[Part I: Financial Information](index=5&type=section&id=Part%20I%3A%20Financial%20Information) This section presents the company's unaudited financial statements and management's discussion of financial condition and results of operations [Item 1: Condensed Consolidated Financial Statements (Unaudited)](index=5&type=section&id=Item%201%3A%20Condensed%20Consolidated%20Financial%20Statements%20%28Unaudited%29) This section presents Fluor Corporation's unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2023 [Statement of Operations](index=5&type=section&id=Statement%20of%20Operations) For the third quarter of 2023, Fluor reported revenue of $3.96 billion and net earnings attributable to Fluor of $206 million, a significant improvement from a net earnings of $22 million in the same period of 2022. For the nine-month period, revenue was $11.65 billion with net earnings of $161 million. Diluted EPS for Q3 2023 was $1.15, compared to $0.08 in Q3 2022 Condensed Consolidated Statement of Operations (Unaudited) | (in millions, except per share amounts) | 3ME Sep 30, 2023 | 3ME Sep 30, 2022 | 9ME Sep 30, 2023 | 9ME Sep 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | **$3,963** | **$3,612** | **$11,654** | **$10,034** | | Gross profit (loss) | $251 | $(15) | $411 | $222 | | Operating profit (loss) | $218 | $(11) | $172 | $190 | | Earnings before taxes | $260 | $3 | $291 | $194 | | Net earnings (loss) | $181 | $(24) | $119 | $105 | | **Net earnings attributable to Fluor** | **$206** | **$22** | **$161** | **$136** | | Net earnings available to Fluor common stockholders | $169 | $12 | $105 | $107 | | **Diluted EPS available to Fluor common stockholders** | **$1.15** | **$0.08** | **$0.72** | **$0.74** | [Statement of Comprehensive Income (Loss)](index=6&type=section&id=Statement%20of%20Comprehensive%20Income%20%28Loss%29) Comprehensive income attributable to Fluor was $177 million for Q3 2023, a substantial turnaround from a loss of $1 million in Q3 2022, driven by higher net earnings and foreign currency translation adjustments Condensed Consolidated Statement of Comprehensive Income (Loss) (Unaudited) | (in millions) | 3ME Sep 30, 2023 | 3ME Sep 30, 2022 | 9ME Sep 30, 2023 | 9ME Sep 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | Net earnings (loss) | $181 | $(24) | $119 | $105 | | Total OCI, net of tax | $(26) | $(23) | $37 | $(12) | | Comprehensive income (loss) | $155 | $(47) | $156 | $93 | | **Comprehensive income (loss) attributable to Fluor** | **$177** | **$(1)** | **$195** | **$124** | [Balance Sheet](index=7&type=section&id=Balance%20Sheet) As of September 30, 2023, Fluor's total assets increased to $7.16 billion from $6.83 billion at year-end 2022, with total equity rising to $2.02 billion and cash and cash equivalents at $2.42 billion Condensed Consolidated Balance Sheet (Unaudited) | (in millions) | September 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Current Assets** | | | | Cash and cash equivalents | $2,421 | $2,439 | | Total current assets | $5,060 | $5,044 | | **Total Assets** | **$7,163** | **$6,827** | | **Current Liabilities** | | | | Total current liabilities | $3,140 | $3,216 | | Long-term debt | $1,425 | $978 | | **Total Liabilities** | **$5,141** | **$4,831** | | **Total Equity** | **$2,022** | **$1,996** | | **Total Liabilities and Equity** | **$7,163** | **$6,827** | [Statement of Cash Flows](index=8&type=section&id=Statement%20of%20Cash%20Flows) For the nine months ended September 30, 2023, net cash used in operating activities was $96 million, while investing activities used $46 million and financing activities provided $131 million, resulting in a slight decrease in cash and cash equivalents Condensed Consolidated Statement of Cash Flows (Unaudited) | (in millions) | 9ME Sep 30, 2023 | 9ME Sep 30, 2022 | | :--- | :--- | :--- | | **Operating cash flow** | **$(96)** | **$(15)** | | **Investing cash flow** | **$(46)** | **$(64)** | | **Financing cash flow** | **$131** | **$378** | | Effect of exchange rate changes on cash | $(7) | $(72) | | Increase (decrease) in cash and cash equivalents | $(18) | $227 | | Cash and cash equivalents at beginning of period | $2,439 | $2,209 | | **Cash and cash equivalents at end of period** | **$2,421** | **$2,436** | [Statement of Changes in Equity](index=9&type=section&id=Statement%20of%20Changes%20in%20Equity) Total equity increased from $2.00 billion at year-end 2022 to $2.02 billion as of September 30, 2023, driven by net earnings and OCI adjustments, partially offset by dividends and other