Nrg Energy, Inc. · NYSE:NRG
Nrg Energy — Q2 2026 Earnings Presentation
36 slides from Nrg Energy's earnings presentation, Aug 4, 2026
Slide 1: Second Quarter 2026 Earnings Presentation
E A R N I N G S N R G E N E R G Y, I N C . SECOND QUARTER 2026 2 0 2 6 EARNINGS PRESENTATION Q 2 AUGUST 4, 2026
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
• Data Center Update • Business Results & Financial Highlights • Closing Remarks • Q&A AGENDA Robert Gaudette Bruce Chung President & CEO Executive Vice President & CFO NRG 2Q26 Earnings 3
Slide 4: Key Messages
KEY MESSAGES Providing an Update on Data Center Strategy and Progress Advancing Significant Contracted Free Cash Flow Potential Through First Bring Your Own Power (BYOP) Opportunity Solid 2Q Results; Reaffirming 2026 Financial Guidance NRG 2Q26 Earnings 4
Slide 5: BYOP Framework Advances Hyperscaler Discussions
BYOP FRAMEWORK ADVANCES HYPERSCALER DISCUSSIONS 1.2 GW CUSTOMER 1.2 GW BYOP Highlights Leading global cloud and AI hyperscaler CCGT Project Investment grade counterparty Potential expansion to 2.4 GW SCALE 1.2 GW initial capacity Potential expansion to 2.4 GW total in Texas WHY THIS PROJECT MATTERS
Slide 6: Repeatable Commercial Model Supports Targeted Returns
REPEATABLE COMMERCIAL MODEL SUPPORTS TARGETED RETURNS COMMERCIAL STRUCTURE FOUNDATION FOR DELIVERY At least 15-year term from CCGT COD | Customer parent guarantee ✓ Proven execution 1.5 GW TEF Portfolio on track; T.H. Wharton delivered on-time and on budget Capacity Project investment recovery + ~25
Slide 7: Power Market Update
POWER MARKET UPDATE Demand Growth Continues to Exceed Available Supply Constructive Regulatory Backdrop ERCOT Load Growth • Regulatory momentum increasingly supportive of customer-backed 50 40 generation solutions 30 • Emerging BYOP frameworks reinforce NRG’s strategy and long-term GW 20 growth runw
Slide 8: Lead BYOP Framework Demonstrates a Much Larger Opportunity
LEAD BYOP FRAMEWORK DEMONSTRATES A MUCH LARGER OPPORTUNITY 5.4 GW Contracted Large Load and Capacity-Based FCF Opportunity Illustrative New Build Development Capacity ~95% 2026 FCFbG Turbine and EPC access support runway through 2032E midpoint 2029E 2030E 2031E 2032E 1.2 GW 1.2 GW ~40% ~$2.9 Bn 1.2
Slide 9: Business Results & Financial Highlights
BUSINESS RESULTS & FINANCIAL HIGHLIGHTS NRG 2Q26 Earnings 9
Slide 10: 2Q26 Financial Results
2Q26 FINANCIAL RESULTS ($ millions, except per share amounts) Three Months Ended Six Months Ended 6/30/2026 6/30/2025 6/30/2026 6/30/2025 Adjusted EBITDA $1,217 $909 $2,297 $2,035 Adjusted Net Income $315 $339 $623 $870 Adjusted EPS1 $1.49 $1.73 $2.98 $4.42 Free Cash Flow Before Growth (FCFbG) $1,02
Slide 11: 2026 Capital Allocation
2026 CAPITAL ALLOCATION ($ millions) $3,050 416 $950 123 LS Power 1,113 No Change from Previously Disclosed (midpoint) Indicates Change from Previously Disclosed 407 $2,100 Legacy 721 FCFbG (midpoint) $270 2026 Liability Management Integration Share Common Data Center New Plant & Other Excess Cash1
Slide 12: Disciplined Capital Allocation Supports Returns and 2029 COD
