Slide 1: 4Q 2025 Operating & Financial Results
4Q 2025 Operating & Financial Results February 26, 2026 4Q25 Earnings Presentation
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 4Q25 Earnings Presentation 3
Slide 4: 2025 growth in Aggregate Subscriber Value and Contracted Net Value Creation
In 2025 Sunrun delivered strong growth in top-line Aggregate Subscriber Value and bottom-line Contracted Net Value Creation, producing record Cash Generation & substantial book value $5.6 billion $1.0 billion Contracted Net Value Creation Aggregate Subscriber Value in 2025 in 2025 +44% year-over-yea
Slide 5: Leading with financial strength
Leading with financial strength: successfully executed margin-focused strategy in 2025 and generated significant cash Strong top-line growth through …and growing with improving Execution has led to inflection in higher value customers… unit margins Cash Generation Contracted Subscriber Value Upfront N
Slide 6: Sunrun's Strategic Focus for 2026
Sunrun’s Strategic Focus for 2026 Lead with attractive offerings & great customer experience ➔ Lead with storage, to provide customers enhanced value, and build a valuable base of dispatchable energy resources for the grid ➔ Deliver an exceptional customer experience ➔ Deliberately reduce volume thro
Slide 7: US power demand is expected to increase
US power demand is expected to increase; Sunrun offers solutions to the grid & to consumers seeking relief from rising rates Electricity demand forecasted to increase 40% by The price of electricity nationwide already has risen 2040; necessitating >1,000 GW of new capacity(1) ~34% over the past 5 yea
Slide 8: Providing customers peace of mind with backup power solutions
Providing customers peace of mind with backup power solutions 237,000 + Customers with Storage 650,000 + Outages in 2025 3.8 million hours Our storage customers faced over 650,000 outage events(1) in 2025, during which over 3.8 million hours of backup power was provided by Sunrun storage systems. (
Slide 9: Sunrun is the nation's largest distributed power plant operator
Sunrun is the nation’s largest distributed power plant operator, providing critical utility-scale grid services ➔ Distributed home-to-grid power plants are reliable, dispatchable resources. Sunrun’s power plants don’t take up land or need new transmission lines to be constructed as they are located
Slide 10: Sunrun has a leading share of installations
Sunrun has a leading share of installations given strength of subscription offering and storage capabilities Sunrun Storage Install Volume Share(1) Sunrun Solar Install Volume Share(1) Overall Industry Mix of Subscriptions Increasing(2) ➔ We expect the 25D ITC sunset on 12/31/2025 may distort Sunrun’
Slide 11: Growth expected in 2026 for Sunrun's direct channels
Growth expected in 2026 for Sunrun’s direct channels ➔ Sunrun’s direct channels are poised to grow in 2026 even as industry volumes likely decline ➔ Cash & loan customer ITC sunsets at the end of 2025 while Subscriptions (95% of Sunrun’s Q4 Solar Capacity Installed volume) continue to benefit from a
Slide 12: We Love Our People
We Love Our People Teams Driving Success in Q4 Houston, Texas Installation Teams Based on Commitment to Safety, Storage Attachment Rates, Quality, and Customer Experience 4Q25 Earnings Presentation 12
Slide 13: Financial Performance & Outlook
FINANCIAL PERFORMANCE & OUTLOOK Danny Abajian CFO 4Q25 Earnings Presentation 13
Slide 14: Net Subscriber Value decreased year-over-year to $9,098
Net Subscriber Value decreased year-over-year to $9,098 ➔ Subscriber Additions were 25,475 in 4Q25, a decrease of 17% year-over-year, in-line with our volume & margin optimization strategy. ➔ Net Subscriber Value contracted year-over-year to $9,098 primarily due to higher Creation Costs. ➔ Creation
Slide 15: Net Value Creation decreased to $232 million in Q4
Net Value Creation decreased to $232 million in Q4, representing $1.00 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 16: Contracted Net Value Creation decreased to $176 million
Contracted Net Value Creation decreased to $176 million as Subscriber Additions were down 17%, Contracted Subscriber Value was down 1% and Creation Costs increased 8% year-over-year Contracted Net Value Creation ($ millions) Year-over-year unit margin drivers: Contracted Subscriber Value decreased 1
Slide 17: Upfront Net Value Creation of $69 million in Q4
Upfront Net Value Creation of $69 million in Q4 ➔ Sunrun raises non-recourse capital against the Retained Subscribers we originate, including monetization of tax attributes from tax equity partners and non-recourse senior & subordinated debt against future Retained Subscriber cash flows along with cu
