| Segment/Quarter | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2023 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2022 |
|-----------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Retail ($M)     | **2,494**  **[0001692819-24-000033_vistra-20240331.htm:67]**  | **3,168**  **[0001692819-24-000061_vistra-20240630.htm:68]**  | **4,251**  **[0001692819-24-000069_vistra-20240930.htm:74]**  | N/A     | **2,350**  **[0001628280-23-016662_vistra-20230331.htm:61]**  | **1,843**  **[0001628280-23-028436_vistra-20230630.htm:16]**  | **3,383**  **[0001628280-23-037205_vistra-20230930.htm:70]**  | N/A     |
| Sunset ($M)     | **239**  **[0001692819-24-000033_vistra-20240331.htm:67]**    | **387**  **[0001692819-24-000061_vistra-20240630.htm:68]**    | **469**  **[0001692819-24-000069_vistra-20240930.htm:74]**    | N/A     | **828**  **[0001628280-23-016662_vistra-20230331.htm:61]**    | N/A             | **224**  **[0001628280-23-037205_vistra-20230930.htm:70]**    | N/A     |
| Asset Closure ($M) | **0**  **[0001692819-24-000033_vistra-20240331.htm:67]**  | **0**  **[0001692819-24-000061_vistra-20240630.htm:68]**      | **1**  **[0001692819-24-000069_vistra-20240930.htm:74]**      | N/A     | **0**  **[0001628280-23-016662_vistra-20230331.htm:61]**      | N/A             | **0**  **[0001628280-23-037205_vistra-20230930.htm:70]**      | N/A     |
| Eliminations ($M) | **(1,040)**  **[0001692819-24-000033_vistra-20240331.htm:67]**  | **(1,278)**  **[0001692819-24-000061_vistra-20240630.htm:68]**  | **(4,303)**  **[0001692819-24-000069_vistra-20240930.htm:74]**  | N/A | **(2,146)**  **[0001628280-23-016662_vistra-20230331.htm:61]**  | N/A | **(2,034)**  **[0001628280-23-037205_vistra-20230930.htm:70]**  | N/A |

60b5399221d72d00d67df84e7bba6362990b6c57228eb4aec64678e709598dd0

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD, Per Share]

EPS - Diluted [USD, Per Share]

01d21ff39e758791e66d2b352f360235335ac6e90cda8b59a8210bcb5e7d114f

| Segment / Quarter | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|-------------------|---------|---------|---------|---------|---------|---------|---------|
| **Retail** ($ million) | **2,350**  **[0001628280-23-016662_vistra-20230331.htm:16]**  | **2,427**  **[0001628280-23-028436_vistra-20230630.htm:16]**  | **3,383**  **[0001628280-23-037205_vistra-20230930.htm:16]**  | N/A | **2,494**  **[0001692819-24-000033_vistra-20240331.htm:17]**  | **3,168**  **[0001692819-24-000061_vistra-20240630.htm:18]**  | **4,251**  **[0001692819-24-000069_vistra-20240930.htm:22]**  |
| **Texas** ($ million) | **1,353**  **[0001628280-23-016662_vistra-20230331.htm:16]**  | **191**  **[0001628280-23-028436_vistra-20230630.htm:16]**  | **1,517**  **[0001628280-23-037205_vistra-20230930.htm:16]**  | N/A | **439**  **[0001692819-24-000033_vistra-20240331.htm:17]**  | **173**  **[0001692819-24-000061_vistra-20240630.htm:18]**  | **4,104**  **[0001692819-24-000069_vistra-20240930.htm:22]**  |
| **East** ($ million) | **1,809**  **[0001628280-23-016662_vistra-20230331.htm:16]**  | **846**  **[0001628280-23-028436_vistra-20230630.htm:16]**  | **651**  **[0001628280-23-037205_vistra-20230930.htm:16]**  | N/A | **637**  **[0001692819-24-000033_vistra-20240331.htm:17]**  | **1,193**  **[0001692819-24-000061_vistra-20240630.htm:18]**  | **1,524**  **[0001692819-24-000069_vistra-20240930.htm:22]**  |
| **West** ($ million) | **231**  **[0001628280-23-016662_vistra-20230331.htm:16]**  | **224**  **[0001628280-23-028436_vistra-20230630.htm:16]**  | **344**  **[0001628280-23-037205_vistra-20230930.htm:16]**  | N/A | **285**  **[0001692819-24-000033_vistra-20240331.htm:17]**  | **202**  **[0001692819-24-000061_vistra-20240630.htm:18]**  | **242**  **[0001692819-24-000069_vistra-20240930.htm:22]**  |
| **Sunset** ($ million) | **828**  **[0001628280-23-016662_vistra-20230331.htm:16]**  | **314**  **[0001628280-23-028436_vistra-20230630.htm:16]**  | **224**  **[0001628280-23-037205_vistra-20230930.htm:16]**  | N/A | **239**  **[0001692819-24-000033_vistra-20240331.htm:17]**  | **387**  **[0001692819-24-000061_vistra-20240630.htm:18]**  | **469**  **[0001692819-24-000069_vistra-20240930.htm:22]**  |
| **Asset Closure** ($ million) | **0**  **[0001628280-23-016662_vistra-20230331.htm:16]**  | **0**  **[0001628280-23-028436_vistra-20230630.htm:16]**  | **0**  **[0001628280-23-037205_vistra-20230930.htm:16]**  | N/A | **0**  **[0001692819-24-000033_vistra-20240331.htm:17]**  | **0**  **[0001692819-24-000061_vistra-20240630.htm:18]**  | **1**  **[0001692819-24-000069_vistra-20240930.htm:22]**  |
| **Eliminations** ($ million) | **(2,146)**  **[0001628280-23-016662_vistra-20230331.htm:16]**  | **(813)**  **[0001628280-23-028436_vistra-20230630.htm:16]**  | **(2,033)**  **[0001628280-23-037205_vistra-20230930.htm:16]**  | N/A | **(1,040)**  **[0001692819-24-000033_vistra-20240331.htm:17]**  | **(1,278)**  **[0001692819-24-000061_vistra-20240630.htm:18]**  | **(4,303)**  **[0001692819-24-000069_vistra-20240930.htm:22]**  |
| **Total Revenue** ($ million) | **4,425**  **[0001628280-23-016662_vistra-20230331.htm:16]**  | **3,189**  **[0001628280-23-028436_vistra-20230630.htm:16]**  | **4,086**  **[0001628280-23-037205_vistra-20230930.htm:16]**  | N/A | **3,054**  **[0001692819-24-000033_vistra-20240331.htm:17]**  | **3,845**  **[0001692819-24-000061_vistra-20240630.htm:18]**  | **6,288**  **[0001692819-24-000069_vistra-20240930.htm:22]**  |

