Vistra Corp.

Our primary sources of liquidity and capital consist of (i) cash and cash equivalents, (ii) net cash provided by operating activities, (iii) available capacity under our credit facilities, and (iv) access to the debt and equity capital markets. Within the bounds of our risk management program and policies, we use a variety of derivative instruments to enhance the stability of future cash flows to maintain sufficient financial resources for working capital, debt service, capital expenditures, debt covenant compliance, and (or) other needs. Our hedging strategy is designed to preserve cash flow certainty while maintaining appropriate risk tolerances across our generation portfolio. We complement our hedging strategy with long‑term contracted revenues, including power purchase agreements, to lower our overall hedging requirements.

Sources and Uses of Cash

Operating Cash Flows

The change in net cash provided by operating activities was primarily driven by (i) increased realized revenue net of fuel driven primarily by higher realized capacity prices and energy margins, (ii) increase in realized revenue net of expenses from the addition of plants acquired in the Lotus Acquisition and (iii) a $284 million increase in net margin deposits as $67 million in net margin deposits supporting our hedging strategy were returned for the three months ended March 31, 2026 as compared to $217 million in net margin deposits posted for the three months ended March 31, 2025.

Investing Cash Flows

The change in net cash used in investing activities is primarily driven by (i) $247 million in lower net purchases of environmental allowances in 2026 and (ii) $186 million of insurance proceeds received in 2026 for recovery of damaged property, plant, and equipment associated with the Moss Landing Incident.

Financing Cash Flows

Our significant financing activities during the three months ended March 31, 2026 and 2025 are as follows:

•For the three months ended March 31, 2026, we (i) repaid $1.8 billion under the Vistra Operations Credit Facilities and the Commodity-Linked Facility, (ii) repaid $475 million under the accounts receivable financing facilities, (iii) paid $372 million to repurchase common stock, and (iv) paid $98 million in dividends to common and preferred shareholders. For the three months ended March 31, 2026, we issued $2.25 billion in senior secured notes.

•For the three months ended March 31, 2025, we paid $337 million to repurchase common stock and $104 million in dividends to common and preferred shareholders. For the three months ended March 31, 2025, we borrowed $332 million under the accounts receivable financing facilities.

Liquidity

The following table summarizes changes in available liquidity for the three months ended March 31, 2026:

(a)See the condensed consolidated statements of cash flows in the Financial Statements and Sources and Uses of Cash above for details of the decrease in cash and cash equivalents for the three months ended March 31, 2026.

(b)The increase in availability for the three months ended March 31, 2026 was driven by a $380 million decrease in cash borrowings, partially offset by a $250 million increase in letters of credit outstanding under the facility.

(c)As of March 31, 2026 and December 31, 2025, the borrowing bases were less than the facility limit of $1.75 billion. As of March 31, 2026, available capacity reflects the borrowing base of $1.413 billion and no cash borrowings. As of December 31, 2025, available capacity reflects the borrowing base of $1.422 billion and $1.420 billion in cash borrowings.

(d)Excludes amounts available to be borrowed under the Receivables Facility and the Repurchase Facility, respectively. See Note 11 to the Financial Statements for additional information.

(e)Excludes any additional letters of credit that may be issued under the Secured LOC Facilities or the Alternative LOC Facilities. See Note 11 to the Financial Statements for additional information.

We believe that we will have access to sufficient liquidity to fund our anticipated cash requirements through at least the next 12 months, including the consummation of the Cogentrix Transaction, the maturity of 2026 and 2027 debt obligations, including the 5.050% Senior Notes due December 2026 and 3.7000% Senior Notes due January 2027, and the upcoming payments associated with the acquisition of Nuveen's noncontrolling interest in Vistra Vision discussed in Note 11 to the Financial Statements.

In April 2026, Vistra Operations issued $4.0 billion aggregate principal amount of senior unsecured notes. Net proceeds totaling approximately $3.968 billion were used to repay or redeem existing indebtedness, including the $1.3 billion outstanding principal amount of 5.625% Senior Notes due 2027 and the $2.444 billion in outstanding borrowings under the Term Loan B-3 facility, and to pay fees and expenses related to the offering. Excess net proceeds will be used for general corporate purposes. See Note 11 to the Financial Statements for additional information.

Our operational cash flows tend to be seasonal and weighted toward the second half of the year.

Liquidity Effects of Commodity Hedging and Trading Activities

We have entered into commodity hedging and trading transactions that require us to post collateral if the forward price of the underlying commodity moves such that the hedging or trading instrument we hold has declined in value. We use cash, letters of credit, Eligible Assets (see Note 10 to the Financial Statements for additional information) and other forms of credit support to satisfy such collateral posting obligations. See Note 11 to the Financial Statements for additional information.

Exchange cleared transactions typically require initial margin (i.e., the upfront cash and/or letter of credit posted to take into account the size and maturity of the positions and credit quality) in addition to variation margin (i.e., the daily cash margin posted to take into account changes in the value of the underlying commodity). The amount of initial margin required is generally defined by exchange rules. Clearing agents, however, typically have the right to request additional initial margin based on various factors, including market depth, volatility and credit quality, which may be in the form of cash, letters of credit, a guaranty or other forms as negotiated with the clearing agent. Cash collateral received from counterparties is either used for working capital and other business purposes, including reducing borrowings under credit facilities, or is required to be deposited in a separate account and restricted from being used for working capital and other corporate purposes. With respect to over-the-counter transactions, counterparties generally have the right to substitute letters of credit for such cash collateral. In such event, the cash collateral previously posted would be returned to such counterparties, which would reduce liquidity in the event the cash was not restricted.

As of March 31, 2026, we received or posted cash, letters of credit, and Eligible Assets for commodity hedging and trading activities as follows:

•$1.516 billion in cash and Eligible Assets has been posted with counterparties as compared to $1.577 billion posted as of December 31, 2025;

•$11 million in cash has been received from counterparties as compared to $7 million received as of December 31, 2025;

•$3.189 billion in letters of credit has been posted with counterparties as compared to $2.489 billion posted as of December 31, 2025; and

•$48 million in letters of credit has been received from counterparties as compared to $162 million received as of December 31, 2025.

See Note 15 to the Financial Statements for information related to collateral posted in accordance with the PUCT and ISO/RTO rules.

Income Tax Payments

In the next 12 months, we expect to make approximately $9 million in federal income tax payments, $65 million in state income tax payments, and no material TRA payments, offset by $3 million in federal income tax refunds and $17 million in state tax refunds.

For the three months ended March 31, 2026, there were no federal income tax payments and $8 million in state income tax payments, offset by $2 million in state income tax refunds.

Financial Covenants and Cross-Default Provisions

The Vistra Operations Credit Agreement, Vistra Operations Commodity-Linked Credit Agreement, and Secured LOC Facilities each include a financial covenant. The Vistra Operations Credit Agreement, Vistra Operations Commodity-Linked Credit Agreement, Secured LOC Facilities, and certain of our other financing arrangements include cross-default provisions that could result in an event of default if there were a failure under financing arrangements to meet payment terms or to observe covenants that could result in an acceleration of payments due. See Note 11 to the Financial Statements for additional information.

Guarantees

Commitments and Contingencies