Talen Energy (TLN)

• Talen Energy Corporation announced the results from the PJM Base Residual Auction for the 2027/2028 planning year.
• The company cleared a total of 8,745 megawatts at a clearing price of $333.44 per megawatt-day.
• These auction results are projected to generate approximately $1,067 million in capacity revenues for the planning year, which spans from June 1, 2027, through May 31, 2028.

• Talen Energy Corporation reported its results from the PJM Base Residual Auction for the 2027/2028 planning year.
• The company cleared a total of 8,745 megawatts at a clearing price of $333.44 per megawatt-day.
• This is expected to generate approximately $1,067 million in capacity revenues for the planning year, which runs from June 1, 2027, through May 31, 2028.

• Talen Energy Corporation announced a strategic realignment of its executive management team, effective December 15, 2025.
• Mac McFarland will continue as Chief Executive Officer and a Board member, with his employment agreement extended through February 2027.
• Terry L. Nutt was appointed President, and Cole Muller was appointed Chief Financial Officer, both effective immediately and with employment agreements extended through February 2027. Mr. Nutt previously served as CFO, and Mr. Muller as Executive Vice President, Strategic Ventures.
• Other new appointments include Brad Berryman as Chief Operating Officer, Dale Lebsack as Chief Asset Development Officer, and Ed Casulli as Chief Nuclear Officer.
• John Wander, General Counsel and Corporate Secretary, plans to retire at the end of June 2026.

The compensation details for these executives for FY 2026 are as follows:

• Talen Energy Corporation announced a strategic realignment of its executive management team, with Terry L. Nutt appointed President and Cole Muller appointed Chief Financial Officer, effective immediately.
• The company extended employment agreements for several key executives, including CEO Mac McFarland, President Terry L. Nutt, and CFO Cole Muller, with initial terms through February 28, 2027.
• These new employment agreements include a provision for up to 60% cash settlement of Emergence Awards vesting in May 2026, which is expected to have a significant anti-dilutive effect on the number of shares issued and outstanding.
• John Wander, the Company’s General Counsel and Corporate Secretary, has notified the Company of his intent to retire at the end of June 2026.

• Talen Energy completed the acquisitions of the Freedom Generating Station and Guernsey Power Station on November 25, 2025, adding nearly 2.9 gigawatts of natural gas-fired PJM assets to its portfolio.
• The total purchase price for these acquisitions was approximately $3.8 billion, with $1.5 billion for Freedom and $2.3 billion for Guernsey.
• The acquisitions were funded through $2.7 billion of senior unsecured notes and a $1.2 billion senior secured term loan B credit facility.
• Additionally, the company increased its revolving credit facility to $900 million and its letter of credit facility to $1.1 billion.

• Talen reported $363 million in adjusted EBITDA and $223 million in adjusted free cash flow for Q3 2025. Year-to-date (nine months ended 2025), adjusted EBITDA was $653 million and adjusted free cash flow was $232 million.
• The company is narrowing its 2025 adjusted EBITDA guidance to the low end of the range, while reaffirming its 2026 guidance for both adjusted EBITDA and adjusted free cash flow.
• The acquisition of Freedom and Guernsey is expected to close potentially in Q1 2026, with the HSR application refiled and a 30-day timeline running through November 17th. Financing for these acquisitions, including $2.7 billion of senior unsecured notes and a $1.2 billion senior secured term loan, has been successfully executed.
• Talen has an upsizing share repurchase program with $2 billion of capacity remaining through year-end 2028 post-acquisitions, targeting $500 million in annual share repurchases during the deleveraging period. The forecasted 2025 year-end net leverage ratio is approximately 2.6 times, with a pro forma target below 3.5 times by year-end 2026.
• Demand for power from AI and data centers continues to expand, with Amazon expecting to double its overall capacity by 2027, adding over 10 gigawatts in North America alone.

• Talen Energy reported $363 million in Adjusted EBITDA and $223 million in Adjusted Free Cash Flow for Q3 2025. The company is narrowing its 2025 Adjusted EBITDA guidance to $975 – $1,000 million and affirming its 2026 guidance.
• The company secured financing for the Freedom and Guernsey acquisitions, raising $1.2 billion in Senior Secured Term Loan B and $2.7 billion in Senior Unsecured Notes, with regulatory approvals currently in progress.
• Talen Energy increased its Share Repurchase Program, with $2 billion remaining through 2028, and has repurchased approximately 14 million shares since the start of 2024.

• Talen Energy reported Adjusted EBITDA of $363 million and Adjusted Free Cash Flow of $223 million for Q3 2025.
• The company is narrowing its 2025 adjusted EBITDA guidance towards the low end of the range, while 2025 adjusted free cash flow remains near the middle of the original range; 2026 guidance for both metrics is reaffirmed.
• The HSR application for the Freedom and Guernsey acquisitions was refiled, with the 30-day timeline running through November 17th, and closing is now expected to potentially extend into Q1 2026. Financing for these acquisitions, including $2.7 billion of senior unsecured notes and a $1.2 billion senior secured term loan, has been successfully executed.
• Talen's share repurchase program was upsized, with $2 billion of capacity remaining through year-end 2028 post-acquisitions, targeting $500 million in annual repurchases during the deleveraging period.

• Talen Energy reported Adjusted EBITDA of $363 million and adjusted free cash flow of $223 million for Q3 2025. Year-to-date 2025, these figures stand at $653 million and $232 million, respectively. The company is narrowing its 2025 Adjusted EBITDA guidance to the lower end of its range and reaffirming its 2026 guidance.
• The company refiled its HSR application for the Freedom and Guernsey acquisitions, with the 30-day timeline running through November 17th. While closing might extend into Q1 2026, it could potentially happen as early as late this year. Financing for these acquisitions was successfully completed, including $2.7 billion in senior unsecured notes and a $1.2 billion senior secured term loan.
• Talen Energy is committed to returning capital to shareholders, with $2 billion remaining in its share repurchase program through year-end 2028 and a target of $500 million in annual share repurchases during the post-acquisition deleveraging period. The forecasted 2025 year-end net leverage ratio is approximately 2.6x, with a commitment to return to 3.5x by the end of 2026.
• Strategic developments include signing an MOU with EOS Energy to partner on battery development in Pennsylvania and continued execution under existing agreements with AWS, with the Susquehanna site being built and electrified. The company also monetized nuclear PTCs for approximately $190 million.

• Talen Energy reported GAAP Net Income Attributable to Stockholders of $207 million, Adjusted EBITDA of $363 million, and Adjusted Free Cash Flow of $223 million for the third quarter of 2025.
• The company is narrowing its 2025 guidance for Adjusted EBITDA to $975 million - $1,000 million and Adjusted Free Cash Flow to $470 million - $490 million, while reaffirming its 2026 guidance.
• Talen raised $3.9 billion through a $1.2 billion senior secured term loan B and $2.7 billion in senior unsecured notes to finance the Freedom and Guernsey acquisitions, which are expected to close in the first quarter of 2026 or sooner. The share repurchase program was also increased, with $2 billion remaining through 2028, contingent on the completion of these acquisitions.
• As of October 31, 2025, Talen had $1.2 billion in total available liquidity and a projected net leverage ratio of approximately 2.6x.