3Q 2026 Operating & Financial Results - Earnings Slides

3Q 2026 Operating & Financial Results

November 4, 2026

Mary Powell

3Q26 Earnings Presentation 3

Aggregate Subscriber Value

in 3Q26

-20% year-over-year

Networked Storage Capacity

as of 9/30/2026

+37% year-over-year

Cash Generation

in 3Q26 excluding $50 million in equipment safe harbor investments

Contracted Net Earning Assets

inclusive of net debt as of 9/30/2026

Includes $699 million of unrestricted cash

3Q26 Earnings Presentation 44

Transitioning to direct business

robust. Our salesforce productivity gains improved in the quarter after a significant hiring ramp in 1H26.

• Volumes in our direct business were up >17% sequentially in 3Q26 and 9% compared to the prior year.

• Volumes in our affiliate channel were down ~67% year-over-year in 3Q26. Besides our strategic decision earlier this year to reduce affiliate partner volume, the affiliate ecosystem continues to navigate many challenges following the expiration of the 25D tax credit.

• We remain focused on quality, compliance, and margin in our direct channel.

• Demand for our offering is strong as consumer interest in affordable, reliable power remains

  Overall volume down YoY in-line with deliberate shift towards direct channel -Direct volume +9% YoY

  Owning the nation's largest distributed power plant

• We are extending our leadership position as the nation's largest distributed power plant developer and operator, ending 3Q26 with more than 284k solar-plus-storage systems representing 5.0 GWh of dispatchable capacity.

• Sunrun added >1.3 GWhr of storage capacity and dispatched >1,000 MWs of power over the last 12 months - this is equivalent to dozens of peaker plants.

• In June we formed a consortium with Tesla and Renew Home, to jointly pursue data center offtake agreements. Combined, we have over 16 GW of existing dispatchable power across the country that could be delivered rapidly.

• We are leveraging our speed-to-power advantage and customer relationships to pilot distributed compute deployments.

  5.0 GWh

  Today

  Utility/State Programs

  Data Centers

  AI Edge Compute

  10 GWh

  End of 2028

  Wholesale Markets

  Sunrun is diversifying and accelerating monetization pathways for its dispatchable power capacity

  3Q26 Earnings Presentation

  Revenue Generating Today

  Emerging Opportunities 5

  Growth Resuming; Direct business growing and affiliate reset complete with strong partners

  Direct volumes set to resume growth as Sunrun focuses on best customer experience, higher margins

  We grew sales over 10% in Q3 and grew most recently in October.

  We expect single-digit growth in installations in 2H26 year-over-year.

  Our affiliate business has been reset. We are working with a group that we are excited to grow with. These partners share our commitment to high-quality originations and a customer-centric approach. We continue to selectively onboard partners that meet our high quality standards.

  Affiliate volume was down 67% y/y in Q3, now representing just 12% of our total volume.

  3Q26 Earnings Presentation 6

  The price of electricity nationwide already has risen

  ~35% over the past 5 years, with even steeper increases in many of our top markets(2)

  US power demand is expected to increase; Sunrun generating assets provide a real solution to consumers seeking relief from rising rates

  Electricity demand forecasted to increase 40% by 2040; necessitating >1,000 GW of new capacity(1)

  TWh

  Many of our top markets fall within grids deemed as "high risk" for electricity supply shortfalls by 2030(3)

  1. Source: S&P Global Commodity Insights, "US National Power Demand Study" (March 2025). Data depicts US Lower 48 net on-grid electricity demand.

  2. Energy Information Agency. Average price per KWhr of electricity for the U.S. residential sector. Rates reflect changes from December 2020 to December 2025. Includes Sunrun's top 15 markets.

  3. As per North American Electric Reliability Corporation (NERC) 2025 Long-Term Reliability Assessment, MISO, ERCOT, and PJM identified as "High Risk" areas for potential future electricity supply shortfalls based on current planned resources. Electric power market maps sourced from Federal Energy Regulatory Commission (FERC).

  3Q26 Earnings Presentation 7

  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 on the existing built environment, where energy is consumed.

  • Power demand in the US is growing from AI, data centers and domestic manufacturing. Capacity prices are rising rapidly, and "traditional" centralized generation plants take years to permit and build. Sunrun is providing critical power plant resources to meet urgent energy needs today. Sunrun has recently signed agreements to be a distributed power plant provider to retail electricity providers, and has seen a significant increase in interest from strategic energy companies that serve load.

  • We expect this cash flow stream to grow rapidly in the coming years. Based on current activities, we believe that our estimate of $2,000+ NPV per participating customer is not only realistic, but likely conservative. 75% of new customers now have storage, which is capable of dispatching power to the grid when called upon.

  • Sunrun's distributed power plants are on track to generate ~$40 million in GAAP gross revenue and >$10 million in operating margin in 2026 with significant growth expected in the years ahead.

  • Sunrun expects to have over 10 GWh of dispatchable capacity online by the end of 2028.

