Slide 1: Fourth Quarter and Full Year 2021 Results
February 25, 2022 Fourth Quarter and Full Year 2021 R E S U LT S
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: Safe Harbor Statements (Cont'd)
SAFE HARBOR STATEMENTS (CONT’D) About Non-GAAP Financial Measures and Items Affecting Comparability “Adjusted EBITDA” (EBITDA as adjusted for unrealized gains or losses from hedging activities, tax receivable agreement impacts, reorganization items, and certain other items described from time to tim
Slide 4: Agenda
AGENDA I Welcome and Safe Harbor Meagan Horn, VP Investor Relations, Sustainability and Purpose II 2021 Highlights Curt Morgan, Chief Executive Officer III Financial Highlights Jim Burke, President and Chief Financial Officer Vi s tra Inv es tor Pres en t a ti o n / Q4 2021 4
Slide 5: 2021 Highlights
2021 Highlights Curt Morgan Chief Executive Officer Vi s tra Inv es tor Pres en t a ti o n / Q4 2021
Slide 6: 2021 Key Takeaways
2021 KEY TAKEAWAYS Achieved narrowed and raised November guidance; strong recovery from Uri and back on track Returned significant capital to shareholders through share buyback program and dividends, financed in part through $1 billion low-cost October preferred stock issuance Issued $1 billion
Slide 7: 2021 Financial Highlights
2021 FINANCIAL HIGHLIGHTS 2021 Financial Results Ongoing Operations ($ millions) Adjusted EBITDA1 Before Bill Credit Settlement $1,994 High IRR Early Bill Credit Settlements $(53) Adjusted EBITDA1 $1,941 • Ongoing Operations Adjusted EBITDA is at midpoint of November guidance of $1,990 million when
Slide 8: Delivering on Our Strategic Priorities
DELIVERING ON OUR STRATEGIC PRIORITIES In 2021, we identified and delivered on four key strategic imperatives as part of our long-term capital allocation plan RETURNING CAPITAL ZERO-CARBON GROWTH ✓ $764 million in share Expected to grow Vistra Zero to ~7,300 MW2 by 2026, financed in part with $1 bil
Slide 9: Leading the Way in the Clean Power Transition
LEADING THE WAY IN THE CLEAN POWER TRANSITION Our Vistra Zero project pipeline provides a significantly contracted path forward in the clean power transition with a continued focus on EBITDA growth and shareholder returns California: Line of Sight to up to ~2,040 MW of Energy Storage 300 MW Moss Pha
Slide 10: Financial Highlights
Financial Highlights Jim Burke Chief Financial Officer Vi s tra Inv es tor Pres en t a ti o n / Q4 2021
Slide 11: Q4 2021 Financial Results
Q4 2021 FINANCIAL RESULTS Vistra’s integrated operations continued to execute well, delivering solid results despite the financial impact from Winter Storm Uri; back on track in 2022 ONGOING OPERATIONS ADJUSTED EBITDA1 HIGHLIGHTS ($ millions) $3,766 Q4 2021 Ongoing Ops Adj. EBITDA1: $1,165 million •
Slide 12: Capital Allocation
CAPITAL ALLOCATION Vistra is executing on its long-term capital allocation plan announced in third quarter 2021, which reflects an expected return of capital of at least $7.5 billion to its common stockholders through year end 2026 1 2022 Capital Allocation Plan • Executed ~$764 million of the autho
