Core Viewpoint - Clearway Energy reported a significant loss in Q4 2025, missing EPS estimates, while revenues showed a year-over-year increase, raising questions about future performance leading up to the next earnings release [2][3]. Financial Performance - Clearway Energy recorded a Q4 2025 loss of $0.89 per share, missing the Zacks Consensus Estimate of a loss of $0.21 by 323.81% [2]. - Total revenues for Q4 2025 were $310 million, exceeding the Zacks Consensus Estimate of $305 million by 1.64%, and increased by 21.09% from $256 million in the same quarter last year [3]. - Full-year 2025 revenues totaled $1.43 billion, compared to $1.37 billion in 2024 [3]. - Adjusted EBITDA for Q4 2025 was $237 million, slightly up from $228 million in the previous year [4]. - Total operating costs for 2025 were $1.27 billion, an increase of 8% from $1.18 billion in 2024, attributed to higher operational and transaction costs [4]. - Operating income for the year was $160 million, down 18.37% from $196 million in the previous year [4]. Debt and Expenses - Interest expenses for Clearway Energy were $387 million, up 26.06% from $307 million in the previous year [5]. - Long-term debt as of December 31, 2025, was $7.90 billion, compared to $6.75 billion as of December 31, 2024 [8]. Investments and Acquisitions - Clearway Energy added over 1.3 GW to its fleet in 2025 and plans to invest $1.0 billion in 2026 [5]. - The company agreed to acquire 291 MW battery-energy-storage projects from Clearway Group, expected to close in the second half of 2026 [6]. - Clearway Group invited the company to invest $200 million in the 520 MW Royal Slope solar project and $215 million in the 650 MW Swan Solar project, both subject to negotiations and approvals [7]. Financial Guidance - Clearway Energy projects 2026 cash available for distribution (CAFD) to be between $470 million and $510 million, with a per-share estimate of $2.90-$3.10 [9]. - Expected Adjusted EBITDA for 2026 is projected to be between $1.441 billion and $1.481 billion [9]. - Cash from operating activities for 2026 is anticipated to be in the range of $1.022 billion to $1.062 billion [9]. Market Position and Outlook - Clearway Energy has a Zacks Rank of 3 (Hold), indicating an expectation of an in-line return in the coming months [12]. - The company has a poor Growth Score of F and a momentum score of F, with an aggregate VGM Score of F, placing it in the bottom 40% for value investors [11].

Financial Data and Key Metrics Changes - Clearway Energy delivered Adjusted EBITDA of $237 million for Q4 2025 and Cash Available for Distribution (CAFD) of $35 million, with full-year CAFD generation of $430 million, exceeding the midpoint of the original guidance range of $400 million-$440 million [18][19] - The company reiterated its 2026 CAFD guidance range of $470 million-$510 million, reflecting incremental contributions from closed and committed drop-downs and third-party acquisitions [19][20] Business Line Data and Key Metrics Changes - In the renewables and storage segment, wind resource performance was below median expectations, while solar was impacted by the timing of debt service related to growth investments [18] - Flexible generation exhibited solid operational execution in line with budgeted expectations [18] Market Data and Key Metrics Changes - The company signed approximately 2 gigawatts of new Power Purchase Agreements (PPAs) with hyperscalers and utilities serving data centers in 2025, indicating strong demand in the market [5][6] - Pricing on new PPAs signed this year is about double compared to three years ago, reflecting a robust pricing environment across all geographies [40][41] Company Strategy and Development Direction - Clearway Energy aims to achieve a CAFD per share target of $2.90-$3.10 by 2030, representing a 7%-8% compound annual growth rate (CAGR) from 2025 [5][12] - The company is focusing on proven technologies in geographic markets where renewable and storage projects are cost-competitive, with a sizable pipeline of storage projects [12][14] - Clearway plans to maintain a long-term payout ratio below 70% after 2030, with retained cash flows becoming a greater source of funding for growth investments [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting the 2030 CAFD target, citing strong organic growth and a favorable M&A environment [28][29] - The company is optimistic about the permitting landscape and its ability to execute projects, which is seen as a unique differentiator [47][48] Other Important Information - Clearway has raised additional capital, including a $600 million offering of senior unsecured notes due in 2034, supporting its long-term growth targets [21] - The company executed $50 million of opportunistic equity issuances, which were the least dilutive in its history, enhancing its funding flexibility [21][22] Q&A Session Summary Question: M&A Outlook - Management indicated that the current M&A environment is similar to last year, allowing for disciplined evaluation of opportunities that are accretive to existing growth [27][28] Question: PPA Pricing Environment - Management noted a supportive pricing environment across all geographies, with significant demand for new projects and a robust return proposition for investors [39][40] Question: Permitting Landscape - Management expressed confidence in their ability to navigate the permitting landscape effectively, which is expected to differentiate them from peers [45][47] Question: Co-located Data Center Complexes - Management stated that these projects are expected to deliver investment returns consistent with traditional long-term contracted assets, with ownership structures varying by project [52][53] Question: Funding Strategy for Incremental Investments - Management confirmed that the funding strategy will remain consistent, targeting a leverage ratio of 4 to 4.5 and a payout ratio of 70% or lower [77][78]

