Slide 1: 2Q 2025 Operating & Financial Results
2Q 2025 Operating & Financial Results August 6, 2025
Slide 2: Safe harbor & forward looking statements
Safe harbor & forward looking statements This communication contains forward-looking statements related to Sunrun (the “Company”) within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act o
Slide 3: Operating & Financial Performance Overview
OPERATING & FINANCIAL PERFORMANCE OVERVIEW Mary Powell CEO 3
Slide 4: Rapid growth in Aggregate Subscriber Value and Contracted Net Value Creation
Sunrun delivered rapid growth in top-line Aggregate Subscriber Value and bottom-line Contracted Net Value Creation, producing strong Cash Generation & increased book value $1.6 billion $376 million Contracted Net Value Creation Aggregate Subscriber Value in 2Q25 in 2Q25 +316% year-over-year +40% yea
Slide 5: Strongest margins in the company's history
Strongest margins in the company’s history, with Upfront Net Subscriber Value exceeding $5.7k, representing an 11% margin, expanding 17 ppt y/y Upfront Net Subscriber Value Represents, on a per Subscriber basis, estimated proceeds from tax equity, non-recourse project debt and upfront incentives for
Slide 6: Nation's largest home-to-grid distributed power plant operator
Sunrun is the nation’s largest home-to-grid distributed power plant operator, providing critical utility-scale grid services ➔ Distributed home-to-grid power plants are reliable, dispatchable resources. Sunrun’s power plants don’t take up land or need new transmission lines to be constructed as they
Slide 7: Demonstrating reliability and scale of dispatchable distributed power plants
Sunrun is demonstrating the reliability and scale of dispatchable home-to-grid distributed power plants to meet US energy needs California dispatches (June 2025) ➔ CalReady dispatch (mostly from Sunrun assets) significantly clipped the evening peak across California. ➔ At peak, Sunrun dispatched 325
Slide 8: Positioned for strong returns following passage of OBBB
Sunrun is positioned to continue to generate strong financial returns following the passage of OBBB 48E Investment Tax Credits (ITC) maintained for storage portion of projects through 2033 at 30%+ while ITCs for solar portion are maintained through 2027 (with ability to complete projects under constr
Slide 9: Leading share of installations
Sunrun has a leading share of installations given strength of subscription offering and storage capabilities Sunrun Storage Install Volume Share(1) Sunrun Solar Install Volume Share(1) Overall Industry Mix of Subscriptions Increasing(2) ➔ We expect the 25D ITC sunset on 12/31/2025 may distort Sunrun’
Slide 10: Growth expected in 2026 as we maintain margin focus
Growth expected in 2026 as we maintain our margin focus ➔ Sunrun poised to grow in 2026, at improving economics, even as industry volumes likely decline ➔ Cash & loan customer ITC sunsets at the end of 2025 while Subscriptions (96% of Sunrun’s Q2 volume) continue to benefit from a 30-70% investment t
Slide 11: Strong unit margins and volume in 2028+
Sunrun to generate strong unit margins & volume in 2028+ ➔ There are many achievable paths to generating strong margins in 2028 without the solar portion of the tax credit. ➔ With conservative assumptions for pricing increases against utility rate escalation, equipment cost declines, customer acquis
Slide 12: Financial Performance & Outlook
FINANCIAL PERFORMANCE & OUTLOOK Danny Abajian CFO 12
Slide 13: Net Subscriber Value increased to record high of $17,004
Net Subscriber Value increased to record high of $17,004 ➔ Subscriber Additions were 28,823 in 2Q25, an increase of 15% year-over-year. ➔ Net Subscriber Value expanded year-over-year to $17,004 driven by record-high Storage Attachment Rate at 70%, ITC levels of 43%, fixed cost absorption benefits with
Slide 14: Net Value Creation increased to $490 million in Q2
Net Value Creation increased to $490 million in Q2, representing $2.14 per share ➔ Aggregate results are the average unit economics multiplied by the number of units and represent enterprise level gross value, total asset-origination related costs (including overhead), and net value being created on
Slide 15: Contracted Net Value Creation increased to $376 million
Contracted Net Value Creation increased to $376 million as Subscriber Additions grew 15%, Contracted Subscriber Value increased 19% and Creation Costs declined 4% Contracted Net Value Creation ($ millions) Year-over-year unit margin drivers: Contracted Subscriber Value 2Q24 3Q24 4Q24 1Q25 2Q25 incre
Slide 16: Upfront Net Value Creation of $165 million in Q2
Upfront Net Value Creation of $165 million in Q2; Operating performance highlights the Cash Generation trajectory of the business ➔ Sunrun raises non-recourse capital against the Subscribers we originate, including monetization of tax attributes from tax equity partners and non-recourse senior & sub
Slide 17: Net Earning Assets now at $7.6 billion
Net Earning Assets now at $7.6 billion ➔ Contracted Net Earnings Assets at $3.0 billion See Appendix for glossary of terms. 2Q25 Earnings Presentation 17
Slide 18: Generating cash and paying down recourse debt
Sunrun is generating cash and paying down recourse debt Cash Generation $ millions Note: 2H25E Cash Generation reflects the achievement of 2025 guidance midpoint. Repaying Recourse Debt $ millions Note: Gross balances reflected in chart, excluding unamortized debt discounts. See Appendix for glossary
