Sunrun : Investor Presentation

About this update from Sunrun Inc.

Investor Presentation August 2026 Sunrun is powering a customer-led revolution to clean, affordable and locally-generated energy. We are building a more resilient electric grid and doing it at a massive scale and at a rapid pace. OLD WAY Centralized control, single points of failure, expensive, polluting, limited consumer engagement in energy NEW WAY A network of decentralized, decarbonized, democratized, affordable clean energy with consumers Investor Presentation 3 Sunrun Overview Sunrun is powering a customer-led revolution to Our Compelling Value Proposition clean, affordable and locally-generated energy at scale and at a sustained pace. Formed in 2007, Sunrun pioneered the residential solar energy as a subscription service. We provide a solar energy service with fixed pricing under 20- or 25-year subscription agreements that generate recurring, contracted revenue for multiple decades. We have sold our solar service in 22 states, DC & Puerto Rico. Sunrun has a leading customer acquisition platform, customer experience capabilities, and extensive financing experience, all of which drive significant barriers to entry and the opportunity for high incremental returns. 1,205,613+ Customers 8.7 Gigawatts Networked Solar Energy Capacity 4.6 Gigawatt hours Networked Storage Capacity $2.0 Billion Annual Recurring Revenue VALUE TO CUSTOMERS VALUE TO SUNRUN VALUE TO SOCIETY We have delivered more than $1.3 billion in savings for our customers since 2007. (1) Storage provides premium power, including backup capabilities to enable customers to power through storms. Typically 20- or 25-year customer relationship which can be monetized beyond core solar energy product. Typically 20- or 25-year value stream is financed upfront to fully cover upfront costs and generate cash immediately. Residential solar and storage is a cost-effective way to modernize the country's infrastructure to make it more resilient, affordable and environmentally sustainable. According to our internal estimates, Sunrun's systems have prevented greenhouse-gas (GHG) emissions totaling 26.2 million metric tons of carbon dioxide equivalent (CO2e) , an amount comparable to eliminating more than 67 billion passenger-vehicle miles. (2) The solar industry employs ~280,000 workers in America and plays a vital role in meeting the country's energy needs. (3) See Appendix for Glossary of Terms. Customers, Networked Solar Energy Capacity, Networked Storage Capacity and Annual Recurring Revenue is rounded and as of June 30, 2026. For all Customers through December 31, 2023. Based on Sunrun's estimates and United States Environmental Protection Agency's Greenhouse Gas Equivalencies Calculator as of December 31, 2025. Does not include Vivint Solar. Interstate Renewable Energy Council's (IREC) National Solar Jobs Census 2024. Investor Presentation 4 Massive & underpenetrated growth opportunity The vast majority of US homes have no battery storage Of ~90 million total addressable homes, less than 1 million have storage (~775k homes or ~0.9% penetration) (1) Sunrun offers storage as part of a Solar + Storage service or as a standalone offering for new or existing Sunrun Customers. Only ~20% of Sunrun's existing 1 million Customers have storage. Even in storage-first markets, substantial untapped opportunity exists (1) : Puerto Rico 16%, Hawaii 13%, California 4%, Texas <1% Solar + Storage service can provide resiliency and is generally a more affordable option than traditional standby generators. These generators consume fuel, require maintenance, and have a high Homes with batteries Homes without batteries Note: ~775k homes with batteries (~0.9%) of ~90 million addressable homes (1) upfront cost (~$10-$15k) while sitting idle ~99% of the year. Sunrun's Solar + Storage service has no upfront cost to the customer and generates economic value 365 days a year. ~6% of US homes have solar, and a much higher penetration rate has been obtained in first-mover markets 0.2m 5.4m 18.6m % Penetration of 90m Addressable Homes (2) 2012 2025 2034E 0.3% ~6% ~19% Even assuming a 15% average annual industry growth rate for the next 10-years leads to ~19% penetration of U.S. houses (2) . Our strong value proposition supports a much greater number. Much higher penetration proven: In markets where the value proposition was evident first, like Hawaii and California, penetration has reached 34% and 25% (2) , respectively, and growth continues. Number of homes with storage (U.S. total and by state) is based on estimates from Ohm Analytics (through December 