Talen Energy Corp

The net cash provided by (used in) operating, investing and financing activities for the nine months ended September 30 were:

Successor Period — Nine Months Ended September 30, 2024

•Operating Cash Flows. Cash provided by operating activities totaled $246 million.

•Investing Cash Flows. Cash provided by investing activities totaled $1,225 million. Talen received $635 million of proceeds from the Cumulus Data Campus Sale in the nine months ended September 30, 2024 (Successor), including $300 million of deferred proceeds that were received in the third quarter 2024, and $763 million of proceeds from the ERCOT Sale in the second quarter 2024, including $8 million of deferred proceeds that were received in the third quarter 2024. Partially offsetting these inflows were NDT fund investments, net of $(24) million and capital expenditures of $(147) million that primarily consisted of $(89) million for nuclear fuel expenditures and $(58) million for property, plant, and equipment. See Note 17 in Notes to the Interim Financial Statements for additional information on the Cumulus Data Campus Sale and the ERCOT Sale.

•Financing Cash Flows. Cash used in financing activities totaled $(1,240) million. This primarily consisted of $(182) million for the repayment of the Cumulus Digital TLF in the first quarter 2024 using a portion of the proceeds from the Cumulus Data Campus Sale; $(39) million in the first quarter 2024 for the repurchase of noncontrolling interests held by affiliates of Orion and two former members of Talen senior management; and $(956) million in the nine months ended September 30, 2024 (Successor) to repurchase common stock shares. See “Recent Developments - Shares Repurchases” above for additional information on share repurchases. In addition, an outflow of $(31) million occurred to settle vested restricted stock units in cash.

Successor Period — May 18 through September 30, 2023

•Operating Cash Flows. Cash provided by operating activities totaled $180 million.

•Investing Cash Flows. Cash used in investing activities totaled $(108) million and primarily consisted of capital expenditures.

Capital expenditures, including those for nuclear fuel, totaled $(103) million and consisted of $(60) million across the Company for then-current projects including the Montour gas conversion project and the Cumulus Data Campus; and $(43) million related to nuclear-fuel expenditures as Talen purchased uranium needs for future periods.

•Financing Cash Flows. Cash used by financing activities totaled $(62) million and primarily consisted of $(59) million for payments to former affiliates to settle warrants and to repurchase affiliates’ noncontrolling interests in Cumulus Digital Holdings.

Predecessor Period — January 1 through May 17, 2023

•Operating Cash Flows. Cash provided by operating activities totaled $462 million.

•Investing Cash Flows. Cash used in investing activities totaled $(157) million and consisted of capital expenditures offset by $46 million in proceeds from the sale of assets.

Capital expenditures, including those for nuclear fuel, totaled $(187) million and consisted of $(138) million across the Company for then-current projects including the Montour gas conversion project, the Cumulus Data Campus, the Nautilus crypto mining project, and projects at Susquehanna; and $(49) million related to nuclear fuel expenditures.

•Financing Cash Flows. Cash used in financing activities totaled $(539) million and consisted of the net effect of issuances and repayments of prepetition debt and make-whole premiums of about $(1.9) billion net cash outflow partially offset by $1.4 billion cash inflow for a contribution from member.