February 23, 2026 Clearway Energy, Inc. Safe Harbor This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, and typically can be identified by the use of words such as "expect," "estimate," "target," "anticipate," "forecast," "plan," "outlook," "believe" and similar terms. Such forward-looking statem ...

Core Insights - Clearway Energy, Inc. reported strong third quarter 2025 financial results, with a net income of $60 million and adjusted EBITDA of $385 million, reflecting growth in operational performance and effective management of tax expenses [1][8]. Financial Performance - The company achieved a net income of $60 million for Q3 2025, compared to $27 million in Q3 2024, primarily due to lower tax expenses [4][8]. - Adjusted EBITDA for Q3 2025 was $385 million, up from $354 million in Q3 2024, driven by growth investments and improved wind resources [5][8]. - Cash from operating activities was reported at $225 million for Q3 2025, down from $301 million in Q3 2024, while cash available for distribution (CAFD) increased to $166 million from $146 million year-over-year [6][8]. Operational Highlights - The Flexible Generation segment reported a net income of $39 million for Q3 2025, up from $25 million in Q3 2024, while the Renewables & Storage segment saw a net income of $31 million, down from $66 million [4]. - The company’s operational performance improved, with a Flexible Generation equivalent availability factor of 92.5% in Q3 2025, compared to 87.5% in Q3 2024 [9]. - Solar generation was slightly lower at 2,930 MWh in Q3 2025 compared to 2,943 MWh in Q3 2024, while wind generation increased to 2,221 MWh from 2,012 MWh [9]. Growth Strategy - Clearway Energy is expanding its investment opportunities, with over 2 GW of identified projects for 2026 and 2027, including the acquisition of the Deriva solar portfolio [2][7]. - The company has established a 2030 financial target range, indicating a long-term commitment to robust earnings growth [2]. - A binding agreement was signed to acquire a 613 MW operational solar portfolio, with expected net capital commitment between $210 million and $230 million [17]. Liquidity and Capital Resources - As of September 30, 2025, total liquidity was reported at $834 million, a decrease from $1,330 million at the end of 2024, primarily due to growth investments [10][11]. - The company had $405 million in outstanding borrowings under its revolving credit facility, reflecting its strategy to finance future investments [12]. Financial Guidance - Clearway Energy narrowed its 2025 full-year CAFD guidance to a range of $420 million to $440 million, while establishing a 2026 guidance range of $470 million to $510 million [23][24].

Core Viewpoint - Clearway Energy, Inc. has entered into a binding agreement to acquire a 613 MWac operational solar portfolio from Deriva Energy, LLC, which is expected to enhance its growth in cash available for distribution (CAFD) per share and leverage its strengths in solar operations [1][5]. Acquisition Details - The solar portfolio spans eight states, with significant capacity in the CAISO and PJM markets, allowing Clearway to utilize its operational strengths in these regions [2]. - Clearway will co-invest in a 50/50 joint venture with Fengate Asset Management for 12 assets in the Western US, totaling 227 MWac [2]. - The overall portfolio has a weighted average contract life of 10 years, aligning with Clearway's existing fleet and providing opportunities for contract extensions and battery hybridization [2]. Financial Implications - The total long-term corporate capital investment in the portfolio is estimated to be approximately $210-230 million, with an expected 5-year annual CAFD yield over 12% [3]. - The acquisition is projected to generate an incremental average annual asset CAFD of approximately $27 million starting January 1, 2027 [3]. Transaction Timeline - The transaction is anticipated to close by the second quarter of 2026, with funding expected to be within the company's previously disclosed capital allocation framework [4]. Strategic Outlook - The acquisition is expected to deepen Clearway's presence in the CAISO and PJM markets and create additional value through proven strategies in battery hybridization and contract extensions [5]. - The company aims to achieve its 2027 CAFD per share target range of $2.50 - $2.70, supported by ongoing fleet enhancement and a robust dropdown pipeline [5]. Company Overview - Clearway Energy, Inc. is one of the largest owners of clean energy generation assets in the US, with a portfolio of approximately 12 GW of gross capacity across 27 states [6]. - The company focuses on providing stable and growing dividend income through its diversified and primarily contracted clean energy portfolio [6].

