Clearway Energy, Inc. · NYSE:CWEN
Clearway Energy — Q2 2026 Earnings Presentation
30 slides from Clearway Energy's earnings presentation, Aug 5, 2026
Slide 1: Clearway Energy, Inc. Second Quarter 2026 Results Presentation
Clearway Energy, Inc. Second Quarter 2026 Results Presentation August 5, 2026
Slide 2: Safe Harbor
Safe Harbor This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, and typically can be
Slide 3: Agenda
Craig Cornelius Business Update Chief Executive Officer Agenda Financial Summary Sarah Rubenstein & Update Chief Financial Officer Second Quarter 2026 Results Presentation Craig Cornelius Closing Remarks Chief Executive Officer 3
Slide 4: Business Update
@]J Clearway Energy Business Update
Slide 5: Business Update
Business Update Adjusting 2026 Guidance Reaffirming 2027 CAFDPS Target Visible Long-Term Growth Outlook 2026 CAFD (Free Cash Flow) guidance now 2027 CAFDPS target of $2.70+ enabled by committed with Maturing Pipeline $430-470 MM given 1H26 results investments and executed fleet enhancements 80%+ of
Slide 6: Fleet Enhancements: Solidifying path to 2030 target with repowerings on schedule
Fleet Enhancements: Solidifying path to 2030 target with repowerings on schedule and new revenue contracts enhancing our wind fleet in Texas Fleet Enhancements in Progress (MWs) 2026-2027 Completed ERCOT wind PPA enhancements • 600+ MW of PPAs extend contracted life to 2041, increase EBITDA and CAFD
Slide 7: Sponsor-Enabled Growth: Total projects for CWEN investment opportunity through 2028
Sponsor-Enabled Growth: Total projects for CWEN investment opportunity through 2028 ~$1.3BN across >3.5 GW ~$1.3 BN of Potential Corporate Capital Investment from Sponsor-Enabled Growth Through 2028 2026 2026-2027 Projects 100% commercialized 2028 Future Identified Opportunities Late-Stage Growth •
Slide 8: Sponsor-Enabled Growth: Solidifying path to exceed 2030 financial target
Sponsor-Enabled Growth: Solidifying path to exceed 2030 financial target with 2029 priority project investment opportunities providing resilience 2029 Project Investment Opportunities by Location, Technology & Size Bubble is illustrative Solar Storage Solar + Storage Wind 2029 vintage solidifies 203
Slide 9: Investment Program for 2030 Target: Maturing pipeline across all pathways
Investment Program for 2030 Target: Maturing pipeline across all pathways puts total $3+ BN investment opportunity in view for CWEN over 2026-2029 Investment plan in 2026-2029 (excludes further co-located digital infrastructure 2026: and M&A upside)1 100% Committed or Funded ~$950+ MM ~$800 MM 2027:
Slide 10: 2030 Target Outlook: Abundant and rapidly maturing growth pathways
2030 Target Outlook: Abundant and rapidly maturing growth pathways are increasing our visibility into meeting or exceeding our targets 7-8%+ CAFD per share CAGR 2025-2030 at top end of range Identified growth ~$2.2 BN for 2027/2028/2029 CODs committed/identified investments1 $2.90-3.10+ of CAFD per
Slide 11: Post-2030 Outlook: Line of sight to robust growth in 2031+
Post-2030 Outlook: Line of sight to robust growth in 2031+, with ~1.5 GW of projects already commercialized for 2030 plus digital infrastructure upside 2031 growth anchored by sizable and advantaged 2030 COD vintage pipeline of prioritized projects $900 MM+ of potential CWEN corporate Solar Storage
Slide 12: Financial Summary
12 @]J Clearway Energy Financial Summary
Slide 13: Quarterly Results: Strong controllable project performance with lower than typical resource
Quarterly Results: Strong controllable project performance with lower than typical renewable resource leads to revised FY2026 guidance Financial Results ($MM) 2Q26: Solar + Battery Fleet Lower resource and realized 2Q26 YTD revenues; plant availability remained at high levels Revised 2026 Guidance A
Slide 14: YTD Results and Updated Guidance: Resetting 2026 guidance
YTD Results and Updated Guidance: Resetting 2026 guidance reflecting 1H26 resource below typical meteorology due to strong El Niño conditions YTD results reflect the low end of the range of Adjusting 2026 Guidance Given YTD Results quarterly CAFD expectations (figures in $MM) • Revising current year
Slide 15: Capital Allocation Framework: Deliberate and prudent deployment of corporate capital
Capital Allocation Framework: Continue to plan for deliberate and prudent deployment of corporate capital to achieve top end or better of 2030 target Retained Cashflow Corporate Debt External Equity • 2026-2029: $500 MM+ • 2026-2029: $1.5 BN+ • 2026-2029: ~$0.5-1.0 BN ($600 MM raised to date) ($50 M