Current Home-to-Grid Distributed Power Plant Programs

Significant Opportunity for Continued Expansion

18 1,009 MW

Active programs Power delivered during

dispatches over last year

>164k

Customers enrolled in grid service programs

5.0 GWh

Networked Storage Capacity

284,000+

Storage & Solar Systems Installed

As of 9/30/2026

See Appendix for glossary of terms.

3Q26 Earnings Presentation 8

Sunrun and Tesla coordinated nearly 2,000 MW of residential battery capacity across three record-setting dispatch events in 2026, surpassing the record previously set by Sunrun and Tesla

in July 2025. Over 100,000 home batteries contributed to increase the grid's operating margin and put downward pressure on real-time energy prices.

580 MW

September 9, 2026

Sunrun portion

326 MW (56%)

669 MW

October 5, 2026

Sunrun portion

409 MW (61%)

745 MW

October 6, 2026

Sunrun portion

434 MW (58%)

3Q26 Earnings Presentation 9

Formed consortium to jointly pursue opportunities with hyperscalers & jointly push for capacity accreditation

we could bring

16.8 GW

3Q26 Earnings Presentation 10

10

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.

11

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 projects under construction through 2030 under current guidance)

Storage portion of 48E Investment Tax Credit

No Impact to ITC Levels

0% 0% 0% 0% 0% 0% 0% 0% 0%

to to to to to to to to to 20% 20% 20% 20% 20% 20% 20% 20% 20%

30% 30% 30% 30% 30% 30% 30% 30% 30% 0%

to

15%

22.5%

0%

to 10%

15%

2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036+

Storage-portion ITC based on construction commencement date ITC adders based on qualification

(Domestic Content & Energy Communities)

0%

to 40%

0%

to 40%

0%

to 40%

0%

to 40%

0%

to 40%

30%

30%

30%

30%

30%

30%

2025 2026 2027 2028 2029 2030 2031+

Solar-portion ITC based on placed in service date

Solar-portion ITC if construction commenced prior to July 2026 ITC adders based on qualification

(Domestic Content, Energy Communities, LMI)

Solar portion of 48E Investment Tax Credit

No Impact to

ITC Levels

0%

to 40%

No Impact to ITC Levels

(assuming Solar-portion Projects Commenced Construction pre July 2026)

Sunrun has implemented a robust Safe Harbor program to extend the Solar portion of the ITC through 2030:

• Per statute and Treasury guidance, projects that have commenced construction before July 2026 are eligible for the solar portion ITC through the end of 2030. Projects can commence construction through the 5% Safe Harbor or the Physical Work Test, which was reconfirmed again in recent Treasury guidance (Notice 2025-42 in August 2025). Both methods can be used for small-scale residential solar projects.

• Sunrun commenced construction on projects before July 2026 in order to retain the full solar portion ITC value for projects installed through 2030. Collectively, these activities cover 2028, 2029 and 2030, at annual installation volumes significantly above our current run rate.

• Sunrun has implemented these safe harboring activities using both the 5% Safe Harbor and Physical Work test, using a diversified set of vendors, with multiple component types (e.g., inverters, modules and other critical components that comprise a system).

• Sunrun is ensuring a capital-efficient, high-ROI safe harbor program is implemented.

  3Q26 Earnings Presentation 12

  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, customer acquisition cost reductions and grid services value, we currently estimate that would more than offset the potential elimination of the solar tax credit in 2031.

  • These items are just a subset of the value we plan to unlock in the years ahead.

>$6.3k of offsets anticipated by 2031

Loss of solar portion ITC

Shift Mix to Storage + Solar

Lower Cost Solar Equipment

(non-domestic)

Higher Utility Power Pricing

Reduction in Cost of Customer Acquisition

Grid Services Value

Additional operating efficiencies, Flex revenues from increased energy consumption, grid service revenues from existing customers, along with cross-selling additional offerings (e.g., storage) to our existing customer base, are expected to augment the Cash Generation we can create from new customer origination activities, growing in significance over the coming years

3Q26 Earnings Presentation 13

Teams Driving Success in Q3

Illinois Sales Team

Driving Strong Installation Growth with 100% Storage Attachment

3Q26 Earnings Presentation 14

Danny Abajian

3Q26 Earnings Presentation

15

Contracted Net Subscriber Value increased quarter-over-quarter to $6,645

• Subscriber Additions were 22,957 in 3Q26, a decrease of 24% year-over-year, driven by a deliberate reduction in affiliate channel originations in early 2026.

• Net Subscriber Value decreased year-over-year to $9,462 due to higher upfront spend related to new installations and higher cost of capital, partially offset by higher ITC achievement on increased system values (larger system sizes & higher storage attachment rates).

• Non-contracted or Upside portion of Subscriber Value decreased q/q and y/y owing to a higher mix of Non-Retained or Partially Retained Subscribers.