Slide 13: Appendix
Appendix Vi s tra Inv es tor Pres en t a ti o n / Q4 2021
Slide 14: Vistra Zero
Vistra Zero Vi s tra Inv es tor Pres en t a ti o n / Q4 2021 14
Slide 15: Vistra Zero Portfolio
VISTRA ZERO PORTFOLIO Projects listed below represent only planned projects that have been announced. Vistra expects to grow the portfolio to ~7,300 MW by 2026 Capacity Asset Location ISO Status In-Service Year1 (MW) NUCLEAR Comanche Peak Glen Rose, TX ERCOT 2,300 Online 1990 SOLAR Upton 2 Upton Cou
Slide 16: DeCordova
DECORDOVA DeCordova is a 260 MW / 260 MWh energy storage system co-located at Luminant's natural gas-fueled DeCordova Power Plant Vi s tra Inv es tor Pres en t a ti o n / Q4 2021 16
Slide 17: Brightside and Emerald Grove
BRIGHTSIDE AND EMERALD GROVE Brightside and Emerald Grove bring a combined 158 MW of solar capacity to the ERCOT grid Emerald Grove Brightside Vi s tra Inv es tor Pres en t a ti o n / Q4 2021 17
Slide 18: Moss Landing Energy Storage Facility
MOSS LANDING ENERGY STORAGE FACILITY Phase III of the Moss Landing Energy Storage Facility brings the site's total energy storage capacity to 750 MW/3,000 MWh Vi s tra Inv es tor Pres en t a ti o n / Q4 2021 18
Slide 19: Quarterly Business Disclosures
Quarterly Business Disclosures Vi s tra Inv es tor Pres en t a ti o n / Q4 2021 19
Slide 20: Sustainability: Environmental Stewardship
SUSTAINABILITY: ENVIRONMENTAL STEWARDSHIP Vistra is targeting net-zero by 2050 and is advancing its transformation via planned retirements of coal plants and investments in solar and batteries EMISSIONS REDUCTIONS PORTFOLIO TRANSFORMATION 60% by ~2,900 MW1 Scope 1 and Scope 2 GHG Emissions (in MMtCO
Slide 21: Sustainability: Social Responsibility & Governance
SUSTAINABILITY: SOCIAL RESPONSIBILITY & GOVERNANCE Vistra’s Purpose: Lighting up people’s lives, powering a better way forward PEOPLE AND COMMUNITIES GOVERNANCE Diversity, Equity, and Inclusion • Oversight of Vistra’s ESG initiatives is governed by the full Vistra board, with oversight of subject ma
Slide 22: Corporate Debt Profile
CORPORATE DEBT PROFILE A strong balance sheet is core to Vistra’s strategy. Vistra believes it can maintain financial strength with leverage in the range of ~3 -3.5x net debt to Adj. EBITDA in the near-term as we approach less than 3x ($ millions) Q3 2021 YE 2021 Term Loan B $2,550 $2,543 Senior Sec
Slide 23: Select Debt Balances
SELECT DEBT BALANCES FUNDED DEBT TRANCHES As of December 31, 20211 ($ millions) Issuer Series Principal Outstanding Secured Debt Vistra Operations Senior Secured Term Loan B-3 due December 2025 $2,543 Vistra Operations 3.550% Senior Secured Notes due July 2024 1,500 Vistra Operations 3.700% Senior S
Slide 24: Capital Expenditures