Slide 16: Closing Remarks
OI clearway Energy a Closing Remarks jie me ide
Slide 17: We continued to make progress on creating long-term value for Clearway
We continued to make progress on creating long-term value for Clearway Adjusting 2026 guidance range given 1H26 performance On-track for 2027 target CAFD per share of $2.70+ via on-time closing and construction of committed projects Continued to solidify pathways to achieving the top end or better o
Slide 18: Appendix
18 @]J Clearway Energy Appendix
Slide 19: Appendix | Clearway Group Development Pipeline
Appendix | Clearway Group Development Pipeline Clearway Group Development Highlights 32 GW Pro Forma Pipeline Owned or Controlled by Clearway Group • On track to achieve operations at Rosamond South II and Spindle BESS, contributing to a total of 600 MW expected By Project Type (MW) By Project Stage
Slide 20: Appendix | Committed and Potential Sponsor-Enabled Drop-Down Opportunities
Appendix | Committed and Potential Sponsor-Enabled Drop-Down Opportunities Committed Renewable Investments and Potential Future Drop-Down Opportunities State/ Estimated PIS/ Asset Technology Gross Capacity (MW)1 ISO CWEN Funding Status2 Highlights • Project financed and under construction with place
Slide 21: Appendix | Clearway Group Digital Infrastructure Pipeline
Appendix | Clearway Group Digital Infrastructure Pipeline Clearway Group Digital Infrastructure Development Highlights Co-Located Data Center Complex Pipeline • Total generating capacity under development for co-located/BTM data Owned or Controlled by Clearway Group center supply now totals 17 GW, i
Slide 22: Appendix | Performance Index by Region
Appendix| Performance Index by Region 1Q 2026 2Q 2026 2026 YTD Compensable Compensable Compensable Plant (3) Performance Plant Performance Plant Performance Generation Generation Generation Availability Index (4, 6) Availability Index Availability Index Region/Tech Net MW (GWh) (5) (GWh) (GWh) West
Slide 23: Appendix | 2026 Portfolio CAFD Sensitivity and Seasonality
Appendix | 2026 Portfolio CAFD Sensitivity and Seasonality Variability of Expected Financial Performance: Estimates as of October 28, 2025 ▪ Estimates exclude projects reaching COD in 2026 Production Variability: Annual CAFD Sensitivity Based on 2026 Guidance Midpoint ▪ Production variability based
Slide 24: Appendix | Non-Recourse Project Debt Amortization
Appendix | Non-Recourse Project Debt Amortization Forecasted principal payments1 on non-recourse project debt as of December 31, 2025. Fiscal Year 2026 2027 2028 2029 2030 Thereafter Total Flexible Generation: Carlsbad Energy Holdings & Holdco, due 2037 and 2038 35 38 35 41 43 451 643 Total Flexible
Slide 25: Appendix | Operating Assets as of June 30, 2026
Appendix | Operating Assets1 as of June 30, 2026 Solar Utility Scale Wind Gross PV Net PV Net Wind Capacity Percentage Capacity Gross Wind Capacity Percentage Capacity Projects (MW) Ownership (MW) Offtake Counterparty PPA Expiration Projects (MW) Ownership (MW) Offtake Counterparty PPA Expiration Ag
Slide 26: Appendix | Clearway Fleet Environmental Data and Projections
Appendix | Clearway Fleet Environmental Data and Projections 2026 Est. Adj EBITDA and CAFD by Asset Class1 2026 Est. Adj. EBITDA by Asset Class Clearway Fleet Environmental Data and Projections: (84% From Renewables & Storage) 16% 2025 Statistics1 ✓ 98% of the Company’s total generation was attribut
Slide 27: Appendix Reg. G Schedules
Appendix Reg. G Schedules Oi clearway Energy
Slide 28: Reg. G | Actuals
Reg. G | Actuals Three Months Ended Six Months Ended ($ millions) 6/30/2026 6/30/2025 6/30/2026 6/30/2025 Net Income (Loss) 30 12 (38) (92) Income Tax (Benefit) Expense (3) 5 (5) 5 Interest Expense, net 99 75 191 184 Depreciation, Amortization and ARO 196 163 378 326 Contract Amortization 52 45 102
Slide 29: Reg. G | 2026 CAFD Guidance Range
Reg. G | 2026 CAFD Guidance Range 2026 Full Year Prior 2026 Full Year CAFD Guidance ($ millions) Guidance Range Range Net Loss (44) – (4) (35) – 5 Income Tax Expense 5 (2) Interest Expense, net 395 388 Depreciation, Amortization, Contract Amortization, and ARO Expense 1,022 980 Adjustments to reflec
Slide 30: Reg. G | Non-GAAP Financial Information
Reg. G | Non-GAAP Financial Information Non-GAAP Financial Information EBITDA and Adjusted EBITDA: EBITDA and Adjusted EBITDA are non-GAAP financial measures. These measurements are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance. The