Slide 1: First Quarter 2025 Results
First Quarter 2025 Results May 7, 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 Q1 2025 Highlights Jim Burke, President & Chief Executive Officer Q1 2025 Finance Update Kris Moldovan, Executive Vice President & Chief Financial Officer 3 Q1 2025 Investor Presentation
Slide 4: Q1 2025 Highlights
Q1 2025 Highlights Jim Burke President & Chief Executive Officer 4 Q1 2025 Investor Presentation
Slide 5: Q1 2025 At-A-Glance
Q1 2025 At-A-Glance DELIVERED REAFFIRMED HEDGED $1,240M $5.5-$6.1B ~95% Q1 2025 Adj. EBITDA1 2025 Adj. EBITDA guidance range1,2 Expected Generation for 2025-264 Resilient earnings delivered 2025 Adj. FCFbG1,2 Comprehensive hedging program through forward hedging, guidance range of provides earnings
Slide 6: Continued Execution Against Our Four Strategic Priorities
Continued Execution Against Our Four Strategic Priorities Integrated Disciplined Resilient Strategic Energy Business Model Capital Allocation Balance Sheet Transition Strong operational and retail Consistent execution on our Current net leverage below our Construction continues on our performance th
Slide 7: Demand Growth Continues to Materialize Across our Markets
Demand Growth Continues to Materialize Across our Markets Vistra’s diversified fleet and retail portfolio offer multiple ways to create value from secular load growth PJM and ERCOT Load Growth Secular industry growth remains intact despite macro conditions Year-over-year weather adjusted growth in e
Slide 8: Q1 2025 Finance Update
Q1 2025 Finance Update Kris Moldovan Executive Vice President & Chief Financial Officer 8 Q1 2025 Investor Presentation
Slide 9: Q1 2025 Results
Q1 2025 Results Favorable weather and commercial operations drive strong start to 2025 Q1 2025 Financial Results Generation2 Adjusted EBITDA1,2 ($ in millions) Q1 2025 was $218 million favorable as compared to Q1 2024, primarily driven by: , • Strong fleet commercial availability • Higher wholesale
Slide 10: Near-term Earnings Outlook
Near-term Earnings Outlook Integrated model enables strong growth profile amidst industry tailwinds Near-term Earnings Outlook • Comprehensive hedging program supports the near-term Adjusted EBITDA1,2 ($ in millions) outlook while maintaining upside to power market tailwinds in the out-years3 , • ~1
Slide 11: Capital Allocation Update
Capital Allocation Update1 Balanced approach to shareholder return, financial leverage, and growth • Executed ~$5.2 billion in share repurchases from Nov. 2021 through May 2, 2025, at an average price of ~$31.96 • Currently, ~$1.5 billion remaining under existing share repurchase authorizations expe
Slide 12: About Vistra
About Vistra 12 Q1 2025 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 Vistra’s GHG targets emphasize an energy transition that balances reliability and affordability of power EMISSIONS REDUCTIONS1 PORTFOLIO TRANSFORMATION2 Scope 1 and Scope 2 Emissions SO2 Emissions ~15,150 MW Zero Carbon Capacity MW (Million mtCO2e) (‘ s mt) fossil generatio
Slide 15: Social Responsibility & Governance
Social Responsibility & Governance Vistra’s Purpose: Lighting up lives, powering a better way forward 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 deleg
Slide 16: Appendix
Appendix 16 Q1 2025 Investor Presentation
Slide 17: Nuclear Production Tax Credit (PTC) Overview
Nuclear Production Tax Credit (PTC) Overview1 The IRA’s nuclear PTC creates revenue stability during periods of lower power prices for nuclear generation Illustrative Revenue Support PTC Mechanism2 • The nuclear PTC is a tax credit of up to $15/MWh • When gross receipts exceed $25/MWh, the PTC amoun
Slide 18: Retail Overview
Retail Overview Strong margin and counts performance driving Adj. EBITDA growth Highlights • Retail volumes increased 27% YoY driven by growth in the business markets segment and the Energy Harbor acquisition • Grew residential counts in Texas within the quarter and year over year, including our fla
Slide 19: Corporate Debt Profile