  Unit-level Economics

  Subscriber Value

  +6% y/y, -7% q/q

  $ per Subscriber Addition

  Net Subscriber Value

  -28% y/y, +0% q/q

  $ per Subscriber Addition

  Year-over-year unit margin drivers:

  Contracted Subscriber Value increased 8%:

  • Benefited from larger system sizes (+1kW), higher battery attach (+5 ppts), and higher ITC achievement (+1 ppts)

  • Partially offset by higher cost of capital (+112 bps) and mix of Non-Retained or Partially Retained Subscribers in 3Q26 (46% of subscriber mix in 3Q26 vs 10% in in 3Q25)

    Upfront spend related to new installations:

  • Higher installation costs driven by (1) lower volume against fixed cost asset base (2) higher hardware and labor costs (larger system sizes and higher storage attach)

  • Higher customer acquisition costs (adjusted S&M and commissions) due to higher system values and higher mix of direct (vs. Affiliate where CAC related activities are accounted for in the payment for the system and thus reflected in CapEx) and investments in our expanded salesforce

  • Higher overhead costs (adjusted G&A + R&D) elevated primarily due to lower fixed cost absorption

See Appendix for glossary of terms and accompanying notes.

3Q26 Earnings Presentation 16

Delivering strong margin execution, with Upfront Net Subscriber Value expanding to $3.7k, representing a 7% 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 Partially Retained Subscribers for systems deployed in the period, less upfront spend related to new originations

Upfront Net Subscriber Value %

Upfront Net Subscriber Value as a percentage of Contracted Subscriber Value

• Upfront Net Subscriber Value increased by 6% year-over-year primarily due to higher advance rate, partially offset by higher costs related to larger system sizes and higher battery attach rate.

• Customer Additions declined 27% year-over-year as we position towards our direct business. Storage Attachment Rate reached 75% in Q3.

  See Appendix for glossary of terms.

  3Q26 Earnings Presentation 17

  Upfront Net Subscriber Value of $3,718 in Q3

• 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 customer prepayments & state incentives. Sunrun also obtains proceeds from the sale of Non-Retained or Partially Retained Subscribers. Together, these proceeds cover upfront spend related to new originations such that we can produce Cash Generation while also retaining a valuable equity position and/or upside opportunities from the underlying assets and customers.

• Transaction timing and working capital will influence in-period conversion of the accrual Upfront Net Subscriber Value to Cash Generation per Subscriber Addition.

Upfront spend related to new originations

Upfront Proceeds per Subscriber Addition

Contracted Subscriber Value

Retained Subscribers

Prepayments & Upfront Incentives

Non-Retained or Partially Retained Subscribers

X

Advance Rate

Asset-backed non-recourse debt

Proceeds from sale of

Non-Retained or Partially Retained Subscribers

-

=

Estimated upfront net cash proceeds

Tax Equity

Upfront Net

Subscriber Value

After working capital, parent interest expense and transaction timing

Cash Generation per Subscriber Addition

Net investment in equipment safe harbor $28 $22 $50

Cash Generation excluding Safe Harbor

Investments ($ millions)

$108

$187

$(31)

$45

$56

Note: Conversion of Upfront Net Subscriber Value to Cash Generation per Subscriber Addition will be impacted by project finance transaction timing and ultimate terms, parent capital interest costs & working capital items.

See Appendix for glossary of terms.

3Q26 Earnings Presentation 18

Net Earning Assets now at $9.0 billion as of 3Q26

• Contracted Net Earning Assets at $3.7 billion

See Appendix for glossary of terms.

3Q26 Earnings Presentation 19

Sunrun is generating cash and paying down recourse debt

Cash Generation ($ millions)

Approximately $200 million of Cash Generation expected in 2026

Recourse Debt(1) ($ millions)

Sunrun has repaid ~$190 million of recourse debt over the past year

1. Gross balances reflected in chart, excluding unamortized debt discounts. See Appendix for glossary of terms.

   3Q26 Earnings Presentation 20

   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 industry-leading execution throughout our history, with the market and rating agencies recognizing both the high quality of residential solar assets as well as our track record as a sponsor.

     Recourse Parent Capital

     • Repaid $19 million of recourse debt during Q3 and repaid $190 million over the last year.

     • Ended Q3 with $699 million in unrestricted cash and $610 million of recourse debt.(1)

     • No maturities until March 2028.

     Asset-level Non-recourse Capital

     • Raised $2.8 billion in senior & subordinated non recourse financing in 2025 and $1.5 billion YTD.

     • Tax equity commitments and executed term sheets YTD of $1.4 billion.

     • Received $140 million tax equity contributions,

       $171 million in net non-recourse debt (excluding normal debt amortization), and $65 million in customer prepayments and upfront incentives in Q3.

     • Further diversified our capital raising activities to include mix of asset sales, which also provides improved GAAP results. Revenue from the sale of Non-Retained or Partially Retained Subscribers was $482 million in Q3.

     Our strong project finance runway has allowed us to be selective in timing capital market activities

     • Closed transactions and executed term sheets provide us with expected tax equity capacity or equivalent to fund approximately 1,000 megawatts of projects for Subscribers beyond what was deployed through Q3.

     • We also have over $661 million in unused commitments available in our non-recourse senior revolving warehouse loan to fund over 269 megawatts of projects for Retained Subscribers as of the end of Q3.

