Company Overview - NRG Energy, Inc. is based in Houston, Texas, and operates as an energy and home services company with a market cap of $31.8 billion, owning a diverse portfolio of power-generating facilities [1] - The company provides energy production, cogeneration facilities, thermal energy production, and energy resource recovery [1] Market Position - NRG is classified as a "large-cap stock" due to its market cap exceeding $10 billion, highlighting its size and influence in the utilities - independent power producers industry [2] - The company's strengths include scale, diversification, strategic positioning, economies of scale, strong brand equity, financial resilience, and a disciplined capital allocation strategy [2] Stock Performance - NRG shares have decreased by 6.6% from their 52-week high of $175.96, reached on August 5, while the stock has gained 7.7% over the past three months, underperforming the Nasdaq Composite's 15.8% gains [3] - Year-to-date, NRG shares have risen by 82.2% and increased by 100.9% over the past 52 weeks, significantly outperforming the Nasdaq's YTD gains of 17.2% and 25.6% over the last year [4] Financial Results - In Q2, NRG reported a revenue increase of 1.2% year-over-year to $6.7 billion and an adjusted EPS growth of 1.8% to $1.73 [5] - For fiscal 2025, the company anticipates adjusted EPS to be in the range of $6.75 to $7.75, with shares dropping 13.6% on the announcement day [5] Analyst Ratings - Wall Street analysts maintain a "Moderate Buy" consensus rating for NRG, with a mean price target of $191.40, indicating a potential upside of 16.5% from current price levels [6]

Core Insights - NRG Energy, Inc. is experiencing strong financial performance due to a diverse customer base and effective customer retention strategies, alongside a significant acquisition from LS Power that will enhance its generation capacity [1][3][8] Factors Acting in Favor of NRG - The company has transformed into an integrated power company with a focus on customer-centric strategies, resulting in a diverse customer base where no single customer contributes more than 10% of total revenues [2] - NRG's strong customer retention is attributed to high-quality services, reducing reliance on any single client [2] - The acquisition of LS Power's portfolio will double NRG's generation capacity by adding 18 natural gas-fired facilities totaling nearly 13 gigawatts (GW), thereby broadening its product offerings [3][8] Growth Opportunities - NRG is unlocking new opportunities in data centers, having dedicated teams for engineering, construction, and offtake structuring to support its tailored data center strategy [4] - The company has entered into 295 megawatts of long-term retail agreements to power data centers in Texas, with initial operations expected in the second half of 2026 and full capacity by 2030 [4] Challenges Faced by NRG - NRG's operations and financial condition may be adversely affected by disruptions in fuel supplies, as the company relies heavily on natural gas, coal, and oil for power generation [5] - The company is subject to extensive federal and state regulations, which could impact its operations and cost recovery from customers [6] Stock Performance - Over the past six months, NRG's stock has increased by 67.5%, significantly outperforming the industry average growth of 5.4% [7][8]

Core Viewpoint - NRG Energy has raised its 2025 financial guidance due to strong business execution and favorable weather conditions in early 2025 [3]. Financial Guidance Updates - Adjusted net income guidance has been increased to $1,470 million – $1,590 million from the previous range of $1,330 million – $1,530 million, representing a midpoint increase of $100 million [3].

