Vistra — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported GAAP Net Income of $1,140 million for the quarter ended September 30, 2026, compared to $652 million in the same period in 2025.
• Ongoing Operations Adjusted EBITDA reached $2,378 million for the quarter, representing growth of more than 50% year-over-year compared to $1,581 million in Q3 2025.
• For the nine months ended September 30, 2026, Net Income was $2,474 million versus $711 million in the prior year period.
• Nine-month Ongoing Operations Adjusted EBITDA totaled $5,639 million, up from $4,170 million in the same period of 2025.
• Operating revenues for the quarter were $6,347 million, up from $4,971 million in Q3 2025.
• Nine-month operating revenues were $16,004 million, compared to $13,154 million in the prior year.
• Segment Adjusted EBITDA for the quarter included Texas at $1,227 million, East at $979 million, Retail at $98 million, and West at $76 million.
• Nine-month segment Adjusted EBITDA included Texas at $2,124 million, East at $2,422 million, Retail at $939 million, and West at $200 million.
• Cash provided by operating activities for the nine months ended September 30, 2026, was $4,330 million, compared to $2,638 million in the prior year.
• Capital expenditures, including nuclear fuel purchases and LTSA prepayments, were $2,319 million for the nine months ended September 30, 2026.

Guidance and Future Outlook:

• Raised the midpoint and narrowed the range for 2026 Ongoing Operations Adjusted EBITDA to $7.1 billion to $7.5 billion.
• Raised the midpoint and narrowed the range for 2026 Ongoing Operations Adjusted FCFbG to $4.3 billion to $4.7 billion.
• Initiated 2027 Ongoing Operations Adjusted EBITDA guidance ranges of $7.7 billion to $8.5 billion.
• Initiated 2027 Ongoing Operations Adjusted FCFbG guidance ranges of $4.3 billion to $5.1 billion.
• As of October 30, 2026, approximately 100% of expected generation volumes for 2026, 98% for 2027, and 78% for 2028 were hedged.

Business Segments and Product Lines:

• Closed the acquisition of Cogentrix Energy in October 2026, adding approximately 5,500 MW of natural gas-fueled generation capacity.
• Commenced operations of the 405 MW Pulaski Solar Facility in Illinois under a power purchase agreement with Microsoft.
• Commenced operations of the 100 MW Deer Creek Solar & Energy Storage Facility in California.
• Announced a 20-year, 207 MW power purchase agreement with New Era Energy and Digital at the Odessa combined cycle gas plant in Texas.
• Martin Lake Unit 1 returned to operational status, contributing to the quarter's EBITDA growth.
• The fleet achieved commercial availability of nearly 95% during the quarter.

Market and Competitive Landscape:

• Recorded record weather across markets during the quarter, including new all-time peak demand records in July in both ERCOT and PJM.
• Higher realized energy and capacity prices were a primary driver of the quarter's financial performance.
• The company continues to see opportunities for long-term agreements as the power landscape evolves.

Risks and Challenges:

• Net Income was partially offset by higher depreciation and amortization expense driven by three months' contribution from plants acquired from Lotus.
• A partial impairment of the Moss Landing 350 facility impacted results.
• Higher taxes contributed to the variance in Net Income compared to the prior year.
• The press release notes forward-looking risks including adverse changes in economic or market conditions, political conditions, regulatory changes, weather severity, and integration risks associated with acquisitions.

Management Commentary and Tone:

• Jim Burke, President and CEO, expressed pride in the results, citing the team's ability to keep the fleet running safely and reliably during one of the hottest calendar third quarters on record.
• Management highlighted that their disciplined approach to spring maintenance paid off when customers needed reliable power most.
• The tone emphasized confidence in the growth strategy, noting significant progress on commercial and development work.
• Management stated the company remains focused on delivering safe, reliable, and affordable electricity and looks forward to finishing the year strong.

Other Key Points:

• The Board of Directors authorized an additional $1.5 billion in share repurchases, expected to be utilized by year-end 2028.
• Approximately $6.7 billion in share repurchases have been executed since November 2021.
• Share count has been reduced by approximately 30% since November 2, 2021, with ~339 million shares outstanding as of November 2, 2026.
• Approximately $2.5 billion of share repurchase authorization remains available.
• In October and November 2026, Vistra redeemed all $1 billion of its Series A Preferred Stock.
• Vistra paid approximately $2.2 billion in cash as part of the Cogentrix Energy acquisition.
• Vistra repaid approximately $1.7 billion of debt assumed in the Cogentrix acquisition.
• Total available liquidity was approximately $8,923 million as of September 30, 2026, including $2,743 million in cash and cash equivalents.
• Pro forma available liquidity was reduced to approximately $5.4 billion following the redemption of preferred stock, acquisition payments, and debt repayments.