Clearway Energy (CWEN) investor relations material

Executive summary

• 2026 CAFD guidance revised to $430–$470 million due to lower renewable resource, primarily from El Niño impacts, but long-term earnings power and 2027 CAFD per share target of $2.70+ remain intact, supported by committed investments and fleet enhancements.

• Path to 2030 CAFD per share target of $2.90–$3.10+ strengthened by a robust organic pipeline, digital infrastructure, and third-party M&A opportunities.

• Portfolio expanded to 13.9 GW gross capacity, with major acquisitions like the Cardinal Portfolio and Honeycomb BESS completion.

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

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

Financial highlights

• Q2 2026 adjusted EBITDA: $409 million; Q2 CAFD: $167 million; Q2 operating revenues: $481 million; Q2 net income: $122 million.

• Year-to-date adjusted EBITDA: $666 million; year-to-date CAFD: $237 million; six-month operating revenues: $835 million.

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

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

• Fleet enhancements and repowering programs are delivering higher EBITDA and CAFD.

Outlook and guidance

• 2027 CAFD per share target reaffirmed at $2.70+; 2030 target of $2.90–$3.10+ with payout ratio below 70%.

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

• 7–8%+ compound annual CAFD per share growth expected from 2025–2030.

• Growth visibility extends into the 2030s, with digital infrastructure and data center demand providing additional upside.

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