Slides
Page 1
VISTRA Second Quarter 2026 Results August 7 , 2026
Page 2
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,” “on track,” 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 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, including 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 unc ertainties and risks discussed in the sections entitled “Risk Factors” and “Forward-Looking Statements” in Vistra’s annual report o n 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 set Closure 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 presentation reconcile the non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP. Q2 2026 Investor Presentation
Page 3
3 3 Agenda Welcome and Safe Harbor Eric Micek, Vice President of Investor Relations Q2 2026 Highlights Jim Burke, President & Chief Executive Officer Q2 2026 Finance Update Kris Moldovan, Executive Vice President & Chief Financial Officer Q2 2026 Investor Presentation
Page 4
4 4 Jim Burke President & Chief Executive Officer Q2 2026 Highlights Q2 2026 Investor Presentation
Page 5
5 Q2 2026 At-A-Glance ~$6.8-$7.6B REAFFIRMED 2026 Adj. EBITDA guidance range1, 2 COMMITTED Helix Platform ~$1.8B DELIVERED Q2 2026 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. 2) Ongoing Operations Adjusted EBITDA and Ongoing Operations Adjusted FCFbG guidance ranges for 2026 based on market curves as o f Oct. 31, 2025 and exclude the potential contribution from the Cogentrix acquisition. Vistra believes the nuclear production ta x 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 strat egy. We have not provided a quantitative reconciliation of the Adjusted EBITDA opportunity for 2027 to GAAP net income (loss) be cause we cannot, without unreasonable effort, calculate certain reconciling items with confidence due to the variability, complexity, and limited visi bility of the adjusting items that would be excluded from Adjusted EBITDA in such out-year period. Excludes any potential contribution from the Cogentrix acquisition and the announced long-term power purchase agreements with Meta . 2026 Adj. FCFbG1,2 guidance range of $3.925-$4.725 billion 2027 Adj. EBITDA Midpoint Opportunity3 of $7.4-$7.8 billion Platform comprised of top tier players in the data center space Expect increased project pipeline to realize additional value for our assets Q2 2026 Investor Presentation up to $1B Strong fleet performance during recent PJM heat wave Successful completion of spring outage season
Page 6
6 . . . . . . . . TD P ERCOT Clear Improvement In Our Markets Both ERCOT and PJM have seen an improvement in peak load growth Q2 2026 Investor Presentation 1) Source: PJM and ERCOT load data, weather adjusted. YTD through June 2026. PJM Load Growth Peak load by year (GW) ERCOT Load Growth Peak load by year (GW) 0.6% CAGR 3.0% CAGR 2.4% CAGR 3.3% CAGR PJM and ERCOT Energy Year-over-year weather adjusted growth in load (MWh) by quarter (%)1 • Annual peak load growth of ~3% in each market since 2022 • Expect annual energy growth of ~2-3% in PJM and ~4-6% in ERCOT • New peak load records set in both PJM and ERCOT in 2026
Page 7
7 7 Kris Moldovan Executive Vice President & Chief Financial Officer Q2 2026 Finance Update Q2 2026 Investor Presentation
Page 8