2025). Estimate used for housing stock is based on the U.S. Census 2023 American Community Survey by State using occupied single-unit housing using average state occupancy estimates. Number of homes with solar (U.S. total and by state) is based on EIA Form 861M Residential PV Customers (through December 2025). Estimate used for housing stock is based on the U.S. Census 2023 American Community Survey by State using occupied single-unit housing using average state occupancy estimates. Estimated 2034 market penetration assumes housing units grow at 0.7% (Census data). Sunrun internal estimates for 2025 and beyond. Investor Presentation 5 Sunrun is the #1 residential market leader Operating scale and strong network effects provide significant competitive advantages 0.7% $262 billion annual spend (3) Sunrun US Residential Electricity Sales A disciplined strategy and long track record of growth has resulted in a leading market share position With approximately 18% share of residential solar installation volumes (1) , and 47% share of subscription volumes (2) ('TPO' or solar leases & PPAs) And yet remains <1% of total U.S. residential electricity market (3) See Appendix for Glossary of Terms. Based on Ohm Analytics Q1 2026 DG Solar and Storage Report (June 2026) and Sunrun's reported Solar Energy Capacity Installed. Trailing twelve months through Q1 2026. Based on Ohm Analytics Q1 2026 DG Solar and Storage Report (June 2026) and Sunrun's reported Solar Energy Capacity Installed for Subscribers. Trailing twelve months through Q1 2026. Sunrun's Networked Solar Energy Capacity as of December 31, 2025 at a 14% utilization rate for illustrative purposes. 2025 Residential Retail Sales (MWhrs) of Electricity from EIA. Annual spend from EIA based on sales of electricity to residential customers for 2025. Investor Presentation 6 Utility pricing is increasing and reliability is declining. Solar and storage technology is improving and becoming lower cost. The price of electricity nationwide has risen 35% over the past five years (1) , with even steeper increases in many of our top markets. In December 2023, CPUC approved PG&E's rate increase of 19.6% (2) in California, effective January 1, 2024. In 2025, the major U.S. utilities spent $167 billion in capital investments, exceeding depreciation expense by 2.5x. (3) Yet, people are increasingly facing outages from wildfires, hurricanes and major storms. The average annual number of weather-related power outages has increased by almost 80% from 2011-2021. (4) More than 70% of America's transmission lines and large power transformers are at least 25 years old, and utilities will need to spend an exorbitant $2.2 trillion on infrastructure upgrades during the next 20 years in order to keep our system up and running. These costs will ultimately be passed to consumers. With the expected capex trends, significant increases are likely even if wholesale prices fall. (5) Retail Electricity Price Increases Over The Past Five Years in Top Markets (6) Capital Expenditures ($ billions) Cost of Utility Energy Has Been Increasing (7) Utility Spending Accelerates Trend (8) Energy Information Agency. Average price per KWhr of electricity for the U.S. residential sector. Rate reflects changes from December 2020 to December 2025. PG&E General Rate Case (GRC) Application (April 2023). Bloomberg: Company Reported Capex and Depreciation in 2025. Climate Central: "Surging Power Outages and Climate Change," (September 2022). Projected retail rates based on historic actual CAGR adjusted for current market conditions and wholesale rates based on 2% inflation. Energy Information Agency. Average price per KWhr of electricity for the U.S. residential sector. Rate reflects changes from December 2020 to December 2025. Includes Sunrun's top 15 markets. Energy Information Agency. Average price per KWhr of electricity for the U.S. residential sector. Total company functional spending of U.S. Investor-Owned Electric Companies. Source: EEI Industry Capital Expenditures with Functional Detail (September 2025). Investor Presentation 7 Solar and battery costs have declined Cost of solar modules - 92% Cost of batteries - 89% The costs of solar modules and batteries have declined significantly and market research predicts that these trends will continue. (1)(2) Market researchers have forecasted that the cost of installed solar panels and the cost of batteries will continue to decline long-term. (2) Historic solar costs: Data prior to 2020 uses Bloomberg New Energy Finance Survey Multicrystalline Silicon Module Overall Average Spot Price; Starting