e271775765e66a934c53d1a385ac552b0c41a10f0dadc5d81a8c5741cd42fce9

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

0aea72d4f9776b26f18b5b12777d263d0dce2dfab61d806e8c128344f0e30d19

Vistra Corp. operates as an integrated retail electricity and power generation company primarily in the U.S. markets. The company engages in competitive energy market activities, including electricity generation, wholesale energy sales and purchases, commodity risk management, and retail sales of electricity and natural gas to end users **[0001692819-24-000012_vistra-20231231.htm:12]** **[0001692819-24-000012_vistra-20231231.htm:133]** **[0001692819-24-000061_vistra-20240630.htm:11]** **[0001193125-24-013055_d630662ds3.htm:3]**. Vistra's operations are divided into six reportable business segments: Retail, Texas, East, West, Sunset, and Asset Closure **[0001692819-24-000012_vistra-20231231.htm:133]** **[0001692819-24-000033_vistra-20240331.htm:66]** **[0001692819-24-000069_vistra-20240930.htm:73]** **[0001692819-24-000061_vistra-20240630.htm:67]** **[0001692819-24-000012_vistra-20231231.htm:220]**. The company provides electricity and natural gas to approximately 4 million residential, commercial, and industrial customers across 20 states and the District of Columbia **[0001692819-24-000012_vistra-20231231.htm:12]** **[0001193125-24-013055_d630662ds3.htm:3]**.

1. **Retail** - Provides electricity and natural gas to approximately 4 million residential, commercial, and industrial customers across 20 states and the District of Columbia through brands such as TXU Energy, Ambit Energy, Dynegy Energy Services, Homefield Energy, and U.S. Gas & Electric **[0001692819-24-000012_vistra-20231231.htm:12]** **[0001692819-24-000012_vistra-20231231.htm:133]** **[0001692819-24-000033_vistra-20240331.htm:66]**.
2. **Texas** - Focuses on electricity generation operations in the ERCOT market **[0001692819-24-000033_vistra-20240331.htm:66]** **[0001692819-24-000069_vistra-20240930.htm:73]** **[0001692819-24-000061_vistra-20240630.htm:67]**.
3. **East** - Covers operations in the Eastern Interconnection of the U.S. electric grid, including PJM, ISO-NE, and NYISO markets **[0001692819-24-000033_vistra-20240331.htm:66]** **[0001692819-24-000069_vistra-20240930.htm:73]** **[0001692819-24-000061_vistra-20240630.htm:67]**.
4. **West** - Engages in electricity generation and related activities in the western U.S. markets **[0001692819-24-000033_vistra-20240331.htm:66]** **[0001692819-24-000069_vistra-20240930.htm:73]** **[0001692819-24-000061_vistra-20240630.htm:67]**.
5. **Sunset** - Manages plants with announced retirement dates **[0001692819-24-000033_vistra-20240331.htm:66]** **[0001692819-24-000069_vistra-20240930.htm:73]** **[0001692819-24-000061_vistra-20240630.htm:67]**.
6. **Asset Closure** - Involves the decommissioning of retired plants and mines **[0001692819-24-000033_vistra-20240331.htm:66]** **[0001692819-24-000069_vistra-20240930.htm:73]** **[0001692819-24-000061_vistra-20240630.htm:67]**.

f326b0a2d5769be5b41439cdbf13c68ae6b5593316169c3278e4be4b5c24e512

1. Given the FERC's recent rejection of the amended interconnection service agreement for data center co-location at your Susquehanna nuclear plant, how do you plan to navigate regulatory hurdles to advance your co-location projects, and what alternative strategies are you considering?  **[VST_3406611_10]** **[VST_3406611_8]** **[VST_3406611_6]** 

2. With your net leverage expected to move slightly above 3x following the acquisition of the Vistra Vision 15% minority interest, how confident are you in your ability to quickly deleverage while executing on significant capital return plans and growth projects?  **[VST_3406611_5]** **[VST_3406611_2]** **[VST_3406611_4]** 

3. Considering the uncertainty in policy changes affecting new gas and coal builds, especially after the recent election results, how does Vistra plan to manage the risk of investing in long-term assets amid potential regulatory shifts?  **[VST_3406611_10]** **[VST_3406611_9]** 

4. Despite significant load growth projections from data centers and other industries in ERCOT and PJM, what challenges do you foresee in capturing these opportunities, particularly in light of infrastructure constraints and competition from other regions?  **[VST_3406611_10]** **[VST_3406611_3]** **[VST_3406611_6]** 

5. Given the elevated free cash flow yield and your commitment to share repurchases, how do you balance returning capital to shareholders with the need to invest in growth opportunities like data center partnerships and renewable projects?  **[VST_3406611_5]** **[VST_3406611_2]** **[VST_3406611_4]** 

