Slide 1: Second Quarter 2026 Results
Second Quarter 2026 Results August 7, 2026 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 Q2 2026 Highlights Jim Burke, President & Chief Executive Officer Q2 2026 Finance Update Kris Moldovan, Executive Vice President & Chief Financial Officer 33 Q2 2026 Investor Presentation
Slide 4: Q2 2026 Highlights
Q2 2026 Highlights Jim Burke President & Chief Executive Officer 44 Q2 2026 Investor Presentation
Slide 5: Q2 2026 At-A-Glance
Q2 2026 At-A-Glance DELIVERED REAFFIRMED COMMITTED ~$1.8B ~$6.8-$7.6B up to $1B Q2 2026 Adj. EBITDA1 2026 Adj. EBITDA guidance range1, 2 Helix Platform Strong fleet performance during 2026 Adj. FCFbG1,2 guidance Platform comprised of top tier players recent PJM heat wave range of $3.925-$4.725 billi
Slide 6: Clear Improvement In Our Markets
Clear Improvement In Our Markets Both ERCOT and PJM have seen an improvement in peak load growth PJM Load Growth PJM and ERCOT Energy Peak load by year (GW) Year-over-year weather adjusted growth in load (MWh) by quarter (%)1 . . . . 0.6% CAGR 3.0% CAGR . . . . ERCOT Load Growth Peak load by year (G
Slide 7: Q2 2026 Finance Update
Q2 2026 Finance Update Kris Moldovan Executive Vice President & Chief Financial Officer 77 Q2 2026 Investor Presentation
Slide 8: Q2 2026 Results
Q2 2026 Results Strong second quarter results driving over 30% growth compared to last year Q2 2026 Financial Results Key Drivers Adjusted EBITDA1,2 ($ in millions) • Strong generation results driven by higher capacity , revenue and higher realized prices , , • Optimizing the dispatch of generation
Slide 9: Near-Term Outlook
Near-Term Outlook Reaffirming 2026 guidance and maintaining range for 2027 midpoint opportunity Vistra Earnings Outlook Key Drivers of Outlook Adjusted EBITDA1,2 ($ in millions) • Hedge percentages of ~100%, ~94%, and ~72% for 2026, 2027, and 2028, , respectively3 , , , • Expected to convert 60%+ of
Slide 10: Disciplined Capital Allocation
Disciplined Capital Allocation Incremental free cash flow for allocation to drive additional value for shareholders >$10B Return of Capital to Shareholders • ~$1.2 billion remaining under existing share repurchase authorizations expected to be utilized no later than year end Expected cumulative cash
Slide 11: About Vistra
About Vistra 11 11 Q2 2026 Investor Presentation
Slide 12: 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 13: Delivering Against our Strategic Priorities
Delivering Against our Strategic Priorities Sound operational and financial execution to achieve disciplined growth and enhanced earnings power Integrated Business Model – Commercial availability consistently above 90% – Best in-class retail business with consistent operating results Disciplined Cap
Slide 14: Environmental Stewardship
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) 8,281 7,922 7,722 Transforming our portfolio Generation carbon
Slide 15: Supporting Employees and Our Communities
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 Newsweek 2
Slide 16: Appendix
Appendix 16 16 Q2 2026 Investor Presentation
Slide 17: Retail Overview
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
Slide 18: Corporate Debt Profile
Corporate Debt Profile Vistra remains committed to maintaining investment grade credit ratings Balances ($ in millions) 1 Q2 2026 Funded Revolving Credit Facilities $0 Senior Unsecured Notes 17,650 2 Revenue Bond Obligations 431 Accounts Receivable Financings 300 Forward Repurchase Obligations4 613
Slide 19: Comprehensive Hedging Program Overview
Comprehensive Hedging Program Overview Effective June 30, 2026 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 $
Slide 20: Forward Market Pricing
Forward Market Pricing Effective June 30, 2026 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 $2
Slide 21: Capacity Positions
Capacity Positions Effective July 27, 2026 Tenor Zone Position (MW) Auction Clear ($/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 $2.59 2026/2027 PJM - COMED
Slide 22: Generation Metrics
Generation Metrics Effective June 30, 2026 Total Generation (TWh) Q2 2025 Q2 2026 YTD 2025 YTD 2026 CCGT Capacity Factor (%) Q2 2025 Q2 2026 YTD 2025 YTD 2026 Texas 20.8 22.7 40.8 42.8 Texas 55% 63% 52% 56% East 24.3 27.0 51.8 57.0 East 51% 54% 57% 58% West 0.5 0.5 1.0 0.9 West 25% 25% 24% 21% Total
Slide 23: Asset Fleet Details
Asset Fleet Details Effective June 30, 2026 Asset Location ISO Technology Primary Fuel Net Capacity (MW) Ennis Ennis, TX ERCOT CCGT Gas 366 Forney Forney, TX ERCOT CCGT Gas 1,912 Hays San Marcos, TX ERCOT CCGT Gas 1,122 Lamar Paris, TX ERCOT CCGT Gas 1,180 Midlothian Midlothian, TX ERCOT CCGT Gas 1,