1. Recourse debt balance as of 9/30/2026 is net of unamortized debt discount of $8 million. See Appendix for glossary of terms.

   3Q26 Earnings Presentation 21

   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 structures. We have secured an additional

     $1.4b YTD.

   • Non-recourse Project Debt

Sunrun raised ~$2.8 billion in senior and subordinated non-recourse debt financing in 2025 across public and private debt markets. We have raised an additional $1.5 billion YTD.

✓

Project Equity and Alternative Financing Structures

Sunrun expects to engage in more outright asset monetization and joint-venture project equity structures, facilitating our goals of improved GAAP financials and diversification of capital sources, while still retaining customer relationships and ongoing upside opportunities.

3Q26 Earnings Presentation 22

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 financing to cover CapEx and Opex, and continued investment in our platform

• We plan to maintain this spend to continue to unlock additional cost efficiencies and improve customer experience through investments in technology and AI-enabled capabilities

• Evaluate growth decisions with a long-term return mindset for maximizing value

Further Reduce Parent Debt

• We expect to repay >$100 million of parent recourse debt in 2026

• Working capital facility requires a portion of Cash Generation to be allocated to repayment and restricts size of stock repurchases

• Repayment or refinancing of our Working Capital Facility may open the aperture to additional capital allocation options

Maximize ITC Values

• We expect to invest $60 to $70 million in 2026 for safe harbor activities to maximize ITC value in 2028, 2029 and 2030

• High ROI and capital efficient

Maintain a Strong Balance Sheet

• We deploy >$4 billion in capital per year with large individual transaction sizes

• Operating with a strong cash balance is prudent

Evaluate Sustainable Return of Capital

• Explore further capital allocation options to maximize shareholder value based on then current market conditions and our long-term outlook, which may include stock repurchases

3Q26 Earnings Presentation 23

Aggregate Subscriber Value

Full-year 2026

Current Guidance

Approximately $4.6 billion

• Reflects low-single digit volume growth in direct channels for the full-year.

• Greater than 60% decline in volume originated through our affiliate channel

  Full-year 2026

  Prior Guidance

  $4.6 to $4.9 billion

• Reflects low single-digit growth in direct channels for the full year (reflecting growth of >10% y/y in 2H26)

• Greater than 60% decline in volume originated through our affiliate channel

  Cash Generation Approximately $200 million $200 to $375 million

  Safe harbor investments:

  • Excludes $60 to $70 million in net equipment safe harbor investments for the full-year.

    Financing:

  • Assumes 7-year interest rates of approximately 5% in future periods

  • ITC transfer pricing, net of insurance, of approximately 88c

    Safe harbor investments:

  • Excludes $50 to $100 million in net equipment safe harbor investments

    Financing:

  • Assumes 7-year interest rates of approximately 4.4%

  • ITC transfer pricing, net of insurance, of approximately 88c

As is inherent in our business, project finance timing & working capital changes can influence period-to-period Cash Generation.

See Appendix for glossary of terms.

3Q26 Earnings Presentation 24

Appendix

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 32 and 33 for a reconciliation of Creation Costs Reflected in Operating Expenses and Creation Costs Reflected in Capital Expenditures, non-GAAP metrics, to their most directly comparable GAAP measures.

2. See Appendix on page 34 for a reconciliation of Cash Generation, a non-GAAP metric, to its most directly comparable GAAP measure. See Appendix for glossary of terms and accompanying notes.

3Q26 Earnings Presentation 26

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.

3Q26 Earnings Presentation 27

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.

3Q26 Earnings Presentation 28

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.

3Q26 Earnings Presentation 29

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.

3Q26 Earnings Presentation 30

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.

3Q26 Earnings Presentation 31

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 financial measures: Creation Costs Reflected in Operating Expenses, Creation Costs Reflected in Capital Expenditures, and Cash Generation. The Company utilizes these non-GAAP measures to analyse the Company's performance and for internal planning and forecasting purposes. These non-GAAP financial measures should not be considered in isolation or as a substitute for the Company's financial results as reported under GAAP. Additionally, these non-GAAP measures may not be comparable to similarly titled measures presented by other companies, thus reducing their usefulness. Accompanying schedules provide reconciliations of these non-GAAP financial measures to their most directly comparable GAAP measures. The Company is not able to provide reconciliations of certain forward-looking financial measures to comparable GAAP measures because certain items required for such reconciliations are outside of the Company's control and/or cannot be reasonably predicted without unreasonable effort. The Company encourages investors to review our GAAP financial measures and to not rely on any single financial measure to evaluate our business.

See Appendix for glossary of terms and accompanying notes.

