Clearway Energy, Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported Net Income of $123 million for the three months ended September 30, 2026, compared to $60 million in the same period of 2025.
• Reported Adjusted EBITDA of $435 million for the quarter, an increase from $385 million in the prior year period.
• Cash from Operating Activities was $324 million for the quarter, up from $225 million in the prior year period.
• Cash Available for Distribution (CAFD) was $173 million for the quarter, compared to $166 million in the prior year period.
• For the nine months ended September 30, 2026, Net Income was $85 million versus a loss of $32 million in 2025.
• Nine-month Adjusted EBITDA was $1,101 million, up from $980 million in 2025.
• Nine-month Cash from Operating Activities was $939 million, compared to $511 million in 2025.
• Nine-month CAFD was $410 million, compared to $395 million in 2025.
• Total operating revenues were $522 million for the quarter and $1,357 million for the nine months.
• Total liquidity was $1,102 million as of September 30, 2026, up $41 million from $1,061 million as of December 31, 2025.
• Revolving credit facility availability was $356 million as of September 30, 2026, compared to $243 million as of December 31, 2025.
• Total debt increased to $9,436 million ($539 million current portion + $8,897 million long-term) as of September 30, 2026, from $8,606 million ($708 million current + $7,898 million long-term) as of December 31, 2025.

Guidance and Future Outlook:

• Reiterated 2026 full-year CAFD guidance range of $430 million to $470 million.
• Initiated 2027 full-year CAFD guidance range of $520 million to $590 million.
• Announced an initial 2031 financial target range of $3.20 to $3.40 of CAFD per share, representing a compound annual growth rate of 7–8% from the 2025 baseline.
• Reiterated a pathway to the top end or better of the 2030 CAFD per share target.
• Growth roadmap is accelerating with a sponsor-developed pipeline growing to approximately 16 GW, including over 6 GW of committed and identified opportunities for potential investment through 2030.
• Pipeline of co-located digital infrastructure projects could enable delivery above the top end of growth goals, with the first complex targeting completion over 2029-2030.

Business Segments and Product Lines:

• Flexible Generation:
  • Net Income was $15 million for the quarter and $35 million for the nine months.
  • Adjusted EBITDA was $70 million for the quarter and $168 million for the nine months.
  • Equivalent Availability Factor was 93.8% for the quarter (up from 92.5% in 2025) and 93.3% for the nine months (up from 92.3% in 2025).
  • Fleet enhancement program advanced with over 600 MW of repowerings and 774 MW of new awarded and signed capacity contracts at 8-10 year contract tenors.
  • Contracted with a load-serving entity for between 200 MW and 500 MW of Walnut Creek's capacity commencing January 2027 and ending December 2034.
• Renewables & Storage:
  • Net Income was $167 million for the quarter and $207 million for the nine months.
  • Adjusted EBITDA was $378 million for the quarter and $968 million for the nine months.
  • Generated/sold 5,837 thousand MWh for the quarter (12% higher than 2025) and 17,975 thousand MWh for the nine months (up from 16,074 thousand MWh in 2025).
  • Solar generation/sales were 3,413 thousand MWh for the quarter and 9,295 thousand MWh for the nine months.
  • Wind generation/sales were 2,424 thousand MWh for the quarter and 8,680 thousand MWh for the nine months.
  • Committed to investments in Swan Solar (650 MW, Missouri) and Honeycomb 2 Storage (210 MW, Utah).
  • Received an offer for the Heartland Solar Plus Storage complex (439 MW, California).
• Corporate:
  • Reported a Net Loss of $59 million for the quarter and $157 million for the nine months.
  • Reported Adjusted EBITDA of $(13) million for the quarter and $(35) million for the nine months.

Market and Competitive Landscape:

• The company is one of the largest owners of clean energy generation assets in the US with approximately 13.9 GW of gross capacity in 27 states.
• Portfolio includes 11.1 GW of wind, solar, and energy storage and over 2.8 GW of dispatchable power generation.
• Most revenues are generated during May through September due to higher contracted pricing and renewable resources.
• Seasonal factors impacting results include summer capacity/energy prices, solar insolation, wind resources, debt service timing, maintenance capital expenditures, and distribution timing from unconsolidated affiliates.

Risks and Challenges:

• Forward-looking statements are subject to risks including ability to maintain/grow quarterly dividends, relationships with Clearway Group, and ability to consummate investment opportunities.
• Risks related to acquiring assets from Related Persons, including potential lack of approval by the Corporate Governance, Conflicts and Nominating Committee.
• Risks associated with borrowing additional funds, market conditions, and substantial indebtedness.
• Operational risks include fuel/electricity price volatility, unusual weather conditions, catastrophic weather damage, unscheduled outages, and transmission constraints.
• Regulatory risks include changes in law, market rules, rates, tariffs, and environmental laws.
• Cyber terrorism and inadequate cybersecurity risks.
• Dividends are subject to available capital, market conditions, and compliance with laws.

Management Commentary and Tone:

• CEO Craig Cornelius stated execution remains on track with revised 2026 guidance reiterated and 2027 guidance aligned with prior commitments.
• Management expressed conviction in delivering on long-term objectives as building blocks become increasingly transparent.
• Net Income increase was primarily attributed to the contribution of growth investments and mark-to-market for interest rate swaps.
• Adjusted EBITDA increase was driven by the contribution of growth investments.
• Committed and identified drop-down opportunities have increased by over 100% since the beginning of the year.

Other Key Points:

• Dividend: Board declared a quarterly dividend of $0.4824 per share on Class C common stock, payable December 15, 2026, to stockholders of record as of December 1, 2026.
• Debt Issuance: Clearway Energy Operating LLC issued $600 million in aggregate principal amount of senior unsecured notes due 2034.
• Swan Solar: Agreement entered to acquire equity interests in a 650 MW solar project in Missouri for approximately $230 million, targeting commercial operations in 2028; expected to contribute ~$24 million in asset CAFD annually starting 2029.
• Honeycomb Phase 2 Storage: Agreement entered to acquire equity interests in a 210 MW storage portfolio in Utah for approximately $119 million, targeting commercial operations in 2027; expected to contribute ~$12 million in asset CAFD annually starting 2028.
• Heartland Solar Plus Storage: Offer received for a 439 MW solar plus storage project in California with 20-year PPAs; potential capital commitment of ~$130 million, targeting commercial operations in the second half of 2028.
• Class C Stock Issuance: Proceeds of $50 million from the issuance of Class C common stock during the nine months ended September 30, 2026.
• Acquisitions: Net cash used in investing activities was $896 million for the nine months, including $223 million in acquisitions and $90 million in drop-down assets.
• Conference Call: Hosted on November 9, 2026, at 5:00 p.m. Eastern to discuss results.