Slide 24: Asset Fleet Details
Asset Fleet Details Effective June 30, 2026 Asset Location ISO Technology Primary Fuel Net Capacity (MW) Moss Landing I & II Moss Landing, CA CAISO CCGT Gas 1,020 Moss Landing Moss Landing, CA CAISO Battery Battery 350 Oakland Oakland, CA CAISO CT Oil 110 Greenleaf Yuba City, CA CAISO CT Gas 49 Tota
Slide 25: Asset Fleet Details
Asset Fleet Details Effective June 30, 2026 Asset Location ISO Technology Primary Fuel Net Capacity (MW) Kendall Minooka, IL PJM CCGT Gas 1,288 Liberty Eddystone, PA PJM CCGT Gas 607 Ontelaunee Reading, PA PJM CCGT Gas 600 Sayreville Sayreville, NJ PJM CCGT Gas 349 Washington Beverly, OH PJM CCGT Ga
Slide 26: Capital Expenditures
Capital Expenditures1 Category ($ in millions) 2024A 2025A 2026E Nuclear & Fossil Maintenance 2,3 $793 $1,006 ~$1,025 Nuclear Fuel4 345 305 ~475 Non-Recurring 5 6 (208) ~(175) Solar & Energy Storage Development6 604 635 ~300 Helix Contribution - - ~500 Other Growth7 155 426 ~900 Total Capital Expend
Slide 27: Vistra Zero Portfolio and Development Pipeline
Vistra Zero Portfolio and Development Pipeline Effective July 31, 2026 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 Develo
Slide 28: Non-GAAP Reconciliations
Non-GAAP Reconciliations 28 28 Q2 2026 Investor Presentation
Slide 29: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended June 30, 2026 (Unaudited, Millions of Dollars) Eliminations / Ongoing Corp and Operations Asset Vistra Corp. Retail Texas East West Other Consolidated Closure Consolidated Net income (loss) $484 $592 $(166) $28 $(517) $421 $(116) $305 Income tax expense 0
Slide 30: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended June 30, 2025 (Unaudited, Millions of Dollars) Eliminations / Ongoing Corp and Operations Asset Vistra Corp. Retail Texas East West Other Consolidated Closure Consolidated Net income (loss) $(123) $863 $120 $(50) $(440) $370 $(43) $327 Income tax expense 0
Slide 31: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended June 30, 2024 (Unaudited, Millions of Dollars) Eliminations / Ongoing Corp and Operations Asset Vistra Corp. Retail Texas East West Other Consolidated Closure Consolidated Net income (loss) $897 $(573) $518 $119 $(463) $498 $(31) $467 Income tax expense 0
Slide 32: Non-GAAP Reconciliations
Non-GAAP Reconciliations Six Months Ended June 30, 2026 (Unaudited, Millions of Dollars) Eliminations / Ongoing Corp and Operations Asset Vistra Corp. Retail Texas East West Other Consolidated Closure Consolidated Net income (loss) $(240) $2,683 $10 $62 $(1,045) $1,470 $(136) $1,334 Income tax expen
Slide 33: Non-GAAP Reconciliations
Non-GAAP Reconciliations Six Months Ended June 30, 2025 (Unaudited, Millions of Dollars) Eliminations / Ongoing Corp and Operations Asset Vistra Corp. Retail Texas East West Other Consolidated Closure Consolidated Net income (loss) $1,009 $143 $(370) $27 $(639) $170 $(111) $59 Income tax expense (be
Slide 34: Non-GAAP Reconciliations
Non-GAAP Reconciliations Six Months Ended June 30, 2024 (Unaudited, Millions of Dollars) Eliminations / Ongoing Corp and Operations Asset Vistra Corp. Retail Texas East West Other Consolidated Closure Consolidated Net income (loss) $1,458 $(909) $345 $287 $(640) $541 $(56) $485 Income tax expense 0
Slide 35: Non-GAAP Reconciliations
Non-GAAP Reconciliations Twelve Months Ended December 31, 2025 (Unaudited, Millions of Dollars) Eliminations / Ongoing Corp and Operations Asset Vistra Corp. Retail Texas East West Other Consolidated Closure Consolidated Net income (loss) $1,290 $1,604 $(91) $54 $(1,634) $1,223 $(279) $944 Income ta
Slide 36: Non-GAAP Reconciliations – Adjusted FCFbG
Non-GAAP Reconciliations – Adjusted FCFbG Twelve Months Ended December 31, 2025 (Unaudited, Millions of Dollars) Ongoing Asset Vistra Operations Closure 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
Slide 37: Non-GAAP Reconciliations – Guidance
Non-GAAP Reconciliations – Guidance 2026 Guidance (Unaudited, Millions of Dollars) 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 c
Slide 38: Non-GAAP Reconciliations – Guidance
Non-GAAP Reconciliations – Guidance 2026 Guidance (Unaudited, Millions of Dollars) 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)
Slide 39: Lighting up lives, powering a better way forward
Lighting up lives, powering a better way forward 39 39 Q2 2026 Investor Presentation