Vistra Corp. · NYSE:VST
Vistra — Q3 2026 Earnings Presentation
46 slides from Vistra's earnings presentation, Nov 6, 2026
Slide 1: Third Quarter 2026 Results
Third Quarter 2026 Results November 6, 2026 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 Q3 2026 Highlights Jim Burke, President & Chief Executive Officer Q3 2026 Finance Update Kris Moldovan, Executive Vice President & Chief Financial Officer 33 Q3 2026 Investor Presentation
Slide 4: Q3 2026 Highlights
Q3 2026 Highlights Jim Burke President & Chief Executive Officer 44 Q3 2026 Investor Presentation
Slide 5: Q3 2026 At-A-Glance
Q3 2026 At-A-Glance DELIVERED NARROWING INITIATING ~$2.4B $7.1-7.5B $7.7-8.5B Q3 2026 Adj. EBITDA 2026 Adj. EBITDA guidance range 2027 Adj. EBITDA guidance range Above plan commercial availability Updated and narrowed 2026 Adj. FCFbG Reflects recent Cogentrix close across the thermal fleet and guida
Slide 6: Vistra Closes on Cogentrix Acquisition
Vistra Closes on Cogentrix Acquisition Grows Vistra to ~50GW generation portfolio with ~25GW modern combined cycle gas fleet Transaction Highlights ISO-NE • Acquired ~5,500 MW of modern natural gas generation assets ERCOT PJM • Net purchase price of ~$4.0 billion or ~$729/kW1 Peaker • Implies a mult
Slide 7: Clear Improvement In Our Markets
Clear Improvement In Our Markets Both ERCOT and PJM have seen an improvement in peak load growth PJM Load Growth PJM and ERCOT Energy Peak load by year (GW) Year-over-year weather adjusted growth in load (MWh, % change)1 .1 . . . 0.6% CAGR 3.0% CAGR . . .1 .1 ERCOT Load Growth Peak load by year (GW)
Slide 8: Creating Value Through Multi-Year Execution
Creating Value Through Multi-Year Execution Delivering on multiple opportunities while positioning for future growth Profitability and Cash Generation Operational excellence Adj. EBITDA and Adj. FCFbG ($ in millions) 1 Disciplined execution of the integrated model in strengthening power markets – op
Slide 9: Q3 2026 Finance Update
Q3 2026 Finance Update Kris Moldovan Executive Vice President & Chief Financial Officer 99 Q3 2026 Investor Presentation
Slide 10: Q3 2026 Results
Q3 2026 Results Record Q3 results driven by strong performance in both generation and retail Q3 2026 Financial Results Key Drivers Adj. EBITDA1 ($ in millions) • Strong generation results driven by higher capacity , revenue and higher realized prices ,1 • Optimizing the dispatch of flexible generati
Slide 11: Disciplined Capital Allocation
Disciplined Capital Allocation Investment grade balance sheet supports return of capital and investment in growth Credit Ratings Return of Capital Strategic Growth Agency Rating Outlook ≥$ .0B Existing assets ~3.2 GW uncontracted nuclear fleet2 and S&P BBB- Stable Share repurchases each year1 ~25 GW
Slide 12: Delivering Long-term Shareholder Value
Delivering Long-term Shareholder Value We continue to see significant opportunities for growth in adjusted free cash flow per share Vistra Cash Generation Outlook Additional Value Creation Opportunities Adj. Free Cash Flow before Growth ($ per share) 1 ~70% growth $ + AWS / Comanche Peak Full ramp e
Slide 13: About Vistra
About Vistra 13 13 Q3 2026 Investor Presentation
Slide 14: America's Leading Integrated Power Company
America’s Leading Integrated Power Company 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 resi
Slide 15: Delivering Against our Strategic Priorities
Delivering Against our Strategic Priorities Sound operational and financial execution to achieve disciplined growth and enhanced earnings power Integrated Business Model – Commercial availability consistently above 90% – Best in-class retail business with consistent operating results Disciplined Cap
Slide 16: Environmental Stewardship
Environmental Stewardship Sustainably growing our portfolio while balancing reliability and affordability of power Portfolio Transformation Vistra zero-carbon capacity (MW) and generation carbon emissions intensity (Scope 1 mt CO2e/MWh) 8,281 7,922 7,722 Transforming our portfolio Generation carbon
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 • Launched an employee stock purchase program, supporting employee participation in Vistra’s long-term financial success Newsweek 2