3Q26 Earnings Presentation 32

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-GAAP financial measures: Creation Costs Reflected in Operating Expenses, Creation Costs Reflected in Capital Expenditures, and Cash Generation. The Company utilizes these non-GAAP measures to analyse the Company's performance and for internal planning and forecasting purposes. These non-GAAP financial measures should not be considered in isolation or as a substitute for the Company's financial results as reported under GAAP. Additionally, these non-GAAP measures may not be comparable to similarly titled measures presented by other companies, thus reducing their usefulness. Accompanying schedules provide reconciliations of these non-GAAP financial measures to their most directly comparable GAAP measures. The Company is not able to provide reconciliations of certain forward-looking financial measures to comparable GAAP measures because certain items required for such reconciliations are outside of the Company's control and/or cannot be reasonably predicted without unreasonable effort. The Company encourages investors to review our GAAP financial measures and to not rely on any single financial measure to evaluate our business.

See Appendix for glossary of terms and accompanying notes.

3Q26 Earnings Presentation 33

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 Costs Reflected in Operating Expenses, Creation Costs Reflected in Capital Expenditures, and Cash Generation. The Company utilizes these non-GAAP measures to analyse the Company's performance and for internal planning and forecasting purposes. These non-GAAP financial measures should not be considered in isolation or as a substitute for the Company's financial results as reported under GAAP. Additionally, these non-GAAP measures may not be comparable to similarly titled measures presented by other companies, thus reducing their usefulness. Accompanying schedules provide reconciliations of these non-GAAP financial measures to their most directly comparable GAAP measures. The Company is not able to provide reconciliations of certain forward-looking financial measures to comparable GAAP measures because certain items required for such reconciliations are outside of the Company's control and/or cannot be reasonably predicted without unreasonable effort. The Company encourages investors to review our GAAP financial measures and to not rely on any single financial measure to evaluate our business.

See Appendix for glossary of terms and accompanying notes.

3Q26 Earnings Presentation 34

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

pass-through financing structure.

The majority of Customer Agreements and Incentives COGS is depreciation (~$726m total depreciation & amortization in 2025). This also includes operating & maintenance costs and non-capitalized costs associated with installation-related activities.

A large portion of our Sales & Marketing spend is expensed in period, while it relates to customers with ~20 or ~25 years of contracted revenue.

The Loss Attributable to Non-Controlling Interests is primarily driven by our monetization of the Investment Tax Credit (ITC) with our Tax Equity partners with partnership flip structures. Assume a tax investor contributes about ~$1.8 per watt in cash and then immediately receives back a tax credit worth $1.3 per watt. After receipt of the tax credit, the investor's remaining non-controlling interest in Sunrun's solar facility is now only $0.5 per watt, which is repaid over about 6 years through cash distributions and depreciation deductions. Like the elimination of a liability, the reduction in the tax investor's non-controlling interest from ~$1.8 per watt to ~$0.5 per watt is income to Sunrun common shareholders. Because Sunrun received this $1.3 per watt in cash through a partnership, this income is accounted for under GAAP using the hypothetical liquidation at book value (HLBV) method as a "loss attributable to

non-controlling interests," rather than revenue.

3Q26 Earnings Presentation 35

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).

~$14.7 billion of our debt is non-recourse project debt and solely secured by the solar assets.

Non-controlling interests represent our Tax Equity (under partnership flip structures) and Project Equity investors' interests in our funds.

3Q26 Earnings Presentation 36

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 are the capex for our energy systems. Approximately 70-75% of our Creation Costs are capitalized, the rest are expensed

in-period on our income statement.

We raise non-recourse project debt on assets, which is serviced by cash flows from contracted customer payments.

Contributions from NCI represent investments from (1) Tax Equity investors in partnership flip funds, where they receive the Investment Tax Credit, certain depreciation attributes, and a share of cash flows, along with (2) project equity investors, which receive a share of cash flows from the funds. In 2025, proceeds from NCI and proceeds from pass-through and other financial obligations averaged $18,523 per Subscriber Addition.

3Q26 Earnings Presentation 37

Glossary of Terms

Definitions for Volume-related Terms

Deployments represent solar or storage systems, whether sold directly to customers or subject to executed Customer Agreements (i) for which we have confirmation that the systems are installed, subject to final inspection, or (ii) in the case of certain system installations by our partners, for which we have accrued at least 80% of the expected project cost (inclusive of acquisitions of installed systems). A portion of customers have subsequently entered into Customer Agreements to obtain, or have directly purchased, additional solar or storage systems at the same host customer site, and since these represent separate assets, they are considered separate Deployments.

Customer Agreements refer to, collectively, solar and/or storage power purchase agreements and leases.

Retained Subscribers represent customers subject to Customer Agreements for solar and/or storage systems that have been recognized as Deployments and recognized as energy systems on Sunrun's consolidated balance sheet, whether or not they continue to be active.

Non-Retained or Partially Retained Subscribers represent customers subject to Customer Agreements for solar and/or storage systems that have been recognized as Deployments whereby the assets have been fully or partially sold to one or more investors and not presented as an energy system on Sunrun's consolidated balance sheet.

Subscribers represent aggregate Retained Subscribers and Non-Retained or Partially Retained Subscribers.

Purchase Customers represent customers who purchased, whether outright or with proceeds from third-party loans, solar and/or storage systems that have been recognized as Deployments.

Customers represent aggregate Subscribers and Purchase Customers.

