Slide 1: 1Q 2025 Operating & Financial Results
1Q 2025 Operating & Financial Results May 7, 2025
Slide 2: Safe harbor & forward looking statements
Safe harbor & forward looking statements This communication contains forward-looking statements related to Sunrun (the “Company”) within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act o
Slide 3: Operating & Financial Performance Overview
OPERATING & FINANCIAL PERFORMANCE OVERVIEW Mary Powell CEO 3
Slide 4: Rapid growth in Aggregate Subscriber Value and Contracted Net Value Creation
Sunrun delivered rapid growth in top-line Aggregate Subscriber Value and bottom-line Contracted Net Value Creation, producing strong Cash Generation & increased book value $1.2 billion $164 million Contracted Net Value Creation Aggregate Subscriber Value in 1Q25 in 1Q25 +104% year-over-year +23% yea
Slide 5: Our high-value storage offerings are growing rapidly
Our high-value storage offerings are growing rapidly ➔ Customer Additions with Storage grew 46% year-over-year in Q1 as Storage Attachment Rate reached 69% ➔ The increase in higher-value Storage customers drove a 14% year-over-year increase in Contracted Subscriber Value to $48,727 in Q1 2025 See App
Slide 6: Sunrun is gaining share given strength of subscription offering
Sunrun is gaining share given strength of subscription offering and storage leadership Sunrun Storage Install Volume Share(1) Sunrun Solar Install Volume Share(1) Overall Industry Mix of Subscriptions Increasing(2) See Appendix for glossary of terms. (1) Based on Ohm Analytics Q4 2024 DG Solar and St
Slide 7: Product Innovation Update
PRODUCT INNOVATION UPDATE Paul Dickson President & Chief Revenue Officer 7
Slide 8: Expanding customer margins & differentiation with Sunrun Flex
Expanding customer margins & differentiation with Sunrun Flex We believe Flex is the most significant innovation across the industry since Sunrun launched the residential Power Purchase Agreement in 2007 ➔ We only bill customers for the current usage (based on 100% offset), subject to a minimum bill, u
Slide 9: Sunrun Flex Gives Customers Peace of Mind
Sunrun Flex Gives Customers Peace of Mind “ Sunrun Flex gives us peace of mind knowing that our family is protected against rising utility bills and that our Flex system will grow with us. Now we can live freely and make upgrades to our home because we’ve got energy available when we need it. Pete A
Slide 10: We are navigating an uncertain tax and tariff policy environment
We are navigating an uncertain tax and tariff policy environment Tax policy ➔ Sunrun is engaged in, and part of, industry coalitions to ensure that congressional offices understand the benefits of energy tax credits, especially given new electricity demand. ➔ Interest in residential solar is bi-partisan
Slide 11: Financial Performance & Outlook
FINANCIAL PERFORMANCE & OUTLOOK Danny Abajian CFO 11
Slide 12: Summary of key metric changes adopted for 2025 reporting
Summary of key metric changes adopted for 2025 reporting Unit Economics Aggregate Value Creation Subscriber Values Aggregate Subscriber Value ➔ Now calculated using a floating discount rate, based on ➔ Subscriber Value multiplied by Subscriber Additions. observed project-level capital costs each peri
Slide 13: Net Subscriber Value increased year-over-year to $10,390
Net Subscriber Value increased year-over-year to $10,390 ➔ Subscriber Additions were 23,692 in 1Q25, an increase of 7.4% year-over-year. ➔ Net Subscriber Value expanded year-over-year to $10,390 driven by record-high Storage Attachment Rate at 69%, ITC levels of 44%, fixed cost absorption benefits wit
Slide 14: Net Value Creation increased to $246 million in Q1
Net Value Creation increased to $246 million in Q1, representing $1.09 per share ➔ Aggregate results are the average unit economics multiplied by the number of units and represent enterprise level gross value, total asset-origination related costs (including overhead), and net value being created on
Slide 15: Contracted Net Value Creation grew 104% y/y to $164 million
Contracted Net Value Creation grew 104% y/y to $164 million as Subscriber Additions grew 7% and Contracted Subscriber Value increased 14%, offsetting 7% higher Creation Costs Contracted Net Value Creation +104% y/y driven by: +7% Subscriber Additions, +14% Contracted Subscriber Value; +8 pts higher I
Slide 16: Sunrun generates cash upfront and retains equity value over time
Sunrun generates cash upfront from new customer development and retains equity value over time ➔ Sunrun raises non-recourse capital against the Subscribers we originate, including monetization of tax attributes from tax equity partners and non-recourse senior & subordinated debt against future Subsc
Slide 17: Net Earning Assets now at $6.8 billion
Net Earning Assets now at $6.8 billion ➔ Contracted Net Earnings Assets at $2.6 billion See Appendix for glossary of terms. 1Q25 Earnings Presentation 17
