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1 Fourth Quarter and Full Year 2025 Results February 26, 2026
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2 2 Safe Harbor Statements Cautionary Note Regarding Forward-Looking Statements The information presented herein includes forward -looking statements within the meaning of the Private Securities Litigation Ref orm Act of 1995. These forward-looking statements, which are based on current expectations, estimates and projections about the industry and markets in which Vistra Corp. (“Vistra”) operates and beliefs of and assumptions made by Vistra’s management, involve risks and uncertai nties, which are difficult to predict and are not guarantees of future performance, that could significantly affect the financia l results of Vistra. All statements, other than statements of historical facts, that are presented herein, or in response to questions or otherwise, that address activities, events or developments that may occur in the future, including such matters as activities related to our financial o r operational projections including 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 could 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 conditions or federal or state laws and regulations; (ii) the ability of Vistra to execu te upon its contemplated strategic, capital allocation, performance, and cost-saving initiatives, and to successfully integrate acquired businesses, including our ability to integrate the gas plants acquired from Lotus Infrastructure Partners and our ability to execute the acquisition of Cogentrix Energy; (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 control, 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 discussed in the sections entitled “ Risk Factors” and “Forward- Looking Statements” in Vistra’s annual report on Form 10 -K 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, including 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, transition and merger expenses, non-cash compensation expenses, nuclear decommissioning trust income, asset retirement obligation expenses, and certain other ite ms described from time to time in Vistra’s earnings releases), “Adjusted Free Cash Flow before Growth” (or “Adjusted FCFbG”) (cash from operati ng activities excluding changes in margin deposits and working capital and adjusted for maintenance capital expenditures, other net investment activities, and other items described from time to time in Vistra’s earnings releases), “Ongoing Operations Adjusted EBITDA” (adjusted EB ITDA less adjusted EBITDA from Asset Closure segment), “Ongoing Operations Adjusted Free Cash Flow before Growth” or “Ongoing Op erations Adjusted FCFbG” (and its per share equivalent) (adjusted free cash flow before growth less cash flow from operating activities from As setClosure segment before growth) are “non -GAAP financial measures.” A non-GAAP financial measure is a numerical measure of financ ial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in acco rdance with GAAP in Vistra’s consolidated statements of operations, comprehensive income, changes in stockholders’ equity and ca sh flows. Non-GAAP financial measures should not be considered in isolation or as a substitute for the most directly comparable GAAP measures. V istra’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 separate 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. Q4 2025 Investor Presentation
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3 3 Agenda Welcome and Safe Harbor Eric Micek, Vice President of Investor Relations 2025 Highlights Jim Burke, President & Chief Executive Officer 2025 Finance Update Kris Moldovan, Executive Vice President & Chief Financial Officer Q4 2025 Investor Presentation
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4 4 Jim Burke President & Chief Executive Officer 2025 Highlights Q4 2025 Investor Presentation
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5 2025 At-A-Glance ~8.1 GW TRANSACTED Modern Natural Gas Assets CONTRACTED ~3.8 GW Nuclear Power Plant Capacity $5.912B DELIVERED Delivered $3.592 billion 2025 Adj. FCFbG1 Results above the midpoint of the original guidance ranges 2025 Adj. EBITDA1 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. 2025 results reflect the transfer of Moss 100 to the Asset Closure Segment (ACS) in Q4 2025. ~2.6 GW portfolio from Lotus closed in October ~5.5 GW Cogentrix portfolio expected to close in 2026 Includes contract at our PJM sites that is the largest ever nuclear PPA Includes ~433 MW of nuclear uprates Q4 2025 Investor Presentation
