Slide 1: First Quarter 2026 Results
First Quarter 2026 Results May 7, 2026 1
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 Welcome and Safe Harbor Eric Micek, Vice President of Investor Relations Q1 2026 Highlights Jim Burke, President & Chief Executive Officer Q1 2026 Finance Update Kris Moldovan, Executive Vice President & Chief Financial Officer 33 Q1 2026 Investor Presentation
Slide 4: Q1 2026 Highlights
Q1 2026 Highlights Jim Burke President & Chief Executive Officer 44 Q1 2026 Investor Presentation
Slide 5: Q1 2026 At-A-Glance
Q1 2026 At-A-Glance DELIVERED REAFFIRMED RETURNED ~$1.5B ~$6.8-$7.6B ~$600M Q1 2026 Adj. EBITDA1 2026 Adj. EBITDA guidance range1,2 Through dividends and share repurchase4 Resilient earnings delivered despite 2026 Adj. FCFbG1,2 guidance range of Flexible share repurchase program weather backdrop $3.
Slide 6: Structural Tailwinds in Power Markets
Structural Tailwinds in Power Markets Load growth remains consistent across our primary markets PJM and ERCOT Load Growth Year-over-year weather adjusted growth in load (MWh) by quarter (%)1 Activity remains strong in our end markets • Expect annual load growth of 5-6% in ERCOT and 2-3% in PJM • Exp
Slide 7: Leading Development Capabilities
Leading Development Capabilities Our large, diversified fleet with ~70 sites and 100,000s of acres of land provides significant optionality Vistra Development Pipeline Additional opportunities Projects under development by fuel type (capacity in MW) for capacity expansions • Nuclear uprates at Coman
Slide 8: Q1 2026 Finance Update
Q1 2026 Finance Update Kris Moldovan Executive Vice President & Chief Financial Officer 88 Q1 2026 Investor Presentation
Slide 9: Q1 2026 Results
Q1 2026 Results Strong start to 2026 despite mild weather in ERCOT Q1 2026 Financial Results Key Drivers Adjusted EBITDA1,2 ($ in millions) • Strong generation revenue driven by higher capacity revenue and higher realized prices driven by our 1, comprehensive hedging program 1, 0 • Contribution from
Slide 10: Near-Term Outlook
Near-Term Outlook Reaffirming 2026 guidance and maintaining range for 2027 midpoint opportunity Vistra Earnings Outlook Key Drivers of Outlook Adjusted EBITDA1,2,3 ($ in millions) • Hedge percentages of ~98%, ~89%, and ~65% for 2026, 2027, and 2028, , 00 respectively , 00 , 00 , 00 • Expected to con
Slide 11: Disciplined Capital Allocation
Disciplined Capital Allocation Incremental free cash flow for allocation to drive additional value for shareholders Return of Capital to Shareholders >$10B • ~$1.5 billion remaining under existing share repurchase authorizations expected to be utilized through year-end 20272 • Targeting at least ~$1
Slide 12: About Vistra
About Vistra 12 12 Q1 2026 Investor Presentation
Slide 13: America's Leading Integrated Power Provider
America’s Leading Integrated Power Provider Integrated Fortune 500 retail electricity and power generation company based in Irving, Texas Products and services in 18 states and Washington D.C., including all major competitive wholesale markets in the U.S. Retail • Serving approximately 5 million res
Slide 14: Delivering Against our Strategic Priorities
Delivering Against our Strategic Priorities Sound operational and financial execution to achieve disciplined growth and enhanced earnings power Integrated Business Model – Commercial availability consistently above 90% – Best in-class retail business with consistent operating results Disciplined Cap
Slide 15: Environmental Stewardship