8 Q2 2026 Financial Results • Strong generation results driven by higher capacity revenue and higher realized prices • Optimizing the dispatch of generation units in response to market conditions • Restart of Martin Lake Unit 1 • Contribution from the assets acquired from Lotus Q2 2026 Results Strong second quarter results driving over 30% growth compared to last year 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 $(24) million, $(17) million, and $(23) million in each of Q2 2024, Q2 2025, and Q2 2026, respectively, and $(44) million, $(41) million, and $(42) million in each of YTD 2024, YTD 2025, and YTD 2026, respectively. 2) Generation includes Texas, East, West, and Corp./Other. Adjusted EBITDA1,2 ($ in millions) Q2 2026 Investor Presentation Key Drivers , , , , , , , , , TD TD TD Retail Generation
Page 9
9 Near-Term Outlook Reaffirming 2026 guidance and maintaining range for 2027 midpoint opportunity Q2 2026 Investor Presentation Vistra Earnings Outlook Adjusted EBITDA1,2 ($ in millions) 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) Midpoint opportunities are not intended to be guidance and represent only our estimate of potential opportunities for Adjuste d EBITDA in 2027. See footnote 3 on slide 5. 3) As of Aug. 3, 2026. , , , , , , , , A E Guidance Range E idpoint Opportunity Adj. EBITDA Adj. FCFbG Key Drivers of Outlook • Hedge percentages of ~100%, ~94%, and ~72% for 2026, 2027, and 2028, respectively3 • Expected to convert 60%+ of Adj. EBITDA to Adj. FCFbG over the medium term1 Upside Drivers for Future Consideration • Expected closing of previously announced Cogentrix acquisition • Power Purchase Agreements (“PPAs”) with eta at our P nuclear sites and AWS at Comanche Peak leading to nearly 50% of EBITDA from Retail and contracted revenue sources • Future PPAs and potential improvement in power market fundamentals
Page 10
10 Disciplined Capital Allocation Incremental free cash flow for allocation to drive additional value for shareholders 1) Includes contribution from Meta PPAs and assumes Cogentrix closes in late 2026. All remaining figures represent potential cumulative 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 and assumes an int erpretation of the definition of "gross receipts" which excludes hedges pending U.S. Treasury and Internal Revenue Service guidance. From June 30, 2026 to Aug. 3, 2026, we repurchased approximately 437,000 shares of common stock at an average price of $154.78 for total co nsideration of approximately $68 million. 2) Assumes ~$3 billion for share repurchases, common dividends, and preferred dividends. Assumes ~$4.5 -$5.0 billion for growth investments, including the Cogentrix acquisition, the Permian Gas units, PJM nuclear uprates, and the initial contribution to Hel ix. 3) As of Aug. 3, 2026. 4) Subject to board approval. 5) Adjusted EBITDA is a reference to Ongoing Operations Adjusted EBITDA, which is a non -GAAP financial measure. For illustrative pu rposes only. Excludes all non-recourse financings. Return of Capital to Shareholders • ~$1.2 billion remaining under existing share repurchase authorizations expected to be utilized no later than year end 20273 • Targeting at least ~$1 billion in share repurchases and ~$300 million in common dividends annually4 Resilient Balance Sheet • Targeting to continue to improve credit ratings • Projected cash available for allocation of ~$2–$2.5 billion assumes net debt / Adj. EBITDA of ~2.3x5 at YE 2027 Strategic Investments • Target mid-teens or higher levered returns on growth investments • Expect to close Cogentrix in late 2026 and Permian Peakers expected to be online by Q2 2028 • Oak Hill Phase 2 construction started this year • First Helix contribution assumed to be in 2026 ~$7.5-$8B Expected cumulative cash uses for shareholder returns and growth projects2 >$10B Expected cumulative cash to allocate in 2026 - 20271 ~$2-$2.5B Projected cash still available for allocation Through YE 2027 Q2 2026 Investor Presentation
Page 11
11 11 About Vistra Q2 2026 Investor Presentation
Page 12