in 2020, data source is PV Infolink Standard Monocrystalline Silicon Module Price from Bloomberg; Historic battery cost estimates according to Bloomberg New Energy Finance Annual Battery Survey (November 2023). Projected Cost of Panels and Batteries: Bloomberg New Energy Outlook 2019. Investor Presentation 8 Sunrun is a trusted provider to enable the transition to clean energy Sunrun's Vision Sunrun aims to become the preferred clean energy provider to power customers' lives. We aim to integrate solar, battery storage, electrification and distributed power plant offerings into a smart solution for each home and community. Full home electrification enables decarbonization and increases the need for a service provider. More fuel switching results in larger systems, which have high incremental returns to Sunrun. 1 Rooftop solar power 2 Batteries 3 Electric vehicle chargers 4 Smart Circuits 5 Heat pumps for heating & cooling 6 Heat pump water heater 7 Smart thermostat 8 Induction cooktop 9 Smart bulbs 10 Smart plugs Investor Presentation 9 The Sunrun network can deliver distributed power plants to transition to a decentralized power grid Home solar and batteries are more flexible and efficient than traditional centralized infrastructure. Utilities spend more than $130 billion per year in capital investments and we believe $13 billion could be replaced by distributed resources. (2) Sunrun can provide valuable grid services from our fleet of networked solar and storage systems, mitigating the need for utilities to invest in additional infrastructure, driving benefits for all users of the grid, while also providing incremental recurring revenue opportunities for Sunrun and incremental value to our customers for participating in these programs. Sunrun has now installed more than 266,000 battery systems representing 4.6 GWhrs of Networked Storage Capacity. (3) Distributed Power Plants Virtual Distribution Capacity Virtual Transmission Capacity Provides clean, cost-effective peaking capacity. Avoids substation overhauls by dropping excess load when needed locally. Provides generation and reliability in congested areas where new transmission lines are difficult to build. California Load Duration Curve Highlights Opportunity (1) The traditional energy system is built to accommodate peak capacity, which is reached only a tiny fraction of the year. 14 GWs of system capacity is used less than 5% of the time. See Appendix for Glossary of Terms. California ISO, Historical EMS Hourly Load for 2022. Utility capex Edison Electric Institute's Wall Street Briefing published April 2023. Rocky Mountain Institute "The Economics of Demand Flexibility" published in August 2015 estimates $13 billion or more of spend could be met from flexible, distributed resources. As of June 30, 2026. Investor Presentation 10 Leading customer acquisition capabilities Direct to Home Affiliate Partners Direct Marketing Experts in consultative engagements Leverage tools and brand to offer leading product solutions to customers Best in class direct to consumer Sunrun's diverse customer acquisition channels drive reach advantages today and investments in brand and customer experience are focused on augmenting advantages over time. Strategic Partners Referral Network National brands & retailers such as Lowe's and Ford deliver broad reach & increased brand awareness 1 million+ Sunrun Customers today and growing (1) Customers figure is as of June 30, 2026. Investor Presentation 11 Increasing customer value proposition and margin opportunity by expanding offering TRADITIONAL GRID SUNRUN SOLAR SERVICE SUNRUN RECHARGEABLE SOLAR BATTERY SYSTEM SUNRUN ENERGY MANAGEMENT AND DISTRIBUTED POWER PLANT Value Potential Progress Current Contracted Net Subscriber Value ~$12,000+ Expected to increase Renewals at end of initial subscription term ~$3,000 to ~$4,500 per customer Initial pilot completed with initial "early look" offer; initial results indicated likely realization exceeding values currently embedded in our GEA metric today Repowering systems with new equipment to meet growing energy needs of home ~$5,000 to ~$15,000 per customer Optimizing offers for customers to consider upgrading systems to meet increased energy needs at time of renewal or earlier Installing batteries on existing customers to provide energy resiliency ~$3,000+ per customer Thousands of orders so far and orders are growing rapidly. Grid services (distributed power plants) ~$2,000 or more per customer Over a dozen operating distributed power plant programs across the country Largest distributed power plant operating in CA; launched