Slide 1: Third Quarter 2024 Results
Third Quarter 2024 Results November 7, 2024 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 2024 Highlights Jim Burke, President & Chief Executive Officer Q3 2024 Finance Update Kris Moldovan, Executive Vice President & Chief Financial Officer 3 Q3 2024 Investor Presentation
Slide 4: Q3 2024 Highlights
Q3 2024 Highlights Jim Burke President & Chief Executive Officer 4 Q3 2024 Investor Presentation
Slide 5: Q3 2024 At A Glance
Q3 2024 At A Glance DELIVERED INITIATING ALLOCATED $1,444M $5.5-$6.1B ~$3.5B Q3 2024 Adj. EBITDA1 2025 Adj. EBITDA guidance range1,2 Capital to equity repurchases in Q3 2024 Solid results despite 2025 Adj. FCFbG1,2 guidance range of ~$3.1 billion4 towards Vistra Vision a milder Texas summer vs. 2023
Slide 6: Continued Execution Against Our Four Strategic Priorities
Continued Execution Against Our Four Strategic Priorities Integrated Disciplined Resilient Strategic Business Model Capital Allocation Balance Sheet Energy Transition Strong operating performance: Expect to execute at least $3.25 Current net leverage of ~2.7x1, Agreed to acquire Vistra Vision commer
Slide 7: Load Growth Expectations are Materializing
Load Growth Expectations are Materializing Industrial and manufacturing activity are key drivers of year-to-date growth in our core markets Oil and Gas2 Semiconductor3 PJM / ERCOT Actual and Projected Demand Peak Load (GW)1 Austin, Sept. 26, 2024 – The Public April 15, 2024 – …The U.S. Department Ut
Slide 8: Q3 2024 Finance Update
Q3 2024 Finance Update Kris Moldovan Executive Vice President & Chief Financial Officer 8 Q3 2024 Investor Presentation
Slide 9: Q3 2024 Results
Q3 2024 Results Solid third quarter results despite milder Texas summer compared to 2023 Q3 2024 Financial Results Generation2 Adjusted EBITDA1,2 ($ in millions) Q3 2024 was $98 million unfavorable as compared to Q3 2023, primarily driven by: , 1 • Lower cleared wholesale prices across competitive m
Slide 10: Updating Our Long-term Earnings Outlook
Updating Our Long-term Earnings Outlook Integrated model driving increasing visibility and profitability in out years Comprehensive hedging program provides increased visibility3 Long-term Earnings Outlook • Adjusted EBITDA1,2 ($ in millions) • ~100% hedged for remainder of 2024 • ~96% hedged for 20
Slide 11: Capital Allocation Update
Capital Allocation Update1 Balanced approach to shareholder return, financial leverage, and growth • Executed ~$4.6 billion in share repurchases from Nov. 2021 through Nov. 4, 2024 at an average price below $29/share • On Oct. 30, 2024, the board authorized an additional $1 billion for share repurch
Slide 12: Increasing Profitability Resulting in Incremental Capital to Allocate
Increasing Profitability Resulting in Incremental Capital to Allocate Expect to maintain flexible and balanced approach • Expect at least ~$1.5 billion of currently unallocated Potential Cumulative3 Capital Generation capital through year end 2026 4Q 2024 through 2026 ($ in billions) • Net debt / Ad
Slide 13: Appendix
Appendix 13 Q3 2024 Investor Presentation
Slide 14: Retail Overview
Retail Overview Continued delivery of strong margin and count results driving consistent Adj. EBITDA performance Highlights • Grew residential customer count organically in the quarter and year-over-year • Total residential count at quarter end increased 13% YoY driven by organic growth, the launch
Slide 15: Nuclear Production Tax Credit (PTC) Overview
Nuclear Production Tax Credit (PTC) Overview1 I ’ y 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 amount is reduced by I 80% of gross receipts exceeding $25/MWh Thresholds at which PTC support is • When gr