transactions Changes in Equity - 9 Months Ended Sep 30, 2023 (in millions) | Description | Amount | | :--- | :--- | | **Balance as of December 31, 2022** | **$1,996** | | Net earnings | $119 | | OCI | $37 | | Dividends on CPS | $(30) | | Conversion of CPS to common stock | $(26) | | Capped call transactions related to 2029 Notes | $(73) | | Distributions to NCI, net of contributions | $(36) | | Stock-based plan activity & Other | $35 | | **Balance as of September 30, 2023** | **$2,022** | [Notes to Financial Statements](index=12&type=section&id=Notes%20to%20Financial%20Statements) This section provides detailed disclosures supporting the financial statements, covering accounting policies, segment information, legal contingencies, debt, equity, and other financial matters - The financial statements are unaudited and contain all normal recurring adjustments necessary for a fair presentation, requiring conjunction with the 2022 10-K as they do not include all annual disclosures[109](index=109&type=chunk)[110](index=110&type=chunk) - The company is evaluating the impact of new SEC rules on clawback policies for incentive-based compensation, which must be amended by December 2023[112](index=112&type=chunk) - The company did not implement any new accounting pronouncements in the 2023 period but is assessing future disclosure requirements from new SEC rules[111](index=111&type=chunk) Operating Information by Segment - 9 Months Ended Sep 30, 2023 vs 2022 | (in millions) | 9ME 2023 Revenue | 9ME 2022 Revenue | 9ME 2023 Segment Profit | 9ME 2022 Segment Profit | | :--- | :--- | :--- | :--- | :--- | | Energy Solutions | $4,886 | $4,097 | $355 | $177 | | Urban Solutions | $3,842 | $3,279 | $121 | $(21) | | Mission Solutions | $2,009 | $1,779 | $84 | $115 | | Other | $917 | $879 | $(108) | $(18) | | **Total** | **$11,654** | **$10,034** | **$452** | **$253** | - The company is involved in significant litigation, including a case with Santos Ltd. where a non-binding report recommended a judgment against Fluor for **AUD $790 million**, though Fluor contests this and the applicability of a liability cap. A hearing is scheduled for February 2024[7](index=7&type=chunk) - In September 2023, the company settled an SEC investigation related to 2019 charges by agreeing to pay a civil penalty of **$15 million**, which was previously reserved and did not materially impact Q3 2023 results. The DOJ closed its related investigation without bringing charges[148](index=148&type=chunk) - In August 2023, the company issued **$575 million** of 1.125% Convertible Senior Notes due 2029, receiving net proceeds of **$560 million**[133](index=133&type=chunk) - In September 2023, the company exercised its mandatory conversion rights on all outstanding Convertible Preferred Stock (CPS), converting them into common stock and ceasing all future CPS dividends[169](index=169&type=chunk) [Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202%3A%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition and results of operations, focusing on segment performance, liquidity, and capital resources, with backlog remaining stable at $26.0 billion Consolidated Backlog (in millions) | Date | Amount | | :--- | :--- | | January 1, 2023 | $26,049 | | September 30, 2023 | $26,004 | - The company completed the divestiture of its AMECO business with the sale of AMECO South America in March 2023, which resulted in a **$60 million** negative earnings impact in the 2023 period[206](index=206&type=chunk) - In August 2023, the company issued **$575 million** in 2029 Convertible Senior Notes and used proceeds to tender for **$115 million** of its 2024 Notes. It also redeemed the remaining **€129 million** of its 2023 Notes in January 2023[235](index=235&type=chunk) [Results of Operations](index=32&type=section&id=Results%20of%20Operations) Consolidated revenue and segment profit significantly improved in Q3 and the first nine months of 2023 due to new project ramp-ups and favorable outcomes, despite charges on legacy projects and the AMECO sale Segment Profit (Loss) Overview (in millions) | Segment | 3ME 2023 | 3ME 2022 | 9ME 2023 | 9ME 2022 | | :--- | :--- | :--- | :--- | :--- | | Energy Solutions | $177 | $59 | $355 | $177 | | Urban Solutions | $66 | $(50) | $121 | $(21) | | Mission Solutions | $38 | $29 | $84 | $115 | | Other | $(5) | $(7) | $(108) | $(18) | | **Total Segment Profit** | **$276** | **$31** | **$452** | **$253** | - G&A expenses increased to **$56 million** in Q3 2023 from **$30 million** in Q3 2022, primarily