Slide 1: 1Q 2026 Operating & Financial Results
1Q 2026 Operating & Financial Results May 6, 2026
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 the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements related to: the Co
Slide 3: Operating & Financial Performance Overview
OPERATING & FINANCIAL PERFORMANCE OVERVIEW Mary Powell CEO 1Q26 Earnings Presentation 3
Slide 4: Strong unit economics in seasonally lightest quarter; project finance timing impacted Cash Generation
Sunrun delivered strong unit economics during our seasonally lightest quarter for volume, while a shift in project finance timing into Q2 impacted Cash Generation $1.1 billion $108 million Contracted Net Value Creation Aggregate Subscriber Value in 1Q26 in 1Q26 -34% year-over-year -13% year-over-year
Slide 5: Sunrun is well-positioned for growth and to capitalize on industry changes
Sunrun is well-positioned for growth and to capitalize on industry changes Industry mix of subscriptions (1) positioned to increase Disruption is occurring across the residential solar industry… ➔ Cash/loan ITC (25D) sunset on 12/31/2025 - half the 2025 market ➔ Regulatory complexity increasing (FEO
Slide 6: Growth through direct business results in higher asset quality and better customer experience
Growth through direct business results in higher asset quality and better customer experience Prioritizing our direct model provides full customer lifecycle ownership, driving superior CX and financial performance. ✓ Higher average NPS scores: net promoter scores in direct are consistently higher tha
Slide 7: US power demand is expected to increase; Sunrun offers solutions to the grid & consumers
US power demand is expected to increase; Sunrun offers solutions to the grid & to consumers seeking relief from rising rates Electricity demand forecasted to increase 40% by The price of electricity nationwide already has risen 2040; necessitating >1,000 GW of new capacity(1) ~35% over the past 5 yea
Slide 8: Sunrun is the nation's largest distributed power plant operator
Sunrun is the nation’s largest 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 are located
Slide 9: Well positioned for strong financial returns following the 2025 budget bill
Sunrun is well positioned to continue to generate strong financial returns following the passage of the 2025 budget bill 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
Slide 10: Positioned to generate strong unit margins & volume in 2031+
Sunrun is positioned to be able to generate strong unit margins & volume in 2031+ ➔ There are many achievable paths to generating strong margins in 2031 without the solar portion of the tax credit. ➔ With conservative assumptions for pricing increases against utility rate escalation, equipment cost
Slide 11: We Love Our People: Teams Driving Success in Q1
We Love Our People Teams Driving Success in Q1 Hawaii Installation and Service Teams Based on Commitment to Safety, Storage Attachment Rates, Quality, and Customer Experience 1Q26 Earnings Presentation 11
Slide 12: Financial Performance & Outlook
FINANCIAL PERFORMANCE & OUTLOOK Danny Abajian CFO 1Q26 Earnings Presentation 12
Slide 13: Net Subscriber Value increased year-over-year to $11,892
Net Subscriber Value increased year-over-year to $11,892 ➔ Subscriber Additions were 17,665 in 1Q26, a decrease of 25% year-over-year, in-line with our volume & margin optimization strategy, and reflective of the decreased lead generation activities in mid-2025. ➔ Net Subscriber Value increased year-
Slide 14: Net Value Creation of $210 million in Q1
Net Value Creation of $210 million in Q1 ➔ 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 an unlevered basis. ➔ Aggregate Subscri
Slide 15: Contracted Net Value Creation decreased to $108 million
Contracted Net Value Creation decreased to $108 million as Subscriber Additions were down 25%, Contracted Subscriber Value was up 14% and Creation Costs increased 18% year-over-year Contracted Net Value Creation ($ millions) Year-over-year unit margin drivers: Contracted Subscriber Value increased 1
Slide 16: Strong margin execution with Upfront Net Subscriber Value exceeding $5.1k
Delivering strong margin execution, with Upfront Net Subscriber Value exceeding $5.1k, representing a 9% margin, expanding 8 ppt y/y Upfront Net Subscriber Value Represents, on a per Subscriber basis, estimated proceeds from tax equity, non-recourse project debt, upfront incentives, and proceeds fro
