Slide 1: Investor Presentation August 2026
Investor Presentation August 2026
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 the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements related to: the Co
Slide 3: Sunrun is powering a customer-led revolution to clean energy
Sunrun is OLD WAY powering a Centralized control, single points of failure, expensive, polluting, limited consumer customer-led engagement in energy revolution to clean, affordable and locally- generated energy. NEW WAY A network of decentralized, decarbonized, democratized, We are building a affordab
Slide 4: Sunrun Overview
Sunrun Overview Our Compelling Value Proposition Sunrun is powering a customer-led revolution to VALUE TO ➔ We have delivered more than $1.3 billion in savings clean, affordable and locally-generated energy at for our customers since 2007.(1) CUSTOMERS scale and at a sustained pace. ➔ Storage provide
Slide 5: Massive & underpenetrated growth opportunity
Massive & underpenetrated growth opportunity The vast majority of US homes have no battery storage ➔ Of ~90 million total addressable homes, less than 1 million have storage (~775k homes or ~0.9% penetration)(1) ➔ Sunrun offers storage as part of a Solar + Storage service or as a standalone offering f
Slide 6: Sunrun is the #1 residential market leader
Sunrun is the #1 residential market leader Operating scale and strong network effects provide A disciplined strategy significant competitive and long track record advantages of growth has resulted in a leading market share position With approximately 18% share of residential solar installation volumes
Slide 7: Utility pricing is increasing and reliability is declining
Utility pricing is increasing and reliability is declining. Solar and storage technology is improving and becoming lower cost. ➔ The price of electricity nationwide has risen 35% over the past five years(1), with Retail Electricity Price Increases Over even steeper increases in many of our top market
Slide 8: Solar and battery costs have declined
Solar and battery costs have declined The costs of solar modules and batteries have declined Cost of solar modules -92% Cost of batteries -89% significantly and market research predicts that these trends will continue.(1)(2) Market researchers have forecasted that the cost of installed solar panels a
Slide 9: Sunrun is a trusted provider to enable the transition to clean energy
Sunrun is a trusted provider to Sunrun’s Vision enable the transition to clean ➔ Sunrun aims to become the preferred clean energy provider to power customers’ lives. energy We aim to integrate solar, battery storage, electrification and distributed power plant offerings into a smart solution for each
Slide 10: The Sunrun network can deliver distributed power plants
The Sunrun network can deliver distributed power plants to transition to a decentralized power grid ➔ Home solar and batteries are more flexible and efficient than traditional centralized infrastructure. Utilities spend more than $130 billion per year in capital investments and we believe $13 billion c
Slide 11: Leading customer acquisition capabilities
Leading customer acquisition capabilities Direct to Experts in consultative engagements Home Affiliate Leverage tools and brand to offer leading product solutions to customers Partners Direct Best in class direct to consumer Marketing Sunrun’s diverse customer Strategic National brands & retailers such
Slide 12: Increasing customer value proposition and margin opportunity by expanding offering
Increasing customer value proposition and margin opportunity by expanding offering TRADITIONAL SUNRUN SOLAR SUNRUN RECHARGEABLE SUNRUN ENERGY MANAGEMENT GRID SERVICE SOLAR BATTERY SYSTEM AND DISTRIBUTED POWER PLANT Value Potential Progress Current Contracted Net Subscriber Value ~$12,000+ ➔ Expected
Slide 13: Post-contract customer values & renewal assumptions may be conservative
Post-contract customer values & renewal assumptions embedded in metrics may be conservative ➔ Advantaged position compared to competitors: The marginal cost of delivering energy during the renewal period will likely be lower than a new system (whether installed by us Contracts are written to typical
Slide 14: Sunrun is making an impact
Sunrun is Since 2007, Sunrun’s systems have prevented greenhouse gas (GHG) emissions totaling making an impact 26.2 million metric tons of carbon dioxide equivalent (CO2e) Our approach is to benefit all of our stakeholders: our customers, our employees, and the communities in which we operate, as We
Slide 15: Expanding moat with technology capabilities
Expanding moat with technology capabilities We have invested over $200 million in R&D(1) to usher the change to a distributed energy system while building more entry barriers PLATFORM TECHNOLOGY Sunrun leads the industry with advanced solar system design, monitoring, and customer engagement tools. S
Slide 16: Sunrun is led by seasoned professionals with extensive industry experience