driven by higher performance-based compensation and stock-price-driven compensation[215](index=215&type=chunk)[296](index=296&type=chunk) [Liquidity and Capital Resources](index=37&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains sufficient liquidity with $2.6 billion in cash and marketable securities and a $1.8 billion credit facility, despite negative operating cash flow of $96 million for the first nine months of 2023 - As of September 30, 2023, the company had **$2.6 billion** in cash and marketable securities and access to a **$1.8 billion** credit facility with **$797 million** of borrowing capacity[305](index=305&type=chunk)[218](index=218&type=chunk) - Operating cash flow for the first nine months of 2023 was negative **$96 million**, impacted by working capital increases on large projects and funding of approximately **$82 million** for loss projects[238](index=238&type=chunk)[240](index=240&type=chunk) - In connection with the 2029 Notes issuance, the company entered into capped call transactions for **$73 million** to mitigate potential stock dilution, with a strike price of **$45.37** and a cap price of **$68.48** per share[257](index=257&type=chunk)[247](index=247&type=chunk) [Item 3: Quantitative and Qualitative Disclosures about Market Risk](index=41&type=section&id=Item%203%3A%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) There have been no material changes to the company's market risk during the first nine months of 2023, with disclosures from the 2022 Annual Report on Form 10-K remaining relevant - There have been no material changes to market risk during the 2023 Period[250](index=250&type=chunk) [Item 4: Controls and Procedures](index=42&type=section&id=Item%204%3A%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of September 30, 2023, with no material changes to internal control over financial reporting during the quarter - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures are effective as of the end of the reporting period[263](index=263&type=chunk) - No changes occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[264](index=264&type=chunk) [Part II: Other Information](index=44&type=section&id=Part%20II%3A%20Other%20Information) This section covers legal proceedings, risk factors, equity security sales, mine safety, and other miscellaneous information [Item 1: Legal Proceedings](index=44&type=section&id=Item%201%3A%20Legal%20Proceedings) The company is party to various legal proceedings as part of its normal business activities, with material pending matters disclosed in Part I, Item 1 (Notes to Financial Statements) - The company is party to a number of legal proceedings in the normal course of business and discloses material pending matters pursuant to SEC rules[254](index=254&type=chunk) [Item 1A: Risk Factors](index=44&type=section&id=Item%201A%3A%20Risk%20Factors) This section updates risk factors from the 2022 10-K, introducing new risks associated with the recently issued 2029 Convertible Senior Notes and related capped call transactions - A new risk factor is the counterparty risk associated with the capped call transactions, exposing the company to the credit risk of the option counterparties (financial institutions), which is not secured by collateral[270](index=270&type=chunk)[279](index=279&type=chunk) - Hedging activities by the capped call option counterparties could cause fluctuations in the market price of Fluor's common stock and/or the 2029 Notes, potentially affecting the value an investor receives upon conversion[277](index=277&type=chunk)[278](index=278&type=chunk) [Item 2: Unregistered Sales of Equity Securities and Use of Proceeds](index=44&type=section&id=Item%202%3A%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase any of its equity securities during the third quarter of 2023, with approximately 10.5 million shares remaining available for repurchase under the existing program Issuer Purchases of Equity Securities (Q3 2023) | Period | Total Number of Shares Purchased | Average Price Paid per Share | Maximum Number of Shares that May Yet Be Purchased Under the Program | | :--- | :--- | :--- | :--- | | July 2023 | — | $— | 10,513,093 | | August 2023 | — | $— | 10,513,093 | | September 2023 | — | $— | 10,513,093 | | **Total** | **—** | **$—** | **10,513,093** | [Item 4: Mine Safety Disclosures](index=45&type=section&id=Item%204%3A%20Mine%20Safety%20Disclosures) This section, included as required, contains no specific mine safety disclosures - This item is listed in the table of