Clearway Energy, Inc. · NYSE:CWEN
Clearway Energy — Q3 2025 Earnings Presentation
33 slides from Clearway Energy's earnings presentation, Nov 4, 2025
Slide 1: Clearway Energy, Inc. Third Quarter 2025 Results Presentation
Clearway Energy, Inc. Third Quarter 2025 Results Presentation November 4, 2025
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
Strategic and Business Craig Cornelius, Chief Executive Officer Update Agenda Financial Summary and Update Sarah Rubenstein, Chief Financial Officer Closing Remarks Craig Cornelius, Chief Executive Officer 3
Slide 4: Strategic and Business Update
Strategic and Business Update ▪ Clearway Enterprise creates long-term value by developing best-in-class projects at Clearway Group to provide investment Clearway Enterprise Optimized for opportunities that fulfill the long-term growth objectives of Clearway Energy, Inc. (CWEN) Sustainable Growth int
Slide 5: Strategic Update
@]J Clearway Energy Strategic Update
Slide 6: Clearway Enterprise is Structured To Achieve Our Long-Term Growth Objectives
Clearway Enterprise is Structured To Achieve Our Long-Term Growth Objectives Clearway Energy, Inc. Features & Strengths Clearway Group Features & Strengths Proven development track record Proven track record in continuous CAFDPS growth ▪ Grew late-stage pipeline +4x since 2017 ▪ Delivered a ~7% grow
Slide 7: Clearway's Mid-Term Growth Plan Options are Clear, Accretive, and Right Sized
Clearway's Mid-Term Growth Plan Options are Clear, Accretive, and Right Sized All Planned Investment Opportunities for CWEN Abundant Options in Development for CWEN Investment in 2025-2027 Commercialized1 Investment in 2028-2029 to Enable 2030 CAFDPS ▪ All 2026-2027 COD vintages needed for CWEN’s gr
Slide 8: Clearway's Long-Term Pipeline is Positioned for Sustainable Growth Beyond 2030
Clearway's Long-Term Pipeline is Positioned for Sustainable Growth Beyond 2030 Project investment opportunities in 2030+ will be at increasing Clearway's 2030-2032 Pipeline Concentrated on Least-Cost/Best-Fit scale, meeting the needs of power markets and supporting the Projects with Large Scale and
Slide 9: Clearway's Funding Model and Growth Outlook is Well Positioned for Accretive Growth Beyond 2030
Clearway’s Funding Model and Growth Outlook is Well Positioned for Accretive Growth Beyond 2030 CAFD (Free Cash Flow) Lever Details Contribution, % Fleet Enhancements 1 Fleet enhancement post initial PPA & Efficient Corporate /= Corporate refinancings ~0-2% Refinancings • Payout ratio <70% post 20
Slide 10: Business Update
10 @]J Clearway Energy Business Update
Slide 11: Repowering Program on Track to Enhance Fleet and Drive Growth Beyond 2027
Repowering Program on Track to Enhance Fleet and Drive Growth Beyond 2027, with Every Project Progressing and New Projects Now Safe Harbored Meeting Commitments on Commercialization of Repowering Program Target Est. Corp. Est. Target 5-Year Avg. Repowering Project1 Location Generation MW Repower COD
Slide 12: Sponsor-Enabled Growth Program Progressing With Committed Projects on Track
Sponsor-Enabled Growth Program Also Progressing With Previously Committed Projects on Track and New Identified Dropdown Opportunities 2025 Fundings Complete and Remaining COD On Track1… …With 2026-2027 Opportunities Committed or In View Est. Corp. Target Contracting Est. Corp. Asset CAFD Status Proj
Slide 13: Complementary Asset M&A Program Capped Off by Deriva Portfolio Acquisition
Complementary and Synergistic Asset M&A Program Implemented Across Core Regions During 2025, Capped Off by Deriva Portfolio Acquisition 3rd Party M&A at Attractive Economics… …With Complementary Footprint to Our Existing Portfolio Deriva Solar Operating CWEN Solar Operating CWEN Wind CEG Wind in Dev
Slide 14: Establishing 2030 CAFD ("Free Cash Flow") Per Share Target Range
Establishing 2030 CAFD (“Free Cash Flow”) Per Share Target Range ~7-8% Execution on drop-downs Reflects incremental CAFD from committed ▪ ▪ Complementary 3rd party M&A ▪ investments such as Mt. Storm, Goat Mountain, etc. growth CAGR (Deriva, Catalina, Tuolumne) expected to contribute CAFDPS beyond 2
Slide 15: Financial Summary
15 @]J Clearway Energy Financial Summary
Slide 16: Financial Update
Financial Update ($ millions) Financial Results Guidance Update 3rd Quarter YTD Full Year Adjusted EBITDA $385 $980 Original 2025 CAFD (FCF) Guidance Range $400-440 CAFD (FCF) $166 $395 Updated 2025 CAFD (FCF) Guidance Range $420-440 2026 CAFD (FCF) Guidance Range $470-510 3Q25 Financial Highlights