offering with Tesla in Texas and more to follow Home electrification offerings, such as electric vehicle charging infrastructure $100 to $1,000+ per customer Thousands of orders for advanced electric vehicle charging infrastructure, including Ford Charge Station Pro Ultimate customer value should significantly exceed initial contracted Net Subscriber Values Investor Presentation 12 Post-contract custom Contracts are written to typically renew annually after the initial contract term at 90% of the prevailing utility rate . Renewal values in metrics assume customers renew at a er values & renewal assumptions disc e oun m t to b the e rat d e in d eff e ec d t at t i h n e end m of t e he t in r iti i al c co s ntra m ct . ay be conservative Advantaged position compared to competitors: The marginal cost of delivering energy during the renewal period will likely be lower than a new system (whether installed by us or a competitor). Further, units of electricity do not become obsolete, thus it is unlikely customers will feel compelled to upgrade to the "next version." No cross-selling / upselling / repowering assumed: We have not included any other intangible benefits associated with the customer relationship such as expanded systems, batteries, or ancillary services such as electric vehicle charging systems. With increased electrification (including electric vehicles), it is likely consumers will want more electricity, not less, and Sunrun will be in a cost-advantaged position to provide this option. 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. Remaining asset value beyond renewal assumption: Sunrun assumes only 5-years of renewals following a 25-year contract, or a 30-year total customer relationship, despite our solar assets' useful lives extending 35 years or more, as determined by independent engineers. Customers may choose to purchase systems or renew. Contracts auto-renew at a discount to utility rates, which may escalate much faster: The renewal portion of our reported metrics assumes that 100% of Subscribers renew at 90% of the contractual PPA rate in effect at the end of the initial contract term. In reality, customer contracts are written to typically automatically renew at a rate equal to 90% of the prevailing utility rate. This means that, assuming utility rates escalate at a faster rate than our typical contract escalators, approximately ~50% of our customers could not renew and Sunrun would still effectively realize the renewal value presented in our reported metric. (1) See Appendix for Glossary of Terms. (1) Assumes starting discount to utility of 20% with a 4% annual escalation of utility prices compared to our portfolio average of 2% for Sunrun customers. Investor Presentation 13 Sunrun is making an impact Our approach is to benefit all of our stakeholders: our customers, our employees, and the communities in which we operate, as well as our business and financial partners. Since 2007, Sunrun's systems have prevented greenhouse gas (GHG) emissions totaling 26.2 million metric tons of carbon dioxide equivalent (CO2e) We generate positive carbon returns Because Sunrun's systems have a lifespan of 30 years or longer, they prevent the release of harmful GHGs for 95% of their lifetime. In 2025, Sunrun was honored with numerous awards for our commitment to fostering a better workplace, advancing our business, and contributing positively to our planet. Forbes: America's Dream Employers Forbes: America's Best Sunrun is the first clean energy company to surpass 1 million residential solar customers , now providing significant benefits through delivery of clean energy to 1 million families or approximately 3 million people. Sunrun's near and long-term greenhouse gas emissions reduction targets, including a Positive Carbon Return (28 years+) Carbon Payback Period (2 years) For All Scope 1, 2 & 3 Emissions Midsize Companies of 2025 Vet Indexes: Recognized 2050 net-zero goal , have been officially validated by the Science Employer Extel: Best Company Board, Best CEO, Best CFO, Best Investor Relations Team and Best ESG Program for Alternative Energy Based Targets initiative (SBTi). Our company's net-zero target is the most ambitious designation available through the SBTi process. As part of our commitment to being global citizens and doing business legally and ethically, we adopted a robust Vendor Code of Conduct on January 1, 2019, which we update periodically. GHG Emissions & Carbon Intensity Please see Sunrun's 2025 Impact Report, available on the company's Investor Relations website for more information, including information