adcfb9c036e036a7249bc56e8e01cc4278ec6341ffdcc29f34af08940929f20c

068f255f36e35a1678e62bd9c5e24b4dfb73cce03d934edb6226dcde7a47ecd1

| Program Details          | Program 1          | Program 2          | Program 3          | Program 4          | Program 5          |
|--------------------------|--------------------|--------------------|--------------------|--------------------|--------------------|
| Approval Date            | October 11, 2021  **[0001692819-24-000069_vistra-20240930.htm:69]** **[0001692819-24-000069_vistra-20240930.htm:101]** **[0001692819-24-000069_vistra-20240930.htm:115]**  | August 2022  **[0001692819-24-000069_vistra-20240930.htm:69]** **[0001692819-24-000069_vistra-20240930.htm:101]** **[0001692819-24-000069_vistra-20240930.htm:115]**  | March 2023  **[0001692819-24-000069_vistra-20240930.htm:69]** **[0001692819-24-000069_vistra-20240930.htm:101]** **[0001692819-24-000069_vistra-20240930.htm:115]**  | February 2024  **[0001692819-24-000069_vistra-20240930.htm:69]** **[0001692819-24-000069_vistra-20240930.htm:101]** **[0001692819-24-000069_vistra-20240930.htm:115]**  | October 2024  **[0001692819-24-000069_vistra-20240930.htm:69]** **[0001692819-24-000069_vistra-20240930.htm:101]** **[0001692819-24-000069_vistra-20240930.htm:115]**  |
| End Date/Duration        | End of 2026  **[0001692819-24-000069_vistra-20240930.htm:115]**     | End of 2026  **[0001692819-24-000069_vistra-20240930.htm:115]**     | End of 2026  **[0001692819-24-000069_vistra-20240930.htm:115]**     | End of 2026  **[0001692819-24-000069_vistra-20240930.htm:115]**     | End of 2026  **[0001692819-24-000069_vistra-20240930.htm:115]**     |
| Total Additional Amount  | $2.0 billion  **[0001692819-24-000069_vistra-20240930.htm:69]** **[0001692819-24-000069_vistra-20240930.htm:101]** **[0001692819-24-000069_vistra-20240930.htm:115]**  | $1.25 billion  **[0001692819-24-000069_vistra-20240930.htm:69]** **[0001692819-24-000069_vistra-20240930.htm:101]** **[0001692819-24-000069_vistra-20240930.htm:115]**  | $1.0 billion  **[0001692819-24-000069_vistra-20240930.htm:69]** **[0001692819-24-000069_vistra-20240930.htm:101]** **[0001692819-24-000069_vistra-20240930.htm:115]**  | $1.5 billion  **[0001692819-24-000069_vistra-20240930.htm:69]** **[0001692819-24-000069_vistra-20240930.htm:101]** **[0001692819-24-000069_vistra-20240930.htm:115]**  | $1.0 billion  **[0001692819-24-000069_vistra-20240930.htm:69]** **[0001692819-24-000069_vistra-20240930.htm:101]** **[0001692819-24-000069_vistra-20240930.htm:115]**  |
| Remaining Authorization  | $0  **[0001692819-24-000069_vistra-20240930.htm:69]** **[0001692819-24-000069_vistra-20240930.htm:101]** **[0001692819-24-000069_vistra-20240930.htm:115]**        | $0  **[0001692819-24-000069_vistra-20240930.htm:69]** **[0001692819-24-000069_vistra-20240930.htm:101]** **[0001692819-24-000069_vistra-20240930.htm:115]**        | $0  **[0001692819-24-000069_vistra-20240930.htm:69]** **[0001692819-24-000069_vistra-20240930.htm:101]** **[0001692819-24-000069_vistra-20240930.htm:115]**        | $0.236 billion  **[0001692819-24-000069_vistra-20240930.htm:69]** **[0001692819-24-000069_vistra-20240930.htm:101]** **[0001692819-24-000069_vistra-20240930.htm:115]**  | $1.0 billion  **[0001692819-24-000069_vistra-20240930.htm:69]** **[0001692819-24-000069_vistra-20240930.htm:101]** **[0001692819-24-000069_vistra-20240930.htm:115]**  |
| Details                  | Total authorized as of November 4, 2024: $6.75 billion  **[0001692819-24-000069_vistra-20240930.htm:69]** **[0001692819-24-000069_vistra-20240930.htm:101]** **[0001692819-24-000069_vistra-20240930.htm:115]**  | Total authorized as of November 4, 2024: $6.75 billion  **[0001692819-24-000069_vistra-20240930.htm:69]** **[0001692819-24-000069_vistra-20240930.htm:101]** **[0001692819-24-000069_vistra-20240930.htm:115]**  | Total authorized as of November 4, 2024: $6.75 billion  **[0001692819-24-000069_vistra-20240930.htm:69]** **[0001692819-24-000069_vistra-20240930.htm:101]** **[0001692819-24-000069_vistra-20240930.htm:115]**  | Total authorized as of November 4, 2024: $6.75 billion  **[0001692819-24-000069_vistra-20240930.htm:69]** **[0001692819-24-000069_vistra-20240930.htm:101]** **[0001692819-24-000069_vistra-20240930.htm:115]**  | Total authorized as of November 4, 2024: $6.75 billion  **[0001692819-24-000069_vistra-20240930.htm:69]** **[0001692819-24-000069_vistra-20240930.htm:101]** **[0001692819-24-000069_vistra-20240930.htm:115]**  |

1e69905402d4fcf2a2a64790011796a720f0dedd8453346ebd3927c06fb44fd5

Retail Electricity Sales Volumes in ERCOT (GWh)

Retail Electricity Sales Volumes in Northeast/Midwest (GWh)

Production Volumes from Natural Gas Facilities (GWh)

Production Volumes from Lignite and Coal Facilities (GWh)

Production Volumes from Nuclear Facilities (GWh)

Production Volumes from Solar Facilities (GWh)

Capacity Factors for CCGT Facilities (%)

Capacity Factors for Lignite and Coal Facilities (%)

Capacity Factors for Nuclear Facilities (%)

Cooling Degree Days (% of Normal)

Heating Degree Days (% of Normal)

Average ERCOT North Power Price ($/MWh)

Average NYMEX Henry Hub Natural Gas Price ($/MMBtu)

Residual Natural Gas Position Increase (Texas)

Residual Natural Gas Position Decrease (Texas)

Clearing Price per MW-day ($)

Month-end Average VaR ($ million)

Month-end High VaR ($ million)

Month-end Low VaR ($ million)

83f6a90662d99e3109b1844fc2e64dabc6144ed55efa8d7e9be35e690feec4e6

**Annual guidance for FY 2024:**
- **Ongoing Operations Adjusted EBITDA**: $5.0 billion to $5.2 billion  **[VST_3406611_1]** **[VST_3406611_4]**  (raised from $4.550 billion to $5.050 billion  **[VST_3397467_1]** )  
- **Ongoing Operations Adjusted Free Cash Flow Before Growth**: $2.65 billion to $2.85 billion  **[VST_3406611_1]** **[VST_3406611_4]**  (no prior guidance)

**Annual guidance for FY 2025:**
- **Ongoing Operations Adjusted EBITDA**: $5.5 billion to $6.1 billion  **[VST_3406611_1]**  (raised from $5.2 billion to $5.7 billion  **[VST_3397467_1]** )  
- **Ongoing Operations Adjusted Free Cash Flow Before Growth**: $3.0 billion to $3.6 billion  **[VST_3406611_1]**  (no prior guidance)

**Annual guidance for FY 2026:**
- **Ongoing Operations Adjusted EBITDA**: Midpoint opportunity of over $6 billion  **[VST_3406611_1]** **[VST_3406611_11]**  (no prior guidance)

