Vistra Corp. · NYSE:VST
Vistra — Q4 2025 Earnings Presentation
40 slides from Vistra's earnings presentation, Feb 26, 2026
Slide 1: Fourth Quarter and Full Year 2025 Results
Fourth Quarter and Full Year 2025 Results February 26, 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 2025 Highlights Jim Burke, President & Chief Executive Officer 2025 Finance Update Kris Moldovan, Executive Vice President & Chief Financial Officer 33 Q4 2025 Investor Presentation
Slide 4: 2025 Highlights
2025 Highlights Jim Burke President & Chief Executive Officer 44 Q4 2025 Investor Presentation
Slide 5: 2025 At-A-Glance
2025 At-A-Glance DELIVERED TRANSACTED CONTRACTED $5.912B ~8.1 GW ~3.8 GW 2025 Adj. EBITDA1 Modern Natural Gas Assets Nuclear Power Plant Capacity Delivered $3.592 billion ~2.6 GW portfolio from Lotus Includes contract at our PJM sites that is 2025 Adj. FCFbG1 closed in October the largest ever nucle
Slide 6: Structural Tailwinds in Power Markets
Structural Tailwinds in Power Markets 2025 experienced an acceleration in load growth across our key markets PJM and ERCOT Load Growth U.S. load growth remains robust Year-over-year weather adjusted growth in load (MWh) by year (%)1 • U.S. electricity consumption reached an all-time peak of ~4,200 T
Slide 7: Vistra to Acquire Cogentrix
Vistra to Acquire Cogentrix Total company pro forma combined cycle natural gas fleet will have capacity of ~26 GW Transaction Highlights ISO-NE • Acquiring ~5,500 MW of modern natural gas generation assets ERCOT • Net purchase price of ~$4.0 billion or ~$729/kW1 PJM • Funded through the assumption o
Slide 8: Landmark Nuclear Power Purchase Agreements
Landmark Nuclear Power Purchase Agreements Signed ~3.8 GW of nuclear capacity and PJM uprates; ~3.2 GW including ERCOT uprates still available Meta Comanche Peak PJM Nuclear Plants 20 years Term 20 years 1,200 MW at full ramp Capacity 2,176 MW from operating plants and 433 MW from uprates Expected O
Slide 9: Higher Contracted Revenue
Higher Contracted Revenue These long-term contracts enhance visibility and underwrite higher base profitability Indicative 2026 Long-Term 2023 ~$7.2 billion Adj. EBITDA ~$4.1 billion Adj. EBITDA Only reflects deals signed to-date Nearly half of our expected Adj. EBITDA comes from Retail and long-ter
Slide 10: Delivering Against our Strategic Priorities
Delivering Against our Strategic Priorities Sound operational and financial execution to achieve disciplined growth and enhanced earnings power Integrated Business Model – Commercial availability consistently above 90% – Best in-class retail business with consistent operating results Disciplined Cap
Slide 11: 2025 Finance Update
2025 Finance Update Kris Moldovan Executive Vice President & Chief Financial Officer 11 11 Q4 2025 Investor Presentation
Slide 12: 2025 Results
2025 Results Solid year of execution across our businesses 2025 Financial Results Key Drivers Adjusted EBITDA1,2 ($ in millions) • Higher realized generation revenue, due in part to higher ,91 generation volumes, partially offset by outages at Martin , Lake and Moss Landing ,09 • Two additional mont
Slide 13: Disciplined Capital Allocation
Disciplined Capital Allocation Incremental free cash flow for allocation to drive additional value for shareholders Higher Earnings Visibility >$10B • Expected generation hedge percentages of ~100%, ~84%, and ~58% for 2026, 2027, and 2028, respectively1,2 • Expect to consistently convert 60%+ of Adj
Slide 14: Delivering Long-term Shareholder Value
Delivering Long-term Shareholder Value Actions taken in the last 12 months significantly enhance our long-term financial profile Vistra Cash Generation Outlook Additional items not included in Adj. Free Cash Flow before Growth ($ per share)1,2 current outlook • Deployment of incremental unallocated
Slide 15: About Vistra
About Vistra 15 15 Q4 2025 Investor Presentation
Slide 16: 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 17: 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) 8,381 7,922 7,722 Transforming our portfolio Generation carbon
Slide 18: Supporting Employees and Our Communities
Supporting Employees and Our Communities V ’ up :Lg g up v , p w g b w yf w STAKEHOLDER ENGAGEMENT AWARDS & RECOGNITION Employee Support • Launched an employee stock purchase program, supporting employee participation in Vistra’s long-term financial success Newsweek 2025 U.S. News & World Report Mos
Slide 19: Appendix
Appendix 19 19 Q4 2025 Investor Presentation
Slide 20: Nuclear Production Tax Credit Overview
Nuclear Production Tax Credit (PTC) Overview1 I A’ u v u b y u gp f w p w p f u g Illustrative Revenue Support PTC Mechanism2 • The nuclear PTC is a tax credit of up to $15/MWh • When gross receipts exceed $26/MWh, the PTC amount is reduced by 80% of gross receipts exceeding $26/MWh (2025) • When gr
Slide 21: Retail Overview