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6 .1 .1 . . . .1 0 0 0 P ERCOT Structural Tailwinds in Power Markets 2025 experienced an acceleration in load growth across our key markets U.S. load growth remains robust • U.S. electricity consumption reached an all-time peak of ~4,200 TWh2 • Calendar 2026 and 2027 also expected to show load growth, the first four-year growth period since 2007 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 Tailwinds driving more opportunities for Vistra • Key markets such as PJM and ERCOT attracting a growing share of the load growth • Our 22 GW modern combined cycle gas fleet has the ability to run at higher utilization rates PJM and ERCOT Load Growth Year-over-year weather adjusted growth in load (MWh) by year (%)1 1) Source: PJM and ERCOT load data, weather adjusted. 2) Based on Energy Information Administration (EIA) Short -Term Energy Outlook (STEO). Q4 2025 Investor Presentation
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7 Vistra to Acquire Cogentrix Total company pro forma combined cycle natural gas fleet will have capacity of ~26 GW Transaction Highlights • Acquiring ~5,500 MW of modern natural gas generation assets • Net purchase price of ~$4.0 billion or ~$729/kW1 • Funded through the assumption of existing debt from Cogentrix, cash, and 5 million shares to Quantum, partially offset by expected tax savings • Implies a multiple of ~7.25x 2027 Adjusted EBITDA contribution2 • Expected to deliver Ongoing Operations AFCFbG3 accretion of mid-single digits in 2027 and high-single digits on average over 2027-2029 following closing • Opportunities for capacity expansion and improved hedge realizations • Expected to close mid-to-late 20264 ISO-NE PJM ERCOT Peaker CCGT Cogen 1) Subject to certain net working capital and other adjustments as specified in the transaction documents. Purchase price shown net of tax benefits. 2) Transaction multiple based on Jan. 5, 2026 announcement date. 3) Ongoing Operations excludes the Asset Closure segment. Any reference to "Ongoing Operations Adjusted FCFbG" is a reference to Ongoing Operations Adjusted Free Cash Flow before Growth, which is a non -GAAP measure. 4) Subject to certain regulatory approvals, including the Federal Energy Regulatory Commission and the expiration or termination of waiting periods under the Hart-Scott-Rodino Act. Q4 2025 Investor Presentation Asset Location ISO COD Size (MW) Technology Heat Rate Patriot Lycoming, PA PJM 2016 881 CCGT 6,667 Hamilton-Liberty Bradford, PA PJM 2016 881 CCGT 6,748 Lakewood Lakewood, NJ PJM 1994 286 CCGT 8,959 Rock Springs Rising Sun, MD PJM 2003 740 CT 10,550 Ocean Lakewood, NJ PJM 2003 375 CT 10,513 Newington Newington, NH ISONE 2002 624 CCGT 7,016 Bridgeport Bridgeport, CT ISONE 1998 558 CCGT 7,313 Tiverton Tiverton, RI ISONE 2000 297 CCGT 7,024 Rumford Rumford, ME ISONE 2000 271 CCGT 7,335 Altura Cogeneration Channelview, TX ERCOT 85-'95 583 Cogen 7,677 Total 5,496 † The Altura Cogeneration plant capacity is currently 17 W as will be reflected in a capacity report to be filed by Cogentrix at the PUCT by the end of February. †
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8 Landmark Nuclear Power Purchase Agreements Signed ~3.8 GW of nuclear capacity and PJM uprates; ~3.2 GW including ERCOT uprates still available Comanche Peak PJM Nuclear Plants Meta 20 years Term 20 years 1,200 MW at full ramp Capacity 2,176 MW from operating plants and 433 MW from uprates Energized by 4Q 2027 and full ramp by 4Q 2032 Expected Timing Operating volumes starting 4Q 2026 with full volume by 4Q 2027; uprate volumes starting 4Q 2031 with full volume by 4Q 2034 Expecting incremental Adj. FCFbG accretion to be in the range of ~8-10%1 Financial Expecting incremental Adj. FCFbG accretion to be in the range of ~13-17%2 Customer plans to bring 1:1 backup generation; options to explore uprates and SMRs Other Expected to support thousands of jobs and drive investment of multiple-billions into local communities Q4 2025 Investor Presentation 1) Assuming forwards as of Aug. 9, 0 , an Adjusted EBITDA idpoint Opportunity consistent with Vistra’s previously communicated fiscal year 0 expectation at the time of announcement, and Vistra’s medium -term expected conversion ratio of Adjusted Free Ca sh Flow before Growth to Adjusted EBITDA, Vistra expects incremental Adjusted Free Cash Flow before Growth accretion to be in the range of a pproximately 8-10% if the Customer utilizes the full capacity. 2) At full delivery of the PPAs and assuming Vistra’s 0 Adjusted Free Cash Flow before Growth from Ongoing Operations guidanc e, Vistra expects incremental Adjusted Free Cash Flow before Growth accretion from the PPAs to be in the range of approximately 8%-10% related to operating energy and capacity and an additional approximately 5% -7% related to uprate energy and capacity.
