Vistra Corp

Results of Operations

Net income (loss) decreased $286 million to a Net loss of $268 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. For additional information see the following discussion of our results of operations.

EBITDA and Adjusted EBITDA

In analyzing and planning for our business, we supplement our use of GAAP financial measures with non-GAAP financial measures, including EBITDA and Adjusted EBITDA as performance measures. These non-GAAP financial measures reflect an additional way of viewing aspects of our business that, when viewed (i) with our GAAP results and (ii) the accompanying reconciliations to corresponding GAAP financial measures may provide a more complete understanding of factors and trends affecting our business. Because EBITDA and Adjusted EBITDA are financial measures that management uses to allocate resources, determine our ability to fund capital expenditures, assess performance against our peers, and evaluate overall financial performance, we believe they provide useful information for investors.

These non-GAAP financial measures should not be relied upon to the exclusion of GAAP financial measures and are, by definition, an incomplete understanding of Vistra and must be considered in conjunction with GAAP measures. In addition, non-GAAP financial measures are not standardized; therefore, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. We strongly encourage investors to review the condensed consolidated financial statements and publicly filed reports in their entirety and not rely on any single financial measure.

When EBITDA or Adjusted EBITDA is discussed in reference to performance on a consolidated basis, the most directly comparable GAAP financial measure to EBITDA and Adjusted EBITDA is Net income (loss).

Vistra Consolidated Financial Results — Three Months Ended March 31, 2025 Compared to the Three Months Ended March 31, 2024

The following table presents Net income (loss), EBITDA and Adjusted EBITDA for the three months ended March 31, 2025:

(a)Includes $48 million of unrealized mark-to-market net losses on interest rate swaps.

(b)Includes nuclear fuel amortization of $31 million and $80 million, respectively, in the Texas and East segments.

(c)Represents net of all NDT (income) loss of the PJM nuclear facilities and all ARO and environmental remediation expenses.

The following table presents Net income (loss), EBITDA and Adjusted EBITDA for the three months ended March 31, 2024:

(a)Includes $47 million of unrealized mark-to-market net gains on interest rate swaps.

(b)Includes nuclear fuel amortization of $26 million and $23 million, respectively, in the Texas and East segments.

(c)Includes $10 million gain recognized on the repurchase of TRA Rights.

(d)Represents net of all NDT income (loss), ARO accretion expense for operating assets, and ARO remeasurement impacts for operating assets.

GAAP net income (loss) decreased $286 million to a net loss of $268 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The primary drivers for the decrease in GAAP net income (loss) include:

Unfavorable impacts:

•An increase of $391 million in unrealized mark-to-market losses on derivative positions due to power and natural gas curves moving up more significantly in the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. See further information on our derivative results in Energy-Related Commodity Contracts and Mark-to-Market Activities below.

Favorable impacts:

•Inclusion of three months of Energy Harbor activity in the East and Retail segments for 2025 compared to one month in 2024.

The following table presents the operational performance of our retail and generation segments:

(a)Reflects cooling degree or heating degree days based on Weather Services International (WSI) data. A degree day compares the average of the hourly outdoor temperatures during each day to a 65° Fahrenheit base temperature. Retail amounts represent weather data for the Dallas Forth Worth area.

(a) Reflects the average around-the-clock settled prices for the periods presented and does not necessarily reflect prices we realized.

(b)Reflects the average around-the-clock settled prices for the periods presented and does not reflect costs incurred by us.

Adjusted EBITDA for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 increased by $426 million. The primary drivers for the increase include:

(a) Includes amounts associated with operations acquired in the Energy Harbor Merger beginning March 1, 2024.

(b)See Energy-Related Commodity Contracts and Mark-to-Market Activities below for analysis of hedging strategy.

Asset Closure Segment— Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024

GAAP results for the three months ended March 31, 2025 are unfavorable compared to the three months ended March 31, 2024 primarily due to operating costs associated with the Moss Landing 300 Incident net of insurance receivables. See Note 1 to the Financial Statements for additional information.

Energy-Related Commodity Contracts and Mark-to-Market Activities

As we entered the 2024 and 2025 calendar years, we had substantially all of our expected generation volumes hedged. This strategic hedging allowed us to lock in margins that were higher than what we would have realized if we had not hedged. These margins also exceeded those from hedging activities for the three months ended March 31, 2024, contributing to the increase in realized revenue net of fuel in our generation segments, along with the addition of Energy Harbor.

The changes in unrealized gains and losses on hedging activities are driven by forward power sales. When power prices increase or decrease compared to what our generation segments have sold forward, the generation segments recognize unrealized losses or gains, respectively. Conversely, the retail segment, which procures power from the generation segments to meet future load obligations, experiences an inverse effect on unrealized mark-to-market valuations compared to the generation segments.

In the first quarters of both 2024 and 2025, forward power prices in our Texas and East generation segments increased relative to our hedged positions resulting in unrealized losses in those segments, which were partially offset by unrealized gains in our retail segment.

The table below summarizes the changes in commodity contract assets and liabilities for the three months ended March 31, 2025 and 2024.

(a)Represents reversals of previously recognized unrealized gains and losses upon settlement/termination (offsets realized gains/(losses) recognized in the settlement period). Excludes changes in fair value in the month the position settled as well as amounts related to positions entered into, and settled, in the same month.

(b)Represents unrealized net gains/(losses) recognized, reflecting the effect of changes in fair value. Excludes changes in fair value in the month the position settled as well as amounts related to positions entered into, and settled, in the same month.

(c)Includes fair value of commodity contracts acquired in the Energy Harbor Merger (see Note 2 to the Financial Statements).

(d)Primarily represents changes in fair value of positions due to receipt or payment of cash not reflected in unrealized gains or losses. Amounts are generally related to premiums related to options purchased or sold as well as certain margin deposits classified as settlement for certain transactions executed on the CME.

The following maturity table presents the net commodity contract liability arising from recognition of fair values as of March 31, 2025, scheduled by the source of fair value and contractual settlement dates of the underlying positions.

We have engaged in natural gas hedging activities to mitigate the risk of higher or lower wholesale electricity prices that have corresponded to increases or declines in natural gas prices. When natural gas prices are elevated or depressed, we continue to seek opportunities to manage our wholesale power price exposure through hedging activities, including forward wholesale and retail electricity sales.

Estimated hedging levels for generation volumes in our Texas, East, and West segments as of March 31, 2025 were as follows: