Clearway Energy, Inc. · NYSE:CWEN
Clearway Energy — Q4 2025 Earnings Presentation
29 slides from Clearway Energy's earnings presentation, Feb 23, 2026
Slide 1: Fourth Quarter 2025 Results Presentation
Clearway Energy, Inc. Fourth Quarter 2025 Results Presentation February 23, 2026
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
Business Update Craig Cornelius, Chief Executive Officer Agenda Financial Summary and Update Sarah Rubenstein, Chief Financial Officer Closing Remarks Craig Cornelius, Chief Executive Officer 3
Slide 4: Business Update
@]J Clearway Energy Business Update
Slide 5: Business Update
Business Update ▪ Strong full year CAFD (Free Cash Flow or FCF) results of $430 MM at top end of original guidance Reporting Solid 2025 Results - Ahead of ▪ Completed more than 1.3 GW of additions to fleet in 2025, and entering 2026 with $1B of growth investments commitments Guidance with All Goals
Slide 6: Fleet Enhancements Progressing and Solidifying Path to 2030 Target
Fleet Enhancements Progressing and Solidifying Path to 2030 Target Identified repowerings progressing forward on schedule Meeting Commitments on 2026-2027 Repowering Program… ▪ Repowering program successfully commercialized driven by long- term PPAs with Microsoft (Mt. Storm) and Google (Goat Mounta
Slide 7: Sponsor-Enabled Growth Program Continues to Increase Visibility to 2030 Target
Sponsor-Enabled Growth Program Continues to Increase Visibility to 2030 Target …With 2028 COD New Identified Opportunities 2026 & 2027 Continued Commercialization Success… Since Last Earnings Call 2026-2027 commercializations on schedule 2028 CODs driven by hyperscaler demand ▪ Rosamond South II/Spi
Slide 8: Long-Term Growth Capital Investment Roadmap Is Well Underway
Long-Term Growth Capital Investment Roadmap Is Well Underway CWEN Investment Opportunity Under Development by COD Vintage Committed/identified investments and 3rd party M&A Future late-stage growth investment opportunities Potential for ~$800 ~$2.5bn of corporate capital deployment Potential for ~$6
Slide 9: On Track to Meet 2030 Financial Objectives and 5-8%+ Growth Beyond
On Track to Meet 2030 Financial Objectives As Well As Foundations for 5-8%+ Growth CAGR Beyond 2030 5-8%+ +$0.8 BN of future 2028/2029 CODs to be CAFD Per Share Growth ~$1.3 BN from identified in next 12-18 months targeting CAFD $2.90-3.10 Target After 2030 2027/2028 CODs of CAFD per share3 yields o
Slide 10: Financial Summary
10 @]J Clearway Energy Financial Summary
Slide 11: Financial Update
Financial Update ($ millions) Financial Results Reaffirming 2026 Guidance 4th Quarter Full Year Full Year Adjusted EBITDA $237 $1,217 2026 CAFD (FCF) Guidance Range $470-510 CAFD (FCF) $35 $430 4Q25 Financial Highlights Ranges Factors In ▪ Renewables & Storage: ▪ Assumes P50 renewable production exp
Slide 12: Excellence in Operations Across Clearway Fleet
Excellence in Operations Across Clearway Fleet Strong Operational Performance… …Driving Robust Financial Results Solar Plant Availability Wind Plant Availability1 Guidance vs Actuals3 ($ millions) 98.6% 99.0% 94.7% 94.5% $430 $425 $420 $395 2024A 2025A 2024A 2025A 2024 2025 Original Guidance Actual
Slide 13: Clearway Continues to be in a Funding Position of Strength
Clearway Continues to be in a Funding Position of Strength Retained Cash Flows Key Source of Growth Funding Recent Bonds Issued at the Second Tightest Spread in High Yield Power Since 2020 ▪ Assuming CAFD (FCF) generation consistent with 2030 target range High Yield Power Bond Issuance Spread to Tre
Slide 14: Closing Remarks
) = ho © 5 o~ d) — W © U @]J Clearway Energy