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9 Higher Contracted Revenue These long-term contracts enhance visibility and underwrite higher base profitability Nearly half of our expected Adj. EBITDA comes from Retail and long-term PPAs while substantially growing EBITDA 2023 ~$4.1 billion Adj. EBITDA 2026 ~$7.2 billion Adj. EBITDA Indicative Long-Term Note: % contracted includes Adj. EBITDA backed by renewable PPAs and other wholesale PPAs (including Comanche Peak and PJM Nuclear assets). 2026 Adj. EBITDA reflects guidance midpoint. Indicative Long-Term assumes Cogentrix closes. For illustrative purposes only. Q4 2025 Investor Presentation Only reflects deals signed to-date
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10 Integrated Business Model – Commercial availability consistently above 90% – Best in-class retail business with consistent operating results Disciplined Capital allocation – Repurchased 30% of outstanding shares since Nov. 2021 – Opportunistic, value enhancing growth investments Resilient Balance Sheet – Leverage approaching low-to-mid 2x – Achieving investment grade credit ratings, including recent upgrade by S&P to IG Strategic Energy Transition – Executing on our Vistra Zero pipeline – Nuclear PPAs enhance financial stability and operating capabilities while adding capacity Delivering Against our Strategic Priorities Sound operational and financial execution to achieve disciplined growth and enhanced earnings power 2023 Energy Harbor Acquisition 2024 Texas Gas Augmentations Coleto Creek Conversion Oak Hill and Pulaski PPAs 2025 Lotus Acquisition AWS / Comanche Peak PPA Permian Gas Units Miami Fort Conversion YTD 2026 Cogentrix Acquisition Meta / PJM Nuclear PPAs Additional growth opportunities for new and existing assets + Q4 2025 Investor Presentation
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11 11 Kris Moldovan Executive Vice President & Chief Financial Officer 2025 Finance Update Q4 2025 Investor Presentation
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12 2025 Financial Results • Higher realized generation revenue, due in part to higher generation volumes, partially offset by outages at Martin Lake and Moss Landing • Two additional months contribution from the Energy Harbor assets, and two months contribution for the Lotus assets • Strong counts and margins in the retail business • One-time gains from supply cost management 2025 Results Solid year of execution across our businesses 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 $8 million, $(104) million, and $(74) million in each of 2023, 2024, and 2025, respectively. 2023 an d 2024 results were not recast for the transfer of Moss 100 to ACS. 2025 results reflect the transfer of Moss 100 to ACS in Q4 2025 . 2) Generation includes Texas, East, West, and Corp./Other. 3) In the years ended December 31, 2025 and 2024, we recognized transferable nuclear PTC revenues of $220 million and $545 milli on, respectively. Adjusted EBITDA1,2 ($ in millions) Key Drivers Q4 2025 Investor Presentation 3 1,10 1, 1, ,9 ,1 0 , 90 ,09 , ,91 F 0 F 0 F 0 Retail Generation PTC
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13 Disciplined Capital Allocation Incremental free cash flow for allocation to drive additional value for shareholders 1) As of Feb. 18, 2026. 2) Includes the impact from the Meta PPAs and excludes the expected impact from assets to be acquired from Cogentrix. 3) Leverage based on 2027 Adj. EBITDA midpoint opportunity range of $7.4 to $7.8 billion plus the expected contribution from the Meta PPAs and Cogentrix assuming a Jul. 1, 2026 close. Adjusted EBITDA is a reference to Ongoing Operations Adjusted EBITDA, wh ich is a non-GAAP financial measure. For illustrative purposes only. 4) Includes contribution from Meta PPAs and assumes Cogentrix closes Jul. 1, 2026. All remaining figures represent potential cum ulative cash flows for the period Dec. 31, 2025 to Dec. 31, 2027. Assumes 2027 Adj. EBITDA midpoint opportunity range of $7.4 to $7.8 billion and 60% conversion ratio to Adj. FCFbG. Growth and development capex shown net of expected financing. Includes PTC as of Dec. 31, 202 5 and assumes an interpretation of the definition of "gross receipts" which excludes hedges pending U.S. Treasury and Internal Revenue Service guidance. From Dec. 31, 2025 to Feb. 18, 2026, we repurchased approximately 1.19 million shares of common stock at an average price of $159.80 for total consideration of approximately $189 million. 