November 6, 2025 1 Safe Harbor Statements Third Quarter 2025 Results Cautionary Note Regarding Forward-Looking Statements The information presented herein includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on current expectations, estimates and projections about the industry and markets in which Vistra Corp. ("Vistra") operates and beliefs of and assumptions made by Vistra's management, involve ris ...

Financial Performance - Q2 2025 GAAP earnings were $2.67 per share[11], while Adjusted Operating Earnings* were $1.91 per share[11] - The company reaffirmed its full-year Adjusted Operating Earnings* guidance range of $8.90 - $9.60 per share[11] - Constellation deployed approximately $400 million of capital for share repurchases[11] - Long-term debt balances reflect $6.1 billion in recourse debt and $1.3 billion in non-recourse debt as of June 30, 2025[82] Strategic Initiatives - The Calpine acquisition is on track for Q4 close and is expected to be more than 20% accretive to Adjusted Operating Earnings per Share* in 2026 and at least $2.00 per share through 2029, adding more than $2 billion in free cash flow before growth* annually[11, 30] - The Crane Clean Energy Center restart is accelerated into 2027[11] - A Clinton Clean Energy Center PPA was announced with Meta[11] Market and Policy - The One Big Beautiful Bill Act (OBBBA) passed, continuing support for nuclear energy[11] - PJM's Expedited Interconnection Process is studying the addition of over 9,000 MWs by 2031[19] Operational Performance - The nuclear capacity factor was 94.8%[41] - Approximately 46.6 TWhs of emissions-free electricity were generated, avoiding approximately 31.3 million metric tons of carbon dioxide[39] - The company completed three refueling outages with an average outage duration of 19 days[41]

Financial Performance & Guidance - Q1 2025 Adjusted EBITDA reached $1,240 million, driven by forward hedging, a flexible asset base, and strong retail performance[10] - The company reaffirmed its 2025 Adjusted EBITDA guidance range of $55 billion to $61 billion and Adjusted FCFbG guidance range of $30 billion to $36 billion[10] - The company sees a 2026 Adjusted EBITDA midpoint opportunity of $6 billion+[10] Hedging Strategy - Approximately 95% of expected generation for 2025-26 is hedged, providing earnings visibility while maintaining upside to power market tailwinds[10] - The company has hedged ~100% of expected generation for 2025 and ~90% for 2026[38] Capital Allocation - The company executed ~$52 billion in share repurchases from Nov 2021 through May 2, 2025, at an average price of ~$3196[44] - The company announced a quarterly common dividend of 2250¢ per share to be paid June 30, 2025, targeting $300 million in dividends annually[44] Strategic Priorities & Growth - The company continues construction on Vistra Zero projects for Oak Hill (Amazon) and Pulaski (Microsoft)[19] - The company has a significant development pipeline across the fleet, including the potential for ~10% nuclear uprates[19] Environmental Stewardship - The company achieved a 50% reduction in GHG emissions vs 2010 baseline in 2024 and is targeting a 60% reduction by 2030 and net-zero by 2050[56] - The company achieved a 90% reduction in SO2 emissions vs 2010 baseline in 2024[57]