Subscriber Additions represent the number of Subscribers added in a period.

Purchase Customer Additions represent the number of Purchase Customers added in a period.

Customer Additions represent Subscriber Additions plus Purchase Customer Additions.

Solar Capacity Installed represents the aggregate megawatt production capacity of solar energy systems that were recognized as Deployments in a period.

Storage Capacity Installed represents the aggregate megawatt hour capacity of storage systems that were recognized as Deployments in a period.

Networked Solar Capacity represents the cumulative Solar Capacity Installed from the company's inception through the measurement date.

Networked Storage Capacity represents the cumulative Storage Capacity Installed from the company's inception through the measurement date.

Storage Attachment Rate represents Customer Additions with storage divided by total Customer Additions.

Definitions for Unit-based and Aggregate Value, Costs and Margin Terms

Subscriber Value represents Contracted Subscriber Value plus Non-contracted or Upside Subscriber Value.

Contracted Subscriber Value represents the per Subscriber present value of estimated upfront and future Contracted Cash Flows from Subscriber Additions in a period, discounted at the observed cost of capital in the period.

Non-contracted or Upside Subscriber Value represents the per Subscriber present value of estimated future Non-contracted or Upside Cash Flows from Subscriber Additions in a period, discounted at the observed cost of capital in the period.

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 Agreements that allow variable billings based on the amount of electricity consumed by the Subscriber, only the minimum contracted payment is included in Contracted Cash Flows), (2) net proceeds from tax equity partners, (3) payments from government and utility incentive and rebate programs, (4) contracted net cash flows from grid services programs with utilities or grid operators, and (5) contracted or defined (i.e., with fixed pricing) cash flows from the sale of renewable energy credits, less (y) (1) estimated operating and maintenance costs to service the systems and replace equipment over the initial terms of the Customer Agreements, consistent with estimates by independent engineers, (2) distributions to tax equity partners in consolidated joint venture partnership flip structures, and (3) distributions to any project equity investors, and

(B) for Non-Retained or Partially Retained Subscribers, (x) contracted proceeds from the full or partial sale of related assets, before any price adjustments related to consigned inventory usage, plus (y) the share of Contracted Cash Flows described in clause (A) of this definition which are allocated to Sunrun pursuant to the terms of each sale agreement or partnership agreement.

Non-contracted or Upside Cash Flows represent (A) for Retained Subscribers the (1) net cash flows realized from either the purchase of systems at the end of the Customer Agreement initial terms or renewals of Customer Agreements beyond the initial terms, estimated in both cases to have equivalent value, assuming only a 30-year relationship and a contract renewal rate equal to 90% of each Subscriber's contractual rate in effect at the end of the initial contract term, (2) non-contracted net cash flows from grid service programs with utilities and grid operators, (3) non-contracted net cash flows from the sale of renewable energy credits, and

(4) contracted cash flows from Flex Customer Agreements exceeding the minimum contracted payment (provided, that for Flex Customer Agreements that allow variable billings based on the amount of electricity consumed by the Subscriber, an assumption is made that each Subscriber's electricity consumption increases by approximately 2% per year through the end of the initial term of the Customer Agreement and into the renewal period (if renewed), resulting in billings in excess of the minimum contracted amount (which minimums are included in Contracted Cash Flows)), and (B) for Non-Retained or Partially Retained Subscribers, the share of Non-contracted or Upside Cash Flows described in clause (A) of this definition which are allocated to Sunrun pursuant to the terms of each sale agreement or partnership agreement. After the initial contract term, our Customer Agreements typically automatically renew on an annual basis and the rate is initially set at up to a 10% discount to then-prevailing utility power prices.

Creation Costs Reflected In Operating Expenses (Non-GAAP measure) represent total operating expenses, adjusted for certain items consistent with management's use as a performance measure, all of which are itemized in the Non-GAAP reconciliation table as provided in the Company's earnings release. Creation Costs Reflected In Operating Expenses may be derived by taking total operating expenses incurred in a period, and adjusting by: (A) excluding the following items: (i) fleet servicing costs; (ii) non-cash net impairment of energy systems; (iii) depreciation and amortization expense; (iv) amortization of costs to obtain contracts, which represents the amortization expense of sales commissions; (v) cost of energy system and product sales not pertaining to Non-retained or Partially Retained Subscribers; (vi) gross profit from system & product sales not pertaining to Non-retained or Partially Retained Subscribers; (vii) stock based compensation expense; (viii) goodwill impairment expense; (ix) amortization of intangible assets; and (x) costs associated with certain restructuring activities, amortization of previously capitalized insurance costs associated with tax credit transfer agreements, and one-time items are identified and excluded; and (B) including any purchase price adjustments for Non-retained or Partially Retained Subscribers owing to consigned inventory usage.

When presented on a per Subscriber Addition basis, Creation Costs Reflected in Operating Expenses is divided by the Subscriber Additions for the corresponding period.

Creation Costs Reflected In Capital Expenditures (Non-GAAP measure) represent total capital expenditures, adjusted for certain items consistent with management's use as a performance measure, all of which are itemized in the Non-GAAP reconciliation table as provided in the Company's earnings release.

Creation Costs Reflected In Capital Expenditures may be derived by taking net cash used in investing activities and adjusting to include the gross additions to capitalized costs to obtain contracts (i.e., sales commissions) and to exclude cash used for the purchase of equity investments. As such, this measure represents the sum of the following items: (i) payments for the costs of energy systems, (ii) net purchases of property and equipment, and (iii) gross additions to capitalized costs to obtain contracts (i.e., sales commissions). When presented on a per Subscriber Addition basis, Creation Costs Reflected in Capital Expenditures is divided by the Subscriber Additions for the corresponding period.

3Q26 Earnings Presentation 38

Glossary of Terms (continued)

Net Subscriber Value represents Subscriber Value less the summation of the following items divided by Subscriber Additions: (A) payments for the costs of energy systems; (B) net purchases of property and equipment; (C) gross additions to capitalized costs to obtain contracts (i.e., sales commissions); (D) total operating expenses, adjusted to exclude the following items: (i) fleet servicing costs; (ii) non-cash net impairment of energy systems; (iii) depreciation and amortization expense; (iv) amortization of costs to obtain contracts, which represents the amortization expense of sales commissions; (v) cost of energy system and product sales not pertaining to Non-retained or Partially Retained Subscribers; (vi) gross profit from system & product sales not pertaining to Non-retained or Partially Retained Subscribers; (vii) stock based compensation expense; (viii) goodwill impairment expense; (ix) amortization of intangible assets; and (x) costs associated with certain restructuring activities, amortization of previously capitalized insurance costs associated with tax credit transfer agreements, and one-time items are identified and excluded; and to include any purchase price adjustments for Non-retained or Partially Retained Subscribers owing to consigned inventory usage.

Contracted Net Subscriber Value represents Contracted Subscriber Value less the summation of the following items divided by Subscriber Additions: (A) payments for the costs of energy systems; (B) net purchases of property and equipment; (C) gross additions to capitalized costs to obtain contracts (i.e., sales commissions); (D) total operating expenses, adjusted to exclude the following items: (i) fleet servicing costs;

(ii) non-cash net impairment of energy systems; (iii) depreciation and amortization expense; (iv) amortization of costs to obtain contracts, which represents the amortization expense of sales commissions; (v) cost of energy system and product sales not pertaining to Non-retained or Partially Retained Subscribers; (vi) gross profit from system & product sales not pertaining to Non-retained or Partially Retained Subscribers; (vii) stock based compensation expense; (viii) goodwill impairment expense; (ix) amortization of intangible assets; and

(x) costs associated with certain restructuring activities, amortization of previously capitalized insurance costs associated with tax credit transfer agreements, and one-time items are identified and excluded; and to include any purchase price adjustments for Non-retained or Partially Retained Subscribers owing to consigned inventory usage.

Upfront Net Subscriber Value represents Contracted Subscriber Value multiplied by Advance Rate less the summation of the following items divided by Subscriber Additions: (A) payments for the costs of energy systems; (B) net purchases of property and equipment; (C) gross additions to capitalized costs to obtain contracts (i.e., sales commissions); (D) total operating expenses, adjusted to exclude the following items: (i) fleet servicing costs; (ii) non-cash net impairment of energy systems; (iii) depreciation and amortization expense; (iv) amortization of costs to obtain contracts, which represents the amortization expense of sales commissions; (v) cost of energy system and product sales not pertaining to Non-retained or Partially Retained Subscribers; (vi) gross profit from system & product sales not pertaining to Non-retained or Partially Retained Subscribers; (vii) stock based compensation expense; (viii) goodwill impairment expense; (ix) amortization of intangible assets; and (x) costs associated with certain restructuring activities, amortization of previously capitalized insurance costs associated with tax credit transfer agreements, and one-time items are identified and excluded; and to include any purchase price adjustments for Non-retained or Partially Retained Subscribers owing to consigned inventory usage.

Advance Rate or Advance Rate on Contracted Subscriber Value represents the company's estimated upfront proceeds, expressed as a percentage of Contracted Subscriber Value or Aggregate Contracted Subscriber Value, from project-level capital, proceeds from Non-Retained or Partially Retained Subscribers, and other upfront cash flows, based on market terms and observed cost of capital in a period.

Aggregate Subscriber Value represents Subscriber Value multiplied by Subscriber Additions.

Aggregate Contracted Subscriber Value represents Contracted Subscriber Value multiplied by Subscriber Additions.

Aggregate Upfront Proceeds represent Aggregate Contracted Subscriber Value multiplied by Advance Rate. Actual project financing transaction timing for portfolios of Subscribers may occur in a period different from the period in which Subscribers are recognized, and may be executed at different terms. As such, Aggregate Upfront Proceeds are an estimate based on capital markets conditions present during each period and may differ from ultimate Proceeds Realized in respect of such period's Retained Subscribers and ultimate proceeds obtained from such period's Non-Retained or Partially Retained Subscribers.