CAPITAL EXPENDITURES PROJECTED CAPITAL EXPENDITURES1 ($ millions) 2021A 2022E Nuclear & Fossil Maintenance2,3 $518 $570 Nuclear Fuel 41 117 Non-Recurring4 35 72 Solar & Energy Storage Development5 386 1,002 Other Growth6 13 53 Total Capital Expenditures $993 $1,814 Non-Recurring4 (35) (72) Solar & E
Slide 25: Fourth Quarter Retail Metrics
FOURTH QUARTER RETAIL METRICS Q4 2021 RETAIL HIGHLIGHTS RETAIL VOLUME All markets (electric volumes in TWh) ✓ Grew residential customer counts in Texas in Q4 and on a full year basis with strong customer satisfaction results 20.8 21.3 2.9 2.6 ✓ TXU Energy finished Q4 with a 5-star rating on the PUC
Slide 26: Fourth Quarter Generation Metrics
FOURTH QUARTER GENERATION METRICS TOTAL GENERATION CAPACITY FACTOR (CCGT) TWhs Q4 2020 Q4 2021 FY 2020 FY 2021 % Q4 2020 Q4 2021 FY 2020 FY 2021 TEXAS 19.8 18.0 81.0 76.3 TEXAS 45% 44% 49% 43% EAST 14.3 14.6 55.9 55.4 EAST 58% 60% 58% 58% WEST 1.5 1.4 5.3 5.4 WEST 68% 61% 59% 60% SUNSET 9.3 8.4 30.0
Slide 27: Hedge Profile & Portfolio Sensitivities
HEDGE PROFILE & PORTFOLIO SENSITIVITIES Effective: 12/31/2021 2022 2023 TEXAS WEST EAST SUNSET TOTAL TEXAS WEST EAST SUNSET TOTAL Nuclear/Renewable/Coal Gen Position Expected Generation (TWh) 48 - - 28 75 46 - - 22 68 % Hedged 90% - - 98% 93% 55% - - 47% 52% Net Position 5 - - 1 5 21 - - 12 32 Sensi
Slide 28: Market Pricing
MARKET PRICING Effective: 12/31/2021 2022 2023 2022 2023 Power (ATC, $/MWh) Spark Spreads ($/mwhr) ERCOT North Hub $40.37 $35.55 Approx. Contrib ution ERCOT West Hub $35.36 $29.60 ERCOT PJM AD Hub $40.71 $38.64 ERCOT North Hub-Houston Ship Channel 90% $12.25 $8.99 PJM Ni Hub $36.03 $34.31 ERCOT West
Slide 29: Capacity Positions
CAPACITY POSITIONS Effective: 12/31/2021 MW Average MW Average Segment Market Tenor Segment Market Tenor Position Price Position Price PJM1 $/mw-day CAISO RTO 2021/2022 3,466 $136.91 WEST 2022 1,287 2022/2023 2,967 $50.00 2023 1,275 ComEd 2021/2022 1,415 $206.84 PJM $/mw-day 2022/2023 1,254 $68.96 R
Slide 30: Asset Fleet Details
ASSET FLEET DETAILS Net Capacity Ownership Asset Location ISO Technology Primary Fuel (MW)1 Interest2 Ennis Ennis, TX ERCOT CCGT Gas 366 100% Forney Forney, TX ERCOT CCGT Gas 1,912 100 Hays San Marcos, TX ERCOT CCGT Gas 1,047 100 Lamar Paris, TX ERCOT CCGT Gas 1,076 100 Midlothian Midlothian, TX ERC
Slide 31: Asset Fleet Details (Cont'd)
ASSET FLEET DETAILS (CONT’D) Net Capacity Ownership Asset Location ISO Technology Primary Fuel (MW)1 Interest2 Independence Oswego, NY NYISO CCGT Gas 1,212 100% Bellingham Bellingham, MA ISO-NE CCGT Gas 566 100 Blackstone Blackstone, MA ISO-NE CCGT Gas 544 100 Casco Bay Veazie, ME ISO-NE CCGT Gas 54
Slide 32: Non-GAAP Reconciliations
Non-GAAP Reconciliations Vi s tra Inv es tor Pres en t a ti o n / Q4 2021 32
Slide 33: Non-GAAP Reconciliations – Q4 2021 Adjusted EBITDA
NON-GAAP RECONCILIATIONS – Q4 2021 ADJUSTED EBITDA VISTRA CORP. – NON-GAAP RECONCILIATIONS THREE MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (Millions of Dollars) Eliminations / Ongoing Asset Vistra Retail Texas East West Sunset Corp. and Operations Closure Consolidated Other Consolidated Net Income
