Slide 1: Fourth Quarter and Full-Year 2022 Results
Fourth Quarter and Full-Year 2022 Results RESULTS March 1, 2023
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 I. Welcome and Safe Harbor Meagan Horn, Vice President of Investor Relations II. 2022 Highlights Jim Burke, President & Chief Executive Officer III. 2022 Finance Update Kris Moldovan, Executive Vice President & Chief Financial Officer Vistra Investor Presentation / Q4 and Full-Year 2022 Resul
Slide 4: 2022 Highlights
2022 Highlights Jim Burke President & Chief Executive Officer VISTRA CORP. 04 Vistra Investor Presentation / Q4 and Full-Year 2022 Results 4
Slide 5: Strategic Priorities Update
Strategic Priorities Update Through the continued focus on and execution against our strategic priorities, we delivered a strong performance throughout 2022 and positioned Vistra for future success Long-term, Sustainable Value Creation through Integrated Business Model: Exceeded 2022 guidance midpoi
Slide 6: 2022 Results and 2023 Outlook
2022 Results and 2023 Outlook 2022 Financial Results Reaffirming 2023 Guidance Ongoing Operations ($ millions) Ongoing Operations ($ millions) Adjusted EBITDA1 $3,115 Adjusted EBITDA1 $3,400 - $4,000 Adjusted FCFbG1 $2,399 Adjusted FCFbG1 $1,750 - $2,350 Highlights • Guidance Results • Exceeded Adj.
Slide 7: Finance Update
Finance Update Kris Moldovan Executive Vice President & Chief Financial Officer VISTRA CORP. 04 Vistra Investor Presentation / Q4 and Full-Year 2022 Results 7
Slide 8: Q4 and Full Year 2022 Financial Results
Q4 and Full Year 2022 Financial Results Vistra’s integrated model delivered in 2022 and is well positioned for 2023 ONGOING OPERATIONS ADJUSTED EBITDA1 ($ millions) 4000 $3,700 Retail 3500 ➢ 2022 Adj. EBITDA $223M favorable vs. midpoint of $3,115 $3,060 985 guidance, primarily driven by strong resid
Slide 9: Capital Allocation Update
Capital Allocation Update1 • Executed ~$2.25 billion through Dec. 31, 2022, and ~$2.45 billion through Feb. 23, 2023 Share • Remaining ~$800 million of authorization expected to be spent by year-end 2023 Repurchase • Aggregate share repurchases through 2026 targeted at an upsized $6.25 billion2 Prog
Slide 10: Market Curves and Hedge Position Update
Market Curves and Hedge Position Update While around the clock power prices and gas curves have trended down, Vistra's comprehensive hedging program provides a more stable outlook As of Dec. 31, 2022, Vistra was ~73% hedged for 2023 to 2025 (~90% hedged for 2023 and ~76% hedged for 2024) across all
Slide 11: Appendix
VICTPA aw bw = Appendix
Slide 12: Corporate Debt Profile
Corporate Debt Profile A strong balance sheet is core to Vistra’s strategy. Accordingly, Vistra remains committed to a long-term net leverage target (excluding any non-recourse debt at Vistra Zero) of less than 3x ($ millions) Q4 2022 Funded Revolving Credit Facility and Commodity Linked RCF $650 Te
Slide 13: Select Debt Balances
Select Debt Balances Funded Debt Tranches As of Dec. 31, 20221 ($ millions) Issuer Series Principal Outstanding Secured Debt Vistra Operations Senior Secured Term Loan B-3 due December 2025 $2,514 Vistra Operations 4.875% Senior Secured Notes due May 2024 400 Vistra Operations 3.550% Senior Secured
Slide 14: Q4 2022 Retail Metrics
Q4 2022 Retail Metrics Highlights Retail Volume All markets (electric volumes in TWh) • Continued strong performance in Texas: ✓ Well positioned as a result of our core capabilities and diverse 21.3 21.2 brand and channel strategies 2.6 1.7 ✓ Strong residential and mass business margin and customer
