 Washington Beverly, OH PJM CCGT Gas 711 Calumet Chicago, IL PJM CT Gas 380 Dicks Creek Monroe, OH PJM CT Gas 155 Hazleton Pardeesville, PA PJM CT Gas 158 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 22,254 Total Capacity 43,741
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29 Capital Expenditures1 Q3 2025 Investor Presentation 1) Capital summary for 2025E and 2026E prepared as of Nov. 6, 2025. Capital expenditure projection is on a cash basis, excludes capitalized interest, and reflects LTSA payments on an accrual basis. Projected capex estimates subject to change based upon mar ket 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, insurance proceeds, 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 2026E Nuclear & Fossil Maintenance2,3 $730 $785 ~$1,075 ~$1,025 Nuclear Fuel4 206 307 ~300 ~475 Non-Recurring5 8 6 ~(225) ~(75) Solar & Energy Storage Development 6 550 604 ~675 ~300 Other Growth7 120 155 ~400 ~475 Total Capital Expenditures $1,614 $1,857 ~$2,225 ~$2,200 Non-Recurring5 (8) (6) ~225 ~75 Solar & Energy Storage Development 6 (550) (604) ~(675) ~(300) Other Growth7 (120) (155) ~(400) ~(475) Adjusted Capital Expenditures $936 $1,092 ~$1,375 ~$1,500
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30 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 temperature. Moss Landing Phase I 300 MW battery facility was moved to ACS as of Q1 2025. Vistra Zero Portfolio and Development Pipeline Effective October 31, 2025 Q3 2025 Investor Presentation 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 Pulaski Pulaski County, IL MISO In Construction, 2026 405 Davis-Besse Oak Harbor, OH PJM 1978 908 Deer Creek Tulare County, CA CAISO In Construction, 2026 50 Perry Perry, OH PJM 1986 1,268 Newton Newton, IL MISO In Construction, 2026 52 Comanche Peak I & II Glen Rose, TX ERCOT 1990 / 1993 2,400 Kincaid Kincaid, IL PJM Under Development 20 Total Nuclear 6,448 Duck Creek Canton, IL MISO Under Development 20 Hennepin Hennepin, IL MISO Under Development 24 Upton 2 Upton County, TX ERCOT 2018 180 Total Solar 571 Brightside Live Oak County, TX ERCOT 2022 50 Emerald Grove Crane County, TX ERCOT 2022 108 Deer Creek Tulare County, CA CAISO In Construction, 2026 50 Oak Hill Rusk County, TX ERCOT 2025 200 Newton Newton, IL MISO In Construction, 2026 2 Baldwin Baldwin, IL MISO 2024 68 Edwards Bartonville, IL MISO Under Development 37 Coffeen Coffeen, IL MISO 2024 44 Havana Havana, IL MISO Under Development 37 Total Solar 650 Joppa Joppa, IL MISO Under Development 37 Oakland Oakland, CA CAISO Under Development 43 Upton 2 Upton County, TX ERCOT 2018 10 Total Energy Storage 206 Moss Landing Phase II Moss Landing, CA CAISO 2021 100 DeCordova Hood County, TX ERCOT 2022 260 Moss Landing Phase III Moss Landing, CA CAISO 2023 350 Baldwin Baldwin, IL MISO 2024 2 Coffeen Coffeen, IL MISO 2024 2 Total Energy Storage 724
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3131 Non-GAAP Reconciliations Q3 2025 Investor Presentation
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32 Non-GAAP Reconciliations Three Months Ended September 30, 2025 (Unaudited, Millions of Dollars) Q3 2025 Investor Presentation a) Includes $10 million of unrealized mark-to-market net losses on interest rate swaps. b) Includes nuclear fuel amortization of $35 million and $94 million, respectively, in the Texas and East segments. c) Represents net of all NDT (income) loss of the PJM nuclear facilities and all ARO and environmental remediation expenses. Retail Texas East West Eliminations / Corp and Other Ongoing Operations Consolidated Asset Closure Vistra Corp. Consolidated Net income (loss) $(40) $823 $354 $105 $(564) $678 $(26) $652 