Clearway Energy (CWEN) investor relations material

Executive summary

• 2026 CAFD guidance revised to $430M–$470M due to lower renewable resources, mainly from El Niño impacts, but 2027 CAFD per share target of $2.70+ and 2030 target of $2.90–$3.10+ reaffirmed, supported by committed investments and fleet enhancements.

• Strong Q2 2026 growth in operating revenues and net income, driven by new solar, wind, and storage assets, including the Cardinal Portfolio acquisition and Honeycomb BESS completion.

• Portfolio expanded to 13.9 GW gross capacity, with significant additions in solar, wind, and battery storage.

• Over 80% of growth investment potential for 2026–2029 identified, with a sponsor development pipeline now at 32 GW and digital infrastructure pipeline exceeding 17 GW.

• Advancing upside opportunities from sponsor pipeline, digital infrastructure, and third-party M&A, but focus remains on organic growth.

Financial highlights

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

• Q2 2026 operating revenues: $481M, up $89M year-over-year; net income attributable to shareholders: $122M; earnings per share: $1.00.

• Dividends per Class C share increased to $0.4676 in Q2 2026, with $0.4750 declared for Q3.

• Flexible Generation segment performed in line with budget; Renewables & Storage segment drove most revenue and earnings growth.

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

Outlook and guidance

• 2027 CAFD per share target reaffirmed at $2.70+; 2030 target $2.90–$3.10+ with 7–8%+ CAGR in CAFD per share from 2025–2030.

• 2026 outlook revised downward due to transitory weather, but long-term resource assumptions and operational performance remain robust.

• Over $2B of identified growth lined up for 2027–2029 vintages; $3B+ corporate capital deployment planned for 2026–2029.

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

• Management expects continued stable and growing dividends, supported by long-term contracted revenues and recent asset additions.