Slide 17: Well-Positioned to Fund Growth Underpinning 2030 Financial Objectives
Well-Positioned to Fund Growth Underpinning 2030 Financial Objectives Retained Cashflow Between 2026-2029 CWEN Has The Opportunity to ▪ Assuming CAFD (FCF) generation aligned with trajectory Deploy >=$2.5BN to Meet Our 2030 Goals1 to our 2030 $2.90-3.10 CAFDPS target as increasing Equity Issuances f
Slide 18: Clearway's Capital Allocation Framework Creates Virtuous Cycle of Sustainable and Resilient Growth
Clearway’s Capital Allocation Framework Creates Virtuous Cycle of Sustainable and Resilient Growth Abundant Set of High Return Opportunities Invest in Funding Strategy 2026-2030 • Invest in the highest return investments across Value- Prudently • Retained cash flows increasing funding source as our
Slide 19: Closing Remarks
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Slide 20: On Track to Meet The Core Objectives We Set for Near-Term and Long-Term
On Track to Meet The Core Objectives We Set for Near-Term and to Execute Our Roadmap for Long-Term Value Creation Solid Execution to Meet 2025 Objectives With Robust Opportunity Set To Meet ✓ Realized YTD 25 results and committed growth investments Goals in 2030 and Beyond have us on track to fulfil
Slide 21: Appendix
21 @]J Clearway Energy Appendix
Slide 22: Appendix | Clearway Group Development Pipeline
Appendix | Clearway Group Development Pipeline Clearway Group Development Highlights 27 GW1 Pro Forma Pipeline Owned or Controlled by Clearway Group • Achieved COD on 570 MW of solar and battery storage across 3 projects: Rosamond South 1 (257 By Project Stage (MW) By Project Type (MW) MW, Solar + B
Slide 23: 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 Asset Technology Gross Capacity (MW)1 ISO COD/Final Funding Status2 Highlights Utility Solar + Committed/ • Under construction Pine
Slide 24: Appendix | Operating Portfolio Performance in 2025
Appendix | Operating Portfolio Performance in 2025 Production Index Availability 2025 Sep 2025 1st Quarter 2nd Quarter 3rd Quarter Q1 Q2 Q3 YTD YTD Region/Tech Net MW Jan Feb Mar Apr May Jun Jul Aug Sep West - California 947 137% 130% 110% 121% 86% 89% 86% 87% 97% 114% 81% 99% 98% 93% West - Other 3
Slide 25: 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 26: Appendix | Non-Recourse Project Debt Amortization
Appendix | Non-Recourse Project Debt Amortization Forecasted principal payments 1,2 on non-recourse project debt as of December 31, 2024. Fiscal Year 2025 2026 2027 2028 2029 Thereafter Total Flexible Generation: Carlsbad Energy Holdings & Holdco, due 2037 and 2038 28 35 37 34 42 494 670 Total Flexi
Slide 27: Appendix | Operating Assets as of September 30, 2025
Appendix | Operating Assets1 as of September 30, 2025 Solar Wind Gross PV Net PV Gross Wind Net Wind Capacity Percentage Capacity Capacity Percentage Capacity Projects (MW) Ownership (MW) Offtake Counterparty PPA Expiration Projects (MW) Ownership (MW) Offtake Counterparty PPA Expiration Agua Calien
Slide 28: Appendix | Clearway Fleet Environmental Data and Projections
Appendix | Clearway Fleet Environmental Data and Projections 2025 Est. Adj EBITDA and CAFD by Asset Class 1 2025 Est. Adj EBITDA and CAFD by Asset Class 1 2025 Est. Adj. EBITDA by Asset Class Clearway Fleet Environmental Data and Projections: (83% From Renewables & Storage) 17% 2024 Statistics 1 ✓ 9
Slide 29: Appendix Reg. G Schedules
Appendix Reg. G Schedules Oi clearway Energy
Slide 30: Reg. G | Actuals
Reg. G | Actuals Three Months Ended Nine Months Ended ($ millions) 9/30/2025 9/30/2024 9/30/2025 9/30/2024 Net Income (Loss) 60 27 (32) (15) Income Tax (Benefit) Expense (31) 33 (26) 30 Interest Expense, net 91 131 275 248 Depreciation, Amortization, and ARO 176 164 502 471 Contract Amortization 50
Slide 31: Reg. G | 2025 CAFD Guidance Range
Reg. G | 2025 CAFD Guidance Range 2025 Full Year CAFD ($ millions) Guidance Range Net Loss ($110) – (90) Income Tax Benefit (33) Interest Expense, net 362 Depreciation, Amortization, Contract Amortization, and ARO Expense 960 Adjustments to reflect CWEN share of Adjusted EBITDA in unconsolidated aff
Slide 32: Reg. G | 2026 CAFD Guidance Range
Reg. G | 2026 CAFD Guidance Range 2026 Full Year CAFD ($ millions) Guidance Range Net Loss ($44) – (4) Income Tax Expense 5 Interest Expense, net 395 Depreciation, Amortization, Contract Amortization, and ARO Expense 1,022 Adjustments to reflect CWEN share of Adjusted EBITDA in unconsolidated affili
Slide 33: 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