Slide 19: Strong capital markets execution
We continue to achieve strong capital markets execution ➔ We have a strong track record of attracting low-cost capital from diverse sources. Our access to capital markets puts us in a position to offer more advantageous financing options to consumers while creating long-term value for investors. ➔ We
Slide 20: Guidance & Outlook
Guidance & Outlook 3Q 2025 Full-year 2025 Aggregate $1.5 to $1.6 billion $5.7 to $6.0 billion Subscriber Value ➔ Represents 8% growth year-over-year at the ➔ Unchanged from prior guidance midpoint ➔ Driven by growth in both Subscriber Value & Subscriber Additions, with mid-single digit growth in Sub
Slide 21: Appendix
Appendix 21
Slide 22: Key Operating Metrics Summary
Key Operating Metrics Summary An Excel model containing Key Operating Metrics, financials and calculations shown in this presentation is available at investors.sunrun.com. See Appendix for glossary of terms and accompanying notes. 2Q25 Earnings Presentation 22
Slide 23: Key Operating Metrics: Volume Additions in Period
Key Operating Metrics: Volume Additions in Period An Excel model containing Key Operating Metrics, financials and calculations shown in this presentation is available at investors.sunrun.com. See Appendix for glossary of terms and accompanying notes. 2Q25 Earnings Presentation 23
Slide 24: Key Operating Metrics: Creation Costs in Period
Key Operating Metrics: Creation Costs in Period An Excel model containing Key Operating Metrics, financials and calculations shown in this presentation is available at investors.sunrun.com. See Appendix for glossary of terms and accompanying notes. 2Q25 Earnings Presentation 24
Slide 25: Key Operating Metrics: Value Creation in Period
Key Operating Metrics: Value Creation in Period An Excel model containing Key Operating Metrics, financials and calculations shown in this presentation is available at investors.sunrun.com. See Appendix for glossary of terms and accompanying notes. 2Q25 Earnings Presentation 25
Slide 26: Key Operating Metrics: Proceeds Realized, Cash Generation, GEA & NEA
Key Operating Metrics: Proceeds Realized, Cash Generation, GEA & NEA An Excel model containing Key Operating Metrics, financials and calculations shown in this presentation is available at investors.sunrun.com. See Appendix for glossary of terms and accompanying notes. 2Q25 Earnings Presentation 26
Slide 27: Metric Sensitivities
Metric Sensitivities An Excel model containing Key Operating Metrics, financials and calculations shown in this presentation is available at investors.sunrun.com. See Appendix for glossary of terms. 2Q25 Earnings Presentation 27
Slide 28: Non-GAAP Reconciliation of Aggregate Creation Costs
Non-GAAP Reconciliation of Aggregate Creation Costs An Excel model containing Key Operating Metrics, financials and calculations shown in this presentation is available at investors.sunrun.com. Use of Non-GAAP Financial Measures This presentation includes the Company’s non-GAAP financial measures: A
Slide 29: Non-GAAP Reconciliation of Cash Generation
Non-GAAP Reconciliation of Cash Generation An Excel model containing Key Operating Metrics, financials and calculations shown in this presentation is available at investors.sunrun.com. Use of Non-GAAP Financial Measures This presentation includes the Company’s non-GAAP financial measures: Aggregate
Slide 30: Key Operating Metrics: Creation Cost Methodology
Key Operating Metrics: Creation Cost Methodology ➔ Commencing with the first quarter 2025 reporting, the Company modified how it calculates Creation Costs per Subscriber Addition. The following table summarizes the impact to Creation Cost per Subscriber Addition, had it been calculated using the new m
Slide 31: GAAP Income Statement
GAAP Income Statement Customer Agreements and Incentive Revenue is comprised of ongoing revenue from customers under long-term agreements, amortization of prepaid systems, and incentive revenue. The value of the Investment Tax Credits (ITC) are recognized as Incentive revenue, when monetized using a
Slide 32: GAAP Balance Sheet
GAAP Balance Sheet Deferred revenue is primarily Customer Prepayments which are recognized over the life of the contract, typically 20 or 25 years ($950.2 million balance of Payments Received Under Customer Agreements at the end of 2024). ~$13.0 billion of our debt is non-recourse project debt and s
Slide 33: GAAP Cash Flow Statement
GAAP Cash Flow Statement Cash Flow From Operations is negative as typically ~25-30% of our Creation Costs are expensed in the period, while revenue is recognized over 80 quarters or more. Additionally, we raise Debt and Project Equity to fund our growth, which covers CFO and CFI. These investments a
Slide 34: Glossary of Terms
Glossary of Terms Definitions for Volume-related Terms Contracted Cash Flows represent (x) (1) scheduled payments from Subscribers during the initial terms of the Customer Agreements, (2) net proceeds from tax equity partners, (3) payments from government and utility Deployments represent solar or s
Slide 35: Glossary of Terms (continued)
Glossary of Terms (continued) Aggregate Upfront Proceeds represent Aggregate Contracted Subscriber Value multiplied by Advance Rate. Non-contracted or Upside Net Earning Assets represents Net Earning Assets less Contracted Net Earning Actual project financing transaction timing for portfolios of Sub
Slide 36: Investor Relations
Investor Relations investors.sunrun.com 415-373-5206 investors@sunrun.com