12 Note: As of May 1, 2026. 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 Q2 2026 Investor Presentation
Page 13
13 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 2x – Achieved investment grade credit ratings at S&P and Fitch Strategic Energy Transition – Executing on our organic growth pipeline, including Vistra Zero – 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 Assets Acquisition AWS / Comanche Peak PPA Permian Gas Units Miami Fort Conversion YTD 2026 Cogentrix Acquisition Meta / PJM Nuclear PPAs Oak Hill Solar 2 Additional growth opportunities for new and existing assets + Q2 2026 Investor Presentation
Page 14
14 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 8,281 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 Q2 2026 Investor Presentation
Page 15
15 Supporting Employees and Our Communities Vistra’s Purpose: Lighting up lives, powering a better way forward 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 2025 Sustainability Report 2025 Supplemental Disclosure Appendix 2025 CDP Questionnaire Response Green Finance Framework REPORTING Newsweek 2025 Most Trustworthy Companies in America Newsweek 2026 America’s Most Charitable Companies Disability:IN – 2025 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 D CEO 2025 Corporate Partner of the Year: TXU Energy 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, Vistra contributed more than $12 million in charitable giving and community investment to support education, economic development, community welfare, employee involvement, and sustainability Q2 2026 Investor Presentation
Page 16
16 16 Appendix Q2 2026 Investor Presentation
Page 17
17 63.7 77.6 90.3 93.1 98.1 97.4 133.4 139.1 66.6 61.9 2018 2019 2020 2021 2022 2023 2024 2025 YTD '25 YTD '26 Retail Overview Strong operational and financial results Highlights ✓ Strong operational results; continue to be the top-rated large retailer in the Texas PUC ratings ✓ TXU Energy’s Beat the Heat program provided cooling assistance through distribution of box fans, window air conditioning units, and support for community cooling centers Energy Degree Days (Dallas-Fort Worth Area) Retail Volumes (in TWh) 0 200 400 600 800 1,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 10-yr Range 10-yr Avg. 2025 2026 Q2 2026 Investor Presentation
Page 18
18 Corporate Debt Profile Vistra remains committed to maintaining investment grade credit ratings 1) Excludes Project Level Financings. 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 $631M scheduled payments on the remaining repurchase obligation discounted at 6%. Q2 2026 Investor Presentation Balances ($ in millions) 1 Q2 2026 Funded Revolving Credit Facilities $0 Senior Unsecured Notes 17,650 Revenue Bond Obligations2 431 Accounts Receivable Financings 300 Forward Repurchase Obligations4 613 Equipment Financing Agreements 50 Total Debt1 $19,044 Less: cash and cash equivalents (435) Total Net Debt (before Cash Margin Deposits) 1 $18,609 Less: Net Cash Margin Deposits (1,314) Total Net Debt (after Cash Margin Deposits) 1 $17,295 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 Net Debt / Adj. EBITDA (x) after Cash Margin Deposits 1,3 2.4x
Page 19
