Clearway Energy (CWEN) investor relations material

Executive summary

• 2026 CAFD guidance was revised to $430–$470 million due to lower renewable resource, primarily from El Niño/ENSO impacts, but 2027 CAFD per share target of $2.70+ and 2030 target of $2.90–$3.10+ remain reaffirmed, supported by committed investments and a robust organic pipeline.

• Over 80% of growth investment potential for 2026–2029 identified, with a sponsor development pipeline at 32 GW and digital infrastructure as a potential upside.

• Third-party M&A remains a potential lever, but focus is on organic development due to a strong internal pipeline.

• Major asset additions, including the Cardinal Portfolio (610 MW solar) and Honeycomb BESS completion, expanded the portfolio to 13.9 GW gross capacity.

• Reported strong growth in operating revenues and net income for Q2 2026, driven by new assets and acquisitions.

Financial highlights

• Q2 2026 adjusted EBITDA: $409 million; Q2 CAFD: $167 million; YTD adjusted EBITDA: $666 million; YTD CAFD: $237 million.

• Q2 2026 operating revenues: $481 million, up $89 million year-over-year; net income attributable to shareholders: $122 million.

• Earnings per share for Q2 2026: $1.00; dividends per Class C share increased to $0.4676, with $0.4750 declared for Q3.

• 2026 CAFD guidance lowered from $470–$510 million to $430–$470 million, reflecting weak renewable resource conditions.

• Fleet enhancements and new long-term PPAs on 600+ MW of ERCOT wind projects extend contracted tenors beyond 2040, improving EBITDA and CAFD.

Outlook and guidance

• 2027 CAFD per share target reaffirmed at $2.70+; 2030 target remains $2.90–$3.10+, with 7–8%+ compound annual CAFD per share growth expected from 2025–2030.

• 2026 CAFD guidance lowered due to weather-driven resource shortfall; long-term resource assumptions unchanged.

• Over $2 billion of identified growth lined up for 2027–2029 vintages; 70% of 2030 growth investment already commercialized.

• Updated five-year growth targets to be rolled forward into 2031 in Q3 earnings call.

• Post-2030, robust growth expected with 1.5 GW of projects already commercialized for 2030 and digital infrastructure upside.