Income tax expense 0 0 0 0 204 204 0 204 Interest expense and related charges (a) 18 (9) (16) (2) 294 285 1 286 Depreciation and amortization (b) 23 195 338 14 18 588 0 588 EBITDA before Adjustments 1 1,009 676 117 (48) 1,755 (25) 1,730 Unrealized net (gain) loss resulting from hedging transactions 20 (239) 93 (57) 0 (183) (1) (184) Purchase accounting impacts 8 1 8 0 0 17 0 17 Non-cash compensation expenses 0 0 0 0 36 36 0 36 Transition and merger expenses 3 0 3 0 16 22 0 22 Impairment of long-lived assets 0 0 5 0 0 5 0 5 Decommissioning-related activities (c) 0 5 (74) 1 0 (68) 6 (62) ERP system implementation expenses 0 0 1 0 0 1 0 1 Other, net 5 8 7 2 (26) (4) 3 (1) Adjusted EBITDA $37 $784 $719 $63 $(22) $1,581 $(17) $1,564
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33 Non-GAAP Reconciliations Three Months Ended September 30, 2024 (Unaudited, Millions of Dollars) Q3 2025 Investor Presentation a) Includes $84 million of unrealized mark-to-market net gains on interest rate swaps. b) Includes nuclear fuel amortization of $28million and $95 million, respectively, in the Texas and East segments. c) Represents net of all NDT (income) loss, ARO accretion expense for operating assets, and ARO remeasurement impacts for operat ing assets. Retail Texas East West Eliminations / Corp and Other Ongoing Operations Consolidated Asset Closure Vistra Corp. Consolidated Net income (loss) $(1,226) $3,354 $526 $155 $(952) $1,857 $(20) $1,837 Income tax expense 0 0 0 0 555 555 0 555 Interest expense and related charges (a) 16 (11) (4) (1) 331 331 1 332 Depreciation and amortization (b) 31 183 336 15 17 582 7 589 EBITDA before Adjustments (1,179) 3,526 858 169 (49) 3,325 (12) 3,313 Unrealized net (gain) loss resulting from hedging transactions 1,275 (2,773) (254) (101) 0 (1,853) (2) (1,855) Purchase accounting impacts 1 1 (4) 0 0 (2) 0 (2) Non-cash compensation expenses 0 0 0 0 23 23 0 23 Transition and merger expenses 0 1 1 0 23 25 0 25 Decommissioning-related activities (c) 0 8 (72) (1) 0 (65) 1 (64) ERP system implementation 1 1 0 0 0 2 1 3 Other, net 4 (2) 0 3 (22) (17) 1 (16) Adjusted EBITDA $102 $762 $529 $70 $(25) $1,438 $(11) $1,427
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34 Q3 2025 Investor Presentation Non-GAAP Reconciliations Three Months Ended September 30, 2023 (Unaudited, Millions of Dollars) a) Includes $43 million of unrealized mark-to-market net gains on interest rate swaps. b) Includes nuclear fuel amortization of $26 million in the Texas segment. c) Represents change in estimate of anticipated market participant defaults on PJM capacity performance penalties due to extreme magnitude of penalties associated with Winter Storm Elliott. d) Includes the application of bill credits to large commercial and industrial customers that curtailed their usage during Winte r Storm Uri. Retail Texas East West Eliminations / Corp and Other Ongoing Operations Consolidated Asset Closure Vistra Corp. Consolidated Net income (loss) $245 $472 $(49) $259 $(414) $513 $(11) $502 Income tax expense 0 0 0 0 169 169 0 169 Interest expense and related charges (a) 2 (5) 0 0 145 142 1 143 Depreciation and amortization (b) 27 159 174 16 18 394 6 400 EBITDA before Adjustments 274 626 125 275 (82) 1,218 (4) 1,214 Unrealized net (gain) loss resulting from hedging transactions (98) 350 242 (203) 0 291 (7) 284 Generation plant retirement expenses 0 1 (4) 0 0 (3) 2 (1) Purchase accounting impacts (1) 1 (4) 0 0 (4) 0 (4) Impacts of Tax Receivable Agreement 0 0 0 0 49 49 0 49 Non-cash compensation expenses 0 0 0 0 20 20 0 20 Transition and merger expenses 0 0 0 0 22 22 0 22 PJM capacity performance default impacts (c) 0 0 1 0 0 1 0 1 Winter Storm Uri impacts (d) (7) 1 0 0 0 (6) 0 (6) Other, net 5 1 26 3 (23) 12 (3) 9 Adjusted EBITDA $173 $980 $386 $75 $(14) $1,600 $(12) $1,588