19 Comprehensive Hedging Program Overview Effective June 30, 2026 Note: Amounts may not sum due to rounding. Hedge and market value represents generation only (excludes retail). Excludes any potential impacts from the acquisition of Cogentrix. 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 view. 3) TEXAS: 90% North Hub, 10% West Hub; EAST: 50% AD Hub, 15% Mass Hub, 10% Ni Hub, 10% Western Hub, 10% Indiana Hub, 5% NY Zone A. Q2 2026 Investor Presentation Balance of 2026 2027 Texas West East Total Texas West East Total Nuclear/Renewable/Coal Gen Position Expected Generation (TWh) 25 30 55 46 52 98 % Hedged 100% 98% 98% 100% 74% 85% Sensitivity to Power Price: + $2.50/MWh ($M) $16 $2 $19 $13 $35 $48 - $2.50/MWh ($M) $0 ($2) ($2) $0 ($35) ($35) Gas Gen Position Expected Generation (TWh) 27 2 39 68 49 3 69 120 % Hedged 100% 100% 99% 100% 69% 78% 97% 85% Sensitivity to Spark Spread 1 : + $1.00/MWh ($M) $1 $0 $1 $2 $14 $1 $3 $18 - $1.00/MWh ($M) ($1) $0 ($0) ($1) ($16) ($1) ($1) ($18) Natural Gas Position Net Position (Bcf) -8 1 1 -6 -39 6 -83 -116 Sensitivity to Natural Gas Price: + $0.25/MMBtu ($M) ($2) $0 $0 ($2) ($10) $2 ($21) ($29) - $0.25/MMBtu ($M) $2 ($0) ($0) $2 $10 ($2) $21 $29 Total % Hedged 100% 92% Realized Price Summary Hedge Value vs Market ($M) $290 $22 ($812) ($500) $63 $16 ($547) ($468) Premium/Discount vs Hub Price2 ($M) $384 $33 ($5) $412 $1,122 $85 $143 $1,350 Total Difference ($M) $674 $55 ($817) ($88) $1,185 $101 ($404) $882 Around-the-Clock (ATC) Hub Price3 ($/MWh) $42.69 $43.09 $59.66 $52.25 $46.32 $43.34 $57.77 $52.57 Premium/Discount vs Hub Price3 ($/MWh) $13.09 $23.01 ($11.76) ($0.71) $12.47 $30.52 ($3.36) $4.04 Total Realized Price ($/MWh) $55.78 $66.09 $47.90 $51.54 $58.80 $73.86 $54.40 $56.61
Page 20
20 Forward Market Pricing Effective June 30, 2026 Q2 2026 Investor Presentation Note: Contribution to segment spark spreads are approximate. 1) Texas weighted average based on 90% ERCOT North Hub, 10% ERCOT West Hub. East weighted average based on 50% AD Hub, 15% Mass Hub, 10% Ni Hub, 10% Western Hub, 10% Indiana Hub, and 5% New York Zone A. Bal. 2026 2027 2028 Bal. 2026 2027 2028 Power (ATC, $/MWh) Spark Spreads (ATC, $/MWh) ERCOT North Hub $42.59 $46.26 $50.11 ERCOT West Hub $43.58 $46.93 $52.00 Texas cont. PJM AD Hub $57.87 $54.62 $54.89 ERCOT North Hub-Houston Ship Channel 90% $19.49 $21.57 $22.81 PJM Ni Hub $44.70 $40.42 $40.79 ERCOT West Hub-Permian Basin 10% $30.91 $29.91 $34.95 PJM Western Hub $71.07 $66.51 $66.40 Texas Weighted Average $20.63 $22.40 $24.02 MISO Indiana Hub $54.37 $52.58 $55.01 ISONE Mass Hub $71.91 $76.97 $72.71 East cont. New York Zone A $58.42 $59.23 $58.00 PJM AD Hub-Dominion South 15% $37.30 $33.03 $31.73 CAISO NP15 $43.09 $43.34 $51.23 PJM AD Hub-Tetco ELA 15% $32.40 $28.19 $26.84 Texas Weighted Average 1 $42.69 $46.32 $50.30 PJM Ni Hub-Chicago Citygate 15% $20.35 $13.62 $12.14 East Weighted Average 1 $59.66 $57.77 $57.47 PJM Western Hub-Tetco M3 15% $46.70 $36.43 $35.03 ISONE Mass Hub-Algonquin Citygate 30% $35.51 $28.81 $27.26 Gas ($/MMBtu) New York Zone A-Dominion South 10% $37.84 $37.65 $34.84 NYMEX $3.38 $3.46 $3.67 East Weighted Average $34.95 $29.10 $27.52 Houston Ship Channel $2.86 $3.08 $3.44 Permian Basin $1.41 $2.02 $2.02 West Dominion South $2.51 $2.65 $2.87 CAISO NP15-PG&E Citygate $20.56 $16.99 $21.44 Tetco ELA $3.19 $3.32 $3.55 Chicago Citygate $3.03 $3.37 $3.63 Tetco M3 $3.04 $3.83 $4.01 Algonquin Citygate $4.71 $6.34 $5.97 PG&E Citygate $2.78 $3.31 $3.79
Page 21
21 Capacity Positions Effective July 27, 2026 Q2 2026 Investor Presentation Note: PJM capacity positions represent volumes cleared and purchased in primary annual auctions, incremental auctions, and tr ansitional auctions. Also includes bilateral transactions. ISO -NE represents capacity auction results, supplemental auctions, and b ilateral capacity sales. NYISO represents capacity auction results and bilateral capacity sales; Winter period covers November through April and Summe r period covers May through October. MISO positions represent volumes cleared and purchased in primary annual auctions, incremen tal auctions, and transitional