Core Viewpoint - Vistra announced the dual listing of its common stock on NYSE Texas, effective August 19, 2025, enhancing its presence in the financial market [1]. Group 1: Company Overview - Vistra is a leading integrated retail electricity and power generation company based in Irving, Texas, providing essential resources across the United States from California to Maine [4]. - The company operates a diverse power generation fleet, including natural gas, nuclear, coal, solar, and battery energy storage facilities, focusing on reliability, affordability, and sustainability [4]. Group 2: Strategic Moves - Vistra has become a Founding Member of NYSE Texas, reflecting its long-standing Texas roots dating back to 1882 [2]. - The company will continue to trade under the ticker symbol "VST" on both NYSE and NYSE Texas, maintaining its primary exchange on NYSE [3]. Group 3: Industry Context - The establishment of NYSE Texas aims to position Texas as a leading global financial hub, aligning with Vistra's commitment to the state's economic growth [2]. - The dual listing is expected to enhance Vistra's visibility and accessibility to investors, further solidifying its market position [1][3].

Core Insights - Vistra Corp. (NYSE: VST) is positioned as a quality investment rather than a typical value idea, emphasizing strong fundamentals and growth potential [1] - The company exhibits robust growth grades and high profitability, ranking near the top of its sector [1] - Although Vistra's balance sheet is more leveraged, it is still managing well [1] Financial Performance - Vistra Corp. demonstrates strong profitability metrics, indicating effective management and operational efficiency [1] - The company's growth grades suggest a positive outlook for future performance, aligning with investor interests in quality over mere value [1] Investment Strategy - The article highlights the importance of understanding macroeconomic trends and market dynamics, which are crucial for identifying investment opportunities [1] - The focus on options trading and dark pool activity reflects a sophisticated approach to market analysis, aiming to uncover hidden movements and trends [1]

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.

Group 1 - Vistra Corp. is expanding its generation portfolio with a planned acquisition of Lotus for $1.9 billion [1] - The company has secured an additional 20 years of operating life for its assets [1] - The focus is on providing a clear and disciplined analysis of the company's performance and potential [1]

Group 1 - Kennedy is a GARP-themed investor focusing on companies with aggressive growth prospects that are expected to become highly profitable within 1-2 years [1] - The investment philosophy emphasizes long-term discipline, consistent alpha generation, and an acknowledgment of risk [1] - The Curious Analyst is an associate of Kennedy Njagi, indicating a collaborative approach in investment analysis [1] Group 2 - There is no stock, option, or similar derivative position held by the analyst in the companies mentioned, but there is a potential for initiating a long position in VST within the next 72 hours [1] - The article expresses the author's own opinions and is not influenced by compensation from any company mentioned [1]

Core Insights - Vistra Corp. (VST) is a key player in the U.S. energy transition, focusing on advanced energy storage systems to improve grid reliability and support renewable energy integration [1] Group 1: Company Overview - Vistra's Moss Landing Energy Storage Facility in California is one of the largest in the world, providing essential peak-shaving capabilities and enhancing grid stability [2] - As of December 31, 2024, Vistra owns 750 megawatts (MW) in California, 270 MW in Texas, and 4 MW in Illinois, with plans for additional battery storage systems in Illinois [3] - The company's diverse portfolio includes renewables, gas, and storage, creating synergies that optimize costs and output [4] Group 2: Market Position and Performance - Battery storage projects are crucial for utilities, enabling improved grid stability and maximizing renewable energy output [5] - Vistra's stock has increased by 22.4% over the past six months, outperforming the Zacks Utility Electric Power industry's growth of 11.5% [7] - Vistra's return on equity (ROE) stands at 108.41%, significantly higher than the industry average of 10.36% [8][12] Group 3: Earnings and Financial Performance - The company has exceeded earnings expectations in two of the last four quarters, with an average surprise of 69.75% [10] - Vistra's earnings history shows a significant surprise of 323.39% in the quarter ending September 2024 [11]

