Sunrun (RUN) Investor presentation summary

Strategic positioning and market opportunity

• Holds a 19% share of residential solar installations and 37% of subscription volumes, leading the U.S. market.

• Residential solar penetration is ~6% of U.S. homes, with storage at less than 1%; significant room for growth remains.

• Storage attachment rate reached a record 73% in 1Q26, with over 251,000 battery systems installed.

• Distributed power plant programs are expanding, with 18 active programs and over 107,000 customers enrolled.

• Electric vehicle adoption and home electrification trends are increasing demand for solar and storage solutions.

Financial performance and outlook

• Aggregate Subscriber Value in 1Q26 was $1.1 billion, down 13% year-over-year; Contracted Net Value Creation was $108 million, down 34%.

• Net Subscriber Value per addition increased 14% year-over-year to $11,892, driven by higher system values and ITC achievement.

• Upfront Net Subscriber Value margin expanded to 9% in 1Q26, reflecting improved cost control and higher-value offerings.

• Cash Generation for 2026 is projected at $250–$450 million, weighted toward the second half due to seasonality and project finance timing.

• Guidance for full-year 2026 anticipates $4.8–$5.2 billion in Aggregate Subscriber Value and $650–$1,050 million in Contracted Net Value Creation.

Capital structure and allocation

• Ended 1Q26 with $680 million in unrestricted cash and $626 million in recourse debt; repaid $212 million of recourse debt over the past year.

• Raised $2.8 billion in non-recourse project debt in 2025 and $774 million YTD; secured $1.1 billion in new tax equity commitments YTD.

• Implemented a robust safe harbor program to maximize ITC benefits through 2030, investing $50–$100 million in 2026.

• Capital allocation priorities include continued investment in technology, further debt reduction, and maintaining a strong balance sheet.