Corporate Debt Profile Vistra remains committed to a long-term net leverage target below 3x1 Balances ($ in millions) Q1 2025 Funded Revolving Credit Facilities $0 Vistra Operations Term Loan B 2,469 Senior Secured Notes 5,144 Senior Unsecured Notes 7,300 2 Revenue Bond Obligations 431 Accounts Rece
Slide 20: Select Debt Balances
Select Debt Balances Principal outstanding for secured and unsecured debt issued from Vistra Operations Vistra Operations Secured Debt ($ in millions) Q1 2025 Senior Secured Term Loan B-3 due December 2030 $2,469 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 March 31, 2025 2025 2026 Texas West East Total Texas West East Total Nuclear/Renewable/Coal Gen Position Expected Generation (TWh) 39 43 82 51 55 106 % Hedged 100% 97% 98% 100% 65% 82% Sensitivity to Power Price: + $2.50/mwh ($M) $7 $4 $11 $6 $51 $57
Slide 22: Capacity Positions
Capacity Positions Effective March 31, 2025 Tenor Zone Position (MW) Average Price ($/MW-day) Tenor Zone Position (MW) Avg. Price ($/KW-mo) East East 2024/2025 PJM - RTO 5,170 $34.30 Winter 24/25 NYISO 1,099 $2.99 2024/2025 PJM - ComEd 2,333 $37.92 2024/2025 ISO-NE 3,347 $3.09 2024/2025 PJM - DEOK 1
Slide 23: Forward Market Pricing
Forward Market Pricing Effective March 31, 2025 Bal'2025 2026 2027 Bal'2025 2026 2027 Power (ATC, $/MWh) Spark Spreads (ATC, $/MWh) ERCOT North Hub $59.09 $56.76 $54.58 ERCOT West Hub $61.99 $60.50 $58.49 Texas cont. PJM AD Hub $49.59 $51.12 $47.33 ERCOT North Hub-Houston Ship Channel 90% $27.75 $24
Slide 24: Generation Metrics
Generation Metrics Effective March 31, 2025 Total Generation (TWh) Q1 2023 Q1 2024 Q1 2025 CCGT Capacity Factor (%) Q1 2023 Q1 2024 Q1 2025 Texas 16.7 18.5 20.0 Texas 35% 44% 48% East 18.0 20.3 27.5 East 62% 62% 63% West 1.5 1.2 0.5 West 70% 55% 23% Total Ongoing Operations 36.2 40.0 48.0 Coal Capac
Slide 25: Asset Fleet Details
Asset Fleet Details Effective March 31, 2025 Asset Location ISO Technology Primary Fuel Net Capacity (MW) Ennis Ennis, TX ERCOT CCGT Gas 366 Forney Forney, TX ERCOT CCGT Gas 1,912 Hays San Marcos, TX ERCOT CCGT Gas 1,047 Lamar Paris, TX ERCOT CCGT Gas 1,180 Midlothian Midlothian, TX ERCOT CCGT Gas 1
Slide 26: Asset Fleet Details
Asset Fleet Details Effective March 31, 2025 Asset Location ISO Technology Primary Fuel Net Capacity (MW) Independence Oswego, NY NYISO CCGT Gas 1,212 Bellingham Bellingham, MA ISO-NE CCGT Gas 566 Blackstone Blackstone, MA ISO-NE CCGT Gas 544 Casco Bay Veazie, ME ISO-NE CCGT Gas 543 Lake Road Dayvil
Slide 27: Capital Expenditures
Capital Expenditures1 Category ($ in millions) 2023A 2024A 2025E Nuclear & Fossil Maintenance2,3 $730 $785 ~$925 Nuclear Fuel 4 206 307 ~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 March 31, 2025 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 ERCOT
Slide 29: Non-GAAP Reconciliations
Non-GAAP Reconciliations 29 Q1 2025 Investor Presentation
Slide 30: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended March 31, 2025 (Unaudited, Millions of Dollars) Eliminations / Ongoing Corp and Operations Vistra Corp. Retail Texas East West Other Consolidated Asset Closure Consolidated Net income (loss) $1,132 $(720) $(490) $77 $(199) $(200) $(68) $(268) Income tax be
Slide 31: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended March 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) $561 $(336) $(173) $168 $(177) $43 $(25) $18 Income tax benefit 0
Slide 32: 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 $486 $(1,794) $2,943 $(131) $2,812 Income
Slide 33: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended March 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) $(595) $611 $1,142 $49 $(485) $722 $(24) $698 Income tax expense
Slide 34: 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 $434 $(1,527) $1,478 $14 $1,492 Income tax e
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
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 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 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 38: Lighting up lives, powering a better way forward
Lighting up lives, powering a better way forward 38 Q1 2025 Investor Presentation