Vistra Corp. · NYSE:VST
Vistra — FY2024 Earnings Presentation
39 slides from Vistra's earnings presentation, Feb 27, 2025
Slide 1: Full Year and Fourth Quarter 2024 Results
Full Year and Fourth Quarter 2024 Results February 27, 2025 1
Slide 2: Safe Harbor Statements
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 Reform Act of 1995. These forward-looking statements, which are based on current expectations, esti
Slide 3: Agenda
Agenda Welcome and Safe Harbor Eric Micek, Vice President of Investor Relations 2024 Highlights Jim Burke, President & Chief Executive Officer 2024 Finance Update Kris Moldovan, Executive Vice President & Chief Financial Officer 3 Q4 2024 Investor Presentation
Slide 4: 2024 Highlights
2024 Highlights Jim Burke President & Chief Executive Officer 4 Q4 2024 Investor Presentation
Slide 5: 2024 At-A-Glance
2024 At-A-Glance DELIVERED REAFFIRMING ANNOUNCED $5,656M $5.5-$6.1B ~4 GW 2024 Adj. EBITDA1,2 2025 Adj. EBITDA guidance range1,3 Of expected capacity additions/extensions Delivered Adj. FCFbG1,2 Reaffirming 2025 Adj. FCFbG1,3 guidance ~500 MW5 of augmentations in TX $2,888 million range of $3.0-$3.6
Slide 6: Continued Execution Against Our Four Strategic Priorities
Continued Execution Against Our Four Strategic Priorities Integrated Disciplined Resilient Strategic Energy Business Model Capital Allocation Balance Sheet Transition Comprehensive hedging Expect to execute at least Current net leverage of ~2.9x2 Commercial startup of solar and program combined with
Slide 7: Demand Growth Continues to Materialize Across our Primary Markets
Demand Growth Continues to Materialize Across our Primary Markets V ’ d f d fl d l po fol o off l pl w y o c l fo cc l g lo d g ow h PJM and ERCOT Demand Growth Robust load growth across our markets Peak Load Growth Rates (%)1 – New demand peaks in both summer and winter seasons for ERCOT and PJM –
Slide 8: 2024 Finance Update
2024 Finance Update Kris Moldovan Executive Vice President & Chief Financial Officer 8 Q4 2024 Investor Presentation
Slide 9: Q4 and Full-Year 2024 Results
Q4 and Full-Year 2024 Results Solid fourth quarter and full year results despite milder Texas summer compared to 2023 Q4 and FY2024 Financial Results Generation2 Adjusted EBITDA1,2 ($ in millions) FY 2024 was $1,158 million favorable as compared to FY 2023, , primarily driven by: • The inclusion of
Slide 10: Long-term Earnings Outlook
Long-term Earnings Outlook Integrated model driving increased visibility and profitability in out years Comprehensive hedging program provides increased visibility3 Long-term Earnings Outlook • Adjusted EBITDA1,2 ($ in millions) • ~100% of expected generation hedged for 2025 • ~80% of expected gener
Slide 11: Capital Allocation Update
Capital Allocation Update1 Balanced approach to shareholder return, financial leverage, and growth • Executed ~$4.9 billion in share repurchases from Nov. 2021 through Feb. 24, 2025, at an average price of ~$30.46/share • Currently, $1.9 billion remaining under existing share repurchase authorizatio
Slide 12: About Vistra
About Vistra 12 Q4 2024 Investor Presentation
Slide 13: America's Leading Integrated Power Provider
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 res
Slide 14: Environmental Stewardship
Environmental Stewardship V ’ H g ph z gy o h b l c l bl y d ffo d b l y of pow EMISSIONS REDUCTIONS1 PORTFOLIO TRANSFORMATION2 Scope 1 and Scope 2 Emissions SO2 Emissions ~15,150 MW Zero Carbon Capacity MW (Million mtCO2e) (‘000s mt) fossil generation retired since 2010, ~10,400 MW retired since 20
Slide 15: Social Responsibility & Governance