auctions. West capacity position does not include Moss 100 or 300 as they were moved to ACS. West prices based o n proprietary contracts and are not disclosed. Prices reflect cleared auction values. Tenor Zone Position (MW) Auction Clear ($/MW-day) Tenor Zone Position (MW) Auction Clear ($/KW-mo) East East 2026/2027 PJM - RTO 4,047 $329.17 Summer 2026 NYISO 929 $5.35 2026/2027 PJM - ATSI 2,048 $329.17 2026/2027 ISO-NE 3,442 $2.59 2026/2027 PJM - COMED 2,091 $329.17 2026/2027 MISO 1,750 $3.84 2026/2027 PJM - DEOK 990 $329.17 2027/2028 ISO-NE 3,750 $3.58 2026/2027 PJM - DOM 212 $329.17 2026/2027 PJM - EMAAC 1,783 $329.17 2026/2027 PJM - MAAC 575 $329.17 West 2027/2028 PJM - RTO 3,976 $333.44 2026 CAISO 1,415 2027/2028 PJM - ATSI 2,036 $333.44 2027 CAISO 1,265 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 2028/2029 PJM - RTO 4,130 $325.00 2028/2029 PJM - ATSI 2,070 $325.00 2028/2029 PJM - COMED 1,174 $325.00 2028/2029 PJM - DEOK 928 $325.00 2028/2029 PJM - DOM 220 $325.00 2028/2029 PJM - EMAAC 1,819 $325.00 2028/2029 PJM - MAAC 585 $325.00
Page 22
22 Generation Metrics Effective June 30, 2026 Note: All 2025 periods include the Martin Lake Unit 1 outage. 1) Includes planned outages at Perry in Mar.-Apr. 2025, Comanche Peak 1 in Apr.-May 2025, Davis-Besse in Mar. 2026, Beaver Valley U nit 2 in Apr.-May 2026, and Comanche Peak Unit 2 in May 2026. Q2 2026 Investor Presentation Total Generation (TWh) Q2 2025 Q2 2026 YTD 2025 YTD 2026 CCGT Capacity Factor (%) Q2 2025 Q2 2026 YTD 2025 YTD 2026 Texas 20.8 22.7 40.8 42.8 Texas 55% 63% 52% 56% East 24.3 27.0 51.8 57.0 East 51% 54% 57% 58% West 0.5 0.5 1.0 0.9 West 25% 25% 24% 21% Total Ongoing Operations 45.6 50.2 93.6 100.7 Commercial Availabilty (%) Q2 2025 Q2 2026 YTD 2025 YTD 2026 Coal Capacity Factor (%) Q2 2025 Q2 2026 YTD 2025 YTD 2026 Texas Gas 97.0% 98.9% 98.0% 98.8% Texas 50% 60% 53% 56% Texas Coal 77.0% 88.0% 76.0% 83.1% East 47% 36% 54% 44% East Gas 94.6% 96.8% 97.8% 96.5% East Coal 86.0% 90.6% 88.4% 82.4% Nuclear Capacity Factor (%)1 Q2 2025 Q2 2026 YTD 2025 YTD 2026 West 92.3% 98.3% 94.7% 91.8% Texas 86% 85% 93% 93% Total 91.8% 95.7% 93.6% 93.6% East 91% 90% 89% 91%
Page 23
23 Asset Fleet Details Effective June 30, 2026 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. Q2 2026 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 358 Morgan Creek Colorado City, TX ERCOT CT Gas 536 Permian Basin Monahans, TX ERCOT CT Gas 447 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 19,987
Page 24
24 Asset Fleet Details Effective June 30, 2026 Note: Beaver Falls, Syracuse, and Casco Bay assets pending sale. Approximate net generation capacity, actual net generation c apacity may vary based on a number of factors including ambient temperature. Capacity based on winter rating. Q2 2026 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)
Page 25
25 Asset Fleet Details Effective June 30, 2026 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. Q2 2026 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 Newton Newton, IL MISO Solar/Battery Solar/Battery 54 Total East 22,308 Total Capacity 43,824
Page 26
26 Capital Expenditures1 1) Capital summary for 2026E prepared as of Aug. 3, 2026. Capital expenditure projection is on a cash basis, excludes capitalize d interest, and reflects LTSA payments on an accrual basis. Projected capex estimates subject to change based upon market condit ions. 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. Q2 2026 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 Helix Contribution - - ~500 Other Growth7 155 426 ~900 Total Capital Expenditures $1,903 $2,164 ~$3,025 Non-Recurring5 (6) 208 ~175 Solar & Energy Storage Development6 (604) (635) ~(300) Helix Contribution - - ~(500) Other Growth7 (155) (426) ~(900) Adjusted Capital Expenditures $1,138 $1,311 ~$1,500