on the calculations and statistics referenced above: investors.sunrun.com/esg 14 Expanding moat with technology capabilities We have invested over $200 million in R&D (1) to usher the change to a distributed energy system while building more entry barriers PLATFORM TECHNOLOGY Sunrun leads the industry with advanced solar system design, monitoring, and customer engagement tools. Sunrun is investing in advanced energy service capabilities. Moat increasing with growing customer engagement in energy selection, advanced regulatory constructs (such as time-variable pricing), and energy storage integration. (1) Cumulative Research and Development Expenses from 2015 through 2Q2026. Investor Presentation 15 Sunrun is led by seasoned professionals with extensive industry experience MARY POWELL Chief Executive Officer PAUL DICKSON President & Chief Revenue Officer DANNY ABAJIAN Chief Financial Officer JEANNA STEELE Chief Legal Officer & Chief People Officer PATRICK KENT Chief Operating Officer CHANCE ALLRED Chief Experience & Direct Sales Officer RACHIT SRIVASTAVA Chief Technology Officer Investor Presentation 16 17 Measuring Value Creation Nearly two decade operating history delivering consistent growth and value creation Systems Perform Sunrun provides performance guarantee for peace of mind Strong Customer Experience A+ Rating with the Better Business Bureau Customers Pay Their Bills Low annual net defaults Transferring Service Is Easy ~100% service transfer Net Subscriber Value recovery rate (1) 1,205,613+ Customers (2) Networked Solar Capacity of 8,732 MWs (3) Networked Storage Capacity of 4.6 Gigawatt hours (4) Cumulative Customer Growth See Appendix for Glossary of Terms. As of December 31, 2025 and excludes Vivint Solar. Recovery percentage is equal to the (i) the sum of (a) the remaining customer agreement cash flows after the service transfer discounted at 6% and (b) prepayments received in connection with the service transfer, divided by (ii) the remaining customer agreement cash flows before the service transfer discounted at 6%. Based on analysis of completed service transfers for monthly customers; Recoveries >100% arise from prepayments. Customers figure is as of June 30, 2026. Networked Solar Capacity as of June 30, 2026 and gives pro forma effect to our acquisition of Vivint Solar from 2012 to 2019 and includes Vivint Solar in 2020. 2007-2011 reflects legacy Sunrun standalone because Vivint Solar was founded in October 2011. Networked Storage Capacity as of June 30, 2026. Investor Presentation 18 $1.2 billion Aggregate Subscriber Value in 2Q26 -24% year-over-year 4.6 GWhrs Networked Storage Capacity as of 6/30/2026 +43% year-over-year $45 million Cash Generation in 2Q26 excluding $22 million in equipment safe harbor investments $3.7 billion Contracted Net Earning Assets inclusive of net debt as of 6/30/2026 Includes $712 million of unrestricted cash Investor Presentation 19 Sunrun is positioned to grow high-margin volumes through direct channel while building dispatchable power asset base Transitioning to direct business Demand for our offering is strong as consumer interest in affordable, reliable power remains robust. Our salesforce has grown by over 1,500 people YTD across our direct-to-home and retail channels, and productivity gains continue to ramp as new sales teams acclimate. Volumes in our direct business were up >20% sequentially in 2Q26 and are back to approximately flat year-over-year. We expect year-over-year growth in direct to resume in 3Q26. Volumes in our affiliate channel were down ~70% year-over-year in 2Q26. Besides our strategic decision earlier this year to reduce affiliate partner volume, the affiliate ecosystem continues to navigate many challenges following the expiration of 25D. We remain focused on quality, compliance, and margin in our direct channel. Building 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 2Q26 with more than 266k solar-plus-storage systems representing 4.6 GWh of dispatchable capacity. Sunrun added >1 GWhr of storage capacity and dispatched >700 MWs of power over the last 12 months - this is equivalent to dozens of peaker plants. We are accelerating our go-to-market activities, forming a new 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. Overall volume down YoY in-line with deliberate shift towards direct channel -Direct volume flat YoY 4.6 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 Investor Presentation Revenue Generating Today Emerging Opportunities 20 Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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