5) Subject to board approval. Higher Earnings Visibility • Expected generation hedge percentages of ~100%, ~84%, and ~58% for 2026, 2027, and 2028, respectively1,2 • Expect to consistently convert 60%+ of Adj. EBITDA to Adj. FCFbG over the medium term Shareholder Returns • ~$1.8 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 annually5 Resilient Balance Sheet • Targeting investment grade credit ratings with outlook assuming net debt / Adj. EBITDA of ~2.3x at YE 20273 Strategic Investments • Target mid-teens or higher levered returns on growth investments • Acquisition from Lotus closed in Q4; expect to close Cogentrix in 2H 2026 ~$7B Expected cumulative cash uses includes ~$3.0B for share repurchases, and common and preferred dividends5; and ~$4.0B for growth (incl. Cogentrix, Permian gas units and PJM nuclear uprates) >$10B Expected cumulative cash to allocate Through YE 20274 >$3B Projected cash still available for allocation Through YE 2027 Q4 2025 Investor Presentation
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14 1 . 0 10. 9 0 0 E Guidance idpoint Share Repurchase Cogentrix eta Oper. PPA Near term Potential edge Roll O eta prate and AWS Delivering Long-term Shareholder Value Actions taken in the last 12 months significantly enhance our long-term financial profile Adj. Free Cash Flow before Growth ($ per share)1,2 Vistra Cash Generation Outlook ~30% growth 1) “Adjusted Free Cash Flow before Growth” is a reference to Ongoing Operations Adjusted Free Cash Flow before Growth (FCFbG). Adjusted FCFbG is a non-GAAP financial measure. See the “Non-GAAP Reconciliation” tables at the end of this presentation for further details. 2) 2025 actuals based on weighted average diluted share count. 2026 based on diluted share count as of Dec. 31, 2025. Share repu rchase assumes current $2 billion share authorization through 2027 and $3 billion of identified CAFA deployed to share repurchas e at an average price of $170.57 (closing price on Feb. 18, 2026). Based on market curves as of Feb. 18, 2026. Additional items not included in current outlook • Deployment of incremental unallocated capital, including share repurchases beyond 2027 • Additional long-term contracts at nuclear and gas-fueled generation sites • Capacity expansions, including the Permian gas units • Improving forward outlook, potentially leading to higher utilization and revenue Q4 2025 Investor Presentation
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15 15 About Vistra Q4 2025 Investor Presentation
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16 Note: As of Dec. 31, 2025. 1) Based on actual production; includes full-year of assets acquired from Lotus. America’s Leading Integrated Power Provider Integrated Fortune 500 retail electricity and power generation company based in Irving, Texas Products and services in 18 states and Washington D.C., including all major competitive wholesale markets in the U.S. Retail • Serving approximately 5 million residential, commercial, and industrial retail customers • Industry leading energy plans and services designed to help customers control usage and bill size Generation • One of the largest competitive power generators in the U.S. • ~44,000 MW of generation powered by a diverse portfolio of natural gas, nuclear, coal, solar, and battery energy storage • Owns and operates the second-largest competitive nuclear power fleet in the U.S. 1 1 Q4 2025 Investor Presentation
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17 Environmental Stewardship Sustainably growing our portfolio while balancing reliability and affordability of power Portfolio Transformation Vistra Zero-Carbon Capacity (MW) and Generation Carbon Emissions Intensity (Scope 1 mt CO2e/MWh) 2,300 2,880 3,408 3,758 7,922 7,722 8,381 Transforming our portfolio Generation carbon emission intensity has fallen 25% since 2021 Capacity increases since 2021 have included nuclear, solar, battery and natural gas Solar generation exceeded 1 TWh for first time in 2025 Total zero-carbon generation represented 25% of generation volumes in 2025 Q4 2025 Investor Presentation
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18 Supporting Employees and Our Communities V ’ u p : L g g up v , p w g b w y f w STAKEHOLDER ENGAGEMENT AWARDS & RECOGNITION Employee Support • Launched an employee stock purchase program, supporting employee participation in Vistra’s long-term financial success • Introduction of a student loan debt match, enabling Vistra employees to contribute to student loan debt while still receiving a 401(k) company match • 15 Employee Resource Groups open to all employees with focus on Vistra culture, business innovation, skills development, and the community 2024 Sustainability Report (GRI & SASB) 2023 Climate Report (TCFD) 2025 CDP questionnaire response Green Finance Framework REPORTING Newsweek 2025 Most Trustworthy Companies in America 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 • 0.52 Total Recordable Incident Rate achieved in 2025 • 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 Community Support • Contributed $150,000 for the 2025 annual Beat the Heat campaign, which included more than 30 events with local non-profit social service agencies to distribute A/C units and box fans to families in need • In 2025, Vista donated more than $11 million to support communities in education, economic development, community welfare, employee involvement, and sustainability Q4 2025 Investor Presentation