Page 27
27 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 July 31, 2026 Q2 2026 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 Perry Perry, OH PJM Under Development 213 Davis-Besse Oak Harbor, OH PJM 1978 908 Davis-Besse Oak Harbor, OH PJM Under Development 80 Perry Perry, OH PJM 1986 1,268 Beaver Valley 2 Shippingport, PA PJM Under Development 70 Comanche Peak I & II Glen Rose, TX ERCOT 1990 / 1993 2,400 Beaver Valley 1 Shippingport, PA PJM Under Development 70 Total Nuclear 6,448 Total Nuclear 433 Upton 2 Upton County, TX ERCOT 2018 180 Pulaski Pulaski County, IL MISO In Construction, 2026 405 Brightside Live Oak County, TX ERCOT 2022 50 Oak Hill 2 Rusk County, TX ERCOT In Construction, 2027 200 Emerald Grove Crane County, TX ERCOT 2022 108 Kincaid Kincaid, IL PJM Under Development 20 Baldwin Baldwin, IL MISO 2024 68 Total Solar 625 Coffeen Coffeen, IL MISO 2024 44 Oak Hill 1 Rusk County, TX ERCOT 2025 200 Edwards Bartonville, IL MISO Under Development 37 Newton Newton, IL MISO 2026 52 Joppa Joppa, IL MISO Under Development 37 Deer Creek Tulare County, CA CAISO 2026 50 Total Energy Storage 74 Total Solar 752 Upton 2 Upton County, TX ERCOT 2018 10 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 Newton Newton, IL MISO 2026 2 Deer Creek Tulare County, CA CAISO 2026 50 Total Energy Storage 676
Page 28
28 28 Non-GAAP Reconciliations Q2 2026 Investor Presentation
Page 29
29 Non-GAAP Reconciliations Three Months Ended June 30, 2026 (Unaudited, Millions of Dollars) Q2 2026 Investor Presentation a) Corporate and Other includes $9 million of unrealized mark -to-market net losses on interest rate swaps. b) Includes nuclear fuel amortization of $30 million and $86 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. d) Includes NDT (income) loss of the PJM nuclear facilities, ARO and environmental remediation expenses, and other expenses asso ciated with the Moss Landing Incident. Retail Texas East West Eliminations / Corp and Other Ongoing Operations Consolidated Asset Closure Vistra Corp. Consolidated Net income (loss) $484 $592 $(166) $28 $(517) $421 $(116) $305 Income tax expense 0 0 0 0 122 122 0 122 Interest expense and related charges (a) 10 (10) (24) (4) 339 311 1 312 Depreciation and amortization (b) 10 213 302 14 18 557 3 560 EBITDA before Adjustments 504 795 112 38 (38) 1,411 (112) 1,299 Unrealized net (gain) loss resulting from commodity hedging transactions 261 (446) 629 28 0 472 0 472 Purchase accounting impacts 1 0 (14) 0 (13) (26) 0 (26) Non-cash compensation expenses 0 0 0 0 35 35 0 35 Transition and merger expenses 1 0 2 0 12 15 0 15 Insurance income (c) 0 (48) 0 0 0 (48) 0 (48) Decommissioning-related activities (d) 0 4 (95) 1 0 (90) 90 0 Other, net 6 6 8 1 (23) (2) (1) (3) Adjusted EBITDA $773 $311 $642 $68 $(27) $1,767 $(23) $1,744
Page 30
30 Non-GAAP Reconciliations Three Months Ended June 30, 2025 (Unaudited, Millions of Dollars) a) Includes $26 million of unrealized mark-to-market net losses on interest rate swaps. b) Includes nuclear fuel amortization of $30 million and $92 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. Q2 2026 Investor Presentation Retail Texas East West Eliminations / Corp and Other Ongoing Operations Consolidated Asset Closure Vistra Corp. Consolidated Net income (loss) $(123) $863 $120 $(50) $(440) $370 $(43) $327 Income tax expense 0 0 1 0 75 76 0 76 Interest expense and related charges (a) 17 (18) (8) (1) 312 302 1 303 Depreciation and amortization (b) 24 197 412 16 20 669 (1) 668 EBITDA before Adjustments (82) 1,042 525 (35) (33) 1,417 (43) 1,374 Unrealized net (gain) loss resulting from hedging transactions 841 (900) (39) 82 0 (16) 0 (16) Purchase accounting impacts 8 0 9 0 0 17 0 17 Non-cash compensation expenses 0 0 0 0 25 25 0 25 Transition and merger expenses 5 0 0 0 17 22 0 22 Impairment of long-lived assets 0 68 0 0 0 68 0 68 Insurance income (c) 0 (80) 0 0 0 (80) (21) (101) Decommissioning-related activities (d) 0 4 (81) 0 0 (77) 43 (34) ERP system implementation expenses 3 3 3 0 0 9 1 10 Other, net (e) (19) 5 1 2 (25) (36) 3 (33) Adjusted EBITDA $756 $142 $418 $49 $(16) $1,349 $(17) $1,332
Page 31
31 Non-GAAP Reconciliations Three Months Ended June 30, 2024 (Unaudited, Millions of Dollars) a) Includes $11 million of unrealized mark-to-market net gains on interest rate swaps. b) Includes nuclear fuel amortization of $26 million and $71 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. Q2 2026 Investor Presentation Retail Texas East West Eliminations / Corp and Other Ongoing Operations Consolidated Asset Closure Vistra Corp. Consolidated Net income (loss) $897 $(573) $518 $119 $(463) $498 $(31) $467 Income tax expense 0 0 0 0 159 159 0 159 Interest expense and related charges (a) 16 (12) (1) 0 237 240 1 241 Depreciation and amortization (b) 31 160 304 14 18 527 7 534 EBITDA before Adjustments 944 (425) 821 133 (49) 1,424 (23) 1,401 Unrealized net (gain) loss resulting from hedging transactions (162) 656 (460) (77) 0 (43) (2) (45) Purchase accounting impacts 0 0 (3) 0 0 (3) 0 (3) Non-cash compensation expenses 0 0 0 0 32 32 0 32 Transition and merger expenses 1 0 0 0 24 25 0 25 Decommissioning-related activities (c) 0 5 (15) 0 0 (10) 0 (10) ERP system implementation 4 3 3 0 0 10 1 11 Other, net 2 3 (1) 2 (29) (23) 0 (23) Adjusted EBITDA $789 $242 $345 $58 $(22) $1,412 $(24) $1,388
Page 32
32 Non-GAAP Reconciliations Six Months Ended June 30, 2026 (Unaudited, Millions of Dollars) a) Corporate and Other includes $7 million of unrealized mark -to-market net gains on interest rate swaps. b) Includes nuclear fuel amortization of $66 million and $176 million, respectively, in the Texas and East segments. c) Includes involuntary conversion gain recognized from Martin Lake Incident property damage insurance in Texas segment and reve nues from Moss Landing Incident business interruption proceeds in the Asset Closure segment. d) Includes NDT (income) loss of the PJM nuclear facilities, ARO and environmental remediation expenses, and other expenses asso ciated with the Moss Landing Incident. Q2 2026 Investor Presentation Retail Texas East West Eliminations / Corp and Other Ongoing Operations Consolidated Asset Closure Vistra Corp. Consolidated Net income (loss) $(240) $2,683 $10 $62 $(1,045) $1,470 $(136) $1,334 Income tax expense 0 0 0 0 305 305 0 305 Interest expense and related charges (a) 23 (24) (46) (7) 628 574 1 575 Depreciation and amortization (b) 20 424 657 28 36 1,165 6 1,171 EBITDA before Adjustments (197) 3,083 621 83 (76) 3,514 (129) 3,385 Unrealized net (gain) loss resulting from commodity hedging transactions 1,026 (2,168) 854 37 0 (251) 0 (251) Purchase accounting impacts 1 0 (15) 0 (13) (27) 0 (27) Non-cash compensation expenses 0 0 0 0 67 67 0 67 Transition and merger expenses 0 0 2 0 24 26 0 26 Insurance income (c) 0 (48) 0 0 0 (48) (6) (54) Decommissioning-related activities (d) 0 8 (35) 1 0 (26) 92 66 Other, net 11 22 16 3 (46) 6 1 7 Adjusted EBITDA $841 $897 $1,443 $124 $(44) $3,261 $(42) $3,219
Page 33