Environmental Stewardship Sustainably growing our portfolio while balancing reliability and affordability of power Portfolio Transformation Vistra zero-carbon capacity (MW) and generation carbon emissions intensity (Scope 1 mt CO2e/MWh) 8,281 7,922 7,722 Transforming our portfolio Generation carbon
Slide 16: Supporting Employees and Our Communities
Supporting Employees and Our Communities V ’ : L gh g g yf STAKEHOLDER ENGAGEMENT AWARDS & RECOGNITION Employee Support • Launched an employee stock purchase program, supporting employee participation in Vistra’s long-term financial success Newsweek 2025 U.S. News & World Report Most Trustworthy Bes
Slide 17: Appendix
Appendix 17 17 Q1 2026 Investor Presentation
Slide 18: Retail Overview
Retail Overview Strong operational and financial results excluding mild weather impacts Highlights ✓ Grew our residential customer counts ✓ Grew revenues 2% compared to Q1 2025 despite mild weather impacts ✓ Strong operational results; continue to be the top-rated large retailer in the Texas PUC rat
Slide 19: Corporate Debt Profile
Corporate Debt Profile Vistra remains committed to maintaining investment grade credit ratings Balances ($ in millions) 1 Q1 2026 Funded Revolving Credit Facilities $0 Vistra Operations Term Loan B 2,444 Senior Unsecured Notes 14,950 2 Revenue Bond Obligations 431 Accounts Receivable Financings 750
Slide 20: Comprehensive Hedging Program Overview
Comprehensive Hedging Program Overview Effective March 31, 2026 2026 2027 Texas West East Total Texas West East Total Nuclear/Renewable/Coal Gen Position Expected Generation (TWh) 37 41 79 46 51 98 % Hedged 100% 98% 99% 100% 68% 83% Sensitivity to Power Price: + $2.50/MWh ($M) $18 $2 $20 $12 $43 $55
Slide 21: Forward Market Pricing
Forward Market Pricing Effective March 31, 2026 2026 2027 2028 2026 2027 2028 Power (ATC, $/MWh) Spark Spreads (ATC, $/MWh) ERCOT North Hub $42.94 $48.11 $51.10 ERCOT West Hub $43.99 $50.59 $53.88 Texas cont. PJM AD Hub $50.97 $52.55 $52.20 ERCOT North Hub-Houston Ship Channel 90% $19.50 $21.16 $23.
Slide 22: Capacity Positions
Capacity Positions Effective March 31, 2026 Tenor Zone Position (MW) Average Price ($/MW-day) Tenor Zone Position (MW) Avg. Price ($/KW-mo) East East 2025/2026 PJM - RTO 4,093 $269.92 Summer 2025 NYISO 996 $4.70 2025/2026 PJM - ATSI 2,044 $269.92 2025/2026 ISO-NE 3,466 $2.59 2025/2026 PJM - COMED 2,
Slide 23: Generation Metrics
Generation Metrics Effective March 31, 2026 Total Generation (TWh) Q1 2024 Q1 2025 Q1 2026 CCGT Capacity Factor (%) Q1 2024 Q1 2025 Q1 2026 Texas 18.5 20.0 20.1 Texas 44% 48% 50% East 20.3 27.5 30.0 East 62% 63% 62% West 1.2 0.5 0.4 West 55% 23% 17% Total Ongoing Operations 40.0 48.0 50.5 Commercial
Slide 24: Asset Fleet Details
Asset Fleet Details Effective March 31, 2026 Asset Location ISO Technology Primary Fuel Net Capacity (MW) Ennis Ennis, TX ERCOT CCGT Gas 366 Forney Forney, TX ERCOT CCGT Gas 1,912 Hays San Marcos, TX ERCOT CCGT Gas 1,122 Lamar Paris, TX ERCOT CCGT Gas 1,180 Midlothian Midlothian, TX ERCOT CCGT Gas 1
Slide 25: Asset Fleet Details
Asset Fleet Details Effective March 31, 2026 Asset Location ISO Technology Primary Fuel Net Capacity (MW) Moss Landing I & II Moss Landing, CA CAISO CCGT Gas 1,020 Moss Landing Moss Landing, CA CAISO Battery Battery 350 Oakland Oakland, CA CAISO CT Oil 110 Greenleaf Yuba City, CA CAISO CT Gas 49 Tot
Slide 26: Asset Fleet Details