Sunrun is led by seasoned professionals with extensive industry experience MARY POWELL PAUL DICKSON DANNY ABAJIAN JEANNA STEELE Chief Executive Officer President & Chief Revenue Officer Chief Financial Officer Chief Legal Officer & Chief People Officer PATRICK KENT CHANCE ALLRED RACHIT SRIVASTAVA Chief Operat
Slide 17: Measuring Value Creation
Measuring Value Creation 17
Slide 18: Nearly two decade operating history delivering consistent growth and value creation
Nearly two decade ➔ 1,205,613+ Customers(2) operating history ➔ ➔ Networked Solar Capacity of 8,732 MWs(3) Networked Storage Capacity of 4.6 Gigawatt hours(4) delivering consistent growth and value creation Systems Perform Sunrun provides performance guarantee for peace of mind Strong Customer Exper
Slide 19: Positive Cash Generation in Q2
Sunrun delivered positive Cash Generation in Q2 as a deliberate shift towards our direct business continues to take shape; growth expected in 2H26 $1.2 billion 4.6 GWhrs Aggregate Subscriber Value Networked Storage Capacity in 2Q26 as of 6/30/2026 -24% year-over-year +43% year-over-year $45 million
Slide 20: Positioned to grow high-margin volumes through direct channel
Sunrun is positioned to grow high-margin volumes through direct channel while building dispatchable power asset base Transitioning to direct business Overall volume down YoY in-line with deliberate shift towards direct channel - ➔ Demand for our offering is strong as consumer interest in affordable, r
Slide 21: Growth resuming in Sunrun's Direct business; Affiliate volumes resetting
Growth resuming in Sunrun’s Direct business; Affiliate volumes resetting following actions Direct volumes set to resume robust growth following transition period as Sunrun focuses on best customer experience, higher margins Monthly sales have inflected in June and July, with monthly sales growth excee
Slide 22: 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) ~35% over the past 5 yea
Slide 23: 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 24: Formed consortium to jointly pursue opportunities with hyperscalers
Formed consortium to jointly pursue opportunities with hyperscalers & jointly push for capacity accreditation Together, we could bring 16.8 GW of fast, flexible capacity for data center and large load growth Investor Presentation 24
Slide 25: America's Homes. Powering AI.
America’s Homes. Powering AI. Traditional data centers can take years to build and connect to the grid. Sunrun's distributed model leverages existing homes with solar and battery systems which could help bring AI compute capacity online faster. 25
Slide 26: Well positioned following the passage of the 2025 budget bill
Sunrun is well positioned to continue to generate strong financial returns following the passage of the 2025 budget bill 48E Investment Tax Credits (ITC) maintained for storage portion of projects through 2033 at 30%+ while ITCs for solar portion are maintained through 2027 (with ability to complete
Slide 27: Positioned to generate strong unit margins & volume in 2031+
Sunrun is positioned to be able to generate strong unit margins & volume in 2031+ ➔ There are many paths to generating strong margins in 2031 without the solar portion of the tax credit. ➔ With conservative assumptions for pricing increases against utility rate escalation, equipment cost declines, c
Slide 28: We Love Our People: Teams Driving Success in Q2
We Love Our People Teams Driving Success in Q2 Sunrun’s Service Leadership Team Driving strategic execution and value creation from customer-first operations to scaling our industry-wide service platform Investor Presentation 28
Slide 29: Financial Performance & Outlook
FINANCIAL PERFORMANCE & OUTLOOK Danny Abajian CFO 2Q26 Earnings Presentation 29
Slide 30: Net Subscriber Value decreased year-over-year to $9,444
Net Subscriber Value decreased year-over-year to $9,444 ➔ Subscriber Additions were 19,793 in 2Q26, a decrease of 31% year-over-year, driven by our intentional shift of growth mix to our direct business and ongoing ramp of expanded direct salesforce to full productivity. ➔ Net Subscriber Value decre
Slide 31: Upfront Net Subscriber Value exceeding $2.0k, a 4% margin
Delivering strong margin execution, with Upfront Net Subscriber Value exceeding $2.0k, representing a 4% margin Upfront Net Subscriber Value Represents, on a per Subscriber basis, estimated proceeds from tax equity, non-recourse project debt, upfront incentives, and proceeds from Non-Retained or Par
Slide 32: Upfront Net Subscriber Value of $2,016 in Q2
Upfront Net Subscriber Value of $2,016 in Q2 ➔ 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 custo
Slide 33: Net Earning Assets now at $9.0 billion as of 2Q26
Net Earning Assets now at $9.0 billion as of 2Q26 ➔ Contracted Net Earning Assets at $3.7 billion See Appendix for glossary of terms. Investor Presentation 33
Slide 34: Sunrun is generating cash and paying down recourse debt
Sunrun is generating cash and paying down recourse debt Cash Generation ($ millions) $200 - $375 million of Cash Generation expected in 2026 Recourse Debt(1) ($ millions) Sunrun has repaid $188 million of recourse debt over the past year (1) Gross balances reflected in chart, excluding unamortized de