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35 Non-GAAP Reconciliations Nine Months Ended September 30, 2025 (Unaudited, Millions of Dollars) Q3 2025 Investor Presentation a) Includes $84 million of unrealized mark-to-market net losses on interest rate swaps. b) Includes nuclear fuel amortization of $96 million and $270 million, respectively, in the Texas and East segments. c) Includes involuntary conversion gain recognized from Martin Lake Incident property damage insurance in the Texas segment and revenues from Moss Landing Incident business interruption proceeds in the Asset Closure segment. d) Represents net of all NDT (income) loss of the PJM nuclear facilities and all ARO and environmental remediation expenses. e) Includes the final application of bill credits to large commercial and industrial customers that curtailed their usage during Winter Storm Uri in the Retail segment. Retail Texas East West Eliminations / Corp and Other Ongoing Operations Consolidated Asset Closure Vistra Corp. Consolidated Net income (loss) $969 $966 $(16) $132 $(1,203) $848 $(137) $711 Income tax expense (benefit) 0 0 1 0 103 104 0 104 Interest expense and related charges (a) 53 (41) (36) (4) 933 905 3 908 Depreciation and amortization (b) 70 573 1,146 45 57 1,891 (2) 1,889 EBITDA before Adjustments 1,092 1,498 1,095 173 (110) 3,748 (136) 3,612 Unrealized net (gain) loss resulting from hedging transactions (136) (109) 621 (7) 0 369 (2) 367 Purchase accounting impacts 16 1 31 0 0 48 0 48 Non-cash compensation expenses 0 0 0 0 82 82 0 82 Transition and merger expenses 8 0 4 0 50 62 0 62 Impairment of long-lived assets 0 68 5 0 0 73 0 73 Insurance Income (c) 0 (80) 0 0 0 (80) (21) (101) Decommissioning-related activities (d) 0 14 (120) 1 0 (105) 95 (10) ERP system implementation expenses 3 3 4 0 0 10 1 11 Other, net (e) (6) 21 11 7 (70) (37) 5 (32) Adjusted EBITDA $977 $1,416 $1,651 $174 $(48) $4,170 $(58) $4,112
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36 Non-GAAP Reconciliations Nine Months Ended September 30, 2024 (Unaudited, Millions of Dollars) Q3 2025 Investor Presentation a) Includes $26 million of unrealized mark-to-market net gains on interest rate swaps. b) Includes nuclear fuel amortization of $80 million and $189 million, respectively, in the Texas and East segments. c) Includes $10 million gain recognized on the repurchase of TRA Rights. d) Represents net of all NDT (income) loss, ARO accretion expense for operating assets, and ARO remeasurement impacts for operat ing assets. Retail Texas East West Eliminations / Corp and Other Ongoing Operations Consolidated Asset Closure Vistra Corp. Consolidated Net income (loss) $232 $2,445 $871 $442 $(1,592) $2,398 $(76) $2,322 Income tax expense 0 0 0 0 694 694 0 694 Interest expense and related charges (a) 38 (33) (4) (1) 740 740 3 743 Depreciation and amortization (b) 85 503 873 43 50 1,554 21 1,575 EBITDA before Adjustments 355 2,915 1,740 484 (108) 5,386 (52) 5,334 Unrealized net (gain) loss resulting from hedging transactions 489 (1,513) (385) (308) 0 (1,717) (8) (1,725) Purchase accounting impacts 0 1 (8) 0 (14) (21) 0 (21) Impacts of Tax Receivable Agreement (c) 0 0 0 0 (5) (5) 0 (5) Non-cash compensation expenses 0 0 0 0 76 76 0 76 Transition and merger expenses 2 1 7 0 75 85 0 85 Decommissioning-related activities (d) 0 19 (112) 0 0 (93) 1 (92) ERP system implementation 7 6 5 1 0 19 2 21 Other, net 10 4 (5) 6 (85) (70) 2 (68) Adjusted EBITDA $863 $1,433 $1,242 $183 $(61) $3,660 $(55) $3,605