Slide 17: Upfront Net Value Creation of $91 million in Q1
Upfront Net Value Creation of $91 million in Q1 ➔ Sunrun raises non-recourse capital against the Retained Subscribers we originate, including monetization of tax attributes from tax equity partners and non-recourse senior & subordinated debt against future Retained Subscriber cash flows along with cu
Slide 18: Net Earning Assets now at $8.9 billion as of 1Q26
Net Earning Assets now at $8.9 billion as of 1Q26 ➔ Contracted Net Earnings Assets at $3.7 billion See Appendix for glossary of terms. 1Q26 Earnings Presentation 18
Slide 19: Sunrun is generating cash and paying down recourse debt
Sunrun is generating cash and paying down recourse debt Cash Generation ($ millions) $250 - $450 million of Cash Generation expected in 2026 Recourse Debt(1) ($ millions) Sunrun has repaid $212 million of recourse debt over the past year, including $92 million during 1Q26. (1) Gross balances reflecte
Slide 20: Strong capital markets execution
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 have demonstrated indus
Slide 21: Sunrun partners with top financial institutions and asset managers to raise capital
Sunrun partners with top financial institutions and global asset managers to raise capital against the assets we originate Select Recent Financing Partners ✓ Tax Equity Sunrun secured ~$2.7 billion in new tax equity commitments and term sheets in 2025 across traditional and hybrid tax equity structur
Slide 22: Capital Allocation Framework
Capital Allocation Framework Sunrun is committed to a capital allocation strategy that maximizes long-term shareholder value. Continue to Grow While Strategically Investing in Products & Technology ➔ Already reflected in our Cash Generation outlook is the continued use of optimized asset-level financi
Slide 23: Guidance & Outlook
Guidance & Outlook 2Q 2026 Full-year 2026 Aggregate $1.1 to $1.2 billion $4.8 to $5.2 billion Subscriber Value ➔ Represents 26% decline year-over-year at the ➔ Reflects high-single to low-double digit midpoint, driven by lower volume originated volume growth in Sunrun’s direct channels through our affi
Slide 24: Appendix
Appendix 24
Slide 25: 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. 1 (1) See Appendix on page 31 for a reconciliation of Aggregate Creation Costs, a non-GAAP metric, to Total Operating Expenses.
Slide 26: 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. 1Q26 Earnings Presentation 26
Slide 27: 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. 1Q26 Earnings Presentation 27
Slide 28: 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. 1Q26 Earnings Presentation 28
Slide 29: 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. 1Q26 Earnings Presentation 29
Slide 30: 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. 1Q26 Earnings Presentation 30
Slide 31: 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 32: 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 33: 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 34: 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 (~$1.0 billion balance of Payments Received Under Customer Agreements at the end of 2025). ~$14.0 billion of our debt is non-recourse project debt and so
Slide 35: 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 36: Glossary of Terms
Glossary of Terms Definitions for Volume-related Terms Contracted Cash Flows represent, (A) for Retained Subscribers, (x) (1) scheduled payments from Subscribers during the initial terms of the Customer Agreements (provided, that for Flex Customer Deployments represent solar or storage systems, whet
Slide 37: Glossary of Terms (continued)
Glossary of Terms (continued) Advance Rate or Advance Rate on Contracted Subscriber Value represents the company’s estimated Non-contracted or Upside Gross Earning Assets represents, as of any measurement date, the present upfront proceeds, expressed as a percentage of Contracted Subscriber Value or
Slide 38: Glossary of Terms (continued)
Glossary of Terms (continued) Per Share Operational Metrics The Company presents certain operating metrics on a per share basis to aid investors in understanding the scale of such operational metrics in relation to the outstanding basic share count in each period. These metrics are operational in na
Slide 39: Investor Relations
Investor Relations investors.sunrun.com 415-373-5206 investors@sunrun.com 1Q26 Earnings Presentation