Core Insights - Texas Pacific Land Corporation (TPL) is positioned to become a vital part of the value chain for large-scale data center developments by aggregating services related to power, water, and land sourcing [1] Group 1: Company Overview - TPL is focusing on integrating essential services for data center construction, which may enhance its market relevance and operational efficiency [1] Group 2: Investment Implications - The recent equity investment in TPL indicates a strategic move to capitalize on the growing demand for data centers, potentially leading to increased revenue streams [1]

SUPPLEMENTAL SLIDES YEAR END 2025 RESULTS February 11, 2026 LEGAL DISCLAIMER Forward-Looking Statements This presentation contains "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking statements include, but are not limited to, statements concerning our financial guidance, plans, strategies, objectives, expected performanc ...

Financial Data and Key Metrics Changes - NRG Energy reported an adjusted EPS of $6.83, exceeding the midpoint of the increased guidance range by 8% and representing a 45% increase from $4.72 in 2023 [11][50] - The company achieved record adjusted EBITDA of $3.8 billion, an increase of $470 million over 2023, and delivered $1.4 billion in adjusted net income and $2.1 billion in free cash flow before growth [52][56] - The company returned $1.3 billion to shareholders and increased its dividend by 8% [18][61] Business Line Data and Key Metrics Changes - The East and West segments benefited from expanded power and natural gas margins, with the East segment also seeing increased customer accounts [53] - The Smart Home segment achieved a 5% increase in net subscriber counts, with an 83% recurring monthly service margin and nearly 90% customer retention [56] Market Data and Key Metrics Changes - ERCOT's large load interconnection forecast expanded by 30%, indicating Texas as the fastest-growing power market [26] - The power demand is rising significantly, driven by industrial expansion and data center development, with a tightening reserve capacity impacting supply-demand dynamics [27][29] Company Strategy and Development Direction - NRG aims for at least 10% EPS CAGR growth through 2029, supported by strategic initiatives in natural gas generation and data center partnerships [9][19] - The company is focusing on operational excellence and has established a collaboration with GE Vernova and KeyWitt to enhance its large load energy solutions [38][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capture opportunities in a tightening power market, emphasizing the importance of efficient scaling and optimization [28][45] - The management highlighted the positive impact of legislative changes in Texas, which are expected to clarify costs for data center developers [101][102] Other Important Information - NRG's diversified generation and supply strategy is seen as a core operating advantage, allowing consistent financial results across various market conditions [56] - The company has a strong pipeline of shovel-ready projects and is actively engaging with data center developers to secure power agreements [42][44] Q&A Session Summary Question: How does the latest announcement position and signal on future opportunities on data centers? - Management indicated that development timelines are not fixed and updates will be provided as projects progress, with expectations for plants to be in service by 2026, 2028, and 2029 [72][78] Question: Can you confirm the venture to develop the 5.4 gigawatts by 2032? - Management confirmed that the majority of the new capacity will be contracted, minimizing merchant risk [85] Question: Can you clarify the letter of intent with the two developers? - The developers are securing agreements for new data centers on NRG's sites, which will create additional demand [97] Question: How do you see the legislative session in Texas impacting your discussions? - Management views recent legislative actions as positive, providing clarity on costs for data center developers [101][102] Question: How will you structure contracts for new gas plants? - Contracts will vary by customer, with options for locking prices for different durations, and management is confident in managing gas exposure [108][110] Question: Are you detecting any hesitation around data center demand? - Management reported increased interest from data center developers, with many looking to lock in power agreements [155]