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37 Q3 2025 Investor Presentation Non-GAAP Reconciliations Nine Months Ended September 30, 2023 (Unaudited, Millions of Dollars) a) Includes $65 million of unrealized mark-to-market net losses on interest rate swaps. b) Includes nuclear fuel amortization of $68 million in the Texas segment. c) Represents estimate of anticipated market participant defaults or settlements on initial PJM capacity performance penalties d ue to extreme magnitude of penalties associated with Winter Storm Elliott. d) 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) $462 $430 $1,457 $459 $(1,177) $1,631 $45 $1,676 Income tax expense 0 0 1 0 469 470 0 470 Interest expense and related charges (a) 19 (15) 2 (8) 448 446 4 450 Depreciation and amortization (b) 78 462 529 36 52 1,157 20 1,177 EBITDA before Adjustments 559 877 1,989 487 (208) 3,704 69 3,773 Unrealized net (gain) loss resulting from hedging transactions 114 711 (1,310) (338) 0 (823) (32) (855) 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 0 0 0 0 128 128 0 128 Non-cash compensation expenses 0 0 0 0 63 63 0 63 Transition and merger expenses (2) 1 1 0 39 39 0 39 Impairment of long-lived assets 0 0 49 0 0 49 0 49 PJM capacity performance default impacts (c) 0 0 9 0 0 9 0 9 Winter Storm Uri impacts (d) (46) 2 0 0 0 (44) 0 (44) Other, net 17 (5) 47 5 (57) 7 (1) 6 Adjusted EBITDA $642 $1,586 $785 $154 $(35) $3,132 $36 $3,168
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38 Non-GAAP Reconciliations Twelve Months Ended December 31, 2024 (Unaudited, Millions of Dollars) Q3 2025 Investor Presentation 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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39 Non-GAAP Reconciliations Twelve Months Ended December 31, 2023 (Unaudited, Millions of Dollars) Q3 2025 Investor Presentation 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 d ue 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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40 Non-GAAP Reconciliations – Adjusted FCFbG Twelve Months Ended December 31, 2024 (Unaudited, Millions of Dollars) a) Net of interest received. b) Excludes $800 million of capital expenditures related to growth and development. c) Includes net contributions to nuclear decommissioning trusts and other. Note: 2024 Adj FCF/share presented in the presentation based on weighted average diluted share count of ~353 million for the year ended Dec. 31, 2024. Q3 2025 Investor Presentation Ongoing Operations Asset Closure Vistra Consolidated Adjusted EBITDA $5,643 $(104) $5,539 Interest paid, net (a) (939) 0 (939) Taxes paid (56) 0 (56) Change in working capital, margin deposits, and accrued environmental allowance obligations 1,048 0 1,048 Reclamation and remediation expenditures (39) (49) (88) ERP implementation expenditures (53) 0 (53) Transition and merger expenditures (155) (1) (156) Other changes in other operating assets and liabilities (757) 25 (732) Cash provided by (used in) operating activities 4,692 (129) 4,563 Capital expenditures for maintenance including net nuclear fuel purchases and LTSA prepayments (b) (1,092) 0 (1,092) Proceeds from sale of transferable investment tax credits 150 0 150 Other net investing activities (c) (35) 0 (35) Change in working capital, margin deposits, and accrued environmental allowance obligations (1,048) 0 (1,048) Transition and merger expenditures 155 1 156 ERP implementation expenditures 53 0 53 Adjusted FCFbG $2,875 $(128) $2,747