63c9accb3d679d663afc9c9dc2a89de588a2792ff23ab07cc157aebdd99a51d3

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: FY 2024, FY 2025, FY 2026
- **Guidance**:
  - **FY 2024**:
    - Ongoing Operations Adjusted EBITDA: **$5.0 billion to $5.2 billion**  **[VST_3406611_1]** **[VST_3406611_4]** .
    - Ongoing Operations Adjusted Free Cash Flow Before Growth: **$2.65 billion to $2.85 billion**  **[VST_3406611_1]** **[VST_3406611_4]** .
  - **FY 2025**:
    - Ongoing Operations Adjusted EBITDA: **$5.5 billion to $6.1 billion**  **[VST_3406611_1]** .
    - Ongoing Operations Adjusted Free Cash Flow Before Growth: **$3.0 billion to $3.6 billion**  **[VST_3406611_1]** .
  - **FY 2026**:
    - Ongoing Operations Adjusted EBITDA: Midpoint opportunity of over **$6 billion**  **[VST_3406611_1]** **[VST_3406611_11]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024, FY 2025
- **Guidance**:
  - **FY 2024**:
    - Ongoing Operations Adjusted EBITDA: **$4.550 billion to $5.050 billion**  **[VST_3397467_1]** .
  - **FY 2025**:
    - Ongoing Operations Adjusted EBITDA Midpoint Opportunity Range: **$5.2 billion to $5.7 billion**  **[VST_3397467_1]** .
    - Conversion Rate of Ongoing Operations Adjusted EBITDA to Adjusted Free Cash Flow Before Growth: **55% to 60%**  **[VST_3397467_4]** .
    - Share Repurchases: At least **$2.25 billion** over 2024 and 2025, and at least an additional **$1 billion** in 2026  **[VST_3397467_5]** .
    - Net Leverage: Below **3x** by the end of 2024  **[VST_3397467_2]** .
    - Dividends to Minority Investors in Vistra Vision: Approximately **$135 million** in 2024  **[VST_3397467_5]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  - Ongoing Operations Adjusted EBITDA: **$4,550,000,000 to $5,050,000,000**  **[VST_3387314_2]** .
  - Ongoing Operations Adjusted Free Cash Flow Before Growth: **$2,200,000,000 to $2,700,000,000**  **[VST_3387314_2]** .
  - Conversion Rate from Adjusted EBITDA to Free Cash Flow: Below **55% to 60%** for 2024, expected to return to target range in 2025  **[VST_3387314_2]** .
  - Vistra Vision and Vistra Tradition Contribution: Each expected to contribute roughly half of the adjusted EBITDA over time  **[VST_3387314_2]** .
  - Energy Harbor Contribution: Expected run rate adjusted EBITDA contribution to exceed **$1.1 billion beginning in 2026**  **[VST_3387314_1]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024, FY 2025
- **Guidance**:
  - **FY 2024**:
    - Ongoing Operations Adjusted EBITDA: **$3.7 billion to $4.1 billion** for Vistra stand-alone  **[VST_3375460_2]** .
    - Ongoing Operations Adjusted Free Cash Flow Before Growth: **$1.9 billion to $2.3 billion** for Vistra stand-alone  **[VST_3375460_2]** .
    - Energy Harbor Contribution: 12-month 2024 ongoing operations adjusted EBITDA midpoint opportunity of **$700 million**  **[VST_3375460_2]** .
  - **FY 2025**:
    - Ongoing Operations Adjusted EBITDA: Expected run rate ongoing operations adjusted EBITDA midpoint opportunity of **$900 million**  **[VST_3375460_2]** .
    - Ongoing Operations Adjusted EBITDA for Vistra Stand-Alone: **$3.8 billion to $4 billion**  **[VST_3375460_4]** .

50fbbf12bfc5a72042038a734214c1a70e2339ddf05f286c79b85230174f3c6e

Retail

- Contracts

- Other

Texas

East

West

Sunset

ERCOT

NY/NE

MISO

Asset Closure

Corporate and Other

Eliminations

Total Revenue

444390464aee9f04ddc0e07c7eadba93351934d4816c6de3c038d48b023396c9

| Name                  | Position                                                                 | Start Date         | Short Bio                                                                                                                                                                                                                                                                                                                                                       |
|-----------------------|--------------------------------------------------------------------------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Kristopher E. Moldovan| Executive Vice President and Chief Financial Officer                     | August 2022        | Kristopher E. Moldovan has been with Vistra and its predecessor companies since 2006. He served as Senior Vice President and Treasurer from 2017 to 2022, and Assistant Treasurer from 2010 to 2017. He originally joined as Senior Counsel, focusing on finance and M&A  **[0001193125-24-086032_d543575ddef14a.htm:45]** **[0001193125-23-090860_d434929ddef14a.htm:47]** .                                                                               |
| Stacey Doré           | Chief Strategy & Sustainability Officer, Executive Vice President of Public Affairs | August 2022        | Stacey Doré is responsible for corporate strategy, sustainability, regulatory and government affairs, communications, and community engagement. She was previously the president and CEO of Hunt Utility Services and Sharyland Utilities from 2019 to 2021  **[0001193125-24-086032_d543575ddef14a.htm:45]** **[0001193125-23-090860_d434929ddef14a.htm:49]** **[0001692819-24-000012_vistra-20231231xex1021.htm:0]** .                                                                                         |
| Scott A. Hudson       | Executive Vice President and President of Vistra Retail                  | February 2020      | Scott A. Hudson oversees all of the company's retail electricity brands. He was promoted to Executive Vice President in January 2022 and previously served as Senior Vice President of Vistra Corporate Services Company and President of TXU Energy  **[0001193125-24-086032_d543575ddef14a.htm:47]** **[0001193125-23-090860_d434929ddef14a.htm:48]** .                                                                                                    |
| Carrie Lee Kirby      | Executive Vice President and Chief Administrative Officer                | October 3, 2016    | Carrie Lee Kirby was previously the Executive Vice President of Human Resources for Vistra's predecessor, leading HR functions across its subsidiaries. She joined TXU Energy in 2006 as a Human Resources Director  **[0001193125-24-086032_d543575ddef14a.htm:47]** **[0001193125-23-090860_d434929ddef14a.htm:47]** .                                                                                                                                    |
| Stephanie Zapata Moore| Executive Vice President, General Counsel, and Chief Compliance Officer  | October 2016       | Stephanie Zapata Moore has been with Vistra since November 2005, initially serving as Counsel and Senior Counsel. She became Vice President and General Counsel of Luminant in April 2012 before her current roles  **[0001193125-24-086032_d543575ddef14a.htm:47]** **[0001193125-23-090860_d434929ddef14a.htm:48]** .                                                                                                                                    |
| Stephen J. Muscato    | Executive Vice President and President of Wholesale Operations & Development | January 2023       | Stephen J. Muscato was the Chief Commercial Officer starting in February 2020. He has held various senior leadership positions within Vistra and its subsidiaries, including Senior Vice President and Chief Commercial Officer of Luminant  **[0001193125-24-086032_d543575ddef14a.htm:48]** **[0001193125-23-090860_d434929ddef14a.htm:48]** .                                                                                                           |
| John W. (Bill) Pitesa | Independent Director and Chair of the Nuclear Oversight Committee        | March 2024 (expected) | Bill Pitesa has extensive experience in the nuclear industry, including serving as the chief nuclear officer at Duke Energy and the Nuclear Energy Institute. He holds a Bachelor of Science degree in electrical engineering from Auburn University and is a registered professional engineer in North Carolina  **[0001193125-24-086032_d543575ddef14a.htm:15]** **[0001193125-24-086032_d543575ddef14a.htm:18]** . |

d2b3738ff041eb84ace7277c96c4cac5ad8b74b0295ab9357c8ae6d3c70d5560

e853264f2f41277789dfbf8d037f8b1c7109d0edd47afbe5580339ac74fa2cab

| Name                  | Start Date | End Date | Reason for Change |
|-----------------------|------------|----------|-------------------|
| Deloitte & Touche LLP | 2002  **[0001692819-24-000012_vistra-20231231.htm:127]**    | Present  | Current auditor   |