Core Insights - Vistra Corp. reported second-quarter 2025 earnings of $1.01 per share, exceeding the Zacks Consensus Estimate of 98 cents by 3.1% and up from 90 cents in the same quarter last year [1][8] - Total revenues for the quarter were $4.25 billion, missing the Zacks Consensus Estimate of $4.98 billion by 14.8%, but representing a 10.5% increase from $3.85 billion in the year-ago quarter [2][8] Financial Performance - Fuel, purchased power costs, and delivery fees amounted to $1.97 billion, up 23.6% from $1.59 billion in the year-ago quarter [3] - Operating costs totaled $733 million, an increase of 16.7% from $628 million in the previous year [3] - Selling, general, and administrative expenses were $419 million, up 11.7% from $375 million in the year-ago quarter [3] - Operating income was $515 million, down from $808 million in the year-ago quarter [3] Interest and Cash Flow - Interest expenses and related charges were $303 million, reflecting a 25.7% year-over-year increase [4] - Cash and cash equivalents stood at $0.45 billion as of June 30, 2025, down from $1.22 billion as of December 31, 2024 [5] - Net cash flow from operating activities in the first half of 2025 was $1.17 billion, compared to $1.5 billion in the same period last year [5] Capital Expenditures and Liquidity - Total capital expenditures for the first six months of 2025 were $1.46 billion, up from $0.96 billion a year ago [5] - Available liquidity as of June 30, 2025, was $2.62 billion, sufficient to meet near-term obligations [6] Share Repurchase and Future Guidance - Since November 2021, Vistra has executed $5.4 billion in share repurchases, reducing shares outstanding by 30% [6] - The company expects ongoing operations adjusted EBITDA for 2025 to be in the range of $5.5-$6.1 billion and ongoing operations adjusted free cash flow before growth to be between $3-$3.6 billion [7] Clean Energy Initiatives - Vistra is expanding its clean energy generation portfolio and has received approval to extend operations of its 1,268-MW Perry Nuclear Power Plant for an additional 20 years, through 2046 [4][8]

Group 1 - Vistra Corp. reported $4.25 billion in revenue for the quarter ended June 2025, a year-over-year increase of 10.5% [1] - The EPS for the same period was $1.01, compared to $0.90 a year ago, indicating a positive growth in earnings [1] - The reported revenue was below the Zacks Consensus Estimate of $4.99 billion, resulting in a surprise of -14.8% [1] Group 2 - The company delivered an EPS surprise of +3.06%, with the consensus EPS estimate being $0.98 [1] - Total retail electricity sales volumes were 33,267.00 GWh, lower than the estimated 35,391.30 GWh [4] - Adjusted EBITDA for Retail was $756 million, exceeding the average estimate of $462.23 million [4] Group 3 - Adjusted EBITDA for Texas was $142 million, below the average estimate of $173.6 million [4] - Adjusted EBITDA for Corporate and Other was -$16 million, significantly lower than the estimated $183.27 million [4] - Adjusted EBITDA for East was $418 million, compared to the estimated $518.55 million [4] Group 4 - Shares of Vistra have returned +5% over the past month, outperforming the Zacks S&P 500 composite's +1.9% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Group 1: Yum China (百胜中国) - In the first half of the year, Yum China's total revenue reached $5.768 billion, a year-on-year increase of 2% [2] - Operating profit increased by 10% to $703 million, with a second-quarter revenue growth of 4% to $2.8 billion [2] - The company opened 583 new stores, bringing the total to 16,978, with KFC and Pizza Hut achieving significant franchise store targets [2][3] - Same-store sales grew by 1% in Q2, marking the first positive growth since Q1 2024, driven by increased order volume [2] Group 2: Novo Nordisk (诺和诺德) - Novo Nordisk's Q2 total revenue was 76.857 billion Danish Krone, a year-on-year increase of 12.93%, but below analyst expectations [7] - The company lowered its 2025 sales growth forecast to 8-14%, down from 13-21% previously [8] - The diabetes and obesity care segment saw total sales of 71.938 billion Danish Krone, with obesity care sales growing by 47% [8] Group 3: Uber - Uber's Q2 revenue reached $12.65 billion, a year-on-year increase of 18%, exceeding analyst expectations [11] - The total order volume grew by 17% to $46.8 billion, with a significant increase in the food delivery segment [11][12] - Uber announced a new $20 billion stock buyback authorization, planning to return 50% of free cash flow to shareholders [12] Group 4: AMD - AMD's Q2 revenue grew by 32% to $7.7 billion, surpassing analyst expectations, but adjusted EPS fell by 30% [16] - The data center business revenue increased by 14% to $3.2 billion, while client and gaming segments showed strong growth [16][17] - AMD expects Q3 revenue of approximately $8.7 billion, higher than analyst forecasts [17] Group 5: Vistra Energy - Vistra Energy's Q2 total revenue was $4.25 billion, a year-on-year increase of 10.4%, but below analyst expectations [21] - The company is acquiring $1.9 billion worth of natural gas generation assets, expected to enhance free cash flow [22] - The stock price increased by 49.12% over the year, with a target price indicating a potential upside of 15.27% [22]

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2025 — OR — Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☐ 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 001-38086 Vistra Corp. (Exact name of registrant as specified in its charter) Delaware 36-4833255 6555 Sierra Drive, ...