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19 19 Appendix Q4 2025 Investor Presentation
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20 p p Nuclear Production Tax Credit (PTC) Overview1 I A’ u v u b y u g p f w p w p f u g 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. Q4 2025 Investor Presentation
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21 Retail Overview Record financial results and another year of operational excellence Highlights ✓ Financial results >10% ahead of prior year results ✓ Organically grew residential customer counts in Texas ✓ Retail volumes increased 4% driven by continued growth in the business markets segment ✓ Our TXU Energy brand was the top-rated large retailer in the 2025 PUCT rankings and maintained the category-leading third-party customer rating (Google, Trustpilot) Energy Degree Days (Dallas-Fort Worth Area) Retail Volumes (in TWh) 63.7 77.6 90.3 93.1 98.1 97.4 133.4 139.1 2018 2019 2020 2021 2022 2023 2024 2025 4% increase Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 10-yr Range 10-yr Avg. 2024 2025 Q4 2025 Investor Presentation
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22 Corporate Debt Profile Vistra remains committed to a long-term net leverage target below 3x1 1) Excludes Vistra Zero Project Level Financings (i.e., Vistra Zero 97 million TLB and BCOP Borrower LLC “BCOP” Credit Facilit y Loans). 2) Reflects Energy Harbor loan obligations associated with various revenue bonds issued by Ohio and Pennsylvania governmental entities. These loan obligations are indirectly secured by a pledge of mortgage bonds issued by certain Energy Harbor entities. 3) Reflects 2026 Ongoing Operations Adjusted EBITDA guidance midpoint. 4) Represents the NPV of the total $669M scheduled payments on the remaining repurchase obligation discounted at 6%. Q4 2025 Investor Presentation Balances ($ in millions) Q4 2025 Funded Revolving Credit Facilities $1,800 Vistra Operations Term Loan B 2,450 Senior Secured Notes 6,400 Senior Unsecured Notes 6,300 Revenue Bond Obligations2 431 Accounts Receivable Financings 1,225 Forward Repurchase Obligations4 632 Equipment Financing Agreements 46 Total Debt1 $19,284 Less: cash and cash equivalents (785) Total Net Debt (before Cash Margin Deposits) 1 $18,499 Less: Net Cash Margin Deposits (1,126) Total Net Debt (after Cash Margin Deposits) 1 $17,373 Illustrative Leverage Metrics Adjusted EBITDA (Consolidated Ongoing Operations)3 $7,200 Gross Debt / Adj. EBITDA (x)1,3 2.7x Net Debt / Adj. EBITDA (x) 1,3 2.6x Net Debt / Adj. EBITDA (x) after Cash Margin Deposits 1,3 2.4x
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23 Select Debt Balances Principal outstanding for secured and unsecured debt issued from Vistra Operations Q4 2025 Investor Presentation Vistra Operations Secured Debt ($ in millions) Q4 2025 Senior Secured Term Loan B-3 due December 2030 $2,450 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 $8,850 Vistra Operations Unsecured Notes ($ 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 Note: Excludes $1 billion of 4.700% Senior Secured Notes due 2031 and $1.25 billion of 5.350% Senior Secured Notes due 2036 i ssued in January 2026.
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24 Comprehensive Hedging Program Overview Effective December 31, 2025 Note: amounts may not sum due to rounding. Hedge and market value represents generation only (excludes retail). 1) This sensitivity assumes a 7.2 MMBtu/MWh Heat Rate, therefore the change in spark spread is equal to the change in power pric e minus 7.2 times the change in delivered gas price. 