Vistra Corp. · NYSE:VST
Vistra — Q2 2025 Earnings Presentation
43 slides from Vistra's earnings presentation, Aug 7, 2025
Slide 1: Second Quarter 2025 Results
Second Quarter 2025 Results August 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 Q2 2025 Highlights Jim Burke, President & Chief Executive Officer Q2 2025 Finance Update Kris Moldovan, Executive Vice President & Chief Financial Officer 3 Q2 2025 Investor Presentation
Slide 4: Q2 2025 Highlights
Q2 2025 Highlights Jim Burke President & Chief Executive Officer 4 Q2 2025 Investor Presentation
Slide 5: Q2 2025 At-A-Glance
Q2 2025 At-A-Glance DELIVERED ACQUIRING INCREASED $1,349M ~2,600MW $6.8B+ Q2 2025 Adj. EBITDA1 Natural Gas Generation Assets 2026 Adj. EBITDA midpoint opportunity3 Reiterated 2025 guidance ranges1,2 of Agreed to acquire seven modern natural PJM Auction clear and comprehensive Adj. EBITDA of $5.5-$6.
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 Flexible program enables debt Current net leverage at 3x1 with Successfully relicensed our performance
Slide 7: Structural Tailwinds in Power Markets
Structural Tailwinds in Power Markets Continued strong growth in energy demand across our key markets U.S. growth accelerates2 PJM and ERCOT Load Growth Year-over-year weather adjusted growth in load (MWh) by quarter (%)1 • After nearly two decades of flat consumption, U.S. electricity demand growth
Slide 8: Positioned for Value Creation
Positioned for Value Creation Vistra’s diversified business model creates multiple pathways to benefit from accelerating load growth Existing Assets Data center contract opportunities with existing assets Improved run profiles on thermal assets as load growth improves utilization Longer-term retail
Slide 9: Vistra to Acquire Natural Gas Assets
Vistra to Acquire Natural Gas Assets Lotus Infrastructure Partners Acquisition Transaction Highlights Capacity (MW) • Acquiring ~2,600 MW of modern natural gas generation assets Fairless • Purchase price of $1.9 billion or ~$743/kW1 anchester • Funded through the assumption of existing debt from Lot
Slide 10: Q2 2025 Finance Update
Q2 2025 Finance Update Kris Moldovan Executive Vice President & Chief Financial Officer 10 Q2 2025 Investor Presentation
Slide 11: Q2 2025 Results
Q2 2025 Results Quarterly results in-line with expectations Q2 2025 Financial Results Generation2 Adjusted EBITDA1,2 ($ in millions) Q2 2025 was $30 million unfavorable as compared to Q2 2024, primarily driven by: • Unplanned outages at Martin Lake Unit 1 and Moss Landing battery facilities, substan
Slide 12: Near-term Earnings Outlook
Near-term Earnings Outlook Higher Adj. EBITDA and Free Cash Flow conversion; Lotus acquisition expected to drive additional upside Near-term Earnings Outlook • Comprehensive hedging program supports the near-term Adjusted EBITDA1,2 ($ in millions) outlook while maintaining upside to power market tai
Slide 13: Capital Allocation Update
Capital Allocation Update1 Disciplined approach to shareholder return, financial leverage, and growth • Executed ~$5.4 billion in share repurchases from Nov. 2021 through Aug. 1, 2025, at an average price of ~$32.83 • Includes ~1.1 million shares purchased in the April sell-off at an average price o
Slide 14: About Vistra
About Vistra 14 Q2 2025 Investor Presentation
Slide 15: 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 16: Environmental Stewardship
Environmental Stewardship Pursuing a sustainable energy transition that balances reliability and affordability of power EMISSIONS REDUCTIONS1 PORTFOLIO TRANSFORMATION Scope 1 and Scope 2 Emissions Methane Emissions Generation Carbon Emissions Intensity (Million mt CO2e) (Hundreds mt) ( mt CO2e/MWh )
Slide 17: 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 • Formal mentoring program to help develop professional skills and provide U.S. News & Newsweek 2025 TIME Magazine World Report net
Slide 18: Appendix
Appendix 18 Q2 2025 Investor Presentation
Slide 19: 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 $25/MWh, the PTC amoun
Slide 20: Retail Overview
Retail Overview Strong margin and counts performance driving Adj. EBITDA growth Highlights • Retail volumes increased 9% YoY driven by growth in the business markets segment • Grew residential counts in Texas within the quarter and year over year • Residential results and large business markets sale
Slide 21: Corporate Debt Profile
Corporate Debt Profile Vistra remains committed to a long-term net leverage target below 3x1 Balances ($ in millions) Q2 2025 Funded Revolving Credit Facilities $861 Vistra Operations Term Loan B 2,462 Senior Secured Notes 4,400 Senior Unsecured Notes 7,300 2 Revenue Bond Obligations 431 Accounts Re
Slide 22: Select Debt Balances
Select Debt Balances Principal outstanding for secured and unsecured debt issued from Vistra Operations Vistra Operations Secured Debt ($ in millions) Q2 2025 Senior Secured Term Loan B-3 due December 2030 $2,462 5.050% Senior Secured Notes due December 2026 500 3.700% Senior Secured Notes due Janua
Slide 23: Comprehensive Hedging Program Overview
Comprehensive Hedging Program Overview Effective June 30, 2025 Balance of 2025 2026 Texas West East Total Texas West East Total Nuclear/Renewable/Coal Gen Position Expected Generation (TWh) 27 29 55 51 56 107 % Hedged 100% 100% 100% 100% 88% 94% Sensitivity to Power Price: + $2.50/mwh ($M) $11 $0 $1
Slide 24: Capacity Positions
Capacity Positions Effective June 30, 2025 Tenor Zone Position (MW) Average Price ($/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 25: Forward Market Pricing
Forward Market Pricing Effective June 30, 2025 Bal'2025 2026 2027 Bal'2025 2026 2027 Power (ATC, $/MWh) Spark Spreads (ATC, $/MWh) ERCOT North Hub $56.60 $54.60 $54.02 ERCOT West Hub $58.24 $57.03 $56.78 Texas cont. PJM AD Hub $45.89 $49.90 $48.10 ERCOT North Hub-Houston Ship Channel 90% $30.05 $23.