Slide 18: Sunrun is generating cash and paying down recourse debt
Sunrun is generating cash and paying down recourse debt Cash Generation $ millions Note: 1H25E Cash Generation reflects achieved 1Q25 results and the midpoint of the 2Q25 guidance range Repaying Recourse Debt $ millions Note: Gross balances reflected in chart, excluding unamortized debt discounts. See
Slide 19: We continue to achieve strong capital markets execution
We continue to achieve strong capital markets execution ➔ We have a strong track record of attracting low-cost capital from diverse sources. Our access to capital markets puts us in a position to offer more advantageous financing options to consumers while creating long-term value for investors. ➔ We
Slide 20: Guidance & Outlook
Guidance & Outlook 2Q 2025 Full-year 2025 Aggregate $1.3 to $1.375 billion $5.7 to $6.0 billion Subscriber Value ➔ Driven by sequential growth in both Subscriber ➔ Driven by growth in both Subscriber Value & Value & Subscriber Additions Subscriber Additions, with mid-single digit ➔ Represents 21% gr
Slide 21: Appendix
Appendix 21
Slide 22: Key Operating Metrics Summary
Key Operating Metrics Summary An Excel model containing Key Operating Metrics, financials and calculations shown in this presentation is available at investors.sunrun.com. See Appendix for glossary of terms and accompanying notes. 1Q25 Earnings Presentation 22
Slide 23: Key Operating Metrics: Volume Additions in Period
Key Operating Metrics: Volume Additions in Period An Excel model containing Key Operating Metrics, financials and calculations shown in this presentation is available at investors.sunrun.com. See Appendix for glossary of terms and accompanying notes. 1Q25 Earnings Presentation 23
Slide 24: Key Operating Metrics: Creation Costs in Period
Key Operating Metrics: Creation Costs in Period An Excel model containing Key Operating Metrics, financials and calculations shown in this presentation is available at investors.sunrun.com. See Appendix for glossary of terms and accompanying notes. 1Q25 Earnings Presentation 24
Slide 25: Key Operating Metrics: Value Creation in Period
Key Operating Metrics: Value Creation in Period An Excel model containing Key Operating Metrics, financials and calculations shown in this presentation is available at investors.sunrun.com. See Appendix for glossary of terms and accompanying notes. 1Q25 Earnings Presentation 25
Slide 26: Key Operating Metrics: Proceeds Realized, Cash Generation, GEA & NEA
Key Operating Metrics: Proceeds Realized, Cash Generation, GEA & NEA An Excel model containing Key Operating Metrics, financials and calculations shown in this presentation is available at investors.sunrun.com. See Appendix for glossary of terms and accompanying notes. 1Q25 Earnings Presentation 26
Slide 27: Metric Sensitivities
Metric Sensitivities An Excel model containing Key Operating Metrics, financials and calculations shown in this presentation is available at investors.sunrun.com. See Appendix for glossary of terms. 1Q25 Earnings Presentation 27
Slide 28: GAAP Income Statement
GAAP Income Statement Customer Agreements and Incentive Revenue is comprised of ongoing revenue from customers under long-term agreements, amortization of prepaid systems, and incentive revenue. The value of the Investment Tax Credits (ITC) are recognized as Incentive revenue, when monetized using a
Slide 29: GAAP Balance Sheet
GAAP Balance Sheet Deferred revenue is primarily Customer Prepayments which are recognized over the life of the contract, typically 20 or 25 years ($950.2 million balance of Payments Received Under Customer Agreements at the end of 2024). ~$13.0 billion of our debt is non-recourse project debt and s
Slide 30: GAAP Cash Flow Statement
GAAP Cash Flow Statement Cash Flow From Operations is negative as typically ~25-30% of our Creation Costs are expensed in the period, while revenue is recognized over 80 quarters or more. Additionally, we raise Debt and Project Equity to fund our growth, which covers CFO and CFI. These investments a
Slide 31: Glossary of Terms
Glossary of Terms Definitions for Volume-related Terms Contracted Cash Flows represent (x) (1) scheduled payments from Subscribers during the initial terms of the Customer Agreements, (2) net proceeds from tax equity partners, (3) payments from government and utility Deployments represent solar or s
Slide 32: Glossary of Terms (continued)
Glossary of Terms (continued) Aggregate Upfront Proceeds represent Aggregate Contracted Subscriber Value multiplied by Advance Rate. Non-contracted or Upside Net Earning Assets represents Net Earning Assets less Contracted Net Earning Actual project financing transaction timing for portfolios of Sub
Slide 33: Investor Relations
Investor Relations investors.sunrun.com 415-373-5206 investors@sunrun.com