Financial Performance - Clearway Energy, Inc. reported a net income of $12 million for Q2 2025, an increase from $4 million in Q2 2024, primarily due to lower tax expenses [8][30] - Adjusted EBITDA for Q2 2025 was $343 million, down from $353 million in Q2 2024, attributed to lower renewable production and energy margins [8][5] - Cash from operating activities was $191 million for Q2 2025, slightly lower than $196 million in Q2 2024 [6][8] Growth and Strategic Initiatives - The company has increased its 2025 guidance range to reflect contributions from recently closed acquisitions and aims to enhance its 2027 CAFD per share target range to $2.50 to $2.70 [2][20] - Clearway Energy is advancing its repowering program with Goat Mountain and has a new investment offer for a 291 MW storage portfolio [7][14] - The company completed the acquisition of Catalina Solar for approximately $127 million, which is expected to contribute positively to future earnings [16] Dividend and Shareholder Returns - The Board of Directors declared a quarterly dividend of $0.4456 per share, reflecting a 1.6% increase, payable on September 16, 2025 [17] - The annualized dividend per share is projected to be $1.7824 [17] Liquidity and Capital Resources - As of June 30, 2025, total liquidity was $1,298 million, a decrease of $32 million from December 31, 2024, primarily due to growth investments [10][11] - The company had $526 million in restricted cash, mainly for debt service and operational expenses [11][10] Operational Performance - The Flexible Generation segment's availability factor was 95.0% in Q2 2025, down from 97.1% in Q2 2024, due to outages [9] - Solar generation increased to 2,650 MWh in Q2 2025 from 2,613 MWh in Q2 2024, while wind generation remained stable [9]

Financial Performance & Guidance - First quarter CAFD reached $77 million, demonstrating strong operational performance across segments[7, 27] - Clearway Energy reaffirmed its 2025 CAFD guidance range of $400-440 million[7, 27] - The company announced a dividend increase of 1.7% to $0.4384 per share in 2Q25, resulting in an annualized rate of $1.7536 per share[7] - The company reaffirms CAFD per share target of $2.40-2.60 in 2027 with no external equity needed to achieve midpoint, and now has strong visibility to achieve the top end of the target[7] Growth Initiatives - Mt Storm repowering is on track, with construction slated to begin in 2025 and a Microsoft PPA signed[7] - Goat Mountain repowering is targeted for 2027, with PPA in final negotiations, and San Juan Mesa repowering is advancing with a PPA extension as a bridge[7] - Committed drop-downs are progressing as planned, with initial fundings completed for Rosamond South I, Dan's Mountain, and LV+Daggett 1[7] - Clearway Energy closed a 3rd party acquisition of Tuolumne Wind and signed a 3rd party M&A agreement for a solar project, involving approximately $120-125 million of corporate capital[7] Sponsor-Enabled Growth & Pipeline - The sponsor is advancing approximately 9.9 GW of late-stage projects, which are expected to support Clearway Energy's growth plan[7, 48] - Existing and pending safe harbor investments are on pace to qualify approximately 13 GW through 2029 CODs, maximizing site optionality[7, 19]

Financial Results - Clearway Energy, Inc. reported a net loss of $104 million for Q1 2025, compared to a net loss of $46 million in Q1 2024 [4][6][29] - Adjusted EBITDA for the first quarter of 2025 was $252 million, an increase from $211 million in the same period last year [5][8] - Cash from operating activities was $95 million, up from $81 million in Q1 2024, while Cash Available for Distribution (CAFD) rose to $77 million from $52 million [6][8] Operational Performance - The company achieved strong operational performance with availability and capacity factors improving year-over-year across all segments [7] - Generation in the Renewables & Storage segment increased by 13% year-over-year, primarily due to growth investments [9] Growth Initiatives - Clearway Energy is advancing its long-term financial objectives through fleet enhancements, sponsor-offered dropdowns, and asset-centered M&A [2] - The company announced the acquisition of a 100 MW operational solar project in California, with a capital commitment of $120 million to $125 million [13] - The acquisition of Tuolumne Wind, a 137 MW project, was completed with a capital commitment of $61 million, expected to contribute approximately $9 million in asset CAFD annually starting in 2026 [14] Financial Guidance - The company reaffirmed its 2025 full-year CAFD guidance range of $400 million to $440 million, based on median renewable energy production estimates and other operational factors [21][22] Dividend Declaration - Clearway Energy's Board of Directors declared a quarterly dividend of $0.4384 per share, payable on June 16, 2025 [18]