contents, but no substantive information was provided in the source document[256](index=256&type=chunk) [Item 5: Other Information](index=45&type=section&id=Item%205%3A%20Other%20Information) No information is reported under this item for the period - No information was reported under this item[283](index=283&type=chunk) [Item 6: Exhibits](index=46&type=section&id=Item%206%3A%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications, debt instruments, and credit agreement amendments - Key exhibits filed include the Indenture for the 1.125% Convertible Senior Notes due 2029, an amendment to the Revolving Credit Agreement, and CEO/CFO certifications under Sarbanes-Oxley Sections 302 and 906[285](index=285&type=chunk)

Financial Data and Key Metrics Changes - Revenue for Q2 2023 was $3.9 billion, representing a 20% increase from the previous year, driven by execution activities in Energy Solutions, Urban Solutions, and Mission Solutions [22][37] - Adjusted EBITDA for the quarter was $181 million, compared to $68 million a year ago, with adjusted EPS rising to $0.76 from $0.15 in Q2 2022 [23][22] - Cash and marketable securities balance was $2.1 billion, with positive operating cash flow of $62 million for the quarter [24] Business Segment Data and Key Metrics Changes - Urban Solutions reported a profit of $76 million, with new awards totaling $2.3 billion and a backlog of $11.7 billion, 58% of which is reimbursable [6] - Mining & Metals is advancing critical minerals production, including lithium projects in North America and Europe [12] - Advanced Technologies & Life Sciences secured a $574 million award for a new life sciences facility and a $487 million expansion for a biotech facility in Denmark [13] - Mission Solutions reported a segment profit of $40 million, up from $28 million a year ago, driven by increased activities in European logistics support [42] Market Data and Key Metrics Changes - New awards for the quarter totaled $3.7 billion, with a total backlog of $25.5 billion, 64% of which is reimbursable [11][50] - The company is tracking approximately $49 billion in key EPC and EPCM prospects across various sectors [38] Company Strategy and Development Direction - The company is focused on expanding its portfolio in semiconductor work and energy transition projects, with a robust prospect pipeline estimated at $300 billion [38][67] - A strategic partnership with Tech Mahindra aims to enhance digital transformation and support client demand for digital handovers [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth, supported by a strong prospect pipeline and improved margins on new awards [20][51] - The company anticipates continued positive cash flow trends and has raised its adjusted earnings per share guidance for 2023 to a range of $2 to $2.30 [51] Other Important Information - The DOJ has closed its investigation of the company without bringing charges, which is a positive development for the company [24] - The company is well-positioned for future nuclear remediation opportunities with the DOE [16] Q&A Session Summary Question: Guidance for the back half of the year - Management indicated that the guidance reflects a run rate of $140 million to $160 million, with expectations for a positive trend moving forward [28] Question: Terms and conditions of projects and margin expectations - Management noted that new awards are coming in at margins 200 basis points above the current backlog margin, indicating strong margin power for 2024 [30] Question: Impact of claims resolution on guidance - Management clarified that the guidance does not factor in additional claims resolution activities until a better assessment is made [61] Question: Visibility on new awards for the second half of the year - Management expressed confidence in the visibility of new awards, with many projects ready to move forward [108] Question: Financial profile and balance sheet update - Management confirmed plans to address the 2024 notes and ongoing discussions regarding monetization of NuScale [89] Question: Energy transition projects and margin performance - Management highlighted significant activity in energy transition projects, including carbon capture and lithium projects, which are expected to enhance margin performance [90]

Table of Contents ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-16129 FLUOR CORPORATION (Exact name of registrant as specified in its charter) Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered Common Stock, $.01 par value per share FLR New ...