Core Insights - NRG Energy, Inc. has raised its 2025 guidance for Adjusted Net Income to a range of $1,470 - $1,590 million, up from the previous range of $1,330 - $1,530 million, indicating a midpoint increase of $100 million [1] - The company has also increased its Adjusted EPS guidance to a range of $7.55 - $8.15, compared to the prior range of $6.75 - $7.75, reflecting a midpoint increase of $0.60 [1] - Additionally, the Adjusted EBITDA guidance has been raised to a range of $3,875 - $4,025 million, up from the previous range of $3,725 - $3,975 million, which represents a midpoint increase of $100 million [1]

Group 1 - NRG is entering a phase of strong performance characterized by steady, recurring cash flows rather than short-term price fluctuations [1] Group 2 - Mr. Mavroudis is a professional portfolio manager with expertise in risk management and financial market analysis, focusing on various financial instruments globally [2] - He has successfully navigated major crises, including the COVID-19 pandemic, and contributes to financial media and educational seminars [2] - Mr. Mavroudis holds multiple degrees and certifications, enhancing his credibility in the investment field [2]

Core Viewpoint - The article highlights the challenges facing the solar energy sector in the U.S., particularly the abandonment of solar panels and the operational difficulties of major solar projects, indicating a potential crisis in renewable energy transition [1][3][5]. Group 1: Industry Challenges - Many solar farms are struggling to meet production targets, facing technical failures and extreme weather impacts [5]. - The once-promising solar energy revolution is now revealing deep flaws in planning, sustainability, and execution [5]. - The Ivanpah solar power plant, once a symbol of clean energy ambition, is facing an early closure due to competition from newer, cheaper solar technologies and environmental concerns [9][11]. Group 2: Environmental and Economic Impact - The Ivanpah plant, which cost $2.2 billion to build, is set to close two of its three units by 2026, 13 years earlier than planned, if PG&E's exit is approved [9][11]. - Environmental groups have raised alarms about the plant's impact on local wildlife, with thousands of birds dying annually due to intense light reflections [10]. - The strong light reflections from the plant pose a visual hazard to drivers on nearby highways, highlighting the environmental costs associated with solar energy projects [10]. Group 3: Future Prospects - NRG Energy, the plant's owner, has suggested a potential transition to conventional solar panel projects but has not disclosed details on costs or plans for existing equipment [11]. - Despite setbacks, other companies in the industry are finding new growth paths through technological advancements and innovative business models [11].

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **PJM capacity auction** within the **Power & Utilities** sector, highlighting the supply-demand dynamics and potential price trends through 2030. Core Insights and Arguments - **Capacity Price Projections**: In the absence of a cap, clearing prices for the PJM capacity auctions could reach approximately **$700, $1,000, and $1,150 per MW-day** for the auctions in 2027/28, 2028/29, and 2029/30 respectively [1][2][11]. - **Supply-Demand Shortfall**: A projected **2.6 GW shortfall** in the 2027/28 auction is expected to drive prices up to the ceiling, with anticipated shortfalls of **5 GW and 7 GW** in subsequent auctions [2][11][31]. - **Cap Extension Likely**: The current cap of **$329 per MW-day** is expected to be extended due to affordability concerns, rather than increased, which may not sufficiently incentivize new supply [1][4][11][15]. - **PJM Reforms**: PJM is exploring reforms to prevent capacity prices from soaring, including potential bifurcated auction markets for existing versus new resources and requiring data centers to curtail load or increase demand response participation [3][19][22]. - **Data Center Impact**: Data centers are driving over **90% of demand growth**, and their participation in capacity procurement could significantly influence market dynamics and pricing [3][18][29]. Additional Important Insights - **Deactivation Withdrawals**: A **70% withdrawal rate** from the deactivation queue is anticipated, which could lead to a **1.5 GW, 2.2 GW, and 1.7 GW** impact on supply for the next three auctions [6][34]. - **Reliability Requirement Growth**: The reliability requirement is expected to grow by approximately **3% year-over-year**, increasing from **135 GW in 2026/27 to 149 GW in 2029/30** [27][29]. - **Inflation Effects**: Rising inflation is projected to drive up demand curves, with increases in gross cone estimates for gas generation [16][17]. - **Market Bifurcation**: There is a potential for the market to be bifurcated, with new resources compensated at higher levels compared to existing resources, which could create pricing disparities [22][23]. - **State-Level Procurement**: States may consider detaching from the auction process to pursue their own procurement strategies, which could impact the dynamics of capacity decisions [23]. Company-Specific Risks - **NRG Energy, Talen Energy, and Vistra Corp**: Each company faces various risks including regulatory changes, capital market access, commodity price volatility, and operational challenges that could affect their valuations and market performance [38][39][40]. This summary encapsulates the critical insights and projections discussed during the conference call, providing a comprehensive overview of the current state and future outlook of the PJM capacity auction market.