f6d8cb70c30ed2767982ffa3faa113b9934d1194a148a52733204fcd957a84b1

- Total Revenue: $6,288 million (+54% YoY)  **[0001692819-24-000069_vistra-20240930.htm:7]** **[0001628280-23-037205_vistra-20230930.htm:6]**   
- Operating Income (EBIT): $2,588 million (+209% YoY)  **[0001692819-24-000069_vistra-20240930.htm:7]** **[0001628280-23-037205_vistra-20230930.htm:6]**   
- Net Income: $1,837 million (**+266%** YoY)  **[0001692819-24-000069_vistra-20240930.htm:7]** **[0001628280-23-037205_vistra-20230930.htm:6]** **[0001628280-23-037205_vistra-20230930.htm:7]**   
- EPS (Diluted): $5.20 (+316% YoY)  **[0001692819-24-000069_vistra-20240930.htm:7]** **[0001628280-23-037205_vistra-20230930.htm:6]**   
- Texas Region Revenue: $4,104 million (**+171%** YoY)  **[0001692819-24-000069_vistra-20240930.htm:22]** **[0001628280-23-037205_vistra-20230930.htm:16]**   
- East Region Revenue: $1,524 million (+134% YoY)  **[0001692819-24-000069_vistra-20240930.htm:22]** **[0001628280-23-037205_vistra-20230930.htm:16]**   
- West Region Revenue: $242 million (−30% YoY)  **[0001692819-24-000069_vistra-20240930.htm:22]** **[0001628280-23-037205_vistra-20230930.htm:16]**   

83a849fa5b6c27db0ad0e39e59ab1310eeec70cb8e76b1a0e679dd65932431e9

0402080aba8b6dc829fd2827a730e4a07e5ab3e45e6756b61c35085e175bd154

| Year | Amount Due (in millions) | Debt Type                  | Interest Rate (%) | % of Total Debt                                                                 |
|----------|------------------------------|---------------------------------|-----------------------|------------------------------------------------------------------------------------|
| 2024     | $20 **[0001692819-24-000069_vistra-20240930.htm:31]**                  | Commodity-Linked Facility      | 4.875 **[0001692819-24-000069_vistra-20240930.htm:31]**         | 0.1% = (20 / 14,730) * 100 **[0001692819-24-000069_vistra-20240930.htm:31]**                                                |
| 2024     | $750 **[0001692819-24-000069_vistra-20240930.htm:9]**                 | Accounts Receivable Financing  | N/A                   | 5.1% = (750 / 14,730) * 100 **[0001692819-24-000069_vistra-20240930.htm:31]** **[0001692819-24-000069_vistra-20240930.htm:9]**                                       |
| 2025     | $744 **[0001692819-24-000069_vistra-20240930.htm:31]**                 | Senior Secured Notes           | 5.125 **[0001692819-24-000069_vistra-20240930.htm:31]**         | 5.1% = (744 / 14,730) * 100 **[0001692819-24-000069_vistra-20240930.htm:31]**                                               |
| 2025     | $41 **[0001692819-24-000069_vistra-20240930.htm:31]**                  | Other Long-Term Debt           | N/A                   | 0.3% = (41 / 14,730) * 100 **[0001692819-24-000069_vistra-20240930.htm:31]**                                                |
| 2026     | $1,038 **[0001692819-24-000069_vistra-20240930.htm:31]**               | Senior Unsecured Notes         | 5.500 **[0001692819-24-000069_vistra-20240930.htm:31]**         | 7.0% = (1,038 / 14,730) * 100 **[0001692819-24-000069_vistra-20240930.htm:31]**                                             |
| 2027     | $3,434 **[0001692819-24-000069_vistra-20240930.htm:31]**               | Multiple Notes (Secured/Unsecured) | 3.700-5.625 **[0001692819-24-000069_vistra-20240930.htm:31]** | 23.3% = (3,434 / 14,730) * 100 **[0001692819-24-000069_vistra-20240930.htm:31]**                                            |
| 2028     | $34 **[0001692819-24-000069_vistra-20240930.htm:31]**                  | N/A                            | N/A                   | 0.2% = (34 / 14,730) * 100 **[0001692819-24-000069_vistra-20240930.htm:31]**                                                |
| 2029     | N/A                          | Senior Secured/Unsecured Notes | 4.300-4.375 **[0001692819-24-000069_vistra-20240930.htm:31]**   | N/A                                                                                |
| 2031     | N/A                          | Senior Unsecured Notes         | 7.750 **[0001692819-24-000069_vistra-20240930.htm:31]**         | N/A                                                                                |
| 2032     | N/A                          | Senior Unsecured Notes         | 6.875 **[0001692819-24-000069_vistra-20240930.htm:31]**         | N/A                                                                                |
| 2033     | N/A                          | Senior Secured Notes           | 6.950 **[0001692819-24-000069_vistra-20240930.htm:31]**         | N/A                                                                                |
| 2034     | N/A                          | Senior Secured Notes           | 6.000 **[0001692819-24-000069_vistra-20240930.htm:31]**         | N/A                                                                                |
| Thereafter | $9,558 **[0001692819-24-000069_vistra-20240930.htm:31]**             | Various                        | N/A                   | 64.9% = (9,558 / 14,730) * 100 **[0001692819-24-000069_vistra-20240930.htm:31]**                                            |

feb8cc7db4ff515a17513397b001ce6faa63937f9f08b906f988017d6a39fbaf

fc20e60154f48f4b35faccee07d79dc05a3480f4f380e19b014c32548274a768

1. **Energy Harbor Acquisition Update**  
   **Q:** Is Energy Harbor guidance updated or same as before?  
   **A:** James Burke confirmed they've been updating their guidance and feel good about it. On a 12-month basis, they expect to be around **$700 million** in EBITDA contribution from Energy Harbor, which is above their initial estimates when they announced the acquisition.  **[VST_3375460_12]** 

2. **Capital Allocation Plans**  
   **Q:** Any changes in share buyback plans post-acquisition?  
   **A:** Kristopher Moldovan stated they expect to spend **$2.25 billion** on share repurchases over 2024 and 2025, with additional cash available for allocation. They do not see any opportunities that would disrupt their pacing on share repurchases.  **[VST_3375460_9]** 

3. **Market Conditions and Outlook**  
   **Q:** What's your view on supply-demand and market reforms in ERCOT?  
   **A:** James Burke highlighted robust load growth in Texas, driven by data centers and population increase. He mentioned that certainty around market reforms like ECRS and PCM is needed to support price signals and incentivize new supply investment.  **[VST_3375460_6]** ,  **[VST_3375460_14]** 

4. **Data Center Growth Opportunities**  
   **Q:** How is data center growth impacting your business?  
   **A:** James Burke noted unprecedented interest from data center customers. Behind-the-meter projects may be a couple of years out, but data center load is expected to double by **2030**, presenting significant opportunities for Vistra's assets and potentially supporting price signals for new supply.  **[VST_3375460_7]** ,  **[VST_3375460_8]** 

5. **Nuclear Fuel Supply Security**  
   **Q:** Are you secure in your nuclear fuel supply for Comanche Peak and Energy Harbor plants?  
   **A:** James Burke confirmed they are secure for both Energy Harbor sites and Comanche Peak through **2027 refuelings**, and are substantially hedged into **2028**. They feel good about their risk management around fuel procurement.  **[VST_3375460_13]** 