Fluor Corporation (NYSE:FLR) Q1 2023 Earnings Conference Call May 5, 2023 8:30 PM ET Company Participants Jason Landkamer - Head of IR David Constable - Chairman & CEO Joe Brennan - CFO Conference Call Participants Andy Wittmann - Baird Jamie Cook - Credit Suisse Sean Eastman - KeyBanc Capital Markets Michael Dudas - Vertical Research Brent Thielman - D.A. Davidson Steven Fisher - UBS Andrew Kaplowitz - Citigroup Operator Good morning, and welcome to Fluor's First Quarter 2023 Earnings Conference Call. Toda ...

Table of Contents Washington, D.C. 20549 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-16129 FLUOR CORPORATION (Exact name of registrant as specified in its charter) 469-398-7000 (Registrant's telephone number, including area code) Securities registered pursuant to Se ...

Fluor Corporation (NYSE:FLR) Q4 2022 Earnings Conference Call February 21, 2023 8:30 PM ET Company Participants Jason Landkamer - Head of Investor Relations David Constable - Chairman and Chief Executive Officer Joe Brennan - Chief Financial Officer Conference Call Participants Michael Dudas - Vertical Research Andy Wittmann - Baird Jamie Cook - Credit Suisse Brent Thielman - D.A. Davidson Steven Fisher - UBS Michael Feniger - Bank of America Operator Good morning, and welcome to Fluor's Fourth Quarter 2022 ...

• Many of our employees continue to work remotely. While many of our employees can effectively perform their responsibilities while working remotely, some work may not be completed as efficiently as if it were performed on site. • Various vaccine mandates issued by clients or governments could negatively impact our ability to attract and retain qualified employees, increase costs and administrative burden and make us subject to fines. • Illness, travel restrictions or other workforce disruptions have affect ...

Financial Data and Key Metrics Changes - Revenue for Q3 2022 was $3.6 billion, an increase attributed to the ramp-up of execution activities on refinery projects in Mexico and a recently awarded reimbursable LNG project [39] - Segment profit decreased to $31 million from $116 million a year ago, primarily due to $107 million in legacy infrastructure project charges [39] - Adjusted EBITDA for the quarter was $26 million, with diluted adjusted EPS at $0.07 [40] - Operating cash flow improved to $118 million, with cash and marketable securities balances at $2.6 billion [42][43] Business Line Data and Key Metrics Changes - Urban Solutions reported a segment loss of $54 million due to infrastructure cost growth on legacy projects, with new awards approaching a one-to-one book-to-burn ratio at $929 million [15][39] - Mission Solutions reported segment profit of $29 million, consistent with expectations, with new awards including a $4.5 billion extension with the U.S. Department of Energy [26][27] - Energy Solutions segment profit was $59 million, reflecting an embedded derivative loss and declines in execution activity for nearing completion projects [29] Market Data and Key Metrics Changes - New awards for Q3 totaled $9.7 billion, improving backlog to $25.4 billion, with reimbursable backlog at 58% [42] - The company is tracking $131 billion in high-quality new award prospects, with 40% related to energy transition [14] - The outlook for Mission Solutions is optimistic with upcoming renewals and new work opportunities [28] Company Strategy and Development Direction - The company is focusing on fair and balanced contract terms, with 91% of new awards being reimbursable [13] - A strategic priority is driving growth across the portfolio, particularly in the Urban Solutions segment with the retention of Stork's North American operations [16][17] - The company is narrowing its infrastructure focus to regional road and bridge work, declining to bid on approximately $28 billion in infrastructure work that did not