Core Insights - Zacks Premium offers various tools for investors to enhance their stock market engagement and confidence [1] - The Zacks Style Scores serve as complementary indicators to the Zacks Rank, aiding in stock selection for potential market outperformance [2] Zacks Style Scores Overview - The Zacks Style Scores categorize stocks based on value, growth, and momentum characteristics, assigning ratings from A to F [3] - Value Score focuses on identifying undervalued stocks using financial ratios like P/E and Price/Sales [3] - Growth Score evaluates stocks based on projected earnings and sales growth [4] - Momentum Score identifies trends in stock prices and earnings estimates to optimize entry points [5] - VGM Score combines the three Style Scores to highlight stocks with attractive value, growth, and momentum [6] Zacks Rank and Style Scores Interaction - The Zacks Rank is a proprietary model based on earnings estimate revisions, with 1 (Strong Buy) stocks historically yielding an average annual return of +23.75% since 1988 [7] - Investors are encouraged to focus on stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B for optimal returns [9] - Stocks with lower ranks (4 or 5) may still have good Style Scores but are likely to face declining earnings forecasts [10] Company Spotlight: NRG Energy - NRG Energy Inc. operates in the energy sector, providing energy products and services across the U.S. [11] - The company holds a Zacks Rank of 3 (Hold) and a VGM Score of A, indicating solid performance potential [11] - NRG's Value Style Score is B, supported by a forward P/E ratio of 19.47, making it appealing to value investors [12] - Recent upward revision of earnings estimates for fiscal 2025, with the Zacks Consensus Estimate increasing by $0.04 to $7.81 per share, highlights positive momentum [12] - NRG has an average earnings surprise of +26.2%, reinforcing its attractiveness to investors [12]

PART I — FINANCIAL INFORMATION [ITEM 1 — CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND NOTES](index=8&type=section&id=ITEM%201%20%E2%80%94%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS%20AND%20NOTES) The company reported a Q2 2025 net loss of $104 million and H1 2025 net income of $646 million, a decline from prior year, with total assets at $24.1 billion, alongside strategic acquisitions and capital returns [Condensed Consolidated Statements of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Condensed Consolidated Statements of Operations Highlights | (In millions, except per share amounts) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | **$6,740** | **$6,659** | **$15,325** | **$14,088** | | Operating Income | $0 | $1,410 | $1,134 | $2,282 | | **Net (Loss)/Income** | **$(104)** | **$738** | **$646** | **$1,249** | | Net (Loss)/Income Available for Common Stockholders | $(121) | $721 | $612 | $1,215 | | **(Loss)/Income per Weighted Average Common Share — Basic** | **$(0.62)** | **$3.47** | **$3.11** | **$5.81** | | **(Loss)/Income per Weighted Average Common Share — Diluted** | **$(0.62)** | **$3.37** | **$3.01** | **$5.68** | [Condensed Consolidated Balance Sheets](index=10&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheet Highlights | (In millions) | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | **Total current assets** | **$8,195** | **$8,964** | | Property, plant and equipment, net | $3,192 | $2,021 | | **Total Assets** | **$24,088** | **$24,022** | | **Total current liabilities** | **$8,781** | **$8,813** | | Long-term debt and finance leases | $9,812 | $9,812 | | **Total Liabilities** | **$21,800** | **$21,544** | | **Total Stockholders' Equity** | **$2,288** | **$2,478** | [Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Condensed Consolidated Statements of Cash Flows Highlights | (In millions) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | | **Cash provided by operating activities** | **$1,306** | **$1,323** | | **Cash used by investing activities** | **$(1,082)** | **$(201)** | | **Cash used by financing activities** | **$(755)** | **$(691)** | | Net (Decrease)/Increase in Cash and Cash Equivalents | $(530) | $431 | [Note 1 — Nature of