Slide 35: Strong capital markets execution
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 have demonstrated indus
Slide 36: Partners with top financial institutions to raise capital
Sunrun partners with top financial institutions and global asset managers to raise capital against the assets we originate Select Recent Financing Partners ✓ Tax Equity Sunrun secured ~$2.6 billion in new tax equity commitments and term sheets in 2025 across traditional and hybrid tax equity structur
Slide 37: Capital Allocation Framework
Capital Allocation Framework Sunrun is committed to a capital allocation strategy that maximizes long-term shareholder value. Continue to Grow While Strategically Investing in Products & Technology ➔ Already reflected in our Cash Generation outlook is the continued use of optimized asset-level financi
Slide 38: Guidance & Outlook
Guidance & Outlook Full-year 2026 Full-year 2026 Current Guidance Prior Guidance Aggregate Subscriber $4.6 to $4.9 billion $4.8 to $5.2 billion Value ➔ Reflects low single-digit growth in direct channels for the ➔ High-single to low-double digit volume growth in full year (reflecting growth of >10% y/
Slide 39: Appendix
Appendix
Slide 40: 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 2 (1) See Appendix on page 46 and 47 for a reconciliation of Creation Costs Reflected in Operating Expenses and Creation Cos
Slide 41: 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. Investor Presentation 41
Slide 42: Key Operating Metrics: Costs in Period
Key Operating Metrics: 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. Investor Presentation 42
Slide 43: 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. Investor Presentation 43
Slide 44: 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. Investor Presentation 44
Slide 45: 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. Investor Presentation 45
Slide 46: Non-GAAP Reconciliation of Creation Costs in Operating Expenses
Non-GAAP Reconciliation of Creation Costs Reflected in Operating Expenses 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
Slide 47: Non-GAAP Reconciliation of Creation Costs in Capital Expenditures
Non-GAAP Reconciliation of Creation Costs Reflected in Capital Expenditures 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-GAA
Slide 48: 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: Creation C
Slide 49: 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 50: 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). ~$14.5 billion of our debt is non-recourse project debt and so
Slide 51: 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 52: Disciplined underwriting and asset management resulting in healthy payment performance
Disciplined underwriting and asset management resulting in healthy payment performance ➔ We believe our asset performance is industry-leading and tracks below many consumer asset classes (e.g. solar loans, car loans, credit cards) ➔ Sunrun has demonstrated strong payment performance across our asset
Slide 53: Strong service transfer performance
Strong service transfer performance When customers move or their service is otherwise transferred to a new homeowner, Sunrun has maintained ~100% of expected contract value COMPLETED SERVICE TRANSFERS REASONS FOR SERVICE TRANSFER & NET SUBSCRIBER VALUE RECOVERY BY YEAR (Legacy Sunrun data only) Tran
Slide 54: Residential solar market size is massive and underpenetrated today
Residential Solar is ~6% of the market today Residential solar market size is massive and underpenetrated today ● 90 million U.S. single family homes(1) ● 5.4 million residential solar customers across the industry(2) ● 455,000 solar customers added in 2025(2) Projected ~19% market penetration in 20
Slide 55: Modeling residential solar
Modeling residential solar Key drivers of project cash flows Sunshine, utility rates, site specifics, costs (Average Sunhours) SUN RESOURCE VARIES The economics of a system are driven by how much energy the solar system produces (a function of the site conditions and sunshine), how much Sunrun charges
Slide 56: 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 57: Glossary of Terms (continued)
Glossary of Terms (continued) Net Subscriber Value represents Subscriber Value less the summation of the following items divided by Proceeds Realized From Retained Subscribers represents cash flows received in respect of Retained Subscriber Additions: (A) payments for the costs of energy systems; (B
Slide 58: Glossary of Terms (continued)
Glossary of Terms (continued) Other Terms Annual Recurring Revenue represents revenue arising from Customer Agreements over the following twelve months for Retained Subscribers that have met initial revenue recognition criteria as of the measurement date. Average Contract Life Remaining represents t
Slide 59: Investor Relations
Investor Relations investors.sunrun.com 415-373-5206 investors@sunrun.com