Slide 15: Q4 2022 Generation Metrics
Q4 2022 Generation Metrics TOTAL GENERATION2 CAPACITY FACTOR (CCGT) 2 TWhs Q4 2021 Q4 2022 YTD 2021 YTD 2022 % Q4 2021 Q4 2022 YTD 2021 YTD 2022 TEXAS 18.0 20.8 76.3 80.5 TEXAS 44% 48% 43% 49% EAST 14.6 13.7 55.4 54.6 EAST 60% 57% 58% 57% WEST 1.4 1.6 5.4 5.1 WEST 61% 71% 60% 57% SUNSET 5.5 6.3 27.2
Slide 16: Capital Expenditures
Capital Expenditures Projected Capital Expenditures1 ($ millions) 2022A 2023E Nuclear & Fossil Maintenance2,3 $570 $744 Nuclear Fuel 151 139 Non-Recurring4 67 12 Solar & Energy Storage Development 316 977 Other Growth5 90 151 Total Capital Expenditures $1,194 $2,024 Non-Recurring4 (67) (12) Solar &
Slide 17: Hedge Profile & Portfolio Sensitivities
Hedge Profile & Portfolio Sensitivities Effective: 12/31/2022 2023 2024 TEXAS WEST EAST SUNSET TOTAL TEXAS WEST EAST SUNSET TOTAL Nuclear/Renewable/Coal Gen Position Expected Generation (TWh) 47 - - 25 73 48 - - 24 72 % Hedged 94% - - 88% 92% 86% - - 47% 73% Net Position 3 - - 3 6 7 - - 13 19 Sensit
Slide 18: Market Pricing
Market Pricing Effective: 12/31/2022 Jan-Dec'23 2024 Jan-Dec'23 2024 Power (ATC, $/MWh) Spark Spreads ($/mwhr) ERCOT North Hub $51.40 $46.74 Approx. Contrib ution ERCOT West Hub $44.40 $40.31 ERCOT PJM AD Hub $57.02 $53.57 ERCOT North Hub-Houston Ship Channel 90% $22.16 $17.19 PJM Ni Hub $49.20 $48.
Slide 19: Capacity Positions
Capacity Positions Effective: 12/31/2022 Segment Market Tenor MW Position Average Price Segment Market Tenor MW Position Average Price PJM1 $/mw-day CAISO RTO 2022/2023 3,332 $47.29 WEST 2023 1,481 2023/2024 3,234 $35.47 2024 1,770 PJM $/mw-day ComEd 2022/2023 1,197 $71.34 DEOK 2022/2023 882 $70.97
Slide 20: Asset Fleet Details
Asset Fleet Details Net Capacity Asset Location ISO Technology Primary Fuel (MW)1 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 Gas 1,596 Odessa Odessa, TX E
Slide 21: Asset Fleet Details (cont’d)
Asset Fleet Details (cont’d) Net Capacity Asset Location ISO Technology Primary Fuel (MW)1 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 Dayville, CT ISO-NE C
Slide 22: Vistra Zero & Sustainability Goals
Vistra Zero & Sustainability Goals VISTRA CORP. 04 Vistra Investor Presentation / Q4 and Full-Year 2022 Results 22
Slide 23: Strategic Green Energy Growth - Vistra Zero Portfolio
Strategic Green Energy Growth - Vistra Zero Portfolio Strategic growth of our clean energy portfolio, Vistra Zero, with a focus on diversified generation sources, markets and revenue sources. DeCordova Energy Moss Landing Energy Storage Facility Storage Facility 260 MW/260 MWh 400 MW/1,600 MWh Expan
Slide 24: Vistra Zero Portfolio
Vistra Zero Portfolio Projects listed below reflect near-term development opportunities Capacity Asset Location ISO Status In-Service Year2 (MW) 1 NUCLEAR Comanche Peak Glen Rose, TX ERCOT 2,400 Online 1990 SOLAR Upton 2 Upton County, TX ERCOT 180 Online 2018 Brightside Live Oak County, TX ERCOT 50
Slide 25: Brightside and Emerald Grove Solar Facilities
Brightside and Emerald Grove Solar Facilities Brightside and Emerald Grove bring a combined 158MW of solar capacity to the ERCOT grid; announced online as of April and June 2022, respectively Brightside Emerald Grove Vistra Investor Presentation / Q4 and Full-Year 2022 Results 25
Slide 26: DeCordova Energy Storage Facility
DeCordova Energy Storage Facility DeCordova is a 260MW / 260MWh energy storage system co-located at Luminant's natural gas-fueled DeCordova Power Plant; announced online as of May 2022 Vistra Investor Presentation / Q4 and Full-Year 2022 Results 26