Business and Basis of Presentation](index=15&type=section&id=Note%201%20%E2%80%94%20Nature%20of%20Business%20and%20Basis%20of%20Presentation) - NRG is an energy and smart home company serving approximately **8 million residential customers** (**6 million retail energy**, **2 million smart home**) and various commercial customers across the U.S. and Canada[30](index=30&type=chunk) - The company's business is segmented geographically and by service type: Texas, East, West/Services/Other, Vivint Smart Home, and Corporate activities[36](index=36&type=chunk)[31](index=31&type=chunk) [Note 3 — Revenue Recognition](index=18&type=section&id=Note%203%20%E2%80%94%20Revenue%20Recognition) Disaggregated Revenue by Segment (Three months ended June 30) | (In millions) | 2025 | 2024 | | :--- | :--- | :--- | | Texas | $2,847 | $2,763 | | East | $2,737 | $2,532 | | West/Services/Other | $675 | $910 | | Vivint Smart Home | $504 | $467 | | **Total Revenue** | **$6,740** | **$6,659** | Disaggregated Revenue by Segment (Six months ended June 30) | (In millions) | 2025 | 2024 | | :--- | :--- | :--- | | Texas | $5,282 | $4,996 | | East | $7,314 | $6,047 | | West/Services/Other | $1,774 | $2,129 | | Vivint Smart Home | $998 | $935 | | **Total Revenue** | **$15,325** | **$14,088** | - As of June 30, 2025, the company has estimated future fixed fee performance obligations of **$856 million** for the remainder of 2025 and **$1.5 billion** for fiscal year 2026[49](index=49&type=chunk) [Note 4 — Acquisitions](index=21&type=section&id=Note%204%20%E2%80%94%20Acquisitions) - On May 12, 2025, NRG agreed to acquire a **13 GW natural gas generation portfolio** and a **6 GW virtual power plant platform** from LS Power, a deal consisting of **24.25 million NRG shares**, **$6.4 billion in cash**, and assumption of **$3.2 billion in debt**, expected to close in Q1 2026[56](index=56&type=chunk) - On April 10, 2025, NRG acquired six natural gas-fired power generation facilities (**738 MW**) in Texas from Rockland Capital, LLC for **$560 million in cash**[59](index=59&type=chunk) [Note 7 — Long-term Debt and Finance Leases](index=32&type=section&id=Note%207%20%E2%80%94%20Long-term%20Debt%20and%20Finance%20Leases) - Total long-term debt and finance leases (including current portion) was **$11.0 billion** as of June 30, 2025[102](index=102&type=chunk) - On May 15, 2025, the company issued a notice of redemption for its Convertible Senior Notes, and on July 8, 2025, redeemed the remaining notes, settling the principal amount primarily in cash (**$220 million**) and the conversion premium in shares (**3,986,335**)[110](index=110&type=chunk) - In May 2025, the company increased its Revolving Credit Facility by **$390 million** to a total of **$4.6 billion**, and in July 2025, added a new incremental Term Loan B of **$1.0 billion**[106](index=106&type=chunk)[105](index=105&type=chunk) [Note 9 — Changes in Capital Structure](index=34&type=section&id=Note%209%20%E2%80%94%20Changes%20in%20Capital%20Structure) - During the six months ended June 30, 2025, the company repurchased **5.6 million shares** for **$600 million** through open market repurchases, with **$857 million** remaining under the **$3.7 billion** authorization as of July 31, 2025[118](index=118&type=chunk) - In Q1 2025, NRG increased its annual dividend to **$1.76 per share** from **$1.63**, an **8% increase**, with a quarterly dividend of **$0.44 per share** paid in Q2 2025[120](index=120&type=chunk) [Note 11 — Segment Reporting](index=37&type=section&id=Note%2011%20%E2%80%94%20Segment%20Reporting) Net Income/(Loss) by Segment (Six months ended June 30) | (In millions) | 2025 | 2024 | | :--- | :--- | :--- | | Texas | $719 | $1,316 | | East | $358 | $1,029 | | West/Services/Other | $209 | $(65) | | Vivint Smart Home | $(62) | $65 | | Corporate | $(578) | $(1,096) | | **Total Net Income** | **$646** | **$1,249** | Total Assets by Segment (as of June 30, 2025) | (In millions) | Total Assets | | :--- | :--- | | Texas | $8,646 | | East | $8,932 | | West/Services/Other | $2,228 | | Vivint Smart Home | $6,731 | | Corporate | $16,364 | | Eliminations | $(18,813) | | **Total** | **$24,088** | [Note 14 — Commitments and Contingencies](index=41&type=section&id=Note%2014%20%E2%80%94%20Commitments%20and%20Contingencies) - In the CPI Security Systems v. Vivint Smart Home case, a jury verdict of **$50 million** in compensatory and **$140 million** in punitive damages was upheld by the Fourth Circuit Court of Appeals on July 22, 2025, leading the company to increase its accrual to the full judgment amount plus interest[150](index=150&type=chunk) - The patent infringement lawsuit by SB IP Holdings LLC against Vivint Smart Home, which had a **$45 million** jury verdict, was settled and dismissed during the second quarter of 2025[151](index=151&type=chunk) - The company is involved in multi-district litigation related to Winter Storm Uri in its capacity as a power generator, with claims ranging from wrongful death to property damage, and intends to vigorously defend these matters[152](index=152&type=chunk)[153](index=153&type=chunk) [ITEM 2 — MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=46&type=section&id=ITEM%202%20%E2%80%94%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management attributes the significant decline in Q2 and H1 2025 operating and net income primarily to unfavorable mark-to-market adjustments on economic hedges, while pursuing strategic acquisitions and actively returning capital to shareholders, maintaining strong liquidity [Executive Summary](index=46&type=section&id=Executive%20Summary) - NRG's strategy focuses on maximizing shareholder value by leading the convergence of energy and smart home automation, offering differentiated products, ensuring operational excellence, and maintaining disciplined capital allocation[169](index=169&type=chunk)[170](index=170&type=chunk) - Significant events in 2025 include the agreement to acquire LS Power's portfolio, the acquisition of a **738 MW Texas generation portfolio**, and continued capital allocation through **$600 million** in share repurchases and an **8% dividend increase**[205](index=205&type=chunk)[206](index=206&type=chunk)[207](index=207&type=chunk)[208](index=208&type=chunk) - The company is advancing its Texas development priorities, securing a **$216 million low-interest loan** from the Texas Energy Fund (TEF) for its T.H. Wharton facility and advancing two other projects through the TEF due diligence process[210](index=210&type=chunk) [Consolidated Results of Operations](index=54&type=section&id=Consolidated%20Results%20of%20Operations) Consolidated Results Summary (Three months ended June 30) | (In millions) | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Total revenue | $6,740 | $6,659 | $81 | | Operating Income | $0 | $1,410 | $(1,410) | | Net (Loss)/Income | $(104) | $738 | $(842) | Consolidated Results Summary (Six months ended June 30) | (In millions) | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Total revenue | $15,325 | $14,088 | $1,237 | | Operating Income | $1,134 | $2,282 | $(1,148) | | Net Income | $646 | $1,249 | $(603) | - For Q2 2025, economic gross margin decreased by **$9 million** to **$1.95 billion**, while GAAP gross margin fell by **$1.2 billion**, with the large discrepancy due to a **$1.2 billion negative swing** in mark-to-market results on economic hedges[225](index=225&type=chunk)[221](index=221&type=chunk)[222](index=222&type=chunk) - For H1 2025, economic gross margin increased by **$257 million** to **$4.04 billion**, while GAAP gross margin decreased by **$989 million**, driven by a **$1.3 billion negative swing** in mark-to-market results on economic hedges[254](index=254&type=chunk)[250](index=250&type=chunk)[251](index=251&type=chunk) [Liquidity and Capital Resources](index=71&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity Position | (In millions) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $180 | $966 | | Restricted cash | $17 | $8 | | Availability under Revolving Credit Facility | $5,058 | $4,469 | | **Total liquidity** | **$5,255** | **$5,443** | 2025 Capital Expenditures and Investments | (In millions) | H1 2025 Actual | H2 2025 Estimate | Full Year 2025 Estimate | | :--- | :--- | :--- | | Maintenance | $152 | $204 | $356 | | Environmental | $19 | $6 | $25 | | Investments and Integration | $562 | $334 | $896 | | **Total** | **$733** | **$544** | **$1,277** | - Cash flow from operations was **$1,306 million** for the first six months of 2025, a slight decrease from **$1,323 million** in the prior year period, mainly due to changes in cash collateral requirements[300](index=300&type=chunk)[301](index=301&type=chunk) [ITEM 3 — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=79&type=section&id=ITEM%203%20%E2%80%94%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company actively manages market risks including commodity price, credit, liquidity, interest rate, and currency exchange, reporting a **$60 million** one-day VaR for its commodity portfolio and **$1.1 billion** net counterparty credit exposure as of June 30, 2025 - The company's one-day Value at Risk (VaR) at a **95% confidence interval** for its commodity portfolio was **$60 million** as of June 30, 2025, compared to **$57 million** a year prior[329](index=329&type=chunk) - As of June 30, 2025, net counterparty credit exposure was **$1.1 billion**, against which NRG held **$585 million** in collateral, with **64%** of this exposure with investment-grade counterparties[331](index=331&type=chunk)[333](index=333&type=chunk) - A hypothetical **$0.50 per MMBtu decrease** in natural gas prices would require an increase in margin collateral posted of approximately **$893 million** as of June 30, 2025[340](index=340&type=chunk) - A **1% decrease** in market interest rates would have increased the fair value of the company's long-term debt by **$441 million** as of June 30, 2025[342](index=342&type=chunk) [ITEM 4 — CONTROLS AND PROCEDURES](index=81&type=section&id=ITEM%204%20%E2%80%94%20CONTROLS%20AND%20PROCEDURES) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - Based on an evaluation, the principal executive officer and principal financial officer concluded that disclosure controls and procedures were effective as of the end of the period covered by the report[345](index=345&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended June 30, 2025, that materially affected, or are reasonably likely to materially affect, the company's internal controls[346](index=346&type=chunk) PART II — OTHER INFORMATION [ITEM 1A — RISK FACTORS](index=82&type=section&id=ITEM%201A%20%E2%80%94%20RISK%20FACTORS) New material risks related to the anticipated LSP Portfolio acquisition include challenges in obtaining regulatory approvals, potential termination fees, integration difficulties, and adverse impacts on stock price from new share issuance - The consummation of the LSP Portfolio acquisition is subject to significant closing conditions, including regulatory approvals from the DOJ, FERC, and state commissions, with failure to obtain these approvals potentially delaying or preventing the acquisition[350](index=350&type=chunk)[351](index=351&type=chunk) - If the purchase agreement is terminated under certain circumstances, such as failure to obtain regulatory approvals, NRG would be required to pay LS Power a termination fee of **$400 million**[352](index=352&type=chunk) - There is a risk that NRG may not realize all expected benefits from the acquisition, such as enhanced generation capabilities, due to potential difficulties in integrating the assets and businesses efficiently[354](index=354&type=chunk) [ITEM 2 — UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](index=83&type=section&id=ITEM%202%20%E2%80%94%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) During Q2 2025, NRG repurchased **2,384,237 shares** of its common stock at an average price of **$117.39 per share** as part of its publicly announced share repurchase program Share Repurchases for the Quarter Ended June 30, 2025 | Month | Total Number of Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2025 | 1,355,371 | $92.77 | | May 2025 | 138,902 | $117.29 | | June 2025 | 889,964 | $154.91 | | **Total** | **2,384,237** | **$117.39** |

Stock Performance - NRG Energy's stock price decreased by 16% [1] Business Transaction - The power producer's initial agreement to provide electricity to data centers failed to meet investor expectations [1]