Slide 16: Corporate Debt Profile
Corporate Debt Profile Vistra remains committed to a long-term net leverage target below 3x1 Balances ($ in millions) Q3 2024 Funded Revolving Credit Facilities $0 Vistra Operations Term Loan B 2,481 Senior Secured Notes 3,894 Senior Unsecured Notes 7,300 2 Revenue Bond Obligations 431 Accounts Rece
Slide 17: Select Debt Balances
Select Debt Balances Principal outstanding for secured and unsecured debt issued from Vistra Operations Vistra Operations Secured Debt ($ in millions) Q3 2024 Senior Secured Term Loan B-3 due December 2030 $2,481 5.125% Senior Secured Notes due May 2025 744 3.700% Senior Secured Notes due January 20
Slide 18: Comprehensive Hedging Program Overview
Comprehensive Hedging Program Overview Effective September 30, 2024 Balance of 2024 2025 Texas West East Sunset Total Texas West East Sunset Total Nuclear/Renewable/Coal Gen Position Expected Generation (TWh) 12 8 8 28 48 32 25 106 % Hedged 100% 100% 100% 100% 100% 66% 90% 88% Sensitivity to Power P
Slide 19: Capacity Positions
Capacity Positions Effective September 30, 2024 Tenor Zone Position (MW) Average Price ($/MW-day) Tenor Zone Position (MW) Avg. Price ($/KW-mo) East East 2024/2025 PJM - RTO 5,170 $34.30 Summer 2024 NYISO 982 $3.90 2024/2025 PJM - ComEd 1,373 $32.45 Winter 24/25 NYISO 1,002 $3.07 2024/2025 PJM - DEO
Slide 20: Forward Market Pricing
Forward Market Pricing Effective September 30, 2024 2024 2025 2026 2024 2025 2026 Power (ATC, $/MWh) Spark Spreads (ATC, $/MWh) ERCOT North Hub $34.77 $48.39 $47.15 ERCOT West Hub $40.48 $51.65 $50.48 Texas cont. PJM AD Hub $39.69 $42.08 $44.10 ERCOT North Hub-Houston Ship Channel 90% $12.98 $23.77
Slide 21: Generation Metrics
Generation Metrics Effective September 30, 2024 Total Generation (TWh) Q3 2023 Q3 2024 YTD 2023 YTD 2024 CCGT Capacity Factor (%) Q3 2023 Q3 2024 YTD 2023 YTD 2024 Texas 27.8 26.8 65.8 66.1 Texas 77% 78% 57% 61% East 17.0 25.8 45.5 62.7 East 69% 71% 63% 61% West 1.4 1.0 3.7 2.9 West 65% 44% 56% 44%
Slide 22: Asset Fleet Details
Asset Fleet Details Effective September 30, 2024 Asset Location ISO Technology Primary Fuel Net Capacity (MW) Ennis Ennis, TX ERCOT CCGT Gas 366 Forney Forney, TX ERCOT CCGT Gas 1,912 Hays San Marcos, TX ERCOT CCGT Gas 1,047 Lamar Paris, TX ERCOT CCGT Gas 1,076 Midlothian Midlothian, TX ERCOT CCGT G
Slide 23: Asset Fleet Details
Asset Fleet Details Effective September 30, 2024 Asset Location ISO Technology Primary Fuel Net Capacity (MW) Independence Oswego, NY NYISO CCGT Gas 1,212 Bellingham Bellingham, MA ISO-NE CCGT Gas 566 Blackstone Blackstone, MA ISO-NE CCGT Gas 544 Casco Bay Veazie, ME ISO-NE CCGT Gas 543 Lake Road Da
Slide 24: Capital Expenditures
Capital Expenditures1 Category ($ in millions) 2023A 2024E 2025E 2,3 Nuclear & Fossil Maintenance $730 $808 ~$875 Nuclear Fuel 206 361 ~300 4 Non-Recurring 8 13 - 5 Solar & Energy Storage Development 550 707 ~725 6 Other Growth 120 164 ~325 Total Capital Expenditures $1,614 $2,053 ~$2,225 4 Non-Recu
Slide 25: Vistra Zero Portfolio and Development Pipeline
Vistra Zero Portfolio and Development Pipeline Effective September 30, 2024 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 Baldwin Baldwin, IL MISO In
Slide 26: Sustainability Goals
Sustainability Goals 26 Q3 2024 Investor Presentation
Slide 27: Environmental Stewardship
Environmental Stewardship Vistra’s GHG targets emphasize an energy transition that balances reliability and affordability of power EMISSIONS REDUCTIONS1 PORTFOLIO TRANSFORMATION2 Scope 1 and Scope 2 Emissions SO2 Emissions ~15,150 MW Zero Carbon Capacity MW (Million mtCO2e) (‘000s mt) fossil generat