Retail Overview Record financial results and another year of operational excellence Highlights ✓ Financial results >10% ahead of prior year results ✓ Organically grew residential customer counts in Texas ✓ Retail volumes increased 4% driven by continued growth in the business markets segment ✓ Our T
Slide 22: Corporate Debt Profile
Corporate Debt Profile Vistra remains committed to a long-term net leverage target below 3x1 Balances ($ in millions) Q4 2025 Funded Revolving Credit Facilities $1,800 Vistra Operations Term Loan B 2,450 Senior Secured Notes 6,400 Senior Unsecured Notes 6,300 Revenue Bond Obligations2 431 Accounts R
Slide 23: Select Debt Balances
Select Debt Balances Principal outstanding for secured and unsecured debt issued from Vistra Operations Vistra Operations Secured Debt ($ in millions) Q4 2025 Senior Secured Term Loan B-3 due December 2030 $2,450 5.050% Senior Secured Notes due December 2026 500 3.700% Senior Secured Notes due Janua
Slide 24: Comprehensive Hedging Program Overview
Comprehensive Hedging Program Overview Effective December 31, 2025 2026 2027 Texas West East Total Texas West East Total Nuclear/Renewable/Coal Gen Position Expected Generation (TWh) 50 57 106 46 51 98 % Hedged 100% 89% 94% 100% 65% 81% Sensitivity to Power Price: + $2.50/MWh ($M) $9 $16 $25 $6 $45
Slide 25: Forward Market Pricing
Forward Market Pricing Effective December 31, 2025 2026 2027 2028 2026 2027 2028 Power (ATC, $/MWh) Spark Spreads (ATC, $/MWh) ERCOT North Hub $51.07 $56.99 $58.33 ERCOT West Hub $54.73 $61.45 $62.90 Texas cont. PJM AD Hub $49.62 $52.93 $51.98 ERCOT North Hub-Houston Ship Channel 90% $25.45 $28.27 $
Slide 26: Capacity Positions
Capacity Positions Effective December 31, 2025 Tenor Zone Position (MW) Average Price ($/MW-day) Tenor Zone Position (MW) Avg. Price ($/KW-mo) East East 2025/2026 PJM - RTO 4,093 $269.92 Summer 2025 NYISO 996 $4.70 2025/2026 PJM - ATSI 2,044 $269.92 2025/2026 ISO-NE 3,453 $2.59 2025/2026 PJM - COMED
Slide 27: Generation Metrics
Generation Metrics Effective December 31, 2025 Total Generation (TWh) Q4 2024 Q4 2025 FY 2024 FY 2025 CCGT Capacity Factor (%) Q4 2024 Q4 2025 FY 2024 FY 2025 Texas 20.2 23.6 88.3 91.3 Texas 51% 60% 58% 59% East 29.0 32.4 103.8 114.8 East 66% 67% 62% 63% West 1.3 0.5 4.2 2.1 West 56% 19% 47% 23% Tot
Slide 28: Asset Fleet Details
Asset Fleet Details Effective December 31, 2025 Asset Location ISO Technology Primary Fuel Net Capacity (MW) Ennis Ennis, TX ERCOT CCGT Gas 366 Forney Forney, TX ERCOT CCGT Gas 1,912 Hays San Marcos, TX ERCOT CCGT Gas 1,122 Lamar Paris, TX ERCOT CCGT Gas 1,180 Midlothian Midlothian, TX ERCOT CCGT Ga
Slide 29: Asset Fleet Details
Asset Fleet Details Effective December 31, 2025 Asset Location ISO Technology Primary Fuel Net Capacity (MW) Moss Landing I & II Moss Landing, CA CAISO CCGT Gas 1,020 Moss Landing Moss Landing, CA CAISO Battery Battery 350 Oakland Oakland, CA CAISO CT Oil 110 Greenleaf Yuba City, CA CAISO CT Gas 49
Slide 30: Asset Fleet Details
Asset Fleet Details Effective December 31, 2025 Asset Location ISO Technology Primary Fuel Net Capacity (MW) Kendall Minooka, IL PJM CCGT Gas 1,288 Liberty Eddystone, PA PJM CCGT Gas 607 Ontelaunee Reading, PA PJM CCGT Gas 600 Sayreville Sayreville, NJ PJM CCGT Gas 349 Washington Beverly, OH PJM CCG
Slide 31: Capital Expenditures
Capital Expenditures1 Category ($ in millions) 2024A 2025A 2026E Nuclear & Fossil Maintenance2,3 $793 $1,006 ~$1,025 Nuclear Fuel 4 345 305 ~475 Non-Recurring5 6 (208) ~(175) Solar & Energy Storage Development 6 604 635 ~300 Other Growth7 155 426 ~900 Total Capital Expenditures $1,903 $2,164 ~$2,525
Slide 32: Vistra Zero Portfolio and Development Pipeline
Vistra Zero Portfolio and Development Pipeline Effective December 31, 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 Pulaski Pulaski County, IL M
Slide 33: Non-GAAP Reconciliations
Non-GAAP Reconciliations 33 33 Q4 2025 Investor Presentation
Slide 34: Non-GAAP Reconciliations
Non-GAAP Reconciliations Twelve Months Ended December 31, 2025 (Unaudited, Millions of Dollars) Eliminations / Ongoing Corp and Operations Vistra Corp. Retail Texas East West Other Consolidated Asset Closure Consolidated Net income (loss) $1,290 $1,604 $(91) $54 $(1,634) $1,223 $(279) $944 Income ta
Slide 35: 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 36: 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 37: 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 38: 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) $3,100 $3,730 $(90) $(90) $3,010 $3,640 Income tax expense 830 1,000 0 0 830 1,000 Interest expense and related c
Slide 39: 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 $6,800 $7,600 $(80) $(80) $6,720 $7,520 Interest paid, net (1,125) (1,125) 0 0 (1,125) (1,125) Tax (paid)
Slide 40: Lighting up lives, powering a better way forward
Lighting up lives, powering a better way forward 40 40 Q4 2025 Investor Presentation