Asset Fleet Details Effective March 31, 2026 Asset Location ISO Technology Primary Fuel Net Capacity (MW) Kendall Minooka, IL PJM CCGT Gas 1,288 Liberty Eddystone, PA PJM CCGT Gas 607 Ontelaunee Reading, PA PJM CCGT Gas 600 Sayreville Sayreville, NJ PJM CCGT Gas 349 Washington Beverly, OH PJM CCGT G
Slide 27: Capital Expenditures
Capital Expenditures1 Category ($ in millions) 2024A 2025A 2026E Nuclear & Fossil Maintenance 2,3 $793 $1,006 ~$1,025 Nuclear Fuel4 345 305 ~475 Non-Recurring 5 6 (208) ~(175) Solar & Energy Storage Development6 604 635 ~300 Other Growth 7 155 426 ~900 Total Capital Expenditures $1,903 $2,164 ~$2,52
Slide 28: Vistra Zero Portfolio and Development Pipeline
Vistra Zero Portfolio and Development Pipeline Effective March 31, 2026 Online Assets Location ISO In-Service Year Net Capacity (MW) Development Pipeline Location ISO Status, In-Service Year Net Capacity (MW) Beaver Valley I & II Shippingport, PA PJM 1976 / 1987 1,872 Perry Perry, OH PJM Under Devel
Slide 29: Non-GAAP Reconciliations
Non-GAAP Reconciliations 29 29 Q1 2026 Investor Presentation
Slide 30: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended March 31, 2026 (Unaudited, Millions of Dollars) Eliminations / Ongoing Corp and Operations Asset Vistra Corp. Retail Texas East West Other Consolidated Closure Consolidated Net income (loss) $(724) $2,091 $176 $34 $(528) $1,049 $(20) $1,029 Income tax expe
Slide 31: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended March 31, 2025 (Unaudited, Millions of Dollars) Eliminations / Ongoing Corp and Operations Asset Vistra Corp. Retail Texas East West Other Consolidated Closure Consolidated Net income (loss) $1,132 $(720) $(490) $77 $(199) $(200) $(68) $(268) Income tax be
Slide 32: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended March 31, 2024 (Unaudited, Millions of Dollars) Eliminations / Ongoing Corp and Operations Asset Vistra Corp. Retail Texas East West Other Consolidated Closure Consolidated Net income (loss) $561 $(336) $(173) $168 $(177) $43 $(25) $18 Income tax benefit 0
Slide 33: Non-GAAP Reconciliations
Non-GAAP Reconciliations Twelve Months Ended December 31, 2025 (Unaudited, Millions of Dollars) Eliminations / Ongoing Corp and Operations Asset Vistra Corp. Retail Texas East West Other Consolidated Closure Consolidated Net income (loss) $1,290 $1,604 $(91) $54 $(1,634) $1,223 $(279) $944 Income ta
Slide 34: Non-GAAP Reconciliations – Adjusted FCFbG
Non-GAAP Reconciliations – Adjusted FCFbG Twelve Months Ended December 31, 2025 (Unaudited, Millions of Dollars) Ongoing Asset Vistra Operations Closure Consolidated Adjusted EBITDA $5,912 $(74) $5,838 Interest paid, net (a) (1,158) 0 (1,158) Taxes paid (89) 0 (89) Change in working capital, margin
Slide 35: Non-GAAP Reconciliations – Guidance
Non-GAAP Reconciliations – Guidance 2026 Guidance (Unaudited, Millions of Dollars) Ongoing Operations Asset Closure Vistra Corp. Consolidated Low High Low High Low High Net Income (loss) $3,100 $3,730 $(90) $(90) $3,010 $3,640 Income tax expense 830 1,000 0 0 830 1,000 Interest expense and related c
Slide 36: Non-GAAP Reconciliations – Guidance
Non-GAAP Reconciliations – Guidance 2026 Guidance (Unaudited, Millions of Dollars) Ongoing Operations Asset Closure Vistra Corp. Consolidated Low High Low High Low High Adjusted EBITDA guidance $6,800 $7,600 $(80) $(80) $6,720 $7,520 Interest paid, net (1,125) (1,125) 0 0 (1,125) (1,125) Tax (paid)
Slide 37: Lighting up lives, powering a better way forward
Lighting up lives, powering a better way forward 37 37 Q1 2026 Investor Presentation