DISCIPLINED CAPITAL ALLOCATION SUPPORTS COMPELLING RETURNS AND 2029 COD Adjusted EBITDA FCFbG Returns $0.5 Bn 12%1 12-15% Expected Annual Run-Rate Accretion Project IRR Funding Funded from operating cash flow and balance sheet Leverage Maintain investment grade target Ratings No expected ratings imp
Slide 13: Phased Capital Investment Preserves Financial Flexibility
PHASED CAPITAL INVESTMENT PRESERVES FINANCIAL FLEXIBILITY Project Highlights Investment Profile $3.2 Bn Total capital investment ($ billions) $0.3 $1.1 $3.2 $1.0 1.2 GW Capacity $0.8 2026 2 2027 2028 2029 Total 2029 Targeted COD1 Category $ Bn % EPC ~$1.9 ~60% Turbine & Other ~$1.3 ~40% $2,700/kW Bu
Slide 14: Closing Remarks
CLOSING REMARKS NRG 2Q26 Earnings 14
Slide 15: 2026 Priorities
2026 PRIORITIES ❑ Deliver Financial, Operational, Safety, and Business Objectives ❑ Deliver on Growth Initiatives Deliver 2026 organic growth in line with 2025-2029 $750 MM growth plan Close LS Power portfolio acquisition Complete construction of T.H. Wharton in May 2026 Contract at least 1
Slide 16: Appendix: Upside Opportunities
APPENDIX: UPSIDE OPPORTUNITIES NRG 2Q26 Earnings 16
Slide 17: Texas Generation Fleet
TEXAS GENERATION FLEET SIGNIFICANT UPSIDE OPPORTUNITY FROM RISING POWER PRICES ($ millions) Gross Margin: Illustrative Mark-to-Market for Texas Generation-Only Portfolio Gas Sensitivity Case 1 2 3 Open +$0.25 -$0.25 Forward Curves Do Not Reflect Demand Outlook % Hedge1 95-100% ~50% <25% 0% Guidance
Slide 18: PJM Generation Fleet
PJM GENERATION FLEET SIGNIFICANT UPSIDE OPPORTUNITY FROM RISING POWER PRICES ($ millions) Gross Margin: Illustrative Mark-to-Market for PJM Generation-Only Portfolio Gas Sensitivity Case 1 2 3 Open +$0.25 -$0.25 Forward Curves Do Not Reflect Demand Outlook % Hedge1 50% 25% 10% 0% Guidance Date Curre
Slide 19: Powering the Future of Data Centers
POWERING THE FUTURE OF DATA CENTERS POSITIONED TO LEAD LARGE LOAD GROWTH Turbines and EPC Secured for Critical Equipment & Bridge Power Sites Advancing and 5.4 GW of New Build Opportunities Secured for Initial Buildout Incremental Capacity Upside Illustrative & subject to change 2029E 2030E 2031E 20
Slide 20: NRG, GE Vernova & Kiewit Venture
NRG, GE VERNOVA & KIEWIT VENTURE POWERING THE FUTURE OF DATA CENTERS U.S.-Based Fully Integrated Venture Signed Project Development Agreement GE Vernova, Kiewit-TIC, NRG: Developer, Operator, OEM and EPC Venture Benefits Status ✓ Coordinated development, power equipment and EPC ✓ 1.2 GW CCGTs in-ser
Slide 21: Appendix: Operations
APPENDIX: OPERATIONS NRG 2Q26 Earnings 21
Slide 22: Energy & Smart Home Performance
ENERGY & SMART HOME PERFORMANCE 2Q26 REVIEW Texas Continues to Realize Load Growth Business & Operation Highlights ERCOT Peak Demand Hit 4 New Record Peaks in Last 12 Months • Top decile safety performance 90 80 70 • Strong operational performance driven by GW 60 resilient plant operations 50 40 Jul
Slide 23: Capacity Clears
CAPACITY CLEARS ($ millions, unless otherwise stated) Capacity Revenue by Capacity Revenue by 2026 2027 2028 2026 2027 Calendar Year1 Calendar Year1 PJM $644 $729 $781 ISO-NE $33 $41 Average Price Cleared Position Average Price Cleared Position ISO Planning Year ISO Planning Year ($/MW-Day) (MW)2 ($