Social Responsibility & Governance V ’ po : L gh g pl , pow g b w y fo w d PEOPLE AND COMMUNITIES GOVERNANCE Employee Support • Oversight of Vistra’s sustainability initiatives is governed by the full Vistra board, with oversight of subject matter-specific components delegated to relevant board • Fo
Slide 16: Nuclear Production Tax Credit (PTC) Overview
Nuclear Production Tax Credit (PTC) Overview1 h I ’ cl c bl yd gp od of low pow p c fo cl g o Illustrative Revenue Support PTC Mechanism2 • The nuclear PTC is a tax credit of up to $15/MWh • When gross receipts exceed $25/MWh, the PTC amount is reduced by I o 80% of gross receipts exceeding $25/MWh
Slide 17: Appendix
Appendix 17 Q4 2024 Investor Presentation
Slide 18: Retail Overview
Retail Overview Continued delivery of strong margin and count results driving consistent Adj. EBITDA performance Highlights • Retail set a new Adj. EBITDA benchmark in 2024; 33% higher than 2023 • Total residential counts increased 12% YoY driven by organic growth, the launch of the Lubbock, Texas m
Slide 19: Corporate Debt Profile
Corporate Debt Profile Vistra remains committed to a long-term net leverage target below 3x1 Balances ($ in millions) Q4 2024 Funded Revolving Credit Facilities $0 Vistra Operations Term Loan B 2,475 Senior Secured Notes 5,144 Senior Unsecured Notes 7,300 2 Revenue Bond Obligations 431 Accounts Rece
Slide 20: Select Debt Balances
Select Debt Balances Principal outstanding for secured and unsecured debt issued from Vistra Operations Vistra Operations Secured Debt ($ in millions) Q4 2024 Senior Secured Term Loan B-3 due December 2030 $2,475 5.125% Senior Secured Notes due May 2025 744 5.050% Senior Secured Notes due December 2
Slide 21: Comprehensive Hedging Program Overview
Comprehensive Hedging Program Overview Effective December 31, 2024 2025 2026 Texas West East Total Texas West East Total Nuclear/Renewable/Coal Gen Position Expected Generation (TWh) 50 56 107 51 55 106 % Hedged 100% 84% 92% 100% 55% 76% Sensitivity to Power Price: + $2.50/mwh ($M) $11 $36 $47 $9 $6
Slide 22: Capacity Positions
Capacity Positions Effective December 31, 2024 Tenor Zone Position (MW) Average Price ($/MW-day) Tenor Zone Position (MW) Avg. Price ($/KW-mo) East East 2024/2025 PJM - RTO 5,170 $34.30 Winter 24/25 NYISO 1,020 $3.09 2024/2025 PJM - ComEd 2,333 $37.92 2024/2025 ISO-NE 3,299 $3.10 2024/2025 PJM - DEO
Slide 23: Forward Market Pricing
Forward Market Pricing Effective December 31, 2024 2025 2026 2027 2025 2026 2027 Power (ATC, $/MWh) Spark Spreads (ATC, $/MWh) ERCOT North Hub $49.89 $51.92 $51.87 ERCOT West Hub $53.37 $55.72 $56.34 Texas cont. PJM AD Hub $43.07 $45.69 $48.09 ERCOT North Hub-Houston Ship Channel 90% $23.72 $22.99 $
Slide 24: Generation Metrics
Generation Metrics Effective December 31, 2024 Total Generation (TWh) Q4 2023 Q4 2024 FY 2023 FY 2024 CCGT Capacity Factor (%) Q4 2023 Q4 2024 FY 2023 FY 2024 Texas 20.4 20.2 88.1 88.3 Texas 49% 51% 55% 58% East 19.4 29 74.4 103.8 East 60% 66% 62% 62% West 1.8 1.3 5.5 4.2 West 76% 56% 61% 47% Total
Slide 25: Asset Fleet Details
Asset Fleet Details Effective December 31, 2024 Asset Location ISO Technology Primary Fuel Net Capacity (MW) Ennis Ennis, TX ERCOT CCGT Gas 366 Forney Forney, TX ERCOT CCGT Gas 1,912 Hays San Marcos, TX ERCOT CCGT Gas 1,047 Lamar Paris, TX ERCOT CCGT Gas 1,180 Midlothian Midlothian, TX ERCOT CCGT Ga
Slide 26: Asset Fleet Details
Asset Fleet Details Effective December 31, 2024 Asset Location ISO Technology Primary Fuel Net Capacity (MW) Independence Oswego, NY NYISO CCGT Gas 1,212 Bellingham Bellingham, MA ISO-NE CCGT Gas 566 Blackstone Blackstone, MA ISO-NE CCGT Gas 544 Casco Bay Veazie, ME ISO-NE CCGT Gas 543 Lake Road Day
Slide 27: Capital Expenditures
