Nrg Energy, Inc. · NYSE:NRG
Nrg Energy — Q1 2026 Earnings Presentation
34 slides from Nrg Energy's earnings presentation, May 6, 2026
Slide 1: First Quarter 2026 Earnings Presentation
E A R N I N G S N R G E N E R G Y, I N C . FIRST QUARTER 2026 2 0 2 6 EARNINGS PRESENTATION Q 1 M AY 6 , 2 0 2 6 T.H. Wharton TEF Project
Slide 2: Safe Harbor
SAFE HARBOR Forward-Looking Statements In addition to historical information, the information presented in this presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act. These statements involve estimates, ex
Slide 3: Agenda
• Results & Business Review • Financial Highlights • Closing Remarks • Q&A AGENDA Robert Gaudette Bruce Chung President & CEO Executive Vice President & CFO NRG 1Q26 Earnings 3
Slide 4: Key Messages
KEY MESSAGES Solid Operational Performance; Reaffirming 2026 Guidance and Well-Positioned for the Balance of the Year Power Demand Growth and Evolving Market Structures Increase the Need for New, Dedicated Supply Positioned to Capture Value from Accelerating Power Demand through Development, Contrac
Slide 5: 1Q26 Business and Financial Highlights
1Q26 BUSINESS AND FINANCIAL HIGHLIGHTS ($ millions, except per share amounts) • Top decile safety performance Financial & $1,080 MM Adjusted EBITDA • 94% Texas fleet 1Q26 In-the-Money Availability (IMA) Operational Results $1.49 Adjusted EPS1 • Smart Home customer count +9% YoY • LS Power portfolio
Slide 6: Market Outlook
MARKET OUTLOOK Forecasted Load Growth vs. Supply Additions ERCOT Peak Load1 Demand is Accelerating 50 • Data centers, electrification, and manufacturing driving load growth 40 30 • AI-driven demand accelerating investment cycles GW 20 10 - 2026 2027 2028 2029 2030 Power Availability is Constrained L
Slide 7: Positioned to Serve Growing Power Demand
POSITIONED TO SERVE GROWING POWER DEMAND Customers Generation & Flexible Supply Development ~8 MM Customers | >100 TWh C&I Load ~25 GW Capacity Multi-GW Development Pipeline • Direct access to growing, increasingly • Dispatchable fleet across Texas and the East • 1.5 GW TEF projects under constructi
Slide 8: Financial Highlights
FINANCIAL HIGHLIGHTS NRG 1Q26 Earnings 8
Slide 9: 1Q26 Financial Results
1Q26 FINANCIAL RESULTS ($ millions, except per share amounts) 1Q26 Highlights • Texas earnings impacted by mild weather and low volatility across the quarter Three Months Ended • East results include expected benefit from newly acquired portfolio but negatively 3/31/2026 3/31/2025 impacted from high
Slide 10: 2026 Capital Allocation
2026 CAPITAL ALLOCATION ($ millions) $3,050 1,097 No Change from Previously Disclosed $950 LS Power (midpoint) 123 1,113 $2,100 Legacy FCFbG (midpoint) 407 $310 2026 Liability Management Integration Share Common Plant & Other Excess Cash1 & Pref. Divs. Costs Repurchases Dividends4 Investments Liabil
Slide 11: Closing Remarks
CLOSING REMARKS NRG 1Q26 Earnings 11
Slide 12: 2026 Priorities
2026 PRIORITIES ❑ Deliver Financial, Operational, Safety, and Business Objectives ❑ Deliver on Growth Initiatives Deliver 2026 organic growth in line with 2025-2029 $750 MM growth plan Close LS Power portfolio acquisition Complete construction of T.H. Wharton in late May 2026 Execute toward
Slide 13: Appendix: Upside Opportunities
APPENDIX: UPSIDE OPPORTUNITIES NRG 1Q26 Earnings 13