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41 Non-GAAP Reconciliations – Adjusted FCFbG Twelve Months Ended December 31, 2023 (Unaudited, Millions of Dollars) a) Net of interest received. b) Includes $227 million LTSA prepaid capital expenditures. c) Includes investments in and proceeds from the nuclear decommissioning trust fund, insurance proceeds, proceeds from sales of assets, proceeds from sales of nuclear fuel and other net investing cash flows. Note: 2023 Adj FCF/share presented in the presentation based on weighted average diluted share count of ~375 million for the year ended Dec. 31, 2023. Q3 2025 Investor Presentation Ongoing Operations Asset Closure Vistra Consolidated Adjusted EBITDA $4,093 $8 $4,101 Interest paid, net (a) (560) 0 (560) Taxes paid (24) 0 (24) Change in working capital, margin deposits, and accrued environmental allowance obligations 2,223 (3) 2,220 Reclamation and remediation expenditures (3) (16) (19) Transition and merger expenditures (58) (23) (81) Other changes in other operating assets and liabilities (63) (121) (184) Cash provided by (used in) operating activities 5,608 (155) 5,453 Capital expenditures for maintenance including net nuclear fuel purchases and LTSA prepayments (b) (994) 0 (994) Other net investing activities (c) (5) 107 102 Change in working capital, margin deposits, and accrued environmental allowance obligations (2,223) 3 (2,220) Transition and merger expenditures 58 23 81 Adjusted FCFbG $2,444 $(22) $2,422
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42 Non-GAAP Reconciliations – Guidance 2025 Guidance (Unaudited, Millions of Dollars) Q3 2025 Investor Presentation Regulation G Table for 2025 Guidance prepared as of Nov. 6, 2025, based on market curves as of Oct. 31, 2025. Guidance exclud es any potential benefit from the nuclear production tax credit. a) Includes $105 million interest relates to noncontrolling interest repurchase. 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) $1,920 $2,070 $(180) $(180) $1,740 $1,890 Income tax expense 440 490 0 0 440 490 Interest expense and related charges (a) 1,170 1,170 0 0 1,170 1,170 Depreciation and amortization (b) 2,180 2,180 0 0 2,180 2,180 EBITDA before adjustments $5,710 $5,910 $(180) $(180) $5,530 $5,730 Unrealized net (gain) loss resulting from hedging transactions (195) (195) (2) (2) (197) (197) Fresh start/purchase accounting impacts 32 32 0 0 32 32 Non-cash compensation expenses 109 109 0 0 109 109 Transition and merger expenses 65 65 0 0 65 65 Decommissioning activities (c) (10) (10) 18 18 8 8 ERP system implementation expenses & other transformational initiatives 65 65 0 0 65 65 Other, net (76) (76) 79 79 3 3 Adjusted EBITDA guidance $5,700 $5,900 $(85) $(85) $5,615 $5,815
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43 Non-GAAP Reconciliations – Guidance 2025 Guidance (Unaudited, Millions of Dollars) Q3 2025 Investor Presentation Regulation G Table for 2025 Guidance prepared as of Nov. 6, 2025, based on market curves as of Oct. 31, 2025 . Note: 2025E Adj FCF/share presented in the presentation assumes diluted share count of ~345 million based on the weighted average diluted share count for the 9 months ended Sept. 30, 2025. Ongoing Operations Asset Closure Vistra Corp. Consolidated Low High Low High Low High Adjusted EBITDA guidance $5,700 $5,900 $(85) $(85) $5,615 $5,815 Interest paid, net (1,141) (1,141) 0 0 (1,141) (1,141) Tax (paid) / received (70) (70) 0 0 (70) (70) Working capital, margin deposits, and accrued environmental allowances (143) (143) 0 0 (143) (143) Reclamation and remediation (39) (39) (70) (70) (109) (109) ERP system implementation expenses & other transformational initiatives (47) (47) 0 0 (47) (47) Other changes in other operating assets and liabilities 39 39 (20) (20) 19 19 Cash provided by (used in) operating activities $4,299 $4,499 $(175) $(175) $4,124 $4,324 