6. **Financial Guidance and Metrics**  
   **Q:** Does the TRA transaction affect your free cash flow guidance?  
   **A:** Kristopher Moldovan explained that the TRA transaction is positive for free cash flow, reducing cash costs. They expect a conversion percentage of around **55%** on average over the planning horizon.  **[VST_3375460_10]** 

3850f7a3081a0e10637f9d3632275955806ed364374a14349520ee27a0fae384

- **Vistra projects an ongoing operations adjusted EBITDA midpoint opportunity for more than $6 billion in 2026**, with high confidence based on current market curves and a hedge percentage of approximately 50%.  **[VST_3387314_8]**
- **The company is well-positioned to capitalize on significant power demand growth**, particularly in Texas, driven by data centers, industrial reshoring, electrification, and population growth, leading to tighter supply-demand dynamics and favorable market conditions for Vistra.  **[VST_3387314_14]**
- **Vistra maintains significant capital allocation flexibility**, planning to execute at least **$2.25 billion of share repurchases over 2024 and 2025**, while also exploring high-return investment opportunities like Vistra Zero projects with mid-teens free cash flow returns.  **[VST_3387314_10]**

69f97c5b77db391887ba4668d77a7f8161fdc8f9afc27b82f6b01161d994d283

4ee9e05304a1552f9a825d49dbdcda48b949ab9fa4e0f6751ef57b933fd4bb64

- **Forward power curves for Vistra's markets are backwardated**, indicating market expectations of declining future prices, which could negatively impact the company's future earnings. The company acknowledges concerns around price signals and uncertainties in market reforms, particularly in ERCOT.  **[VST_3375460_14]**
- **Uncertainty regarding future metrics and guidance** is evident as Vistra plans to reassess its communication strategy and may change how it reports its ongoing value, leaving investors without clear forward-looking guidance in the near term.  **[VST_3375460_11]** ,  **[VST_3375460_12]**
- **Challenges in attracting data center colocation at their nuclear sites due to single-unit operations lacking redundancy**, which may be less attractive to data center customers seeking high reliability, potentially impeding growth opportunities in this area.  **[VST_3375460_15]**

2fe9e5eb7db5445561df1529262d7c2639e82a8b7599b55f932bd90aff62be80

1. **2026 Guidance Outlook**  
   **Q:** What does 'meaningfully above' $6 billion in 2026 guidance imply?  
   **A:** Vistra anticipates potential upside to its **$6 billion** 2026 guidance, driven by being only **64% hedged** for that year, leaving room for favorable market movements and the impact of the PJM capacity auction results. They have built in some upside as they hedge more and observe auction outcomes.  **[VST_3406611_11]** 

2. **Data Center Co-location Plans**  
   **Q:** Can you update on data center co-location at nuclear and gas plants?  
   **A:** Vistra is actively pursuing co-location deals at multiple sites, including nuclear and gas plants in ERCOT and PJM. They're in detailed discussions with several companies, considering co-location deals, nuclear uprates, and new builds. These complex deals take time but offer significant opportunities due to robust demand, particularly in Texas.  **[VST_3406611_8]** 

3. **Impact of PJM ISA Ruling and Texas Energy Fund**  
   **Q:** How do the PJM ISA ruling and Texas Energy Fund affect Vistra's strategy?  
   **A:** The PJM ISA ruling adds complexity but doesn't necessarily favor ERCOT over PJM. While PJM's capacity market provides investment signals, recent interventions have caused delays. In Texas, uncertainties around the **Texas Energy Fund (TEF)** and market design impact Vistra's decisions on new projects like peaker plants. They are proceeding cautiously, awaiting further market developments before fully committing.  **[VST_3406611_12]** **[VST_3406611_14]** 

4. **EBITDA Impact from Data Center Deals**  
   **Q:** Will data center deals significantly impact EBITDA by 2026-2027?  
   **A:** It's unlikely that data center deals will have a meaningful EBITDA impact by **2026-2027** due to long lead times. Building infrastructure and powering sites can take **4-5 years**, so these deals aren't expected to affect near-term hedging or guidance.  **[VST_3406611_15]** 

5. **Pricing Differences: Nuclear vs Gas Assets**  
   **Q:** How do pricing and customer interest differ between nuclear and gas assets?  
   **A:** While specific pricing isn't disclosed, nuclear assets may command a premium due to their **carbon-free 24/7** attributes. Customers weigh factors like location, speed, and energy needs. There's significant interest in nuclear sites, but gas assets also attract interest for co-location deals.  **[VST_3406611_16]** 

6. **Transmission Capacity for PJM Assets**  
   **Q:** Is there sufficient transmission capacity for PJM assets like Beaver Valley?  
   **A:** At **Beaver Valley**, studies show co-locating load wouldn't negatively impact the grid, offering a speed-to-market advantage over front-of-the-meter connections. However, thorough study processes are still required for any new load additions.  **[VST_3406611_17]** **[VST_3406611_18]** 

7. **Policy Changes and Resource Adequacy**  
   **Q:** How might recent policy changes affect new gas builds and the coal fleet?  
   **A:** Vistra notes that potential revisions to **GHG rules** could affect both coal units and new gas builds. They emphasize their diversified portfolio across technologies and markets, positioning them to adapt to regulatory changes. It's too early to assess specific impacts, but they remain flexible to opportunities.  **[VST_3406611_10]** 

bd148b83e1f6edcee4b380f7cf91f170d92fdb092358ee9bf3e0043ee80950bf

1. **2026 Earnings Guidance**  
   **Q:** Would you have been at $6 billion before auction results?  
   **A:** When we first announced the $6 billion plus in May, curves were strong in Texas and PJM. Curves have since come off, and we're now about 55% hedged. Despite some erosion in unhedged margins, we believe we're still strongly above the $6 billion plus figure for 2026, especially with the recent capacity auction clear. We'll refresh our guidance next quarter.  **[VST_3397467_7]** 

2. **PJM Auction Upside**  
   **Q:** Why is the $200 million PJM auction upside less than expected?  
   **A:** Our previous 2025 numbers already included a revenue assumption for the auction, at about half of the actual clear. Also, in our retail business, particularly residential, we have some forward capacity sales which are fixed price commitments, so not all the capacity revenue flows through fully. The $200 million reflects these factors and is for six months of the planning period. We expect more flow-through in future auctions.  **[VST_3397467_15]** 

3. **Nuclear PTC Impact**  
   **Q:** Does the nuclear PTC provide downside support in '25?  
   **A:** We're right around the PTC floor; as of August 5, we're just below it. We wanted to show that the capacity revenue isn't needed to cover softness in our business. The PTC provides downside protection—if curves stay as they are, we might get more PTC upside; if they fall, the PTC provides valuable support. We're giving a $400 million number for '24, over and above our upper range.  **[VST_3397467_14]** 

