Vistra Corp.

Results of Operations

The tables and discussion that follows present period‑over‑period changes in our results of operations and highlight the primary drivers of those variances for the periods presented.

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).

Consolidated Results of Operations

Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025

The following table presents Net income (loss), EBITDA and Adjusted EBITDA for the three months ended March 31, 2026:

(a)Corporate and Other includes $16 million of unrealized mark-to-market net gains on interest rate swaps.

(b)Includes nuclear fuel amortization of $36 million and $90 million, respectively, in the Texas and East segments.

(c)Includes revenues from Moss Landing Incident business interruption proceeds in the Asset Closure segment.

(d)Includes NDT (income) loss of the PJM nuclear facilities, ARO and environmental remediation expenses, and other expenses associated with the Moss Landing Incident.

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

(a)Corporate and Other 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)Includes, NDT (income) loss of the PJM nuclear facilities, ARO and environmental remediation expenses, and other expenses associated with the Moss Landing Incident.

Net income for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 increased by $1.297 billion. Adjusted EBITDA for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 increased by $259 million. The primary drivers for the increase in net income and the increase in Adjusted EBITDA include:

Results of Operations by Segment

The following section presents the results of operations and net income of Vistra's reportable business segments. See Note 18 of the Financial Statements for a discussion of the Company's segments as defined under the accounting standards for segment reporting.

Retail

Retail net income decreased due to a $1.762 billion increase in unrealized mark-to-market losses on commodity derivative positions and a decrease in retail margins primarily due to an increase in excess volumes sold at lower wholesale prices and a decrease in customer consumption due to weather.

Texas

Texas net income increased primarily due to a $2.752 billion increase in unrealized mark-to-market gains on commodity derivative positions and higher energy margins.

East

East net income increased primarily due to a $342 million decrease in unrealized mark-to-market losses on commodity derivative positions, higher realized capacity prices and the addition of plants acquired in the Lotus Acquisition.

West

West net income decreased primarily due a $41 million increase in unrealized mark-to-market losses on commodity derivative positions.

Asset Closure Segment

Asset Closure net loss decreased primarily due to costs associated with the Moss Landing Incident, net of insurance recoveries, recognized in the three months ended March 31, 2025.

Disaggregated Consolidated Statement of Operations Results

Explanations of variations between periods for selected income statement categories are provided below:

Operating revenues increased primarily due to a $1.149 billion increase in unrealized mark-to-market gains on commodity derivative positions, higher wholesale capacity and energy revenues and the addition of plants acquired in the Lotus Acquisition.

Fuel, purchased power costs, and delivery fees increased primarily due to a $246 million increase in realized fuel costs partially due to the addition of plants acquired in the Lotus Acquisition, partially offset by a $141 million increase in unrealized mark-to-market gains on commodity derivative positions.

Operating costs increased primarily due to higher maintenance and outage costs and the addition of plants acquired in the Lotus Acquisition, partially offset by costs associated with the Moss Landing Incident, net of insurance recoveries, recognized in the three months ended March 31, 2025.

Depreciation and amortization decreased primarily due to the absence of depreciation and amortization expense recorded for the Moss Landing 300 and 100 MW battery projects and Retail customer relationship intangible assets during the three months ended March 31, 2026 and other one-time retirements recorded in the three months ended March 31, 2025, partially offset by the addition of plants acquired in the Lotus Acquisition.

Selling, general, and administrative expenses increased primarily due to an increase in technology and legal costs of $13 million, stock based compensation expense of $11 million and retail selling costs of $5 million.

Other deductions, net increased due to higher NDT net losses of $24 million consisting of unrealized losses on investments of $95 million partially offset by realized income of $71 million.

Interest expense and related charges decreased primarily due to a $64 million increase in unrealized mark-to-market gains on interest rate swaps.

Income tax benefit (expense) decreased primarily due to an increase in pre-tax income.