2) 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. Q4 2025 Investor Presentation 2026 2027 Texas West East Total Texas West East Total Nuclear/Renewable/Coal Gen Position Expected Generation (TWh) 50 57 106 46 51 98 % Hedged 100% 89% 94% 100% 65% 81% Sensitivity to Power Price: + $2.50/MWh ($M) $9 $16 $25 $6 $45 $51 - $2.50/MWh ($M) $0 ($5) ($5) $0 ($36) ($36) Gas Gen Position Expected Generation (TWh) 54 3 74 131 56 4 71 131 % Hedged 92% 100% 98% 96% 43% 42% 72% 58% Sensitivity to Spark Spread1: + $1.00/MWh ($M) $5 $0 $3 $7 $33 $2 $21 $56 - $1.00/MWh ($M) ($4) $0 ($0) ($4) ($32) ($2) ($19) ($53) Natural Gas Position Net Position (Bcf) -5 0 -51 -55 -45 1 -192 -236 Sensitivity to Natural Gas Price: + $0.25/MMBtu ($M) ($1) $0 ($13) ($14) ($11) $0 ($48) ($59) - $0.25/MMBtu ($M) $1 ($0) $13 $14 $11 ($0) $48 $59 Total % Hedged 98% 81% Realized Price Summary Hedge Value vs Market ($M) ($739) $58 ($498) ($1,179) ($680) $3 ($176) ($853) Premium/Discount vs Hub Price2 ($M) $903 $72 $95 $1,069 $1,080 $98 $190 $1,368 Total Difference ($M) $163 $130 ($403) ($110) $401 $100 $14 $515 Around-the-Clock (ATC) Hub Price3 ($/MWh) $51.44 $42.09 $52.80 $52.05 $57.43 $50.88 $54.90 $55.97 Premium/Discount vs Hub Price3 ($/MWh) $1.58 $38.10 ($3.08) ($0.46) $3.90 $25.87 $0.11 $2.25 Total Realized Price ($/MWh) $53.02 $80.18 $49.72 $51.59 $61.33 $76.74 $55.02 $58.23
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25 Forward Market Pricing Effective December 31, 2025 Note: Contribution to segment spark spreads are approximate. 1) Weightings are consistent with spark spread weightings Q4 2025 Investor Presentation 2026 2027 2028 2026 2027 2028 Power (ATC, $/MWh) Spark Spreads (ATC, $/MWh) ERCOT North Hub $51.07 $56.99 $58.33 ERCOT West Hub $54.73 $61.45 $62.90 Texas cont. PJM AD Hub $49.62 $52.93 $51.98 ERCOT North Hub-Houston Ship Channel 90% $25.45 $28.27 $29.99 PJM Ni Hub $40.15 $43.05 $42.00 ERCOT West Hub-Permian Basin 10% $45.43 $36.26 $37.90 PJM Western Hub $55.75 $59.23 $58.22 Texas Weighted Average $27.45 $29.07 $30.78 MISO Indiana Hub $46.64 $51.23 $52.21 ISONE Mass Hub $71.90 $67.87 $62.13 East cont. New York Zone A $58.99 $58.10 $53.03 PJM AD Hub-Dominion South 15% $26.88 $28.65 $28.62 CAISO NP15 $42.09 $50.88 $54.63 PJM AD Hub-Tetco ELA 15% $22.06 $23.42 $23.63 Texas Weighted Average* $51.44 $57.43 $58.79 PJM Ni Hub-Chicago Citygate 15% $12.90 $13.12 $13.05 East Weighted Average* $56.74 $57.39 $54.57 PJM Western Hub-Tetco M3 15% $27.46 $27.59 $27.26 ISONE Mass Hub-Algonquin Citygate 30% $24.97 $21.86 $20.13 Gas ($/MMBtu) New York Zone A-Dominion South 10% $36.25 $33.82 $29.68 NYMEX $3.72 $3.88 $3.71 East Weighted Average $24.51 $23.86 $22.89 Houston Ship Channel $3.21 $3.64 $3.59 Permian Basin $0.94 $3.15 $3.13 West Dominion South $2.81 $3.02 $2.90 CAISO NP15-PG&E Citygate $15.06 $19.54 $23.38 Tetco ELA $3.48 $3.75 $3.59 Chicago Citygate $3.44 $3.81 $3.67 Tetco M3 $3.58 $4.05 $3.95 Algonquin Citygate $6.17 $6.04 $5.49 PG&E Citygate $3.41 $4.01 $3.99
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26 Capacity Positions Effective December 31, 2025 Note: PJM capacity positions represent volumes cleared and purchased in primary annual auctions, incremental auctions, and tr ansitional auctions. Also includes bilateral transactions. ISO-NE represents capacity auction results, supplemental auctions, and b ilateral capacity sales. NYISO represents capacity auction results and bilateral capacity sales; Winter period covers November through April and Summe r period covers May through October. MISO positions represent volumes cleared and purchased in primary annual auctions, incremen tal auctions, and transitional auctions. West capacity position does not include Moss 100 or 300 as they were moved to ACS. West prices based o n proprietary contracts and are not disclosed. Prices reflect cleared auction values. Q4 2025 Investor Presentation Tenor Zone Position (MW) Average Price ($/MW-day) Tenor Zone Position (MW) Avg. Price ($/KW-mo) East East 2025/2026 PJM - RTO 4,093 $269.92 Summer 2025 NYISO 996 $4.70 2025/2026 PJM - ATSI 2,044 $269.92 2025/2026 ISO-NE 3,453 $2.59 2025/2026 PJM - COMED 2,113 $269.92 2025/2026 MISO 1,710 $6.60 2025/2026 PJM - DEOK 946 $269.92 Winter 25/26 NYISO 909 $2.71 2025/2026 PJM - DOM 211 $444.26 2026/2027 ISO-NE 3,500 $2.59 2025/2026 PJM - EMAAC 1,317 $269.92 2027/2028 ISO-NE 3,750 $3.58 2025/2026 PJM - MAAC 534 $269.92 2026/2027 PJM - RTO 3,970 $329.17 West 2026/2027 PJM - ATSI 2,048 $329.17 2026 CAISO 1,415 2026/2027 PJM - COMED 2,082 $329.17 2027 CAISO 1,265 2026/2027 PJM - DEOK 952 $329.17 2026/2027 PJM - DOM 203 $329.17 2026/2027 PJM - EMAAC 1,711 $329.17 2026/2027 PJM - MAAC 562 $329.17 2027/2028 PJM - RTO 3,976 $333.44 2027/2028 PJM - ATSI 2,036 $333.44 2027/2028 PJM - COMED 1,124 $333.44 2027/2028 PJM - DEOK 939 $333.44 2027/2028 PJM - DOM 213 $333.44 2027/2028 PJM - EMAAC 1,718 $333.44 2027/2028 PJM - MAAC 561 $333.44