Slide 18: Appendix
Appendix 18 18 Q3 2026 Investor Presentation
Slide 19: Corporate Debt Profile
Corporate Debt Profile Vistra remains committed to maintaining investment grade credit ratings Q3 2026 Balances ($ in millions) 1 Pro Forma5 Funded Revolving Credit Facilities $1,187 Senior Unsecured Notes 17,650 Junior Subordinated Notes 1,500 2 Revenue Bond Obligations 431 Accounts Receivable Fina
Slide 20: Comprehensive Hedging Program Overview
Comprehensive Hedging Program Overview Effective October 30, 2026 Balance of 2026 2027 Texas West East Total Texas West East Total Nuclear/Renewable/Coal Gen Position Expected Generation (TWh) 7 9 17 46 51 97 % Hedged 100% 98% 98% 100% 87% 92% Sensitivity to Power Price: + $2.50/MWh ($M) $8 $1 $9 $2
Slide 21: Capacity Positions
Capacity Positions Effective October 30, 2026 Tenor Zone Position (MW) Auction Clear ($/MW-day) Tenor Zone Position (MW) Auction Clear ($/KW-mo) East East 2026/2027 PJM - RTO 4,047 $329.17 Summer 2026 NYISO 1,166 $5.35 2026/2027 PJM - ATSI 2,048 $329.17 2026/2027 ISO-NE 4,112 $2.59 2026/2027 PJM - C
Slide 22: Forward Market Pricing
Forward Market Pricing Effective October 30, 2026 Bal. 2026 2027 2028 Bal. 2026 2027 2028 Power (ATC, $/MWh) Spark Spreads (ATC, $/MWh) ERCOT North Hub $29.99 $38.46 $44.87 ERCOT West Hub $31.24 $38.91 $46.97 Texas cont. PJM AD Hub $51.05 $58.78 $62.06 ERCOT North Hub-Houston Ship Channel 90% $12.37
Slide 23: Generation Metrics
Generation Metrics Effective September 30, 2026 Total Generation (TWh) Q3 2025 Q3 2026 YTD 2025 YTD 2026 CCGT Capacity Factor (%) Q3 2025 Q3 2026 YTD 2025 YTD 2026 Texas 26.9 29.8 67.7 72.6 Texas 74% 82% 59% 65% East 30.6 34.2 82.4 91.2 East 70% 69% 61% 61% West 0.6 1.5 1.6 2.4 West 26% 65% 24% 36%
Slide 24: Asset Fleet Details
Asset Fleet Details Effective October 30, 2026 Asset Location ISO Technology Primary Fuel Net Capacity (MW) Ennis Ennis, TX ERCOT CCGT Gas 366 Forney Forney, TX ERCOT CCGT Gas 1,912 Hays San Marcos, TX ERCOT CCGT Gas 1,122 Lamar Paris, TX ERCOT CCGT Gas 1,180 Midlothian Midlothian, TX ERCOT CCGT Gas
Slide 25: Asset Fleet Details
Asset Fleet Details Effective October 30, 2026 Asset Location ISO Technology Primary Fuel Net Capacity (MW) Moss Landing I & II Moss Landing, CA CAISO CCGT Gas 1,020 Moss Landing Moss Landing, CA CAISO Battery Battery 350 Oakland Oakland, CA CAISO CT Oil 110 Greenleaf Yuba City, CA CAISO CT Gas 49 D
Slide 26: Asset Fleet Details
Asset Fleet Details Effective October 30, 2026 Asset Location ISO Technology Primary Fuel Net Capacity (MW) Sayreville Sayreville, NJ PJM CCGT Gas 349 Washington Beverly, OH PJM CCGT Gas 711 Hamilton-Liberty Bradford, PA PJM CCGT Gas 881 Lakewood Lakewood, NJ PJM CCGT Gas 286 Patriot Lycoming, PA PJ
Slide 27: Capital Expenditures
Capital Expenditures1 Category ($ in millions) 2024A 2025A 2026E 2027E Nuclear & Fossil Maintenance2,3 $793 $1,006 ~$1,150 ~$1,075 Nuclear Fuel 4 345 305 ~475 ~575 Non-Recurring 5 6 (208) ~(175) - Solar & Energy Storage Development 6 604 635 ~400 ~250 Helix Contribution - - - ~500 Other Growth 7 155
Slide 28: Vistra Zero Portfolio and Development Pipeline
Vistra Zero Portfolio and Development Pipeline Effective September 30, 2026 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 Perry Perry, OH PJM Under D
Slide 29: Non-GAAP Reconciliations
Non-GAAP Reconciliations 29 29 Q3 2026 Investor Presentation
Slide 30: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended September 30, 2026 (Unaudited, Millions of Dollars) Eliminations / Ongoing Corp and Operations Vistra Corp. Retail Texas East West Other Consolidated Asset Closure Consolidated Net income (loss) $137 $1,863 $120 $(237) $(728) $1,155 $(15) $1,140 Income tax
Slide 31: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended September 30, 2025 (Unaudited, Millions of Dollars) Ongoing Eliminations / Operations Vistra Corp. Retail Texas East West Corp and Other Consolidated Asset Closure Consolidated Net income (loss) $(40) $823 $354 $105 $(564) $678 $(26) $652 Income tax expens
Slide 32: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended September 30, 2024 (Unaudited, Millions of Dollars) Ongoing Eliminations / Operations Vistra Corp. Retail Texas East West Corp and Other Consolidated Asset Closure Consolidated Net income (loss) $(1,226) $3,354 $526 $155 $(952) $1,857 $(20) $1,837 Income t