4. **ERCOT Newbuild Economics**  
   **Q:** Are prices high enough to justify newbuild in ERCOT?  
   **A:** The curves have come off recently, and projects are challenged based on curves alone. The Texas legislature passed the TEF and other measures to provide low-cost financing and incentives for new gas plants, capped at 10,000 MW. While helpful, low-cost financing alone isn't enough; we need adequate revenue, and market reforms are important. It's too early to tell how this will unfold.  **[VST_3397467_12]** 

5. **TEF Decision Timeline**  
   **Q:** When do you need to make a decision on TEF projects?  
   **A:** By the end of August, we'll know who moves forward in the TEF process. Due diligence will follow, and loans need to be dispersed by late 2025. We're working on engineering, site work, and interconnect processes. We anticipate a go/no-go decision on the peakers around early next summer, with more information by then.  **[VST_3397467_13]** 

6. **Data Center Deal Timing**  
   **Q:** When will you sign a data center colocation deal?  
   **A:** These are large, complicated deals that depend on customer readiness. We're making progress, with strong engagement and due diligence, but customers are also talking to others. It's a dynamic market, and while we're moving as fast as we can, it's not solely under our control. Our fundamentals don't depend on these deals, but we're working hard to get one done.  **[VST_3397467_16]** 

7. **Data Center Pricing Discussions**  
   **Q:** How have pricing discussions with data centers evolved?  
   **A:** Customers recognize the value of reliable baseload capacity, especially carbon-free nuclear units, and are willing to pay for it. We're in a competitive process, and other companies offer similar resources. Gas assets also provide reliability and other benefits. Pricing is sensitive, but we're making progress in these customer-specific discussions.  **[VST_3397467_18]** 

8. **PJM Load Growth Concerns**  
   **Q:** How do you manage concerns about PJM load growth interventions?  
   **A:** The competitive market allows anyone, including regulated utilities, to build generation. Significant investment has been made by competitive companies in PJM and ERCOT. The recent capacity auction clear brings only 40–50% of what's needed to build a new gas plant. There's plenty of opportunity for all to work together to meet customer needs. We need to keep the dialogue open and work through these issues over time.  **[VST_3397467_9]** ,  **[VST_3397467_10]** 

9. **Recession Implications**  
   **Q:** What does a potential recession mean for your business?  
   **A:** In the near term (next 2–3 years), we feel strong about generating consistent returns. Our baseload and residential businesses are quite recession-proof. Our commercial and industrial contracts are typically take-or-pay. We've proven resilience even when things soften, adjusting operations and hedges effectively. Long term, we'd consider capital allocation if there were a prolonged downturn, but it's not a near-term worry.  **[VST_3397467_17]** 

10. **Acquiring Existing Assets**  
    **Q:** How do you view buying existing assets?  
    **A:** We've grown through acquisitions and have shown the ability to integrate assets and capture synergies. New assets often trade at a discount later. The value of gas assets has improved but hasn't yet matched new-build costs. We'll continue to look for opportunities as the gap narrows, but currently, there's still a delta.  **[VST_3397467_19]** 

ec29b1bc6ba6eaae50c242b119ca056ca9c16c669df663973ea9bf583580fc54

- **Vistra faces regulatory challenges with their coal plants in Ohio and Illinois, which are expected to retire by 2027 due to EPA rules, potentially reducing their generation capacity and affecting financial performance.**  **[VST_3387314_14]**
- **The company's net leverage ratio is at 3x, and they are two notches away from achieving investment-grade ratings, indicating higher financial risk and the need for deleveraging efforts.**  **[VST_3387314_13]**
- **Potential uncertainties in nuclear fuel supply due to the Russian ban could lead to increased costs beyond 2028, as spot prices may rise considerably despite current hedging through 2028.**  **[VST_3387314_8]**

41e2c777dbe4339e4d194c8db995d3fa6c461e2f96c121d422e4a1757dddabae

- **Vistra faces uncertainties in ERCOT market design, which could delay or halt their planned peaker projects in Texas, impacting future earnings.**  **[VST_3406611_14]**
- **Complex and time-consuming discussions with customers over co-located generation solutions may result in delays and challenges in addressing resource adequacy concerns in ERCOT.**  **[VST_3406611_9]**
- **There may be lower profitability from gas assets compared to nuclear assets due to customer preferences for carbon-free energy, potentially affecting demand and margins for gas generation.**  **[VST_3406611_16]**

b4c98eb41387f9065ac447e86e16a0b603bf57ca8169a4569a5d5588c8678bce

- **Vistra Corp is strategically advancing its peaker projects in ERCOT**, with the flexibility to proceed or pause depending on favorable market developments, demonstrating prudent capital allocation and responsiveness to market signals.  **[VST_3406611_14]**
- **The company's nuclear assets command a premium due to their carbon-free, 24/7 attributes**, aligning with customer preferences for sustainability, and positioning Vistra advantageously in the energy transition.  **[VST_3406611_16]**
- **Despite regulatory uncertainties like the Susquehanna ISA ruling, Vistra maintains multiple growth avenues and continues positive customer engagements**, highlighting the company's resilience and adaptability in pursuing both co-located and front-of-the-meter projects.  **[VST_3406611_6]**

b0f24560e0573dc921fed897057928975a934ecf08210fbaac9541c7907d73d7

- **Vistra is committed to substantial capital returns to shareholders**, planning to utilize **$2.25 billion** for share repurchases over **2024 and 2025**, with expectations to continue buybacks at **$1 billion-plus per year** beyond 2025.  **[VST_3375460_9]**
- **Energy Harbor acquisition is expected to contribute significantly**, with ongoing operations adjusted EBITDA midpoint opportunities of **$700 million** for 2024 and **$800 million** for 2025, and potential for upside in synergies upon integration.  **[VST_3375460_2]** **[VST_3375460_12]**
- **Strong growth opportunities from increasing demand**, particularly from data centers, with expectations that data center load will **double by 2030**, positioning Vistra to capitalize on this trend in Texas.  **[VST_3375460_7]**

ec9abbe650dc1c9b601e73dddd067098150f57bbdfb11cdb6e59f7a90eb07536

1. **2026 EBITDA Sensitivity**  
   **Q:** How sensitive is 2026 EBITDA if fully unhedged?  
   **A:** Vistra is confident in the **$6 billion** EBITDA forecast for 2026, given current curves and hedge percentages. Sensitivity to power and spark moves is roughly twice that of 2025.  **[VST_3387314_8]** 

2. **Free Cash Flow Conversion**  
   **Q:** What drives free cash flow conversion from 50% to 60%?  
   **A:** Vistra targets a **55% to 60%** free cash flow conversion rate. This year's lower rate is due to timing issues: a **$100 million** non-cash EBITDA increase from accounting changes, and timing mismatches in retail hedging costs versus revenue recognition. Adjusting for these, conversion would be closer to **55%**, with improvements expected to reach **60%** starting next year.  **[VST_3387314_9]** 