Slide 24: 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 $1.15 Bn Texas Energy Fund financing at 3%; completed for all 3 proje
Slide 25: Home Integrated Retail Supply Procurement
HOME INTEGRATED RETAIL SUPPLY PROCUREMENT 2026 Net Home Position1 Supply Position Highlights (Avg. On-Peak MWh) ERCOT East/Other ✓ Balance net generation and market purchases against priced load Total Expected Load2 (normal weather) ✓ Manage current financial exposure while planning for physical del
Slide 26: NRG Generation Fleet
NRG GENERATION FLEET LS Power LS Power Portfolio Portfolio Operating Assets1 Capacity, GW 24% Coal & Other Natural Gas2 12.9 48% 12.9 25.8 52% GW GW GW 76% 100% Operating Assets1 Geography, GW 16% ERCOT NYISO 84% 7% ISO-NE PJM 12.9 12.9 39% 25.8 50% GW GW 61% GW 16% 16% 8% 3% Doubles Generation Flee
Slide 27: NRG Assets & Development Projects
NRG ASSETS & DEVELOPMENT PROJECTS Plant Name MW Fuel Tech ISO LDA Plant Name MW Fuel Tech ISO LDA State Texas East Cedar Bayou 1,495 Natural Gas ST ERCOT Houston Chalk Point 80 Natural Gas/Oil CT PJM PEPCO MD Cedar Bayou 4 252 Natural Gas CCGT ERCOT Houston Fisk 171 Oil CT PJM ComEd IL Chamon 92 Nat
Slide 28: LS Power Assets
LS POWER ASSETS Plant Name MW Fuel Tech ISO LDA State Plant Name MW Fuel Tech ISO LDA State East East Armstrong 780 Natural Gas/Oil CT PJM RTO PA Ocean State 600 Natural Gas/Oil CCGT ISO-NE SENE RI Aurora 1,050 Natural Gas CT PJM ComEd IL Ravenswood CC 250 Natural Gas/Oil CCGT NYISO Zone J NY Chambe
Slide 29: Appendix: Finance
APPENDIX: FINANCE NRG 2Q26 Earnings 29
Slide 30: Key Assumptions for Outlook
KEY ASSUMPTIONS FOR OUTLOOK 2026 2027-2030 Assumptions Pro Forma Outlook Assumptions1 Power Price - ERCOT ATC ($/MWh) $52 $52 flat, see sensitivity table (slide 17) Power Price - PJM ATC ($/MWh) $53 $53 flat, see sensitivity table (slide 18) PJM Capacity Prices ($/MW-Day) Cleared Auction Prices Assu
Slide 31: Debt Maturity Schedule
DEBT MATURITY SCHEDULE BALANCE AS OF 7/31/2026 1 Recourse Debt ($ millions) Principal Non-recourse Debt ($ millions) Principal 5.750% Senior Notes, due 2028 $821 Lightning Term Loan B, due 2031 $1,719 5.250% Senior Notes, due 2029 733 Total Non-recourse Debt $1,719 3.375% Senior Notes, due 2029 500
Slide 32: 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 33: Energy KPIs Indicators and Modeling Data
ENERGY KPIs INDICATORS AND MODELING DATA1 Operational KPIs2 2Q26 2Q25 Change Home Retail Energy Customers4 (in millions) Texas EWO3 Texas EWO3 Texas EWO3 5.65 5.67 Home Power Load (TWh) 9 4 10 4 (1) 0 2.82 2.85 Business Power Load (TWh) 10 14 10 14 0 0 EWO 2.83 Texas Total Power Load (TWh) 20 18 20
Slide 34: Smart Home KPIs and Modeling Data
SMART HOME KPIs AND MODELING DATA Key Metrics1,2 2Q26 2Q25 Change Portfolio Customers (MM)3,4 2.45 2.27 +8% Customer Lifetime (years)3 ~9 ~9 -- Retention (%)5 89.1% 90.1% -1% Bad Debt as % of Revenue ~2% ~2% -- Per Customer Monthly Rec. Revenue per Customer $77.93 $75.25 +4% Monthly Rec. Service Rev
Slide 35: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES DEFINITIONS 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 not be
Slide 36: 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