Capital expenditures including nuclear fuel purchases and LTSA prepayments (1,435) (1,435) 0 0 (1,435) (1,435) Other net investing activities (21) (21) 0 0 (21) (21) Working capital, margin deposits and accrued environmental allowances 143 143 0 0 143 143 Transition and merger expenditures 138 138 0 0 138 138 Interest on noncontrolling interest repurchase obligation 105 105 0 0 105 105 ERP system implementation expenses & other transformational initiatives 71 71 0 0 71 71 Adjusted free cash flow before growth guidance $3,300 $3,500 $(175) $(175) $3,125 $3,325
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44 Non-GAAP Reconciliations – Guidance 2026 Guidance (Unaudited, Millions of Dollars) Q3 2025 Investor Presentation Regulation G Table for 2026 Guidance prepared as of Nov. 6, 2025, based on market curves as of Oct. 31, 2025. Guidance exclud es any potential benefit from the nuclear production tax credit. a) Includes $60 million interest related to noncontrolling interest repurchase. b) Includes nuclear fuel amortization of $423 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) $3,100 $3,730 $(90) $(90) $3,010 $3,640 Income tax expense 830 1,000 0 0 830 1,000 Interest expense and related charges (a) 1,200 1,200 0 0 1,200 1,200 Depreciation and amortization (b) 2,150 2,150 0 0 2,150 2,150 EBITDA before adjustments $7,280 $8,080 $(90) $(90) $7,190 $7,990 Unrealized net (gain) loss resulting from hedging transactions (728) (728) 0 0 (728) (728) Fresh start/purchase accounting impacts 58 58 0 0 58 58 Non-cash compensation expenses 137 137 0 0 137 137 Transition and merger expenses 29 29 0 0 29 29 Decommissioning activities (c) 64 64 22 22 86 86 ERP system implementation expenses & other transformational initiatives 17 17 0 0 17 17 Other, net (57) (57) (12) (12) (69) (69) Adjusted EBITDA guidance $6,800 $7,600 $(80) $(80) $6,720 $7,520
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45 Non-GAAP Reconciliations – Guidance 2026 Guidance (Unaudited, Millions of Dollars) Q3 2025 Investor Presentation Regulation G Table for 2026 Guidance prepared as of Nov. 6, 2025, based on market curves as of Oct. 31, 2025 . Note: 2026E Adj FCF/share presented in the presentation assumes diluted share count of ~344 million based on the amount outst anding as of Sept. 30, 2025. Ongoing Operations Asset Closure Vistra Corp. Consolidated Low High Low High Low High Adjusted EBITDA guidance $6,800 $7,600 $(80) $(80) $6,720 $7,520 Interest paid, net (1,125) (1,125) 0 0 (1,125) (1,125) Tax (paid) / received (111) (111) 0 0 (111) (111) Working capital, margin deposits, and accrued environmental allowances 640 640 0 0 640 640 Reclamation and remediation (78) (78) (80) (80) (158) (158) ERP system implementation expenses & other transformational initiatives (16) (16) 0 0 (16) (16) Other changes in other operating assets and liabilities (112) (112) (5) (5) (117) (117) Cash provided by (used in) operating activities $5,998 $6,798 $(165) $(165) $5,833 $6,633 Capital expenditures including nuclear fuel purchases and LTSA prepayments (1,536) (1,536) 0 0 (1,536) (1,536) Other net investing activities (20) (20) 0 0 (20) (20) Working capital, margin deposits and accrued environmental allowances (640) (640) 0 0 (640) (640) Transition and merger expenditures 41 41 0 0 41 41 Interest on noncontrolling interest repurchase obligation 60 60 0 0 60 60 ERP system implementation expenses & other transformational initiatives 22 22 0 0 22 22 Adjusted free cash flow before growth guidance $3,925 $4,725 $(165) $(165) $3,760 $4,560
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4646 Lighting up lives, powering a better way forward Q3 2025 Investor Presentation