Slide 33: Non-GAAP Reconciliations
Non-GAAP Reconciliations Nine Months Ended September 30, 2026 (Unaudited, Millions of Dollars) Eliminations / Ongoing Corp and Operations Vistra Corp. Retail Texas East West Other Consolidated Asset Closure Consolidated Net income (loss) $(103) $4,546 $130 $(175) $(1,773) $2,625 $(151) $2,474 Income
Slide 34: Non-GAAP Reconciliations
Non-GAAP Reconciliations Nine Months Ended September 30, 2025 (Unaudited, Millions of Dollars) Ongoing Eliminations / Operations Vistra Corp. Retail Texas East West Corp and Other Consolidated Asset Closure Consolidated Net income (loss) $969 $966 $(16) $132 $(1,203) $848 $(137) $711 Income tax expe
Slide 35: Non-GAAP Reconciliations
Non-GAAP Reconciliations Nine Months Ended September 30, 2024 (Unaudited, Millions of Dollars) Ongoing Eliminations / Operations Vistra Corp. Retail Texas East West Corp and Other Consolidated Asset Closure Consolidated Net income (loss) $232 $2,445 $871 $442 $(1,592) $2,398 $(76) $2,322 Income tax
Slide 36: Non-GAAP Reconciliations
Non-GAAP Reconciliations Twelve Months Ended December 31, 2025 (Unaudited, Millions of Dollars) Eliminations / Ongoing Corp and Operations Asset Vistra Corp. Retail Texas East West Other Consolidated Closure Consolidated Net income (loss) $1,290 $1,604 $(91) $54 $(1,634) $1,223 $(279) $944 Income ta
Slide 37: 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 38: 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 39: Non-GAAP Reconciliations – Adjusted FCFbG
Non-GAAP Reconciliations – Adjusted FCFbG Twelve Months Ended December 31, 2025 (Unaudited, Millions of Dollars) Ongoing Asset Vistra Operations Closure Consolidated Adjusted EBITDA $5,912 $(74) $5,838 Interest paid, net (a) (1,158) 0 (1,158) Taxes paid (89) 0 (89) Change in working capital, margin
Slide 40: Non-GAAP Reconciliations – Adjusted FCFbG
Non-GAAP Reconciliations – Adjusted FCFbG Twelve Months Ended December 31, 2024 (Unaudited, Millions of Dollars) Ongoing Asset Vistra Operations Closure Consolidated Adjusted EBITDA $5,643 $(104) $5,539 Interest paid, net (a) (939) 0 (939) Taxes paid (56) 0 (56) Change in working capital, margin dep
Slide 41: Non-GAAP Reconciliations – Adjusted FCFbG
Non-GAAP Reconciliations – Adjusted FCFbG Twelve Months Ended December 31, 2023 (Unaudited, Millions of Dollars) Ongoing Asset Vistra Operations Closure Consolidated Adjusted EBITDA $4,093 $8 $4,101 Interest paid, net (a) (560) 0 (560) Taxes paid (24) 0 (24) Change in working capital, margin deposit
Slide 42: Non-GAAP Reconciliations – Guidance
Non-GAAP Reconciliations – Guidance 2026 Guidance (Unaudited, Millions of Dollars) Ongoing Operations Asset Closure Vistra Corp. Consolidated Low High Low High Low High Net Income (loss) $4,140 $4,460 $(170) $(170) $3,970 $4,290 Income tax expense 1,040 1,120 0 0 1,040 1,120 Interest expense and rel
Slide 43: Non-GAAP Reconciliations – Guidance
Non-GAAP Reconciliations – Guidance 2026 Guidance (Unaudited, Millions of Dollars) Ongoing Operations Asset Closure Vistra Corp. Consolidated Low High Low High Low High Adjusted EBITDA guidance $7,100 $7,500 $(80) $(80) $7,020 $7,420 Interest paid, net (1,091) (1,091) 0 0 (1,091) (1,091) Tax (paid)
Slide 44: Non-GAAP Reconciliations – Guidance
Non-GAAP Reconciliations – Guidance 2027 Guidance (Unaudited, Millions of Dollars) Ongoing Operations Asset Closure Vistra Corp. Consolidated Low High Low High Low High Net Income (loss) $3,470 $4,100 $(110) $(110) $3,360 $3,990 Income tax expense 890 1,060 0 0 890 1,060 Interest expense and related
Slide 45: Non-GAAP Reconciliations – Guidance
Non-GAAP Reconciliations – Guidance 2027 Guidance (Unaudited, Millions of Dollars) Ongoing Operations Asset Closure Vistra Corp. Consolidated Low High Low High Low High Adjusted EBITDA guidance $7,700 $8,500 $(75) $(75) $7,625 $8,425 Interest paid, net (1,353) (1,353) 0 0 (1,353) (1,353) Tax (paid)
Slide 46: Lighting up lives, powering a better way forward
Lighting up lives, powering a better way forward 46 46 Q3 2026 Investor Presentation