33 Non-GAAP Reconciliations Six Months Ended June 30, 2025 (Unaudited, Millions of Dollars) a) Includes $74 million of unrealized mark-to-market net losses on interest rate swaps. b) Includes nuclear fuel amortization of $61 million and $176 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. Q2 2026 Investor Presentation Retail Texas East West Eliminations / Corp and Other Ongoing Operations Consolidated Asset Closure Vistra Corp. Consolidated Net income (loss) $1,009 $143 $(370) $27 $(639) $170 $(111) $59 Income tax expense (benefit) 0 0 1 0 (101) (100) 0 (100) Interest expense and related charges (a) 35 (32) (20) (2) 639 620 2 622 Depreciation and amortization (b) 47 378 808 31 39 1,303 (2) 1,301 EBITDA before Adjustments 1,091 489 419 56 (62) 1,993 (111) 1,882 Unrealized net (gain) loss resulting from hedging transactions (156) 130 528 50 0 552 (1) 551 Purchase accounting impacts 8 0 23 0 0 31 0 31 Non-cash compensation expenses 0 0 0 0 46 46 0 46 Transition and merger expenses 5 0 1 0 34 40 0 40 Impairment of long-lived assets 0 68 0 0 0 68 0 68 Insurance Income (c) 0 (80) 0 0 0 (80) (21) (101) Decommissioning-related activities (d) 0 9 (46) 0 0 (37) 89 52 ERP system implementation expenses 3 3 3 0 0 9 1 10 Other, net (e) (11) 13 4 5 (44) (33) 2 (31) Adjusted EBITDA $940 $632 $932 $111 $(26) $2,589 $(41) $2,548
Page 34
34 Non-GAAP Reconciliations Six Months Ended June 30, 2024 (Unaudited, Millions of Dollars) a) Includes $58 million of unrealized mark-to-market net gains on interest rate swaps. b) Includes nuclear fuel amortization of $52 million and $94 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. Q2 2026 Investor Presentation Retail Texas East West Eliminations / Corp and Other Ongoing Operations Consolidated Asset Closure Vistra Corp. Consolidated Net income (loss) $1,458 $(909) $345 $287 $(640) $541 $(56) $485 Income tax expense 0 0 0 0 139 139 0 139 Interest expense and related charges (a) 22 (22) 0 0 409 409 2 411 Depreciation and amortization (b) 54 320 537 28 33 972 14 986 EBITDA before Adjustments 1,534 (611) 882 315 (59) 2,061 (40) 2,021 Unrealized net (gain) loss resulting from hedging transactions (786) 1,260 (131) (207) 0 136 (6) 130 Purchase accounting impacts (1) 0 (4) 0 (14) (19) 0 (19) Impacts of Tax Receivable Agreement (c) 0 0 0 0 (5) (5) 0 (5) Non-cash compensation expenses 0 0 0 0 53 53 0 53 Transition and merger expenses 2 0 6 0 52 60 0 60 Decommissioning-related activities (d) 0 11 (40) 1 0 (28) 0 (28) ERP system implementation 6 5 5 1 0 17 1 18 Other, net 6 6 (5) 3 (63) (53) 1 (52) Adjusted EBITDA $761 $671 $713 $113 $(36) $2,222 $(44) $2,178
Page 35
35 Non-GAAP Reconciliations Twelve Months Ended December 31, 2025 (Unaudited, Millions of Dollars) Notes: Reflects the transfer of 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. Q2 2026 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
Page 36
36 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 and other. Q2 2026 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
Page 37
37 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. Excludes the po tential contribution from the Cogentrix acquisition. Vistra believes the nuclear production tax credit (PTC) should provide down side Ongoing Operations Adjusted EBITDA support. 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. Q2 2026 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
Page 38
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. Excludes the po tential contribution from the Cogentrix acquisition. Vistra believes the nuclear production tax credit (PTC) should provide down side Ongoing Operations Adjusted EBITDA support. Q2 2026 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
Page 39
39 39 Lighting up lives, powering a better way forward Q2 2026 Investor Presentation