Proceeds Realized From Retained Subscribers represents cash flows received in respect of Retained Subscribers from non-recourse financing partners in addition to upfront customer prepayments, incentives and rebates. It is calculated as the proceeds from non-controlling interests on the cash flow statement, plus the net proceeds from non-recourse debt (excluding normal non-recourse debt amortization for existing debt, as such debt is serviced by cash flows from existing solar and storage assets), plus the gross additions to deferred revenue which represents customer payments for prepaid Customer Agreements along with local rebates and incentive programs.

Cash Generation (Non-GAAP measure) represents Net cash provided by operating activities, less cash used in investing activities, less increases in restricted cash (or plus decreases in restricted cash), plus the following items: (i) net proceeds from non-recourse debt financings; (ii) net proceeds from tax equity (non-controlling interests and proceeds from sale of investment tax credits); (iii) net proceeds from state tax credits; (iv) net proceeds from trade receivable financings; and (v) net proceeds from pass-through financing obligations and finance lease obligations. Cash Generation can also be calculated through the change in our unrestricted cash balance from our consolidated balance sheet, less net proceeds (or plus net repayments) from all recourse debt (inclusive of convertible debt), and less any primary equity issuances or net proceeds derived from employee stock award activity (or plus any stock buybacks or dividends paid to common stockholders) as presented on the Company's consolidated statement of cash flows. The Company expects to continue to raise proceeds from tax equity and asset-level non-recourse debt, and proceeds from the sale of Non-Retained or Partially Retained Subscribers, to fund growth, and as such, these sources of cash are included in the definition of Cash Generation. Cash Generation also excludes proceeds from long-term asset or business divestitures (aside from transactions relating to Non-Retained or Partially Retained Subscribers) and equity investments in external non-consolidated businesses not related to Non-Retained or Partially Retained Subscribers (or less dividends or distributions received in connection with such equity investments).

Definitions for Gross and Net Value from Existing Customer Base Terms

Gross Earning Assets is calculated as Contracted Gross Earning Assets plus Non-contracted or Upside Gross Earning Assets.

Contracted Gross Earning Assets represents, as of any measurement date, the present value of estimated remaining Contracted Cash Flows that we expect to receive in future periods in relation to Subscribers as of the measurement date, discounted at 6%.

Non-contracted or Upside Gross Earning Assets represents, as of any measurement date, the present value of estimated Non-contracted or Upside Cash Flows that we expect to receive in future periods in relation to Subscribers as of the measurement date, discounted at 6%.

Net Earning Assets represents Gross Earning Assets, plus Total Cash, less adjusted debt and lease

pass-through financing obligations, as of the measurement date. Debt is adjusted to exclude a pro-rata share of non-recourse debt associated with funds with project equity structures for Retained Subscribers along with debt associated with the company's ITC safe harboring equipment inventory facility. Because estimated cash distributions to our project equity partners for Retained Subscribers are deducted from Gross Earning Assets, a proportional share of the corresponding project level non-recourse debt is deducted from Net Earning Assets, as such debt would be serviced from cash flows already excluded from Gross Earning Assets.

Contracted Net Earning Assets represents Net Earning Assets less Non-contracted or Upside Gross Earning Assets.

Non-contracted or Upside Net Earning Assets represents Net Earning Assets less Contracted Net Earning Assets.

Total Cash represents the total of the restricted cash balance and unrestricted cash balance from our consolidated balance sheet.

3Q26 Earnings Presentation 39

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 the average number of years remaining in the initial term of Customer Agreements for Retained Subscribers that have met revenue recognition criteria as of the measurement date.

Households Served in Low-Income Multifamily Properties represent the number of individual rental units served in low-income multi-family properties from shared solar energy systems deployed by Sunrun.

Households are counted when the solar energy system has interconnected with the grid, which may differ from Deployment recognition criteria.

Positive Environmental Impact from Customers represents the estimated reduction in carbon emissions as a result of energy produced from our Networked Solar Capacity over the trailing twelve months. The figure is presented in millions of metric tons of avoided carbon emissions and is calculated using the Environmental Protection Agency's AVERT tool. The figure is calculated using the most recent published tool from the EPA, using the current-year avoided emission factor for distributed resources on a state by state basis. The environmental impact is estimated based on the system, regardless of whether or not Sunrun continues to own the system or any associated renewable energy credits.

Positive Expected Lifetime Environmental Impact from Customer Additions represents the estimated reduction in carbon emissions over thirty years as a result of energy produced from solar energy systems that were recognized as Deployments in a period. The figure is presented in millions of metric tons of avoided carbon emissions and is calculated using the Environmental Protection Agency's AVERT tool. The figure is calculated using the most recent published tool from the EPA, using the current-year avoided emission factor for distributed resources on a state by state basis, leveraging our estimated production figures for such systems, which degrade over time, and is extrapolated for 30 years. The environmental impact is estimated based on the system, regardless of whether or not Sunrun continues to own the system or any associated renewable energy credits.

3Q26 Earnings Presentation 40

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3Q26 Earnings Presentation