Vistra Corp.

Vistra is one of the largest producers of power in deregulated markets in the U.S. with annual expected generation of over 230 TWh as of December 31, 2025.

Vistra is guided by four core principles:

•We do business the right way. Every decision we make and action we take will be a testament to the utmost integrity and compliance. Conducting our daily activities within the laws, regulations, and rules is not an option we choose but rather the way we do business that is ingrained in our culture.

•We work as a team. We work together on everything we do to support the success of the Company. Collaboration, information sharing, and cross-functional teamwork are fundamental to how we conduct our day-to-day activities.

•We compete to win. We have an unmatched work ethic, an analysis-driven and disciplined culture, and strong leadership and decision-making throughout the organization.

•We care about our key stakeholders. We care about our employees, our customers, and the communities where we live and do business. We will maintain productive and respectful relationships with our elected officials, regulators, and community leaders. We strive to achieve the full value of our enterprise for our investors.

To align with our four core principles, our focus is on the execution of our strategic priorities as follows:

Long-term, attractive earnings profile through the integrated business model. Our integrated business model distinguishes us from our electricity competitors as it combines our reliable and efficient diversified generation fleet totaling approximately 44,000 MW of capacity, with our commercial operations, including commodity risk management capabilities, and our best-in-class retail energy platform. We believe integrating retail with power generation stands as a fundamental competitive advantage that mitigates the impact of commodity price fluctuations and enhances the stability and predictability of our cash flows. Further, execution of large load offtake opportunities, including under long-term power purchase or offtake agreements, underwrite higher base profitability in the future.

Disciplined capital allocation. We strive to make thoughtful decisions when allocating our free cash flow to balance growth opportunities with returning capital to our stakeholders through share repurchases, dividends, and debt reduction.

Maintaining a resilient balance sheet. We seek to manage our financial leverage by maintaining a strong balance sheet which ensures our access to diverse sources of liquidity. We believe this provides financial flexibility for our capital allocation decisions, including executing on organic growth opportunities, engaging in mergers and acquisitions, opportunistic debt reduction, or returning capital to our stockholders.

Strategic energy transition that supports the reliability, affordability, and sustainability of the electric grid. As one of the largest electricity generators in the U.S., Vistra has led the way in decarbonization efforts and is committed to sustainability, setting aggressive targets, and transitioning our fleet to low-to-no carbon resources, all while balancing our obligations to our stakeholders. While the way we generate electricity may be changing, our essential role in providing reliable and affordable electricity is not.