Vistra (VST) investor relations material

Executive summary

• Achieved record Q1 2026 adjusted EBITDA of $1.5 billion, up from $1.24 billion in Q1 2025 and $810 million in Q1 2024, driven by strong generation and retail performance despite mild ERCOT weather.

• Reported GAAP net income of $1,029 million for Q1 2026, including a $723 million unrealized gain from hedges expected to settle in future years.

• Announced acquisition of 5,500 MW Cogentrix natural gas portfolio and signed long-term PPAs with Meta and AWS, strengthening contracted revenue base.

• Returned approximately $600 million to shareholders in Q1 2026 through dividends and share repurchases, reflecting disciplined capital allocation.

• Achieved investment grade ratings from Fitch and S&P, triggering release of asset liens and enhancing financial flexibility.

Financial highlights

• Adjusted EBITDA for Q1 2026 was $1,494 million, with generation contributing $1,426 million and retail $68 million.

• Net income for Q1 2026 was $1,029 million, compared to a net loss of $268 million in Q1 2025.

• Operating revenues for Q1 2026 were $5,640 million, up from $3,933 million in Q1 2025.

• Cash provided by operating activities was $1,199 million, compared to $599 million in Q1 2025.

• Retail performance moderated from last year's record but remains on track for medium-term targets.

Outlook and guidance

• Reaffirmed 2026 adjusted EBITDA guidance of $6.8–$7.6 billion and adjusted FCFbG guidance of $3.925–$4.725 billion.

• 2027 adjusted EBITDA midpoint opportunity projected at $7.4–$7.8 billion, excluding Cogentrix acquisition and new PPAs.

• Guidance excludes potential contributions from pending Cogentrix acquisition and Meta PPAs; updates expected post-closing.

• Hedge coverage for 2026, 2027, and 2028 at approximately 98%, 89%, and 65%, respectively.

• Expected to convert over 60% of adjusted EBITDA to adjusted FCFbG over the medium term.