Talen Energy Corporation(US:TLN)2025-11-05 21:15Financial Performance - Q3 2025 Adjusted EBITDA was $363 million[6], while Adjusted Free Cash Flow reached $223 million[6] - The company is narrowing its 2025 Adjusted EBITDA guidance to $975-$1000 million and affirming 2026 Adjusted EBITDA guidance of $1750-$2050 million[33] - The company is narrowing its 2025 Adjusted Free Cash Flow guidance to $470-$490 million and affirming 2026 Adjusted Free Cash Flow guidance of $980-$1180 million[33] - As of October 31, 2025, the company's liquidity was approximately $1.2 billion[26] and net debt to 2025E Adjusted EBITDA midpoint was ~2.6x[26] Acquisitions and Financing - The company is working to close the Freedom and Guernsey acquisitions in a timely manner[8] - The company priced a $1.2 billion Term Loan B (TLB) at SOFR + 200 basis points to finance the Freedom and Guernsey acquisitions[10] - The company issued $2.7 billion in Senior Unsecured Notes, consisting of $1.4 billion of 6.250% senior notes due 2034 and $1.29 billion of 6.500% senior notes due 2036, to finance the Freedom and Guernsey acquisitions[8, 10] - Commitments were received to increase the existing revolving credit facility from $700 million to $900 million and the stand-alone letter of credit facility from $900 million to $1.1 billion[10] Shareholder Returns - The company has $2 billion remaining under its share repurchase program through 2028[7, 34] - Since the start of 2024, the company has repurchased approximately 14 million shares, representing about 23% of the total outstanding shares[34] Market Fundamentals - Q3'25 saw approximately 3.4% weather-normalized load growth in PJM[15] - Hyperscaler annual capital expenditure is projected to be $700 billion in 2027[12]