Slide 14: Texas Generation Fleet
TEXAS GENERATION FLEET SIGNIFICANT UPSIDE OPPORTUNITY FROM RISING POWER PRICES ($ millions) Gross Margin: Illustrative Mark-to-Market for Texas Generation-Only Portfolio Gas Sensitivity Case 1 2 3 Open +$0.25 -$0.25 Forward Curves Do Not Reflect Demand Outlook % Hedge1 95-100% ~50% <25% 0% Guidance
Slide 15: PJM Generation Fleet
PJM GENERATION FLEET SIGNIFICANT UPSIDE OPPORTUNITY FROM RISING POWER PRICES ($ millions) Gross Margin: Illustrative Mark-to-Market for PJM Generation-Only Portfolio Gas Sensitivity Case 1 2 3 Open +$0.25 -$0.25 Forward Curves Do Not Reflect Demand Outlook % Hedge1 50% 25% 10% 0% Guidance Date Curre
Slide 16: Powering the Future of Data Centers
POWERING THE FUTURE OF DATA CENTERS POSITIONED TO LEAD LARGE LOAD GROWTH Turbines and EPC Secured for Critical Equipment & Bridge Power Sites Advancing and 5.4 GW of New Build Opportunities Secured for Initial Buildout Incremental Capacity Upside 2029E 2030E 2031E 2032E ✓ Multiple GW of key electric
Slide 17: NRG, GE Vernova & Kiewit Venture
NRG, GE VERNOVA & KIEWIT VENTURE POWERING THE FUTURE OF DATA CENTERS U.S.-Based Fully Integrated Venture Signed Project Development Agreement GE Vernova, Kiewit-TIC, NRG: Developer, Operator, OEM and EPC Venture Benefits Status ✓ Coordinated development, power equipment and EPC ✓ 1.2 GW CCGTs in-ser
Slide 18: Appendix: Operations
APPENDIX: OPERATIONS NRG 1Q26 Earnings 18
Slide 19: Executing High-Value Data Center Retail Agreements
EXECUTING HIGH-VALUE DATA CENTER RETAIL AGREEMENTS Long-Term Data Center Retail Power Agreements First Full Modeling Assumptions Announced Locations Capacity Term1 Capex Delivery Capacity 2Q25 Texas 295 MW 10-20 years Minimal 2H26 2H30 • Assumed Load Factor: >80% 3Q25 East2 150 MW 10-20 years Minima
Slide 20: Energy & Smart Home Performance
ENERGY & SMART HOME PERFORMANCE 1Q26 REVIEW Texas Continues to Realize Load Growth Business & Operation Highlights ERCOT Peak Demand Hit 5 New Record Peaks in Last 12 Months • Top decile safety performance 90 80 • Strong operational performance driven by 70 resilient plant operations GW 60 50 40 • S
Slide 21: Capacity Clears
CAPACITY CLEARS ($ millions, unless otherwise stated) Capacity Revenue by Calendar Year1 Market 2026 2027 PJM $644 $729 ISO-NE $33 $41 Average Price Cleared Position Average Price Cleared Position ISO Planning Year ISO Planning Year ($/MW-Day) (MW)2 ($/kW-Month) (MW)2 PJM 2025 - 2026 $298 5,770 ISO-
Slide 22: Texas Energy Fund Development Portfolio
TEXAS ENERGY FUND DEVELOPMENT PORTFOLIO T.H. Wharton Cedar Bayou 5 Greens Bayou 6 Portfolio Highlights Simple Cycle Peaking Unit Combined Cycle Simple Cycle Peaking Unit Technology Siemens SGT6-5000F Mitsubishi M501JAC GE 7HA.03 $1.15 Bn Texas Energy Fund financing at 3%; completed for all 3 proje
Slide 23: Home Integrated Retail Supply Procurement
HOME INTEGRATED RETAIL SUPPLY PROCUREMENT 2026 Net Home Position1 Supply Position Highlights (Avg. On-Peak MWh) ERCOT East/Other ✓ Balance net generation and market purchases against priced load Total Expected Load2 (normal weather) ✓ Manage current financial exposure while planning for 91% physical
Slide 24: NRG Generation Fleet