meet risk mitigation criteria [24] Management's Comments on Operating Environment and Future Outlook - Management acknowledges recessionary pressures and inflation but expects capital spending to remain strong among key clients [70][71] - The company anticipates continued backlog growth and improved margins, particularly in reimbursable work [75] - Management is optimistic about the energy transition projects and the potential for significant new awards in the chemical sector [57] Other Important Information - The company is actively engaged in formalizing entitlement positions on legacy projects to seek relief for cost growth and delays [12] - The company plans to retire $145 million in debt maturing in March 2023 using available cash [47] - The fourth quarter adjusted EPS guidance is set at $0.50 to $0.60, with expectations for revenue exceeding $4 billion [49] Q&A Session All Questions and Answers Question: Prospective award potential in semiconductors, mining, and energy - Management discussed strong relationships with clients like Intel, with expected CapEx increases and upcoming mining projects anticipated to convert to full awards in the next quarters [54][56][57] Question: Update on infrastructure project completion dates - Completion forecasts for LBJ 635, Gordie Howe, and LAX projects were provided, with LBJ expected to complete in Q2 2025 and LAX in Q2 2024 [64][65] Question: Expectations for Urban Solutions margins and performance - Management indicated confidence in achieving a 4% margin in Urban Solutions for Q4, with expectations for improved performance as challenged projects are resolved [81][82] Question: Impact of inflation on LNG Canada project - Management stated that procurement is complete for the LNG Canada project, with inflation risks largely mitigated through project labor agreements [90] Question: Cash flow generation improvement timeline - Management confirmed that improved cash flow generation is expected in 2023, with potential sources of cash from key projects [96]

Fluor Corporation (NYSE:FLR) Q2 2022 Earnings Conference Call August 5, 2022 8:30 AM ET Company Participants Jason Landkamer - Head-IR David Constable - Chairman and CEO Joe Brennan - CFO Conference Call Participants Michael Dudas - Vertical Research Steven Fisher - UBS Jamie Cook - Credit Suisse Andy Wittmann - Baird Sean Eastman - KeyBanc Capital Markets Andy Kaplowitz - Citi Michael Feniger - Bank of America William Kim - Davidson Operator Good morning and welcome to Fluor's Second Quarter 2022 Earnings ...

Q1 2022 Performance and Guidance - Q1 2022 Ongoing Operations Adjusted EBITDA was $547 million[14] - Vistra reaffirmed its 2022 Ongoing Operations Adjusted EBITDA guidance of $2810 million - $3310 million[14] - Vistra reaffirmed its 2022 Adjusted FCFbG guidance of $2070 million - $2570 million[14] Capital Allocation - Vistra executed ~$1195 million of the authorized $2 billion share repurchase program as of May 3, 2022[20] - ~4318 million shares remain outstanding as of May 3, 2022, a ~105% reduction since November 2021[20] - The board approved a quarterly dividend of $0177 per share that will be paid on June 30, 2022 (~18% increase over dividend paid June 30, 2021)[20] - Available liquidity as of May 5, 2022, was ~$21 billion[20] Hedging Strategy - As of March 31, 2022, Vistra is 93% and 96% hedged in Texas and East, respectively, for 2022[22] - As of March 31, 2022, Vistra is 60% and 67% hedged in Texas and East, respectively, for 2023[22] - Vistra's Ongoing Operations Adjusted EBITDA mid-point opportunity is in the range of $35 billion - $37 billion from 2023 to 2025[24] Vistra Zero Portfolio - Vistra expects to grow the Vistra Zero portfolio to ~7300 MW by 2026[27] - Construction completed on 158 MW of additional solar generation[12, 30] - Construction completed on 260 MW of battery storage[12, 33]