3. **Share Buybacks Decision-Making**  
   **Q:** What metrics guide your share buyback decisions?  
   **A:** Vistra considers free cash flow yield compared to alternative capital uses. While free cash flow yields have decreased with share price appreciation, they remain attractive. The company plans to continue buybacks totaling **$2.25 billion** through 2025 and evaluates other growth opportunities that offer competitive returns.  **[VST_3387314_10]** 

4. **Coal Plant Retirement and EPA Compliance**  
   **Q:** Any change in plans for retiring coal plants?  
   **A:** Vistra intends to retire all but two coal plants, **Martin Lake** and **Oak Grove**, by 2027 to comply with EPA regulations. Extending their operation would require carbon capture technology or co-firing with **40%** gas, which is challenging. Operating in current coal configurations seems unlikely for Ohio and Illinois sites.  **[VST_3387314_14]** 

5. **PJM Capacity Market Expectations**  
   **Q:** What capacity price assumptions are embedded for PJM?  
   **A:** Vistra expects PJM capacity prices to improve modestly but remains conservative in forecasts. Bilateral trades indicate clears around **$90 to $100** per megawatt-day. Historical averages were about **$100**, and supply-demand tightening suggests potential for higher prices.  **[VST_3387314_15]** 

6. **Investment-Grade Metrics Timeline**  
   **Q:** When will you reach investment-grade metrics?  
   **A:** Vistra is currently at **3x** leverage and aims to reach investment-grade metrics in the next year or two. Deleveraging will occur through EBITDA growth and debt repayment from unallocated cash. Detailed discussions with rating agencies will follow upgrades to one notch below investment grade.  **[VST_3387314_13]** 

7. **New Gas Builds in ERCOT**  
   **Q:** What's your view on new gas builds and scarcity in ERCOT?  
   **A:** Vistra observes a modest increase in gas project applications, particularly peaker plants, due to EPA rules making combined cycle plants less attractive. Demand growth supports new supply, and Texas remains conducive to energy development. Current fundamentals differ from the early 2000s turbine surge.  **[VST_3387314_7]** 

8. **2026 Hedging and Liquidity**  
   **Q:** Can you elaborate on 2026 hedging and pricing?  
   **A:** At the end of 2023, Vistra was **25% hedged** for 2026, increasing to **50%** recently due to market movements and improved liquidity. Hedging is opportunistic, based on price, fundamentals, and market liquidity. Increased liquidity allows for larger hedge volumes, and further hedging may continue as conditions evolve.  **[VST_3387314_16]** **[VST_3387314_17]** 

9. **Nuclear Fuel Supply and Hedging**  
   **Q:** How are you positioned on nuclear fuel supply?  
   **A:** Vistra has secured physical supply for outages through **2027** and is significantly hedged financially into **2028**. The average nuclear fuel cost is about **$7** per megawatt-hour over this period, despite spot prices at **$11 to $12**. The company actively manages risks amid uncertainties like the Russian ban and aims to ensure ample market liquidity.  **[VST_3387314_18]** 

10. **Data Center Opportunities with Nuclear Plants**  
    **Q:** Update on data center opportunities at nuclear sites?  
    **A:** Interest in colocating data centers at Vistra's nuclear sites has increased. Two-unit sites are more desirable due to redundancy. Potential partners prioritize speed and reliability. Vistra is exploring options across its **40,000 MW** fleet in **12 states**, engaging in multiple discussions to identify the best opportunities.  **[VST_3387314_11]** 

11. **Data Centers at Gas Plants and New Builds**  
    **Q:** Are you considering data centers at gas plants or new builds?  
    **A:** Vistra sees existing combined cycle gas plants as suitable for data center colocation. Building new combined cycle plants is less attractive due to EPA regulations and carbon capture costs. Peaker plants and hybrid solutions may play a role, but investing in new baseload assets is challenging amid regulatory uncertainties.  **[VST_3387314_12]** 

12. **Vistra Tradition Stand-Alone Viability**  
    **Q:** Has rising sparks changed thoughts on Vistra Tradition's viability?  
    **A:** Increased sparks and fixed-price power have highlighted the value of Vistra Tradition. Integration with Vistra Vision's retail business provides operational advantages. While Tradition assets are hard to replicate and more valuable, there are no current plans to separate the businesses or provide GAAP segment reporting.  **[VST_3387314_6]** 

13. **Retail Contract Duration and Pricing**  
    **Q:** What's the average duration of retail contracts and pricing flexibility?  
    **A:** Business contracts range from **1 to 10 years**, while residential contracts are typically **1 to 2 years**. Sustained changes in wholesale power costs are reflected in retail prices over time. The integrated model aims for steady per-megawatt-hour margins, adjusting retail revenues with wholesale cost movements.  **[VST_3387314_19]** 

14. **Regional Hedging Differences**  
    **Q:** Is there a difference in hedging between ERCOT and PJM?  
    **A:** Vistra did not specify hedge percentages by region but acknowledged that ERCOT and PJM are the two largest portfolios. Hedging depends on market depth and the ability to transact volumes comfortably without impacting prices significantly.  **[VST_3387314_17]** 

15. **Market Share Growth and Customer Counts**  
    **Q:** How is market share and customer growth in retail?  
    **A:** Vistra's retail segment showed strong performance, with residential customer counts growing by **13%** year-over-year due to the Energy Harbor acquisition and organic growth. The company aims to grow with or exceed Texas's market growth rate of **1.5% to 2%**, leveraging multiple brands and advanced analytics to target specific populations effectively.  **[VST_3387314_20]** 

8571972e4f5abeb9bfbf2b292166551d505abde51e1e42e150b7867ec63978df

- **Regulatory uncertainties and potential interventions in competitive power markets may affect Vistra's growth opportunities and operations**, particularly in PJM where concerns about load growth and reliability are leading to talks of market interventions.  **[VST_3397467_9]**
- **Delays and uncertainties in securing data center co-location deals**, which are significant growth opportunities for Vistra, may impact future earnings projections. Complex negotiations and customer hesitance are causing these delays.  **[VST_3397467_11]**
- **Economic downturns or a potential recession ("hard landing") could negatively impact Vistra's business beyond the near-term planning horizon**, as lower power prices and reduced demand affect earnings.  **[VST_3397467_17]**

9344e5fff462888c0196d448839de38e83eaec425fa32133db75ba4911486ae8

- **Vistra Corp ($VST) has a proven track record of successfully acquiring and integrating assets, and is actively seeking further opportunities to enhance value through strategic acquisitions.**  **[VST_3397467_19]**
- **The company's business model is resilient even during economic downturns, supported by a healthy baseload and residential customer base that tends to be recession-proof, ensuring steady cash flows.**  **[VST_3397467_17]**
- **Vistra is making significant progress in securing data center colocation deals, which present substantial upside potential and align with the growing demand for reliable energy solutions from large customers.**  **[VST_3397467_16]**

9339641d6ac3bf1aefb6a57f56b604b1c993b0fee1593a12ce546cb0734eeacd

Vistra Corp (VST)

Financials