Slide 27: Moss Landing Energy Storage Facility
Moss Landing Energy Storage Facility Phase III of the Moss Landing Energy Storage Facility will bring the site's total energy storage capacity to 750MW / 3,000MWh Vistra Investor Presentation / Q4 and Full-Year 2022 Results 27
Slide 28: Sustainability: Environmental Stewardship
Sustainability: Environmental Stewardship Vistra’s green-focused targets emphasize its sustainability transition that balances reliability and affordability of power EMISSIONS REDUCTIONS1 PORTFOLIO TRANSFORMATION Scope 1 and Scope 2 GHG Emissions ~3,400 MW2 60% by (in MMtCO2e) of zero-carbon generat
Slide 29: Sustainability: Social Responsibility & Governance
Sustainability: Social Responsibility & Governance Vistra’s Purpose: Lighting up people’s 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 ma
Slide 30: Non-GAAP Reconciliations
Non-GAAP Reconciliations VISTRA CORP. 04 Vistra Investor Presentation / Q4 and Full-Year 2022 Results 30
Slide 31: Non-GAAP Reconciliations – Q4 2022 Adjusted EBITDA
Non-GAAP Reconciliations – Q4 2022 Adjusted EBITDA VISTRA CORP. – NON-GAAP RECONCILIATIONS THREE MONTHS ENDED DECEMBER 31, 2022 (Unaudited) (Millions of Dollars) Ongoing Eliminations / Operations Asset Vistra Corp. Retail Texas East West Sunset Corp and Other Consolidated Closure Consolidated Net in
Slide 32: Non-GAAP Reconciliations – Full Year 2022 Adjusted EBITDA
Non-GAAP Reconciliations – Full Year 2022 Adjusted EBITDA VISTRA CORP. – NON-GAAP RECONCILIATIONS YEAR ENDED DECEMBER 31, 2022 (Unaudited) (Millions of Dollars) Ongoing Eliminations / Operations Asset Vistra Corp. Retail Texas East West Sunset Corp and Other Consolidated Closure Consolidated Net inc
Slide 33: Non-GAAP Reconciliations – Q4 2021 Adjusted EBITDA
Non-GAAP Reconciliations – Q4 2021 Adjusted EBITDA VISTRA CORP. – NON-GAAP RECONCILIATIONS THREE MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (Millions of Dollars) Ongoing Eliminations / Operations Asset Vistra Corp. Retail Texas East West Sunset Corp and Other Consolidated Closure Consolidated Net in
Slide 34: Non-GAAP Reconciliations – Full Year 2021 Adjusted EBITDA
Non-GAAP Reconciliations – Full Year 2021 Adjusted EBITDA VISTRA CORP. – NON-GAAP RECONCILIATIONS YEAR ENDED DECEMBER 31, 2021 (Unaudited) (Millions of Dollars) Ongoing Eliminations / Operations Asset Vistra Corp. Retail Texas East West Sunset Corp and Other Consolidated Closure Consolidated Net inc
Slide 35: Non-GAAP Reconciliations – 2022 Adjusted FCFbG
Non-GAAP Reconciliations – 2022 Adjusted FCFbG VISTRA CORP. – NON-GAAP RECONCILIATIONS for YEAR ENDED DECEMBER 31, 2022 (Unaudited) (Millions of Dollars) Ongoing Asset Vistra Operations Closure Consolidated Adjusted EBITDA $ 3,115 $ (121) $ 2,994 Interest paid, net (a) (587) — (587) Taxes paid net o
Slide 36: Non-GAAP Reconciliations – 2023 Guidance
Non-GAAP Reconciliations – 2023 Guidance VISTRA CORP. – NON-GAAP RECONCILIATIONS 2023 GUIDANCE1 (Unaudited) (Millions of Dollars) Ongoing Operations Asset Closure Vistra Consolidated Low High Low High Low High Net Income (loss) 1,050 1,510 (180) (80) 870 1,430 Income tax expense 300 440 0 0 300 440
Slide 37: Non-GAAP Reconciliations – 2023 Guidance
Non-GAAP Reconciliations – 2023 Guidance VISTRA CORP. – NON-GAAP RECONCILIATIONS 2023 GUIDANCE1 FOOTNOTES (Unaudited) (Millions of Dollars) 1 Regulation G Table for 2023 Guidance prepared as of November 4, 2022. (a) Includes unrealized (gain) / loss on interest rate swaps of $36 million (b) Includes