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27 Generation Metrics Effective December 31, 2025 1) Commercial Availability excluding impact of Martin Lake 1 would have been approximately 94% 2) East Nuclear FY 2024 capacity factor reflects 10 months of PJM nuclear generation. 2024 includes planned outages at Davis -Besse in Mar. 2024, Beaver Valley Unit 1 in Apr.-May 2024, and Comanche Peak Unit 2 outage in Oct. 2024. 2025 includes planned outages at Perry in Mar.- Apr. 2025, Comanche Peak Unit 1 in Apr.-May 2025, and Beaver Valley Unit 1 in Oct.-Nov. 2025. Q4 2025 Investor Presentation Total Generation (TWh) Q4 2024 Q4 2025 FY 2024 FY 2025 CCGT Capacity Factor (%) Q4 2024 Q4 2025 FY 2024 FY 2025 Texas 20.2 23.6 88.3 91.3 Texas 51% 60% 58% 59% East 29.0 32.4 103.8 114.8 East 66% 67% 62% 63% West 1.3 0.5 4.2 2.1 West 56% 19% 47% 23% Total Ongoing Operations 50.5 56.5 196.3 208.2 Commercial Availabilty (%) Q4 2024 Q4 2025 FY 2024 FY 20251 Coal Capacity Factor (%)1 Q4 2024 Q4 2025 FY 2024 FY 2025 Texas Gas 97.0% 98.6% 98.0% 98.6% Texas 57% 58% 59% 54% Texas Coal 74.8% 77.5% 86.9% 76.1% East 56% 60% 49% 57% East Gas 96.1% 93.2% 95.9% 96.3% East Coal 87.4% 76.1% 90.2% 83.2% Nuclear Capacity Factor (%)2 Q4 2024 Q4 2025 FY 2024 FY 2025 West 98.4% 89.6% 98.9% 94.8% Texas 83% 100% 93% 95% Total 93.1% 90.3% 95.0% 92.5% East 91% 89% 89% 91%
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28 Asset Fleet Details Effective December 31, 2025 Note: Approximate net generation capacity, actual net generation capacity may vary based on a number of factors including amb ient temperature. Capacity based on winter rating. Q4 2025 Investor Presentation 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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29 Asset Fleet Details Effective December 31, 2025 Note: Approximate net generation capacity, actual net generation capacity may vary based on a number of factors including amb ient temperature. Capacity based on winter rating. Moss Landing 100 and 300 MW battery facilities were moved from the West segment to ACS in Q4 2025 and Q1 2025, respectively. Q4 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 350 Oakland Oakland, CA CAISO CT Oil 110 Greenleaf Yuba City, CA CAISO CT Gas 49 Total West 1,529 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)
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30 Asset Fleet Details Effective December 31, 2025 Note: Approximate net generation capacity, actual net generation capacity may vary based on a number of factors including amb ient temperature. Capacity based on winter rating. Q4 2025 Investor Presentation 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 43,641
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31 Capital Expenditures1 1) Capital summary for 2026E prepared as of Feb. 18, 2026. Capital expenditure projection is on a cash basis, excludes capitaliz ed interest, and reflects LTSA payments on an accrual basis. Projected capex estimates subject to change based upon market condi tions. Includes expected impacts related to Meta PPA uprates and excludes any potential impacts from Cogentrix. 2) Reflects expenditures under the long-term maintenance contracts in place for our gas fleet in the year installed (excludes prepa yment changes under these long-term contracts of $(9)M in 2024A, $27M in 2025A, and $62M in 2026E). 3) Includes IT, Corporate, and Other. 4) Nuclear fuel capex shown net of nuclear fuel sales. 2024A and 2025A amounts exclude gains on nuclear fuel sales of $38M and $ 10M, respectively. 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. Q4 2025 Investor Presentation Category ($ in millions) 2024A 2025A 2026E Nuclear & Fossil Maintenance2,3 $793 $1,006 ~$1,025 Nuclear Fuel4 345 305 ~475 Non-Recurring5 6 (208) ~(175) Solar & Energy Storage Development6 604 635 ~300 Other Growth7 155 426 ~900 Total Capital Expenditures $1,903 $2,164 ~$2,525 Non-Recurring5 (6) 208 ~175 Solar & Energy Storage Development6 (604) (635) ~(300) Other Growth7 (155) (426) ~(900) Adjusted Capital Expenditures $1,138 $1,311 ~$1,500
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32 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 100 and 300 MW battery facilities were moved from the West segment to ACS in Q4 2025 and Q1 2025, respectively. Vistra Zero Portfolio and Development Pipeline Effective December 31, 2025 Q4 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 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 624
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33 33 Non-GAAP Reconciliations Q4 2025 Investor Presentation