Slide 34: Non-GAAP Reconciliations – Q4 2021 Adjusted EBITDA
NON-GAAP RECONCILIATIONS – Q4 2021 ADJUSTED EBITDA VISTRA CORP. – NON-GAAP RECONCILIATIONS THREE MONTHS ENDED DECEMBER 31, 2021 FOOTNOTES (Unaudited) (Millions of Dollars) (a) Includes $42 million of unrealized mark-to-market net gains on interest rate swaps. (b) Includes nuclear fuel amortization o
Slide 35: Non-GAAP Reconciliations – 2021 Adjusted EBITDA
NON-GAAP RECONCILIATIONS – 2021 ADJUSTED EBITDA VISTRA CORP. – NON-GAAP RECONCILIATIONS FOR YEAR ENDED DECEMBER 31, 2021 (Unaudited) (Millions of Dollars) Eliminations / Ongoing Asset Vistra Retail Texas East West Sunset Corp. and Operations Closure Consolidated Other Consolidated Net Income (loss)
Slide 36: Non-GAAP Reconciliations – 2021 Adjusted EBITDA
NON-GAAP RECONCILIATIONS – 2021 ADJUSTED EBITDA VISTRA CORP. – NON-GAAP RECONCILIATIONS YEAR ENDED DECEMBER 31, 2021 FOOTNOTES (Unaudited) (Millions of Dollars) (a) Includes $134 million of unrealized mark-to-market net gains on interest rate swaps. (b) Includes nuclear fuel amortization of $78 mill
Slide 37: Non-GAAP Reconciliations – Q4 2020 Adjusted EBITDA
NON-GAAP RECONCILIATIONS – Q4 2020 ADJUSTED EBITDA VISTRA CORP. – NON-GAAP RECONCILIATIONS THREE MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (Millions of Dollars) Eliminations / Ongoing Asset Vistra Retail Texas East West Sunset Corp. and Operations Closure Consolidated Other Consolidated Net Income
Slide 38: Non-GAAP Reconciliations – 2020 Adjusted EBITDA
NON-GAAP RECONCILIATIONS – 2020 ADJUSTED EBITDA VISTRA CORP. – NON-GAAP RECONCILIATIONS FOR YEAR ENDED DECEMBER 31, 2020 (Unaudited) (Millions of Dollars) Eliminations / Ongoing Asset Vistra Retail Texas East West Sunset Corp. and Operations Closure Consolidated Other Consolidated Net Income (loss)
Slide 39: Non-GAAP Reconciliations – 2021 Adjusted FCFbG
NON-GAAP RECONCILIATIONS – 2021 ADJUSTED FCFbG VISTRA CORP. – NON-GAAP RECONCILIATIONS FOR YEAR ENDED DECEMBER 31, 2021 (Unaudited) (Millions of Dollars) Ongoing Operations Asset Closure Vistra Consolidated Adjusted EBITDA 1,941 (33) 1,908 Interest paid, net (a) (506) - (506) Taxes received, net of
Slide 40: Non-GAAP Reconciliations – 2022 Guidance
NON-GAAP RECONCILIATIONS – 2022 GUIDANCE VISTRA CORP. – NON-GAAP RECONCILIATIONS 2022 GUIDANCE1 (Unaudited) (Millions of Dollars) Ongoing Operations Asset Closure Vistra Consolidated Low High Low High Low High Net Income (loss) 1,027 1,401 (140) (40) 887 1,361 Income tax expense 301 427 - - 301 427
Slide 41: Non-GAAP Reconciliations – 2022 Guidance
NON-GAAP RECONCILIATIONS – 2022 GUIDANCE VISTRA CORP. – NON-GAAP RECONCILIATIONS 2022 GUIDANCE1 FOOTNOTES (Unaudited) (Millions of Dollars) 1 Regulation G Table for 2022 Guidance prepared as of November 5, 2021. (a) Includes unrealized (gain) / loss on interest rate swaps of ($50) million. (b) Inclu
Slide 42: End Slide
END SLIDE Vi s tra Inv es tor Pres en t a ti o n / Q4 2021