NRG GENERATION FLEET LS Power LS Power Portfolio Portfolio Operating Assets1 Capacity, GW 24% Coal & Other Natural Gas2 12.9 48% 12.9 25.8 52% GW GW GW 76% 100% Operating Assets1 Geography, GW 16% ERCOT NYISO 84% 7% ISO-NE PJM 12.9 12.9 39% 25.8 50% GW GW 61% GW 16% 16% 8% 3% Doubles Generation Flee
Slide 25: NRG Assets & Development Projects
NRG ASSETS & DEVELOPMENT PROJECTS Plant Name MW Fuel Tech ISO LDA Plant Name MW Fuel Tech ISO LDA State Texas East Cedar Bayou 1,495 Natural Gas ST ERCOT Houston Chalk Point 80 Natural Gas/Oil CT PJM PEPCO MD Cedar Bayou 4 252 Natural Gas CCGT ERCOT Houston Fisk 171 Oil CT PJM ComEd IL Chamon 92 Nat
Slide 26: LS Power Assets
LS POWER ASSETS Plant Name MW Fuel Tech ISO LDA State Plant Name MW Fuel Tech ISO LDA State East East Armstrong 780 Natural Gas/Oil CT PJM RTO PA Ocean State 600 Natural Gas/Oil CCGT ISO-NE SENE RI Aurora 1,050 Natural Gas CT PJM ComEd IL Ravenswood CC 250 Natural Gas/Oil CCGT NYISO Zone J NY Chambe
Slide 27: Appendix: Finance
APPENDIX: FINANCE NRG 1Q26 Earnings 27
Slide 28: Key Assumptions for Outlook
KEY ASSUMPTIONS FOR OUTLOOK 2026 2027-2030 Assumptions Pro Forma Outlook Assumptions1 Power Price - ERCOT ATC ($/MWh) $52 $52 flat, see sensitivity table (slide 14) Power Price - PJM ATC ($/MWh) $53 $53 flat, see sensitivity table (slide 15) PJM Capacity Prices ($/MW-Day) Cleared Auction Prices Assu
Slide 29: Debt Maturity Schedule
DEBT MATURITY SCHEDULE BALANCE AS OF 4/30/2026 Recourse Debt ($ millions) Principal Non-recourse Debt ($ millions) Principal 5.750% Senior Notes, due 2028 $821 7.25% Lightning Senior Secured Notes, due 2032 $5 5.250% Senior Notes, due 2029 733 Lightning Term Loan B, due 2031 1,724 3.375% Senior Note
Slide 30: Energy Modeling Aid
ENERGY MODELING AID 2026 METRICS 2026E East/West/ Texas Other (EWO) Operational Statistics1 Retail Energy Sales: Home Power Expected Load (TWh) ~40 ~17 Business Power Expected Load (TWh) ~45 ~70 Total Power Expected Load (TWh) ~85 ~87 Total Natural Gas Expected Sales (MMDths) -- ~1,850 Generation St
Slide 31: Energy KPIs Indicators and Modeling Data
ENERGY KPIs INDICATORS AND MODELING DATA1 Operational KPIs2 1Q26 1Q25 Change Home Retail Energy Customers4 (in millions) Texas EWO3 Texas EWO3 Texas EWO3 Home Power Load (TWh) 7 5 8 5 (1) 0 5.63 5.65 Business Power Load (TWh) 9 14 9 14 0 0 2.77 2.82 EWO Texas Total Power Load (TWh) 16 19 17 19 (1) 0
Slide 32: Smart Home KPIs and Modeling Data
SMART HOME KPIs AND MODELING DATA Key Metrics1,2 1Q26 1Q25 Change Portfolio Customers (MM)3,4 2.37 2.17 +9% Customer Lifetime (years)3 ~9 ~9 -- Retention (%)5 89.5% 89.9% -40 bps Bad Debt as % of Revenue ~3% ~2% ~1% Per Customer Monthly Rec. Revenue per Customer $76.73 $76.11 +1% Monthly Rec. Servic
Slide 33: Reg. G Definitions
REG. G DEFINITIONS Non-GAAP Financial Measures NRG reports its financial results in accordance with the accounting principles generally accepted in the United States (GAAP) and supplements with certain non-GAAP financial measures. These measures are not recognized in accordance with GAAP and should
Slide 34: Smart Home Performance Metrics
SMART HOME PERFORMANCE METRICS DEFINITIONS • New Customers is the aggregate number of new smart home and security customers originated during a given period. This metric excludes new customers acquired by the transfer of a service contract from one customer to another. • Customers is the aggregate n