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34 Non-GAAP Reconciliations Twelve Months Ended December 31, 2025 (Unaudited, Millions of Dollars) Notes: Reflects the transfer of the Moss Landing 100 MW battery facility to the Asset Closure segment. a) Corporate and other includes $67 million of unrealized mark -to-market net losses on interest rate swaps. b) Includes nuclear fuel amortization of $133 million and $354 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 and other expenses associated with the Moss Landing Incident. Q4 2025 Investor Presentation Retail Texas East West Eliminations / Corp and Other Ongoing Operations Consolidated Asset Closure Vistra Corp. Consolidated Net income (loss) $1,290 $1,604 $(91) $54 $(1,634) $1,223 $(279) $944 Income tax expense 0 0 1 0 178 179 0 179 Interest expense and related charges (a) 67 (53) (50) (7) 1,218 1,175 4 1,179 Depreciation and amortization (b) 94 771 1,474 61 75 2,475 (2) 2,473 EBITDA before Adjustments 1,451 2,322 1,334 108 (163) 5,052 (277) 4,775 Unrealized net (gain) loss resulting from hedging transactions 148 (479) 1,013 128 0 810 (2) 808 Purchase accounting impacts 17 1 33 0 0 51 0 51 Non-cash compensation expenses 0 0 0 0 113 113 0 113 Transition and merger expenses 6 (1) 3 0 67 75 0 75 Impairment of long-lived and other assets 0 68 5 0 0 73 155 228 Insurance income (c) 0 (120) 0 0 0 (120) (71) (191) Decommissioning-related activities (d) 0 15 (127) 1 0 (111) 116 5 ERP system implementation expenses 3 3 4 0 0 10 1 11 Other, net (3) 25 17 7 (87) (41) 4 (37) Adjusted EBITDA $1,622 $1,834 $2,282 $244 $(70) $5,912 $(74) $5,838
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35 Non-GAAP Reconciliations Twelve Months Ended December 31, 2024 (Unaudited, Millions of Dollars) Note: Texas and East segments include nuclear PTC revenue estimate of $281 million and $264 million, respectively. See Note 5 to the Financial Statements for additional information. Results were not recast for the transfer of the Moss Landing 100 MW batt ery facility to the Asset Closure segment. 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. Q4 2025 Investor Presentation 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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36 Non-GAAP Reconciliations Twelve Months Ended December 31, 2023 (Unaudited, Millions of Dollars) Note: Results were not recast for the transfer of the Moss Landing 100 MW battery facility to the Asset Closure segment. 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. Q4 2025 Investor Presentation 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) 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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37 Non-GAAP Reconciliations – Adjusted FCFbG Twelve Months Ended December 31, 2025 (Unaudited, Millions of Dollars) a) Net of interest received. b) Excludes $1,126 million of capital expenditures related to growth and development and includes $111 million insurance recover ies related to property damage associated with the Martin Lake outage. c) Includes net contributions to nuclear decommissioning trusts, capitalized interest, and other. Q4 2025 Investor Presentation Ongoing Operations Asset Closure Vistra Consolidated Adjusted EBITDA $5,912 $(74) $5,838 Interest paid, net (a) (1,158) 0 (1,158) Taxes paid (89) 0 (89) Change in working capital, margin deposits, and accrued environmental allowance obligations (625) 13 (612) Reclamation and remediation expenditures (38) (58) (96) ERP implementation expenditures (42) 0 (42) Transition and merger expenditures (118) 0 (118) Other changes in other operating assets and liabilities 306 41 347 Cash provided by (used in) operating activities 4,148 (78) 4,070 Capital expenditures for maintenance including net nuclear fuel purchases and LTSA prepayments (b) (1,348) 0 (1,348) Change in working capital, margin deposits, and accrued environmental allowance obligations 625 (13) 612 Transition and merger expenditures 118 0 118 Interest on noncontrolling interest repurchase obligation 105 0 105 ERP implementation expenditures 42 0 42 Other net investing activities (c) (98) 0 (98) Adjusted free cash flow before growth $3,592 $(91) $3,501
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38 Non-GAAP Reconciliations – Guidance 2026 Guidance (Unaudited, Millions of Dollars) Regulation G Table for 2026 Guidance prepared as of Nov. 6, 2025, based on market curves as of Oct. 31, 2025. Guidance excludes any potential benefit from the nuclear production tax credit. 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. Q4 2025 Investor Presentation 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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39 Non-GAAP Reconciliations – Guidance 2026 Guidance (Unaudited, Millions of Dollars) 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 as of Dec. 31, 2025. Q4 2025 Investor Presentation 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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40 40 Lighting up lives, powering a better way forward Q4 2025 Investor Presentation