Slide 18: Net Earning Assets now at $8.5 billion
Net Earning Assets now at $8.5 billion ➔ Contracted Net Earnings Assets at $3.6 billion See Appendix for glossary of terms. 4Q25 Earnings Presentation 18
Slide 19: Sunrun is generating cash and paying down recourse debt
Sunrun is generating cash and paying down recourse debt Cash Generation ($ millions) $377 million of Cash Generation in 2025 Recourse Debt(1) ($ millions) Sunrun repaid $148 million of recourse debt in 2025 (1) Gross balances reflected in chart, excluding unamortized debt discounts. See Appendix for
Slide 20: 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 21: Sunrun partners with top financial institutions and global asset managers
Sunrun partners with top financial institutions and global asset managers to raise capital against the assets we originate Select Recent Financing Partners Tax Equity ~$2.7b Sunrun secured ~$2.7b in new tax equity commitments and term sheets in 2025 across traditional and hybrid tax equity structures
Slide 22: Guidance & Outlook
Guidance & Outlook 1Q 2026 Full-year 2026 Aggregate $850 to $950 million $4.8 to $5.2 billion Subscriber Value ➔ Represents 27% decline year-over-year at the ➔ Reflects high-single to low-double digit midpoint, driven by lower volume originated volume growth in Sunrun’s direct channels through our affi
Slide 23: Appendix
Appendix 23
Slide 24: We are strengthening and diversifying capital raising activities
We are strengthening and diversifying capital raising activities with innovative financing structures ➔ As previously disclosed during 3Q25 earnings, Sunrun entered into an agreement to programmatically sell newly originated energy systems to a leading US energy infrastructure investor. These Non-Ret
Slide 25: 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. 1 1 (1) See Appendix on page 31 for a reconciliation of Aggregate Creation Costs, a non-GAAP metric, to Total Operating Expenses
Slide 26: 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. 4Q25 Earnings Presentation 26
Slide 27: 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. 4Q25 Earnings Presentation 27
Slide 28: 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. 4Q25 Earnings Presentation 28
Slide 29: 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. 4Q25 Earnings Presentation 29
Slide 30: 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. 4Q25 Earnings Presentation 30
Slide 31: Non-GAAP Reconciliation of Aggregate Creation Costs
Non-GAAP Reconciliation of Aggregate Creation Costs An Excel model containing Key Operating Metrics, financials and calculations shown in this presentation is available at investors.sunrun.com. Use of Non-GAAP Financial Measures This presentation includes the Company’s non-GAAP financial measures: A
Slide 32: Non-GAAP Reconciliation of Cash Generation
Non-GAAP Reconciliation of Cash Generation An Excel model containing Key Operating Metrics, financials and calculations shown in this presentation is available at investors.sunrun.com. Use of Non-GAAP Financial Measures This presentation includes the Company’s non-GAAP financial measures: Aggregate
Slide 33: 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 34: 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 (~$1.0 billion balance of Payments Received Under Customer Agreements at the end of 2025). ~$14.0 billion of our debt is non-recourse project debt and so
Slide 35: 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 36: Glossary of Terms
Glossary of Terms Definitions for Volume-related Terms Contracted Cash Flows represent, (A) for Retained Subscribers, (x) (1) scheduled payments from Subscribers during the initial terms of the Customer Agreements (provided, that for Flex Customer Deployments represent solar or storage systems, whet
Slide 37: Glossary of Terms (continued)
Glossary of Terms (continued) Advance Rate or Advance Rate on Contracted Subscriber Value represents the company’s estimated Non-contracted or Upside Gross Earning Assets represents, as of any measurement date, the present upfront proceeds, expressed as a percentage of Contracted Subscriber Value or
Slide 38: Glossary of Terms (continued)
Glossary of Terms (continued) Per Share Operational Metrics The Company presents certain operating metrics on a per share basis to aid investors in understanding the scale of such operational metrics in relation to the outstanding basic share count in each period. These metrics are operational in na
Slide 39: Investor Relations
Investor Relations investors.sunrun.com 415-373-5206 investors@sunrun.com 4Q25 Earnings Presentation