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Vistra (VST) investor relations material

Vistra Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary7 Aug, 2025

Executive summary

  • Q2 2025 adjusted EBITDA was $1.35B, with net income of $327M, and operating revenues of $4.25B, reflecting strong operational and financial performance despite higher outage and incident costs.

  • Announced acquisition of seven natural gas facilities (~2,600 MW) from Lotus Infrastructure Partners for $1.9B, expected to close late 2025 or early 2026, further diversifying the generation fleet.

  • Successfully relicensed Perry Nuclear Power Plant through 2046, securing long-term carbon-free baseload capacity.

  • Major incidents included the Moss Landing 300 battery fire and Martin Lake Unit 1 fire, resulting in asset write-offs, increased expenses, and ongoing insurance recoveries.

  • Strategic priorities include integrated business model, disciplined capital allocation, and energy transition initiatives.

Financial highlights

  • Q2 2025 adjusted EBITDA was $1.349B, with $593M from generation and $756M from retail; net income was $327M, down year-over-year due to higher outage and incident costs.

  • Operating revenues for Q2 2025 were $4.25B, up 10% year-over-year; six-month revenues rose to $8.18B.

  • Share repurchases totaled $5.4B since late 2021, reducing shares outstanding by ~30%; quarterly dividend increased to $0.226 per share.

  • Net leverage ratio at 3.0x adjusted EBITDA, with significant deleveraging expected by year-end 2026.

  • Capital expenditures for the first half of 2025 were $1.46B, with $2.2B projected for the full year.

Outlook and guidance

  • Reaffirmed 2025 adjusted EBITDA guidance of $5.5B–$6.1B and adjusted FCFbG of $3.0B–$3.6B.

  • Raised 2026 adjusted EBITDA midpoint opportunity to at least $6.8B, with formal 2026 guidance and 2027 outlook to be provided in Q3.

  • Approximately 100% of 2025 and 95% of 2026 expected generation volumes hedged.

  • Management expects continued insurance recoveries for major incidents, though timing and amounts remain uncertain.

  • Ongoing supply chain and labor constraints may impact project timelines and costs.

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Frequently asked questions

Vistra Corp is a wholesale generator and electricity retailer. The company's central business includes the production of electricity from coal and natural gas combustion, as well as wind turbines; the sale of electricity to retail electric distribution companies (Distribution Companies) in Texas; and retail sales of electricity and other products to residential, commercial, and industrial customers through its retail operations. The company also owns and operates co-generation facilities located at power plants that utilize waste heat produced in the generation of electricity to generate steam for sale or use in industrial applications.

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