Slide 1: 2Q 2026 Operating & Financial Results
2Q 2026 Operating & Financial Results August 5, 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 2Q26 Earnings Presentation 3
Slide 4: Positive Cash Generation in Q2 as shift to direct business takes shape
Sunrun delivered positive Cash Generation in Q2 as a deliberate shift towards our direct business continues to take shape; growth expected in 2H26 $1.2 billion 4.6 GWhrs Aggregate Subscriber Value Networked Storage Capacity in 2Q26 as of 6/30/2026 -24% year-over-year +43% year-over-year $45 million
Slide 5: Positioned to grow high-margin volumes through direct channel
Sunrun is positioned to grow high-margin volumes through direct channel while building dispatchable power asset base Transitioning to direct business Overall volume down YoY in-line with deliberate shift towards direct channel - ➔ Demand for our offering is strong as consumer interest in affordable, r
Slide 6: Growth resuming in Direct business; Affiliate volumes resetting
Growth resuming in Sunrun’s Direct business; Affiliate volumes resetting following actions Direct volumes set to resume robust growth following transition period as Sunrun focuses on best customer experience, higher margins Monthly sales have inflected in June and July, with monthly sales growth excee
Slide 7: US power demand expected to increase; Sunrun offers solutions
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: 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: Formed consortium to pursue opportunities with hyperscalers
Formed consortium to jointly pursue opportunities with hyperscalers & jointly push for capacity accreditation Together, we could bring 16.8 GW of fast, flexible capacity for data center and large load growth 2Q26 Earnings Presentation 9
Slide 10: America's Homes. Powering AI.
America’s Homes. Powering AI. Traditional data centers can take years to build and connect to the grid. Sunrun's distributed model leverages existing homes with solar and battery systems which could help bring AI compute capacity online faster. 10
Slide 11: Well positioned following passage of 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 12: 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 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 declines, c
Slide 13: We Love Our People: Teams Driving Success in Q2
We Love Our People Teams Driving Success in Q2 Sunrun’s Service Leadership Team Driving strategic execution and value creation from customer-first operations to scaling our industry-wide service platform 2Q26 Earnings Presentation 13
Slide 14: Financial Performance & Outlook
FINANCIAL PERFORMANCE & OUTLOOK Danny Abajian CFO 2Q26 Earnings Presentation 14
Slide 15: Net Subscriber Value decreased year-over-year to $9,444
Net Subscriber Value decreased year-over-year to $9,444 ➔ Subscriber Additions were 19,793 in 2Q26, a decrease of 31% year-over-year, driven by our intentional shift of growth mix to our direct business and ongoing ramp of expanded direct salesforce to full productivity. ➔ Net Subscriber Value decre
Slide 16: Upfront Net Subscriber Value exceeding $2.0k, a 4% margin
Delivering strong margin execution, with Upfront Net Subscriber Value exceeding $2.0k, representing a 4% margin Upfront Net Subscriber Value Represents, on a per Subscriber basis, estimated proceeds from tax equity, non-recourse project debt, upfront incentives, and proceeds from Non-Retained or Par
Slide 17: Upfront Net Subscriber Value of $2,016 in Q2
Upfront Net Subscriber Value of $2,016 in Q2 ➔ 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 custo
Slide 18: Net Earning Assets now at $9.0 billion as of 2Q26
Net Earning Assets now at $9.0 billion as of 2Q26 ➔ Contracted Net Earning Assets at $3.7 billion See Appendix for glossary of terms. 2Q26 Earnings Presentation 18
Slide 19: Generating cash and paying down recourse debt
Sunrun is generating cash and paying down recourse debt Cash Generation ($ millions) $200 - $375 million of Cash Generation expected in 2026 Recourse Debt(1) ($ millions) Sunrun has repaid $188 million of recourse debt over the past year (1) Gross balances reflected in chart, excluding unamortized de
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: Partners with top financial institutions and asset managers
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 ~$2.6 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 Full-year 2026 Full-year 2026 Current Guidance Prior Guidance Aggregate Subscriber $4.6 to $4.9 billion $4.8 to $5.2 billion Value ➔ Reflects low single-digit growth in direct channels for the ➔ High-single to low-double digit volume growth in full year (reflecting growth of >10% y/
Slide 24: Appendix
2Q26 Earnings Presentation 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 2 (1) See Appendix on page 31 and 32 for a reconciliation of Creation Costs Reflected in Operating Expenses and Creation Cos
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. 2Q26 Earnings Presentation 26
Slide 27: Key Operating Metrics: Costs in Period
Key Operating Metrics: 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. 2Q26 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. 2Q26 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. 2Q26 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. 2Q26 Earnings Presentation 30
Slide 31: Non-GAAP Reconciliation of Creation Costs Reflected in Operating Expenses
Non-GAAP Reconciliation of Creation Costs Reflected in Operating Expenses 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
Slide 32: Non-GAAP Reconciliation of Creation Costs Reflected in Capital Expenditures
Non-GAAP Reconciliation of Creation Costs Reflected in Capital Expenditures 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-GAA
Slide 33: 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: Creation C
Slide 34: 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 35: 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). ~$14.5 billion of our debt is non-recourse project debt and so
Slide 36: 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 37: 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 38: Glossary of Terms (continued)
Glossary of Terms (continued) Net Subscriber Value represents Subscriber Value less the summation of the following items divided by Proceeds Realized From Retained Subscribers represents cash flows received in respect of Retained Subscriber Additions: (A) payments for the costs of energy systems; (B
Slide 39: Glossary of Terms (continued)
Glossary of Terms (continued) Other Terms Annual Recurring Revenue represents revenue arising from Customer Agreements over the following twelve months for Retained Subscribers that have met initial revenue recognition criteria as of the measurement date. Average Contract Life Remaining represents t
Slide 40: Investor Relations
Investor Relations investors.sunrun.com 415-373-5206 investors@sunrun.com 2Q26 Earnings Presentation