Slide 15: Achieved 2025 Objectives and On Track for Near-Term and Long-Term Roadmap
Achieved 2025 Objectives and On Track to Meet Near-Term and Long-Term Roadmap for Value Creation 2025 Objectives Met With Robust Opportunity Set To Meet ✓ 2025 results and committed growth investments allowed us to Goals in 2030 and Beyond meet top half of the original 2025 CAFD guidance ▪ All proje
Slide 16: Appendix
16 @]J Clearway Energy Appendix
Slide 17: Clearway Group Development Pipeline
Appendix | Clearway Group Development Pipeline Clearway Group Development Highlights 29 GW1 Pro Forma Pipeline Owned or Controlled by Clearway Group • Achieved COD on 500 MW at Pine Forest Complex, with a total of 1.1 GW having reached By Project Type (MW) By Project Stage (MW) commercial operation
Slide 18: Clearway Group Digital Infrastructure Pipeline
Appendix | Clearway Group Digital Infrastructure Pipeline Digital Infrastructure Development Highlights • Co-Located Data Center Complex Composition & Attributes • Active Development of Complexes: Developing customer-guided, GW-scale, multi-technology Solar Storage Wind Natural Gas complexes to serv
Slide 19: 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 Committed / • Late stages of construction Honeycomb
Slide 20: Operating Portfolio Performance in 2025
Appendix | Operating Portfolio Performance in 2025 Production Index Availability 2025 2025 4th Quarter Q1 Q2 Q3 Q4 YTD YTD Region/Tech Net MW Oct Nov Dec West - California 947 121% 87% 99% 94% 63% 78% 79% 95% 92% West - Other 377 83% 82% 77% 95% 81% 124% 100% 86% 95% Texas 979 97% 84% 90% 91% 87% 10
Slide 21: 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 22: Non-Recourse Project Debt Amortization
Appendix | Non-Recourse Project Debt Amortization Forecasted principal payments1 on non-recourse project debt as of December 31, 2025. Fiscal Year 2026 2027 2028 2029 2030 Thereafter Total Flexible Generation: Carlsbad Energy Holdings & Holdco, due 2037 and 2038 35 38 35 41 43 451 643 Total Flexible
Slide 23: Operating Assets as of December 31, 2025
Appendix | Operating Assets1 as of December 31, 2025 Solar Gross PV Net PV Wind Capacity Percentage Capacity Gross Wind Net Wind Projects (MW) Ownership (MW) Offtake Counterparty PPA Expiration Capacity Percentage Capacity Agua Caliente 290 51% 148 Pacific Gas and Electric 2039 Projects (MW) Ownersh
Slide 24: Clearway Fleet Environmental Data and Projections
Appendix | Clearway Fleet Environmental Data and Projections 2026 Est. Adj EBITDA and CAFD by Asset Class1 2026 Est. Adj. EBITDA by Asset Class Clearway Fleet Environmental Data and Projections: (84% From Renewables & Storage) 16% 2025 Statistics1 ✓ 98% of the Company’s total generation was attribut
Slide 25: Reg. G Schedules
Appendix Reg. G Schedules Oi clearway Energy
Slide 26: Actuals
Reg. G | Actuals Three Months Ended Twelve Months Ended ($ millions) 12/31/2025 12/31/2024 12/31/2025 12/31/2024 Net Income (Loss) (199) (48) (231) (63) Income Tax (Benefit) Expense 82 - 56 30 Interest Expense, net 83 12 358 260 Depreciation, Amortization, and ARO 180 156 682 627 Contract Amortizati
Slide 27: 2025 CAFD Guidance Range
Reg. G | 2025 CAFD Guidance Range 2025 Full Year CAFD ($ millions) Guidance Range Net Loss ($110) – (90) Income Tax Benefit (33) Interest Expense, net 362 Depreciation, Amortization, Contract Amortization, and ARO Expense 960 Adjustments to reflect CWEN share of Adjusted EBITDA in unconsolidated aff
Slide 28: 2026 CAFD Guidance Range
Reg. G | 2026 CAFD Guidance Range 2026 Full Year CAFD ($ 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 29: 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