Capital Expenditures1 Category ($ in millions) 2023A 2024A 2025E Nuclear & Fossil Maintenance 2,3 $730 $785 ~$925 Nuclear Fuel4 206 307 ~300 Non-Recurring5 8 6 - Solar & Energy Storage Development 6 550 604 ~725 Other Growth7 120 155 ~325 Total Capital Expenditures $1,614 $1,857 ~$2,275 Non-Recurrin
Slide 28: Vistra Zero Portfolio and Development Pipeline
Vistra Zero Portfolio and Development Pipeline Effective December 31, 2024 Online Assets Location ISO In-Service Year Net Capacity (MW) Development Pipeline Location ISO Status, In-Service Year Net Capacity (MW) Beaver Valley I & II Shippingport, PA PJM 1976 / 1987 1,872 Oak Hill Rusk County, TX ERC
Slide 29: Non-GAAP Reconciliations
Non-GAAP Reconciliations 29 Q4 2024 Investor Presentation
Slide 30: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended December 31, 2024 (Unaudited, Millions of Dollars) Eliminations / Ongoing Corp and Operations Vistra Corp. Retail Texas East West Other Consolidated Asset Closure Consolidated Net income (loss) $984 $(311) $30 $41 $(202) $542 $(52) $490 Income tax expense
Slide 31: Non-GAAP Reconciliations
Non-GAAP Reconciliations Twelve Months Ended December 31, 2024 (Unaudited, Millions of Dollars) Eliminations / Ongoing Corp and Operations Vistra Corp. Retail Texas East West Other Consolidated Asset Closure Consolidated Net income (loss) $1,216 $2,133 $902 $471 $(1,794) $2,928 $(116) $2,812 Income
Slide 32: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended December 31, 2023 (Unaudited, Millions of Dollars) Eliminations / Ongoing Corp and Operations Vistra Corp. Retail Texas East West Other Consolidated Asset Closure Consolidated Net income (loss) $(38) $(32) $292 $(27) $(350) $(155) $(29) $(184) Income tax b
Slide 33: Non-GAAP Reconciliations
Non-GAAP Reconciliations Twelve Months Ended December 31, 2023 (Unaudited, Millions of Dollars) Eliminations / Ongoing Corp and Operations Vistra Corp. Retail Texas East West Other Consolidated Asset Closure Consolidated Net income (loss) $424 $398 $1,749 $454 $(1,527) $1,498 $(6) $1,492 Income tax
Slide 34: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended December 31, 2022 (Unaudited, Millions of Dollars) Eliminations / Ongoing Corp and Operations Vistra Corp. Retail Texas East West Other Consolidated Asset Closure Consolidated Net income (loss) $(941) $870 $306 $(274) $(216) $(255) $8 $(247) Income tax ben
Slide 35: Non-GAAP Reconciliations
Non-GAAP Reconciliations Twelve Months Ended December 31, 2022 (Unaudited, Millions of Dollars) Eliminations / Ongoing Corp and Operations Vistra Corp. Retail Texas East West Other Consolidated Asset Closure Consolidated Net income (loss) $1,158 $(586) $(1,127) $(238) $(270) $(1,063) $(147) $(1,210)
Slide 36: Non-GAAP Reconciliations – Adjusted FCFbG
Non-GAAP Reconciliations – Adjusted FCFbG Twelve Months Ended December 31, 2024 (Unaudited, Millions of Dollars) Ongoing Asset Vistra Operations Closure Consolidated Adjusted EBITDA $5,656 $(117) $5,539 Interest paid, net (a) (939) 0 (939) Taxes paid (56) 0 (56) Change in working capital, margin dep
Slide 37: Non-GAAP Reconciliations
Non-GAAP Reconciliations 2025 Guidance (Unaudited, Millions of Dollars) Ongoing Operations Asset Closure Vistra Corp. Consolidated Low High Low High Low High Net Income (loss) $2,310 $2,780 $(90) $(90) $2,220 $2,690 Income tax expense 620 750 0 0 620 750 Interest expense and related charges (a) 1,07
Slide 38: Non-GAAP Reconciliations
Non-GAAP Reconciliations 2025 Guidance (Unaudited, Millions of Dollars) Ongoing Operations Asset Closure Vistra Corp. Consolidated Low High Low High Low High Adjusted EBITDA guidance $5,500 $6,100 $(90) $(90) $5,410 $6,010 Interest paid, net (1,098) (1,098) 0 0 (1,098) (1,098) Tax (paid) / received
Slide 39: Lighting up lives, powering a better way forward
Lighting up lives, powering a better way forward 39 Q4 2024 Investor Presentation