Slide 28: Social Responsibility & Governance
Social Responsibility & Governance Vistra’s Purpose: Lighting up lives, powering a better way forward PEOPLE AND COMMUNITIES GOVERNANCE Diversity, Equity, and Inclusion • Oversight of Vistra’s ESG initiatives is governed by the full Vistra board, with oversight of subject matter-specific components
Slide 29: Non-GAAP Reconciliations
Non-GAAP Reconciliations 29 Q3 2024 Investor Presentation
Slide 30: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended September 30, 2024 (Unaudited, Millions of Dollars) Eliminations / Ongoing Corp and Operations Vistra Corp. Retail Texas East West Sunset Other Consolidated Asset Closure Consolidated Net income (loss) $(1,226) $3,249 $468 $153 $163 $(952) $1,855 $(18) $1,
Slide 31: Non-GAAP Reconciliations
Non-GAAP Reconciliations Nine Months Ended September 30, 2024 (Unaudited, Millions of Dollars) Eliminations / Ongoing Corp and Operations Vistra Corp. Retail Texas East West Sunset Other Consolidated Asset Closure Consolidated Net income (loss) $232 $2,327 $693 $430 $296 $(1,592) $2,386 $(64) $2,322
Slide 32: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended September 30, 2023 (Unaudited, Millions of Dollars) Eliminations / Ongoing Corp and Operations Vistra Corp. Retail Texas East West Sunset Other Consolidated Asset Closure Consolidated Net income (loss) $245 $438 $29 $264 $(44) $(413) $519 $(17) $502 Income
Slide 33: Non-GAAP Reconciliations
Non-GAAP Reconciliations Nine Months Ended September 30, 2023 (Unaudited, Millions of Dollars) Eliminations / Ongoing Corp and Operations Vistra Corp. Retail Texas East West Sunset Other Consolidated Asset Closure Consolidated Net income (loss) $462 $396 $1,049 $481 $442 $(1,177) $1,653 $23 $1,676 I
Slide 34: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended September 30, 2022 (Unaudited, Millions of Dollars) (a) Includes $90 million of unrealized mark-to-market net gains on interest rate swaps. (b) Includes nuclear fuel amortization of $23 million in Texas segment. (c) Adjusted EBITDA impacts of Winter Storm
Slide 35: Non-GAAP Reconciliations
Non-GAAP Reconciliations Nine Months Ended September 30, 2022 (Unaudited, Millions of Dollars) Eliminations / Ongoing Corp and Operations Vistra Corp. Retail Texas East West Sunset Other Consolidated Asset Closure Consolidated Net income (loss) $2,099 $(1,455) $(910) $36 $(525) $(53) $(808) $(154) $
Slide 36: Non-GAAP Reconciliations
Non-GAAP Reconciliations 2024 Guidance (Unaudited, Millions of Dollars) Ongoing Operations Asset Closure Vistra Corp. Consolidated Low High Low High Low High Net Income (loss) $2,750 $2,910 $(80) $(80) $2,670 $2,830 Income tax expense 740 780 0 0 740 780 Interest expense and related charges (a) 980
Slide 37: Non-GAAP Reconciliations
Non-GAAP Reconciliations 2024 Guidance (Unaudited, Millions of Dollars) Ongoing Operations Asset Closure Vistra Corp. Consolidated Low High Low High Low High Cash provided by (used in) operating activities $4,311 $4,511 $(146) $(146) $4,165 $4,365 Capital expenditures including nuclear fuel purchase
Slide 38: 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 39: 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 Cash provided by (used in) operating activities $4,630 $5,230 $(190) $(190) $4,440 $5,040 Capital expenditures including nuclear fuel purchase
Slide 40: Lighting up lives, powering a better way forward
Lighting up lives, powering a better way forward 40 Q3 2024 Investor Presentation