Slide 26: Generation Metrics
Generation Metrics Effective June 30, 2025 Total Generation (TWh) Q2 2024 Q2 2025 YTD 2024 YTD 2025 CCGT Capacity Factor (%) Q2 2024 Q2 2025 YTD 2024 YTD 2025 Texas 22.0 20.8 40.5 40.8 Texas 59% 55% 52% 52% East 23.7 24.3 44.0 51.8 East 50% 51% 56% 57% West 0.7 0.5 1.9 1.0 West 31% 25% 43% 24% Total
Slide 27: Asset Fleet Details
Asset Fleet Details Effective June 30, 2025 Asset Location ISO Technology Primary Fuel Net Capacity (MW) Ennis Ennis, TX ERCOT CCGT Gas 366 Forney Forney, TX ERCOT CCGT Gas 1,912 Hays San Marcos, TX ERCOT CCGT Gas 1,047 Lamar Paris, TX ERCOT CCGT Gas 1,180 Midlothian Midlothian, TX ERCOT CCGT Gas 1,
Slide 28: Asset Fleet Details
Asset Fleet Details Effective June 30, 2025 Asset Location ISO Technology Primary Fuel Net Capacity (MW) Independence Oswego, NY NYISO CCGT Gas 1,212 Bellingham Bellingham, MA ISO-NE CCGT Gas 566 Blackstone Blackstone, MA ISO-NE CCGT Gas 544 Casco Bay Veazie, ME ISO-NE CCGT Gas 543 Lake Road Dayvill
Slide 29: Capital Expenditures
Capital Expenditures1 Category ($ in millions) 2023A 2024A 2025E Nuclear & Fossil Maintenance2,3 $730 $785 ~$875 Nuclear Fuel 4 206 307 ~300 Non-Recurring5 8 6 - Solar & Energy Storage Development6 550 604 ~725 Other Growth7 120 155 ~325 Total Capital Expenditures $1,614 $1,857 ~$2,225 Non-Recurring
Slide 30: Vistra Zero Portfolio and Development Pipeline
Vistra Zero Portfolio and Development Pipeline Effective June 30, 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 I
Slide 31: Non-GAAP Reconciliations
Non-GAAP Reconciliations 31 Q2 2025 Investor Presentation
Slide 32: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended June 30, 2025 (Unaudited, Millions of Dollars) Eliminations / Ongoing Corp and Operations Vistra Corp. Retail Texas East West Other Consolidated Asset Closure Consolidated Net income (loss) $(123) $863 $120 $(50) $(440) $370 $(43) $327 Income tax expense 0
Slide 33: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended June 30, 2024 (Unaudited, Millions of Dollars) Eliminations / Ongoing Corp and Operations Vistra Corp. Retail Texas East West Other Consolidated Asset Closure Consolidated Net income (loss) $897 $(573) $518 $119 $(463) $498 $(31) $467 Income tax expense 0
Slide 34: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended June 30, 2023 (Unaudited, Millions of Dollars) Eliminations / Ongoing Corp and Operations Vistra Corp. Retail Texas East West Other Consolidated Asset Closure Consolidated Net income (loss) $812 $(653) $364 $151 $(278) $396 $80 $476 Income tax expense 0 0
Slide 35: Non-GAAP Reconciliations
Non-GAAP Reconciliations Six Months Ended June 30, 2025 (Unaudited, Millions of Dollars) Eliminations / Ongoing Corp and Operations Vistra Corp. Retail Texas East West Other Consolidated Asset Closure Consolidated Net income (loss) $1,009 $143 $(370) $27 $(639) $170 $(111) $59 Income tax expense (be
Slide 36: Non-GAAP Reconciliations
Non-GAAP Reconciliations Six Months Ended June 30, 2024 (Unaudited, Millions of Dollars) Eliminations / Ongoing Corp and Operations Vistra Corp. Retail Texas East West Other Consolidated Asset Closure Consolidated Net income (loss) $1,458 $(909) $345 $287 $(640) $541 $(56) $485 Income tax expense 0
Slide 37: Non-GAAP Reconciliations
Non-GAAP Reconciliations Six Months Ended June 30, 2023 (Unaudited, Millions of Dollars) Eliminations / Ongoing Corp and Operations Vistra Corp. Retail Texas East West Other Consolidated Asset Closure Consolidated Net income (loss) $217 $(42) $1,506 $200 $(763) $1,118 $56 $1,174 Income tax expense 0
Slide 38: 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 39: 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 40: 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 41: 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 42: 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 43: Lighting up lives, powering a better way forward
Lighting up lives, powering a better way forward 43 Q2 2025 Investor Presentation